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Dv.
tillinurratt
Volume 135
financial
iinintde
New York, Saturday, September 10 1932.
Number 3507
The Financial Situation
HE troublesome problem now is the wage question, and, unfortunately, neither one of the
two great political parties shows a disposition to
handle it in a statesman-like manner. From an economic standpoint it is impossible to see how labor
can escape adjustment of the rate of its pay to a
lower basis at a time when the whole economic structure has for a period of almost three years been going
• through the process, and commodity and other values
have so seriously shrunk in the interval. Yet the
move is not a popular one, and never will be, since
suggestions of lower pay are not calculated to win
votes, and hence political leaders think it the better
part of valor to advocate that there must be no scaling down of wage schedules, even though they know
from past and present experience that the proposition is a wholly untenable one in periods of trade
collapse.
The thought is once more prominently brought to
the fore, because Monday of this week was Labor
Day, a holiday in most of the States of the Union,
• and labor addresses were made everywhere, the burden of each and every one of which was the subject
of wages and the expression of a resolute determination to maintain existing levels at all hazards.
Nothing else, of course, was to be expected, for the
labor leader is in the same position as the politician,
for if he would retain his hold on his followers he
cannot advocate (or at least he is inclined to think
he cannot) anything that is not pleasing to those he
is assuming to represent, and plainly enough there is
nothing pleasing or appealing in the suggestion that
there must be a concession in the rate of pay which
the labor union member is to receive.
Not unnaturally, therefore, this week's speeches
have been like those on all other Labor Days, though
more emphatic than heretofore in the expression of
a determination that there must be no deviation,
under any circumstances, from prevailing levels
(levels, by the way,established in times of high prosperity,and hence constituting an anomaly in a period
when the country is prostrated industrially as never
before in its entire history), the insistence on no
change being stated with greater vehemence in view
of the realization on the part of labor leaders themselves that the task of maintaining prosperity wages
in periods of calamity in the business world is so
filled with inherent difficulties that it must be
deemed as actually impossible.
Two addresses made on Monday, on the all-important matter referred to, have been especially featured in the daily papers, one the address of Secretary William N. Doak of the Department of Labor,
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delivered at the State Fair at Syracuse, and the other
the labor address by William Green, President of
the American Federation of Labor, delivered before
a Labor Day assemblage in West View Park at Pittsburgh—both published in full and each one occupying several columns of the daily papers. Incidentally
Secretary Doak noted an interesting fact, namely,
that this week's demonstrations marked the fiftieth
annual celebration of America's Labor Day, and Mr.
Doak volunteered the further remark that his pleasure in participating in the celebration was made all
the greater that this year brought his fiftieth birthday. He added: "More than 30 years of my life
have been given solely and ungrudgingly to the advancement of the men who toil and in the promotion
of the welfare of the homes and families of the American working people." The address, on the whole,
was a temperate document,and yet it embodied many
of the fallacies so common in the discussions in the
political and labor world. In the view of Mr. Doak
the acute labor situation of to-day follows entirely
as a result of the multiplication and growing perfection of labor-saving machinery and contrivances
which have served to displace large numbers of work
people. Nowhere in the address is there a suggestion that in the speculative orgy which culminated
in October and November of 1929 the country indulged in reckless expansion and inflation in the
industrial and commercial world no less than in the
stock market, the whole population anticipating
future income and savings through installment purchases on a scale never before witnessed, and that
now we are paying the penalty of our folly. From
his standpoint Secretary Doak discusses the labor
situation in the following words:
"Through the ingenuity of Americans, mechanization of industry in a very large degree has increased
in our country. Labor-saving machinery has supplanted human labor, which is as it should be from
a broad, humanitarian standpoint. Labor hasprofited thereby;industry has progressed; the public
has gained immeasurably and civilization has gone
forward by leaps through the advent and large-scale
use of machinery.
"Transportation, through the use of machines, has
been extended to isolated parts of the world. The
dissemination of information and knowledge by
means of modern methods has become world-wide.
Science and invention are advancing by leaps and
bounds, and, in fact, machinery has touched almost
every phase of human endeavor, and withal, safety
and security in the use of this gigantic source of convenience have been advanced so greatly that the use
of machinery in almost all lines is no longer dangerous and presents no hazards.
1694
Financial Chronicle
Sept. 10 1932
"No one would hesitate to welcome the increasing
But that does not mean that the wage earner shall
application of machinery to the oft-times harrowing get the same pay for two days' work or three days'
work of the human hands. No one would want to work as he is
now getting for a five-day week or a
turn back from the advantages which those who labor
five-and-a-half-day week. That would not be posmay rightfully enjoy because of the adaptation of
sible, according to present indications, even in
machinery to hand operations.
"Machinery has been a boon to employer,to worker periods of great prosperity, and becomes farcical and
•and consumer; but, however, its real purposes must absurd when suggested for application in bad times
never be lost sight of, for when they are, machinery where the need is that costs should be reduced in
becomes the destroyer and not the builder of the order to offset the decline in prices which is an inhopes of every worker to earn the wherewithal not evitable accompaniment
of bad times. Yet propoonly of the necessities for himself and his family, sitions
for the shorter workday and the shorter workbut as well such luxuries as will keep him and them
week are invariably coupled with a demand that the
up to the standards of normal American life.
worker shall get the same pay for the shorter period
"The continuation and extension of this modern
giant must be accompanied with a well-balanced of work as he is now obtaining for the longer period.
humanitarian and economic program to prevent us In that sense it can receive no consideration at this
from reaching a state of social danger. The income time.
received through the source of salaries and wages
The same comment is to be made with reference
must be so balanced that all may have the means of a to the
utterances of William Green, the President of
livelihood. Such a plan will prevent the collapse of
the American Federation of Labor. His address is
our social fabric which would otherwise destroy our
advanced civilization which the machine age has not couched in the same temperate language as the
made possible. This can best be safeguarded by address of Secretary Doak. It is in the customary
increased wages,shorter workdays and shorter work- style of the labor union leader. It lays down conweeks, thereby equitably distributing the fruits of ditions, and demands compliance with them. Mr.
mechanization. This plan has my unqualified Green bluntly
says that "labor wants work, not
endorsement."
theories," adding:
It will be seen that the Secretary of Labor sees a
"Laboring people demand action on this all-imsolution of the problem in "increased wages, shorter
portant social and economic question. They are not
workdays and shorter workweeks, thereby equitably so much
concerned with abstract theories or so-called
distributing the fruits of mechanization." Mr. Doak profound political philosophy. They want work.
discusses the situation entirely from the standpoint They demand work, and they are calling upon the
of the displacement of labor by machines. The representatives of government and industry to
present huge unemployment, however, cannot be furnish work."
ascribed in and by itself to labor displacement,
But Mr. Green also is unalterably opposed to any
though such displacement may to some extent be changes in wages, as will be seen from the following
accentuating the prevailing troubles. The large paragraphs taken from the closing portion of his
scale unemployment of to-day follows almost entirely address:
from the fact that the country is passing through
"Labor maintains the same attitude toward wagebad times and suffering industrial paralysis on a cutting and the imposition of intolerable conditions
scale never before witnessed. Will "increased in all other lines of industrial activity and service.
wages" cure this situation of distress? Will it not, We shall protest and oppose wage reduction wheron the contrary, make the situation worse, since it ever imposed.
"We refuse to accept as final any reduction in
is the wage cost that must ultimately determine the
wages imposed through force and as a result of ecoprice of goods, it being well known that in almost nomic
pressure. If forced to yield to superior
every line of business activity wage cost constitutes strength, economic or industrial,
we will bide our
the major factor in the total cost, and, because of time and, when the first favorable opportunity
the depression, the country is passing through a comes, we will strike back and fight with all our
period of falling prices, which makes it impossible strength to restore the wage rates and conditions
to recover high labor costs by raising the selling which had been taken away.
"Labor is deeply concerned with the experiences
price of the goods.
through which those associated with the mining and
Incidentally it may be noted that increasing me- transportation industries of the nation
are forced
chanization did not constitute much of a drag when to undergo.
the country was in enjoyment of unalloyed pros"Thousands of workers employed on the railroads
perity. It is only now when business is depressed of the nation have been displaced. Train and track
that it is brought forward as the chief cause of our equipment must not be permitted to deteriorate even
though the tonnage moved has gradually decreased.
worries and distress. However, the shorter work"We protest
day and the shorter workweek may nevertheless be wages which vigorously against the reductions in
are threatened. The plight of
desirable and helpful. If there is not enough work roads should command the serious attentionthe railof Conto keep all wage earners busy, the full five days, or gress so that these great arteries of service may be
the full six days, it appears only the application of maintained on a high plane for the benefits of all
the rule of common sense to have recourse to the the people throughout the nation.
"Our thoughts have been ever with the mine workshorter work period. With enormous masses of
ers and their families who have suffered to as great
workers idle, there is certainly merit in limiting the a
degree or greater than any
work days to four days a week or three days a week, ingmen because of autocratic other group of workconditions imposed and
or even two days a week,so as to distribute work over the low wages which they were forced to accept
for
a greater number of workers. Where the arrange- service rendered."
ment is feasible—where shifting of hands two or
As the Federation of Labor,speaking through Mr.
three times a week does not render the proposition Green, thus lays down an all-embracing program
wholly out of the question—it certainly ought to be against wage reductions and in favor of wage incarried into effect in all large industrial establish- creases, it will be well to pause and consider whither
ments.
such a policy leads. It is not a new policy. It has
Volume 135
Financial Chronicle
'always been the policy of labor unions, and it was
adopted wholesale by President Hoover immediately
after the stock market collapse in the autumn of
1929. The theory was, and is, that with wages high
the purchasing and spending power of the population is also high, and so long as that is the case
business activity will continue. The statement may
be true enough in times of prosperity, especially in
times when high wages themselves have stimulated
prosperity, but it certainly cannot be said to have
any application in bad times,such as the country has
been experiencing during the last three years.
Certainly it has not worked as expected during
this three-year period. We were told that it would
ward off depression. Instead, depression has been
growing more and more acute, until now business
has been reduced almost to the vanishing point. The
explanation is not far to seek. Union wages have
been everywhere maintained high—at the inflated
levels reached when the country was laboring under
the delusion that in this country prosperity was
the order of the day and would last forever. Instead
of that we have been going downhill so fast that no
parallel to it is to be found in industrial history.
How the plan worked is not difficult to see. Goods
and manufactures could no longer be sold at the old
prices, and a reduction in cost was absolutely necessary to meet the falling level of prices, but labor cost,
the main item in the total cost, could not be reduced
because union labor insisted on the same high pay
as before.
As goods and wares could no longer be produced
at a profit the manufacturer found himself obliged
to stop production altogether. The result was that
large bodies of workers were thrown out of employment, and, with their earnings cut off, their consuming capacity also was reduced.
And this occurred in one line of industry after
another, the consuming capacity of the population
being progressively reduced until now unemployment and idleness are found stalking all over the
land. On the one hand, idleness resulted because
the producer and manufacturer could no longer turn
out goods at a profit, and on the other hand, through
the resulting stoppage of production, the consuming
capacity of the working classes was steadily and relentlessly reduced.
High wages that insure a continuance of work and
full employment are devoutly to be wished, and if
such had been the outcome the whole population
would now rise in acclaim of the labor unions and
their leaders. But high wages that lead to the industrial graveyard, where business activity lies dead
and buried, has nothing to commend it. Is it not
time that the labor unions changed their tactics?
It cannot be denied that a reduction in labor costs
would be more effective in inaugurating business recovery than any other single step. And it seems
almost axiomatic to say that enduring business recovery cannot be counted upon until labor costs are
adjusted to the changed conditions, the same as
everything else.
1695
were opened on Tuesday, Sept. 6 (Monday having
been Labor Day and a holiday), and were closed before the close of business on that day, both issues
having been heavily oversubscribed, and, as a matter of fact, both issues immediately sold at a slight
fractional premium. The subscriptions for the $400,000,000 one-year certificates aggregated $3,069.000,000, and those for the $750,000,000 five-year
Treasury notes $4,351,000,000. The New York'"Herald Tribune," in its financial column on Thursday,
stated that many institutions subscribed for far more
than they really wanted in the hope that the percentage allotments would bring them the amounts they
actually desired. Also that there was a single subscription for $400,000,000, and that computations indicated that eight banks together subscribed for more
than the entire $1,150,000,000 of the two offerings.
There is nothing strange in all this. There was,
indeed, no reason why unalloyed success should not
attend the offerings, and especially the five-year
Treasury notes. Both issues are entirely exempt
from all taxes, even the surtaxes, and as income
taxe4 were further increased at the last session of
Congress that is •a consideration of no mean importance. A five-year obligation of the United States
14%
bearing 3/ interest and free of all taxes is about
as choice an investment as can be found. It may be
recalled that in July the Treasury offered two series
of Treasury notes for amount of $325,000,000 each,
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one running for four years and carrying 31 4% interest, the same as in the present five-year offering,
and the other issue running for two years but bearing
only 21 8% interest. The $400,000,000 of three-year
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Treasury notes which formed part of the Treasury's
June financing bore only 3% interest. On the other
hand, the $350,000,000 of one-year Treasury certificates of indebtedness, also included in the June
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financing, bore 112% interest, which was considered
an unusually low rate, while now the $400,000,000
offering of one-year certificates of indebtedness
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carries no more than 11 4% interest.
Besides this, the circular, in relation to both the
present offering of Treasury certificates of indebtedness and the five-year Treasury notes, says that
"Any qualified depositary will be permitted to make
payment by credit for notes (or certificates) allotted
to it for itself and its customers up to any amount for
which it shall be qualified in excess of existing deposits." This means that payment, at least for the
time being, can be made by book credit instead of
the transfer of actual funds. In all these circumstances the best of ground exists for gobbling up of
Government obligations of this kind in very quick
order, just as always happens.
HE returns of the Federal Reserve banks this
week show no changes that arrest attention except that the amount of Federal Reserve notes in
circulation, after having decreased in each of the
three preceding weeks, this time again shows an increase, the total amount having risen from $2,814,020,000 Aug. 31 to $2,831,749,000 Sept. 7. This
expansion seems strange, seeing that additional note
HE United States Treasury did its September circulation in considerablevolume is being taken out
financing the present week, and the usual un- by the National banks under the provisions of the
qualified success attended the operation. It con- Borah-Glass rider to the Act (Federal Home Loan
sisted of the offering of $750,000,000, "or there- Bank Act), the new issues of National bank notes
abouts," of five-year 31 4% Treasury notes and $400,- during August having amounted to about $50,/
00,000 of one-year Treasury certificates of indebted- 000,000. It had been supposed that as the new bank
/% interest. Subscription books notes were paid out into circulation the Federal
ness bearing 114
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1696
Financial Chronicle
Sept. 10 1932
Reserve notes would be displaced and come home for Co. suspended the quarterly dividend payments on
redemption. Evidently the displacement process is the $6 cumul. pref. stock. The Detroit Edison Co.
not in very active operation.
reduced the quarterly dividend on its capital stock
from $2 a short to $1.50 a share.
On the other hand, the volume of Reserve credit
outstanding, as measured by the bill and security
holdings of the 12 Reserve institutions, has been
ITTLE more is to be said about cotton crop prossomewhat reduced during the week, the total of
pects for this year than appeared a month ago.
these holdings having fallen from $2,324,484,000 Weather conditions during August, in the Eastern
Aug.81 to $2,310,650,000 Sept. 7; all the main items and Central portions of the cotton belt of the South,
in these holdings show some diminution, the largest according to the report of the Department of Agridecrease being in the discount holdings, which have culture, issued on Thursday of this week at Washingdecreased during the week from $432,756,000 to $420,- ton, were most unfavorable to the crop. Further428,000. These discounts reflect direct borrowing more, weevils were quite active. In Texas and Oklaby the member banks of the System. The holdings homa, however, prospects improved, due largely to
of acceptances are just a little smaller at $33,585,000 favorable moisture conditions in the Western poras against $34,098,000, while the holdings of United tions of these States.
A yield of 11,310,000 bales is now indicated; a
States Government securities are also just a little
smaller at $1,850,923,000 against $1,851,715,000. month ago the probable production was put at
Gold holdings have been further added to in amount 11,306,000 bales. The trade had looked for a further
of $21,612,000, and, accordingly, the ratio of total reduction in the estimate, and when this expectareserves to deposit and Federal Reserve note liabili- tion failed to be realized, a severe slump in the
ties combined shows a further increase, this time price of the staple occurred, the decline at one time
from 58.9% to 59.2%, notwithstanding the increase reaching $5 a bale.
The condition of the crop as a whole on Sept. 1
in the amount of Federal Reserve notes in circulation, though some falling off in the deposits also of this year, on which the latest report is based, was
56.6% of normal compared with 65.6% of normal
served to improve the ratio.
The amount of Government securities pledged as on Aug. 1. The yield per acre is now placed at 147.8
part collateral for Federal Reserve notes has in- pounds against an estimate of 149.6 pounds a month
creased during the week from $578,100,000 to $589,- earlier. The variation indicated in the above figures
800,000, notwithstanding the larger gold holdings. is due to the marked change in abandonment of area
The amount of acceptances held for account of for- now shown. This has been reduced to only 1.8% of
eign central banks keeps diminishing, and during the acreage under cultivation at the opening of the
the week the item further decreased from $49,043,000 crop year, leaving for harvest this year 36,611,000
to $44,973,000; 12 months ago, on Sept. 9 1931, these acres. All of these figures are far below those of
acceptance holdings for account of foreign central last year, when the area harvested was 40,693,000
banks aggregated $231,260,000. Foreign bank de- acres; production 17,096,000 bales, and the yield per
posits with the Federal Reserve banks have also been acre 201.2 pounds. The 10-year average condition
reduced the present week, and for Sept. 7 are re- for Sept. 1 has been 55.1% of normal, with an averported at $11,079,000 as against $14,187,000 for age production of 151.4 pounds, covering the same
Aug. 31; a year ago, however, these foreign bank period.
deposits footed up $207,415,000.
Most of the States of large yield show a reduction
In the September report this year as compared with
ORPORATE dividend changes the present week the preceding month. The Carolinas both make
included the omission of the quarterly dividend slight gains, but for Texas and Oklahoma the in•of the Sun Life Assurance Co. on its capital stock crease is 9.1%. Outside of these two States the
ordinarily payable about Oct. 1. Three months ago reduction during August is equivalent to 6.2%.
the quarterly payment was reduced from 614% to There is always present the possibility of a marked
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34%. Dividend payments are now omitted "until improvement during the later months of the crop
business recovery shall be more fully established." year, and of very late picking. Harvest exceeded the
The American Car & Foundry Co. has suspended pay- September estimate in six of the last 10 years, with
ment of the quarterly dividend on its 7% non-cumul. noticeable increase for the crops of 1931, 1926 and
pref. stock. The Engineers' Public Service Co. has 1925, when the area planted was large. This year
omitted the dividend usually payable about Oct. 1 on the area planted is considerably smaller than for
its common stock, though continuing payment of any year back to 1923.
dividends on the $5, $5.50 and $6 pref. stocks. The
J. C. Penney Co. has reduced the quarterly dividend
ROSPECTS for the grain crops are generally
on its common stock from 60c. a share to 45c. a share.
favorable. The September report of the DeThe Federal Light & Traction Co. has declared a partment of Agriculture, issued at Washington late
quarterly dividend of 25c. a share in cash and 1% in yesterday afternoon, tells of some improvement in
common stock on the common shares, par $15; previ- corn during the past month and a spring wheat crop
2c. only a little below that indicated on Aug. 1. The
ously the company paid quarterly dividends of 37Y
a share in cash and 1% in common stock. The Lam- estimate for corn is for a yield of 2,854,000,000
bert Co. has declared a quarterly dividend of $1 a bushels, with a possibility of further improvement
share on the common stock; three months ago a during the early fall months. This compares with
quarterly dividend of $1 a share and an extra divi- the harvest last year of 2,563,271,000 bushels. The
dend of $1 a share were paid on this issue, prior to September estimate is 45,200,000 bushels higher than
-which the stock was on a regular $8 annual dividend that issued a month ago. With a probable yield of
basis ($2 payable each quarter). The Capital Trac- 273,000,000 bushels of spring wheat, which is now
tion Co. omitted the dividend ordinarily payable indicated, the total wheat crop this year will be
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-about Oct.1, and the North American Light & Power 715,000,000 bushels, compared'with a .harvest last
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Volume 135
Financial Chronicle
year of 894,104,000 bushels. The spring wheat crop
last year was almost a complete failure, the yield
being only 104,742,000 bushels. Production this year
promises to be very satisfactory, especially in the
Dakotas and Montana.
The Sept. 1 condition of corn is now placed by the
Department at 74.4% of normal compared with
77.4% of normal on Aug.1 and 69.5% on Sept.1 1931.
The area planted to corn this year was 108,609,000
acres, against 105,557,000 acres in 1931. The 10-year
average condition for corn on Sept. 1 is 77.7% of
normal. For spring wheat, other than Durum,which
comprises the bulk of the yield, the Sept.1 condition
was 67.5% of normal against 70.4% for the whole
crop on Aug. 1, and a 10-7ear Sept. 1 average of
70.1%. Last year, with a very poor spring wheat
crop, the Sept. 1 condition was only 36.5% of normal. The condition of Durum spring wheat on
Sept. 1 this year was 64.3% of normal and the total
yield is now placed at 45,000,000 bushels.
Other grain crops have in the main already been
made. The yield of oats this year is placed at
1,217,000,000 bushels against a five-year average of
1,277,000,000 bushels; rye, 42,500,000 bushels compared with 44,100,000 bushels for the five years, and
barley 303,000,000 bushels against 219,000,000
bushels for the five-year average. Other important
crops include potatoes,for which the production this
year is now estimated at 357,000,000 bushels compared with 361,000,000 bushels each year for the preceding five years. There has been some slight reduction in the estimate of yield during August, the indications pointing to crop of 367,000,000 bushels a
month ago. As to tobacco, the reverse is the case,
the Sept. 1 estimate being for 1,028,000,000 pounds
against 1,020,000,000 pounds a month earlier and
1,299,000,000 pounds the yearly average for the preceding five years.
HE stock market this week has experienced wide
fluctuations. It has seen sharp splurges upward and equally sharp declines, the one alternating
with the other, and there have been at least two occasions of bad breaks when prices suffered bad tumbles,
and yet it cannot be said that there was any actual
manifestation of real weakness, even when market
values were moving swiftly downward. There was
simply enormous selling, either to realize profits or
to put out lines of shorts,but when the selling pressure
was relieved prices again turned upward, even if not
enjoying full recovery, and with the underlying
strength of the market apparently remaining unimpaired. There was unqualified buoyancy at the halfday session on Saturday last, and prices moved rapidly upward, encouraging sanguine expectations as
to the course of prices for the immediate future.
On Monday, Labor Day, the Stock Exchange was
closed. On Tuesday, when the Exchange reopened
for business, the daily papers contained the news
printed very conspicuously in large type that the
Farm Board had made arrangements for holding its
vast accumulations of cotton off the market until
some time next year, and had also arranged to take
care of the small remainder of its holdings of wheat
so that no concern need any longer be felt, at least
for the time being, as to Government operations
affecting adversely the ordinary market course of
values in the case of either commodity. It was supposed that this piece of news would act as a further
stimulus following the rise on Saturday. Instead
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1697
;
of that, extensive selling led to a sharp downward turn in prices all through the list, with the
result that most of the gains of Saturday were
wiped out.
Further recessions in prices were looked for on
Wednesday; on the contrary, the market once more
started upward with great vigor and energy, as if
nothing had happened. Different groups of stocks
were taken in hand, one after another—the motor
&Cocks on some slight increase in the sale of cars by
General Motors in August as compared with July;
the copper stocks because of a slight further advance
in the price of the metal—with the result that at the
close of the day there was nearly the same display
of buoyancy that there had been last Saturday. Consequently a further upward movement was looked for
on Thursday, but again expectations were disappointed. In the early part of the day the market
displayed hesitancy as if awaiting some important
event. This came at the noon hour, when the Agricultural Bureau made public its report on the growing cotton crop and estimated it higher than had been
looked for. As a consequence, the price of cotton
dropped $5.00 a bale. This dealt a severe blow to
stocks, and as commodity prices at the same time
showed great weakness, not alone in cotton, but
wheat, rubber and some other commodities, considerable selling resulted on the Stock Exchange and
stocks suffered a severe decline all around.
Why the estimate of the Department of Agriculture regarding cotton should have had such a depressing effect is not altogether clear. The Department estimated the production at much the same figures as in August, namely, 11,310,000 bales this time
and 11,306,000 bales a month ago, and this compares
with last year's production (according to the actual
ginning returns) of 17,096,000 bales, a big falling off
from last year's large crop, but the fact is the trade
had been looking for a further reduction and had
centered its thought on a crop of 10,750,000 to
11,000,000 bales. Another adverse feature on
Thursday, which doubtless accelerated the downward plunge of prices, was the announcement that
the American Car & Foundry Co., owing to the sharp
curtailment of equipment buying by the railroads.
had suffered such a large reduction of its earnings
that it was obliged to suspend the quarterly dividend
on the preferred stock, breaking a continuity of dividend payments on this preferred stock extending
back for 33 years,nr to the date of the organization
of the company. On Friday the market again regained tone, stress being laid on the fact that steel
production showed some slight signs of improvement, as indicated by the fact that the steel mills
were now engaged to 141 2% of capacity as again,
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13% the previous week. As was to be expected.
prices moved about rather irregularly, but the tone
of the market remained good and no general weakness developed. On the Stock Exchange 381 stock,
:
made new high records for the Year during the week.
The call loan rate on the Stock Exchange again remained unaltered all week at 2%.
Trading has been quite heavy. At the half-day
session on Saturday last the sales on the New York
Stock Exchange were 2,440,380 shares; Monday was
Labor Day and a holiday; on Tuesday the sales were
4,362,850 shares; on Wednesday, 4,153,120 shares;
on Thursday, -5,370,180 shares, and on Friday.
4,036,100 shares. On the New York Curb Exchange
the sales last Saturday were 342,318 shares on
1698
Financial Chronicle
Tuesday, 610,319 shares; on Wednesday, 577,828
shares; on Thursday, 638,783 shares, and on Friday,
448,918 shares.
As compared with Friday of last week, prices are
irregularly changed, with the declines predominating. General Electric closed yesterday at 201
4
/
against 2178 on Friday of last week; North Amer4
ican at 393 against 40½; Standard Gas & Elec. at
251 against 2478; Consolidated Gas of N. Y. at 62%
/
%
against 63%; Pacific Gas & Elec. at 32 against 327g ;
/
Columbia Gas & Elec. at 191 against 1978; Brooklyn
%
/
Union Gas at 81% against 8112; Electric Power &
/
Light at 1378 against 1478; Public Service of N. J.
/
/
at 53 against 53½; International Harvester at 29%
against 32%; J. I. Case Threshing Machine at 59%
against 63%; Sears, Roebuck & Co. at 2378 against
/
25' 8; Montgomery Ward & Co. at 13 against 14;
/
7
/
1
2
Woolworth at 39 against 39%; Safeway Stores at
50 against 52; Western Union Telegraph at 42%
/
1
2
against 4318; American Tel. & Tel. at 1151 against
/
%
118; Int. Tel. & Tel. at 14 against 12%; American
Can at 59 against 59%; United States Industrial
Alcohol at 31% against 34½; Commercial Solvents
at 12% against 10%;Shattuck & Co. at 1178 against
/
978 and Corn Products at 49 against 49%.
/,
/
1
2
Allied Chemical & Dye closed yesterday at 83
against 86 on Friday of last week; Associated Dry
/
7
Goods at 9 8 against 9; E. I. du Pont de Nemours at
42 against 42%; National Cash Register at 163
%
/
against 151 8; International Nickel at 10% against
/
10%; Timken Roller Bearing at 1958 against 20½;
/
1
2
Johns-Manville at 3012 against 27 ; Gillette Safety
/
Razor at 21% against 22; National Dairy Products
%
/
at 23% against 231 ; Texas Gulf Sulphur at 241 8
/
1
2
against 24½; Freeport-Texas at 24 against 26%;
American & Foreign Power at 13 against 14; United
%;
Gas Improvement at 21 against 211 National Bis/
cuit at 4278 against 437/8; Coca-Cola at 106 against
101; Continental Can at 33% against 34%;Eastman
%;
Kodak at 58 against 591 Gold Dust Corp. at 191
/
1
2
%
%
/
against 18½;Standard Brands at 161 against 1612;
Paramount Publix Corp. at 7% against 7½; Kreuger & Toll at % against ½; Westinghouse Elec. &
%
%
Mfg. at 39 against 421 ; Drug, Inc., at 471 against
467 Columbian Carbon at 36 against 361 Rey/8;
/
1
2
%;
/
1
2
nolds Tobacco class B at 35 against 37; Liggett &
Myers class B at 65 against 64½; Lorillard at 17
against 16%; American Tobacco at 7978 against 80,
/
and Yellow Truck & Coach at 61% against 478
/.
The steel shares have most of them moved somewhat lower. United States Steel closed yesterday
at473 against 50 on Friday of last week; Bethlehem
4
Steel at 25 against 233 Vanadium at 20 against
%;
/
1
2
20%. In the auto group Auburn Auto closed yesterday at 65 against 643 General Motors at 1778
/
%;
against 17%; Chrysler at 183 against 17½; Nash
%
Motors at 1778 against 171 ;Packard Motors at 4%
/
%
/
against 418; Hudson Motor Car at 9 against 9,
/
1
2
and Hupp Motors at 4y against 4. In the rubber
2
group Goodyear Tire & Rubber closed yesterday at
/
241 against 2838 on Friday of last week; B.F. Good%
/
1
2
rich at 91% against 11; United States Rubber at 8
against-9%,and the preferred at 16 against 18.
The railroad shares have fluctuated with the general market. Pennsylvania RR. closed yesterday at
2118 against 22% on Friday of last week; Atchison
/
Topeka & Santa Fe at 58% against 59%; Atlantic •
/
1
2
Coast Line at 38 against 43 ; Chicago Rock Island
/8;
& Pacific at 11% against 117 New York Central
/8;
%
at 29% against 297 Baltimore & Ohio at 181
Sept. 10 1932
against 18 ; New Haven at 23 against 26; Union
/
1
2
/
1
2
Pacific at 77 against 81%; Missouri Pacific at 7%
against 8%; Southern Pacific at 3178 against 26%;
/
Missouri-Kansas-Texas at 7 against 8%;Southern
/
1
2
Railway at 161 against 15%; Ohesapeake & Ohio
%
at 26
/
/ against 28 ; Northern Pacific at 2218
1
2
/
1
2
against 22%, and Great Northern at 19%
against 20%.
The oil shares are only slightly changed. Standard Oil of N. J. closed yesterday at 35 against 35%
/
1
2
on Friday of last week; Standard Oil of Calif. at
29 against 297 Atlantic Refining at 203 against
/
1
2
/8;
4
19,and Texas Corp.at 16 %against 16 . The copper
/
1
2
group has held up well. Anaconda Copper closed
yesterday at 15 against 14% on Friday of last
/
1
2
week; Kennecott Copper at 16% against 16 ; Amer/
1
2
ican Smelting & Refining at 23 against 24; Phelps
/
1
2
Dodge at 9% against 10½;Cerro de Pasco Copper at
1318 against 13, and Calumet & Hecla at 678
/
/
against 6.
CTIVE sessions and advancing quotations were
reported on stock exchanges in all the leading
financial centers of Europe this week. The tone
was remarkably firm at Berlin, owing to a decree of
the von Papen Government which will aid German
economy materially. The markets at London and
Paris also moved forward easily in brisk trading as
financial confidence is mounting steadily in those
centers. There is a growing belief throughout Europe
that the gains in the financial markets are forerunners of improvement in trade and industry, and
it is further contended that the hoped-for trade upswing will quickly attain great proportions in the
United States. It is pointed out that deflation has
been arrested, that confidence in the dollar has returned and that commodity prices have improved
materially of late. These factors far outweigh, in
the opinion of European investors, the very apparent
difficulties prevalent everywhere. In the London
market there was much concern this week regarding
the strike of 200,000 weavers in the Lancashire mills.
Sir Henry Betterton, British Minister of Labor,
mediated in the struggle Wednesday, and an early
settlement is anxiously awaited. The German and
Italian Governments are considering far-reaching
plans for combating unemployment, which remains
acute in both countries.
Trading on the London Stock Exchange was
started in cheerful fashion, Monday, owing to favorable reports from the Continent and the marked gains
in commodities. British funds were relatively quiet,
as the demand was chiefly for equities. Industrial
issues in the share market moved forward vigorously,
with textile stocks sharing in the gains, despite the
Lancashire strike. Shares of international interest
were advanced sharply on reports of the upswing
last Saturday at New York. After an uncertain
opening, Tuesday, prices again forged ahead on the
London market. British funds were still neglected,
•but the tone was good. Some striking gains were
reported in the home industrial list, shares of the
Dunlop and Imperial Chemical concerns reflecting
the heaviest demand. International stocks were uncertain, owing to the holiday closing at New York.
The session Wednesday was irregular, with the late
reaction in New York the previous day an important
factor. British funds were quiet, but firm. The
share list showed small losses on profit-taking, but
there were also some further gains in a few issues.
A
Volume 135
Financial Chronicle
1699
International trading favorites were mostly easier. TNTERGOVERNMENTAL debts remain prominent
in current discussions of financial problems, as
A strong opening Thursday was followed by a sesbouyant at times, with the result the termination of the Hoover moratorium year on
sion that proved
that the losses of the previous day were easily re- June 30, last, implies the resumption of payments
the debt
gained and further gains recorded. The trend toward to the 'United States Government under
with Britain, France, Italy
equities was still in evidence and British funds were settlements effected
quiet but firm. The industrial share market was and other countries after the World War. The next
active and sharply higher, with profit-taking at the large payment is due Dec. 15, while under the agreea
close causing only minor recessions from the high ments any postponement must be preceded by
ninety-day notification unless this requirement is
prices of the day. International stocks were especially good, owing to the rise at New York the pre- waived by the Secretary of the Treasury. Only the
vious day. British funds improved slightly yester- payments on principal are postponable in any event,
day, while industrial stocks held steady. The inter- as interest must be paid. Note was taken of the
current conjecture on this problem by Secretary of
national list was soft.
State Henry L. Stimson, Wednesday. He repeated
The Paris Bourse was strong and active Monday,
a statement made June 25 last, to the effect that
and sizable gains were registered throughout the
there have been no discussions, conversations or
list. Opening quotations were higher than the prenegotiations between the United States Government
vious close, and after modest profit-taking the adand the European Governments on the subject of
vance was resumed. The prospect of conversion of
debts or reparations.
high coupen French Treasury securities gave tone to
The British Government is not likely to issue any
this department, while bank and industrial docks
notification of postponement covering the payment
were stimulated by the improved sentiment and the
Dec. 15, London reports of Thursday stated.
favorable advices from other financial markets. The due
"The decision not to take advantage of its conoptimism was continued Tuesday, and prices again
tractual right does not mean,however, that the Govwere marked upward. There were fairly heavy offerernment has decided to pay," a dispatch to the New
ings by professional operators, but these were readily
York "Times" remarked. "Its intentions are still
absorbed in the growing public demand for stocks
obscure, and in fact no final decision has been
and bonds. International issues, as well as French
reached either on the December instalment or the
stocks, reflected the excellent inquiry, and the gains
larger question of the entire British debt. The belief
were sizable. The upward movement was interrupted
informed circles is that if Britain asks for a postWednesday, chiefly because of the unfavorable 're- in
ponement it will not be on the basis of a written
ports of the previous session at New York. Recesagreement, but on the principle of equity and the
sions were small, however, as there was again good
mutual interest of the two countries in the present
inquiry from investors. A firm opening was reeconomic situation."
ported at Paris Thursday, with gains rather exIt was indicated in Berlin, Sept. 2, that the Gertensive. In the latter part of the session further
man Government may request postponement for 21 2
profit-taking developed and the early improvement
years of payments due the *United States under mixed
was modified to a degree. Most issues closed with
claims awards and for repayment of army of occupanet gains. Prices receded on the Bourse yesterday,
tion costs. An instalment of 33,050,000 marks is
owing to reports of the unfavorable trend at New
due Sept. 30 on these accounts, under the separate
York.
arrangement effected between Germany and the
Securities of all descriptions soared on the Berlin United States. The agreement accorded Germany
Boerse in the initial session of the week, this move- the right of postponement for the period mentioned,
ment representing a continuance of the sharp up- but here also ninety-days' notification is required.
swing that started when the von Papen Government In a Berlin dispatch of Sept. 2 to the New York
made known its plans for stimulating German trade "Times," it was remarked that this fact was called
and industry. The session Monday was exceptionally to the attention of the German delegation to the
favorable, many issues advancing 10%. I. G.Farben- Lausanne Conference in June, and the delegation
industrie shares moved above par value, and this was asked whai would be done about the September
was regarded as a signal for renewed buying. Bonds payment. "The reply was," the report states, "that
as well as shares were under accumulation. Profit- the German Government had privately apprised the
taking halted the spectacular advance Tuesday, but United States that no attempt would be made to
the demand for securities was equal to the greater include American claims in the reparations negotiasupply and there were no material recessions. The tions and the sums due would be paid into the United
Boerse was steady to firm and a number of issues
States Treasury in due course. Shortly afterward,
in the chemical, shipping and mining groups made
however, it was learned that the Germans, after
further small advances. Realizing sales increased
sounding out the United States delegation at the
Wednesday, and the Berlin market suffered its first
neighboring Disarmament Conference in Geneva,
decided set-back in some days during the session.
had communicated with the United States GovernThe losses were general and they almost equaled the ment, with the result that the ninety-day notificagains of Monday. Toward the close purchasing tion clause in the agreement of March 1930, had been
orders began to outnumber the offerings and prices abrogated. The German postponement request is,
finished above the lows. In a somewhat less active therefore, in order at any
time in the present month."
session, Thursday, prices again advanced. The moveHE long-standing differences between the Germent was more cautious, but the buying was deman and French Governments on the question
termined and it occasioned advances of 1 to 5 points
throughout the list. Trading diminished still fur- of disarmament procedure received further airing
ther yesterday, and a moderate downward movement this week, with little likelihood that the diplomatic
exchange now in progress will contribute greatly to
developed in quotations.
T
•
1700
Financial Chronicle
Sept. 10 1932
a clarification of the problem. Official tempers be- and Washington. The
Italian Government, a Rome
come ruffled with remarkable ease whenever the dis- dispatch to the United
Press said,is likely to support
armament question is broached with any show of de- the juridical content
ions in the German aide metermination, and the current attempt by Germany moire. The United
States Government, a Washingto reopen the matter has apparently given rise on ton dispatch to
the New York "Times" indicated,
both sides to rather more than the usual amount of does not intend
to become involved in the discusmisunderstanding and misinterpretation. The Ger- sions between
France and Germany. An interesting
man Government found it advisable, Tuesday, to commentary on
the General Disarmament Conferpublish the full text of the aide memoire communi- ence was made
at Newcastle, England, Thursday, by
cated to the French Government on Aug. 29, in Arthur Hender
son, who presided over the Geneva
which the German position on disarmament pro- meetings. The
former Foreign Secretary of Great
cedure and the question of arms equality was set Britain admitted,
according to an Associated Press
forth. Baron von Neurath, the Foreign Minister, report, that the results
were disappointing and far
supplemented the publication by a statement in from what he had
expected. He suggested that the
which he intimated that the aide memoire had been Allied and Associated
Powers produce a practical
misrepresented in France as a scheme to restore program of substan
tial and comprehensive reducGermany to her former position as a military power. tions, including those
weapons of offensive character
The French Cabinet considered the situation in sev- which were prohibi
ted to Germany under the Vereral meetings this week, and drafted a reply which, sailles Treaty. "Such
a program would impress the
it is understood, will discourage direct negotiations world and make settlem
ent of the German difficulty
and suggest examination of the German position in easier," Mr. Henderson
declared.
other circumstances.
Direct and confidential discussions between
OLITICAL lines in Germany have been sharply
France and Germany were suggested in the German
drawn for the impending struggle in the new
memorandum as the best way to arrive at an under- Reichstag, which will
reassemble next Monday to
standing. "If the French Government agrees to begin consideration of
ordinary Parliamentary busisuch a confidential discussion," the memorandum ness. The fate of the
Reichstag rests in the hands of
stated, "it, of course, is left to the discretion of President Paul von
Hindenburg and his political
both Governments properly to inform the other Gov- advisers. Little doubt
is felt in Berlin, according
ernments chiefly involved, especially the British, to recent reports, that
the Reichstag will be dissolved
Italian and American, and ask them to participate on a suitable occasio
n by decree of the President,
in the negotiations in due time." The Berlin Govern- and a further
national election held late this year.
ment contended that the proposed Geneva convention Indeed, it is accepte
d that a Presidential decree of
falls far short of the disarmament demands of the dissolution is
already in the hands of the Cabinet
Versailles Treaty and that Germany could not headed by Chancel
lor Franz von Papen and General
accept it. It was again explained that the Reich's Kurt von Schleic
her, which will go before the Reichsdemand for equality in arms could be attained in tag when it reconve
nes. Adolph Hitler and his assothe simplest way by the disarmament of other coun- ciates of the Nationa
l-Socialist (Nazi) party distries "to a level which, in keeping with the special played their custom
ary truculence this week, and
situation in each country, corresponds in character there is not much likelih
ood that this largest group
and extent to the armament status which has been in the Reichstag will combin
e with any other in
imposed on Germany in the Treaty of Versailles." order to form workabl coalitio
a
e
n. In a speech at
The General Disarmaent Conference, it was added, Munich, Wednesday, Herr
Hitler threatened to dewill occasion for highly armed nations only a diminu- feat the Cabinet
10 times in succession in order to
tive change in their present status of armaments, prevent the von Papen Government
from retaining
while for Germany the Versailles Treaty would be power. He assailed the President as
old and usemaintained. For the time being it was suggested less, and this unfortunate slur is
hardly calculated
that certain modifications of Germany's status in to improve matters.
'armaments be permitted, as later there will have to
There were conversations between Nazi and Cenbe a much greater reduction in the arms of highly trist leaders early this week regarding a
common
armed States and therefore a nearer general corre- Parliamentary program, but Captain Herman
n Goespondence to the German ideas on disarmament. ring, the Nazi President of the Reichstag,
indicated
Negotiations were suggested on the material content Wednesday that there is no possibility at
this time
of the preliminary adjustment, and a few broad hints of a working arrangement. Only the Centris
ts seem
were given on categories of arms, terms of enlist- to be interested in preventing dissolution,
according
ment and nature of defenses.
to Berlin reports of Thursday. President von HinThe French reply to this request will probably be denburg returned to Berlin Thursday, from
his East
completed and delivered to-day, and published imme- Prussian estate at Neudeck, but it is underst
ood that
diately. The action to be taken by the French Gov- he remains of the same mind and has
confirmed the
ernment was discussed at length in a Cabinet meet- authority given the Chancellor to dissolve
the Reichsing last Saturday, and again Wednesday. "The tag. He conferred yesterday with the newly
elected
reply will be a refusal of the request for direct dis- officers of the Parliament. There were extensi
ve
cussion between France and Germany," a Paris dis- demonstrations of German war veterans of the
Stahlpatch of Wednesday to the New York "Times" said. helm (Steel Helmet) organization in Berlin,
early
"It will be suggested as a possibility that the German this week, and they were generally accepte
d as posGovernment might present the question of readjust- sessing some political significance, even
though the
ment of her armaments at Geneva." There were occasion was merely that of the annual reunion
. The
no indications this week of the British Government's Stahlhelm chose Berlin this year, it is indicat
ed, in
reaction to the Berlin communication, which, it is order to demonstrate its support of the
present milistated, was transmitted by France to London, Rome taristic Cabinet.
P
Volume 135
Financial Chronicle
1701
remainder of the term, which expires Dec. 1 1934.
In tendering his resignation to the Mexican Congress, Senor Ortiz Rubio indicated that he wished
to resign because of ill health and political difficulties. He left his country for the United States
almost immediately, crossing the border at El Paso,
Texas, Tuesday, on his way to San Diego, Calif.
Although the former President insisted, both in
Mexico City and on his arrival in El Paso,that he had
not resigned because of political differences with
former President Plutarco Elias Canes, who is still
the "strong man" of Mexico, it was widely reported
that such dissension played an important part in the
decision. The transfer of executive power occurred
peacefully last Sunday, when the Mexican Congress
assembled in a plenary session and adopted a resolution accepting the'resignation of Senor Ortiz Rubio
and electing General Rodriguez in his place. It is
not believed that the executive change portends any
imjortant departure from the former Mexican policies, either internally or in foreign affairs. General
Rodriguez was Secretary of War in the Cabinet
under Senor Ortiz Rubio, and he has long been a
close associate of General Canes.
This peaceful change in the Mexican Presidency
was effected only two days after the thirty-fifth
Mexican Congress was opened by former President
Ortiz Rubio. As the 150 Deputies and 45 Senators
gathered in the capital, there were numerous rumors
of an impending political overturn, but no formal
ONSIDERATION of the financial and economic indications of such events. In his lengthy address
problems of the Central and Eastern European to the Congress on Sept. 1, Senor Ortiz Rubio dwelt
countries was resumed last Monday by experts of 15 on the wide advancement in the "revolutionary"
nations, who assembled at the Italian town of Stresa, social program and the determination of the Governon the shores of Lake Maggiore. This gathering is ment to "carry out the purposes of the revolution
expected to last about three weeks, and its findings and satisfy the aspirations and necessities of rural
will be placed before the Commission of European workers." The main financial activities of the GovUnion of the League of Nations, at the next meeting ernment in the last 12 months, he said, have been
of that body on Sept. 26. The Stresa sessions are a the balancing of the budget and the consolidation of
direct outgrowth of the Lausanne conference of last the national credit. Sensible reductions were
June. It was found impossible at Lausanne to cover effected in all Federal expenditures, he declared.
all the questions relating to the Central and Eastern Satisfaction was expressed with the results of the
European lands, and it was finally agreed that a reorganization of the Bank of Mexico, which was
committee should be appointed to "study and submit converted into a rediscount institution empowered
to the investigating commission of the European to issue paper currency. "During the period covered
Union suggestions tending to assure the restoration it was also found necessary to modify the monetary
of Central and Oriental Europe." The basis for the law, principally to fix control of coinage," Senor
studies at Stresa, it is indicated, will be the numer- Ortiz Rubio added. "As a result, Mexican currency
ous conferences at London, Warsaw, Geneva and was able to maintain itself without inconvenient
other places on the trade, currency and other prob- variations in relation to foreign currencies, except
lems of the countries concerned. Abolition of ex- the United States dollar. The depreciation as comchange restrictions and the extension of trade prefer- pared. with the latter was due not to economic conences promptly came up for discussion in the first ditions but rather to speculation."
plenary session of the conference, Monday, but there
Senor Ortiz Rubio held his first Cabinet meeting
are no indications so far of definite conclusions. in some months on Sept. 2, and it was made evident
These and other problems were placed before sub- immediately after this meeting that a change in the
committees Thursday, and they will be given inten- Presidency impended. The Cabinet resigned in a
sive consideration. Georges Bonnet, of France, is body when it was informed that the President would
President of the gathering, while Britain, Germany seek an indefinite leave of absence, which amounts to
and Italy also are represented. Other countries resignation. Official announcement that a •formal
attending the meeting are Austria, Hungary,Czecho- resignation had been tendered by the President was
slovakia, Yugoslavia, Rumania, Belgium, Holland, made early last Saturday by General Juan Jose Rios,
Poland, Switzerland, Bulgaria and Greece.
Secretary of the Interior. The party machinery of
the National Revolutionary group in Mexico, which
SWIFT and unexpected change in the Mexican constitutes approximately 90% of the Mexican elecAdministration occurred last Saturday, when torate, was set in speedy motion to select a successor.
Pascual Ortiz Rubio resigned the Presidential office A party caucus was held in the Chamber of Deputies
in that country and General Abelardo L. Rodriguez on the same day, and the names of four candidates
was elected to serve as Provisional President for the were placed before the gathering. These named were
The program of the von Papen Government for
reviving German trade and industry was placed in
force by a Presidential decree last Monday. The
main features follow the outline presented by the
Chancellor in a speech at Muenster, Aug. 28. It is
hoped, a Berlin dispatch of Monday to the New York
"Herald Tribune" stated, that the measures will provide work for 5,400,000 unemployed Germans in the
course of the next 12 months. The chief item in the
program is the scheme of tax remissions,to be spread
over the next five years, through issuance at this
time of 2,200,000,000 marks in so-called tax credit
certificates against payments now to be made. German economy will be aided further by modifications
of the compulsory arbitration and collective wage
agreements, with the aim of bringing pressure to bear
on employers to introduce a 40-hour week in industry, and of inducing workers to accept reduced
wages. The Government also will inaugurate a
program of public works projects providing for the
expenditure of 600,000,000 to 700,000,000 marks during the coming winter. This program, as analyzed
Monday by Dr. Hermann Warmbold, the Minister
of Economics, is based on the assumption that the
end of the world trade crisis is at hand. The Government also issued a decree last Saturday reorganizing
the Prussian civil service and bringing it into closer
conformity with the Federal Administration of the
Reich.
C
A
1702
Financial Chronicle
Alberto J. Pani,Finance Minister; General Joaquin
Amaro, former War Minister; General Rodriguez,
and General Juan Jose Rios, Secretary of the Interior. When the name of General Rodriguez was
reached, the delegates rose in a body and applauded.
He was thereupon chosen the party candidate by a
viva voce vote, and as the party selection is virtually
the equivalent of formal election by the Congress,
there was no doubt thereafter that General Rodriguez would succeed to the post left vacant by Senor
Ortiz Rubio.
A plenary session of the Congress was held early
Sunday, and the resolution of election was unanimously adopted. The new Executive took the oath
of office at once. He issued a short statement soon
thereafter in which he promised to continue the
friendly and cordial relations with the United States
which now exist,and to conduct a "dignified national
government wherein there shall be unity of action
in an effort to retain confidence and tranquillity
within the Republic." President Rodriguez completed the administrative change Monday, by the reappointment of virtually all the resigned Cabinet
Ministers. The only important new appointment
was that of former President Emilio Portes Gil as
Attorney-General. Eduardo Vasconcelos and General Pablo Quiroga, who held under-secretarial posts
in the Departments of the Interior and War, respectively, were elevated to positions of Acting Secretaries. President Rodriguez is only 43 years old,
but he has long been an active officer in the Mexican
Army and latterly a political figure of note. Congratulations on his elevation to the Presidency were
promptly dispatched to the new Executive, Monday,
by President Hoover. United States Ambassador
Reuben S. Clark called on President Rodriguez the
same day to extend formal congratulations in the
name of the United States.
Sept. ro
HERE have
been
in the
T discount rate ofno changes this week central
any of the foreign
banks. Rates
are 10% in Greece; 83/2% in Bulgaria;
7% in Rumania, Portugal and Lithuania; 63/2% in
Spain and in Finland;6% in Colombia and in Austria;
532% in Estonia; 5% in Germany, Italy, Hungary
and Czechoslovakia; 41
4% in Chile; 4.38% in Japan;
4% in Norway, Denamrk, Danzig and India; 3
in Sweden, Belgium and in Ireland; 23/2% in France
and in Holland, and 2% in England and in Switzerland. In the London open market discounts for
short bills on Friday were %@11-16 as against
/@11-16 on Friday of last week, and 11-16()9%
5
for three months bills as against X% on Friday of
last week. Money on call in London on Friday
was %. At Paris the open market rate continues
at 1 8 and in Switzerland at 13/2%.
%
•
HE Bank of England statement for the week
ended Sept. 7 shows a gain of £151,196 in
gold holdings and as this was attended by a contraction of £165,000 in circulation reserves rose £316,000.
Gold holdings now total £139,957,675, as compared
with £137,206,244 last year. Public deposits fell
off £13,109,000 while other deposits rose 0,848,520.
The latter consists of bankers' accounts and other
accounts which increased £11,958,071 and decreased
T
0,109,551 respectively. The proportion of reserve
to liability is at 37.63%, compared with 36.49%
a week ago and 45.81% last year. Loans on Government securities fell off £3,216,000 and those on other
securities £357,325. Other securities include discounts and advances and securities. The former
rose £114,412 and the latter decreased £471,737.
The discount rate is unchanged at 2%. Below we
show a five-year comparison of the different items:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1932
Sept. 7.
IGNATURES were attached to a new treaty of
friendship between Haiti and the United States
in Port-au-Prince,last Saturday, by Dana G. Munro,
United States Minister, and the Haitian authorities.
A brief announcement to this effect was made in
Washington, Tuesday, and the treaty was submitted
to the Haitian Parliament on the following day for
ratification. Details of the agreement were disclosed
yesterday, and they show that it accords closely with
the recommendations of the Forbes Commission,
which reported on Haitian conditions two years ago.
The treaty, Washington reports indicate, provides
for the complete withdrawal of American marines
in the next two years, and in the meantime local
government agencies over which the United States
has exercised control are to be returned to Haitian
sovereignty. "According to indications here," a
Washington dispatch to the New York "Herald
Tribune" said,"the treaty outlines a basis for stable
financial relations, with the United States maintaining some co-operative jurisdiction over a portion
of the Haitian Treasury revenues as a guarantee for
loan payments." In a Port-au-Prince dispatch of
Wednesday to the Associated Press it was said that
the fiscal provisions included appointment of a financial representative, to be nominated by the President
of the United States. His duties would be to supervise and administer customs, make provisions for the
bonded debt service, and assist the Government to
maintain a balanced budget, the report added.
S
1932
1931
Sept. 9.
1930
Sept. 10.
1929
Sept. 11.
1928
Sept. 12.
Circulation_a
365,121,000 353,930,654 361,326,291 364,958,974 134,607,285
Public deposits -- 7,618,000 21,807,574 9,013,456 14,010,848
13,073,725
Other deposits
124,803,583 105,378,419 101,303.231 102,971,126 98,886,342
Bankers accounts_ 91,506,603 54,845,474 67,166,323 66,458,288
Other accounts_ 33,296,980 50,532,945 34,136,908 36,512,838
Gov't securities_ _ _ _ 69,932,000 51,145,906 45,911,247 75,686.855
27,145,326
Other securities__ 30,884,915 36,033,940 27,411,081 27,173.600
41,396,198
Dint. & advances 12,273,627 8,291.359 5.769,699 3,457.467
Securities
18,611,288 27,742,581 21,641,382 23.716,133
Reserve notes & coin 49,834,000 58,275.580 55,247,460 32,433,607
61,727,504
Coin and bullion_ _ _139,957,675 137.206,244 156,573.751 137,392,581
176,584,789
Proportion of reserve
to liabilities
45.81%
37.63%
50.07%
27.72%
5534%
Bank rate
2%
434%
3%
535%
434%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank
of England
note issues adding at that time £234,199,000 to the amount of Bank of
England notes
outstanding.
HE weekly statement of the Bank of France
dated Sept. 2, reveals a decrease in gold hold-
T of 8,273,354francs.
ings
The Bank's gold now stands
at 82,230,927,558 francs, in comparison with 58,567,719,261 francs last year and 47,477,717,185
francs the previous year. Credit balances abroad
increased 17,000,000 francs and bills bought abroad
1,000,000 francs. A large gain appears in note
circulation, namely, 1,471,000,000 francs. The total
of circulation is now 81,384,713,185 francs, as against
78,927,432,675 francs a year ago and 73,453,000,975
francs two years ago. French commercial bills
discounted records a decrease of 733,000,000 francs
and creditor current accounts of 2,038,000,0M
francs, while advances against securities rose 84,-
000,000 francs. The proportion of gold on hand
to sight liabilities is now 77.03%, as compared with
56.01% a year ago. Below we furnish a comparison
of the various items for three years:
1703
Financial Chronicle
BANK OF FRANCE'S COMPARATIVE STATEMENT.
during the full month of August of $90,139,377.
Status as o
Changes
The Federal Reserve Bank of New York reported a
Sept. 2 1932. Sept. 4 1931. Sept. 5 1930.
for Week.
Francs.
Francs.
Francs.
Francs.
gain of $26,000,000 for the week to Wednesday
Gold holdings----Dec. 8,273,354 82,230.927,558 58.567.719,261 47,477,717,185
balls. abr'd-Inc. 17,000,000 3,325,248,905 14,818,272,310 6,832,314,098
Credit
night. Gold movements in the same weekly period
arrench commero'l
consisted of imports of $2,158,000, and a net decrease
bills dIscounted_Dec. 733,000.000 2,733,589,087 4,843,972,240 4.950.915,558
bBilLs bought abr'dInc. 1,000,000 2,082,698,131 12,756,672,672 18,767.966,222
of $13,051,000 in the stock of the metal held earAdv. agt. seeurs--Inc. 84,000.000 2,845,927.598 2.817,335.646 2.835.979,103
Note circulation _ _Inc.1471,000,000 81.384,713,185 78,927,432,675 73,453,000,975
marked for foreign account. There were no exports.
Volume
135
Cred.sum accts--Dec.2038000,000 25,370,857,914 25,637.997,813 16,921.282.966
Proportion of gold
on hand to sight
77.03%
58.01%
52.53%
0.40%
Inc.
liabilities
a Includes b.lis purchased in France. b Includes Wits discounted abroad.
HE Reichsbank's statement for the first quarter
of September shows an increase in gold and
bullion of 128,000 marks. The total of bullion is
now 768,436,000 marks, in comparison with 1,370,514,000 marks last year and 2,618,902,000 marks
the previous year. Reserve in foreign currency
records a gain of 345,000 marks, silver and other
coin of 18,304,000 marks, notes on other German
banks of 4,387,000 marks, other assets of 16,030,000
marks and other liabilities of 3,262,000 marks.
Deposits abroad remain unchanged. Notes in circulation contracted 128,127,000 marks, reducing the
total of the item to 3,688,799,000 marks. Circulation last year amounted to 4,292,061,000 marks and
the previous year to 4,486,210,000 marks. Decreases appear in bills of exchange and checks of
79,248,000 marks, in advances of 103,874,000
marks, in investments of 49,000 marks and in other
daily maturing obligations of 19,112,000 marks.
The proportion of gold and foreign currency to note
circulation is up to 25.1%, as compared with 41.3%
last year and 67.1% the previous year. Below we
furnish a comparison of the various items for three
years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Sept. 7 1932. Sept. 7 1931. Sept. 6 1930.
for Week.
Retchsmarks. Reichsmark*. Retchsmarks.
Reichsmarks.
Assets—
Inc.
128,000 768,436,000 1,370.514,000 2.618,902,000
Gold and bullion
99,553,000 149.788,000
63,353,000
Of which depos.abed- Unchanged.
345,000 157.181,000 400,438,000 392,108.000
Res've In Nr'n curr.-Inc.
Bills of exch. & checksDeo. 79,248,000 2,966,406,000 3,025,463,000 1,571,806.000
80,539.000 148,439,000
Silver and other coln_Inc. 18,304,000 206,898,000
7,245,000
7,478,000
Notes on 0th. Ger. bksInc. 4,387,000
13,914.000
103,502,000 151,417,000
Dec. 103,874,000
Advances
57.007.000
49,000 365,002,000 102,913,000 102,677.000
Dec.
Investments
Inc. 16,030,000 784,702,000 830,149,000 668,097,000
Other assets
Liabilities—
Notes in circulation—Dec. 128,127,000 3,688,799,000 4.292,061,000 4.486,210.000
Oth.dally matur.obLIg.Dec. 19,112,000 388,510,000 434,105,000 368,398.000
Inc. 3,262,000 714,727.000 755,411,000 225,023,000
Other liabilities
Propor. of gold & fo'n
curr. to note circurnInc.
0.9%
25.1%
41.3%
87.1%
ONEY rates
York
remained
Mopen marketatin the Newof the marketoccasioned
this week the extremely low levels
by
Federal
operations
Reserve
System, but there was a perceptibly harder tone.
Funds are in greater demand, both for commercial
accommodation and for stock and bond collateral
purposes. The supply is still'overwhelming, but less
so than formerly. The hardening this week was
apparent mainly in the outside or "street" accommodations on call. A plethora of banking house
funds has been available in this department of the
market for months, and the rate has remained much
under the official Stock Exchange figure for call
loans. This excess supply is gradually being drained
and the outside rate for daily money has tended to
approach the official level. As against the 2% figure
still prevalent on the Exchange, outside call loans
0
were arranged this week at 137 Tuesday and
4
Wednesday, 13/2% Thursday and 13 % yesterday.
money was unchanged. Both the regular
Time
tabulations of brokers' loans are available this week.
The New York Stock Exchange reported an increase
on
in detail with call
DEALINGExchange from day toloan rates was the
the
day, 2%
Stock
ruling quotation all through the week both for new
loans and renewals. The time money market remains
practically unchanged this week. Rates are quoted
/
nominally at 11 1@1% for all dates. The demand
for prime commercial paper has been fairly brisk this
week but paper is still scarce. Quotations for choice
names of four to six months' maturity are 2@23%.
Names less well known are 23/2%. On some very
high class 90-day paper occasional transactions at
2% are noted.
more
been
bankers' acceptances
the
PRIME verythis week, though havesupplyinof bills
demand
small and insufficient to meet the
has been
dealers' requirements. Rates are unchanged. The
quotations of the American Acceptance Council for
7
bills up to and including three months are 4% bid,
7
for four months, 1% bid, and 4% asked;
31
/ asked;
%
/
for five and six months, 11 1 bid and 13/8% asked.
buying rate of the New York Reserve Bank
The bill
is 1% for 1-90 days; 13/8% for 91-120 days,and 13/2%
for maturities from 121-180 days. The Federal
Reserve banks show a further small decrease in their
holdings of acceptances, the total Sept. 7 being
$33,585,000, as compared with $34,098,000 a week
ago. Their holdings of acceptances for foreign
correspondents also decreased further, dropping from
$49,043,000 to $44,973,000. Open-market rates for
acceptances are as follows:
SPOT DELIVERY.
-—180 Dap-- —150 Days— —120 Dan
Bid.
Asked.
Aga.
Asked. Bid.
BM.
134
114
13(
134
Prime eligible bills
—90Days— —80Days— —30Dat/1Asked.
Asked, Bid.
Rid.
dabs&
Iltd.
Si
14
't
If
%
Si
Prime eligible bills
DAYS.
FOR DELIVERY WITHIN THIRTY
Ili% bid
Eligible member banks_
% bid
Eligible non-member banks
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:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLAM=
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland_
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
Rate in
Effect on
Sept. 0.
Date
Established.
Previous
Rate.
334
234
334
314
334
314
234
334
314
314
314
314
Oct. 17 1931
June 24 1932
Oct. 22 1931
Oct. 24 1931
Jan. 25 1932
Nov. 1. ^31
June 25 19,..
Oct. 22 1931
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
Oct. 21 1931
234
3
8
3
4
3
334
234
I
23-4
STERLING exchange is firmer this week than it
has been in a month. The range has been
between 3.47% and 3.493/b for bankers' sight bills,
compared with a range of between 3.46 5-16 and
3.473/b last week. The range for cable transfers has
been between 3.473/ and 3.49%, compared with a
%
%
range of between 3.465 and 3.473 a week ago.
The market was particularly strong from Friday of
1704
Financial Chronicle
Sept. lo
1932
last week until Thursday of this week, when softness operated. The market is
equally convinced, it would
developed. The firmer quotations which were a seem, that there will be
no further reduction in
particular feature of the market earlier in the week rediscount rates on this
side.
were attributed largely to a considerable demand
Bankers believe that the London market will soon
from Paris and French interests were reported to be again
be a lender on a large scale, though loan operaselling francs against sterling, carrying the operations tions
may be deferred for a few months. The Governover into the local market. Some of the firmness ment
has
was attributed to month-end requirements for funds embargo decided to retain more or less intact its
on new capital features. Despite the flow
in London, and with the cessation of these operations of funds to
the London market from many quarters,
the rate is inclined to ease off. The foreign exchange interest in
foreign exchange circles continues to be
situation has remained essentially unchanged for focused on
the rise in the dollar and the flow of funds
weeks. The New York demand for sterling is not from Europe
to this side for investment in security
wide, as at this season the sterling rate normally in- markets. It
is also evident that foreign interests
clines to weakness due principally to the appearance cut their balances
here to an unwarranted extent a few
of cotton and grain import bills on the market. In months ago
and now find themselves urgently in
anticipation of the seasonal pressure the opinion was need of
dollars. This accounts for the weakness in a
held in some quarters a few weeks ago that possibly a number of
the Continental gold currencies. As
level of 3.25 would be seen for sterling, but the strength stated,
money continues extremely easy in London.
of the exchange now confuses the outlook.
Call money against bills was in supply in London
On the other hand, however, the best informed throughout
the week at %. Two-months bills
bankers are inclined to the opinion that however were at
11-16% to %%,three-months bills at 11-16%
great a pressure of autumn commercial requirements to 4%,
3
four-months bills at'M% to 1%, and sixmay develop, the strong position of the British months
bills at 1 1-16% to 13/%. Gold seems to
Treasury and of the Bank of England presage steady have sold
in London this week at from 117s 11d. to
firming of the rate to nearly normal parity. Most 118s.
7d. Both the British Treasury and the Bank
conservative bankers are of the opinion that the of
England continue to take some of the open market
Bank of England and the British Treasury will not gold
offerings, adjusting the difference between the
seek to revalue the pound at less than its former Bank's
official purchasing price of 84s. 10d. per ounce
parity in gold. The industrial and business interests when
the pound was on the gold basis through operaof England are fast losing whatever advantages they tions
of the Exchange Equalization Account. These
have derived from being "off gold." There will be
operations and adjustments are never made public.
no prompt return to the gold standard, but foreign On
exchange traders may feel assured that excessively in Wednesday the Bank of England bought £123,510
gold bars. On Thursday bar gold in the open
low sterling will not be permitted by the London
market, which totaled £430,000, is believed to have
authorities. The longer the present situation per- been
taken by the Bank of England. Aside from this
sists the more it tends to advance sterling toward
purchase, about which there may be doubt, the Bank
the old parity through improvement in foreign trade of
England is known to have bought on Thursday
balances. Meanwhile, however, the London authori£260,797 in gold bars. The Bank of England's
ties feel that fluctuating rates of exchange steadily stateme
nt for the week ended September 7 shows
undermine London's position as the banking center an
increase in gold holdings of £151,196, the total
of the world. By now it should be evident that the
standing at £139,957,675, which compares with
London authorities are bending every effort to
£137,206,244 a year ago.
maintain the position of world's banker which was
At the Port of New York the gold movement for
lost on Sept. 21 last year, following the three-months'
the week ended Sept. 7, as reported by the Federal
raid of foreign depositors in London on the Bank of
Reserve Bank of New York, consisted of imports of
England's gold. For these reasons it should be
$2,158,000, of which $1,789,000 came from England,
evident that despite seasonal pressure, the loss of
$300,000 from Mexico, and $69,000 chiefly from
tourist traffic, or any other causes which might be
Latin American countries. There were no gold
operative as pressure on the pound, the British
exports. The Reserve Bank reported a decrease of
Treasury and the Bank of England are steadily
$13,051,000 in gold earmarked for foreign account.
strengthening Great Britain's financial position so as
In tabular form the gold movement at the Port of
to build up such a force of reserves as will not fail
New York for the week ended Sept. 7, as reported
to satisfy the restored confidence of the world in
by the Federal Reserve Bank of New York, was
London as the logical depository for short-term
as follows:
funds.
GOLD MOVEMENT AT NEW YORK, SEPT.
London is not committed to any date for stabiliza1—SEPT. 7, INC.
Imports.
Exports.
tion, but it is apparent that the authorities there are $1,789,000 from England
None
300,000 from Mexico
firmly committed to a gradually enhancing value for
69,000 chiefly from Latin
the pound, with fluctuations to be held within a
American countries
minimum range. The Exchange Equalization Ac- $2,158,000 total
count was organized with this purpose in view.
Net Change in Gold Earmarked for Foreign Account.
Speculation in the pound will not be permitted to go
Decrease $13,051,000.
far in any direction. It is quite evident that conThe above figures are for the week ended Wednesfidence in London is already completely restored and day evening. On Thursday
there were no imports
for this reason foreign funds are accumulating there or exports of the metal, but
gold earmarked for
and open market rates are far below the Bank rate. foreign account decreased $5,026,000. Yesterday
Despite the ease in open market rates, however, $37,200 of gold was received from Mexico. There
bankers seem firmly convinced that there will be were no exports of the metal yesterda but there
y
no further reduCtion in rate of rediscount, which was a decrease of $5,998,400 in gold held earmarked
stands at 2%, below which the Bank has never for foreign account. During the week approximately
1705
Financial Chronicle
$617,000 of gold was received at San Francisco confidence here. The opportunities for employing
these balances at a profit in France are practically
from China.
while still at a severe discount, negligible. Bankers expect that a large flow of gold
Canadian exchange,
to New York. The
is firmer than at any time in many months and will take place soon from Paris
statement for the week ended Sept. 2
Montreal funds are now at the highest level since Bank of France
francs,
last November. On Saturday Montreal funds were shows a decrease in gold holdinu: of 8,273,354
now standing at 82,230,927,558 francs,
at a discount of 10%, on Monday (Labor Day) the total
there was no market in New York, on Tuesday at which compares with 58,567,719,261 francs a year
on Wednesday at 9%%, on Thursday at ago and with 28,935,000,000 francs when the unit
934%, and on Friday at 9%%. After the totally was stabilized in June 1928.
German marks are, of course, under the drastic
unexpected display of strength given by the Canadian
exchange traders are reluctant to control of the Reichsbank and day-to-day fluctuadollar, foreign
hazard opinion regarding the future course of tions are not to be gauged by actual market conditions. The Reichsbank is still endeavoring to bring
Montreal funds.
Referring to day-to-day rates, sterling exchange on about the removal of legal obstacles to reduction of
Saturday last was firm in a quiet market. Bankers' its rediscount rate, which it is now required to main.47%@3.47%; cable transfers, 3.47%© tain at the present level of 5% as long as reserves
sight was 3
4
3.473 . On Monday, Labor Day, there was no are below 40%. At the moment there are indications
market in New York. On Tuesday sterling was in that the German international payments are balancdemand. The range was 3.47%@3.48% for bankers' ing, with a slight surplus for Germany. The Reichssight and 3.473/2@3.483/ for cable transfers. On bank reserves reached their low on July 15 at 891,Wednesday sterling was strong. Bankers' sight was 600,000 reichsmarks, of which 754,100,000 reichs.
/
/
3.4834@3.493/2; cable transfers, 3.4838@3.495 8 On marks were gold and 137,500,000 reichsmarks deThursday exchange continued firm. London was visen. Each succeeding statement has shown a small
easier. The range was 3.48 3-16@3.49% for bankers' gain, until the present figure stands at 33,000,000
sight and 3.48 5-16@3.49% for cable transfers. reichsmarks above that of July 15. This has been
% possible only through the operation of probably the
On Friday sterling was easier. The range was 3.485
@3.47% for bankers' sight and 3.489'@3.49 for most extreme form of exchange control ever devised,
cable transfers. Closing quotations on Friday were plus strenuous efforts to maintain as high an export
3.483/ for demand and 3.49 for cable transfers. surplus in foreign trade as possible through limiting
-day imports to barest necessities and stimulating exports.
Commercial sight bills finished at 3.483/2; 60
;
4;90-day bills at 3.4732 documents for Maintenance of this balance depends upon ability
bills at 3.473
payment (60 days) at 3.47%, and seven day grain to undersell abroad, which is being reduced through
bills at 3.48%. Cotton and grain for payment import restrictions and duties in other countries.
In view of this condition bankers believe that some
.
2
closed at 3.483/
revision of interest on Germany's external debts
XCHANGE on the Continental countries presents may be necessary if service is to be maintained.
The London check rate on Paris closed at 89.06 on
mixed trends, although there are really no new
features of importance in these units. French francs Friday of this week, against 88.58 on Friday of last
are particularly soft. Mark quotations are largely week. In New York sight bills on the French centre
nominal. Italian lire are firm, and the minor Con- finished on Friday at 3.91 9-16, against 3.91 15-16
tinental units are generally easier in tone, though on Friday of last week; cable transfers at 3.91 11-16,
quotations are highly nominal. According to well- against 3.92 1-16, and commercial sight bills at
informed quarters about $20,000,000 gold will be at 3.913/2, against 3.91%. Antwerp belgas finished
released from earmark around Sept. 15 for French at 13.86 for bankers' sight bills and at 13.863/ for
account in repayment of a maturing Paris, Lyons & cable transfers, against 13.863/2 and 13.87. Final
Marseilles Ry. bond issue. According to Paris quotations for Berlin marks were 23.78 for bankers'
dispatches, it was arranged some time ago that sight bills and 23.79 for cable transfers, in comparison
French corporations having dollar loans should be with 23.793/2 and 23.80. Italian lire closed at 5.12
able to obtain the exchange necessary for repayment for bankers' sight bills and at 5.13 for cable transfers,
4
4
from the Bank of France through the French Treas- against 5.121 and 5.123 . Austrian schillings closed
A
2
ury, the latter being reimbursed from the proceeds at 14.103/, against 14.101 ; exchange on Czechoof franc issues. It would seem that the Bank of slovakia at 2.963/8, against 2.9634; on Bucharest at
France now holds practically no dollar balances. The 0.6034, against 0.6034; on Poland at 11.223/2, against
chief part of its foreign balances, amounting to 11.223, and on Finland at 1.50, against 1.50.
more than $200,000,000, is reported to be in sterling Greek exchange closed at 0.60 for bankers' sight bills
bills. It seems likely that these sterling credits will and at 0.6034 for cable transfers, against 0.6134
be kept by the Bank for a certain length of time and 0.61%.
because it has the Government's guaranty against
XCHANGE on the countries neutral during the
loss on exchange. Most of the gold released from
war is characterized this week by sharp breaks
earmark here during the past few months is believed
exchange.
to have been for Bank of France account. Exchange and extremely soft tone in Swiss and Dutch
ian currencies have fluctuated rather
is now definitely against the franc and the French The Scandinav
foreign trade position is not favorable to the rate. widely, as these rates move strictly in accordance
is their conIt is also evident that French interests are under with quotations for sterling, which
on this trolling unit. On Thursday the guilder sold down
the necessity of building up their balances
transfers. Par of the
side in order to meet commercial and other require- as low as 40.113/b for cable
flow of French funds and of guilder is 40.20. The wide break in guilders leads to
ments. There is also a
from Holland to
refugee funds on deposit in Paris to the New York the opinion that gold imports
It is estimated
investment market as a result of the restoration of New York are to be expected soon.
Volume 135
E
E
1706
Financial Chronicle
Sept. ro
1932
that the gold import point from Holland is about yen exchange from
gold parity. The commodity
40.05. Holland is now meeting her grain require- price index is moving
up. The Chinese units are
ments and importing large amounts of that com- relatively steady,as prices
for silver have been steady,
modity. Hence the pressure on the guilder. Nor- ranging from 28% to
28% cents an ounce in New
mally Amsterdam would meet the situation through York.
balances held abroad. These balances have been
Closing quotations for yen checks yesterday were
liquidated to such an extent that dollar balances 24%,against 23 on Friday
of last week. Hong Kong
here are negligible. The statement of The Nether- closed at 23 15-16®
24, against 237®23 15-16;
8
lands Bank as of Aug. 22 showed foreign bills of Shanghai at 313g®3
11
4, against 3131®31 7-16;
71,336,000 florins. This item is composed mostly of Manila at 49%, against
49%; Singapore at 403/2,
sterling. A year ago foreign bill holdings amounted against 40%; Bomba
y at 26.46, against 26.20, and
to more than 230,000,000 florins. The Dutch bank Calcutta at 26.46,
against 26.20.
has very little gold earmarked here. On Aug. 22
the Netherlands gold stock earmarked here is believed
URSUANT to the requirements of Section 522
not to have much exceeded $2,000,000. Instead of
of the Tariff Act of 1922, the Federal Reserve
actually shipping gold bankers believe that the Bank is now
certifying daily to the Secretary of the
Netherlandische Bank may choose to buy gold ear- Treasury the buying
rate for cable transfers in the
marked here by other central banks, such as the different countries
of the world. We give below a
Bank of France. Part of the weakness in guilder is record for the
week just passed:
doubtless due to the fact that Dutch funds are FOREIGN
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
seeking investment in the New York and London
BANKS TO TREASURY UNDER TARIFF ACT
OF 1922,
SEPT. 3 1932 TO SEPT. 9 1932, INCLUSIVE.
security markets. Swiss francs have shown a downward trend for the past few weeks. The ease in this Country
Noon Buying Rate for Cable Transfers In New Vag.
and Monetary
Value in United States Money.
Unit.
unit is very largely due to a flow of refugee funds as
Sept. 3. Sept. 5. Sept. 6. Sept. 7. Sept. 8. Sept.
ii•
well as of the funds of Swiss nationals to Paris,
EUROPE$
li
6
$
$
$
Austria,schIlling
I 139750
London and New York, as there is no opportunity for Belgium, beige
.140000 .140100 .139750 .139750
I 138587
.138584 .138588 .138673 .138565
Bulgaria, lev
007200
employing money in Switzerland at any profit.
.007200 .007200 .007200 .007200
Czechoslovakia, kron 029600
.029592 .029597 .029505 .029595
Denmark,krone
I 179200
Bankers' sight on Amsterdam finished on Friday England, pound
.179700 .180161 .180661 .180300
sterling
3.475000
3.478041 3.490583 3.487458 3.486375
at 40.14, against 40.213/ on Friday of last week; Finland, markka
.014916
I
.015016 .015000 .014933 .014933
France, franc
039192
.039198 .039177 .039160 .039162
cable transfers at 40.143/, against 40.22, and com- Germany, reichsmark .237650
2
.237607 .237642 .237623 .237600
Greece. drachma
006175
.006135 .006100 .006087 .006087
mercial sight bills at 40.09, against 40.18. Swiss Holland, guilder
402125
.402125 .401846 .401060 .401264
Hungary,
174668
.174625 .174625 .174666 .174766
francs closed at 19.289 for checks and at 19.29 Italy, lira pengo
051254
.051277 .051270 .051258 .051253
Norway, krone
174066
.174183 .174826 .174969 .174753
for cable transfers, against 19.37 and 19.373/2. Poland, zloty
111860
.111980 .111960 .111960 .111860
Portugal. escudo
031666 HOLI- .031200 .031566 .031766 .031733
Copenhagen checks finished at 18.073/ and cable Rumania,leu
005985
DAY
.005997 .005989 .005985 .006002
Spain, peseta
080435
.080410 .080396 .080380 .080364
transfers at 18.08, against 17.993/i and 18.00. Checks Sweden,krona
178161
.178307 .178950 .179076 .178830
Switzerland, franc_ __ .193580
.193453 .193288 .192982 .192875
on Sweden closed at 17.90 and cable transfers at Yugoslavia. dlnar____ .016950
.016770 .016760 .016820 .016860
ASIAHOLI17.903/ against 17.833/i and 17.84; while checks on China- tael.
DAY
2
,
Chefoo
321458
.325208 .323333 .323125 .320833
Hankow tael
.317291
Norway finished at 17.493/, and cable transfers at
.320208 .318333 .318541 .315416
2
Shanghai tool
.310825
.313906 .312500 .312031 .309062
Tientsin tool
328125
.332291 .331250 .330625 .328333
17.50, against 17.413/ and 17.42. Spanish pesetas
Hong Hong dollar
.236406
.238750 .238125 .238437 .235937
Mexican dollar----- -213437
.217812 .215312 .215625 .211875
closed at 8.04 for bankers' sight bills and at 8.043,'
Tientsin or Polysing
dollar
.216875
.221250 .219168 .219583 .215833
for cable transfers, against 8.043/ and 8.05.
Yuan dollar213E33
.217916 .215833 .216250 .212500
India, rupee
P
Japan, yen
.262243
227812
.262210
.230000
.263281
.233125
.262925
.233906
.262825
.240875
.401875 .403750 .404375 .402500
Exchange on the South American countries con- Singapore(SS.)doll .401875
on
NORTH AMER.Canada, dollar
.898958
.907918 .906562 .905937 .906197
tinues to be quoted only nominally, as all these Cuba, peso
999125
.999162 .999162 .999162 .999162
Mexico, peso (silver) .284900
.290168 .294333 .300333 .296900
currencies are hampered by severe exchange restric- Newfoundland, doll .897075
.905500 .903500 .902875 .903750
SOUTH AMER.
Argentina,
tions and moratoria. In Argentina declining exports Brazil. peso (sold) .586044
.586044 .586044 .586044 .586044
milreis
.076175
.078175 .078175 .076175 .078175
Chile, peso
in August further restricted exchange, making it Uruguay.
060875
.060875 .060875 .060875 .060875
peso
.473333
.473333 .473333 .473333 .473333
still more difficult for importers to obtain foreign Colombia. peso
.952400
.952400 .952400 .952400 .952400
merchandise. Argentine paper pesos closed on
HE following table indicates the amount of gold
Friday nominally at 253 for bankers' sight bills,
bullion in the principal European banks as of
against 253 on Friday of last week; cable transfers Sept. 8 1932, together with compar
isons as of the
at 25.80, against 25.80. Brazilian milreis are nomin- corresponding dates
in the four previous years:
ally quoted at 7.20 for bankers' sight bills and 7.25
1931.
1930.
for cable transfers, against 7.20 and 7.25. Chilean Ranks Of- 1932.
1929.
1928.
I
Z
Z
Z
Z
exchange is nominally quoted 63/8, against 63/8. England_ -. 139,957,675 137.208.244 156.573,751 137,392,581
176,68 .7 9
4 8
France a_ -- 857,847,420 468,541,75
4 379,821,737 312,051,798 243,408,493
Peru is nominal at 21.00, against 21.00.
Germany b.
35,254,150
63,548,050 123,455,750 109,187,150 109,203,500
Spain
T
XCHANGE on the Far Eastern countries presents
no new features of importance. Japanese yen,
while still ruling low, have continued the firmness
displayed last week. Three weeks ago yen went as
low as 223/2. Par is 49.85. On Saturday last the
unit moved up to 23 and later in the week was
quoted as high as 24%. The market expects wide
fluctuations in yen so long as Japan is off the gold
basis. At present the comparative firmness in yen
is due to an improvement in Japan's export business,
to better prices for silk, but in part to an oversold
position. Stock and commodity prices, it is claimed
in Japan, have been strengthened by the decline in
E
Italy
Netherlands
Nat. Beig'm
Switzerland
Sweden
Denmark._
Norway ...-
90,284,000
81,652,000
85,880,000
74,720,000
89,165.000
11,443,000
7,400,000
7,911,000
91,024,000
58,093,000
53,978,000
45,380,000
33,970,000
12,774,000
9,544,000
8,129,000
98,956,000
56,503.000
32,552,000
34,564.000
25,583,000
13,469,000
9.566,000
8,141,000
102,593,000
55.797,000
36,930,000
28,963,000
20,274,000
13,461,000
9,685,000
8,153,000
104,341,000
54,093,000
36,244,000
22,993,000
17,972,000
12,753,000
10.098,000
8,163,000
Total week_ 1,261,494.245 982,188.04
939,185,23
Prey. week_ 1,258406.838 979.483.738 936,028,088 834,387,629 795,853,782
7
4 833,375,585 794,186,588
a Thom ar, the gold holdings of the Bank of France
as
of statement. b Gold holdings of the Bank of Germany reported In the new form
are
abroad, the amount of which the present year is £3367,650. exclusive of gold belt'
Germany's Demand for Arms Equality.
The text of the German memorandum to France
regarding equality in armaments, made public in
this country on Wednesday, while confirming to
some extent the advance indications of its contents
that were given in press dispatches, makes clear for
Volume 135
Financial Chronicle
1707
security," the
the first time the details of the German argument It "has the same right to national
memorandum declares, "as every other State." It
and the limitations of Germany's demand. The conin the future, with regard
crete proposals regarding armaments and fortifica- cannot continue to play
to armaments, "the role of a second-class State."
tions which it was predicted had been made are
arms comwholly lacking in the document. Instead, the memo- It is willing to accept "any prohibition of
to a forcible presentation of ing into force for all States similarly," but "the
randum confines itself
generally prohibited" by
the German case for equal treatment with other categories of arms not
Powers in the matter of armaments, a agreement "ought in principle to be allowed to Gerfirst class
statement of Germany's attitude toward regulation many also," and it must have the same right as
of defense.
in case equality is conceded, and a clear intimation other States to determine its system
suggestion in the memorandum of a dethat if the denial of equal treatment which is im- There is no
plicit in recent decisions of the Disarmament Con- sire to increase armaments, the financial condition
ference is to continue, no further co-operation by of the nation will be taken into account, and while
Germany in discussions about the final regulation the Reich cannot at present "very well define its
position" regarding the French claim to security beof armaments need be looked for.
the cause it does not know "in which direction France
It was the desire of the German Government,
memorandum states, to discuss confidentially with wishes to go," it "will always willingly discuss
the French Government the question at issue "as the schemes which might serve to strengthen security
best means of bringing about an understanding," for all States in equal ways." In view, however, of
and later, if the two Governments could so agree, to "the course and present state of the disarmament
bring into the conversations the governments par- negotiations at Geneva," and "from reasons which
ticularly interested, especially Great Britain, Italy are connected with the international situation," "the
and the United States. Baron Constantin von Neu- question of German equality of rights must not rerath, the German Foreign Minister, in an interview main open any longer."
Unless the German Government is using the diploon Tuesday night, denied that there was "anything
unusual or surprising" in the German action, and matic device of asking for a great deal in the hope
declared in substance that Germany "merely was of thereby obtaining something, it is obvious that
following the established custom of preparing the the memorandum carries what is virtually an ultiway for ultimate agreement (by the Disarmament matum. If the Powers, having reduced Germany's
Conference) by private conversations outside the armaments in the Treaty of Versailles to a level
plenary Conference itself." "I reveal no secret," he which they considered suitable only for defense, recontinued,"when I state that immediately after the fuse to reduce their own armaments to a correspondlast Conference negotiations at Geneva, the German ing defense basis, Germany, if it acts according to
and French representatives agreed to the assump- the memorandum, will ignore the restrictions of the
tion of speedy negotiations between their Govern- Versailles Treaty and equip itself for defense to such
ments on the subject of equality." The action of the an extent as its financial resources and the internaFrench Government, however, in allowing the fact tional situation seem to justify. As the defense
that the memorandum had been presented to become provision then made would certainly be greater than
public, and in announcing its intention to refer the Germany possesses at present, the result would be
subject to all the Powers that signed the Treaty of the collapse of the whole scheme of armament reducVersailles, defeated the original German purpose, tion and limitation with which the Disarmament
and the memorandum was promptly published at Conference has been dealing, and we should have a
Berlin in response to what was regarded as an un- world with more armament instead of less.
Yet it is difficult to see how the German demand
warranted piece of publicity at Paris.
The question at issue, the memorandum states, is can be disregarded. Only a legalist bent upon findnot now brought forward for the first time. From ing some support for his cause would be likely to
the beginning of the Disarmament Conference Ger- see in the provision of the Treaty of Versailles which
many has repeatedly urged its claim to equal treat- we have quoted anything save an assurance of genment in armaments, and has supplemented its plea eral disarmament as the basis of the armament reby diplomatic and unofficial representations to the strictions imposed upon Germany. Some small steps
parties interested. The essence of its demand is in the direction of naval limitation have,indeed, been
that the other Powers should disarm to a level taken, but nothing of practical importance has been
which, "considering the particular conditions of the done to limit either land or air armaments. The
individual countries," corresponds to that to which combined land and air forces of Europe are greater
Germany is reduced by the Treaty of Versailles. It to-day than they have ever been before in time of
is the German contention that the obligation which peace, elaborate fortifications have been and are
Germany assumed to observe the military, naval and being constructed, and swollen war budgets are still
air provisions of the Treaty, and which was given, voted. What with Belgium and France on the west
as the Treaty itself declares,"with a view to making and Poland and Czechoslovakia on the east, Germany
possible the preparation of a general limitation of is ringed about with nations that are armed to the
the armaments of all nations," implies an obligation teeth, and Italy, although more friendly than any
on the part of the other Powers to disarm, but the of the others, is also heavily armed. The repeated
contention has never been admitted by the Allied protests of Germany against a situation which keeps
signatories, and the Disarmament Conference has it in subjection, and relegates it to the position of
failed thus far to incorporate in its preliminary a second or third class Power, have brought no favoragreements anything to indicate that the treaty ing response from either the League or the Disarmarestrictions upon Germany are to be in any way ment Conference. Now, after long waiting, the
patience of the German Government appears to have
relaxed.
then, indefinitely up in been exhausted. "We have waited now longer than
With the whole question,
the air, Germany is prepared to take its own course. ten years," said Baron von Neurath in his interview
1708
Financial Chronicle
on Tuesday, "for the fulfillment of our claim. The
Disarmament Conference has reached a point where
a decision regarding our equality must be taken, and
no Power participating in this Conference can evade
a clear stand. Nobody can assume that Germany
will put up any longer with a discrimination which
is incompatible with the honor of the German people
and its security."
The attitude of France, if it has been correctly
foreshadowed by the press in advance of the publication of the relevant documents, does not augur
well for an early solution of the difficulty. A reference of the question to the Powers signatory of the
Treaty of Versailles, which is reported to be M.
Herriot's intention, means at best a long delay.
Anybody who remembers the Paris Peace Conference
can certainly have no wish to see such a body assembled again, while if the matter is to be dealt with
by diplomatic correspondence and debate the forces
of political intrigue will have abundant chance to
work. The formal French reply, it is reported, will
stress juridical arguments against the German interpretation of the Versailles Treaty, and urge that
the question should be left to the League of Nations
and the Disarmament Conference, but juridical arguments are little likely to convince the German Government, and gestures of reference would merely
throw the issue back upon the bodies which have
already ignored it.
On the other hand the interest of the United States,
which France is reported to emphasize, may conceivably turn out to be favorable to Germany.
Article II of the peace treaty with Germany specifies certain provisions of the Treaty of Versailles
whose rights and advantages "it is intended the
United States shall have and enjoy." One of those
provisions is the whole of Part V, the opening paragraph of which contains the stipulation regarding
armaments to which we have referred. The Treaty
further declares, however, that "the United States,
in availing itself of the rights and advantages stipulated in the provisions of that Treaty (Versailles)
mentioned in this paragraph will do so in a manner
consistent with the rights accorded to Germany
under such provisions." If the American Government should recognize the Treaty provision just
quoted as giving it an interest in the controversy,
and should hold that the German claim to equality
in armaments was justified, a strong impetus might
be given either to a prompt admission of Germany's
claim, or else to such action by the Disarmament
Conference as would meet the German demand.
The challenge of the German memorandum. is
doubtless the more provocative because of the Junker
character of the von Papen Cabinet, and the possibility that the Reichstag may be dissolved and the
von Papen Government continue without a parliamentary mandate. At the moment, with Hitler
again making inflammatory speeches and the party
situation still discordant, the likelihood that the
Reichstag, when it reconvenes on Monday, will be
in a position or a mood to give the Government a
vote of confidence seems slight. The remarks of
General von Schleicher at Koenigsburg on Tuesday,
when the Minister of War is reported to have told
the correspondents that Germany "will carry out
measures necessary for national defense under all
circumstances," that the Government was "ready to
defend East Prussia to the last man," and that
"munitions and other materials necessary for the
Sept. lo
1932
defense of that territory could be taken there by sea
if needed," have naturally not passed unnoticed in
France. There is no reason to believe that the German Government or the German people, in spite of
the fiery talk of von Schleicher and Hitler, really
desire to push the controversy to the last ditch, but
the European situation is unquestionably delicate.
It has already been pointed out that if Germany's
claim is conceded, the claims of Austria, Hungary
and Bulgaria, whose armaments are also closely
restricted by treaty, could not in fairness be passed
over. If common sense and diplomacy have any resources adequate to the emergency, they cannot be
too promptly or too firmly brought into play.
The Pooling of Railway Traffic in England.
In certain instances competition has been known
to be ruinous to a railroad company and still not
tend in the end to be beneficial to the public. In
England some of the competitive railways, in order
to avoid such a situation, have on certain occasions
entered into an arrangement frequently known as a
"pooling agreement." By such an arrangement the
companies agree that gross receipts arising from
competitive traffic shall be divided between them
in specified proportions.
The British Railways Act of 1921 does not deprive
the companies of the contractual capacity to enter
into pooling agreements, but it does require the consent of the Minister of Transport in order to carry
out such a plan.
Upon a request for consent the Minister usually,
except in cases of small importance, refers the matter to a committee for consideration and report. It
is under these circumstances that the Minister of
Transporthas announced that the London,Midland &
Scottish and the London & North Eastern Railway
Companies have jointly submitted for this consent
the pooling of their revenues derived from passenger,
freight and other traffic carried by rail in all instances where there is competition between the two
companies.
THE NEW COMPETITION.
The railway companies in Great Britain up to 1914,
as the result of consolidations, consisted of 27 major
and 93 minor companies, and practically all the
major companies in the various areas carried on
competitive operations with each other. This competition had in the past led and was still leading
to a large amount of wasteful service. When the
national emergency which led to Government control passed away the future policy to be 'adopted
towards the railways became a matter of urgent consideration. The Government therefore proposed that
the railways should be formed into a limited number
of groups, and that all direct competition between
such groups should as far as possible be eliminated.
The Railways Act of 1921 was the outcome of this
policy, and with it the 120 separately constituted
railway companies in Great Britain were consolidated into four companies. It was then that the
two companies parties to the present agreement came
into existence. The London,Midland & Scottish Railway Co. was formed by the consolidation of eight
major companies, which served the midland and
northwestern areas of England and the west of Scotland, and the absorption of 27 subsidiary companies
that were allied to them; the London & North Eastern Railway Co. is a consolidation of seven major
companies which served the eastern and northeastern
Volume
1709
Financial Chronicle
135
areas of England and the east of Scotland, and the
absorption of the 26 subsidiary companies allied
to them.
THE TWO COMPANIES STATISTICAL.
The following statistical particulars, in round figures, of each company, and the corresponding totals
for the two companies and for all four consolidated
companies, have been compiled from the preliminary
railway returns for 1931 and the companies' annual
accounts for the year:
Total of a.
Four Group
00
£
454.000.000 348,000,000 802,000.000 1,142,000,000
Capital
430,000,000 332,000,000 762,000,000 1,085,000,000
Capital receipts
Railway di other businesses—
180,000,000
71.000.000 54,000,000 125,000,000
Gross receipts
150,000,000
59.000,000 45,000,000 104,000,000
Expenditure
30,000,000
21,000,000
9,000,000
12,000.000
Net receipts
33,000,000
22,000,000
9,000,000
13,000,000
Net revenue
Number.
Number.
Number.
Number.
Mileage of lines—
19,400
13,400
6,400
7,000
Route miles
50,600
32,200
16,800
19,400
Track mile. (Incl. sidings)
22,100
16,200
7,200
9,000
Locomotives
65,200
46,200
20,400
25,800
Passenger cars
678,000
558,000
269,000
289,000
Freight cars
Traffic conveyed—
No.of single journeys by
413,000,000 293,000,000 706,000,000 1,189,000,000
passengers
330,000,000
126,000,000 121,000,000 247,000,000
Freight tonnage
545,000,000
216,000,000 161,000,000 877,000,000
Locomotive mileage
L.M.S.
L. N. E.
Total.
It will be observed that the totals for the two
companies comprise about 70% of that for all the
companies. A further comparison with regard to
the employees reveals that as of March 1931 there
were, roughly, 411,000 for the two companies out of
a total of 588,000 for all the railways.
WHY THE POOL IS PROPOSED.
Since their respective consolidations the operating
revenues of the two companies have passed through
a rapid decline, as is illustrated by the figures shown
below:
L. M.S.
L. N. E.
between the same places, but only in association with another
company, such as:
Nottingham with Bristol: L. M. 5.—by own route,
L. N. E.—in association with G. W. Ry.
Competitive because each company has a separate interest
for part of the throughout route, such as:
Cambridge with Brighton: L. N. E. and Southern Rail.
way; London, Midland & Scottish, and Southern Railway
each company has a service between
Competitive because
the places concerned, one entirely its own and one for part
of the route over the lines of the other, such as:
London with Inverness: L. M. S. only, or L. M. S. and
L. N. E.
L. M.S.
L. N.B.
Gross revs., 1922_94,500,000 70,500,000 Expenses, 1922...76,200,000 58,000,000
Gross revs., 1931-70,800,000 53,800,000 Expenses, 1931-59,000,000 45,000,000
17,200,000 13,000,000
23,700,000 16,700,000 Reduction
Reduction
In spite of the enormous economies effected there
have been large reductions in net revenue compared
with 1922. This has necessarily brought about a reduction in dividends as well as the market values of
their stocks and bonds, and it has greatly affected
the credit of the companies. This situation is attributed to the depression and intense competition. In
the case of the London, Midland & Scottish Co.for the
first half of 1932 the revenues from all sources have
declined approximately £2,200,000 compared with
1931, against which there is a curtailment in operating expenses of £1,200,000,leaving a net reduction on
1931 of £1,000,000. Present conditions afford little
hope for an improvement, and not only have the
economies effected failed to offset the decline in
operating revenues, but the existing fields of economies have narrowed and the executives of the two
companies state that it is impossible to chase declining revenues at the same pace as in the past.
The intention is to exclude from these four categories certain streams of traffic for which no real
competition exists or is likely to exist,such as passenger traffic from London to Lowestoft, for which the
natural route is from Liverpool Street, but there are
possible routes via Euston and St.Pancras.
THE DIVISION OF' THE REVENUES.
Under each of the following descriptions of traffic,
i.e., passengers, parcels and excess baggage, other
merchandise by passenger trains, parcels post, merchandise (except Classes 1-6), merchandise and minerals (Classes 1-6), coal, coke and patent fuel, and
live stock, it is proposed to ascertain the total gross
revenues for each of the companies between the competitive places for the years 1928,1929 and 1930, and
for future years the combined receipts between the
two companies in the proportions found for the average of these three years.
The plan states there will not thus be an ascertainment and separate pooling of the revenues of, say,
London and Edinburgh passengers, but the total of
all such streams of passenger receipts will be divided
in the predetermined ratio for the whole.
It will be obvious that the degree of existing competition varies greatly according to the respective
routes and situation of terminals of the two companies, but it is thought preferable to deal with all
on a comprehensive basis and thus leave the traffic
to flow by the natural economic route.
It is pointed out that with the considerable number of places affected there will not likely be a
marked change in the proportions of the total pooled
traffic carried by the respective companies; however,it is necessary to provide for such a contingency.
It is therefore planned to deduct from each company's actual receipts as a charge prior to pooling:
applicable)
(a) Allowances for terminals and (where
rail concartage in respect of the work done other than
veyance; and
(b) Allowances for operating expenses framed to meet
with traffic
only those train operating costs which vary
volume.
EFFECT OF THE SCHEME.
The pooling of the receipts will enable the comgradually,to effect appreciable economies in
As a result the following explanatory memo- panies
the provision of capital and in operating expenses,
randum has been issued by the railway companies:
as there will be a unity of interest in all of the many
The object of the arrangements proposed by the executives
streams of traffic concerned. The resources and
of the two railway companies is the elimination of wasteful
be used for their
competition in the provision of railway services in order to equipment of both companies can
of expenditure consistent with common interest between points where their interests
secure the utmost economy
reasonable public requirements.
are now divergent and apart from the avoidance of
To effect this it is proposed to make a pool of the railway outlay on duplicate services, economies will enure
revenues of the two companies to be earned by them between
in respect of advertising, office arrangements, solicitpoints where they are in competition, mail service was to
trucking and other expenses that accompany
be eliminated owing to the nature of the post office contracts. ing,
competitive services.
pooled traffic consists of four types:
Such
Competitive because each company has a service all the
With regard to the public interest it is stated that
between the places concerned, such as London and the scheme will not affect the fixation of rates and
way
Edinburgh.
charges which, under the operations of the Railways
Competitive because one company has its own service
Act of 1921,are on a common basis. Indirectly, howbetween the places concerned, but the other has a service
EXPLANATORY MEMORANDUM.
1710
Financial Chronicle
.
Sept. 10 1932
ever, the results will tend ultimately to reduce the
There seems to be a paradox of ample facilities
level of the rates and charges of the companies by provided by every branch of industry
in England
reducing the existing margins between the standard to-day, coexisting with an obstructed
potential derevenues contemplated by the Railways Act of 1921 mand to utilize them all. Sooner or later,
and unless
and the actual net revenues.
it is fairly soon,it may be too late, the present finanIn addition the scheme permits the introduction cial system will have to be radically improve
d so as
of interavailability of tickets between the places to place into the pockets of the individuals
comprisaffected. For instance, a passenger could purchase ing that country the amount of purchasing power
a ticket from King's Cross to Edinburgh via the necessary to cover the prices which present account
East Coast, and return either by that route or by ing methods place on the commodities for sale.
When
the West Coast route to Euston.
this is accomplished the bitter inthrnecine strife
which has spread to every part of the civilized world
JOINT LINES.
A further public advantage hoped for is the sim- will be ended, but not before.
plification and eventual solution of the problem of
The Process of Rebuilding Confidence.
the joint lines, which was one of the difficulties
Thrift and confidence are the two essential remeencountered in the framing of the scheme of the
Railways Act of 1921, that could not then be solved. dies to cure depression. In times like the present,
It is planned to make common use of some of the thrift in any great measure can only be achieved by
undertakings, instead of allowing them to remain strict self-denial; but two forces are at work to
as separate units, and they will gradually merge diminish its potency. First is a lack of earnings and
into the services of the two companies which will income. Both wages and income derived from investments have been precarious. When the wage earner
have a unity of interest in them.
lacks customary employment altogether, or is reOTHER PROVISIONS OF THE PLAN.
It is proposed to have the pool commence to oper- duced to part time, all the revenue which he can
ate as of July 1 1932 and continue in force for 50 obtain is required for food and shelter. These necesyears, and thereafter until determined by either of sities must be provided, and there is no opportunity
the two companies giving to the other previous notice for savings which would constitute thrift.
Unfortunately, that is the position of millions of
in writing of its desire to terminate the agreement.
workers to-day,and dissertations about the necessity
Settlements were to be made on such dates as the
two companies may from time to time agree upon, for and the advantages of economy fall upon deaf
and each company is to keep and render all such re- ears.
Among the usually well-to-do who have enjoyed
turns and accounts as may be necessary or desirable
to secure the pooling of the pooled receipts or other- opulence in some degree there is suffering which
wise for the purposes of the pool. Each company imposes great self-denial. Passing of dividends and
to afford to the other full access to books, docu- failure of numbers of corporations to pay interest
ments, &c. All existing pooling arrangements in upon bonds have impoverished many thousands of
which third companies are interested are to continue families whose members cannot consider the seemas at present, and, as far as is practicable, existing ingly plausible arguments in favor of thrift.
Naturally the large merchandising firms have,
pooling arrangements in which the two companies
through newspaper advertising, been offering goods
alone are interested are to be4 merged in the pool
at prices which to most persons appear to be unto be formed under these heads.
precedently low, and every legitimate means is used
The existing rights and obligations of the two companies to other parties are to be preserved, and either to stimulate buying not only for immediate needs
company is given the privilege to require a revision but for future requirements. The temptation to
of the standard proportions on any of the following purchase never has been greater.
With these potent obstacles thrift is having a rocky
grounds:
road to travel, which only can be made smoother
(a) The failure of the other company to maintain efficient services resulting in a substantial diminution of the by an increase of employment, assuring a fair wage
and by improvement in business which will afford
receipts of the pool.
(b) Capital expenditure incurred by one of the two com- profits sufficient to pay interest upon bonds and
panies with the concurrence of the other company which the dividends upon shares.
two companies agree has resulted In increasing or tending
Before these much-desired results can be attained
to increase substantially the pooled receipts.
and a foundation prepared for thrift there must be
(c) Any other material alteration of circumstances (not
being an alteration caused by the operation of the pool) a restoration of confidence.
which would make or would be likely to make the continuance
It has ever been true that rising security markets
of those proportions inequitable to either company.
beget confidence. Through all the ordeals of adverAny matter, or question of dispute, arising out sity human nature has emerged
unscatched, and by
of the operation of the pool upon which the two com- reason of that fact trust, faith
and reliance are sure
panies fail to agree is to be referred to and deter- to bob up smiling again among
the American people,
mined by an arbitrator to be agreed upon by the two who, when down,have always
had the grit to dig out
companies, or failing agreement to be appointed on and boost for revival
a
of business.
the application of either company by the High Court.
Security markets have long been regarded as a
The two companies are now taking the necessary cue to future business conditio
ns. After a series of
steps to obtain the consent of the Minister of Trans- calamities, marked by
a depth of woe and long deport to the agreement of the plan, and in the event clines in prices of stocks,
bonds and commodities,
of the Minister refusing such consent or attaching the bottom
is eventually reached, and then begins
thereto conditions varying with the agreement in the process of laying
new foundations.
any material degree to which either of the two comFirst to appreciate this fact are the financiers,
panies shall object, then the agreement is to be who are provide
d with their financial laboratories,
cancelled.
batteries of statisticians who keep taking soundings
••••
Volume 135
Financial Chronicle
1711
to ascertain when the good ship Prosperity is head- actual or prospective earning capacity, thus causing the
ing away from the rocks and shoals. With compass huge losses that have resulted? Did Wall Street cause the
preposterous boom in Florida in which literally billions of
in hand, the experts report on the direction and capital were lost, including large amounts of
the savings
velocity of the trade winds, which recently assumed of members of some of our largest railway labor organizations whose money was invested by their leaders in the
the force of a Florida tornado.
Confidence comes first to the wise men who, most reckless projects? Did not millions of people living
through their various agencies, have been on the on Main Street voluntarily rush into the stock market and
buy securities when prices of stocks had become three times
lookout for favorable indications. The public trust as high as in any previous period—or did Wall Street compel
gains its knowledge by inferences when prices begin them to rush in?
"Is 'capitalism' responsible for the fact that the total
to move upward.
Since market values of stocks dropped to unprece- expenditures of our local, State and National governments
dentedly low figures in June and July, making the increased from three billion dollars in 1913 to fifteen billion
dollars in 1932—or did the people themselves elect the men
greatest recession from the highest pinnacle of 1929, who increased these expenditures? Who is responsible, if
the public had been eagerly waiting for signs of im- not the people themselves, for the policies of drastically
provement, and it was quick to grasp the significance regulating the railways, and of subsidizing without regulating
their competitors by water and highway, which have helped
of a buying movement.
upswing of market values, not only in the ruin the railroad industry? Is 'capitalism' responsible for
'The
the farm relief legislation which has cost the taxpayers
security markets, but in all commodity markets, is hundreds of millions of dollars and depressed the farm prices
restoring confidence, which in due course is stimu- that it was intended to increase? Who caused to be passed
lating industrial activity, and will gradually lead the legislation for soldiers' bonuses which is costing the taxto re-employment, possibly at a lower wage for a payers a half billion dollars a year in excess of what they
ought to be paying? Where,if not at the very fountain-head
time, which will afford a basis for the much-desired
of government, originated the policy of maintaining wages
usual thrift of the American people.
which resulted in the railways, during two years of the
To inspire greater confidence attention may well depression, maintaining the highest wages in history, and
be given to the propriety of enacting additional laws which has contributed very largely toward reducing them
to provide for the greater protection of bank de- to their present financial condition?
"Did `capitalism' cause Congress during its last session
positors. That would seem to be essential for the
to delay action for months on the 'economy' and 'relief'
promotion of thrift upon a desirable scale. Bank bills, and business and credit in
consequence to sink more
examiners must be required to dig deep to unearth and faster than at any previous time during the depression?
essential facts, rather than to be content to scan
"This is but a partial enumeration of the causes of the
tables of figures which may be delusive. It will be coming prolongation and deepening of this depression.
well to lay a substantial foundation upon which The people as a whole got themselves into their present
trouble, and the people as a whole must get themselves out
faith, when re-established, may rest secure.
of it, if they are to get out of it. They got themselves into
it by following false leadership in business and politics, and
Causes of the Prolongation and Deepening of the most important question for them to consider is, not
why their leaders proved to be so bad, but why they followed
the Economic Depression.
such bad leaders. They don't have to follow bad leaders.
"The present depression has caused greater economic
They can always choose what kind of leaders they will have,
disaster to all classes of the people of the United States
ours is a democracy, and nobody that we will not
than any series of events that ever occurred before, whether because
can lead us.
in peace or war, and if we continue to commit the folly of follow
"Conditions in the railroad industry are the worst in any
attributing it to persons and causes entirely incapable of
having produced it, we are very likely to fail to adopt meas- industry in the country. The causes of these conditions
ures adequate to remedying present conditions or to pre- illustrate the causes of the conditions in industry and comventing even worse conditions within another decade," merce in general. The managements of the railways, since
said Samuel 0. Dunn, Chairman of the Simmons-Boardman they were returned to private operation, have greatly
Publishing Co. and Editor of the "Railway Age," in an improved their service and effected huge economies. Presaddress at Colorado Springs on Sept. 2 before the Inter- ent conditions in the industry are due to the kind of leadermountain Economic Conference which is being held in co- ship the people have deliberately chosen to follow in dealing
operation with the Chamber of Commerce of the United with transportation problems. The public has preferred
to reject the views of railway executives and others having
States.
"If we do not learn some very necessary and important expert knowledge of transportation, and to follow men who
lessons from recent experience, we may see almost complete have known nothing about the economics of transportation
economic degeneration in this country during the next de- or have had interests to serve at the expense of the railroads
pression. The time has come when the American people —politicians who have sought votes by grossly misrepreshould study and weigh facts, recognize that intelligence, senting railway earnings, expenses and rates; shippers advosanity and sound economic principles cannot be safely dis- cating development of waterways because they have deregarded in either our public or private affairs and begin sired to get their freight hauled largely at the cost of the
taxpayers; operators of buses and trucks who have desired
to act accordingly.
"It is necessary for the entire American people to do to take traffic from the railroads by handling it largely at
this because every class, from the leaders in Washington the cost of the taxpayers, and labor leaders seeking conand Wall Street to our working men, farmers and other so- ditions of work and wages for employees largely regardless
called `forgotten' men, has contributed toward both causing of what the railways could afford to pay.
"Now upon every hand there is being expressed much
and protracting this depression. I have read numerous
magazine articles in which our intelligentsia have attributed alarm regarding the condition of the railways. There is
it to a breakdown of our system of capitalism under incom- fear that they may become bankrupt and pull down life
Insurance companies and savings banks which have billions
petent and selfish business leadership, and have indicated
that the only way we can be saved is by having more eco- invested in their securities; and the government is loaning
nomic planning and supervision by government. I hold them hundreds of millions of dollars to prevent this. Alarm
no brief for our captains of industry and finance, who did is growing lest large amounts of railway property in all parts
much to get us into our present trouble and have done little of the country will be torn up and that taxes collected from
to get us out, but any enumera,tion of the causes of this de.. it for the support of local governments and schools will be
pression immediately makes clear that it is quite as easy lost. The 500,000 railway employees who are out of work
to draw an indictment of democracy and democratic govern. are awakening to a realization that politicians who favor
policies destructive to the railways do not help them to
ment for it as to draw an indictment of capitalism for it.
"Who was it, if not the farmers themselves, that boosted keep employed. Many who have been using truck transthe prices of Western farm land to unprecedented heights portation to take advantage of low rates are awakening to
and then mortgaged it for amounts greatly exceeding its a realization that unfair discriminations practiced by oper-
1712
Financial Chronicle
ators of trucks, but legally forbidden by railways, are demoralizing commerce, and that they are paying in excessive
highway taxes as well as in freight rates for truck transportation.
"Our hope for economic recovery in general and for the
restoration of the earning, employing, purchasing and taxpaying capacity of the railways in particular, must be based
upon the expectation that the hindsight many public men,
business men, farmers and working men are now showing
will be converted into foresight—that they are learning
essons in adversity which will so influence them as to cause
them to help bring back prosperity. We must abandon
the idea that the more our governments interfere with other
people's business the richer we will become. We must
withdraw subsidies from every industry and class and make
them rely upon themselves to meet competition and earn a
living. We must learn again that wealth is created by good
management and hard work, and not by wild speculation.
"In order to increase wealth and incomes we must increase
production, and to increase production men must go to
work for what industry and commerce can pay now, and
not for what they could pay in 1929 or may be able to pay
in 1939. In order to maintain and increase prices we must
quit producing surpluses instead of making appropriations
from the public treasury to buy them up and thereby increase them.
"In brief, if we are to restore prosperity we must return
to the policies and practices in both government and business
that enabled us to prosper in the past, and abandon those
which have caused present conditions, and continuance of
which will only prolong these conditions."
What the Railroads Have Accomplished in
the Way of Economy and Efficiency.
R. H. Aishton, President American Railway Association, recently issued a statement in
which, after adverting to the recent pledge unanimously adopted by the railroads to continue to
utilize, even more extensively than they have in the
past, their organizations in the field of research and
experimentation and take all other available measures in order to secure the utmost in safety of rail
transport and operating efficiency, brings to the
fore many of the things that have already been
accomplished in that direction by the rail carriers
of this country. The statement is a most interesting
one, and we reprint it below in full:
As a result of the widespread application of scientific
study and research practically to every phase of operation,
the railroads, particularly in recent years, have made rapid
strides forward in bringing about improvements that have
resulted in a marked increase in efficiency and economy.
Ever since the first railroad was built more than 100
years ago, there has been a constant evolution in the rail
transportation systems of this country, but the mostmarked
developments in motive power, rolling stock, and methods
of operation, have taken place within the past ten years.
As a result, the railroads of to-day are no more like those
of 30 years ago than the present automobile is like the
early models of the "horseless carriage" period.
Science has always played a great part in the operation
of the rail systems of the United States but never greater
than now.
Through scientific research and experimentation, conducted both individually by the various railroads and collectively through the American Railway Association in
co-operation with the manufacturers of railway supplies,
many refinements in operation have already been brought
about.
A summary just compiled shows that the railroads, after
intensive study, research work, or experimentation, in
many instances covering months and years of painstaking
and conscientious effort, have dealt with more than 3,000
problems in which specifications, rules, and standards of
importance have been adopted, resulting in substantial
financial savings to the rail lines.
Development of a plan, for instance, for chemically
treating water used in locomotive boilers for the prevention
of corrosion and rust, has saved the railroads millions of
dollars. There is one road which shows a saving of $1,000,000 annually due to this alone.
Sept. 10 1932
By chemically treating wooden cross ties before they are
used, the railroads have nearly trebled the life of such ties.
The saving thus derived from the application of that process
amounts to a sizeable sum.
Sparks and cinders flying skyward from the smoke stack
of a speeding locomotive are now considered a waste, as
they show improper combustion. Hence studies have perfected means by which they have virtually been eliminated.
In line with this, locomotives have been improved so as to
generate more power but with a reduction in the amount
of coal used. As a result of these improvements, the railroads last year required only 137 pounds of coal to transport
1,000 tons of freight and equipment one mile, compared
with 197 pounds in 1920.
After several years intensive research work by the Mechanical Division of the American Railway Association and
by manufacturers, a new standard for reclaiming couplers
of freight cars has been adopted which will prolong the life
of couplers by at least five years and save the railroads
millions of dollars.
The most elaborate and spectacular series of studies and
tests ever conducted by transportation systems in any
part of the world were those just recently completed by the
American Railway Association to determine what improvements, if any, should be made to the present system
of air brakes for railway trains in order better to meet
present-day operating conditions. These tests, part of
which were made at Purdue University, cost $2,000,000 and
occupied eight years. As part of these tests, air brake
equipment equivalent to that used on a 100-car train was
kept in constant operation for a year at a time, in order
to observe the effect on such equipment under varying
conditions.
The American Railway Association also conducted at
Purdue University at a cost of $125,000 and in a building
erected especially for that purpose, a series of tests of the
various types of draft gear, which is the mechanism back
of the coupler that absorbs the shock due to the starting
and stopping of trains. As a result, specifications of the
railroads covering this mechanism were changed and now
manufacturers of draft gears must submit their products
to a test there in order to determine whether they meet
the requirements.
Through co-operation of the Engineering Division of
the American Railway Association with the original designers, the Sperry Transverse Rail Fissuor Detector Car
was perfected. This car, by passing over a track, detects
defects in the rails and marks the spot with a dab of paint.
At Illinois University, the railroads in conjunction with the
steel industry, are making an elaborate study as to imperfections in steel rail with a view to devising, in the
interest of increased safety, means for improving the present
process of rail making.
Greater improvements have been made in the development of steam locomotives within the past 10 years than
during any similar period in history. Some years ago it
was commonly predicted that the time was not far distant
before electricity would have to he used to pull the heavy
freight trains, especially over mountainous country, for the
reason the steam locomotive had practically reached the
limit of its development. Due to elaborate studies and
tests, however, it has been found that the potential limit of
the steam locomotive has not been reached. As a matter
of fact, there has been, especially since 1923, a steady
improvement in the types of locomotives constructed, with
the result, it has been found possible to develop much
greater power without a corresponding increase in weight.
At the same time, the development of increased power has
been brought about with a reduction in the amount of coal
required.
Development of improved methods of operating trains
by means of automatic signals instead of the train order
has done much to expedite rail transportation and add to
safety. The old practice, which required an engineer to
stop his train in order to be told by the station agent that
he could proceed, is rapidly vanishing. Signalling systems
now have been developed and are in use which reproduce in
the locomotive cab signals that govern the operation of
the train. As a result of this system, the engine crew is
kept constantly advised as to conditions ahead regardless
of the weather.
As a substitute for steam locomotives on linos where
traffic does not warrant their operation, rail motor cars
are being developed for the carrying of both passengers and
Volume 135
Financial Chronicle
1713
15 1932, the one-year 1%s and the five-year 3%s were oversubscribed by large margins. Outstanding issues declined
fractionally just before the announcement and rallied
slightly on the announcement, which indicates a feeling that
the market is being judged rather closely. For 8 long term
Treasury bonds on Friday, the index stood at 101.47, which
compares with 101.17 a week ago, and 101.22 two weeks ago.
Railroad bonds experienced relatively few important price
changes during the week. Prices backed and filled—this
for high grade bonds as well as low grade issues. On the
average, price changes during the week for the majority of
issues were confined to one. point. An exception to the
general list was St. Paul adj. 5s which were very active and
moved up a few points. The price index for 40 railroad bonds,
computed by Moody's, was 76.25 on Friday, as compared
with 76.14 a week ago, and 76.25 two weeks before.
The public utility group on the wAole has been practically
unchanged during the week although this group was conspicuous in the bond market because of the numerous
irregularities among individual issues. On Tuesday and
Thursday this group closed fraotionaly lower while on Wednesday they were somewhat higher. High grade issues
maintained their equilibrium very well and market gains
3
were registered by West Penn Power 4s, 1961, up 3% points,
s, 1956, up 8, although such
Connecticut Light & Power t
movements were on very small volume. Second and third
grade issues were spotty, this being exemplified nicely by
holding company debentures such as National Power &
Light 6s, 2026, Penn Ohio Edison 6s, 1950, and American
Water Works & Electric 6s, 1975, all of which reached their
1932 highs, while others, such as West Penn Electric 5s, 2030,
International Telephone & Telegraph 5s,1955, New England
Gas & Electric 5s, 1948, were down. The very speculative
bonds, also showed considerable irregularity. For this group
on Friday the price index stood at 86.51, as compared with
85.74 a week ago, and 85.87 two weeks ago.
The general average for industrial bonds moved moderately
up during the week. However, the trend was not clearly
defined, in that individual issues within the group showed
some irregularities. Bonds of the heavy industries, such as
steel, machinery and building, continue to reflect, in general,
improved sentiment. Some steel bonds are selling at close
to the high levels of prosperous times in spite of the fact that
a protracted period of poor earnings lies ahead of the industry. Packing company bonds held previous gains in the
cases of the better issues, such as Swift & Co. and Cudahy,
butsecond line issues,like Armour and Wilson,reacted mildly.
Oil bonds have been irregular; Pure Oil 53's, 1940, lost
about 4 points, while the Shell bonds have been steady and
the Texas 5s, 1944, are up about a point. High grade oil
bonds are higher for the week. Rubber company bonds,
for the most part, have held their gains of recent weeks.
An exception has been the Hood issues which were still weak,
reflecting their rather uncertain status. Metal bonds have
been generally firmer, with strength in commodity prices.
Such semi-speculative issues as Revere Copper & Brass 6s,
1948, and Federated Metals 7s, 1939, have recorded large
gains during the week. The price index for the industrial
group on Friday was 83.23, as compared with 82.14 a week
ago, and 81.18 two weeks ago.
The foreign bond market has continued its strong action
of recent weeks and advances have been recorded in practically every group. German municipal and corporate issues,
particularly the Saxon Public Works 5s, 1932, the 6s of 1937
and the City of Nuremberg 6s, 1952, have been outstanding
perfomers. Australian and Argentine bonds have also been
very strong, the former reaching new highs for the year.
Buenos Aires City bonds, as well as the obligations of the
Province, showed spectacular rises. Colombian bonds
evidenced little strength and were unable to repeat the
The Course of The Bond Market.
previous week's gains. Cuban issues have been rather weak,
The general bond market during the past three weeks the Public Works 43s, 1945, and the Paulista Railway 7s,
have lost subhas had the appearance of being neglected and as a result, 1942 (Brazil), are two of the few issues which
during this period have remained stantial ground. Scandinavian, Finnish and Italian obligamost bond quotations
within a narrow range. It is probable that the recent rise tions have been slightly up, the same being true of both the
loans. At Friday's
in the stock market has now distracted much of the in- Japanese Government and public utility
vestors' attention from bonds to stocks. For the week ending close Moody's bond yield average indicated that the average
had advanced to a new
on Friday, Moody's price index for 120 domestic bonds price for 40 selected foreign bonds
a week ago, when it was 81.18. high level. The bond yield average on Friday was 10.33%,
was 81.78 little changed from
as compared with a yield of 10.92% the preceding week,
Two weeks ago the index stood at 80.95.
of the United States Government continue and 10.99 two weeks ago.
The obligations
Municipal issues have remained firm throughout the week,
to sell close to their high for the year, with only minor price
from the level of the past three weeks. There .with particular strength being enjoyed in the obligations of
fluctuations
York City. This strength is due to the beginning of an
are indications that the new Treasury issues dated Sept. New
freight. Eight years ago the average horsepower of these
cars, which are now being used on 64 railroads in the United
States and Canada, was 97.5. This has been increased
until to-day it is 508 hp. and there has recently been installed by one railroad a rail motor ear of 900 hp. which
propels a train of five ears. In an effort to induce passenger traffic to return to the rails, the carriers are also
giving intensive study to the question of speeding up their
service without materially increasing the cost by constructing
"streamline" rail motor cars designed to develop higher
speed than is now possible with present equipment.
In line with the general policy calling for an increase in
the capacity of freight cars without a proportionate increase in weight,the Mechanical Division has,in co-operation
with car builders, recently developed a standard steel sheeted
.wood-lined box car. This car weighs nearly two tons less
than the ordinary freight car of identical capacity now in
use. The division, over a period of years, has also greatly
standardized freight-car construction. This results in a
material reduction in the number of parts needed for various
kinds of equipment which a railroad must carry in stock.
Means of increasing safety, not only among train and
enginemen, but also among those employed in the shops
and yards, are constantly being developed by the individual
railroads and collectively through the Safety Section of the
American Railway Association. Members of the Medical &
Surgical Section of that Association have for years been
bringing about improvements in the work of that body.
Studies, for instance, are being made as to the best method
of treating bone fractures and scores of other subjects pertaining to medical treatment of employees, as well as matters
connected with sanitation, not only on trains but in the
yards. The American Railway Association, through its
various divisions, is continually studying the subject of
better packing of freight and loading of the cars in order to
reduce the amount of damage to freight in transit and the
possibilities of heavy freight, particularly in open top cars,
from becoming dislodged and causing an accident.
Last year the railroads of the United States and Canada
transported millions of pounds of dangerous explosives,
millions of gallons of gasoline as well as enormous quantities
of acids, compressed gases, corrosive and poisonous liquids
and hundreds of dangerous articles without the loss of a
single life and with the smallest property damage for any
year since 1915. This remarkable record was largely due
to the study of that subject made by the Bureau of Explosives, which is maintained by the railroads, and its
supervision over such shipments as well as improvements
that have been made in the method of operating the railroads. All tank cars used for the transportation of these
commodities are constructed in accordance with detailed
specifications adopted by the American Railway Association
after careful study and research. The association maintains at Purdue University a laboratory devoted entirely
to the testing of tank cars and appurtenances.
After exhaustive tests, specifications have just been completed by the Mechanical Division whereby tank cars now
largely used for the transportation of oils, gasoline and acids
of different kinds can be welded instead of riveted. This
will result not only in a reduction in the cost of constructing
tank ears, but also a reduction in maintenance costs.
Through the increased use of the telephone and automatic
printers for the transmission of messages, means of communication on the railroads have been improved and expedited, while the standardization of stocks of all kinds used
by the railroad systems of this country has simplified to
considerable extent the work of the purchasing and stores
departments of the carriers.
1714
Financial Chronicle
economy campaign instigated by the new Mayor of the City.
He promised major cuts in expenses and this caused banks
to lend to the City money at a decreased rate of ;2% from
previous charges.
NIOODY'S BOND PRICES.*
(Based on Average Yields.)
1932
Daily
Averages.
Sept. 9
8
7
6
5
3
2
1
Weekly
Aug. 26
19
19
5
July 29
22
15
1
June 24
17
10
3
May 28
21
14
7
Apr. 29
22
15
8
1
Mar. 24
18
11
4
Feb. 26
19
11
5
Jan. 29
22
15
High 1939
Low 1932
High 1931
Low 1931
Year Ago
Sept. 9 1931
2 Years Ago
Sept. 6 1930
All
120
Domes
tic.
120 Domestics by Ratings.
Aaa.
Aa.
A.
81.78
81.66
81.54
81.30
Stock E
81.30
81.18
80.94
100.33 88.10 77.22
100.33 87.83 77.33
100.00 87.69 77.22
99.81 87.30 77.22
xchang eclose{1
100.00 87.43 77.00
99.68 87.43 76.89
99.36 87.04 76.67
80.95
80.14
76.67
72.26
70.43
66.98
64.71
62.87
62.48
83.27
63.90
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
74.46
72.16
72.65
72.95
74.36
74.77
82.14
57.57
93.65
62.56
99.36
98.73
96.70
95.18
94.29
93.26
91.81
90.83
90.13
90.27
90.55
90.13
89.04
86.64
89.45
92.10
93.26
93.85
94.58
92.82
92.68
94.58
96.70
96.70
97.62
95.63
94.29
93.70
91.67
91.81
92.25
93.40
93.70
00.33
85.61
06.96
87.96
85.23
05.72
87.96
86.38
83.85
80.72
79.45
77.88
76.46
74.67
74.77
75.82
76.78
76.35
73.45
73.55
77.00
78.88
80.95
81.90
82.62
80.95
79.68
82.50
84.35
84.72
85.74
83.48
82.02
81.54
79.80
80.49
81.07
82.99
82.87
88.23
71.38
101.64
76.03
76.67
75.61
72.26
68.67
67.42
63.27
60.16
58.73
58.52
59.36
59.94
59.80
58.04
66.12
58.52
60.31
63.19
65.62
67.07
66.64
67.07
71.29
73.45
73.85
75.29
73.35
72.26
71.77
69.77
70.62
70.52
72.06
73.15
78.55
64.43
92.97
59.87
Sept. 10 1932
MOODY'S BOND YIELD AVERAGES.
(Based on Individual Closing Prices.)
120 Domestics
by Groups.
Baa.
RR.
67.16
67.07
66.90
66.55
76.25
76.25
76.14
76.14
86.51
86.25
85.99
85.87
83.23
83.11
82.87
82.38
66.73
66.47
65.96
76.25
76.14
75.61
85.99
85.74
85.23
82.26
82.14
81.90
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
58.66
57.57
58.32
55.55
55.73
55.99
57.17
57.30
67.86
37.94
78.55
42.58
76.25
76.35
71.38
65.45
84.15
69.87
56.32
54.86
54.73
55.61
56.32
55.61
52.47
49.53
52.24
54.55
57.64
59.94
62.56
60.82
59.29
64.80
70.15
71.19
73.85
72.95
71.67
71.77
69.31
70.15
70.71
72.06
72.16
78.99
47.58
95.18
53.22
85.87
84.85
81.66
77.55
75.82
73.05
72.16
69.40
69.13
69.59
70.52
69.68
68.58
66.73
71.09
72.95
74.46
75.92
76.68
74.98
71.87
77.55
80.72
81 07
83.35
81.42
79.68
79.56
77.11
77.44
77.66
80.14
81.54
86.51
65.71
96.85
73.55
81.18
79.45
77.66
74.77
72.26
69.31
67.25
65.96
65.12
66.04
66.21
65.62
63.00
63.35
65.29
66.64
79.40
70.90
71.48
71.00
71.38
73.65
74.57
74.98
76.14
73.55
72.75
72.45
70.62
70.71
70.81
71.48
71.19
83.23
62.09
00.55
83.74
P. U. Indus.
97.16
81.90
65.29
79.91
95.33
81.66
97.16 105.54 101.47
96.85
86.64
99.04
97.94
94.88
All
1932
120
Daily Domes
Averages. tic.
Sept. 9__
1_
1Weekly
Aug.26__
19__
5_
July 29._
22._
15.._
June 24._
17__
10._
May 28_
21__
Apr. 29__
22._
15__
18
11_.
Feb. 26__
19._
11-_
5-Jan. 29__
22__
15..
Low 1932
High 1932
Low 1931
High 1931
Yr.AgoSept. 931
2Yrs.Ago.
Sept. 6'30
120 Domestics
by Oro go.
120 Domestics Si' Ratings.
Aaa.
Aa.
6.06
4.73
5.56
6.07
4.73
5.58
6.08
4.75
5.59
6.10
4.76
5.62
Stock E xchang e closed
6.10
4.75
5.61
6.11
4.77
5.61
6.14
4.79
5.64
40
ForP. U. Indus. dyne.
A.
Baa.
RR.
6.46
6.45
6.46
6.46
7.49
7.50
7.52
7.56
6.55
6.55
6.56
6.56
5.68
5.70
5.72
5.73
5.94
5.05
5.97
6.01
10.33
10.29
10.44
10.57
6.48
6.49
6.51
7.54
7.57
7.63
6.55
6.56
6.61
5.72
5.74
5.78
6.02
6.03
6.05
10.78
10.92
10.93
5.73
5.81
6.07
6.43
6.59
6.86
6.95
7.24
7.27
7.22
7.12
7.21
7.33
7.64
7.06
6.87
6.72
6.58
0.50
6.67
6.98
6.43
6.15
6.12
5.93
6.09
0.24
6.25
6.47
6.44
6.42
6.20
6.08
5.68
7.66
4.95
6.81
6.11
6.26
6.42
6.69
6.94
7.25
7.48
7.26
7.73
7.62
7.60
7.67
7.88
7.95
7.71
7.55
7.24
7.08
7.02
7.07
7.03
6.80
6.71
6.67
6.56
6.81
6.89
6.92
7.11
7.10
7.09
7.02
7.05
5.94
8.11
5.38
7.90
10.99
11.19
11.30
11.53
11.73
12.02
12.16
12.13
13.75
13.92
14.30
14.75
15.29
15.28
14.82
14.03
14.10
13.70
13.31
13.39
13.23
12.77
12.66
12.62
12.31
12.55
12.82
12.86
13.23
13.00
13.22
13.12
13.30
10.29
15.83
6.57
16.58
6.13
6.20
6.51
6.94
7.13
7.51
7.78
8.01
8.06
7.96
7.88
7.98
8.26
8.53
8.12
7.87
7.56
7.35
7.19
7.34
7.50
7.00
6.68
6.61
0.43
6.59
6.71
6.72
6.95
6.90
6.87
6.73
6.69
6.03
8.74
5.17
8.05
4.79
4.83
4.96
5.06
5.12
5.19
5.29
5.36
5.41
5.40
5.38
5.41
5.49
5.67
5.46
5.27
5.19
5.15
5.10
5.22
5.23
5.10
4.96
4.96
4.90
5.03
5.12
5.16
5.30
5.29
5.26
5.18
5.16
4.73
5.75
4.34
5.57
5.57
5.69
5.89
6.15
6.26.
6.40
6.53
6.70
6.69
6.59
6.50
6.54
6.82
6.81
6.48
6.31
6.13
6.05
5.99
6.13
6.24
6.00
5.85
5.82
5.74
6.92
6.04
6.08
6.23
6.17
6.12
5.96
5.97
5.55
7.03
4.65
6.57
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
6.31
9.23
5.21
8.41
7.65
7.68
8.24
9.20
9.67
10.48
10.94
11.39
11.53
11.38
11.23
11.53
12.05
12.67
11.94
11.56
10.95
10.52
10.16
10.46
11.02
9.86
9.07
8.89
8.42
8.58
8.74
8.63
9.05
9.02
8.98
8.80
8.78
7.41
12.90
6.34
11.64
6.55
6.54
7.03
7.69
7.85
8.41
8.93
9.16
9.18
9.04
8.93
9.04
9.56
10.10
9.60
9.21
8.73
8.40
8.05
8.28
8.49
7.77
7.16
7.05
6.78
6.87
7.00
6.99
7.25
7.16
7.10
6.96
6.95
6.30
10.49
5.00
9.43
5.78
4.41
4.93
6.05
7.71
6.22
5.05
6.07
9.05
4.93
4.42
4.66
4.95
5.67
4.81
4.88
5.08
6.38
* Note.
-These prices are computed from average yields on the basis of one "Ideal" bond (4,i% coupon,
maturing in 31 years) and do not purl ort to show either the
s
average level or the average movement of actual mice gummier' . They merely serve to illustrate in a more
comprehensive way the relative levels and the relative movement of yield averages, the latter being the truer picture of the bond market.
Railroads Earn at the Rate of Less Than 1% Per Annum
in First Seven Months of 1932.
Class I railroads of the United States for the first seven
months of 1932 had a net railway operating income of
$123,926,226 which was at the annual rate of return of
0.92% on their property investment, according to reports
just filed by the carriers with the Bureau of Railway Economics and made public on Sept. 9. In the first seven months
of 1931, their net railway operating income was $297,464,734,
or 2.20% on their property investment. Property investment
is the value of road and equipment as shown by the books
of the railways, including materials, supplies and cash. The
net railway operating income is what is left after the payment of operating expenses, taxes, and equipment rentals,
but before interest and other fixed charges are paid.
This compilation as to earnings for the first seven months of
1932 is based on reports from 167 class I railroads representing a total of 242,140 miles. Gross operating revenues
for the first seven months of 1932 totaled $1,839,254,554
compared with $2,564,567,683 for the same period in 1931,
or a decrease of 28.3%. Operating expenses for the first
seven months of 1932 amounted to $1,472,358,701 compared with $1,996,802,643 for the same period one year ago
or a decrease of 26.3%. The following further particulars
are furnished:
Class I railroads in the first seven months of 1932 paid 5173.626.719 in
taxes compared with $191.766.919 for the same period in 1931, or a decrease of 9.5%. For the month of July alone, the tax bill of the class I
railroads amounted to $24.424.635. a decrease of $3.941,545 under July the
previous year.
Seventy class I railroads operated at a loss in the first seven months of
1932. of which 23 were in the Eastern, 14 in the Southern and 33 in the
Western District.
Class I railroads for the month of July alone had a net railway operating
Income of $11.596.851. which, for that month, was at the annual rate of
return of 0.49% on their property Investment. In July 1931, their net
railway operating income was 556.960.177 or 2.39%.
Gross operating revenues for the month of July amounted to 5237.813.054
compared with 6377.004.575 in July 1931. a decrease of 36.9%. Operating
expenses in July totaled 5191.751.529. compared with 5280.072,510 in the
same month in 1931, a decrease of 31.5%.
Eastern District.
Class I railroads in the Eastern District for the first seven months in
1932 had a net railway operating income of 5103.323.854. which was at
the annual rate of return of 1.51% on their property investment. For the
same period in 1931, their not railway operating income was 5162.063.058
or 2.43% on their property investment. Gross operating revenues of the
class I railroads in the Eastern District for the first seven months in 1932
totaled $952.333.522, a de rease of 25.9% below the corresponding period
the year before, while operating expenses totaled
$730,865,450, a decrease
of 26.6% under the same perido in 1931.
Class I railroads in the Eastern District for the month of July had a net
ju ly ly31 peratIng income of $9,755.950 compared with $24,762,689
rail wa 9 o
.
in
Western District.
Class I railroads in the Western District for the first seven months
in
1932 had a net railway operating income of 514.115.600 which was at
the
annual rate of return of 0.29% on their property investment. For the
same
seven months in 1931. the railroads in that district had a net railway
operating income of 3106.172.432, which was at the annual rate of return of
2.15% on their property investment. Gross operating revenues of the
class I railroads in the Western District for tho first seven months period
this year amounted to 5661.661.646. a decrease of 30.7% under the same
period in 1931. while operating expenses totaled 5549,518.554, a decrease
of 25.5% compared with the same period in 1931.
For the month of July alone, the net railway operating income of the
class I railroads in the Western District amounted to 83.057.890. The net
railway operating income of the same roads in July 1931 totaled $29,366,156.
Southern District.
Class I railroads in the Southern District for the first seven months of
1932 had a net railway operating income of $6.486.772, which was at
the
annual rate of return of 0.35% on their property investment. For
the same
period in 1931. their net railway operating income amounted to
$28.329.244
which was at the annual rate of return of 1.52%. Gross operating
revenues
of the class I railroads in the Southern District for the first
seven months
in 1932 amounted to 5225.259.386. a decrease of 30.5% under
the same
period in 1931, while operating expenses totaled 5191.974.697 a decrease
of
27.1%.
Class I railroads in the Southern District for the month of July had a net
railway operating deficit of 51.216.989 compared with a net railway operating
Income of 32,831.332 in July 1931.
CLASS I RAILROADS
-UNITED STATES.
Month of July
Total operating revenues
Total operathag expenses
Taxes
Net railway operating income
Operating ratio-per cent
Rate of return on property investment_
Seven Months Ended July 31Total operating revenues
Total operating expenses
Taxes
Net railway operating income
Operating ratio-per cent
Rate of return on property investment
1932.
5237,813,054
191.751.529
24,421,635
11.596,851
80.63
_
0.49%
1931.
% Decline.
8377.001,575
30.9
260,072.510
31.5
28.366,180
14.9
56.960.177 79.6
74.29
-2.39%
---
31.839,254,554 $2,564,567.683
1,472,358,701 1,996.802,643
173.626,719
191.766,919
123,926.226
297,464,734
80.05
77.86
0.92%
2.20%
28.3
26.3
9.5
58.3
•
Volume 135
Financial Chronicle
1715
The New Capital Flotations During the Month of August and for the
Eight Months Since the First of January
In presenting our compilations showing the new financing how much of the financing represents distinctly new capital,
done in this country during the month of August, the as distinguished from issues made to provide for the taking
retiring of issues already outstanding, and which
same general comments are to be made as in other recent up and
are to be replaced by the new issues. And this is parmonths, namely that they remain exceedingly light. And ticularly true with reference to the placing of U. S. Governthis applies to all the main heads under which the new ment securities. Treasury bills are all the time maturing,
issues are grouped, but more particularly in the case of having a life usually for only 90 to 93 days, and have to
issues by corporations and by municipalities. The amounts be replaced with other issues, while Treasury certificates
are a little larger for August than they were for July and of indebtedness are another form of short-term borrowing
yet remain exceedingly small, especially as compared with which has to be periodically renewed without swelling the
outstanding aggregate of indebtedness. So long as the
the huge totals that were reached in the period of unre- Government was showing huge budget surpluses and the
strained speculation and large scale financing of 1928 and Government indebtedness was as a result being steadily
1929. It is pertinent, too, to remind the reader again and largely reduced, the matter was of little consequence,
that U. S. Treasury financing has now come in as an im- but now that there is a budget deficit running into billions
portant factor (by reason of its magnitude) in its bearing a year, it is important to know the extent to which the
on financing in general and the bringing out of new security Government itself is obliged to have recourse to the investment and money markets. During August, as already
issues. It happens that during August U. S. financing
stated, no portion of the Government issues represented
consisted entirely of Treasury bills issued to take up maturing addition to the public debt, but that is a rare exception.
issues of bills and involved no raising of new money whatNew Treasury Offerings During the Month of August 1932.
ever, but it is worth noting that the aggregate of these
On Aug. 4, Secretary of the Treasury Mills announced an
Treasury bills which came on the market during August offering of 91-day Treasury bills to the amount of $75,reached altogether $310,000,000, and though, as stated, 000,000 or thereabouts. The bills were dated Aug. 10 1932
this involved no raising of new money, the month of August and will mature Nov. 9 1932. The total amount applied
constitutes an exception in that respect, and this very week for was $333,468,000. The amount accepted was $75,217,000.
in the new month of September the U. S. Treasury came The average price was 99.866, the average rate on a bank
discount basis being 0.53% per annum. Issued to replace
to market with two issues of Treasury notes in the commaturing bills.
bined amount of $1,150,000,000, of which $437,500,000
Another offering of 91-day Treasury bills, to the amount
represented the raising of new money.
of $75,000,000 or thereabouts, was announced on Aug. 11,
As a preliminary, therefore, to the presentation of our by Mr. Mills. The bills were dated Aug. 17 1932 and will
figures of ordinary financing during August, we will repeat mature Nov. 16 1932. The amount applied for was $333,what we have said in previous recent monthly reviews 747,000. The amount accepted was $75,016,000. The
that new financing by corporations, municipalities, &c., as average price was 99.878, the average rate on a bank discount
basis being 0.48% per annum. Issued to replace maturing
given in the comprehensive tables we compile from month
bills.
to month and have compiled for so many years, now really
Announcement of still another offering of 91-day Treasury
holds a subordinate place to the new issues put out by bills, to the amount of $60,000,000 or thereabouts, was made
the U. S. Government and that in any compilation intended on Aug. 18, by Acting Secretary of the Treasury Ballantine.
to show the demands made upon the investment and the The bills were dated Aug.24 1932, and mature Nov.23 1932.
capital markets, consideration must first be given to these The total applied for was $347,816,000. The amount
accepted was $62,350,000. The average price was 99.894,
Government issues inasmuch as Government borrowing is now the average rate on a bank discount basis
being 0.42% per
upon such an extensive scale. The truth is, that new financ- annum. Issued to replace maturing bills.
ing by the U. S. Government now represents larger new
A fourth offering of 91-day Treasury bills, to the amount of
debt creation than all other sources of new capital issues 3100,000,000 or thereabouts, was announced on Aug. 25, by
combined. The shrinking in the volume of new capital Mr. Ballantine. The bills were dated Aug. 31 1932, and will
issues brought out in the ordinary way is of course easily mature Nov. 30 1932. The total applied for was $463,explained. It is due to the fact that general investment 281,000. The amount of bids accepted was $100,500,000.
and market conditions have continued highly unfavorable, The average price was 99.918, the average rate on a bank
making it risky business to undertake the floating of new discount basis being 0.32%. Issued to replace maturing
securities, even those of a very choice type. Entirely apart bills.
In the following we show all the Treasury financing back
from this, however, the Federal Government has become
such a constant borrower and has been borrowing so re- to the first of the year:
peatedly and on such a large scale that ordinary financing UNITED STATES TREASURY FINANCING DURING FIRST EIGHT
MONTHS OF 1932.
has really become subordinate, as already said, to that of
Government financing. In a measure, also, the
U. S.
Date
Amount
Amount
Price. •
Yield.
Government has really been pre-empting the ground and Offered. Dated. Due. Applied for. Accepted.
Jim. 7
13 91
Average
certainly it has been occupying the investment field to the Jan. 17 Jan. 25 93 days 5169.337,000 $50.175.000 Average 99.272 *2.875%
Jan.
50,937.000
191,581.000
days
99.358.2.40%
Jan.
Feb.
100
3.125%
disadvantage of ordinary financing, a matter of no small Jan. 26 Feb. 1 6 months 395,938,500 227.631.000
25
250,148.000 144.372.000
1 1 year
100
3.75%
76.399,000 Average 99.314 .2.65%
196.873.000
consequence, especially in view of the fact that owing to Jan. 31 Feb. 8 93 days
Feb. 7 Feb. 15 93 days
75,689.00C Average 99.287 *2.76%
211.872.000
Feb. 18
91 days
62.851.000 Average 99.311 *2.71%
196,183.000
the prevailing loss of confidence in security values generally, Feb. 24 Feb. 24 91 days
Mar. 2
292.984,000 101,412.000 Average 99.369 *2.50%
Mar. 15 1 year
a28,000,000
100
2.00%
the demand on the part of the investing public has been Mar. 5 Mar. 15 7 months 952,619.500 028.000.000
Mar. 6
333,492.500
100
3.125%
Mar. 6
15 1 year
3.75%
100
almost entirely for the highest and best type of security Mar.23 Mar.30 91 days 2.450,606,000 660,653.500
Mar.
360.198.000 102.169.000 Average 99.47 *2.08%
Apr. 7 Apr. 13 91 days
76.200.000 Average 99.735 *1.05%
399.374.000
investment-and obviously nothing could be higher or Apr. 14 Apr. 20 91 days
289.740,000
75,600,000 Average 99.84 *0.62%
21 Apr.
241,451.000
51,550.000
better than a U. S. obligation, though that does not mean Apr. 25 May 27 91 days 1.699,868,000 239,197.000 Average 99.84 *0.63%
Apr.
2 1 year
100
2.00%
Apr.
May 2 2 years
100
3.00%
that such an obligation may not suffer sharp depreciation May 25 May 11 91 days 2,496,428,700 244.234,600 Average 99.82 *0.68%
4
76.744.000
351.661.000
May 11 May 18 91 days
395,069.000
75,000.000 Average 99.89 *0.43%
on occasions, as the investor has learnt from sad experience. May 18 May 25 91 days
334.818.000
60.050.000 Average 99.927 *0.29%
296.503,000 100.200.000
In recent months certainly, U. S. Government financing Slay 24 June 15 91 days 1.653,814,000 373.856,500 Average 99.91 *0.32%
1 year
Juno 5 June
100
1.50%
June 5 June 16 3 years
100
3.00%
has been of far larger magnitude than the ordinary financing June 22 June 29 91 days 1.143.563,400 416.602.800 Average 99.89 *0.41%
292.691,000 100,466.000
July 7
13
days
273.858.000
75,278,000 Average 99.904 *0.39%
as represented by the borrowings of corporations, munici- July 14 July 20 90 days
July
91
241,256.000
75,923.000 Average 99.899 0.40%
palities, farm loan emissions and the like. Therefore U. S. July 21 July 27 91 days
191,613.000
83.317,000 Average 99.88 *0.47%
2 years 1.70.6-8.800
July 24
100
2.125%
financing should receive primary attention and we now July 24 Aug. 1 4 years 3,801,722.00 345.292.600
Aug. 1
100
365.130
0
3.25%
Aug. 4 Aug. 10 91 days
333.468,000
75,217.000 Average 99.86 *0.53%
pursue the practice of dealing with it before dealing with Aug. 11 Aug. 17 91 days
75,016.000 Average 99.878 •0A8%
333.747.000
24
18
days
62.350.000 Average 99.894 *0.42%
347.816.000
our compilations relating to ordinary financing. In any Aug. 9R Aug. 51 91 elava
Ana
A,,tr
01
4111 93i I nnn
Inn ann Ann Ova,,,. 00 010 •0
study of new financing the important point is to know
a Approximate. • Average rate on a bank discount basis.
On •••
USE OF
Type of
Security.
Dale
Offered.
.
Jan 7
Jan. 17
Jan. 25
Jan. 25
Jan. 31
Feb. 7
Feb. 16
Feb. 24
Mar. 5
Mar. 6
Mar. 6
Mar.23
Apr. 7
Apr. 14
Apr. 21
Apr. 25
Apr. 25
May 4
May 11
May 18
May 24
June 5
June 5
June 22
July 7
July 14
Tuly 21
July 24
July 24
tug 4
tug. 11
tug. 18
•,••"
•
Sept. 10 1932
Financial Chronicle
1716
Treasury bills
Treasury bills
334% Treasury ctfs.
3M% Treasury ctfs.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2% Treasury ctfs.
334% Treasury ctfs.
3M% Treasury ctfa.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2% Treasury ctfa
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
2M% Treasury notes
3M% Treasury notes
Treasury bills
Treasury bills
Treasury bills
at,
Tx.. pl. hilt,
FUNDS.
Total Amount
Refunding.
Accepted.
$50.175,000 $50,175,000
50,937,000
50,937,000
227,631,000 1 50,000,000
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
333,492,500 1 624,000,000
660.653,500 I
102,169.000 102,169.000
50,175,000
78,200,000
75,600,000
51,550,000
51,550,000
239,197,000
244,234,600
76,744,000
76,744,000
75,000.000
75,000,000
60,050,000
60,050,000
100,200,000 100,200,000
373,856,500 I 324.578,500
416,602,800 1
100,466,000 100,466,000
75.278,000
75,278,000
75.923.000
75,923,000
51,550.000
83,317.000
345,292,600 } 227,631,000
365,138,000
75,217.000
75,217,000
75,016.000
75,016,000
62.350.000
62,350,000
inn ann 11(111
111A can AAA
New
Indebtedness.
$322,003,000
.28,000,000
370,146,000
26,025,000
75,600,000
239,197.000
244,234,600
465,880,800
31,767.000
482.799,600
•Approximate.
Taking up now our tables of ordinary financing for the
month of August, we find that the total of the new issues
brought out was $169,842,388. This compares 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 August
total of new issues, the present year of $169,842,388, the
amount in August 1929 was $884,094,813. It deserves
further to be noted that of the $169,842,388 total for the
present year, no less than $107,888,100 was for refunding
purposes, that is to take up old issues, leaving only $61,
954,288 of strictly new capital. The municipal awards were
only $34,447,888, the corporate offering $133,394,500,
all but $26,280,500 of the latter being for refunding.
Continuing further with our analysis of the corporate
offerings, we observe that public utility issues led in volume
with $99,999,000, as against $110,529,000 reported for July.
Railroad issues during the month totaled $26,450,000,
whereas in July there was no financing for the account of
railroads. Industrial and miscellaneous flotations amounted
to $6,945,500 as compared with $1,342,000 in July.
Of the total corporate offerings of all kinds during August
for the amount of $133,394,500, long-term bonds and notes
comprised $71,219,000, while short-term bonds and notes
aggregated $60,375,500. There were but two stock flota-
Commonwealth Edison Co. 1st mortgage 534E3, G, 1962;
$17,500,000 Baltimore & Ohio RR. 6% secured notes due
Aug. 10 1934, and $8,478,000 Rochester Gas & Electric Co.
general mortgage 5s, E, 1962.
No foreign securities of any description were offered in
this country during August, aside from a Canadian municipal
issue for $2,000,000.
Corporate financing during August consisted of the
following prominent offerings: $20,000,000 The Peoples
Gas Light & Coke Co. 1st & refunding mortgage 6s, C, 1957,
issued at 97 to yield 6.24%; $20,000,000 Public Service Co.
of Northern Illinois 1st lien & refunding mortgage cony.
63's, 0, 1937, issued at 98 to yield 6.99%; $18,000,000
Commonwealth Edison Co. 1st mortgage 53s, 0, 1962,
issued at 93 to yield 6.00%; $8,478,000 Rochester Gas &
4
Electric Corp. general mortgage 5s, E, 1962, issued at 923
to yield 5.50%;' $17,500,000 Baltimore & Ohio RR. 6%
secured notes Aug. 10 1934, issued at 100 to yield 6.00%;
$5,000,000 Minneapolis St. Paul & Sault Ste Marie Ry.6%
secured notes Aug. 1 1934, issued at 100 to yield 6.00%
-year 6%
and $3,950,000 Chesapeake & Ohio RR. Co. 2
notes Jan. 31 1934, issued at 100 to yield 6.00%.
It is worthy of note that no new Farm Loan issues were
marketed in August.
During the month there were two security offerings
carrying convertible features, namely:
$5,330,000 Pennsylvania Electric Co. convertible 630, 75 and 73ia
1933-35. (Each $5.000 of bonds convertible into $6,000 of
company's 1st & ref. mtge. 5s, 11, 1962, up to 60 days prior
to redemption or maturity.)
20,000,000 Public Service Co. of Northern Illinois 1st lien & ref. mtge.
Cony. 634s, G,July 1 1937. (Each $1,000 of bonds convertible
into a like amount of 1st lien & ref. mtge. 6345, H, 1952, and
$50 in cash prior to Jan. 1 1937, or 15 days prior to any earlier
redemption date.)
No new fixed investment trusts were offered during
August.
The following is a complete summary of the new financing,
corporate, State and city, foreign government, as Well
as farm loans issued during the month of August and the
eight months ending with August:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1932.
MONTH OF AUGUST—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government..
Farm loan issues
Municipal—States, cities, &c
United States Possessions
Grand total
8 MONTHS ENDED AUG. 81—
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
New Capital.
Refunding.
Total.
$
$
3
15,185,000
9.295.500
1.200.000
600,000
56,034,000
51,080,000
71,219,000
60,375,500
1,200,000
600,000
26,280.500
2,000.000
107,114,000
133,394,500
2,000.000
33,673.788
774.100
34,447,888
61,954,288
107,888,100
169.842.888
211.202,300
94.956,500 306,158,800
tions during August amounting to $1,800,000.
26.231.500 148,929,000 175,160,500
7,975,275
7,975,275
The portion of the month's financing raised for refunding
3,896,900
1,897.320
5,794,220
purposes was $107,114,000, as already stated, or over 80%
of the total. In July the refunding portion was $49,029,000,
or 43% of the total. In June the refunding portion 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
249.305.975 245.782.820 495,088,795
Total corporate
2,000.000
2,000,000
$1,500,000, or slightly over 3%. In Aug. 1931 the amount Canadian Government
Other foreign Government
46,000.000
92.500,000 138.500.000
raised for refunding was $5,800,000, or 11% of the month's Farm loan !MUM
535,519.149
52.596,926 588,116,075
Municipal—States. cities, &o
692.000
692,000
United States Possessions
total. The $107,114,000 raised for refunding in August
833.517.124 390.879.748 1.224.39(1.870
Grand tatal
(1932), comprised $32,556,000 new long-term to refund
existing long-term; $23,478,000 new long-term to refund
In the elaborate and comprehensive tables on the succeedexisting short-term; $48,830,000 new short-term to refund ing pages we compare the foregoing figures for 1932 with the
existing short-term and $2,250,000 new short-term to refund corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a deexisting long-term.
the corporate offerings,
August tailed analysis for the five years of
Conspicuous refunding issues offered during
showing separately the amounts for all the different classes
comprised the following: $20,000,000, The Peoples Gas of corporations.
Light & Coke Co., 1st & refunding mortgage 6s, C, 1957;
Following the full-page tables we give complete details
$20,000,000 Public Service Co. of Northern Illinois 1st lien of the new capital flotations during August, including every
& refunding mortgage cony.6%s, G,July 1 1937;$18,000,000 issue of any kind brought out in that month.
16,516.340
6,250.000
6,250.000
25.045.000
788.222.040
500,000
500,000
5.800.000
51.997.122
121,515.774
500.000
189,865.774
500,000
2,680.000
763,177,040
2,680,000
46.197.122
98,068,445
80,656.773
216.000
80,872,773
291,114.219
858,833,813
25,261,000
884,094,813
68.350,000
34.447.888
74.257.250
706.683
74,963.933
82,973,445
15,095,000
169,842,388
120.454.372
6.506,683
126.961.055
204,989,219
86.125,000
182.716,260
18,709.418
201,425,678
67.961,609
76,500
250,754.369
956,520
68.913.1r,119
76.500
270,420.307
15,000,000
15,000,000
19,665,938
FIVE YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF AUGUST FOR
1928.
1929.
1930.
1931.
1932.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
MONTH OF AUGUST.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
$
$
$
3
3
$•
$
$
$
Long Term Bonds and Notes—
$3
13,726.000
$
3
13,726,000
660,000
690.000
41,516,000
40,100,000
1.416,000
•
2,295,000
2,295.000
Railroads
750.000
34,745,000
33,995,000
44,700,000
8,445,000
'36,255,000
31,765,000
31,765,000
15,680.500
5,000,000
10,680.500
70,219,000
56.034.000
Public utilities
14.185.000
2,000.000
2,000.000
Iron. steel, coal. copper, Ste
700,000
700,000
660,000
660.000
Equipment manufacturers
Motors and accessories
2,310.000
729,000
1,581.000
9,200,000
1,500,000
7.700,000
47,800,000
26,900,000
20.900,000
6.410,000
6,410,000
Other industrial and manufacturing
Oil
21,946,900
1.100,000
20.846,900
28.402,500
28.402,500
1,938,000
1,938,000
2,100,000
2,100,000
Land, buildings, &c
Rubber
Shipping
2.000.000
2.000,000_
1,000,000
_______
1,000.000
Inv, trusts, trading, holding, &c4.325.000
752,660
-7--3,573.000
23.945.000
5.700.600
18.245.000
1.000.000
1.000.000
Miscellaneous
79.052,900
3,331,000
75.721.900
15,645.000 110,607,500
94.962,500
67.000,000 123,679,000
56,679.000
26,485.500
5,000.000
21,485,500
71,219,000
Total
56.034.000
15.185.000
Short Term Bonds and Notes—
10,000.000
10.000,000
26.450,000
22,500.000
Railroads
3.950.000
43.350,000
1,850,000
41,500,000
3,000,000
900.000
2.100,000
4,000,000
4,000,000
2,800,000
800.000
2,000,000
28,580.000
28,580.000
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
750.000
750,000
Motors and accessories
Other industrial and manufacturing
1,000,000
1,000,000
Oil
4,380.700
4.380,700
3,525,000
3,525.000
1,163.400
1.163,400
550,000
550,000
Land, buildings, &c
3,100,000
3.100.000
Rubber
Shipping
Inv, trusts, trading, holding, &c_
250,000
250,000
5.345.500
5.345.500
Miscellaneous
48.480,700
2.600,000
45,880.700
7.525.000
900,000
6,625.000
8,513,400
8.513,400
13,350,000
800,000
12.550,000
60,375.500
51,080,000
Total
9,295.500
Stocks—
Railroads
19,681,326
3,500,000
16,181,325
61,209,602
8,500,000
52,709,602
12,306.334
1,350,000
10.956.334
8,975.000
8,975,000
1,200.000
12.179,280
Public utilities
1,200.000
12.179.280
17,471,800
17.471,800
140,000
140,000
Iron, steel, coal, copper, &c
1.388,000
Equipment manufacturers
1,000.000
388,000
9.990,508
9,990,508
591,300
591,300
16.362.118
Motors and accessories
1,528,418
14.833,700
69,391,785
69,391,785
18.191,300
18.191.300
2,646,622
2,646,622
600,000
600.000
Other industrial and manufacturing
1,105,008
1,105,008
400.000
400,000
011
3,928,750
3,928,750
3,575.000
3.575.000
Land. buildings, &a
2,113,356
Rubber
2,113,355
1,030,000
Shipping
__—___
1,030.000
452.727,220
452,727,220
Inv trusts, trading, holding, &c..
17.209.250
6,750,900
10.459,250
72,090.417
72.090,417
9.112,640
9.112.640
Miscellaneous
73,892.078
12,778.418
61,113.660
8,500.000 670,089.540
661,589,540
57,673.374
1,350,000
56,323.374
12,161,622
12.161,622
1.800,000
1,800.000
Total
Total—
--------13.726.000
13,726,000
660,000660,000
41,516,000
40,100,000
1.416,000
12,295.000
_—____
12,295,000
26.450.000
22,500,000
3.950.000
97.776,325
Railroads
6,100.000
91,676.325
.845665 108,909.602
1i--- ,
91.064.602
48,071,334
1,350.000
46.721,334
27,455.500
5,800.000
21.655.500
99,999,000
81.614.000
15,385,000
Public utilities
12,179.280
12,179,280
2,000.000
2,000.000
17.471.800
17,471,800
140,000
140,000
Iron, steel, coal. copper, &c
700,000
700.000
660.000
660.000
2,138,000
1,750,000
Equipment manufacturers
388.000
9.990,508
9.990,508
591,300591.300
18.672.118
Motors and accessories
2,257,418
16,414.700
78.591,785
1,500,000
77.091.785
65.991,300
26.900,000
39,091,300
9,056.622
9,056.622
600.000
600.000
Other industrial and manufacturing
2,105.008
2,105.008
400.000
400,000
30,256,350
011
1,100,000
29,156,350
35,502,500
35,502.500
3,101,400
3,101,400
2,650.000
2,650,000
Land, buildings, dec
3,100,000
3,100,000
2,113.355
Rubber
2,113,355
3.030,000
________
3hipping
3,030.000
453,727.220
453,727,220
21.534.250
inv, trusts, trading, holding, &c_
7.502,000
19.032.250
96.035.417
5,700,000
90.335,417
9.362.640
9.362.640
6.345.500
6.345.500
Miscellaneous
18.709,418 201,425,678
182,716,260
25,045,000 788.222.040
763.177,040
68.350.000 189.865,774
121.515,774
51.997.122
5,800,000
46.197.122
26.280.600 107.114.000 133.394.500
Total cornorate securities
aptuarri3 iepueuu
16.516.340
133.394.500
2,000,000
Total.
79,052,900
48.480.700
21.198.125
52,193.953
4
Sr! 0121t110.
FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF AUGUST
1928.
1929.
1930.
1931.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
3
3131,000
75,721,900
15145,000 104257,500
88112,500
35.179,000
67.000,000 102.179.000
26,485,500
5200,000
21185.500
71119,000
2,600.000
45.880,700
7,525,000
900,000
6,625,000
8.513,400
8,513,400
13.350,000
800,060
12,550.000
60.375.500
5,000.000
16.198,125
235.167,000
13,828.834 235.167.000
1,350,000
12,478,834
10,475,000
10.475,000
1.200,000
7,778.418
-g.50:666 434,922,540 44,415,535
27.328,200 426,422,540
27.328,200
1,686.622
1.686,622
600.000
21.500,000
21.500,000
1932.
MONTH OF AUGUST.
New Capital. Refunding.
Corporate—
Domestic—
$
Long term bonds and notes_
56134.000
15.185.000
Short term
51,080.000
9.295.500
1,200.000
Preferred stocks
Common stocks
600,000
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
26.280.500 107,114.000
Total corporate
Canadian Government
2.000.000
Other foreign Government_
Farm Loan issues
774,100
Municipal, States, Cities, &c
33,673,788
United States Poaaaaaions
Grand Total
61,954.288 107.888,100
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM
LOAN AND MUNICIPAL FINANCING FOR THE EIGHT MONTHS ENDED
AUG. 31 FORIFIVE YEARS.
Luil-I 1- MUN I HS END. AUG.31.
1932.
1931
...
A V4V
lidbi.
•
New Capital. Refunding.
IVIRS.
-orporate'Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Domestic-$
* Total.
S
Long term bonds and notes- 211102.300
S
S
S
6
94.156.500 306.158 800
817120,600 651.758.200 1,468.778.800 2,086278.660 278128,250 2,365206,910
S
Short term
1.398181,340 405190,260 1,803171,600 1.362185,500 936119.400 2,299.504,901
26,231.500 148.929.000 175.160.500
259.861.350
77.899.500 337,760.850
Preferred stocks
355,002.650
57.613,000 412,615.650
127,805.200
43,937,500 171,792,700
7,975.275__ --7.975.275
151.333,400
106 449.667
38,373.800 189.707,20(
31.050,000 137.499,667
Common stocks
1.350.000 371.551,780 1.175,291.766
370,201.780
93.251.540 1,268.543.306 617.342.267
3,896.900
1,897.326
5,794.220
126,437.756
126,437.756
Canadian
959.979.551
13.315,750 973.295,301 3,028.616.878 393.736,302 3.422.353.180 785.594.552 236.802.300 854.144,561
173.182,830 958.777.381
Long term bonds and notes_
90.000.000
90.000,000
Short term
173,638.000
211,638,000 214,100.000
38,000,000
214.100,000
83.480.000
68,792.000 152.272,001
Preferred stocks
5,000.000
5.000,000
Common stocks
13,000.000
13,000,000
10,400,000
10.400.000
22.000.000
26,000,000
48.000,001
Other foreign
16.516,340
16.516.340
18,163.900
18.163,900
8.613,400
8.613,401
Long term bonds and notes_
72,800,000
-----72.800.000
Short term
169.015.000
4,000,000 173,015.000 156,260,000
2.000.000 158.260,000 350.781,500
46.118,500 396,900,00(
5.000,000
5,000.000
Preferred stocks
31.000,000
31,000.000
1,617.283
10,432.717
12,050.000
10.000.000
10.000,00(
Common stocks
102.312,200
102,312,200
12,030,000
12,030,00(
10,060.000
10.060.000
32.256.347
Total corporate
32,256,347
30,281.750
249.305.975 245.782.820 495.088.793 1,472,569.373 765.707.700
30.281.75(
2.238,277.073 4,190.101.981 392.907.000 4,583.098,981 6.265,304.914 948,848.319 7,214.153,233
Canadian Government
2.000,000
2.000.000
3,434,342,369 1.525.888,830 4.960.231,191
40,922,000
b.500.000
50.422.000
Other Foreign Government_
7,158,000
47,242,000
54,400,000
18,612.000
8,000,000
36.612,000
28.840,000
28.840,00(
Farm Loan Issues
411,306,000
8,180.000 419,486,000
46,000.000
56.750,000
92,500.000 138.500,000
56,750,000 442,331,587 100.538.413 542,870,00(
44,600.000
31,000,000
75,600,000
30,500,000
Municipal, States, Cities, &c
30,500.000
535 519.149
52.596,926 588,116.075 1,006.695.912
38,100,000
38.100,001
16,222.683 1,022,918.595
United States Possessions
938,001.475
37.961,637 975.96.3,112 827,595,567
692.000
8,775,026 836,370,593 897.606,535
692.000
295.000 30.530,109 928.136.64
,
295,000
9,675.000
9,675,000
1.995.000
Grand Total
1,995.000
6.161,500
833.517.124 390.879.746 1.224.396.870 ^.---. .
----6.161.501
3.387.512,668 5.626.916.456 446.206.637 6.073.123.093 7.180.257.481 965.623.345 8.145.880.826 4.847.381.991 1.RMS.A57 RA9. n Ati,t !VAC/
Rztf
AUG. 31 FOR FIVE YEARS.
Total.
1928.
New Capital. Refunding.
Total.
112143,760
251.8.35,000
3,186,500
401,521.000 115188.500 206191,500 322.580.000
719,931,500 556.831.500 531,189.300 1.088.020.800
126,700,000
85.207.700
61,744.300 146,952,000
1.850,000
5.816,000
5.816.000
150,000
5.020,000
-7 80,000
7
5,800.000
2,075,000 217.628,000 217,865,700 105,030,300 322,896.000
15,416,000
34,400,000
27,753,000
31.747.000
59,500,000
3,929.000 293,341,100 395.652.100
71,720,000 467.372,100
1.000,000
1,300,000
1,300,000
6.000.000
9.100.000
114.250,000
82,388,000
1.012.000
83.400.000
12.905,000 256.460.000 303.424,500
41,615,500 345,040.000
407.490,260 2,176.331,600 1,797,147.000 1,051,529,900 2,848.676.900
5.360,000
41.313.717
5,780.000
6.860,000
69.290,000
6.500.000
12,500.000
85.172.000
400,000
17.000.000
6,000.000
29,500,000
91.172,000
400,000
500,000
13,150.000
1,000.000
61.472.700
1,200,000
4,103.900
6,505,800
24,276.700
750,000
2.488.100
10.694.200
1,441,500
1.950.000
6,592.000
17,200.000
25.718.200
1.916,500
54.370.217
25.020.000
183,792,700
1.600,000
24,575,000
160,333.400
38.373,800
1.600.000
24,575.000
198.707.200
60.706,590
263,020,200
71.107,700
993,612,491
406,047.585
0131110.11L9 MpUellfd
1929.
Refunding.
5.511,852
84,832.220
58.666.080
408,500
82,863,562
688.704.193
143.614.732
110.180.830
54.233.534
23,178,000
1.500.000 1.489.531.872
12.342,400 790.954.434
486,987.842 4.854,028.933
51,597.650
521,829,263
57.379,861
1,920.000
8.416,400
282.615.033
10,126.180
54.545.783
11,887.975
8.325,855
214.227,790
253,990.179
1.476.861,969
139,954.700
151.318.048
17,200,000
191.552.350
673,147.311
74.579.861
1.920,000
28,288.702
36.705.102
65,653.040 348.268.073
10.126.180
f.3WO(315 55,891,783
1,042.400
12,930.375
8.325.855
217.192,290
28,217,740 282.207.919
435,985.130 1.912.847.099
117.503,760 479,488.700 179.986.150 363,646.200 543.632.350
353,855,307 1,782,833,991 1,163,832.763 688,507,348 1.852,340.111
271,986.700 539.247,585
142,987.561
78.944,300 221,931.861
1.850.000
7.736.000
7.736.000
6.511,852
83,513.562
14.636,400
26.11- :16
8
44,455.102
86,907,220 919.482,193 504,584,633 173371.440 677.756,073
74.082.080 179.014.732
44,384,980
42.441.200
86.826.180
4.337,500 464,994,630 474,474.583
74.507.500 548.982.083
55,233.534
13,187.975
1.042,400
14.230.375
6.000,000
32.278.000
8,325,855
8.325,855
1.500.000 1,603,781.872 298,215.79
g.0/b545 302.192,290
27.163,900 1.072,434,434
81.989.679
69.833.240 651.822,919
948,848.319 7.214,153,233 3,434,342.369 1,525.888.830 4.960.231.199
PE61 OI 7deg
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN
THE UNITED STATES FOR THE EIGHT MONTHS ENDED
1932.
1931.
EIGHT MONTHS END.AUG.31.
1930.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital.
Long Term Bonds and Notes
Railroads
9127.000
9127.000
250310.300 146119,700 396.430.000
625391.250 217185,750 842177,000 289177,240
Public utilities
207.502.300
85.579,500 293.081.800
483,498.500 489.512,000 973.010.500 1,138,478,000
Iron, steel, coal. copper. &cc
67,547.500 1,206,025.500 468,096,500
102.939.800
6,062.500 109.002.300
21,500.000
Equipment manufacturers
21.500,000 123.513,500
12,434.000
12.434.000
Motors and accessories
9.040.000
9.040,000
1,850,000
Other Industrial and manufacturing
150.000
82.952.000
5,950.000
88,902.000
203.501.910
011
27,355.000 230.856.910 215.553,000
2.000.000
2.000,000
142,550.000
Land. buildings, &c
6.950.000 149.500.000
18.984,000
2.500,000
50.000
2,550.000
31.950.000
1.12- :666 33,170.000 110.635.500
0
Rubber
70,000 110.705,500 289,412,100
30.000.000
Shipping
30,000.000
1,000.000
1.650,000
1,650.000
10.000.000
Inv. trusts, trading, holding. &c_
10.000.000
3,100.000
75.250.000
Miscellaneous
75.250.000 114.250,000
1.200.000
1.200.000
12.286.000
2,694.000
14.980.000
63,285.000
1.020,000 64,305.000 243,555.000
Total
211,202.300
94.956.500 306.158.800
979.820.600 651,758,200 1.631.578.800 2,429.431.660 320.628,250
Short Term Bonds and Notes
2.750.059,910 1.768,841340
Railroads
11.325 000
23.500 000
34.825.000
34.970.000
12.530,000
47,500.000
12,000,000
2.500,000
Public utilities
14,500,000
1,500,000
2.850,000 125.329.000 128,179.000
164.447,500
31,077.500 195,525,000
182,522.000
15,628.000 198,150,000
Iron, steel, coal copper, &c
27.976.283
100.000
100.000
899.000
3.101,000
4.000.000
28.000.000
Equipment manufacturers
5.000,000
33,000.000
720.000
12,000.000
Motors and accessories
12.000.000
10.100.000
10,100,000
Other industrial and manufacturing
500,000
21,535.000
33.500.000
55,035.000
71,105.000
17.200,000
88.305.000
Oil
13.150,000
9.649.000
791.000
10.440.000
6.650.000
600.000
7.250,000
Land. buildings. &c
1.000,000
4.101.000
4.101,000
8.260,850
1,400.000
9.660.850
47.975.650
685.000
48.660.650
Rubber
61,472.700
3.900.000
15.000.000
Shipping
18.900,000
Inv. trusts, trading, holding. &c.
500.000
500.000
1,000.000
1.000.000
Miscellaneous
7,955 500
7.955,500
20,100,000
20 100 000
15.750.000
1.000,000
16.750.000
23,103.500
Total
26.231.500 148.929.000 175.160.500
259.861.350
82.899,500 342,760.850
391.002.650
Stocks
57.613,000 448.615.650 129.422,483
Railroads
66.055,600
66.055.600
Public utilities
71.107,700
6.112.175
1,897.320
8,009,495
190.538.511
31.050,000 221.588,511
665.728.095
12,912,250 678,640,345 932.905.901
Iron, steel, coal, copper. &c
1,640.000
1.640.000
133.351.675
Equipment manufacturers
133.351.675 143.027.385
Motors and accessories
4.723.962
4,723.962
Other industrial and manufacturing
77.351,710
2.091.250
2.091.250
16.252.872
16.252.872
192,333.695
1,W1:656 193.705.195 603 871.973
011
3.452.500
3,452.500
82.323.463
82,323,463
Land. buildings. &c
84,948.652
1.466.500
1.466.500
16.320.000
16.320,000 109.772.330
Rubber
2.168.750
2.168.750
Shipping
54,233,534
Inv, trusts, trading, holding. &c
23,178,000
3.143.750
3.143.750
82.987.079
Miscellaneous
82.987.079 1,488.0.31,872
1.500.000
1.500.000
16.39:1.290
16.393.290
125.934,102
-W2
-665 126,316,102 778.612.034
Total
11.872.175
1.897.320
13.769.495
232.887.423
31,050,000 263.937.423 1.369.757.671
Total
14.665.750 1.384.423.421 4.367.041.091
Railroads
11 325.000
32.827.000
44.152.000
285.080.300 158.849.700 443,930.000
703.246,850
Public utilities
216.464.475 212,805 820 429.270.295
838.484.511 551,639.500 1,390.124.011 1.986.728.095 220.185,750 923,432,600 361,984.940
96,087.7502,082.815.845 1,428.978,684
Iron. steel, coal. copper. &c
100.000
100.000
105,978.800
9.163.500 114.642.300
182.851.675
Equipment manufacturers
5.000.000 187,851.675 267,260.885
12.434.000
12.434,000
21.040.000
Motors and accessories
21,040.000
1,850,000
14.823.962
Other industrial and manufacturing
14.823,962
78.001.710
2,091.250
2.091.250
120.739.872
39.450.000 160.189.872
466.940.605
43. --- 2 .5110 512.867.105 832,574,973
96
Oil
15.101.500
791.000
15.892,500
231.523.463
7.550.000 239,073.463 104.932.652
Land, buildings, &c
6,601,000
50,000
6.651.000
41.677.350
2,620.000
44,297,350
174.931.150
755,000 175,686.150 460,657.130
Rubber
2.168.750
2.168.750
33,900.000
Shipping
15.000,000
48.900,000
55,233.534
1.650.000
1.650.000
10.000,000
10,000.000
Inv. trusts, trading, holding. &c_
26.278,000
3.143.750
500 000
3.643.750
159.237.079
159,237,079 1.602.281,872
Miscellaneous
10,655,500
10.655.500
48.779.290
2.694.000
51.473.290
204,969.102
2.402.000 207.371.102 1.045.270.534
Total corporate securities
249.305.975 245.782.820 495.088.795 1.472.569.373 765.707.700 2.238.277,073
4.190,191,981 392.907.000 4.583.098.981 6,265.304.914
Financial Chronicle
Volume 135
1719
DETAILS OF NEW CAPITAL FLOTATIONS DURING AUGUST 1932.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Purpose of Issue.
Amount.
Price.
Public Utilities
746,000 Refunding; add'ns & betterments__
18,000,000 Refunding
4,449,000
To Yield
About.
82
7.80 Central Illinois Electric & Gas Co. 1st & Ref. Mtge.69, 1952. Offered by Barris Trust & Savings
Bank, Central Illinois Co.. It. M. Byllesby & Co., Chase Harris Forbes Corp., Continental
Illinois Co., and E. H. Rollins & Sons.
6.00 Commonwealth Edison Co. 1st Mtge.534s, 0.1962. Offered by Continental Illinois Co., First Union
Trust & Savings Bank; the N. W. Harris Co., Inc.; Guaranty Co. of New York; National City
Co.; Chase Harris Forbes Corp.; Bankers Trust Co.; the Northern Trust Co., and Field, Clore
& Co.
6.21 (The) Dayton Power & Light Co. 1st & Ref. Mtge. 5s, 1941. Offered by Guaranty Co. of New
York; the Union Trust Co. of Pittsburgh; Chase Harris Forbes Corp.; J. & W. Seligman & Co.:
W. E. Hutton & Co.; Coggeshall & Hicks, and Field. Glore & Co.
7.00 Iowa Electric Light & Power Co. 1st Mtge. 7s, C. 1942. Offered by Chas Harris Forbes Corp.
The N. W. Harris Co., Inc.; Brown Brothers Harriman & Co., and Coffin & Burr.
____ Pennsylvania Electric Co. 1st & Ref. Mtge. 5s, II, 1962. Offered to holders of company's 334%
notes due Aug. 1 1932.
6.24 (The) Peoples Gas Light & Coke Co. let & Ref. Mtge. 6s. C, 1957. Offered by Continental
Illinois Co.; First Union Trust & Savings Bank; The N. W. Harris Co., Inc.; National City Co.,
Chase Harris Forbes Corp.; Bankers Trust Co.; Guaranty Co. of New York; The Northern
Trust Co., and Field, Clore & Co.
5.50 Rochester Gas & Electric Co. Gen. Mtge. 5s, E, 1952. Offered by Chase Harris Forbes Corp.,
Guaranty Co. of New York, and TheN.W. Harris Co., Inc.
6.00 Southern Indiana Gas & Electric Co. 1st Mtge. 5348, 1957. Offered by Drexel & Co. and
Bonbright & Co., Inc.
93
advances from Columbia
Gas & Electric Corp.
Repay
9834
6,000,000 Refunding
100
7,046,000 Refunding
()
13
20,000,000 Refunding; capital expenditures__ _
97
8,478,000 Refunding
92.4
5,500,000 Refunding; capital expenditures__ _
9334
70,219,000
Miscellaneous
1,000,000 Working capital
Company and Issue, and by Whom Offered.
100
6.00 Consumers Credit Service. Inc.. 6% Profit Sharing Debentures, 1962. Offered by Credit Service
Associates of New York, Inc.
SHORT.TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads
17,500,000 Refunding
To Yield
About.
100
3,950,000 Acquisition of securities
5,000,000 Refunding
6.00 Baltimore & Ohio RR. 6% Secured Notes due Aug. 10 1934. Offered to holders of company's
4% notes due Aug. 10 1932.
6.00 Chesapeake & Ohio RR. Co. 2
-Year 6% Notes, Jan. 311934, Offered by Paine, Webber & Co.
6.00 Minneapolis St. Paul & Sault Ste. Marie Ry.6% Secured Notes, Aug. 1 1934. Offered to holders
of company's One-Year 5% Notes due Aug. 1 1932.
100
100
26,450,000
Public Utilities
1,000,000 Refunding
100
2,250,000 Refunding
5,330,000 Refunding
100
20,000,000 Refunding
98
28,580,000
Miscellaneous
5,000,000 Acquisition of securities
Company and Issue, and by Whom Offered.
7.00 Central West Public Service Co. 3
-Year 7% Notes, Aug 11935. Offered to holders of company's
3-Year 7% Notes due Aug. 1 1932.
*6-7 Iowa Electric Light & Power Co. 7% Notes, Aug. 1 1933-35. Offered by IIarris Trust & Savings
Bank, Chicago; The N. W. Harris Co., Inc., New York, and Brown Brothers Harriman & Co.
636-736 Pennsylvania Electric Co. Cony. 634s, 75 and 7345, 1933-35. (Each $5,000 principal amount
convertible at any time up to 60 days prior to maturity or 10 days prior to redemption into $6,000
principal amount of the company's First & Ref. Mtge. Ss, H. 1962.) Offered to holders of
company's 334% Notes due Aug. 1 1932.
6.99 Public Service Co. of Northern Illinois 1st Lien di Ref. Mtge. Cony. 634s, G, July 1 1937.
(Convertible at any time prior to Jan. 1 1937, or on or before 15 days prior to any earlier redemption
date, into an e(tal principal amount of lot Lien ri• Ref. Mtge. 634s, II, 1952, the company agreeing
to pay holders upon conversion, cash at the rate of $50 per 81,000 of bonds converted.) Offered by
Continental Illinois Co.; First Union Trust & Savings Bank, Chicago: The N. W. Harris Co.,
Inc.; Chase Barris Forbes Corp.; Bankers Trust Co., New York; Guaranty Co. of New York;
National City Co.; The Northern Trust Co., Chicago, and Field, Glore & Co.
-Year and 5
Central Funding Corp. (Del.) 3
-Year 534% and 6% Certificates, 1935-38. Offered
by Stein Bros. & Boyce and Bartley & Co.
Price on application Union Investment Co. Coll. 'trust Notes, due serially to Jan. 23 1933. Offered by company.
345,500 Working capital
5,345,500
STOCKS.
Par or No.
of Shares.
eAmount Price
To Yield
Involved. per Share. About.
Purpose of Issue.
Public Utilities
12,000shs. General corporate purposes
1,200,000 100
Other Industrial &
300,000 shs. Working capital
600,000
2
Company and Issue, and by Whom Offered.
6.00 New England Power Co. 6% Cum. Pref. stock. Offered to stockholders, but only
25 shares subscribed for; balance of 11,975 shares sold at auction through R. L.
Day & Co.. Boston, at $100 per share.
Jetter Brewing Co.. Inc. (Omaha) Capital Stock. (Each share accompanied by
option varrants to buy one-half share of capital stock at rate of $2 per share.) Offered
by Harris, Ayres & Co., New York.
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No.
of Shares.
aAmount
Involved.
Price,
2,500,000
2,500,000 100
4,466,000
4,466,000
6,966.000
9834
To Yield
About.
Company and Issue, and by Whom Offered.
6.00 Canadian Pacific Ry, Co. Cony, Coll, Trust 6s, 1942. Offered by National City Co.; Chase Harris Forbes Corp., and
Wood, Gundy & Co., Inc.
5.21 (The) Dayton Power & Light Co. 1st & Ref. Mtge. 5s, 1941. Offered by Guaranty Co. of New York; The Union
Trust
Co. of Pittsburgh; Chase Harris Forbes Corp.; J. & W. Seligman & Co.; W. E. Hutton
& Co.; Coggeshall & Hicks, and
Field, Glore & Co.
* Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred
stocks of no par value and all classes of common stock are computed at their offering pricer
b Offered on basis of vow principal amount of bonds and $200
in cash for each $5,000 face amount of 334% notes tendered in exchange.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Sept. 9 1932.
The ultimate consumer is not buying as freely as could be
desired; in fact, general trade is not in an entirely satisfactory
condition. But wholesale business shows a slight increase.
Commodity markets in the main have been active and
strong, despite some reactions of late, especially in cotton.
Cotton broke over 100 points on Thursday when the Government crop estimate turned out to be, not 10,750,000 bales,
as some had expected, but 11,310,000 bales, or 4,000 bales
larger than on Aug. 1, though about 5,800,000 bales less
than the crop of last year. Public buying of merchandise in
general has not been brisk. Retail trade, aside from that
in some summer goods, suffered from the recent rather
prolonged hot wave. What is much needed now is active
buying by the consumer to endorse the optimistic talk heard
all over the country and the remarkable advances in the
stock market and commodity exchanges within the last few
months. Meanwhile failures especially of banks show a
noticeable falling off. Collections, though still slow, are
gradually improving. There is far more confidence among
business men the country over than there was a year ago,
but the unsatisfactory thing is that actual business is not
so good as it was then. Yet at that time business was falling
off. Now the tendency is to gain, though not rapidly.
Retailers indeed are still cautious buyers, as their own
trade is not up to a satisfactory level. One commodity
index shows for Sept. 1 the largest monthly advance in
prices since July 1925. But the low buying power of the
public is still plain. It will buy for the most part only when
prices are made very low. Children's clothing and school
goods make the best showing.
In manufacturing industry textiles and shoes are clearly
at the head. Cotton mill operations are increasing. Many
are working at full time, after having run on part time for
considerable periods or actually closed. The mills' margin
1720
Financial Chronicle
of profits has increased at least at the South. The shoe industry is also promising. Automobile trade does not improve; the demand is slow, though some companies are
resuming operations after taking inventories. Steel production has increased a little, but only a little. Actual trade in
steel still drags; buying by auto companies is still small.
Building is still slow. Most of the corn crop is believed to
have been made. Rains have been beneficial. The spring
wheat crop of the Northwest is also practically made and
the average of private estimates is 265,000,000 bushels a
noticeable increase over last year. The grain markets are
generally lower for the week. Coffee declined several points
on Rio futures, but are unchanged to 47 points higher on
Santos for the week. Sugar fell 3 to 4 points; rubber, 23 to
25 points; silk, 16 to 20 points, and silver 31 to 59 points.
Hides show an advance of 37 to 75 points and cocoa, 1 to 4
points.
The stock market, on the 3rd inst., advanced 1 to 5 points
with trading on a Saturday of 2,440,000 and grain and cotton
again rising and the talk more confident that general trade is
on the threshold of improvement. Car loadings in the week
ended Aug.29th increased more than 19,000 cars, and it was
noticed that, whether as a coincident or not, some railroad
shares advanced 2 to 5 points. Bonds were in good demand
in some cases 3 to 4 points higher. Stocks OD the 6th inst.
advanced 1 to 2 points, but realizing set in and the drop from
the high of the day was sharp with the technical position
rather weaker. Wheat advanced 2c. and then lost most of
the rise. 'Cotton rose 35 to 40 points, but this mostly
disappeared later, though the Farm Board will hold back its
supplies for the remainder of the year and its cotton unless
the price goes to 12c. Commodities in general were higher.
Coffee advanced 12 to 77 points; cocoa, 29 to 32; rubber, 24
to 26; hides, 15 to 45, and most of these were active. Wool
and silver advanced. The trading in stocks was up to
4,362,850 shares. Bonds were irregular, but mostly lower
in domestic corporation issues. U. S. Government bonds
advanced.
Stocks on the 7th inst. had an average rise of 1 to 33i
points under the ground swell of buying that seemed to
intimidate the believers in a sharp downward reaction after
a prolonged rise. There was some irregularity, but in spite
of considerable profit-taking the market recaptured the old
firmness and closed strong after transactions of 4,150,000
shares. Cotton advanced. Talk about the automobile
trade and in fact trade in general was more cheerful. Motor
stocks led the advance and attracted much attention. At
one time prices were 3 to 4 points higher. Electric power
production is gaining; that is, the decline in the week ending
Sept. 3 was less than in recent weeks. There were reports
that the sale of automobiles were larger. Bonds were
higher and city bonds were at the highest of the year on
promises of a more economical city administration under
the
the new Mayor. On' 8th inst. stocks fell 1 to 4 points
as cotton dropped $5 a bale. Early prices for stocks were
firm, but later they turned downward, losing the rise of
Wednesday. The trading was in 5,370,180 shares. The
gain in gold for the week was $21,612,000, or $233,400,000
since last June. The market showed no fundamental
changes. The cotton crop, estimated at 11,311,000 bales,
was 5,800,000 bales smaller than that of last year, and
though the carryover was large the consumption seems to be
steadily rising and the mills' margin of profit shows a tendency to increase. To-day stocks backed and filled. After
early uncertainty and irregularity a good demand set in,
with cotton higher and wheat steady, but later the market
ran into renewed selling with commodities generally lower
and prices ended generally below the previous close. Transactions amounted to 4,036,100 shares. Bonds were higher
with United States Government issues particularly strong.
Chicago reported increased buying of all kinds of goods
and raw materials in the Central West at firm prices, with
inventories small in practically all lines. Business men
show more confidence in prices. For a long period they
feared falling prices; now they look for an advance. In
some cases orders for forward shipment are 15% larger than
a year ago, with prices, it is true, 15 to 20% cheaper than
then. The West also seems more inclined to buy stocks
and bonds often for cash. St. Louis reports better wholesale
and retail buying and more confidence now that the turning
point has been reached. Bank figures show a decrease of
hoarding. They quote money at about 234% but loans are
still said to be difficult to obtain. Yet the rise of prices
for farm products causes a more cheerful feeling. Rural
Sept. 10 1932
buying is better. London, England, reports more confidence and stocks small and the recovery genuine, but
likely to be gradual. Paris expects a gradual upward movement of commodity prices. Berlin says that the rise of
prices of raw materials in the last two months has not yet
been due to increased consumption. Yet it marks the stage
of a permanent recovery from the extreme decline in prices
throughout the world.
Augusta, Me., reports that on Sept. 6, the York Mills
at Saco, Me., a subsidiary of New England Industries, Inc.,
resumed operations after a shutdown of about three months.
One thousand looms will be put in operation immediately,
employing from 300 to 400 hands and machinery and textile
operatives will be increased as rapidly as business permits.
The number of operative looms is being increased in all
the Lewiston mills and the Edwards Manufacturing Co. in
Augusta, Me., is operating practically on full time and production. Manchester, N. H., wired that because of the
number of orders on hand, the Amoskeag Manufacturing Co.
closed its departments for the Labor Day holiday only.
The mills shut down at noon Saturday and resumed operations Tuesday. Since the resumption of operations after
the three weeks' shutdown, several hundred operatives have
been added to the pay rolls. Orders, according to report
have been most satisfactory in the last few weeks. The
common stock of the corporation advanced to $7 a share
during the last week, compared with a low of $1.50 a share.
Boston wired Sept. 6 that the Pepperell Manufacturing
Co. is sharply advancing its operations at all plants in the
North and South, in response to the heavy volume of orders
it has booked in recent weeks. All units are now or soon
will be at maximum single shift capacity, representing a
gain of better than 100% over the low rate of operation in
July. The Northern plants were especially curtailed at the
summer's low point. The Biddeford, Me., unit, making
sheetings, flannels and blankets, was shut down two weeks
in July, and ran only four days per week the rest of the
month. Now the plant is running full 5 days a week and
there is some overtime. The Lewiston, Me., bleachery had
a tonnage of only 40% of capacity in July and 50% in
August, but within ten days the plant will be running at full
capacity. At Fall River, Mass., the fine goods Pepperell
plant is now running at full capacity, 55i days a week, with
some overtime, whereas in July it was shut down two weeks
and ran only four days per week in the remaining weeks.
At Huntersville, N. C., the Anchor Mills are now on a
full time schedule. Business has improved 40% in two
months. At Spartanburg, S. C., some cotton mills are
running nights as well as full time by day. At Opelike, Ala.,
both Pepperell plants are now running full and the Lindale,
Ga., plant, making chambrays, denims and other work
cloths, is now operating 50 hours a week. Richmond, Va.,
reported a 10% increase in wages effective Sept. 12 and
affecting 296 men now working on a full-time schedule,
has been announced by officials of the Spofford Mills, Inc.,
at Wilmington, N. C.
To the surprise of many, lumber orders during the week
ended Aug. 29th were not only the largest in volume reported
for any week of 1932 but also showed a higher percentage
over production of any week this year, the National Lumber
Manufacturers Association reports. Orders received by
mills reporting to the association amounted to 162,236,000
feet or 46% above production. Production was 110,841,000
feet, or about the same as during the last five weeks. Shipments amounted to 14,632,000 feet or 28% above the cut.
Carloadings for the week ended Aug. 27th were 537,973
cars, an increase of 19,331 from the preceding week showing a
seasonal increase. A year ago when loadings in the week
ended on Aug. 29 were 763,551, there was an increase of
15,053 cars from the preceding week.
As to weather, on the 7th inst., the prolonged hot wave in
New York was broken by a sharp drop in the temperatures
which registered 55 to 69 degrees. Boston had 54 to 66,
Chicago, 54 to 68; Cincinnati, 52 to 70; Cleveland, 58 to 64;
Denver, 60 to 86; Detroit, 52 to 70; Kansas City, 60 to 80;
Milwaukee, 52 th 66; St. Paul, 46 to 76; Montreal, 48 to 62;
Omaha, 58 to 82; Philadelphia, 60 to 72; Portland, Me., 54
to 66;Portland, Ore.,60 to 88; Seattle, 58 to 78,Spokane,64
to 88; St. Louis, 56 to 74. On the 8th inst. New York had
54 to 69 degrees; Chicago, 52 to 72; Cincinnati, 48 to 72;
St. Paul, 54 to 82; and Kansas City,64 to 80. To-day New
York had 62 to 77 with a forecast of continued cool to-night
and to-morrow. Overnight Chicago had 56 to 72; Cincinnati, 52 to 72;St.Paul,58 to 82;and Kansas City,64 to 80,
Financial Chronicle
Volume 135
Further Increase in Loading of Railway Revenue
Freight.
Loading of revenue freight for the week ended on Aug. 27
totaled 537,973 cars, according to reports filed by the railroads with the car service division of the American Railway
Association and made public on Sept. 3. This was an increase of 19,331 cars above the previous week, but a reduction of 225,578 cars under the same week in 1931 and 446,537
ears under the same period two years ago. Details follow:
Miscellaneous freight loading for the week totaled 188,142 cars, an
increase of 6,335 cars above the preceding week, but 93.972 cars under
the corresponding week in 1931 and 196,000 cars below the same week
in 1930.
Loading of merchandise less than carload lot freight totaled 171,478 cars.
an increase of 1,532 cars above the preceding week, but 43,113 cars below
the corresponding week last year and 67,844 cars under the same week
two years ago.
Grain and grain products loading for the week totaled 37,969 cars, 175
cars below the preceding week, 2,251 cars below the corresponding week
last year and 21,689 cars below the same week in 1930. In the Western
distriets alone grain and grain products loading for the week ended on
s
Aug. 27 totaled 25,996 cars, a decrease of 1,777 cars below the same week
last year.
Coal loading totaled 94,605 cars, an increase of 9,815 cars above the
preceding week, but 39,883 cars below the corresponding week last year
and 74,274 cars below the same week in 1930.
Forest products loading totaled 16,495 cars, an increase of 817 cars
above the preceding week, but 11,531 cars under the same week in 1931
and 26,329 cars below the corresponding week two Years ago.
Ore loading amounted to 7.210 cars, a decrease of 15 cars under the week
before, 27.717 cars under the corresponding week last year and 48,538
cars under the same week in 1930.
1721
Coke loading amounted to 2,878 cars, an increase of 263 cars above the
preceding week, but 1.990 cars below the same week last year and 5,605
cars below the same week two years ago.
Livestock loading amounted to 19,196 cars, an increase of 759 cars
above the preceding week, but 5,121 cars below the same week last year
and 5,358 cars below the same week two years ago. In the Western districts alone loading of livestock for the week ended on Aug. 27 totaled
14.695 cars, a decrease of 4,113 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compa,ed with the same week in 1931 and 1930.
Loading of revenue freight in 1932 compared with the two previous
years follows
1561.
1USZ.
111.10.
2,269,875
2,245,325
2,280,672
2,772,888
2,087,756
1,966,355
2,422,134
496,033
512,431
518,642
537,973
2,873,211
2,834,119
2,936,928
3,757,863
2,958,784
2,991,950
3,692,362
734.730
743,626
748.600
763.551
3,470.797
3,506,899
3,515,733
4,561,634
3.650.775
3,718,983
4,475,391
904,157
922,823
940.558
984.510
18,110,084
25,035,724
30,652,260
Four week 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
Week ended Aug. 6
Week ended Aug. 13
Week ended Aug. 20
Week ended Aug. 27
Total
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended Aug. 27. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind those •
of the general totals-that is, are for the week ended Aug.
20. During the latter period only four roads showed increases over the corresponding week last year.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED AUG.20.
Railroads.
Total Revenue
Freight Loaded.
1932.
Eastern District
Grotto A;
Bangor & Aroostook
Boston & Albany
Boston& Maine
Central Vermont
Maine Central
New York N. II. & Hartford
Rutland
Total
Group B;
7Buff.Rochester & Pittsburgh.
Delaware& Iludson
Delaware Lackawanna & West.
Erie
Lehigh & Iludson Myer
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western..
Pittsburgh & Shawmut
Pittsb. Shawmut & Northern
I Ulster & Delaware
Total
Group Q'
Ann Arbor
Chicago Indianan.& Louisville_
Cleve. Ctn. Chi. & St. Louis_
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line_ _ _
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia_ _
Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District
Allegheny District
Baltimore & Ohio
Bessemer & Lake Erie
7 Buffalo a, Susquehanna
Buffalo Creek & Gauley
Central RR.of New Jersey_ _ _ _
Cornwall
Cumberland & Pennsylvania_ _
Ligonier valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk &Portsmouth Belt Line
Virginian
Total
Southern District
Group A;
Atlantic Coast Line
Clinehfield
Charleston & Western Carolina
Durham & Rolthern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom.
Seaboard Air Line
Southern System
Winston-Salem Southbound_ _
Total Loads Received
from Connections.
1931.
1930.
698
2,725
7,152
586
2,510
9,525
587
781
3,692
10,047
835
3,751
13,278
604
1,244
3,909
11,797
835
4.622
14,404
735
213
4,299
7,997
2,533
1,494
9,252
1,013
300
5,632
10,962
3,171
1,974
13,222
1.234
23,783
32,988
37,704
26,801
36.495
4.436
7,517
10,201
153
1,366
6,164
1,248
17,375
2,167
353
229
6,320
10,605
14,270
206
1,722
8,537
2,048
26,880
2,347
390
406
10,193
14,039
17,104
235
2,602
11,771
2,201
33,631
1,728
538
461
i:ii;
4,685
10,896
1,544
725
5,462
26
20.654
1,826
90
219
7.180
6,232
14,409
2,065
1,086
7,101
44
29,217
1,982
51,209
73,731
94,503
51,403
69,619
452
1,730
7,323
18
481
157
1,020
2,096
4,891
2,711
4,855
3,545
2,940
922
5,065
2,655
634
2,213
9.600
60
322
255
1,320
3,225
7,900
4,191
5,783
5.479
4,486
1,387
6,891
3,978
567
2,216
11,892
96
441
256
2,551
4.552
9.269
5,225
7.195
8,308
7,210
1,726
7,028
4.361
856
1,656
9,071
43
93
1,258
462
3.914
5,727
145
6,428
2,900
3,353
406
5,138
1,871
1,084
2,191
12,406
156
249
1,926
780
5,217
8.058
266
8,702
4,061
5.280
831
7,883
2,581
1932.
Railroads.
Total Loads Received
from Constectiont.
1932.
1931.
Grow)B:
Alabama Tenn. & Northern__
Atlanta Birmingham & Coast_ _
-West RR.of Ala.
AU.& 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_
Nashillle Chattanooga & St. L.
New Orlearui-Great Northern_ _
Tennessee Central.
1931.
1930.
1932.
181
616
564
3,117
169
370
605
265
573
16,773
15,085
131
131
1,580
2,257
453
261
283
767
664
3,796
234
403
1,023
648
808
24.507
20,600
110
184
2,534
2.670
681
594
271
1,236
774
4,947
295
531
1,139
978
891
26,635
25,769
221
294
2,625
4,078
859
707
110
377
819
1,635
146
370
1,036
223
621
8,651
2,631
305
275
1,014
1,650
190
418
232
467
1,089
2,344
227
449
1,317
385
764
9.232
4,210
254
380
1,186
1,906
333
591
1931.
43,131
60,506
72,250
18,471
25,348
Grand total Southern District--
74,730
103,136
122,632
38,442
53,836
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth Missabe & Northern__ _
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St.Louis
Minn. St.Paul & S. S. Marie_ _
Northern Pacific
Spokane Portland & Seattle.._ _
1,227
14,351
2,262
15.641
3.433
2,236
355
2,472
299
9,987
526
1,876
4.570
8,183
1.217
1,315
23,301
3,106
22,108
4,166
11,514
957
4,743
358
16,026
644
2.663
6.205
10.835
1,101
1,788
28,232
3,709
29.082
5,597
18,220
1,512
7,732
504
24,953
664
3,649
9,594
13,983
1,447
1,220
6,762
1.865
5,362
3,706
99
378
2,763
107
1,954
272
1,284
1.587
2,092
870
1,745
10,250
2,6.05
8.078
3,689
130
463
4,098
148
2,690
392
1.518
2.147
2.884
1,129
68,635
109.042
150,666
30,321
41,966
18,922
3.143
164
14.441
11,472
2,594
671
1,847
287
832
711
201
15,702
193
346
11,092
254
1,423
27,977
3,670
188
19,950
16,058
3,193
1,068
2,652
626
1,272
1,049
164
21,608
285
334
14,662
424
1,667
28,833
4,903
323
26,049
19.467
3,819
1,171
3,497
534
1,224
1,666
275
26.376
416
372
16,976
347
2,031
3,790
1,596
13
4,642
4.920
1,484
663
1,615
18
642
219
45
2,488
292
693
5,648
5
1,678
84,295
116,847
138,279
30,451
43,886
151
152
122
1,148
87
1,788
137
1.380
1.017
118
570
74
4,551
11,597
36
65
7.368
1,842
319
5,141
3,452
1,643
20
183
163
202
1,498
278
4,078
396
1,946
2,012
234
893
79
5,488
17,461
37
104
9,487
1,926
552
6,496
5,005
2,069
46
283
364
225
2,600
192
2,703
357
2,552
1.864
220
1.311
143
6,688
21,983
32
125
11.664
2,653
626
10,182
5.277
2.988
63
2.502
260
122
899
22
1,218
574
1,024
816
362
161
204
1.853
5,761
21
73
2,501
926
252
2.049
2.254
1,079
31
2,804
202
149
1,787
54
2,113
895
2,237
797
658
293
266
2,926
9.794
48
152
3,919
1,512
346
3.857
4.341
2,707
48
42.778
60.633
75.095
25.594
41,903
Total..
22
311
40,861
57,724
72.893
43,321
61,671
115,853
164.443
205,100
121.525
167,785
23,519
1,220
32,867
3,942
x43,665
6,536
10,289
756
17,364
1.351
93
5,219
2
186
78
995
49,052
10.633
2,551
35
2.505
"Iii
8,123
566
291
126
1,412
74,635
15,102
6,761
39
3.153
197
12,061
508
410
206
1,850
93,954
19.022
12,342
52
3.648
5
8.106
37
46
5
2,147
26.135
11,780
1,078
4
11,527
2,840
34
26
3,133
39,946
17,333
3,630
2
3,970
96,088
147,141
194,451
63,224
98,358
18,545
14,092
686
2,940
23.992
18,563
828
3,975
27,294
21,978
977
4.086
6,390
2,849
873
412
8,288
4,155
1,463
425
36,263
47,358
54,335
10.524
14,331
5,644
644
324
129
50
1,353
456
304
5,838
16,685
172
7,814
1,180
384
140
60
1,585
500
376
7,901
22,506
184
10,467
1,343
615
127
47
1,830
427
427
9.674
25,215
210
3,143
894
592
237
68
812
682
1,917
2,372
8,696
558
4.770
1,249
975
443
101
1,291
723
2,375
3,249
12.299
1.015
as
Total
Central Western Dist.Atch. Top. ds 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
Toledo Peoria dr Western
Union Pacific System
Utah
Western Pacific
Total
SouthernSouthwestern District
Alton &
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern_ _
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas..._
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-Ran Francisco
St. Louis Southwestern
San Antonio Uvalde & G ult._ _ _
Southern Pacific in Texas & La.
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford Mtn. Wells&N.W.
31,599
42.630
Total
50.382
19,971
28,490
Total
x Included In New York Central. y Included In Baltimore & Ohio RR. z Estimated.
Total Revenue
Freight Loaded.
5,217
2,509
22
6.900
7.984
2.213
998
2,226
13
1,130
311
43
3,798
271
972
7,292
13
1,974'
1722
Financial Chronicle
R. B. Wilson of Babson Statistical Organization on
Outlook for 1933—Rise in Commodity and Security
Prices Indicates Worst Is Over—Views on War
Debts.
In his "Outlook for 1933," Ralph B. Wilson, Vice-President
of the Babson Statistical Organization, depicts business as
having "struck bottom." According to Mr. Wilson, "a sharp
rise in the commodity and security markets indicates that
the worst is over." At the 19th annual National Business
Conference, at Wellesly, Mass., he also had the following
to say:
The present low-water mark of business activity cannot long endure.
There is a scarcity of finished merchandise in the hands of retailers, and
more goods are constantly being consumed than are being produced. A
flood of orders will burst and find the retailers' cupboard bare. Wholesale
commodity prices will go higher. Gold stocks and bonds will continue on
their fundamental climb with the usual concomitant scares and reactions.
Business activity will rebound from its over-depressed state, and it is quite
possible that the rise will be sharp. The total volume of business in 1933
should be greater than that of 1932. Because the readjustment has been
drastic it is not unreasonable to expect the recovery to reach normal by
the close of 1934. If this forecast is even approximately true, there is
better business ahead of us for several years to come.
An Imported Depresston.
As far as the United States is concerned, we were ready to resume
business in 1931. In fact, we staged a rather rapid recovery from February
to the middle of the year. European conditions which led to the moratorium, Great Britain's going off the gold standard, and the subsequent
drain on American gold, while non-predictable, interrupted our recovery
and gave us an "imported depression."
•
Present Problems.
This "compound readjustment" has brought us grave economic problems.
permanent welfare depends more upon an economically
Our future and
sound solution of these problems than upon any "reflationary recovery."
It must be remembered that our emergency program to meet these problems
is after all composed of "emergency measures" which sooner or later mud
be liquidated. They contain within their provisions inflationary potentialities which is uncontrolled could carry us to the wildest heights of another
inflation, the reaction from which would be inevitable and inimical.
The most elementary principles of economics teach us that: We cannot
relieve the burden of debt by increasing debt; we cannot cure an overexpansion of credit by greater credit Inflation; we cannot build a strong
financial structure by diluting our currency. We cannot control the price
of any commodity unless we can control the supply of that commodity.
Our recent effort at price control has been no exception to the rule for
even controlled (4) commodity prices have declined; and in some instances
to levels lower than ever before in the history of statistical information.
War Debt and Armament.
The decline in commodity prices has naturally brought up the whole
problem of war debts and armaments. The annual debt payment due the
United States from eight European countries Is $244,000,000, yet these
same countries spent on armaments in 1930 one and eight-tenths billion
dollars—almost eight times their annual payments due to the United States.
If there should be a permanent reduction of the Allied debt it should
be in consideration of and in proportion to an assured curtailment in
armaments. The world has reached a point at which it cannot soundly
finance wars and industrial prosperity at one and the same time. If we
prefer wars we must forego prosperity.
If Congress should permit the cancellation of the Allied debt you and I
will have to pay that debt through heavier taxation. It is estimated upon
good authority that our national income for 1932 will not exceed $35,000,000,000. If out of this we must spend $15,000,000,000 on government we
will be spending 43% of our national income just to govern ourselves.
If to this burden we should add the Allied war debts, the proverbial strew
would surely function. There is no one influence obstructing recovery
to-day more than taxation.
Opportunities.
While we are busy with the solution of these problems we must not
permit pernicious pessimism to blind us to the opportunities that this
period of readjustment presents. Shrewd business min and investors will
work on the problems but they will also seize the opportunities. The
tremendous advantage comes to those who have the courage and initiative
to act while pessimism and opportunities exist.
Although the percentage rise of securities since July 8 has been large,
It must be remembered that the recovery is only 10 to 12% of the total
decline from the 1929 highs. Present business activity does not seemingly
justify the security rise, but the security rise strongly justifies the forecast of better business. Securities have simply recovered from panic prices.
Further advances will be supported by an improvement in business—just
the kind of condition for selective buying.
In 1929 our commodity index of basic materials stood 60% above pre-war
levels. To-day many of these basic raw materials, in spite of recent adVances, can be bought at or below the pre-war level. Several commodities
are selling or have sold recently at prime lower than ever before in the
history of statistical information. Just as soon as business begins to buy
basic raw materials at these bargain levels; just as soon as investors begin
to buy securities at the unprecedented prices, and just so soon as buying
starts will we start out of the depths of this depression to recovery and
prosperity.
Favorable Factors.
The readjustment has been most drastic and thorough. The efficiency
of management and labor is greater than it has been for years. Wages
have been reduced. Overhead expenses have been cut. The cost of living
is low. Commodities, stocks and bonds are in the bargain basement of a
buying zone. Tension is less taut in Europe. Foreign countries have
ceased draining our gold. There are fewer bank failures and less hoarding.
Credit inflationary measures are becoming effective. There is an accumulated demand for goods augmented by heavy replacements in many lines.
Investment sentiment is improved. The deflation has been definitely
checked. Inflation is a possibility! Commodity and security prices have
already turned up and we are now ready for the recovery in business which
the rising stock market indicates.
The physical mechanism of business is mostly under control; the social
and political mechanism is not. There is unemployment and excessive
production facilities. International trade barriers are increasing. The
problems of war debts, socialistic tendencies of our government and the
high cost of government remain yet to be solved.
Sept. 10 1932
If it were possible for us to return to the fundamental principles upon
which our institution of government was founded; if we could limit our
governmental activities to these fundamental principles so that we would
have the minimum of government and the maximum of freedom; if it were
possible for us to reduce at one fell swoop the cost of governing ourselves
16%, the depression would be over at once. Confidence would return.
Four billion dollars of hoarded money would rush back to the banks.
European countries would trample each other in the mad rush to buy
our securities. Our credit standing would stand above all other nations.
Business enterprises would buy raw materials. The public would replenish
its depleted stocks of consumable commodities, and the wheels of business
would turn once more on the road of recovery that leads to prosperity.
While a one fell swoop policy is hardly probable, a voice is crying in
the wilderness of taxation that will save us if we repent our ways. The
violation of political and economic principles led us into this depression,
and I am sure that the American people will see to it that we will come
out of this depression on an enduring basis of international stability,
political security and financial confidence.
National City Bank of New York Sees Advance in
Commodity Prices a "Cheering Factor" in Business
Recovery—Does Not Regard Creation of Government Credit as Inflationary Movement.
The National City Bank of New York, in its monthly
letter Sept. 1, observes that "the rise in security and commodity prices over the past few weeks has brought a new
spirit of encouragement and hope to business, both in this
country and in Europe, where the American markets have
been considered to reflect most truly the course of the
depression, and hence most likely to give the first sign of a
turn." The bank says "the anxieties caused by depreciating
values are lightened, and once more people believe that
business will get out of the depression, and that with cooperation and orderly adjustment the economic organization
will function normally again." "The extreme fears entertained during the spring," the bank notes, "have not been
realized, and now, in decisive terms, the markets show
recovery from the state of panic." In part the bank also
says:
The Rise in the Vfarkets.
The rise of about 100% in common stocks over the July low exceeds
any previous rise during the depression, or any of the rallies that have
terminated bear markets in the past, by a wide margin; and perhaps may
have moved too swiftly in view of the absence of supporting improvement
in earnings. However, it is natural that a recovery from extreme panic
should outrun business gains. The advance affects more people than
ever before, since the number of shareholders in American corporations
is now far greater than ever before. According to recent compilations
the number of stockholders in the larger corporations has risen 40% in
the past two years. This is an Impressive indication of the increasing
number of people who feel richer or poorer according to the ups and downs
of the market, and who therefore are heartened by the advance.
In the bond market the rise has been vigorous and sustained, with the
Dow-Jones average of corporate bonds up about 25%. This advance
Is not only a cause for general encouragement in that bond prices give the
best index of capital seeking employment, but it also relaxes the pressure
on the credit-granting institutions, since the decline in bonds has been
a principal factor in their difficulties. Now the bond account can be
marked up again, with substantial relief to the banking system.
Another and very cheering factor is the continuance on a broad scale
of the advance in commodity prices, a development which had not accompanied any previous rally in the stock market during the depression. The
gains have now spread to nearly all the farm products and staple raw materials. Cotton is up sensationally, more than four cents from the low,
wheat has been firmer, beef cattle have risen further, and hogs while
below the July top are steady and return a profit on feeding operations.
Wool markets have been active at higher prices, and butter and eggs have
had good advances also. These are the chief sources of cash farm income,
and accordingly the farmer will receive more for his production than
seemed possible a few months ago. . . .
The Talk of Inflation.
Another interpretation put upon the price rise, again with an eye upon
the sluggishness of business, is that it is an inflationary movement caused
by forcing Government credit into the price structure. This has reference
to the operations of the Reconstruction Finance Corporation and to the
Federal Reserve Bank purchases of Government securities and their WM
as backing for the currency under the Glass-Steagall Act.
Either as a reason for considering the rise unwarranted, or as a motive
for expecting it to carry to greatly higher levels, this interpretation has
little to commend it. The country has badly needed a revival of confidence
and a cessation of the disastrous liquidation. If the operations in support of the credit situation have been instrumental in bringing this about
it is no more than they were intended to do, and likewise perhaps all they
could be expected to do.
The idea that the operations cited were inflationary in intent and character is not a new one and has been discussed in these letters on several
occasions. We are of the opinion that the term "Inflation" does not
apply to the creation of Government credit to replace private credit destroyed through panic, or to the creation of Reserve Bank credit to replenish bank reserves which had been depleted by people burying currency
in the ground. Under these conditions there was no addition to the
supply of credit in use, and in fact the volume of bank loans and investments
has continued to decline to this day.
Now there is more confidence and rising markets, but no more demand
for credit. The Government is not making use of these measures to
speculate in the markets, nor is it operating the printing press to pay its
bilia. Moreover, the Reserve Bank credit put out to replace the currency
and gold withdrawals is being retired, and undoubtedly will be reduced
further as the currency and gold come back.
It must be expected that an increase in the volume of credit in use will
occur only through the use of credit by business, and that credit expansion
therefore cannot take place without some measure of business recovery.
The history of the depression reveals no method of forcing credit into an
unwilling business situation.
Earlier paragraphs in this letter have suggested that the credit factor
will not be paramount in determining the permanence of the recovery.
Financial Chronicle
Volume 135
Credit conditions are improved and more favorable to recovery than they
were, and this is a very necessary gain, but the controlling factor in bringing
business back will be the extent to which there is co-operation in restoring
the equilibrium among the various elements in the economic system, in
reviving purchasing power, and in dealing with the difficult political and
fiscal problems which confront the Governments of the world. These
will ultimately give the answer whether recovery is finally under way, and
If so how rapidly it will move.
Farm Products Responsible for Slight Increase in
Wholesale Price Index of National Fertilizer
Association for Week Ended Sept. 3.
Advancing prices for raw cotton, corn, wheat and butter
contributed to the small gain during the week ended Sept. 3
in the wholesale price index of the National Fertilizer Association. This index advanced from 62.3 to 62.5 during the
latest week. As the index advanced two fractional points
during the previous week, the latest index number is now four
fractional points higher than it was two weeks ago and
more than one full point higher than it was a month ago.
It is about three full points higher than the record low of
59.6 for June 11 1932. A year ago the index stood at 67.6,
or only about five full points higher than it is to-day. (The
three-year average 1926-1928 equals 100.) The Association
also had the following to say on Sept. 6:
During the latest week seven groups advanced, two declined
and five
showed no change. Textiles, fats and oils, metals, fertilizer
materials,
foods, building materials and miscellaneous commodities
were higher.
Grains, feeds and livestock, and fuel, including petroleum and its
products,
were lower. While practically all grains were higher, reductions
in the
prices for cattle, hogs and certain feedstuffs more than offset
the gain
shown by the grains. The gain in the textile group for the
latest week
amounted to three full points. In addition to raw cotton, cotton
yarns,
silk and wool made appreciable advances.
During the latest week 53 commodities showed price
advances, the
largest number in many weeks. Only 14 commodities showed price
losses.
During the preceding week there were 35 price advances and 23
declines.
Among the commodities that advanced during the latest
week were raw
cotton, cotton yarns, cotton cloths, wool, silk, butter, cottonseed
oil, raw
sugar, peanuts, flour, corn, oats, wheat, heavy melting steel,
copper, tin,
turpentine, anthracite coal, calfskins, hides, coffee and rubber.
Lower
prices were noted for lard, hams, apples, hogs, cattle, silver
and gasoline.
WEEKLY WHOLESALE PRICE INDEX-RASED ON 476
COMMODITY
PRICES (1926-192100)
,
Per Cent
Each Group
Bears to the
Total Index.
All groups combined
62.5
..C.00IVOqq.
61.6
66.5
44.4
50.9
61.1
89.0
71.6
69.5
77.7
43.9
87.4
62.8
71.0
92.1
..1tom.coric9.c4
100.0
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
PrecedingWeek.
OCV,POWt -0!...WCI C4
,
, C
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Group.
Latest
Week
Sept. 3
1932.
Month
Ago.
Year
Ago,
61.1
67.6
45.1
40.7
59.8
87.7
71.5
68.4
78.2
41.9
87.4
68.8
71.8
92.1
68.5
60.6
54.5
54.2
68.2
88.6
77.9
76.9
89.3
59.5
86.4
75.4
81.2
95.2
RI 2
R7 S
NumNumper
Second Quarter.
be: First Six Month
of
of
Cos. 1930 1931. 1932. Cos. 1930. 1931. 1932.
011
24 39.7 -24.2 17.9
Food and food products
33 46.9 40.4 27.7
Chemical
18 18.4 12.4
7.9
Printing and publishing
8.0
5
4.2
2.4
Tobacco
6
2.2
1.4
0.7
Leather and shoe
Mining and smelting (excl.
copper, coal and coke)..
7.3
11
4.1
0.8
Office equipment
6
4.6
2.4
0
Stores
4
1.2
1.8
0.3
Electrical equipment
7 19.4 11.8
0.5
Automobile
16 69.0 60.6 -1.5
Realty
4
2.7
1.0 -0.6
Paper
1.6
5
0.8 -0.4
Motion picture
5
3.3
3.1 -0.5
Machinery
6.4
12
2.8 -1.5
Automobile parts and accessories (excl. tires)
31 15.0
7.5 -0.8
Household equipment
2.1
4
1. -0.1
Building supplies
11
3.7
1.5 -1.7
Copper
1.5 -0.5 -1.6
6
Railroad equipment
9 11.7
2.6 -1.4
Rubber
Steel
5.8-37.1
19 53.1
Coal and coke
7
0.4
0 -1.5
Clothing and textiles
0.6
0.1 -0.8
6
Miscellaneous
42 24.6 24.3
8.4
Total
23 groups for 2nd quarter'
25 groups for 1st half__ j 291 343.4 165.5
28 69.9 -33.2
39 103.2 93.4
21 50.0 37.4
7 18.4 10.8
4.3
8
2.9
10
9.8
5.7
19 23.3
7 11.1
12 14.0
11 39.8
17 125.1
5
6.9
8
4.9
7 10.7
20 20.3
21.2
65.9
24.6
6.1
1.3
1.7
10.4
3.0
5.2
1.4
16.0 3.2
19.7
2.4
89.4
0.3
0
3.4
3.1 -0.3
10.0 -1.2
7.8 --3.8
41 31.2 12.8 -6.8
7
3.4
1.7 -1.4
18 13.9
5.0 -5.1
6.8 -1.0 -3.1
7
13 30.6
4.4 -6.2
3.1
7
1.6 -4.2
22 120.7 14.3-50,8
2.0
0.6 -2.2
8
19 -OS -1.0-13.6
67 87.5 65.8 16.4
17.1
428 810.9 386.2
Telephone (net oper. inc.)._ 104
69.9
72.3
59.1
104 133.0 141.8 117.9
Other public util.(net earns.)
68.3
62.0
48.7
47 143.8 124.3 102.6
151 138.2 134.3 107.8
151 281.8 266.1 220.5
Total public utilities
47
Class I railroads (net operating income)
167 200.8 130.5
-Deficit.
45.2
48.8
167 376.3 240.5 112.3
The Bank's compilation of business profits in the first
quarter of the current year appeared in our issue of June 11,
page 4222.
New York Federal Reserve Bank's Indexes of Business
Activity-Changes in August Largely Confined to
Seasonal Movements.
The Federal Reserve Bank of New York has the following
to say in its Sept. 1 "Monthly Review" in presenting its
indexes of business activity:
The outstanding development in business activity during the past month
has been a large increase in sales of textile by mill agents, accompanying
the substantial rises in prices of textile raw material. Changes in other
data now available on general business activity in August were largely
confined to the usual seasonal movements. Car loadings of merchandise
and miscellaneous freight in the first three weeks of the month were little
changed from the average July level, while loadings of bulk freight showed
a small seasonal increase. Department store sales in New York City
and vicinity in the first half of August were 22% lower than a year previous,
the smallest year to year reduction since April. On the other hand, a
preliminary estimate indicates that bank debits outside of New York City
declined more than seasonally.
A majority of this bank's indexes of general trade and business activity
were somewhat lower in July than in June. Car loadings of merchandise
and miscellaneous frel.0 declined substantially, sales of department stores
In this district were reduced more than is usual, and decreases occurred
In the seasonally adjusted indexes of wholesale trade and of chain grocery
store sales. There was also a decline in foreign trade which is explainable
only in small part by the usual seasonal change. On the other hand, car
loadings of bulk freight showed more than the usual seasonal expansion, and
the adjusted index of bank debits outside of New York rose slightly for the
second consecutive month.
(Adjusted for seasonal variations,for usual year-to-year growth, and where necessary
for price changes.)
July
1931.
May
1932.
June
1932.
56
42
52
60
34
76
55
38
45
65
32
79
51
41
43p
49p
31
77
0.4.C.NOCM
NNWOM,
C=1-.C.00CNOt.-00
CA0000..W.) Wt..00000WW00[..0,00V.
,
Thirteen of the 23 groups of industrial and mercantile
companies shown
inIthe table reported deficits after all fixed charges and
expenses for the
second quarter of the year, and the aggregate of net profits for
all groups
was little more than one-tenth as large as in the same period
of last year,
and was only 5% as large as in 1930. The oil company group
earnings considerably in the second quarter, and, as in the increased its
first quarter,
was the only group to report larger earnings than last year.
For the first six months of 1932, data are available for 428
industrial
and mercantile companies, a larger number than for the second
quarter,
since many companies issue half
-yearly but not quarterly earnings
ments. These data Indicate that aggregate net profits in the first statehalf of
this year were only 13% as largo as a year ago and 6% of the 1930
profits.
The oil companies reported net profits nearly two-thirds as large
as last
year's deficit for the first six months, but all other groups showed
reduced
earnings. The reduction in profits of food and chemical companies was
about one-third, but most other groups either showed reductions
in net
earnings exceeding 50% or reported deficits; in fact, 12 of the 25
groups of
companies showed deficits for the half year.
Net operating income of telephone companies during the first six
months
showed the comparatively moderate decreases of 17% from a year ago and
15% from 1930. For other public utilities net earnings were 18% lower
than in 1931 and 29% less than in 1930. Net operating income
of 167
Class I railroads was less than half as large as in 1931 and only 30% of
the 1930 return. This comparison is after all current expenses but before
interest payments. After allowing for interest payments a large deficit
Was shown, as against some net profit last year.
Corporation Groups-
[...C.OWCP
New York Federal Reserve Bank on Business
Profits in
Second Quarter of 1932
-Aggregate Net Profits
Little More Than One-tenth As Large As in Same
Period Last Year.
"Reflecting the continued low level of general business
activity during the April to June quarter of this year,"
says the Federal Reserve Bank of New York,
"corporation
earnings reports showed very little net profit for the
period."
With reference to business profits in the second quarter
of
this year the Reserve Bank in its Sept. 1 "Monthly
Review"
continues:
1723
(Net profits in millions of dollars.)
76
77
78
75
59
65
31
76
74
76
73
59
81
415
73
72
76
69
55
__
_-
63
57
79
55
56
69
73
68
63
132
31
83
47
132
184
132
64
62
76
61
59
69
76r
685
61
129
22
94
48
129
I82r
130
65
61
82
61
75
Primary Distribution
Car loadings, merchandise & miscellaneous
Car loadings, other
Exports
Imports
Waterways traffic
Wholesale trade
Distribution to Consumer
Department store sales, 2d District
Chain grocery sales
Other chain store sales
Mall order house sales
Advertising
Gasoline consumption
Passenger automobile registrations
General Business AciirilyBank debits, outside of New York City
Bank debits, New York CRY
Velocity of bank deposits, outside of N.Y.CityVelocity of bank deposits, New York City
Shares sold on New York Stock Exchange
Postal receipts
Life insurance paid for
Electric power
Employment In the United States
Business failures
Building contracts
New corporations formed in New York State....
Real estate transfers
*General price level
*Composite Index of wages_r
*Cost of living
V Preliminary. r Revised. • 1913 averszioo.
July
1932.
iliP
-60
139
27
91
1ii
1805
134
National Shawmut Bank of Boston Finds New England
Business Conditions Improving.
Better sentiment accompanies the improvement in New
England business conditions, according to "New England
Business" published by the National Shawmut Bank of
1724
Financial Chronicle
Boston. The bank notes that the advance in security and
commodity prices, the increase in productive activity, reemployment of workers and the strengthened credit strue• ture all tend toward better sentiment in New England
While continued decline in distribution is not encouraging
the bank points out, past experience indicates that the
flow of commodities often lags in a period of business recovery. The bank says:
The efforts of business leaders throughout the country to improve business conditions must be supported by the insistence of citizens, that their
public representatives devote themselves to sound economic policies and
the reduction of Government costs.
The index of productive activity (based upon the consumption of electrical energy) declined less than seasonally in
July in New England and the United States as a whole. In
fact the July figures (after adjustment for seasonal variation)
were higher than for any month since March. In New
England the leather industry increased operations contrary
to the usual movement in July, while the textile industry
decreased operations less than usual. These factors were
influential in the improvement of productive activity in
New England.
Dr. Hardy of Brookings Institution Expects Early
Hardy
Return of Business to 1931 Level-Marked Recovery
in Home Building and Automobile Industry
Predicted.
Business will return to the level of 1931 within the next
few months, was the prediction made at French Lick, Ind.,
on Sept. 3 by Dr. C. 0. Hardy, of the Brookings Institution
staff, Washington, D. C., in an address "Business Now and
for the Next Twelve Months," delivered at the fortieth
annual U. S. Building and Loan League convention. Dr.
Hardy said:
"Capital will flow into fields much closer to the consumer than was the
case in the expansion period which ended in 1929. I look for a marked
recovery in home building and in the automobile industry. I must defend
that statement because there is a general but mistaken notion that we are
over-built. As soon as men are re-employed we shall find that we are
lacking in small modern homes."
The speaker, who is a visiting professor at Ohio State
University, believes there will be little immediate expansion
in the basic industries such as rails, shipping, mills and
mines "which have drawn more than their share of capital."
Dr. Hardy gave his theory as to why the forecasters missed
their mark in 1930 and 1931. He said the forecasting was
based too much on the facts of the recovery after the crisis
of 1921-1923 when the trouble had been caused by an over
investment in inventories of both raw and finished materials.
The present situation, he said, corresponds with the crises
of the nineteenth century. Present day forecasters also
had been over-sold on the cheap money theory, he said.
After an examination of all the business indices, Dr.
Hardy declared that actually as yet there was no improvement of long enough duration to classify as anything but a
flurry. However, he said, there is a brighter side to the
picture. There is a better business sentiment and prices of
basic raw materials are rising. He added:
it Stock prices always improve first after a crisis, and they rise before there
the
Is any reason for their doing so. The most hopeful feature to-day is
improvement in stocks and bonds, especially the latter, for the bond
market is less susceptible to flurries. This means that more capital Is
coming back into the investment market.
Two important reasons why we are at this time below the 1931 level Is
because the European situation was unstable and there was fear we were
going off the gold standard. Both causes for fear have disappeared. The
banking situation has been improved by the Reconstruction Finance Corporation and other similar measures which allayed the threatened panic,
all of which leads to the belief that we will be back to the level of 1931 by
the end of the year.
W. B. Whitlock Elected President of United States
Building and Loan League-Other Officials Chosen
at Annual Meeting.
Ward B. Whitlock of Springfield, Ill., is now President
of the United States Building and Loan League, national
organization of 2,700 individual associations. He was
• installed at the League's final convention session at French
Lick, Ind., Sept. 3. Mr. Whitlock has been Secretary of
the Building Association League of Illinois for a number of
years and has spent more than 42 years in the active building
and loan business. His fellow officers chosen for the year
1932-33 are Philip Lieber, Shreveport, La., First VicePresident; I. Friedlander, Houston, Tex., Second VicePresident, and H. F. Collarius, Cincinnati, SecretaryTreasurer.
In accepting the presidency Mr. Whitlock said:
The building and loan associations are going to make a success of the
new Federal Home Loan Bank System. That is our big job this year and
we are tackling it with the combined vigor of our associations. The rise
In business confidence is largely due to the prompt manner In which the
Sept. 10 1932
Federal Board has gone about setting up the system. With the Home
Loan banks open, refinancing of mortgages, modernizing of homes, and
building of needed homes will begin,and confidence will be further stimulated
In this field.
Directors of the League for the coming year are Lee C.
Stidd, Portland, Ore.; L. P. McCullough, Columbus, Ohio;
John Warren, Newark,N.J.; George E. McKinnis, Shawnee,
Okla., who were re-elected for two year terms at this convention, and Ernest A. Hale, Boston; William P. Siegert,
Philadelphia, Harold T. Donaldson, Lansing, Mich., and
George R. Wootten, Hickory, N. C.
Francis H. Sisson of Guaranty Trust Co. of New
York Says Conditions Through Which World
Has Passed Indicates Greater Need for Vigorous
and Intelligent Advertising Policies in Finance
than any Other Field.
In an address at the luncheon of the New York Financial
Advertisers at the Hotel Pennsylvania, on Sept. 8, Francis
H. Sisson, Vice-President of the Guaranty Trust Co. of New
York, and incoming President of the American Bankers'
Association, said that "the difficult conditions through which
the financial world has passed in recent years have brought
a new challenge to the financial advertiser. In no field
of business is there greater need for vigorous and intelligent
advertising policies at present than in finance." In part,
Mr. Sisson also said:
The financial advertiser carries his appeal both to the general public and
to business men. To the general public his appeal is one of thrift, foresight, ambition and dispassionate judgment. To the business man It is
one of confidence and enterprise. In both these directions his message is
one that is badly needed to-day; and it is one that is well adapted to mass
appeal.
The financial advertiser, however, if he is to be successful under present
conditions, needs more than ambition and aggressiveness. He needs intelligence, sincerity and technical competence as he never needed them
before. The banker needs to know his advertising, and the advertiser needs
to know his banking. What is required even more than a greater amount
of financial advertising is the right kind of financial advertising.
There are two fields in which publicity can be most profitably employed
by the bankers at the present time. First, to sell banking service in its
various ramifications on the basis of its merit and value to the business
community. Second, to spread a better understanding of banking and its
functions to the general public. In a period of depression in which financial problems become peculiarly pressing, it is inevitable that the banks
should be the target of a great amount of misunderstanding and criticism.
Some of this misunderstanding only time can cure, but it is highly important that the bankers themselves should use every proper means at
hand to make known the facts about the situation and to nullify the false
Impressions and loose criticisms which are not based upon the facts. In
developing selling appeal for the valuable services they perform and in
abolishing public distrust and misunderstanding, the banks have no more
valuable weapon at hand than well directed publicity. It becomes increasingly important in such an emergency that this weapon be employed to
the best advantage, and, as far as possible, with scientific direction.
H. A. Lyon, of the Bankers' Trust Co., was the other guest
speaker at the luncheon. Mr. Lyon was the first President
of the New York Financial Advertisers and will be the
President of the national organization, the Financial Advertisers' Association, which will hold its annual convention
in Chicago this month. The program for the luncheon was
arranged by a committee headed by Alden M. Baxter, of the
American Bankers' Association "Journal," and the toastmaster was Robert W. Sparks, of the Bowery Savings Bank,
President of the New York Financial Advertisers.
Increase of
of 1% Reported in Wholesale Prices
by United States Department of Labor for Week
Ended Sept. 3.
The Bureau of Labor Statistics of the United States
Department of Labor announces that the index number of
wholesale prices for the week ended Sept. 3 stands at 65.5,
as compared with 65.2 for the week ended Aug. 27. The
Bureau also said as follows on Sept. 7:
This index number, which includes 784 commodities or price series,
weighted according to the importance of each article and based on the
average prices in 1926 as 100.0, shows that an increase of 3i of 1% has
taken place in the general average of all commodities for the week of
Sept. 3, when compared with the week ended on Aug. 27.
The accompanying statement shows the Index numbers of groups of
commodities for the weeks ended Aug. 6, 13, 20, 27, and Sept. 3.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF
AUG. 6, 13, 20, 27, AND SEPT. 3.
Week Ending
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
Aug. 6. Aug. 13 Aug. 20. Aug. 27. Seid. 3.
85.5
85.2
84.8
65.2
85.4
50.4
49.5
49.9
47.9
49.4
61.6
81.6
61.8
61.9
82.5
70.8
70.8
70.8
70.2
89.9
55.2
54.0
53.7
53.0
52.5
72.2
72.7
72.8
72.9
73.0
80.2
80.0
80.1
79.4
79.2
89.9
89.8
69.6
89.4
89.8
73.2
73.0
73.5
73.4
73.4
74.8
74.9
74.9
74.9
74.9
64.7
84.4
64.7
64.7
84.5
.4
Financial Chronicle
Volume 135
10.4% as Compared with Corresponding Period Last Year.
The production of electricity by the electric light and
power industry of the United States for the week ended
Saturday, Sept. 3, was 1,464,700,000 kwh., according to
the National Electric Light Association. The Atlantic seaboard shows a decrease of 5.8% from last year, while New
England, taken alone, shows a decrease of 7.5%. The
Central industrial region, outlined by Buffalo, Pittsburgh,
Cincinnati, St. Louis and Milwaukee, registers as a whole
a decrease of 13.6%. The Pacific Coast shows a decline
of 10.5% below last year.
Arranged in tabular form, the output in kilowatt hours
of the light and power companies for recent weeks and by
months since the first of the year is as follows:
Electric Output Off
Weeks Ended.
1932.
1931.
1930.
1929.
1932
Under
1931.
Apr. 2 ---- 1.480,208,000 1,679,764,000 1,708,228,000 1,663,291,000 11.9%
Apr. 9 ---- 1,465,076,000 1,647,078,000 1,715,404,000 1,696,543,000 11.1%
Apr. 16 ---- 1,480,738,000 1,641,253,000 1,733,476,000 1,709,331,000 9.8%
1,469,810,000 1,675,570,000 1,725,209,000 1,699,822,000 12.3%
Apr. 23
Apr. 30 -- 1,454,505,000 1,644,437,000 1,698,389,000 1,688,434,000 11.5%
May 7 ____ 1,429,032,000 1,637,296,000 1,689,034,000 1,698,492,000 12.7%
May 14 ____ 1,436,928,000 1,654,303,000 1,716,858,000 1,704,426,000 13.1%
May 21 __ 1,435,731,000 1,644,783,000 1,723,383,000 1,705,460,000 12.7%
May 28 -_ 1,425,151,000 x1,601,833,000 1.659,578,000 1,615,085,000 112.2%
June 4 ..._ x1,381,452,000 1,593,622,000 1,657,084,000 1,689,925,000 J
June 11 -___ 1,435,471,000 1,621,451,000 1,706,843,000 1,699,227,000 11.5%
June 18 ____ 1,441,532,000 1,609,931,000 1,607,800,000 1,702,501,000 10.5%
June 25 -___ 1,440,541,000 1,634,935,000 1,703,762,000 1,723,428,000 11.9%
1,456,961,000 z1,607,238,000 1,594,124,000 1,592,075,000 112.8%
July 2
July 9 --- z1,341,730,000 1,603,713,000 1,625,659,000 1,711,625,000 j
July 16 ____ 1,415,704,000 1,644,638,000 1,666,807,000 1,727,225,000 13.9%
July 23 ..._ 1,433.993,000 1,650,545,000 1,686,467,000 1,723,031,000 13.1%
July 80 ____ 1,440,386,000 1,644,089,000 1.678,327,000 1,724,728,000 12.4%
Aug. 6 --__ 1,426,986,000 1,642,858,000 1,691,750,000 1,729,667,000 13.1%
Aug. 13 ____ 1.415,122,000 1,629,011,000 1,677,145,000 1,733,110,000 13.1%
Aug. 20 ____ 1,431,910,000 1,643,229,000 1,691,261,000 1,750,055,000 12.9%
Aug. 27 ____ 1,436,440,000 1,637,533,000 1,688,352,000 1,761,594,000 12.3%
Sept. 3 ____ 1,464,700,000 1,635,623,000 1,630,081,000 1,774,538,000 10.4%
Months
January _-__ 7,014,066,000 7,439,888.000 8,021,749,000 7,585,334,000 5.7%
February_._ 6,518,245,000 6.705.564,000 7,066,788,000 6.850,855,000 y6.1%
6,781,347,000 7,381,004,000 7,580,335,000 7,380,263,000 8.2%
March
6,303,425,000 7,193691,000 7,416,191,000 7,285,350,000 12.4%
April
May
6,212,090,000 7,183,341,000 7,494,807,000 7,486,635,000 13.5%
6,130,077,000 7,070,729,000 7,239,697,000 7,220,279,000
June
July-- -- 6.112,175,000 7,286,576,000 7,363,730,000 7,484,727,000 13.3%
16.1%
x Including Memorial Day y Change computed on basis of average daily reports.
z Including July 4 holiday.
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Annalist Weekly Index of Wholesale Commodity
at New High for Year.
Prices
Further widely distributed advances in commodities has
carried the Annalist Weekly Index of Wholesale Commodity
Prices up to 96.2 for the week ended Sept. 6. The rise
marks a new high for the year, with a gain of 0.2 from last
week's 96.0 (revised). The "Annalist" also says:
The indexes for the farm and food products groups advanced, as did that
for the metals. The textile group reacted slightly from its recent advances,
While a reduction in gasoline prices carried the fuel index lower.
ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(Unadjusted for Seasonal Variation)(1913=100)
Sept. 6 1932. Aug.301932. Sept. 8 1931.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
78.4
101.0
*79.3
138.6
97.1
106.5
95.2
80.2
x77.0
z100.6
x79.8
142.9
96.0
106.5
95.2
80.1
85.5
111.4
89.5
126.1
101.7
115.7
97.2
88.1
All commodities
95.2
* Provisional. x Revised. z Corrected.
x95.0
101_2
Valuation of Construction Contracts Awarded as Compiled by F. W. Dodge Corp. Shows 42% Decline
for August.
The valuation of construction contracts awarded in the
37 States east of the Rocky Mountains in the month of
August 1932 was $99,118,000 less than in August 1931, the
figure for August of this year being only $133,988,100 against
$233,106,100 in the same month of last year, a decline of
42%% as compared with a decline of 55% in July of 1932
in comparison with July of 1931. For the first eight months
of the year the decline from 1931 was $1,381,761,600.
August contracts for new construction of all descriptions awarded in
the
37 States east of the Rocky Mountains showed a gain of 4% over July
awards, according to F. W. Dodge Corp.,the August figure of $133,988.100
comparing with $128,788,700 for July. Gains over July were shown in
building, both residential and non-residential, as well as in
engineering
works. The contract total for engineering works was only 12% smaller
than the total shown for this class of construction during August 1931.
August contract totals reported for New England, Metropolitan New
York, up-State New York, the Pittsburgh area, the Southeast, the Chicago
and the New Orleans territories were larger than those recorded in July.
Of those major territorial areas. the Southeast reported a gain, also, over
August of last year. Though the remaining six territories failed to score
advances over July, gains over August 1931 were reported in the Middle
Atlantic States and the Central Northwest.
1725
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
No.of
Projects.
Month of August
-Residential building1932
Non-residential building
Public works and utilities
New Floor
Space (Se. Pl.)
Valuation.
5,545,300
8,113,600
204,600
$20,766,800
49,071.100
64,150,200
7,185
13,863,500
$133.988,100
5,141
2,373
1,728
14.123,700
15,669,700
837,800
$60,202,800
99,627,300
73,276,000
9,242
30.631,200
$233,106,100
26.753
15,965
10,305
52,147,100
58,221,600
1,642,300
$203,205,600
361,085,100
365.545,800
3,320
2,180
1.685
Total construction
1931-Residential building
Non-residential building_ _
Public works and utilities
Total construction
First Eight Months
1932-Residential building
Non-residential building
Public works and utilities
Total construction
53.023
$929,836,500
142,353,300
118,422,700
6,566,800
$614,841,900
793,623,600
903,132,600
79,432
Total construction
112,011.000
45,706
20,038
13,688
1931-Residential building
Non-residential building
Public works and utilities
267,342.800
$2,311,598,100
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
1931.
1932.
No. of
Projects.
Month of August
Residential building
Non-residential building
Public works and utilities- Total construction
First Eight Months
Residential building
Non-residential building
Public works and utilities
Total construction
Valuation.
No. of
Projects.
Valuation.
3,733
2,329
1,958
$28,765,000
32,815,600
89,022,600
5,486
2.524
1,863
8.020
$150,603,800
9.873
$298,476,900
374,363,200
632,011,100
50.371
24,568
17,172
$852,561.100
1,145,966,900
1,447,535.000
64,470 51,304,851,200
92.111
53,446.063,000
31,585
19,855
13,030
$85,394,000
86,514.900
107,980,800
$279,889.700
Labor Outlook Viewed as Brighter Than at Any Time in
Past Three Years By Creighton J. Hill of Babson
Statistical Organization-Views on Five-Day Week.
Creighton J. Hill, of the Babson Statistical Organization,
addressing the 19th Annual National Business Conference,
at Babson Park, Mass., stated that "the labor outlook for
the next 12 months is decidedly brighter than at any time
during the past three years." He says that "employment
trends will lag behind other major barometers as the business
improvement extends, as is usual in the early part of any
period of recovery, but payroll totals should show some real
improvement before the end of 1932. Wage rates are now
being stabilized at levels approximately 20% below the peak
of 1929. This liquidation is consistent with the sharp decline
in living costs to levels averaging throughout the country
20% below the high point at the end of 1929." We also
quote as follows what he had to say:
Considerable Suffering This Winter.
I am not disregarding the fact that there will be considerable suffering
due to unemployment during the coming winter. This must be met by
the united co-operation of Government and business leaders. It will be
the last real winter of distress and it will be a winter in which we shall be
moving steadily out of the depression of the past three years. But because
the cushions of relief in various directions have worn thin and because
before the end of winter many unemployed will have tapped the last of
their own resources of savings, we are bound to be confronted with considerable distress.
At the same time, this should not obscure the fact that the low point
of the depression has passed and the period of recovery has actually begun.
Both employment and payrolls saw their low points in August and an
upward trend in both the employment and payroll indices will be in evidence
beginning this month This improvement should carry us well through
the remainder of 1932 before any minor seasonal reaction takes place.
Purchasing Power Depleted.
The most serious aspect of the present situation is the fact that the
purchasing power has been depleted to a point of grave danger due to the
steady month by month drops in both employment and payroll totals.
The fact that wage rates have dropped 20% has been a very salutary
factor in the situation and both wage and salary workers are to be commended for the admirable spirit they have shown in accepting their share
of the burden of the depression. Without such a wage reduction, the
depression would unquestionably have been prolonged and no ground
could habe been prepared for the recovery until a liquidation of wages
had taken place.
But the important thing to the worker is not the wage rate but the
amount of money which goes into his pay envelope weekly. Millions of
men have been out of work for months, many others have been working
from one to four days a week. The result has been that to-day payroll
totals are running 40% below a year ago and are approximately only onethird of what they were at the peak of 1929. Employment likewise is
45% less than it was in 1929. This means that industry's first job is to
get men back to work.
The five-day week, which has been urged by President Hoover, is of
course excellent in so far as it goes. It distributes the amount of work
available among the greater number, but it does not increase the total
volume of that work, and consequently does not increase purchasing power.
While it is true there is overproduction in certain industries, nevertheless
there are other lines in which there is distinct under-production.
Furthermore, the real solution of the problem lies in raising the standard
of American living. This means that labor must get an increasing share
of the profits of industry represented by wage levels consistently higher
as measured by all the factors in the situation. It means that workers
Financial Chronicle
1726
must have more leisure in which to enjoy this higher standard of living
and to make use of the increased purchasing power that is placed in their
hands. It means that more and more of the so-called luxuries must be
brought by mass production and mass distribution within the range of
more and more people.
Living Costs Trend Upward.
The outlook for living costs during the next 12 months is for a slightly
upward trend from the low point which we believe was reached last June.
We are now undergoing a seasonal upturn in living costs which has been
accented by the rising tide of wholesale commodity prices. In brief, living
costs will not again be as low as they were this past summer, probably
for some years.
No Serious Labor Troubles Ahead.
During the past 12 months, labor troubles have been at a minimum as
far as any strikes of major importance are concerned. There may be some
Industrial troubles ahead during the winter, but no strikes of any serious
Import to general industry are on the industrial horizon.
-Day Week.
The Five
There is no question but that the movement toward the progressively
shorter work week has gained impetus during the past year. The necessity
for distributing work among the greatest possible number has of course
dominated the present viewpoint concerning the five-day week. In addition, however, the growing amount of unemployment which has steadily
developed as a consequence of the increasing use of labor-saving machinery
and improved industrial processes has sharpened the necessity for some
solution to this technological unemployment problem. The five-day week
Is at least a partial answer, even though I do not consider it a permanent
Cure for the unemployment problem of general industry to-day.
Conclusion.
Since the World War the United States has raised the standard of living
of its citizens in a manner never equalled by any country in the history
of the world. Since the War, we have manufactured forty million automobiles and trucks. We have built twenty million garages, public and
Private, as well as about a half a million filling stations. We have manufactured about thirty million radios and developed electric refrigeration.
We have built and improved several hundred thousand miles of highways,
Including thousands of new bridges.
In every section of the country, we have met the demand for new and
modern school buildings as well as other public buildings. It is in the
continuation of this task of improving the living standards of our citizenry
that the solution of our general labor problem Iles. The five-day week is
only a means to an end. Higher wage levels are a relative matter. The
essential task is to resume the upward trend of the American standard of
living that has been interrupted by the depression of the past three years.
•
Review of Business Conditions in Fifth Reserve
District by Federal Reserve Bank of Richmond—
Some Improvement Noted in Conditions Since
Middle of July—Employment Conditions Improved
During July and First Half of August.
The Federal Reserve Bank of Richmond states that
"since the middle of July some improvement in conditions
in the Fifth (Richmond) Reserve District have been noticed.
Two influences which appear to have been instrumental in
bringing about the change," continues the bank, "are the
activity and improvement in the security market and the
recent rise in prices for cotton and some other agricultural
products." The bank in its Aug. 31 "Monthly Review"
also says:
•
Most of the basic business statistics which are now available cover the
month of July,and show little change from other recent months, but nevertheless there is much more optimism than was the case previously. The
Department of Labor's figures for July show price advances in both wholesale and retail indexes, the first checks reported in many months to steadily
falling commodity prices. In the Fifth District labor conditions have
changed for the better in some industries and localities, a number of industrial plants having taken on additional workers and opening of tobacco
markets requiring the help of several hundred men. Textile mills have
Increased operating time materially since the first of August, and orders
for their products have increased also. As is customary at this season of
the year, the circulation of Federal Reserve notes rose during the past
month, but member banks in rural districts did not increase their rediscounts at the Reserve bank as they usually do when crops begin to move
to market. Member banks in the larger centres slightly decreased their
loans, but increased their investments in securities between the middle of
July and the middle of August, and increased moderately their borrowing
at the Reserve bank. Bank deposits changed little during the past month.
Debits to individual accounts figures in the four weeks ended Aug. 10
showed a seasonal reduction in comparison with the preceding four weeks,
Which included the July 1 payments. Commercial failures in the Fifth
Federal Reserve District in July were more numerous and liabilities involved
were greater than in any other July on record, but were not up to the figures
of several earlier months this year. Coal production showed some seasonal
Increase in July in comparison with June and West Virginia continued to
lead all States in production of bituminous coal. Cotton consumption in
both the United States and the Fifth District was relatively small in July
because many mills were closed a considerable part of the month, but 811:103
Aug. 1 nearly all textile mills have resumed operations, and higher cotton
prices have improved the outlook for both the mills and the cotton growers.
Tobacco markets opened in August in South Carolina and border counties
in North Carolina, and prices for lower grades were better than prices last
year. Tobacco manufacturing in July was at a lower rate than In July
last year, but compared favorably with other recent months. Crop prospects, In so far as quantity of yields is concerned, declined materially in
July because of dry and hot weather throughout the entire district, but the
outlook for better prices improved in several lines and on the whole the
farmers appear to be in a stronger position than they were at this time a
year ago. Building permits issued in Fifth District cities in July provided
for a very small amount ofconstruction work,but contracts actually awarded
In the district,including rural as well as urban projects, exceeded In amount
the contracts awarded in either June this year or July last year. Retail
trade as reflected in department store sales last month averaged nearly
28% less in dollar amount than trade in July 1931, and five representative
lines of wholesale trade also showed materially lower sales this year. It
should be remembered that lower price levels in many lines this year account
for part of the decline in the aggregate value of retail and wholesale sales.
Sept. 10 1932
The bank reported as follows regarding employment conditions in its district:
In July and the first half of August some improvement was reported in
employment conditions in the Fifth Federal Reserve District. A considerable number of industrial plants took on additional workers, and one large
corporation announced the restoration of wages to the level from which a
cut was made last winter. The opening of tobacco markets in South Carolina and border North Carolina towns gave employment to several hundred
persons.
Business Conditions in Dallas Federal Reserve District
—Distribution of Merchandise in Both Wholesale
and Retail Channels Improved During First Half
of August.
"A noticeable strengthening of sentiment, created by the
upward trend in prices of agricultural commodities and
livestock and by the favorable prospects for agricultural
production, was the outstanding development in the 11th
(Dallas) Federal Reserve District during the past 30 days,"
said the Federal Reserve Bank of Dallas in its "District
Summary," compiled Aug. 15, as given in the Bank's
"Monthly Business Review" of Sept. 1. Continuing, the
Bank also said:
A large volume offeed production is now assured in practically all sections
of the District and this together with the generous supply of vegetables
canned for home consumption should enable farmers to cultivate 1933
crops with a minimum outlay. While the Department of Agriculture's
estimate of cotton production in Teals is the smallest since 1922, this is
due largely to the reduced acreage as the per acre yield was estimated to be
higher than the 10
-year average. Furthermore, the recent rise in the price
of cotton to the highest level of the current year will, if sustained during
the harvesting season, partially compensate for the lower production.
Livestock and their ranges are in good condition and since the recent rains
late summer and fall grazing is practically assured. The movement of
cattle to markets is smaller than a year ago and the demand for stockers has
shown a slight improvement.
While the merchandise distribution in both wholesale and retail channels
reached a low level during July due in part to seasonal influences and in
part to the waiting attitude of consumers and retailers, late reports indicate
that there was an improvement in the first half of August. Consumer
buying has been stimulated by the better feeling prevailing generally, the
attractively priced clearance sales, and the offering of new fall merchandise.
Retailers are still adhering to the policy of purchasing in small lots and to
cover immediate needs, yet in some lines there is a tendency to buy a
wider assortment of goods. As inventories generally are at a low level any
increase in consumer demand should be immediately reflected in a larger
distribution at wholesale.
Financial developments were marked by a smaller than seasonal decline
in member bank deposits and a heavy demand for the Treasury issues of
Aug. 1. The daily average of combined net demand and time deposits of
member banks declined only $2,938,000 between June and July, and the
recession from the corresponding month a year ago was the smallest recorded
iu three months. Subscriptions to the 214 and 33(% United States Treasury
notes totaled $89,938,500, against which allotments of only $15,332,700
were made. Federal Reserve Bank loans to member banks rose sharply
In the last half of July, but the liquidation during the subsequent two weeks
brought the total of these loans down to $16,129,000 on Aug. 15, which was
only $273,000 above that a month earlier, and $2,774,000 larger than on the
same date in 1931. The loans and investments of member banks in leading
cities reflected a seasonal decline between July 6 and Aug. 10.
The volume of construction activity continued at a law level. The July
valuation of building permits issued at principal cities was 27% smaller
than in June and 74% less than a Year aga•
The Bank had the following to say regarding wholesale
and retail trade conditions:
Wholesale Trade
Sales of reporting wholesale firms in the Eleventh District during July
were materially smaller than in the previous month, the decreases ranging
from 8.1% in the case of groceries to 60.1% in the case of farm implements.
Business proceeded on a reduced scale, and in the lines of groceries, dry
goods, hardware, and drugs, the reductions from a year ago were heavier
than in June. While some encouraging developments occurred during the
month, merchants showed a disposition to await further evidence of actual
Improvement in consumer demand and general purchasing power before
making any commitments other than for Immediate necessities. The
upward trend in prices for some agricultural commodities, particularly
cotton, has generated a greater degree of confidence which has brought
about a better demand for goods in some lines of trade. Inventories in
most lines were reduced slightly during July. Despite a larger than seasonal
gain in the case offarm implements,total collections fell off somewhat.
Contrary to the usual trend, July sales of dry goods at wholesale reflected
a decline of 17.4% from the preceding month, and they were 44.1% less
than the volume of the same month last year. Merchants are showing
much interest in the displays of new fall merchandise, and it is reported
that business since Aug. 1 has improved considerably. Dry goods prices
have moved upward somewhat, in sympathy with the advance in raw
cotton prices. The volume of collections during July was 5.8% less than
that of the previous month.
There was a further decline of 10.6% in the demand for drugs at wholesale
during July, and distribution was on a scale 33.7% lower than a year ago.
In June this decrease amounted to 22.7%. The most important development during the month was the change in sentiment, which in all parts of
the District has resulted In a brighter outlook and to some extent in improved business conditions. Collections were on approximately the_same
scale as in the preceding month.
The sales of reporting wholesale farm implement firms during July were
60.1% less than in June. While this decrease was not of a seasonal character,
the 57.8% reduction from the corresponding month last year was emore
favorable comparison than that shown in June. Reports indicate that
prospects for fall business have improved to some extent. July collections
were 52.6% larger than those of the previous month.
A decrease of 19.0% was reflected in the distribution of hardware through
wholesale channels during July. Purchases were on a conservative basis
and there was little tendency to place orders beyond well defined needs.
Total sales were 31.1% less than in July 1931. Collections were slightly
smaller than in June.
Volume 135
Financial Chronicle
Sales of groceries by wholesale firms during July were 8.1% less than in
June, and 22.9% below those of July last year. Stocks on hand declined
5.3% during the month, and on July 31 were 21.0% smaller than a year
ago. Collections evidenced a seasonal decrease of 4.8%.
CONDITION OF WHOLESALE TRADE DURING JULY 1932.
Percentage of Increase or Decrease (nNet Sales
July 1932
Compared
With
Stocks
July 1932
Compared
With
July
1931.
Groceries
Dry goods
Farm implements
Hardware
Drugs
June
1932.
July
1931.
June
1932.
Ratio of
Collections
During July
to Accounts
and Notes
Outstanding
on June 30.
--22.9
--44.1
--57.8
--31.1
--33.7
---8.1
---17.4
---60.1
---19.0
--10.6
--21.0
--38.0
--9.5
--12.9
--19.0
-5.3
+4.1
-1.1
-1.8
-3.6
63.7
19.7
3.7
25.9
32.6
Retail Trade.
An average recession reflecting the customary mid-summer dullness was
evidenced during July in the distribution of merchandise at department
stores in principal cities of the Eleventh District. Total sales during the
month were 28.3% less than those a month earlier, and 32.4% below
the
corresponding month of 1931. The seasonally adjusted index of department
store sales declined slightly from 60.8 in June to 59.6 in July. Reports
Indicate that the recently featured reduced price sales have stimulated
the
clearance or summer merchandise. Distribution during the first
seven
months of 1932 was 28.6% less than in the same period of 1931.
Inventories at department stores reflected a further decline during
the
month, being 7% less than those held on June 30, and 23.7% below those
a
year ago. The rate of stock turnover during the seven-month period,
January through July 1931. was 1.49, as against 1.67 during
the same
period of 1931.
July collections were seasonally smaller than those a month earlier,
and
continued considerably below those a year ago. The ratio of collections
to
accounts outstanding on July 1 was 28.1%, which represents a decline
of
1.2 Points from those a month earlier, and 3.6 points from July 1931.
Lumber Orders Continue
Advance.
Orders received at lumber mills continued their steady
climb of the last four weeks, exceeding production by 67%
during the week ended Sept. 3, according to telegraphic
reports to the National Lumber Manufacturers Association
from regional manufacturers associations covering the
operations of 631 leading softwood and hardwood mills.
Orders received by these mills amounted to 182,510,000 feet.
Production continued low at 109,404,000 feet. Softwood
orders were 10% above those reported for the preceding
week and 34% above the average of the weeks of 1932 to
date. Although some strengthening of order files should be
seasonally expected, not since 1929 has there been until
now an appreciable upturn in late August or early September.
The Association further reports as follows:
This increase in lumber orders has improved the position
of lumber
stocks at the mills which on Sept. 3 showed for softwoods
the equivalent of
88 days' average production of the reporting mills as compared
with 91
days on Aug. 1. and 117 days a year ago. For the second week
Southern pine stocks are less than 1% over budgeted or normal reported
operating
stocks.
For the first time since May,softwood unfille.1 orders have been
as high
as 10 days' average production of the mills reporting, which
figure was
reached this week. This compares with 13 days' average
production a
year ago.
Lumber orders reported for the week ended Sept. 3
1932, by
mills totaled 166,992,000 feet. or 61% above the production462 softwood
of the same
mills. Shipments as reported for the same week were
132,856,000 feet, or
28% above production. Production was 103.676,000 feet.
Reports from 182 hardwood mills give new business
as 15,518,000 feet,
or 171% above production. Shipments as reported for the same
week were
12,779.000 feet. or 123% above production. Production was
5.728.000 feet.
Unfilled Orders.
Reports from 403 softwood mills give unfilled orders of
364.681,000 feet,
on Sept. 3 1932. or the equivalent of 10 days' production. This
is based
upon production of latest calendar year-300
-day year
-and
compared with unfilled orders of 492 softwood mills on Sept. may be
3 1931, of
563,812,000 feet, the equivalent of 13 days' production.
The 376 identical softwood mills report unfilled orders as
357,726.000
feet on Sept 3 1932, or the equivalent of 10 days' average
compared with 496,744,000 feet, or the equivalent of 13 production, as
days' average
production on similar date a year ago. Last week's
production of 428
Identical softwood mills was 99,414,000 feet, and a year ago
it was 162,481,000 feet; shipments were respectively 128,174,000 feet and
and orders received 161,860.000 feet and 177.173,000. In 185.253,000;
the case of
hardwoods, 163 identical mills reported production last week
and a year
ago 5,298.000 feet and 11.748.000;shipments 12,195.000 feet and
16,870.000,
and orders 14,676.000 feet and 16.982.000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the
followbusiness, shipments and unfilled orders for 216 mills
ing new
reporting for
the week ended Sept. 3:
NEW BUSINESS.
Feel.
Domestic cargo
delivery
28,017.000
18,114.000
Export
25,249.000
Rail
7,594.000
Local
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Domestic Cargo
Coastwise and
delivery.... 81,806,000 intercoastal 20.463.000
.
Foreign
57,866.000 Export
10,712,000
Rail
49,847,000 Rail
22.085,000
Local
7,594,000
Total
78,974,000 Total
189,519,000 Total
60,854,000
Production for the week was 50,808.000 feet.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
115
mills reporting, shipments were 63% above production, and orders 106%
above production and 26% above shipmenta. New business taken during
the week amounted to 42.026,000 feet. (previous week 38.789.000 at 118
mills); shipments 33,235.000 feet, (previous week 34,873.000): and productBon 20,411,000 feet, (previous week 22,252,000). Orders on hand at the
1727
end of the week at 107 mills were 73,759.000 feet. The 107 identical mills
reported a decrease in production of 18%, 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
111 mills reporting, shipments were 17% above production, and orders
40% above production and 20% above shipments. New business taken
during the week amounted to 44.063,000 feet, (previous week 37,195,000 at
116 mills); shipments 36,834,000 feet, (previous week 35.491.000); and
production 31,577,000 feet, (previous week 32,932.000). Orders on hand
at the end of the week at 111 mills were 118.165,000 feet. The 101 identical
mills reported a decrease in production of 39%, and in new business a
decrease of 13%,as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis. Minn., reported
production from 7 mills as 816,000 feet, shipments 1.577.000 feet and
new business 1,495,000 feet. The same number of mills reported a 47%
decrease in production and a 26% decrease in new business compared with
the same week of 1931.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 13 mills as 64,000 feet, shipments
356,000 and orders 434,000 feet. The 12 identical mills reported production
85% less and new business 17% more than for the corresponding week a
year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute. of Memphis, Tenn., reported
production from 169 mills as 5,708,000 feet, shipments 11.547.000 and new
business 13,690.000 feet. The 151 identical mills reported production 54%
Ices and new business 10% less than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 13 Milk; as 20.000 feet. shipments
1.232,000 and orders 1.828,000. The 12 identical mills reported production
93% less and new business 31% less, compared with the sorresponding week
of 1931.
Lumber Output, as Reported by an Average of 585
Mills for the Four Weeks Ended Aug. 27 1932 Was
44% Below the Corresponding Period Last Year
-Shipments Were Off 39%
-Orders Received
Declined 30%.
We give herewith data on identical mills for the four weeks
ended Aug. 27 1932 as reported by the National Lumber
Manufacturers Association: •
An average of 585 mills reported as follows to the National Lumber
Trade Barometer for the four weeks ended Aug. 27 1932:
(/n 1,000 Board Feet)
Production.
Shipments.
Orders Received.
1932.
1931. 1932.
1931.
1932.
1931.
Softwood
398,585 703,129 456,781 743,692 507.505 721.738
Hardwoods
22,111 44,553 38,509 65,558 40,066 62.936
Total
420,696 747.682 495,290 809.250 547.571 784,674
Production during the four weeks of August 1932 was 44% below corresponding weeks of 1931, as reported by these mills, and 60% below the
record of comparable mills for the same period of 1930. 1932 softwood cut
was 43% below that of the same weeks of 1931 and hardwood cut was
50%
below 1931.
Shipments in the four weeks ended Aug.27 1932, were 39% below those of
corresponding weeks of 1931, softwoods showing 39% decline and hardwoods, 41% decline.
Orders received during the four weeks ended Aug. 27 1932, were 30%
below those of corresponding weeks of 1931 and 42% below orders for
similar weeks of 1930. Softwoods showed decline of 30% as compared with
1931. and hardwoods, decline of 36%.
The production of the reporting mills In the four weeks ended Aug. 27
1932, was 22% of their rated capacity and 38% of their three year average
production (same weeks of 1929-30-31)•
On Aug. 27 1932, gross stocks, as reported by 373 softwood mills were
3,270.525,000 feet or the equivalent of 88 days' average production of the
reporting mills, as compared with 4,339.702,000 feet on Aug. 29 1931, the
equivalent of 116 days' average production.
On Aug. 27 1932, unfilled orders as reported by 539 mills (cutting either
softwoods or hardwoods or both) were 418,054,000 feet or the equivalent
of 10 days' average production, as compared with 15 days' average production or 625.026.000 feet on Aug. 29 1931.
Purchase of Java Rubber and Coffee Plantations Proposed by Swedish, Finnish, Norwegian and Danish
Co-operatives.
The following from Helsingfors, Sept. 7 is from the New
York "Times" of Sept. 8:
Authoritative quarters to-day confirmed reports that Swedish, Finnish.
Danish and Norwegian co-operative organizations hoped to acquire jointly
soon, large rubber,a coffee and copra plantations in Java to develop the production of these and other commodities for Northern European markets.
This project is held to be of great importance. The property involved
is said to be cheap.
Ford Motor Co. Plant at Hamilton, Ohio, Resumes.
The Hamilton, Ohio, plant of the Ford Motor Co. was
reopened dn Sept.6 after a months shutdown giving employment to 1,110 men, said Associated Press advices from
Hamilton on that day.
Ford Motor Co. Plant at Detroit Reopens
-Closed
About Three Weeks.
Operations were resumed by the Ford Motor Co. at its
main manufacturing plant at Detroit, Mich., on Sept. 6
after a shutdown of three weeks, it is learned from Associated
Press advices from Detroit, Sept. 6, which said:
Company officials announced that employees gradually would
be returned to work in the various departments.
Financial Chronicle
1728
that
Only former employees were being returned, the officials said, adding
men were being returned to work as rapidly as the methods of operation
of
In the departments would permit. No announcement of the number
men involved was made by the company.
Sawmill Plant at Lyman, Miss., of Batson & Hatten
Lumber Co. to Resume About Oct. 1.
Norman P. Hatten, an official of the Batson & Hatten
Lumber Co.,stated on Sept. 6, according to Associated Press
advices from Gulfport, Miss., that the company's sawmill
plant at Lyman, Miss., will resume operations about Oct. 1.
Reopening of the mill, which is one of the largest in South
Mississsippi, continued the advices under date of Sept. 6,
would give employment to about 500 men, according to Mr.
Hatten.
Men Recalled by Brick Company in West ‘irginia.
Under date of Sept. 6 Associated Press advices from East
Liverpool, Ohio, said:
full-time jobs at its
The Globe Brick Co. on Sept. 6 recalled 100 men to
Newell(W. Va.) plant, which has been idle for two months.
Apollo Steel Co. Resumes Large Scale Operations.
The Apollo Steel Co. resumed operations on a large scale
Sept. 6 after several months of poor business says the New
York "Times" of Sept. 7, according to advices from Pittsburgh, Pa., Sept. 6, which add:
the tonnage contracts
The resumption was the result of new orders, and
mills running at a much better
on hand are expected to keep the big sheet
employs 900 men in normal
rate than for the past six months. The plant
times.
said on Sept. 6 that they were optimistic over
Officials of the company
steel sheets to increase. They said
the outlook, expecting the demand for
consumers.
there was a call for sheets from a variety of
Night Shift Added by Shoe Concern—Orders Will
Enable Crown Shoe Co. to Continue Schedule to
End of Year.
Associated Press advices from Bloomsburg, Pa., Sept. 7,
contained the following:
according
The Crown Shoe Co. of Catawissa, Pa., has added a night shift
concern,
to an announcement made by George Mensch, President of the
to operate on
on Sept. 7. He said his company had enough orders ahead
end of the year. About 100 persons are
the night schedule until the
employed at the plant.
Detroit Employment Drops.
Detroit advices published in the "Wall Street Journal"
of Sept. 7 said:
Board of
Employment index of the industrial department of the Detroit
15 and 63.4
Commerce on Aug. 31 was 29.2, comparing with 32.9 on Aug.
last month
on July 31 this year. The index reflects factory shutdowns
for:vacations and inventory. On Aug. 31 1931, it was 50.
$1 a Bushel for Wheat Offered in North Dakota in
Exchange for Merchandise.
Associated Press accounts from Garrison (N. D.), Sept. 3
stated that $1 a bushel for wheat in exchange for a like amount
H.
of his merchandise was offered on that day by Frank
McGray, business man here. The dispatch said:
to wheat grading
The $1 price would be f. o. b. Garrison and would apply
accepted and hoped
No. 1, 2 and 3. McGray said he would hold all wheat
to get $1 a bushel for it before Jan. 1.
Minneapolis yesterday.
No. 1 dark Northern sold for 62 to 65 cents at
Credits.
Wheat Pools of Canada Get $31,000,000 in
York "Journal of
Winnipeg advices, Sept. 5 to the New
Commerce" stated that wheat pool credits in the three
the
prairie provinces approximate $31,000,000 for handling
1932 crop. The advices added:
Sept. 10 1932
While the "pegged" price for wheat has been selected as 70 cents for No.1
Northern at Fort William, recipients for relief may also make repayment
on the basis of "pegged" prices for other grains, it was pointed out.
Creation of National Committee on Agricultural
Services Approved by Farm Conference in Toronto.
Canada is to have a National Committee on Agricultural
Services, headed by the Federal Minister of Agriculture,
according to Toronto advices Sept. 1 to the Montreal
"Gazette" from which we also quote:
The proposal was unanimously approved by 100 agricultural officials
-day conference
from all parts of the Dominion at the conclusion of their 4
here to-night. A National Committee, It is expected, will serve best the
and co-ordinate all agricultural services.
purpose of the conference—to unify
As executive heads the Committee will have the Federal Minister of
Agriculture and the nine Provincial Ministers. A National Advisory
and
Committee on Agricultural Services will include the Federal Deputy
Asst. Deputy Minister, the nine Provincial Deputy Ministers of Agriculture,
of
the heads of the agricultural and veterinary colleges, and reprsentatives
the
the Provincial research foundations, the National Research Council,
rs, the
Dominion Bureau of Statistics, the Board of Grain Commissione
Canadian Society of Technical Agriculturists, and the two railway systems.
Plans Wheat Subsidy for Irish Free State—Agriculture
Minister Reveals that Government Will Guarantee
Market and Price.
A Dublin cablegram Sept. 4 to the New York "Times"
stated:
Dr. James Ryan, Minister of Agriculture, outlined at Cashel to-night
the Government's scheme for the encouragement of wheat growing in the
Irish Free State. He said 4,500 tons of cereals and cereal products were
imported yearly and believed that if the farmers were encouraged they could
grow the necessary wheat.
The Government, he said, proposed to give the farmers a guaranteed
market for milling and also a guaranteed price. The millers would be
compelled to take a stated percentage of Free State wheat. Above the
amount the millers would pay there would be a State subsidy. The millers'
price plus the subsidy would be a guaranteed price.
There would be no compuslion on the farmers to grow wheat, he said,
but the Government hoped they would avail themselves of the guaranteed
price and guaranteed market to adopt a policy of increasing acreage.
Regarding barley and oats, Dr. Ryan asserted he was not in a position to
say more than that the Government could provide a guaranteed market.
lie emphasized that the Government had no intention of compelling the
farmer to till his land or to sow cereals on land now devoted to live stock.
On the same date (Sept. 4) Canadian Press advices from
Dublin said:
Irish Free State farmers can expect a guaranteed price of $9.40 to $10 per
barrel for flour as a result of Government subsidies, Dr. James Ryan,
Minister for Agriculture, revealed to-day.
The Government was endeavoring to protect and enlarge the home market
for meats and other agricultural produce, he said, and would arrange for
alternative foreign markets.
French Wheat Crop for 1932, 9,919,000 Tons—Expected
to Be Absorbed in Home Market.
France's wheat crop for 1932 amounts to about 90,000,000
metric quintals [about 9,919,000 tons], according to statistics
the "Journal Officiol" published Sept. 3, according to a wireless message from Paris Sept. 2 to the New York "Times"
which said:
As stocks here have been reduced to a minimum by restrictions on the
importation of foreign wheat,it is believed the yield will be entirely absorbed
In the domestic market.
The wheat market has been disrupted here lately, due to fear the crop
was going to be so largo as to force the exportation of a part. Since French
wheat sells above the world price, many farmers became panicky and
started unloading, driving the official quotation down to the present low
of 119 francs [about $4.76].
The Government has been taking measures to encourage the farmers to
hold stocks, and to-day the Minister of War ordered all military posts to
place at the disposal of agricultural groups all buildings available for
storing grain. Meanwhile a Government decree is keeping out foreign
wheat.
Italy's Wheat Crop Estimated at 265,000,000 Bushels—
Reported As Record Crop.
has secured
Last year Alberta received credits of $7,500,000 and this year
show correspond39.000.000. The amounts assigned to the other Provinces
ing increase.
guaranteed by
These funds are supplied by the Banking Board and are
bushel initial adthe Dominion Government on the basis of 35 cents per
actually
vance. This is a revolving fund and at no time is the full amount
and marrequired unless late in the winter after all deliveries are completed
dropped.
keting is not active. The 5 cent bonus of last year has been
It was stated in Associated Press accounts from Rome that
Italy's wheat crop was officially estimated on Sept. 4 at
265,000,000 bushels on 12,200,000 acres. The account added:
for
Canadian Province (Saskatchewan) "Pegs" Wheat
s' Debt.
Relief-Farmer
Cuba's Sugar Crop—Grinding Season Ended Aug. 15
with 2,693,361 Tons-1,706,019 Tons Exported.
The following from Havana, is from the "Wall Street
Journal" of Sept. 1:
the
On Sept. 3 the Department of Commerce issued
following:
from the
Farmers in Saskatchewan who are recipients of assistance
repayments to the
Provincial Relief Commission will be permitted to make
No. 1 wheat
Commission on the basis of a "pegged" price of 70 cents for
Department from
at Fort William, according to a report to the Commerce
Trade Commissioner John A. Embry, Winnipeg.
obligation to
The Commission's plan will permit farmers to pay their
machinery repairs
the Government for seed, grain, fuel, oil, harness and
advances received from the Relief Committee, the report stated. which are
relief,
One important exception will be repayments for twin
covered by other arrangements. it was reported.
The offer will be good until Nov. 1. of this year.
The average acre production, therefore, was 21.7 bushels, said to be an
Italian record both as to crop and acre yield. It was said rust had prevented
the achievement of Premier Mussolini's goal of making Italy produce what
she consumes—about 300,000,000 bushels.
The Cuban National Sugar Export Corporation reports the close of
Cuba's grinding season on August 15 with a production of 2,593,361 long
tons of sugar from the six provinces, as follows: Pinar del Rio 98,702 ;
Havana 243,056; Matanzas 298,889; Santa Clara 522346; CamagueY
746,933 ; Oriente 683,415.
1,Up to August 15 exports totaled 1,706,019 long tons, of which
Local
104,628 went to the United States and 601,391 to other countries.
amounted
consumption was 102,300 tons. Stock in Cuba at mid -August
corto 3,419,461 long tons, including 918,752 segregated for the export
poration.
Volume 135
Protest
Financial Chronicle
by Santa Clara Mill Owners' Association
Against Cuban Sugar Restriction.
The "Wall Street Journal" of Sept. 7 reported the following from Havana:
The President of the Santa Clara Mill Owners' Association has sent a
letter to Viriato Gutierrez protesting proposed restriction of the sugar
crop to 2,000,000 tons and urging unrestricted production in Cuba. Cuba
should withdraw from the Brussels agreement, he stated.
Extension of Release Date for Segregated Cuban Sugar
Crop Would Aid Prices, According to J. H. Durrell.
From the "Wall Street Journal" of Sept. 7 we take the
following from Havana:
•
Official announcement of an extension of the release date for the 700,000
tons of segregated Cuban sugar would probably be reflected in higher raw
sugar prices, in the opinion of J. H. Durrell, Vice-President of the National
City Bank, who has arrived here.
The danger to the Cuban sugar industry lies in the Philippines, be
added, a situation which of course would be eliminated with the independence of these islands. Mh. Durell believes that considerable difficulties
stand in the way of the Philippine Islands joining the projected sugar institute though he believes that Puerto Rican producers will be favorable to
the proposition.
Consolidation of Cuba's debt at this time seems almost
impossible, in
Mr. Durrell's opinion, owing to the bond market condition in the United
States.
Australian Sugar Price Cut.
The following (United Press) from Melbourne, is from
the "Wall Street Journal" of Sept. 7:
Reduction of a half-penny a pound in the retail price of sugar
and a
stabilizing price of 4d a pound for four years has been agreed upon
at a
conference between representatives of the sugar industry and the Government.
Increase in World Consumption of Cotton Reported
by International Federation of Master Cotton
Spinners.
In Manchester (Eng.) advices, Sept. 6 to the New York
"Evening Post" it was stated that the International Federation of Master Cotton Spinners reports world consumption of
American cotton in the season 1931-1932 amounted to
12,319,000 bales, against 10,908,000 in the previous season.
Consumption of all kinds of cotton was 22,323,000 bales,
against 22,488,000. The advices added:
World mill stocks of American cotton on July 31 1932,
amounted to
2,559,000 bales, against 1,871,000 a year ago. World
mill stocks of all
kinds of cotton were 4,483,000 bales, against 4,313.000.
Improvement in World Spinning Trade Believed
Reflected in Larger Exports of American Cotton
to Europe.
Substantially larger exports and forwardings of American
cotton to the Continent of Europe suggest that an improvement may be developing in that division of the world spinning trade, according to the New York Cotton Exchange.
Exports to the Continent during this season to date total
311,000 bales compared with 97,000 in the same period last
season. Forwardings total 299,000 against 227,000. In
the comments the exchange service on Sept. 6, said:
Germany and France report that individual spinners have
moderately
increased their activity and Italy cables that an improvement may
become
evident later this month. The wide movements in cotton prices
have been
too rapid to bring a great increase in yarn and cloth business but a betterment is evident in this direction. France and Germany say that
demand
has broadened and mill bookings increased, but prices of the manufactured
products have lagged behind cotton costs on the rise. The
low state of
stocks of goods is emphasized as an encouraging factor in domestic
markets
but high tariff walls block international trade.
British Cotton Mill Strike—Government Acts to Adjust
Differences.
With the return of Prime Minister MacDonald from his
Scottish vacation, the British Government took action on
Sept. 5 to end the Lancashire textile strike, which after a
week involved 160,000 workers in the manufacturing section
of the industry. A London cablegram Sept. 5 to the New
York "Times" from which we quote added:
The attitude of employers and workers apparently is as unyielding
as on the first day of the strike. The move the Government has taken is
to address confidential letters to both sides setting out what are regarded
as the chief matters in dispute in the order of their importance and suggesting
a method whereby they should be approached.
Sir Henry Betterton, Minister of Labor, who drafted the letters, met
Mr. MacDonald at the railway station and drove with him to Downing
Street, where they had a long consultation. Both were enthusiastically
cheered and high hopes are expressed in official circles that the Government's proposals will lead to an early reopening of negotiations.
An item bearing on the strike appeared in our issue of
Sept. 3, page 1564. It was noted in a Manchester cablegram Sept. 2 to the "Times" that three Lancashire members
of Parliament offered their services as mediators on Sept. 2,
1729
but neither employers nor operatives were willing to accept
them.
Under date of Sept. 2 Associated Press advices from Manchester stated:
Lancashire textile employers expressed a willingness to-day to arbitrate.
In a meeting lasting half an hour, the Cotton Spinners and Manufacturer?
Association central committee drafted its reply to the offer of Sir Henry
Betterton, Minister of Labor, to sponsor a meeting with union leaders.
The Association said it would attend such a meeting, if invited. A union
representative commented that the action was a surprise and the employers
had gone further toward settlement of the issues than was expected.
The Leigh Manufacturing Co. reported that a good response had been
received from its notices that it would reopen if enough employees agreed
to report for work. The company's two Mills were closed last Wednesday.
In the notices, posted this morning, it asked for submission of names of
workers willing to return.
In Sir Henry's message, sent to both employers and workers, he urged
that they meet as soon as possible after appointing special committees to
deal with such questions as wages and conciliation conditions.
From a London cablegram Sept. 8 to the New York
"Journal of Commerce" we quote:
The Lancashire strike situation was considered somewhat more hopeful
to-day as weaver operatives agreed to attend the conference proposed by
the Ministry of Labor to attempt to effect settlement through mediation.
The central committee of the Cotton Spinners and Manufacturers' Association previously had accepted an invitation to the conference.
At the same time new difficulties appeared on the industrial horizon
when union operatives belonging to the Spinners' Amalgamation voted
overwhelmingly in favor of strike action Sept. 17 against the demand of
the Federation of Master Cotton Spinners for a 25% reduction in wage..
The result of the vote showed 95% of the voters favoring a strike, the
figures being 30,991 to 1,518.
The following from Manchester is from the "Wall Street
Journal" of Sept. 9:
The Master Spinners Federation has decided to postpone for one
month the notices
regarding the wage cut.
Manchester(Eng.) Union Cotton Spinners Vote Against
Wage Cut.
From Manchester, England, Sept. 8 Associated Press
accounts said:
A possible extension of the labor trouble in the cotton industry was
seen
to-day in a vote
union
by
spinners, who ballotted 30,991 to 1,518 in favor
of stopping work rather than accepting a wage cut proposed by the
mill
owners.
The vote covered 75% of the union membership. H.Boothman,
General
Secretary of the union, said formal notice of withdrawal of labor from
the
mills would not be given, but that if the employers maintained their present
attitude the workers would regard the situation as a lockout and not a
strike.
August Rayon Sales Establish New Record for Industry.
Poundage sales of rayon yarns for the month of August
totaled the largest for any month in the history of the
industry, bar none, says the current issue of the "Textile
Organon," published by the Tubize Chatillon Corporation.
While an increase in buying had been expected, the publication states, the suddenness of the.appearance of the demand
took the industry quite by surprise. From the "Organon," we
quote:
Although the industry's stocks of yarn on Aug. 1 were somewhat less
than normal, the sudden demand for yarm immediately reduced these
stocks to a minimum. Yarn production schedules were increased as rapidly
as possible and spot delivery on new orders essentially ceased on most
deniers. The industry to-day, then, has an inadequate stock of yarn on
hand, is producing at a high rate of activity, and most companies have
their production booked well ahead.
It is noted that this situation has resulted in an advance
in prices of rayon yarns during the month, and while it is
pointed out that it will be some time before producers receive
the benefit of the higher prices, nevertheless they are "a
distinct advantage in that they make booked orders much
firmer than would be the case if no price rise had been
effected."
The demand for rayon, it is added, has spread to all
branches of the trade, knitters as well as weavers. It is
this general and broad nature of the demand that makes the
rayon picture t9-day such a healthy one, and it is on this
principal basis that we expect an active demand for rayon
to continue well into the spring of 1933 at least.
Regarding conditions in the August cotton situation, it
is pointed out that cotton prices increased rapidly during the
month, adding that an increasing price level for raw cotton
from present quotations is indicated. It is also expected
that when the Government figures are published they
will
show a substantial increase in consumption for August.
Wool prices, it is stated, were stronger during August and
further price gains may be expected for the remainder of
this
year. However, says the "Organon," we do not expect
wool prices to exhibit as great a relative advance as is
anticipated for cotton and silk in the near period. Expecting
the demand for raw silk in New York to continue, it
is
believed that the dollar price of raw silk will continue steady.
The recent increases in rayon prices are also further
stimu_
lants to the raw silk price level.
1730
Financial Chronicle
Sept. 10 1932
It is felt by these companies that the increase of 7 bbls.
per well might bring about a weakening of the price structure,
inasmuch as this increase, based upon the total producing
wells which number more than 7,500, would mean a daily
The Forstmann Woolen Company, one of the largest woolen manuincrease of over 50,000 barrels.
facturers in the country, announced to-day that it would inaugurate a
five-day working week in all its mills, starting neat Monday. Curt ForstThe move to hold output to the 43-barrel schedule was
the new
mann, Vice-President, who made the announcement, estimated
initiated by the Empire Gas & Fuel Co., and its affiliated
would increase the number of employees by at least 10%.and said
program
company, the Texas-Empire Pipe Line Co. Companies
further employment would be given when new seasonal lines of woolens
for late winter and spring are manufactured. With the start of the five-day
which have joined Empire in this position include the
shifts.
week the company will employ two eight-hour
Texas Co., Humble Oil & Refining Co., Sun Oil Co., Stanolind Crude Oil Purchasing Co., Tidal Refining Co., Tidal
Advance in Price of Celanese Yarns.
Oil Co., Illinois Pipeline Co., Yount-Lee Oil Co., Toronto
The "Wall Street Journal" of Sept. 6, said:
Pipe Line Co., Atlantic Pipe Line Co. and Shell.
Celanese Corporation of America has revised its price list on Celanese
The attention of the Commission has been turned to railyarns representing an advance of 10 cents a pound on 150. 170, 200 and
roads in the question of transporting illegally produced crude.
deniers,and an advance of 5 cents a pound on 120 denier for the weaving
300
yarns. The prices on hosiery yarns are advanced 15 cents a pound on 150
Up to now the Commission has centered its investigations in
denier, 15 cents a pound on 120 denier, and 10 cents a pound on 100 denier.
the pipe line field, but it was learned that over a short
period of time shipment of crude by rail had more than
Wages Increased 10% by Spofford Mills, Inc., of North tripled, and the present investigation is expected to bring
Carolina.
about a material cut in the illegal output. In connection
According to Associated Press advices from Wilmington, with this problem, it was announced this week that the ComN. C., Sept. 6, officials of the Spofford Mills, Inc., on that mission had received notice of a resolution adopted by a
day announced a 10% increase in wages effective Sept. 12. group of 150 land and oil royalty owners urging that action
The increase will affect 296 men worldling on a full-time be taken immediately to assure prevention of illegal producschedule.
tion in East Texas. The group asked that the Commission
either increase the force of field investigators, or that Gov-hour-week Schedule Resumed by Lafayette Cotton enor Sterling enlarge the military force so that the Commis60
Mill.
sion's orders can be enforced. The group also cited specific
Associated Press advices are from Lafayette, instances of illegal production and shipment by motor
The following
Ga., Sept. 6:
trucks. It also charged that many of the smaller pipe lines
Mill, announced that
W. A. Enloe, President of the Lafayette Cotton
had ignored the order of the Commission to install meters.
a 60
-hour-week
while his plant has been running more or less regularly,
booked for future
Crude production throughout the country increased on an
schedule has now been resumed. Orders are now being
appredelivery and Mr. Enloe said the prices of cotton goods are showing
average of 13,250 barrels during the week ending Sept. 3.
ciable advances.
California output mounted to 477,400 bbls. daily, and the
6
-.
-.
California State executive committee on equitable curtailConsolidation Textile Corp. Adopts New Weekly Time ment has adopted resolutions reducing the state allowable
Basis.
to 448,200 barrels daily, as compared with the present limit
Sept. 8, the Consolidated Textile Corp. will of 475,600 barrels.
Beginning
operate on a weekly basis of 55 hours for day workers and
Prices of crude oil remained unchanged in all producing
50 hours for the night shift, after having been closed most centers during the week.
of the summer,says Associated Press advices from Lafayette,
The anti-trust suit directed by the Texas Attorney General
Ga., Sept. 6.
against 15 oil companies, the American Petroleum Institute,
and the Texas Petroleum Marketers' Association, has been
Berkshire Fine Spinning Associates to Reopen Cotton slowly developing, and it was announced this week that the
to
Cloth Mills in Massachusetts-1,400 Employes
story of the A. P. I. as relating to the development and
Receive Immediate Employment.
inauguration of a code of practises for marketing petroleum
According to Associated Press advices from North Adams, products will be told from the witness stand before ComMass., Sept. 3, announcement was made by the Berkshire missioner George E. Shelley in Austin, Tex., during the
Fine Spinning Associates on that day that their mills at week of Oct. 3. The hearings before the Commissioner are
Adams, which have been closed for nine weeks, will reopen preliminary to the trial itself, at which the State's attorney
Sept. 6. The advices also said:
will ask that the defendent companies be barred from further
and later 400 others
Fourteen hundred employes will receive work at first
business in Texas, and that fines aggregating millions of
comcloth is the
will be recalled. The mill, which manufactures cotton
dollars be assessed against them.
largest unit.
Five-Day Week in Force at Forstmann Woolen Mills
Increase in Number of Employees.
Associated Press advices Sept. 6 from Passaic, N. J. said:
pany's
England have been
Many other mills of the concern throughout New
shut downs of various
operating on day and night schedules recently after
duration
at
Painters on Strike in New York to Resume Work
$11.20 Pending Conference.
Former Scale of
Cessation of the general strike in New York of the Brotherof
hood of Painters was announced on Sept. 3, on the eve
by the strike committee, through David Shapiro,
Labor Day,
Secretary of District Council9, according to the New York
"Times" of Sept. 3, which also reported:
return to
14 will
Nearly 5,000 men who have been out since JulyAckerley, General
work Tuesday (Sept. 6) upon orders issued by Edward
$11.20 for which
Vice-President of the Brotherhood, at the wage scale of
$10 a day on
they went on strike. The employers had offered a scale of
new work and $8 on old work.
and the AssociaUpon their return, agreement committees of the unionsettlement. The
tion of Master Painters will confer to reach a permanent
$13.20 that
$11.20 scale represents a 15% reduction from the scale of
prevailed previous to the expiration of the old agreement.
15% wage cut
The strike was called when the union offered to accept a
trades, and the
In accordance with the 15% reduction in the other building membership of
a
employers insisted upon a larger cut. The union has
the strike was called.
10,000. but many of the men were unemployed when
Prices of Typical Crudes per Barrel at Wells.
gravities where A.P.I. degrees are not shown.)
80.78
82.02 Eldorado, Ark., 40
Bradford,Pa
.83
1.05 Rusk. Texas, 40 and over
Corning, Pa_
.94
SO Salt Creek, Wyo., 40 and over
Illinois
.90
.90 Herat Creek
Western Kentucky
.88
Mid-Continent, Okla.,40 and above 1.00 Midland Dist, Mich
1.05
Hutchinson, Texas, 40 and over- .78 Sunburst, Mont Calif.,40 and Over 1.00
Spindletop, Texas, 40 and over__ .78 Santa Fe Springs, 28
1.00
.88 Huntington. Calif..
Winkler, Texas
1.75
.77 Petrone. Canada
Smackover. Ark., 24 and over
-KEROSENE DEMAND IMPROVES-M.
REPINED PRODUCTS
EXPECT CUT IN BULK GASOLINE PRICES IN EAST-MOTOR
FUEL STOCKS NOW IN EXCESS OF RECOMMENDED
-MIDDLE WEST COMPANIES PLAN TO DISCONLIMITS
TINUE QUANTITY DISCOUNTS.
The refined products market in the East was featured
during this week by a marked improvement in kerosene
demand, due to the sudden shifting of the weather, and prices
as a result have shown a firmer tone. The chief refiners here
2
are firmly established at 53/c. a gallon for 41-43 water white,
tank cars, f. o. b.
Weakness has developed in the tank car gasoline market,
4
and while official quotations still range up to 83 c.for above
65 octane, it was reported in the trade that sales have been
to made from Ws. to Mc. below posted prices in several
Petroleum and Its Products-Many Companies Fail
Texas-National quarters. A general downward revision would not prove a
Produce 50-Barrel Limit in East
- surprise at this time.
Output Increases-California Allowable Cut
At a meeting of the directors of the American Petroleum
Stable Throughout All Fields.
Prices Hold
Institute held in New York Thursday statistics were preThe recent order of the Texas Railroad Commission raising sented showing that motor fuel stocks are about 7,000,000
bbls. a
the per well allowable output in East Texas to 50
barrels more than they were at this time last year, and are
increase of 7 bbls. over the previous limit of 43, is
day, an
committee
companies about 10,000,000 barrels more than the Institute's
being more or less nullified by the action of many
Sept. 1.
bbls., on economics had estimated there should be as of
who are voluntarily restricting their own output to 43
on of motor fuels would show a decline
August consumpti
and limiting their outside purchases to that figure.
Financial Chronicle
Volume 135
of almost 20% as compared with the same period last year,
it was estimated.
In a general discussion among the directors following the
revelation of these figures it was recognized that the season
of heavy consumption is nearly at an end and the industry
now facing decreasing demand throughout the coming
months. It was shown that the import tax on gasoline imposed by the Federal Government has succeeded in shutting
out practically all importation of gasoline, but that at the
same time it has worked to reduce exports as well, as the
shutout products now seek markets formerly held by American exporters.
Elimination of the quantity discount on gasoline prices
which have been offered to the retail trade in the Standard of
Indiana's territory is being planned by major marketers.
Chicago reports indicate that a general downward revision
of lc. a gallon in service station prices of all grades of gasoline,
and the substitution of a strictly commercial discount of lc.
for the present unlimited discount of 2c. a gallon on regular
and premium gas,and lc. on third grade will be made shortly.
This action is the result, it is believed, of the major companies' decision that a new method must be found for combatting the competition of small independents who apparently
intend to maintain their volume distribution at any cost.
For example, when the major companies recently offered
quantity discounts to retail purchasers, the independents
immediately made similar discounts at the pump without any
reservation as to quantity. This, of course, amounted to a
straight price cut, and now gasoline may be purchased from
independents as low as 3c. below the posted service station
prices of major companies.
There were no price changes of importance announced
during the week.
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Gasoline, Service Station. Tax Included.
8.15 Cleveland
3.175 I New Orleans
$1 8
,
.195 Denver
.20 Philadelphia
14
.1 4 Detroit
,
15'San Francisco:
18 Houston
17
Third grade
119
175 Jacksonville
19 1
Above 65 octane.. _ ... .18
17 Kansas City
155 ' Premium
21
175 Minneapolis
.167 , St. Louis
144
IN
Kerosene, 41-43 Water White, Tank Car Lots, FOB.Refinery.I N.Y:(Bayonne)____ .0514 I Chicago
$.02%-.03% New Orleans, ex--4.-0334
North Texas_ ___ .03 I Los Aug..ex
.04%-.06
Tulsa
04%-.033i
Fuel Oil, F.O.B. Refinery or Terminal.
F
N. Y.(Bayonne)California 27 plus D
m• I Gulf Coast C
3.70
Bunker C
8 .85
3.75-1.00 I Chicago 18-22 D_.4234-.50
Diesel 28-30 D.__ 1.65 New Orleans C
.601 Philadelphia C
.70
Gas Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)I Chicago28 plus G 0_4.03M-.041 32-36 0 0
I Tulsa
$.01% I
1.0134
Gasoline. U. S. Motor, Tank (Above 65 Octane), Car Lore, F.O.B. Refinery.
N. Y.(Bayonne)
N. Y.(Bayonne)
Chicago
3.054-.054
Sinclair
Standard Oil, N. J.
E.07% New Orleans. ex. .05-.054
Pan-Am. Pet. Co_
Motor, 60 oe.06
Arkansas
.04-0434
tane
Shell Eastern Pet_ .0734 California
3.084
.05-Z7
Motor, 65 ocNew York
1.001 Angeles,ex
.04%-.07
tane
.084
Colonial-Beacon..-3.084 Gulf Ports
.05- 051.4
Motor,standard .08q
Crew Levick
.08
Tulsa
.08-.055(
Stand. 011, N.Y.
••
Texas
.041.1 Pennsylvania_
.054
Tide Water Oil Co .08)4
Gulf
08)4
Richfield Oil (Cal.) .0834
Continental
0834
Warner-Quin. Co_ .0( si
Republic Oil
•.08 I
*Below 65 octane. a "Tire Chief" .0
841.
•.Standard 011 of N. Y. now quoting on basis of de Ivered price not more than
5o. per gal, under company's posted service station prl cc at point and date of delivery but in no event less than 84e. a gal., f.o.b. /‘.ew York Harbor, exclusive
of taxes.
Daily Output of Crude Petroleum Again Falls Off
Total Stocks of Refinable Crude Lower-Imports
'Show Sharp Decline.
According to reports received by the United States
Bureau of Mines, Department of Commerce, the production
of crude petroleum in the United States during July 1932
totaled 66,310,000 barrels, a daily average of 2,139,000
barrels. This represents a decline from the daily average
in June of 22,000 barrels, and is 384,000 barrels, of 15%,
below a year ago. The decline in output in July was confined almost solely to Texas and Oklahoma, more specifically
to the East Texas and Seminole fields. Daily average
production in East Texas declined from 345,000 barrels in
June to 337,000 barrels in July. The number of oil wells
completed in East Texas reached a new peak of 719 in July,
and although the average initial of the wells continued
to decline the total initial production also established a
new record. Production in the majority of the other districts was stationary in July, the most notable exception
being the Texas Gulf coast area, which reflected the discovery
of flush production in the new Conroe field.
Total stocks of refinable crude were reduced about
5,400,000 barrels in July, compared with a net reduction
1731
of approximately 4,250,000 barrels in June. The increased
withdrawal in July was due largely to the fact that foreign
crude stocks increased in June but decreased in July. Imports of crude oil fell off sharply due to the excise tax and
amounted to only 1,525,000 barrels, compared with 7,869,000
barrels in June. The Bureau further reports as follows:
Daily average crude runs to stills amounted to 2.305.000 -barrels, a
decline of 106,000 barrels from the daily average of the previous month.
The daily average production of motor fuel showed a further decline,
which, combined with the drop in imports, resulted in a decline in new
supply from June to 65,000 barrels daily. The trend in stocks of motor
fuel showed a marked change in July. when an increase of 672,000 barrels
was recorded, compared with a decline of 7.082.000 barrels in June. The
daily average indicated domestic demand for motor fuel In July was 1.010,000 barrels, a decline of 20% from a year ago. This material decrease,
following the increase in indicated demand in June, was due primarily
to the fact that approximately 3.500.000 barrels of motor fuel was shipped
during June for July or subsequent consumption in anticipation of the new
Federal gasoline tax. Exports of gasoline fell off materially and the
total indicated demand was 23% below a year ago.
Stocks of all oils on July 31 amounted to 627,287,000 barrels, an increase
of 800,000 barrels over June. This increase, which followed a decrease
of 9.590.000 barrels in June, resulted largely from a material Increase
in stocks of fuel oil.
The refinery data of this report were compiled from schedules of 338
refineries, with an aggregate daily recorded crude-oil capacity of 3,568.332
barrels, covering, as far as the Bureau is able to determine, all operations
during July 1932. These refineries operated during July at 65% of their
recorded capacity, given above, compared with 342 refineries operating
at 67% of their capacity in June.
SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt in thousands of barrels of 42 U. S. gallons.)
July
1932,
Increase in stocks, all (Ms.__
64,835
2,161
2,812
81
67.728
2,258
78.210
2,523
3,569
145
81,924
2,643
463.942
2,178
21,493
705
486.140
2,282
498,609
2,352
26.938
1.171
526.718
2,485
1,525
897
71,624
2,310
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domestic
Production over domestic demand
July
1931.
66,310
2,139
2,812
80
69,202
2.232
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
June
1932.
Jan:July Jan.
-July
1932.
1931.
7.869
3.605
79.202
2,640
3.588
3,435
88,947
2,869
33,769
23,173
543.082
2.550
29,097
22,719
578,534
2,729
800
b9,590
b3,736
b4,290
b17,501
70.824
2,285
88,792
2,960
92,683
2,990
547,372
2,570
596.035
2,811
2,249
4.928
63.647
2.053
2,791
6.887
79.114
2.637
2,621
9.135
80.927
2.611
16.428
48,451
482,493
2,265
14.474
60.105
521,458
2.460
179
c379
32
17
25
Stocks (End of Month)
Crude petroleum:
East of California
California c
Total reflnable crude
Natural gasoline
Refined products d
317,980 322.845 351,570
40,405 40.938 43,625
358,385 363.783 395,195
3,711
3,890
3.892
265,012 258.812 250.255
317,980
40.405
358.385
3.890
265,012
351.570
43.625
395.195
3,711
250.255
Grand total stocks, all oils
627,287 626,487 649,161
627,287
649,161
275
212
217
244
231
5 940
Bunker oil (included above in domestic demand)
0 714
0 600
2251K
97055
a Based upon production of coke reported to Coal Division by those by-product
Coke plants that recover banal products. b Decrease. c Deficiency. d California heavy crude and residual fuel included under relined products.
PRODUCTION OF CRUDE PETROLEUM BY STATES.
(Thousands of barrels of 42 U. S. gallons.)
June 1932.
July 932.
Total. Daily Ay. Total.
Arkansas
California:
Kettletnan Hills
Long Beach
Santa Fe Springs
Rest of State
Total California__
Colorado
Illinois
Indiana -Southwestern_
Northeastern
Total Indiana
DotlyA o
Jan.July
1932.
1,032
33
993
33
7,030
1,901
2,196
1,799
8,732
14,628
94
397
71
61
71
58
282
472
3
13
2
1.799
2,171
1,787
8,362
14,119
98
426
75
60
72
60
279
471
3
14
3
2
92
18
30
28
58
19
7
36
10
3
91
18
30
29
59
17
8
35
10
11
3
14
94
117
219
430
37
12.797
16.655
13.539
62,581
105,572
737
3.003
495
li
514
19.977
3.581
6.480
5.813
12.293
3,518
1,520
7.819
2.135
2.103
646
2,749
22,117
26,150
44.423
92.690
7,46
Jan.
July
1931.
9.508
Kentucky
Louislana-Gulf Coast_
Rest of State
Total Louisiana_ _
Michigan
Montana
New Mexico
New York
Ohio-Central dz Eastern
Northwestern
Total Ohio
Oklahoma-Okla. City
Seminole
Rost of State
Total Oklahoma
Pennsylvania
Tennessee
Texas-Gulf Coast
West Texas
Fast Texas
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek _ Rest of State
Total Wyoming_ _ .._
73
2,855
549
935
864
1,799
601
228
1.101
297
285
91
376
2,886
3.636
6,553
13,075
1,027
3
12
93
117
212
422
33
78
2.736
535
909
855
1,764
507
224
1,066
308
320
103
423
2.822
3,501
6,582
12,905
1,118
3.490
5.411
10.444
7.321
26.696
319
663
499
1.162
113
175
337
236
861
10
22
16
38
3,300
5,295
10,450
7,186
26,121
357
662
395
1,057
110
177
345
239
871
12
22
13
35
22.659
38.139
71.561
50.567
182,946
2,332
4.818
3,241
8.059
8,218
18,443
14,732
70,376
111,769
925
2,842
473
23
496
21.731
3,720
5,417
7.887
13,304
1.839
1.739
8.668
1.854
2.556
673
3.229
30.847
31.659
53.165
115,671
6.459
5
30.112
48.162
48.653
56.284
183.211
2.595
5.366
3,676
9.042
U. S. total
66,310
2,139
64,835
2.161
461.942
411.0
KaT100.9
9
coo
Financial Chronicle
1732
NUMBER OF' WELLS COMPLETED IN THE UNITED STATES.a
-July
Jan.
1932.
Jan.-July
1931.
599
160
255
5,921
610
1,933
3,579
1,271
2,516
014
8 464
7.366
July
1932.
993
66
325
1 71R
fr.q...1
July
1931.
1,279
72
362
Oil
Gas
Dry
June
1932.
1 204
1
a From "Oil & Gas Journal" and California office of the American Petroleum
Institute.
Daily Crude Oil Output 13,250 Barrels Higher Than
in Preceding Week-Further Gasoline Stock Withdrawals Reported.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Sept. 3 1932 was 2,127,230 barrels as compared with 2,114,000 barrels in the preceding week and 1,746,300 barrels in
the corresponding period last year when martial law was in
effect in Oklahoma City and East Texas. The daily output
for the four weeks ended Sept. 3 1932 averaged 2,124,050
barrels.
Further withdrawals of gasoline from storage in all parts
of the United States aggregating 1,460,000 barrels occurred
during the week under review, the Institute reported. On
Sept. 3 gasoline stocks at all points amounted to 55,384,000
barrels, as compared with 56,844,000 barrels at the end of
the preceding week. The additional withdrawals resulted
in part from a. further reduction in producing activities by
refiners, who operated at 53.6% of capacity, compared with
57.5% during the week ended Aug. 27 1932.
Reports received from refining companies controlling
95.1% of the 3,852,000 barrel estimated daily potential
refining capacity of the United States, indicate that 1,964,300
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, 35,823,000 barrels of gasoline and
134,947,000 barrels of gas and fuel oil. Gasoline at bulk
terminals amounted to 13,405,000 barrels and 1,106,000
barrels were in water borne transit in or between districts.
Cracked gasoline production by companies owning 93.6%
of the potential charging capacity of all cracking units,
averaged 411,600 barrels daily during the week.
The report for the week ended Sept. 3 1932 follows in
detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels.)
Daily Production of Natural Gasoline at Lowest Level
Since 1926-Inventories Again Decline.
According to the U. S. Bureau of Mines, Department of
Commerce, the total output of natural gasoline in July 1932,
amounted to 118,100,000 gallons, which, though the same as
in the previous month, represents a decline in daily average
of from 3,940,000 gallons in June to 3,810,000 gallons in
July. This represents the lowest level of production since
1926. The decline in production in July was general throughout the country, and only a few districts showed an increase
in output. Stocks of natural gasoline were not drawn on as
heavily as in June but declined to 31,809,000 gallons from
34,106,000 gallons on hand the previous month. The Bureau
shows:
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Week
Ended
Awl. 27
1932.
Average
4 Weeks
Ended
Sept. 3
1932.
Jan.
July
1932.
July
1932.
June
1932.
3,700 40.600
600
4,600
39,400 229,200
2,500 15.000
34.000 207.600
4,300 29,200
2,200 12.100
5,000 35.300
57,300 329,100
4,028
290
14.074
786
8,200
779
308
675
2.669
5,066
525
13,251
871
10,198
930
205
701
2.359
Total
118.100 118.100 149.900 902,700
Daily average
3,810
3,940
4,840
4,260
Total (thousands of bbls.)- 2,812
2,812
3,509 21,493
Daily average
91
94
102
115
31,809
34,106
757
812
1932.
387.150
95.250
53.650
49.800
24.700
172.750
543.800
327.700
53.850
29,300
34.100
123.500
32.300
101.000
22.650
33.350
7.450
2.750
31.550
474,400
394.500
94,450
53.650
49,850
24.650
172.350
56.400
327.650
54.350
29.300
34.000
124.350
32.250
101,750
22,800
33.450
7.600
2,750
31.700
476.250
x256,600
98.700
61.200
54.350
23.150
209.900
58.200
x
54,350
29.800
37.900
127.400
23.650
106,050
8.500
39.150
7.900
4,200
42.100
503,200
June
1932.
3,500
600
29.1,00
1.600
28.600
3,600
1,700
5,200
43,500
3,700
700
29.900
1,700
27,900
3,800
1,700
5,200
43,500
July
Appalachian
Ill., Ky., Ind
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
July
1931.
Crude Oil Production in Venezuela Higher During First
Seven Months--Shipments Also Increased.
According to statistics taken from O'Shaughnossy's
"Weekly Oil Bulletin," the estimated production of crude
oil in Venezuela amounted to 69,840,182 barrels (of 42
gallons each), during the seven months ended July 311932,
compared with 68,025,478 barrels in the corresponding period
last year and 78,964,857 barrels during the first seven months
in 1930. Shipments totaled 68,554,100 barrels as against
66,262,344 barrels during the same period in 1931.
Production in the month of July 1932 amounted to 9,550,761 barrels, compared with 9,913,192 barrels in the corresponding month last year and 10,578,631 barrels in June
1932. Shipments were 8,394,200 barrels as against 10,313,300 barrels in the preceding month and 9,401,400 barrels in
July 1931. A comparative table follows:
Week
Ended
Sept. 5
1931.
382,950
96,300
51,700
49.850
24,750
170,800
56.350
332.050
54.750
29,700
33.600
129.800
33.150
103.500
24.350
34,400
7.400
2.800
31.650
477,400
AND
SHIPMENTS OF VENEZUELAN
(PARTLY ESTIMATED)
(In Barrels of 42 Gallons.)
2.127,250 2.114,000 2.124.050 1.746.300
Total
x Martial law In effect in Oklahoma City and East Texas.
CRUDE RUNS TO STILLS. MOTOR FUEL STOCKS, AND GAS AND FUEL
OIL STOCKS WEEK ENDED SEPT. 3 1932.
(Figures In barrels of 42 gallons.)
Daily Refining Capacity
of Plants.
/Herta.
Reporting.
Potential
Rate.
East coast
Appalachian
Ind., lit.. Ky
Okla.,Kan.,N10
Inland Texas_
Texas gulf
Louisiana gulf_..
-Ark
North La.
Rocky Mountain
California
633.700
149.600
436.300
485.700
305.700
532,500
147.500
85,600
160,900
914.500
Total.
633.700 100.0
137.400 91.8
431.500 98.9
43.5.200 89.6
233.000 76.5
531,500 99.8
147.500 100.0
83.000 97.0
143.800 89.4
884,100 96.7
Crude Runs
to Stills.
a Motor
Fuel
Daily Oper- Stocks.
Average. ated.
401.000
78.300
268.300
205.700
90.300
350.400
67.900
42.600
33.300
426,500
Gas and
Fuel Oil
Stocks.
63.3 15.928.000 9,229.000
1.044.000
57.0 1.979.000
62.2 7,206,000 4.241,000
47.3 4.745.000 3,422.000
38.6 1,519.000 2.192.000
65.0 4.981.000 9,972.000
46.0 1.691.000 4,305.000
024.000
204.000
51.3
561.000
23.2 1.656.000
48.2 15,475.000 90.357,000
Totals week:
Sept. 3 1932_ 3,852.000 3.661.600 95.1 1,964,300 53.6 c55384000 134,947,000
Aug. 27 1932_ 3,852.000,3.661.600 95.1 2.104.100 57.5 56.844,000 134,925.000
a Below is set out an estimate of total motor fuel storks on U. S. Bureau of Mines
basis for week of Sept. 3 1932, compared with certain September 1931 Bureau figures:
A. P. I. estimate B. of M. basis week Sept. 3 1932_b
56.550,000 barrels
U. S. B. of M. motor fuel stocks Sept. 1 1931
50.810.000 barrels
U.S. B. of M. motor fuel stocks Sept. 30 1931
50,122,000 barrels
b Estimated to permit comparison with A. P. I. Economics report, which is on
Bureau of Mines basis.
c Includes 35.8 43.000 barrels at refineries; 13,405,000 at bulk terminals; 1,106,000
,
barrels in transit, and 5,050,000 barrels of other motor fuel stocks.
CRUDE
OIL
Shipments.
Production.
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)
511chlgan
Wyoming
Montana
Colorado
New Mexico
California
Stocks End of hfo.
Production.
PRODUCTION
Week
Ended
Sept. 3
1932.
.
Sept. 10 1932
Month.
1932.
January
February
March
April
May
June
July
1931.
1930.
1932.
1931.
9,569.048 10.384,451 11,518.273 9,087.000 10.787.289
8.994,242 9,486.327 10.898.535 8,546.100 0,515.725
9.998.250 10.282,727 11.920,282 9,949,300 10.302,346
10.440.750 9.262.503 10.724,045 11.004,200 8,585.690
10,648,460 9.514,909 10,918,419 11.200,000 9.048,694
10,576,631 9,161,369 11.361,233 10,313,300 8,561.200
9.550,761 9,913.192 11,624,070 8.394,200 9,401,400
Seven months _ _ _ _ 69.840.182 68,025,478 78.964.857 68,554.100 66.262.344
August
9.274.100
9.795.887 11,378.274
September
9,420.000
9.412.329 11,310,770
October
9,639.300
9.440,165 11.784.591
November
8.984,320
9,535,068 10.910.501
December
9.100.800
9,921,889 10.492.030
Total for year. _
110,130,816 134,841,023
112,680,864
Price of Gasoline Cut at Houston-Reduction of
One-Cent Affects Ethyl and Standard Grades
Only.
Advices from Houston, Tex., to the "Wall Street Journal"
of last night (Sept. 9), contained the following:
Magnolia Petroleum Co., Humble 011 & Refining Co., Gulf Refining Co.
and Texas Co. have reduced retail gasoline prices at TIOUSt011 0710 cent a
gallon on ethyl and standard grades only. Third-grade gasoline is unchanged at 15 cents a gallon. Including the 5
-cent State tax, at service
stations. The new price on ethyl is 20 cents; on standard grade 17 cents.
Outflow of Gas Halted by Texas-State Shuts in Field
on Independents' Complaint.
Austin (Tex.) advices as follows Sept. 9 are taken from
the New York "Sun":
The Texas Railroad Commission has ordered temporarily that part of
west Panhandle natural gas field east of Burnett Ranch shall be completely
shut in. The balance of the field may produce up to 4% of potential
open flow. The small needs of nearby communities must be provided for
out of the 4% limit.
The Commission's action was taken on complaint of Independent operators, who contend that five large utility systems, all marketing gas outside
of the State, are draining gas from their properties.
Absolute enforcement of the order may seriously affect the exportation
of natural gas to Chicago and a number of other cities and towns outside
of Texas. It Is estimated that 70% of the gas transported by those interState pipe lines comes from wells that have been ordered closed.
Financial Chronicle
Domestic
Copper at 6.25 Cents.
European demand for copper continued active, inspired no doubt by
the improved financial and business outlook and the feeling that producers will, in time, take measures that will assure a more orderly market
for this important raw material. Leading producers of copper of foreign
origin will meet in London during October to discuss the situation in
reference to production and distribution of copper, and traders abroad
believe that this will probably spell higher prices. With most of the
world's surplus of copper held in the United States and the 4 cent tariff
wall a factor to be considered, domestic producers are disposed to hold
aloof for the present and follow the trend of events abroad. In short,
domestic copper is being offered sparingly and a moderate daily turnover
seems to be sufficient to lift prices. A quantity sold early yesterday at
6.125 cents. Connecticut, but late in the day nothing appeared to be
available under 6.25 cents.
The movement of copper into consumptive channels Is gradually showing
some gains, though virtually no one In the industry looks for any great
betterment In shipments by producers during the month of August. Production of copper appears to be at about the same level as in recent months,
and no radical change Is expected in the rate of operations unless conditions
show unmistakable signs of improvement.
The foreign market on Thursday last showed a range of 5.85 cents to
to 6 cents, c.i.f. usual European ports. From this level the price climbed
steadily, several lots changing hands yesterday as high as 6.325 cents,
&LC; though a fair tonnage also brought no more.than- 6.25 cents.
Copper Sales Halt As Futures Break-Consumers Stop
- Building Up Stocks Until Trend of Spot Prices
Is Established.
From the "Wall Street Journal" of last night (Sept. 9),
we take the following:
The Considerable break In price of standard copper on the London Metal
Exchange has stopped foreign buying temporarily. Such a break, however,
was foreseen in view of the free buying of copper by the public since the
Ottawa Conference ended its deliberations.
Production of Slab Zinc Again Declined During August
-Shipments Show an Increase Over the Preceding
Month.
According to the American Zinc Institute, Inc., a total of
13,404 short tons of slab zinc were produced during the
month of August 1932. This compares with 14,771 tons
during July last and 21,567 tons during August 1931.
Shipments amounted to 18,108 short tons of slab zinc as
against 12,896 tons in the preceding month and 23,599 tons
in the corresponding period last year.
Inventories declined from 135,907 short tons on July 31
1932 to 131,203 tons on Aug. 31 1932. The latter figure
also compares with 129,701 tons a year previous. The
Institute's statement follows:
SLAB ZINC STATISTICS (ALL GRAMS), 1930. 1931 and 1932.
(Tons of 2,000 Lbs.)
Month.
Produced
During
Month.
1932.
January
Fehr' ary
March
April
May
June
JUIY
August
Shipped
During
Month.
yRetorts
Stock at :Ship- Operarg.
End of ped for End of
Month. Export. Month.
Unfilled
Orders,
End of
Month.
Daily
Aver.
Prod.
24.232
23.118
23.712
20.821
19,837
16.116
16.949
18,017
723
742
726
688
601
547
476
432
33.235
33.118
31.821
26.672
20.624
19.022
19.266
19.305
20.417
21.374
19,428
19.875
0CI
COO CO CO IC f CO
CO
CO •-• 0 C
CO
Copper Advanced on Higher European
Prices-Zinc Moves Upward.
According to "Metal and Mineral Markets" foreign trade
in copper again was far more active than domestic business,
and as prices moved upward abroad the market here responded accordingly. The top price named for copper
yesterday-6.25c. Connecticut-represents a net gain for
the week of 3. -cent. Quotations for copper products also
were raised during the week in sympathy with the metal.
Trading in zinc has expanded, and the price advanced
sharply. Demand for lead has eased off, yet prices were
firmly maintained in all directions. Tin advanced on active
speculative operations in London, and the price here settled
well above 25 cents per pound. Silver prices showed little
change. The "Metal and Mineral Markets" weighted
index number of non-ferrous metal prices for August was
47.32, against 44.77 in the preceding month. The advance
is the first registered since July 1931. The report goes on
to say:
Wire Prices Advanced by General Cable Corp. and
Anaconda Wire & Cable Co.
The price of bare and magnet wire was advanced Vi-cent
8
a pound and weatherproof wire 3/-cent a pound on Sept. 6
by the General Cable Corp. and the Anaconda Wire &
Cable Co. These advances are based on 6.25 cents delivery
for electrolytic copper.
Wa=MON..
The Rumanian delegates to the international oil conference held In
Paris during July have asked for and have obtained an extension of the
time limit sot for signing the agreement reached with the international
group of American, British and Dutch oil exporters, it was learned to-day.
The original limit was Aug. 15, but the time has been extended to Sept. 15.
So far as could be ascertained here to-day nothing has happened to indicate that the agreement would not be signed. The extension was necessary to give the various small independent companies of Rumania time
to consider and approve the plan which is designed to regulate production
and export of Rumanian oil products. The bulk of the export business
Is in the hands of foreign companies representing the Standard Oil Co.
of New Jersey, the Royal Dutch and British interests whose signature is
a foregone conclusion if the small companies come in.
Rumors of a third international oi conference next month with the
Soviets are denied in well informed quarters, where it Is stated that rui
conference has been called. Doubts are expressed that theRussiaTh=o7ernxnent would sign an agreement owing to differences of opinion among
the Soviet executives.
Foreign Copper Price at 6.25 Cents a Pound-Price of
Domestic Copper at 6.25 Cents.
The foreign price of copper was reported yesterday (Sept.9)
at 6.25 cents a pound, c. i. f. Hamburg, Havre and London.
This compares with 6.25 cents to 6.323. cents, the prices
quoted on Sept. 8.
In the domestic market the price of copper was advanced
hi-cent a pound on Sept. 7 to 6.25 cents delivered in the Connecticut Valley to the end of 1932.
1.049
1.056
1,043
971
829
783
689
692
708
695
681
705
41
3
23,680
26,166
822
20
6
17
26
31
37
31
17
11
0
0
0
59.457
59,929
51.300
50 038
52.072
52,428
46.030
48,004
42.574
38,604
35.092
31,240
39.017
32,902
29.330
29.203
30.515
28.979
34.135
28.972
27,108
29.510
24.4.41
26.051
1.678
1,594
1.552
1.481
1.437
1.449
1.291
1,323
1.349
1,321
1.067
1.054
47.064 30.072
Export shipments are Included in total abipmenta.
Average Retorts During Month
January
2119.00321.
February
h
21.078
Ail
19.469
1.355
22.444
21.896
22.576
18.046
18,087
14,958
12,896
18,108
129,914
129.534
129,451
132.025
132.580
134,032
135,907
131,203
31
0
0
0
0
24
0
39
22.044
21.752
22,016
20.796
20.850
18,742
18.295
14,514
32.522
29.562
32 328
29.137
25.688
23.483
21.365
21.467
21.327
21.548
20.548
21.868
31.064
30.249
35.224
27.418
25.851
27,604
28.460
23,599
20.860
21.181
19.963
23,041
145.076
144,389
141.493
143.212
143.049
138,928
131.833
129,701
130.168
130.535
131,015
129.842
1
0
0
0
20
0
20
0
0
0
0
0
Total for year 300,738
Monthly aver._ 25,062
314,514
26,210
1931.
January
February
March
April
May
June
July
August
September
October
November
December
1930.
January
February
March
April
May
June
JUIY
August
September
October.....
November
December
W.,11401414WMOCX0
Rumanians Get Extension of Time on Oil Pact.
The following is from the New York "Sun" of last night
(Sept. 9):
1733
Naturally consumers who have been building up plant stocks stopped buying when the Metal Exchange prices dropped.
Although buying is small prices are firm here and abroad. However, as
a period of quitter buying should normally have been about to start, this
sharp break In prices on the largest speculative metal exchange in the world
probably will result in cautious and quiet buying for a week or so.
If European buying quiets down prices may ease but such a decline probably will not be great. Naturally as foreign price has tended to establish
domestic price on the way up, it would not be surprising to find some
difficulty in avoiding a slight decline here.
Electrolytic copper for domestic shipment is 6.25 cents a pound delivered
to end of 1932. European destinations are at levels corresponding with
6.25 cents c.i.f. Hamburg. Havre and London.
19W.twitui6.01
Volume 135
In commenting upon the order Commissioner Ernest 0. Thompson said:
"Five Important utility systems, all marketing gas outside the State,
have built into the west Panhandle field. Their lines are supplied entirely
from their own leases and their withdrawals are draining the gas from
Independent properties. All of these companies under their permits to do
business in Texas have used the right of eminent domain. The general
conception Is that they are public servants to the extent of assuming the
obligation of furnishing without discrimination an outlet to the production
of any field into which they may build. This is the practice generally
In the gas industry and in other gas fields of Texas. The companies here
assert that they are private operators and cannot be compelled to take
Care of the production of other interests.
"As a temporary expedient while some other answer is being found we
are entering an order which is in substance:
"The part of the west Panhandle field lying east of the Burnett Ranch
shall be completely shut In. The balance of the field may produce up to
4% of potential open flow. The small supply from the 4% area required
to supply nearby towns will be expected from the 4% limit.
"If the independents at later hearings show the Commission that under
this order they are still suffering substantial drainage we shall give whatever additional relief may seem best.
"We have requested the Governor that opportunity be given the present
Legislature to correct this matter."
40.704
41,296
41.620
40,597
38,651
36.448
35.389
31,901
32.470
32.430
30,285
34.254
Total for year 504.463
Monthly aver
42.030
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
196
16
1931,
32.737
34.423
30.647
26.765
20.632
ty
J ulle
19.898
19:6 0
20 172
17 529
'
.
20 652
17.920
15.067
August
18.140
Note -Figures for retorts operating have been revised In accordance with corrected data supplied by producers. These r.gures relate to horizontal retorts only.
The total production of :Inc as reported Includes also the metal produced by continuously operating vertical retorts and by the electrolytic method.
1734
Financial Chronicle
American Brass Co. and Revere Copper & Brass, Inc.
Increase Prices of Brass and Bronze Products.
Effective Sept. 7 the American Brass Co and Revere
Copper & Brass, Inc., raised the prices of brass and bronze
products 3i-cent a pound.
Slight Increase in Ingot Production in August.
Steel ingot production in August, according to the latest
monthly report of the American Iron and Steel Institute,
amounted to 832,402 tons, an increase of 39,869 tons over
the previous month when an all-time record low was established. The approximate daily output for the 27 working
days in August was, however, still lower than the record
low set for the 25 working days in July, amounting in August
to only 30,830 tons against 31,701 tons in July. Percent
of operation also fell off slightly-from 14.66% in July to
14.26% last month. In August 1931 when percent of operation stood at 31.08%, daily production averaged 66,032 tons
for the 26 working days in that month and output of all
companies totaled 1,716,829 tons. Below we show the
monthly figures since January 1931:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1931 TO
-GROSS TONS.
AUGUST 1932
Reported by companies which made 95.33% of the open-hearth and Besseme
steel Ingot production In 1931.
OpenHearth.
1931
January_ February
March
_
April
May
June
July
August -
Monthly
Calculated Aro.of Approx. Per
Output
Monthly Work- Daily
Cent.
Bessemer. Companies Output All ing
Output OperaReporting. Companies. Days. All Cos. tfon.a
2,098,175
2,131.079
2.565.531
2,321.043
2,130.805
1,782.007
1,574.370
1,462,254
296,620
296.974
346.137
316.668
301.639
246.365
225.0 0
174,380
2.394.795
2,428,053
2.911,668
2,637.711
2.432.444
2.028.372
1.799.409
1,636,634
2.512,140
2.547.027
3.054,339
2.766.959
2,551.633
2,127,762
1.887.580
1,716,829
A.C.00CODO
CINNNNNNN
[Month.
93.042
106.126
117.475
106.421
98,140
81.837
72.599
66,032
43.80
49.96
65.30
50.09
46.20
38.52
34.17
31.08
16,065,273 2,203.813 18,269,086 19,164,269 207
92.581
43.58
1,274.072
September
199,151
1.473,223 1.545.411
28
1.319.958
October _
195.943 1,515.901
1,590.180 27
November
240,441
1.276.856
1,517.297 1,591,644 25
1,068.384
Decem her
172,046 1.240.430 1.301,211 26
1.
Total_ _ 21,004,543 3,011.394 24,015,937 25.192,715 311
59.439
58.896
63.666
50,047
27.98
27.72
29.97
23.56
81,006
38.13
1932.
January_ February..
March_ _ _
April
May
June
July
August _
8 mos_
8 mos...,
1,230.661
1.232,568
1,149,307
1,036,227
950.785
755,123
652.650
704,747
160.633
157.067
193.944
144,197
103.593
100.249
102.872
88.782
1.391.294
1.389,635
1.343.251
1.180,424
1,054.378
855,372
755.522
793.529
1.459.450
1,457.710
1,409.054
1.238.250
1,106,030
897.275
792,533
832,402
26
25
27
26
26
26
25
27
56.133
58.308
52.187
47.625
42.540
34.511
31,701
30.830
25.96
26.96
24.13
22 02
19 67
15.90
14.66
14.26
7.712.068 1.051.337
8.763.405
9.102 704 208
44.196
20_44
a The figures of "per cent, of operation" in 1931 are base 1 on the annual capacity
as of Dec. 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. 31 19310107.473,630 gross tons.
August Pig Iron Production Shows a Smaller Decline.
August pig iron production, at 530,576 gross tons, showed
a loss of only 7.3% from the July output, which was 572,296
tons and which had registered a decline of 11.8% in the daily
rate from the preceding month, states the "Iron Age" of
Sept. 8. The daily output in August was 17,115 gross tons,
compared with 18,461 tons in July, adds the "Age," which
further reports as follows:
There were 42 furnaces in operation on Sept. 1. making iron at the rate
of 16.225 tons daily, compared with 46 in blast on Aug. 1. with a daily
operating rate of 17.525 tons. The net loss in the number of furnaces
operating on Sept. I was four, although two banked furnaces were scheduled
to go in after the holiday week-end.
Ten furnaces were blown out or banked during August and six were blown
in. Of those taken off, four belong to independent steel cOmpanim three
to the Steel Corporation and three to merchant producers. The Steel
Corporation put four furnaces in operation and the independents two.
Furnaces blown out or banked include: One Steelton. Bethlehem Steel
Co.; one Hazleton and one Pioneer. Republic Steel Corp.; one Carrie and
one Farrell, Carnegie Steel Co.; one Gary. Illinois Steel Co.: one Hubbard.
Youngstown Sheet & Tube Co.; the Neville Island furnace of the Davison
Coal & Coke Co.; the furnace of the Jackson Iron & Steel Co.. and one
Federal furnace of the Interlake Iron Corp. Among the furnaces blown In
Were: Ashland furnace of the American Rolling Mill Co., one Campbell
furnace of the Youngstown Sheet & Tube Co., two Ohio furnaces of Carnegie
Steel Co. and two South Chicago furnaces of the Illinois Steel Co.
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE.
(Gross Tons-)
Pig Hon.:
1931,
January
February
March
April
May
June
Halt year
July
August
September
October
November
December
Ferromanoanere.y
1932.
1932.
1931.
1.714,266
1,706.621
2.032,248
2.019.529
1,994.082
1.638.627
972.784
964.280
967.235
852.897
783.554
628.064
14.251
19,480
27.8119
25.456
23,959
11.243
11.250
4,010
4,900
4 11
,
5.219
7.702
11.10
5.373
1,463,220
1,280.526
1.168,915
1,173.283
1,103.472
980,376
5.198.814
572.296
530.576
122,288
17.776
12,482
14.393
14,739
14.705
15,732
33.562
2.299
3,414
18,275.165
Year
212,115
x These totals do not Include charcoal pig Iron. The 1930 production Of this
Iron was 98.580 gross tons. y Included in pig iron figures.
Sept. 10 1932
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
Steel
tierWorks. chants.* Total
1930January
February
March
A pill
May
Juno
July
August
September
October
November
December
1931January
February
March
A pill
71.447
81,850
83,900
85,489
84,310
77,883
66.949
64,857
63.342
57,789
49.730
40,952
19,762 91.209
19,810 101,390
20,815 104,715
20.573 106,062
19,973 104,283
19,921 97,804
18,197 85,146
16,560 81,417
13,548 75,890
12,043 69,831
12,507 62,237
11.780 53,732
45,883 9.416 55,299
40,618 11.332 60,950
54.975 11,481 65,556
53.878 13.430 67.317
AferSteel
Works. rhants.* Total.
1931
May
June
July
August
September
51,113 13,212 64,325
43,412 11.209 54,621
35,189 12,012 47,201
31,730 9.569 41.308
29,979 8,985 38.964
30.797 7.051 37.848
31,024 5.758 36,782
"4,847 6.778 31.625
October
November
December
1932
January
25.124
25.000
February
24,044
March
4 prIl
23,143
20,618
May
14.845
June
July
15.132
August
-.....14.645
6,256
7,251
7,157
5.287
4,658
6,090
3.329
3.070
31.380
33,251
31,201
28,430
25,276
20,935
18,461
17,115
•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.
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
109.705
103.382
1929.
1930.
1931.
91.209
101,390
104.715
106.062
104,283
97,804
100,891
85,146
81.417
75,890
69.831
62,237
53.732
96.025
55,299
60.930
65.556
67,317
64,325
54,621
61,356
47,201
41,308
38,964
37,848
36.782
31.625
50.069
1932.
31.380
33.251
31.201
28,430
25.276
20.935
28,412
18.461
17,115
----------------
Steel Output Gains Moderately-Now At About 141 2%
/
Of Capacity-Orders Show Small Upward Trend
Price of Finished Steel and Steel Scrap Higher.
Steel ingot production has risen to 143/% from 13% last
2
week, reports the "Iron Age" of Sept. 3. Further gains in
operations this month are largely dependent on the volume
of incoming business for immediate requirements, as steel
mills have virtually no backlog tonnage on their books.
The "Age" continues:
At Pittsburgh and Chicago. Ingot output Is barely holding at last week's
low rate, which was 12% for both of these important producing districts,
but there has been a sharp increase at Cleveland, from 12 to 26%, because
of the starting up of two plants that had been idle for several weeks, and
lesser improvement has developed in the Valley and Wheeling districts and
at Birmingham and Buffalo. There is no change at Detroit, where Ford's
steel plant is still idle, though the automobile manufacturing departments
resumed modified schedules on Tuesday.
Miscellaneous steel orders, usually covering only small orders for nearby
shipment, have gained In number, even without much support from the
railroads and the automobile industry. Steel lettings for building construction, at 27.300 tons, are the heaviest for any week since June, but of the
total 18.500 tons is for a post office in Philadelphia.
The Ford Motor Co. has placed a few small orders coincident with Its
resumption of manufacturing, but the motor car industry as a whole is contributing very little steel tonnage. Several makers are taking price., on
fourth quarter requirements, but orders may not be forthcoming for a few
weeks. Stamping plants, however, are inquiring for hot-rolled strip steel
for parts for new models, on which production will be begun next month.
Ford's schedule this month Is 2.500 cars a day four days a week. An
encouraging gain In motor car salmi, especially commercial types, occurred
during August.
Small orders are coming from a few railroads, but the Reading Is the first
to inaugurate a major repair program, having asked for immediate quotations on 3,500 tons of steel for rebuilding 3.000 freight cars and 78 ; ,
ea
motives. The formation of a railroad equipment credit corporation may
expedite repair work and purchases of cars and locomotives, though no
other important inquiries have appeared.
The Reconstruction Finance Corporation will soon approve several loans
for self-liquidating projects. The steel for the New Orleans railroad and
highway bridge, about 65.000 tons, has been allocated to two leading
fabricators in anticipation of speedy action on a loan. The Golden Gate
bridge at San Francisco. which will take upward of 100.000 tons of steel,
has been financed by a bond issue, and construction work may be begun
within 90 days. The It. F. C. is expected to urge, as a matter of public
policy, the use of domestic materials for Government-financed projects.
though legislative enactment to that end was not adopted by Congriss.
Pig iron production declined 7.3% in August from July. last month's total
output having been only 530.576 gross tons, against 572.296 In the proceding month. The daily rate in August was 17.115 tons, compared with
18,461 tons in July and 41.308 tons in August, 1931. There was a net loss
of four active furnaces during the month, bringing the number in blast on
Sept. 1 down to 42, which, Incidentally. is just one-fifth the number active
on Sept. 1 1929. Four furnaces will resume production within a few days.
Mild Improvement in pig iron buying has continued, activity being most
pronounced at Cleveland. where 10.000 tons was sold without much aid
from the automobile industry. Railroad equipment and heating equipment manufacturers were among the principal buyers. A reduction of 50e.
a ton on foundry and malleable grades has gone into effect at Cleveland,
while basic iron is 50c. a ton lower in eastern Pennsylvania.
Scrap prices continue to strengthen throughout the country, though the
miscellaneous grades have been mostly affected. In eastern l'ennsylvania,
however, heavy melting has advanced 50c, a ton on a sale into consumption,
bringing the "Iron Age- scrap composite up to $7.58 from $7.42 last week.
The finished steel composite price has made a fractional gain to 1.965c. a
pound because of a readjustment of discounts on pipe whereby a single
discount is substituted for multiple discounts, resulting In simplification.
The net result is a slight advance on most sizes. Lapweld pipe in one tO
three inch sizes, for example, becomes 3.25e. a pound, or 16c. a ton above
the former net price. Cold-finished steel bar makers have established
preferential discounts of 5c. to 123-6e. per 100 pounds to buyers of 20,000
to 100.000 pounds of one size and grade at a time. The base price remains
at 1.70e. a pound.
Some sheet manufacturers have announced fourth quarter prices identical
with those in effect before the declines of recent weeks. Thus, No. 24 hot-
Volume 135
Financial Chronicle
rolled annealed would be restored to 2.20c. a pound, Pittsburgh, and 2.30c..
Gary, and galvanized sheets to 2.85c., Pittsburgh, and 2.95c.. Gary, with
corresponding advances of $2 a ton on light and heavy cold-rolled and some
other grades that had weakened.
Finished Steel.
IBased on steel bars, beams, tank plates
Sept.0 1932, 1.965e. a Lb.
1 Me. wire, rails, black pipe and sheets.
One week ago
1 976c.l These products make 85% of the
One month ago
2 0140.1 United States output.
One year ago
1.92Ce. Feb. 2
1 97re. June 24
1932
1.942e. Dec. 29
2.037c. Jan. 13
1931
2.01Po. Dec. 9
2.273c. Jan. 7
1930
2.273c. Oct. 29
2 317e. Apr. 2
1929
2.217c. July 17
2 28ic. Dec. 11
1928
2.212e. Nov. I
2.402e. Jan. 4
1927
two weeks ago. Leading independents are credited with about 121%,
compared with a fraction under 135i% in the preceding seven days and a
little under 143i% two weeks ago.
At this time last year the average was in the neighborhood of 283%.
U. S. Steel running at 32% and independents around 26%. In 1930. the
industry was at 56%, with U. S. Steel at 63% and independents a little
under 51%. In the like week of 1929, the average was 86%, U. S. Steel
being at 91% and independents at 82%, while in 1928 the industry was not
quite at 773%,U. S. Steel being at 78% and independents around 77%.
P19 Iron.
Based on average of basic iron at Valley
Sept.6 1932, $13.64 a Cross Ton.
furnace foundry irons at Chicago.
$13.04
One week ago
13.76 Philadelphia, Buffalo, Valley and BirOne month ago
15.50 mingham.
One year ago
Low.
Iltga.
313.64 Aug 16
314.81 Jan. 5
1932
15.79 Dec. 15
15.90 Jan. 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov. 27
1928
17.54 Nov. 1
4
19.71 Jan.
1927
Steel Scrap.
Based on heavy melting steel quoSept. 6 1032, 57.58 a Gross Ton.
$7.12 tations at Pittsburgh. Philadelphia
One week ago
6.50 and Chicago.
One month ago
9.08
One year ago
Low.
High.
$6.42 July 5
38.50 Jan. 12
1932
7.62 Dec. 29
11.33 Jan. 6
1931
11.25 Dee. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
'13.08 July 2
16.50 Dec. 31
1028
13.08 Nov. 22
15.25 Jan. 11
1927
Bituminous Coal Output and Pennsylvania Anthracite
Again Exceeds That of Preceding Week But Continues Below Figures for Corresponding Period
Last Year.
According to the United States Bureau of Mines, Department of Commerce, there were produced during the week
ended Aug.27 1932 a total of 5,320,000 net tons of bituminous
coal and 803,000 tons of anthracite as compared with 4,950,000 tons of bituminous coal and 622,000 tons of anthracite
in the preceding week and 7,495,000 tons of bituminous coal
and 1,388,000 tons of anthracite during the corresponding
period in 1931.
During the calendar year to Aug. 27 1932 production of
bituminous coal amounted to 181,751,000 tons and anthracite to 30,034,000 tons as against 247,078,000 tons and
39,458,000 tons, respectively, during the calendar year to
Aug. 29 1931. The Bureau reports as follows:
"Steel" of Cleveland, in its summary of the iron and steel
markets, Sept. 5, states:
ore
1735
Production of all coal increased during the week ended Aug. 27 1932.
Bituminous output crossed the 5,000.000 mark for the first time since the
Compared with the
middle of April. amounting to 5.320.000 net tons.
7.5%. The latest
preceding week, this shows a gain of 370.000 tons, or
three months April to June
figures of bituminous consumptin cover the
plus exports averaged 4,884,000
1932. during which the total of consumption
tons a week.
the week ended
The total production of Pennsylvania anthracite during
of 181,000 tons.
Aug. 27 is estimated at 803.000 net tons, indicating a gain
during the corresponding
or 29.1%. over the preceding week. Production
week in 1931 amounted to 1,388.000 tons.
a
Production of beehive cooke continues, as since the end of May, at
Aug. 27 is
rate under 10.000 tons a week. Output during the week of
estimated at 8.600 tons.
AND BEEHIVE
.'
7
ESTIAXTEii UNITED STATES PRODUCTION OF COAL
COKE (NET TONS).
Iron and steel producers eased into the Labor day period, generally
appraised as a springboard for fall recovery, with a decline of only one point
In the steelmaking rate, slightly more substantial backing for recent improvement in sentiment and a further wide advance in scrap prices.
Inquiry was broader and bookings were somewhat heavier in most districts
last week, an encouraging phase being their diffusion. Many consumers
Indicate they contemplate buying for stock shortly, and for the first time in
months mills visualize the accumulation of backlogs.
Various efforts to stimulate railroad buying, notably financing by supply
Interests, are expected to yield orders. Leading manufacturers of automobiles are pricing fourth quarter steel, and after Sept. 15 the movement
of material to Detroit for fabrication in October will expand.
Over the iron and steel industry hangs an atmosphere of expectancy.
Recent generalizations by important executives that improved business
Calendar Year to Date.
Week Ended.
approaches are accepted as surface indications of quiet negotiations for
substantial needs.
Aug. 27 Aug. 20 Aug. 29
1929.
1931.
1932.
1931.
1932.d
1932.c
The possibility is strong that steel production in the week ended Sept. 10,
which includes Labor day, may develop a slight gain over the 13-14% rate
Bitum. coal (a)
338,075.000
of the week ended Sept. 3. This would prevent the industry from dropping
Weekly tote 5,320,000 4,950,000 7,495.000 181,751,000 247,078.000 1,662,000
895,000 1,215,000
to the 12% low of the July 4 stoppage.
Daily aver_ _ 887,000 825,000 1,249,000
Enough capacity is scheduled for lighting at Youngstown Sept. 6 to put
Pennsylvania
a
anthractie(b)
the steel rate there up from 13% to 20. At Cleveland the restoration of
39,458.000 45,350.000
Weekly total 803,000 622,000 1,388.000 30,034.000
225,100
195,800
open hearths cold since July 4 indicates a rise from 144i% to 25. What149,100
103,700 231,300
Daily aver_ _ 133,800
ever slight loss occurs in other districts from the Monday shutdown should
Beehive coke:
901,000 4,558,100
475,900
17,300
8,900
8,600
total
Weekly
be speedily recouped.
22,235
4,395
2,321
2,883
1,483
1,433
Daily averThe strain of Improved demand runs through all districts. In the South,
miscellaneous requirements for wire and other products from agricultural
sales and colliery fue .b Includes
a Includes lignite, coal made Into coke, local
areas are reported increasing. Both Pittsburgh and Chicago note modest
and colliery fuel. c Subject
Sullivan County, washery and dredge coal, local sales
expansion in small orders for bars. Shipments of Chicago wire mills were
revision. d Revised.
to
larger in August than in July.
BY STATES (NET TONS).
ESTIMATED WEEKLY PRODUCTION OF COAL
Three railroads are understood to be considering repairs to a total of 5,000
freight cars. One eastern line may be in the market shortly for 1.000 tons
Week Ended
of rails. Western Fruit Express will fabricate 100 underframes. Fort
-- August
1923
Wayne, Ind., opens bids Sept. 6 on 3,500 tons of pipe.
Aug. 20 Aug. 13 Aug. 22 Aug. 23
Stole.
Arer.(a)
1930.
1931.
1932.
1932.
Tentative award of 18.000 tons for a post-office at Philadelphia to the
American Bridge Co. makes the structural total for last week 25.947 tons,
397.000
274.000
129.000 132,000 207,000
Alabama
one of the best weeks this year. Concrete bar lettings at 4,760 tons were
81.000
75.000
61,000
15,000
19,000
Arkansas and Oklahoma
173,000
98.000
above the average.
•
48,000 100.000
52,000
Colorado
922.000 1,363.000
Renewed interest in pig iron, manifested in substantial bookings the past
379,000 226.000 770,000
Illinois
440.000
288.000
155,000 143,000 229.000
fortnight, developed too late to rescue August from setting a new historical
Indiana
100.000
57.000
44,000
48,000
52,000
Iowa
low in production. The August daily rate of 17.045 gross tons is a 7.3%
145,000
108.000
93.000
66.000
87,000
Kansas and Missouri
765.000
815.000
decline from the 18.394-ton rate of July. The total of 528.413 tons pro562.000 500.000 699.000
Kentucky-Eastern
217.000
202.000
-month total for 1932 at 6.263.155 tons, or 55%
155,000 173.000 150.000
duced in August puts the 8
Western
44.000
39.000
33.000
17.000
19,000
Maryland
below the 13.8.39.597 tons of a year ago. A net loss of three stacks left
4.000
21.000
2.000
2.000
2,000
Michigan
50.000
49.000
only 42 out of 297 potential blast furnaces active on Aug. 31.
36,000
15,000
23,000
Montana
49,000
29.000
24,000
21,000
Price is an increasingly important factor as the turn of the fourth quarter
16,000
Mexico
New
20.000
14.000
22,000
10,000
10.000
nears. Steel pipe discounts have been increased but preferential treatment
North Dakota
871.000
437.000
200,000 178,000 421.000
sufficiently to make the net change a slight advance. Cold'
Ohio
curbed
1,248,000 1,291.0001,764.000 2,293.000 3,734.000
(bituminous)
Pennsylvania
118.000
93.000
finished bar and shafting interests have adopted quantity differentials
84.000
45,000
46,000
Tennessee
24.000
13.000
15,000
13,000
which lower the price to large buyers.
12,000
Texas
83.000
52,000
40.000
35,000
finished steel. it is reported, may soon announce quan37.000
Makers of heavy
Utah
248.000
190,000
138,000 128,000 185,000
differentials which will tend to divert small business to warehouses.
Virginia
tity
40.000
47.000
28.000
15,000
16,000
Washington
Reinforcing bar prices are easier in some districts. Iron and steel scrap,
1,827.000 1,515.000
West Virginia-Southern (b). 1.217,000 1,150.000 1,578.000
875.000
568.000
in a buoyant week, has been put up as much as $1.50 per ton.
315.000 338.000 438,000
(c)
Northern
154.000
112.000
93,000
58,000
58.000
The net result is that the iron and steel composite of "Steel" is up 8 cents
Wyoming
4,000
3,000
2,000
3.000
Other States
to $29.32, first advance since March. The steel composite has gained 19
8,602,000 11,538.000
cents to 347.50. A lift of 42 cents pushes the scrap composite up to $6.96.
4,950,000 4,675,000 7,116.000
Total bituminous coal
highest since May 16.
622,000 666.000 929.000 1,694,000 1.026,000
Pennsylvania anthracite
A survey by "Steel" indicates that dealers, steelworks and railroads have
5,572,000 5.341,0008.045.000 10,296.000 13,464,000
Total all coal
1,972.000 tons of iron and steel scrap stored, on which the
approximately
operations Cot IC N.&W.;
appreciation in value through the bull market on scrap averages $1.34
a Average weekly rate for the entire month. b Includes
State, including Panhandles
C.& O.; Virginian; K.& M.. and B. C.& G. c Rest of
per ton, or about $2,500.000 altogether.
Steel ingot production for the week ended Monday, Sept.
5, which included the Labor Day shut downs in various
districts, is placed at 12% of theoretical capacity, according
to the "Wall Street Journal" of Sept. 7. This compares with
a shade under 13% in the preceding seven days and with
better than 133/2% two weeks ago. There has been quite a
resumption in several districts since the beginning of the
current week, however, so that the present rate is probably
around 14%, duo mainly to more active resumptions after
the holiday closings. The "Journal" adds:
estimated to have been at a rate
The U. S. Steel Corp. in the past week is
in the previous week and 12 ti%
slightly in excess of 11%. against 12%
p
August Production of Bituminous Coal and Anthracite
Exceeds That of Preceding Month, But Still Continues Below That for the Corresponding Period
in 1931.
According to tho United States Bureau of Mines, Department of Commerce, preliminary estimates for the month
of August 1932 show that for this period there were produced
22,465,000 net tons of bituminous coal and 3,470,000 tons
of anthracite as against 17,857,000 tons of bituminous coal
and 3,021,000 tons of anthracite during the preceding month
1736
Financial Chronicle
and 30,534,000 tons of bituminous coal and 4,314,000 tons
of
anthracite during the corresponding period last year. The
Bureau's statement follows:
Average per Cal. Year
Total for
No. of
Working
SO End of
Month.
Working
Day.
August.
(Nei Tons). Days. (Nei Tons). (Nei Tons).
August 1932 (Preliminary)—
Bituminous coal
22,465.000
27
832,000 184,910,000
Anthracite
3,470,000
27
128,500
30,653,000
Beehive coke
41,000
27
1,519
481.900
July 1932 (Revised)—
Bituminous coal
17,857,000
25
714,000
Anthracite
3,021.000
25
120,800
Beehive coke
38,200
25
1,528
August 1931—
Bituminous coal
30.534.000
26
1,174.000 250,121.000
Anthracite
4,314,000
26
165,900
39,810.000
Beehive coke.a
61,600
26
2.400
806,300
a Final figures.
Note.—The preliminary &Alma es for the latest month
revisions, which will be issued in he weekly coal report shown are subject to slight
about
current estimates will later be ad tinted to agree with results the 15th instant. All
of the complete canvass
of productions made at the end o the calendar year.,..,
Operators and Union Heads Hold Conferences in
New York to Discuss a Proposed Wage Reduction
for Northwestern Pennsylvania Anthracite Miners.
At the request of the employers at the Anthracite Institute, 19 Rector St., spokesmen of the United Mine Workers
of America and the anthracite operators met on Sept.
6
to discuss a proposed wage reduction of 20 or 25% for the
approximately 140,000 miners in the three hard-coal districts of northwestern Pennsylvania. The New York
"Times" of Sept. 7 had the following to say regarding
the
meeting:
At the adjournment of the meeting at 8 p. m. it was
announced that the
conference had not gone further than the preliminary stage,
and that the
members would reconvene at 2 p. m., Sept. 7. It was
reported
operators had opened the meeting with the announcement that that the
in the industry required a wage concession, but that a specific conditions
figure had
not been mentioned.
The union committee, headed by John L. Lewis, Presiden
t of the organization, gave no inkling as to its attitude, but it
was understood a strong
protest would be made against the operators' proposal
.
Those who attended the conference yesterday
were:
Operators.—W. W. Inglis, President Glen
Alden Coal Co.; R. F. Grant,
President Lehigh Coal Corp.; E. H. Suender,
Vice-President and General
Manager Madeira. Hill & Co.; A. J. Maloney
, President Philadelphia &
Reading Coal & Iron Co.; J. B. Warriner,
President Lehigh Navigation
Coal Co.; Michael Gallagher, President Pittston
Co.
Miners.—John L. Lewis, President;
Thomas Kennedy, SecretaryTreasurer; Philip Murray, Vice-President;
John Boylan, Presiden
trict 1; Michael Hartneady. President District 7; Martin F. t DisBrennan,
President District 9,
C. J. Golden acted all Secretary of the conferen
ce.
A meeting of the tri-district executive board of
the union, comprising
the international union's officers and representatives
of Districts 1, 7 and 9
will meet in the Pennsylvania Hotel Sept. 7 to plan
the policy of the union
negotiators.
John L. Lewis, President of the United Mine Worker
s of
America, and his associates, fortified by the authori
tative
view of the tri-district executive board that a wage
reduction
should be opposed with every resource, conferred
for the
second time Sept. 7 with the anthracite operators'
committee,
which has asked for a "wage modification," says
the New
York "Times" of Sept. 8, adding:
After four hours of frank discussion of the
situation, which was held to
be "constructive," the meeting adjourned until 2 p. m.,
the conference ended the mine union representatives were Sept. 8. When
still in
as to the exact amount of the wage reduction which the operatorsthe dark
desired.
This has been reported to be between 20 and
25%, but one report had it
on Sept. 7 that the employers might ask for as much
as a 27% reduction.
Miners leaving the meeting on Sept. 7 denied
emphatically a report that
they were planning to make a concession of 10%
because they felt that a
wage sacrifice of some kind was inevitable.
Mr. Lewis and the other five members of
his committee heard the views
of their associates from the three hard coal
districts of northeastern Pennsylvania early in the day (Sept. 7) at the
Pennsylvania Hotel. They were
advised that local unions had adopted
strong resolutions condemning the
wage reduction proposal and had
urged that the conference committee
mince no words in conveying these
sentiments to the operators.
1) The following brief communique
was issued after the joint afternoon
conference at the Anthracite Institute
: "Discussion on the subject of
wage modification was continue
d, and further examination was made of
the matter. Certain factors
in the cost of mining anthracite were considered. Taxes paid by the
industry was one of these factors. The discussions were frank and
constructive, but no definite conclusion was
reached.",
Continuing their conferences on Sept. 8 with the operators, the anthracite miners stoutly resisted the wage
cut.
They contended that economies could be effecte
d in many
directions before touching wages. The operators
maintained just as vigorously that a substantial wage reducti
on
was necessary to stabilize the industry. The New York
"Times" of Sept. 9, in reporting this, also said:
The two committees spent four hours in the
offices of the Anthracite
Institute. Although the operators continued
to refrain from making a
formal demand for a specific percentage wage reductio
n, it was evident that
they were leading slowly up to a demand for a
large reduction—probably
20 to 25%.
In a brief statement after the meeting it was indicated
that the negotiations would be prolonged. Both sides are armed
with statistics on the
Cost ofliving, commodity prices, wage and freight
rates, business conditions
and unemployment charts.
Sept. 10 1932
It was indicated that even if there was a wage reductio
n it would not
be in time for the operators to make price concessi
ons to consumers this
winter. The miners' leaders, headed by John L. Lewis,
President of the
United Mine Workers of America, were far from
conceding on Sept. 8 that
they would accept even a 10% reduction.
Representatives of the anthracite operators and the
United Mine Workers met again on Sept. 9 to continue discussion of the operators' request for a downward revision of
anthracite wages. The discussions touched principally on
the subjects of freight rates, living standards, earnings,
and other matters relating to the subject, no conclusions
being reached.
In our issue of Aug. 27, page 1394, a reference to the
calling of the conferences was made.
Mine Unions in Illinois Withdraw from United Mine
Workers of America-200 Locals Form Under Name
of Progressive Miners of America.
Delegates claiming to represent 200 local mine unions in
Illinois voted on Sept. 2 to secede from the United Mine
Workers of America and to form a new union says advices
from Gillespie, Ill., Sept. 2 to the Chicago "Journ
al of
Commerce," which add:
The action was the result of the controversy
between many union miners
and the State and international officers who
signed the recent agreement
with Illinois coal operators to reduce the basic
pay to $5 a day. John L.
Lewis. International President, and John H. Walker,
State President, have
sought to get the miners to return to work under
the new agreement.
The meeting at Gillespie also voted to extend
the movement into other
States and to open negotiations with the operators
for a new contract.
Delegates from several Indiana unions attended the meeting,
which opened
Sept. 1.
Statement Issued by Delegates.
The delegates, who claimed to represent a majority of
Illinois union
miners, issued a brief statement at the close of the two-day gatherin
g which
said:
"We propose that a definite break with officials of the
United Mine
Workers of America be immediately carried out, and we propose
at once
to set up an apparatus for formation of a new union."
The delegates declared they represented the rank and file
of the union
membership, actual diggers, machine men and holsters. They
declared
they would abide by the purposes of the United Mine Workers
of America,
and that their action was "intended to save the union."
The Indiana delegates joined with the Illinois men in the plan
for a new
organization. The delegates declared that officials of the union had usurped
power, broken the morale of the members and had taken complete
control
of conventions and conferences, virtually naming officers
of the local
unions.
In the Taylorville area the citizens are trying to compromise
the differences between the Peabody Coal Co. and the miners. Only
two of the
company's four mines in that district are operating.
According to advices from Gillespie, Ill., Sept. 5,
protesting union miners of Illinois who seceded from the
United Mine Workers of America and adopted the name
"Progressive Miners of America" on Sept. 5 drafted a constitution and by-laws. The advices add in part:
Claude Pearcy, of Gillespie, President of the new organization,
in a
statement
replied to one issued by John L. Lewis. International President
of the United Mine Workers of America. and his associates calling
the new
organization a "dual movement" by saying that there could be no dualism
since the new union would take over 90% of the membership
of the Mine
Workers.
An announcement was made on Sept.6 by the Illinois Coal
Operators.Association stating that it will have nothing to do
with the newly formed miners' union in Illinois it is learned
from the Chicago "Journal of Commerce" of Sept. 7.
A statement,signed by W.J. Jenkins, St. Louis,President,
made it plain that there would be no negotiations with the
Progressive Miners of America organization. The paper
quoted continued:
The statement said that the association would have nothing to
do with
any miners' union other than the accredited United Mine Workers
of
America. It adds that the operators cannot and will not operate the mines
on any other wage scale than the $5 a day basic rate.
_ _
Experts Adherence to Pact.
This association," says the statement, "has a properly executed
statewide wage agreement with the United Mine Workers of America.
We have
every reason to believe that the union will live up to this agreemen
t. The
operators expect to live up to their part of the pact."
Officials of companies with the bulk of the production in
Illinois are
indifferent toward the dual union movement. They say that to
all intents
and purposes the rebellion against the approved $.5 a day scale
is ended.
Operators declare the new union has no standing. They say
that its
membership is made up almost entirely of surplus miners seeking to perpetuate a growing overmanning in the industry.
The Progressive Miners of America will receive no recogniti
on from the
American Federation of Labor, it is confidently predicted. The
organization admits it has no money.
The Chicago "Journal of commerce" of Sept. 8 said that
Illinois coal operators declined on Sept. 7 to reply to a statement by the newly formed Progressive Miners of Americ
a
saying "recognize us or use strikebreakers." The statem
ent
is an answer to an announcement by the Illinois Coal Operators Association that it would have nothing to do
with any
miners' union except the accredited United Mine Workers of
America.
Volume 135
1737
Financial Chronicle
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 Sept. 7, as reported by
the Federal Reserve banks, was $2,330,000,000, a decrease
and an
of $1,000,000 compared with the preceding week
increase of $1,098,000,000 compared with the corresponding
week of 1931. After noting these facts, the Federal Reserve
Board proceeds as follows:
;
Sept. 7 1932. Aug. 31 1932. Sept. 9 1931
Investments—total
766.000.000
55,000,000
6,142.000.000 5,124.000.000 5.638.000.000
820,000.000 858.000,000 1,0S9,000.000
80.000.000
64.000,000
Due from banks
Due to banks
65.000.000
74,000,000
71.000.000
1,233.000,000 1.207,000,000 1,050,000,000
2,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers:
348,000.000
For own account
18,000.000
For account of out-of-town banks
5,000.000
account of others
For
420,000,000 —13,000.000 +160.000,000
—164.000,000
34.000.000
1,851,000,000 —1,000.000 +1,123,000.000
—16.000.000
+2.000.000
14,000,000
TOTAL REEPVE BANK CREDIT-2,319.000.000 —12.000.000 +1,103,000.000
4,105.000,000 +19.000.000 —895,000,000
Monetary gold stock
+57,000.000
1,819,000,000 +18.000.000
Treasury currency adjusted
5,725,000.000 +34.000,000 +633.000,000
Money in circulation
2,142,000,000 —4,000,000 —148,000,000
Member bank reserve balances
Unexpended capital tunas, non-mem377,000,000 —4,000,000 —220,000,000
ber deposits. &e
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 $26,000,000, the total of these
loans on Sept. 7 1932 standing at $371,000,000, 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 $318,000,000 to
$348,000,000, but loans "for account of out-of-town banks"
decreased from $19,000,000 to $18,000,000, and loans "for
amount of others" from $8,000,000 to $5,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Sept. 7 1932. Aug. 311932. Sept. 91931.
$
$
6,575.000.000 6.543.000.000 7,666,000.000
Loans and investments—total
866 000.000
38.000,000
Net demand deposits
Time deposits
Government deposits
Increase (+) or Decrease (—)
Stara
Sept. 7 1932. Aug. 81 1932. Sept. 9 1931.
On seetrities
An other
836.000.000
39,000,000
Reserve with Federal Reserve Bank__
Cash in vault
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 Sept. 7, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages,
namely, pages 1788 and 1789.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ending
Sept. 7 1932 were as follows:
Loans—total
2,109000.000 2,116,000 000 1,592.000.000
988,000,000 976,000.000 1,057,000,000
U.S. Government securities
Other securities
to 52.319.000.000. a
On Sept. 7 total Reserve bank credit amounted
decrease corresponds with
decrease of $12,000,000 for the week. This
and unexdecreases of 84.000.000 each in member bank reserve balances
and increases of $12.pended capital funds, non-member deposits, &c.,
Treasury currency.
000,000 in monetary gold stock and $18,000.000 in
adjusted. offset in part by an increase of $34.000.000 in money in circulation.
Holdings of discounted bills decreased $4,000.000 at the Federal Reserve
Atlanta and $13.Bank of Philadelphia. $2.000,000 each at Richmond and
of bills
000.000 at all Federal Reserve banks. The System's holdings
unchanged, while holdings of
bought In open market were practically
TreasUnited States Treasury notes increased $4.000.000 and holdings of
ury certificates and bills declined $5,000,000.
Bills discounted
Bills bought
U. S. Government securities
Other Reserve Bank credit
3.097,000.000 3.092,000,000 2,649.000,000
371.000.000
Total
On demand
On time
Loans and investments—total
318.000.000
19.000.000
8,000,000
949.000.000
215.000.000
161,000.000
345.000,000 1.325.000.000
265.000.000 244,000,000 935.000.000
106,000,000 101,000,000 390,000,000
Chicago.
1,219,000.000 1,223,000,000 1.796.000.000
832.000.000
832,000.000 1,241.000,000
465,000.000
367.000.000
467.000,000
365.000.000
718.000.000
523,000.000
387,000,000
391,000,000
555,000.000
198,000,000
189,000,000
202.000.000
189,000,000
323.000.000
232.000.000
Reserve with Federal Reserve Bank...
Cash in vault
205.000.000
17,000,000
201.000.000
16,000,000
183.000,000
15,000,000
Net demand deposits
Time deposits
Government deposits
802.000,000
326,000,000
6,000,000
796,000,000 1,194.000.000
334.000.000 513,000,000
7,000,000
Due from banks
Due to banks
215,000,000
258,000,000
210.000,000
237,000.000
158.000.000
311,000,000
4,000.000
4.000.000
2,000.000
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
Borrowings from Federal Reserve Bank-
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the 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 Aug. 31:
statement of weekly reporting
The Federal Reserve Board's condition
shows increases for the week
member banks in leading cities on Aug. 31
$120.000.000 in net demand
of $0,000,000 in loans and investments,
reserve balances with Federal Reserve banks,
deposits. $13,000,000 in
Reserve banks, and a decrease
and $8,000,000 in borrowings from Federal
Time deposits show little change
Of $41,000.000 in Government deposits.
for the week.
each at reporting member
Loans on securities declined $18.000.000
and $36,000,000 at all rebanks in the New York and Chicago districts
515.000.000 in the
porting member banks. "All other" loans increased
reporting member banks.
New York district and $4.000,000 at all
increased 549.000.000
Holdings of United States Government securities
at all reporting member banks.
in the New York district and 544.000.000
district. Holdings of other seand declined $9,000,000 in the Chicago
district, 59,000,000 in the
curities Increased 524.000,000 in the New York
banks.
Chicago district and 828,000,000 at all reporting
member banks from Federal Reserve
Borrowings of weekly reporting
on Aug. 31, representing a net increase of
banks aggregated $158,000,000
$8,000,000 for the week.
liabilities of weekly reporting
A summary of the principal assets and
the week and the year ended
member banks, together with changes during
Aug. 311932. follows:
Increase (+) or Decrease (—)
Since
Sept. 2 1931.
Aug. 24 1932.
Aug.31 1932.
$
+40,000,000 —3,524.000.000
Loans and Investments—total.- 18,539,000,000
—32,000.000 —3.602,000.000
10,796,000.000
Loans—total
--36.000,000 --1.988.000.000
4,512.000,000
On securities
1-4,000.000 ---1,614.000,000
6,284,000,000
All other
+78,000.000
+72.000,000
7,743,000.000
otal
Investments—t
U.S. Government securities
Other securities
Reserve with F.It. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
3,478.000,000 3,451,000.000 5.017,000.000
Due from banks
Due to banks
1,646,000.000 1,632,000.000 2,643,000.000
1 832,000,000 1.819,000,000 2,374,000,000
Borrowings from F. R. banks
4,535,000,000
3,208,000,000
+44.000,000
+28,000,000
+489.000.000
—411,000.000
1,711.000,000
204,000,000
+13,000.000
—2,000,000
—96,000.000
—23,000,000
10.982.000.000
5,633,000.000
182,000,000
+120.000.000 —2.262.000.000
--2.000,000 --1,370.000.000
—41.000,000 +140,000,000
1,288.000,000
2,758,000,000
+22,000,000
+41,000,000
—86,000.000
—434,000.000
158,000,000
+8,000.000
+51.000.000
1738
Financial Chronicle
Treasury Looks for No Delay in Payments by Foreign
Debtor Nations.
No foreign debtor nation has notified the United States
of its inability to meet war-debt installments due Dec. 15,
Ogden L. Mills, the Secretary of the Treasury, stated orally
Sept. 6. The United States "Daily" of Sept. 7, indicating
this, further said:
Under the terms of the war-debt funding agreemen
ts the foreign debtors
may postpone payments on principal upon
90 days' notice, according to
additional information made available at the Treasury
, but the Secretary
may waive the notice requirement if he wishes.
Additional information
made available follows:
During the current fiscal year the debtor nations, exclusive
of Germany,
owe $74.881.881 in principal payments and $195,094
,690 in interest payments. The former may be postponed
no such provision is made for the latter. under the debt agreements, but
Greece already has invoked the postponement clause, delaying
a 8130,000
payment which came due July 1. With the exceptio
n of another payment
from Greece due in November, no other war debt question
will be raised
until Dec. 15, when the major part of the fiscal year payment
s come due.
France Not to Seek Delay in War Debt Payment.
A United Press cablegram from Paris Sept. 9 to the New
York "World Telegram" states that France, in agreement
with Great Britain, decided yesterday not to ask Washington to postpone the war debt payment due on Dec. 15. The
cablegram added:
France is scheduled on that date to pay the United States
about $50,000.000 and Britain about $140,000,000.
If postponement were demanded, it would have
to bo asked before next
Thursday. Both nations, bearing in mind America'
s warning that no
debt discussion will be permitted before the
Presidential election, decided
to make no move and to await the outcome of
events. They hope Washington may show clemency in December.
A report that America had waived the requirem
ent that debtor nations
must serve notice of postponement by Sept.
15 was denied in official
quarters. It was considered significant, however, that
the agreement not
to demand postponement was reached immediat
ely after the return of
Montagu Norman, Governor of the Bank of
England, from a trip to
America.
Report that Germany Seeks Delay on War Debt
Payments.
It was indicated in a Verlin cablegram Sept.
2 to the New
York "Times" that the German Government, throug
h its
Ambassador to Washington, is about to apply
to the American Government to permit it to postpone
for two and a half
years the payments due under the mixed claims
award and
for repayment of the cost of the American army
of occupation. The cablegram in part said:
No details regarding the ground on which
the request will be based have
been given out here. They will be available
In Washington, it is said, when
the American Government has had au
opportunity to take the matter under
advisement.
The reasons advanced, however, require
no
They will undoubtedly be Germany's present great imagination to divine.
serious financial plight, her
diminishing resources from her import balances
, making transfer difficult
and the sums she has to provide without
possibility of relief for payments
of the Dawes and Young Plan loans and a
little later for interest on her
private debt.
Would Postpone $37,500,000.
The payments due the United States from
the Reich under the mixed
claims award run until 1981 and average
annually 40.800,000 marks about
189.710.000]. The payments on account of the
cost of the army of occupation run until 1966 and average 20,000.000 marks
a year more. So the total
annual payment involved is about
$15,000,000, or 837,500,000 for the
period over which the postponements will be
requested.
It is impossible to give the exact figures
because the payments vary from
year to year. For the present year the sum
due was 40,800,000 marks for
mixed claims and 25.300,000 marks for the
occupation costs or 66,100,000
marks altogether.
It was to be paid in two instalments, of
which the half due last March
has already been received. The second
instalment of 33.050,000 marks
Is due on Sept. 30.
The present capital value of the
mixed claims figured at 55i% is
1,100,000,000 marks and the value of
the
marks. or 1.600.000,000 marks altogethe occupation costs 500,000,000
r.
Before 1930 these payments, then
included in the Dawes Plan, were
regularly collected by S. Parker Gilbert
as Agent General for Reparations
and remitted separately to America.
In the negotiations that superseded
the Dawes Plan by the Young Plan.
the United States, not being a party
to the latter, made a separate arrangem
ent with Germany whereby her debt
was devorced from the Europea
n payments and paid to her direct. Ono
of the provisions of the arrangement
was that should Germany ever need
to suspend payments she must give
90 days' notice.
Notice Clause Abrogated.
This fact was called to the attention
of the German delegation to the
Lausanne Conference in June. when
all Germany's debts were more or less
under discussion, and the delegation was
asked what would be done about
the September payment. The reply was
that the German Government
had privately apprised the United States
Government no attempt would
be made to include American claims in the
reparations negotiations and
the sums due would be paid into the United
States Treasury in their regular
course.
Shortly afterward, however, it was learned
that the Germans, after
sounding out the United States delegates at
the neighboring disarmament
conference in Geneva, had communicated with
the United States Government. with the result that the 90 days'
notification clause in the agreement of March, 1930, had been abrogated.
The German postponement
request is, therefore, in order at any time in
the present month.
A Washington dispatch Sept. 2 to the same paper stated:
Germany has a full right under the debt
agreement with the United
States to postpone for a period of two and a
half years amounts due this
Government for Army of Occupation costs and
mixed claims, it was stated
Sept. 10 1932
officially here to-day. No notice of the intention of postponement,
however,
has been received by the State or Treasury Departments.
There would be no surprise in Washington if the German Governm
ent
exercised its option for postponement of the debt. All the German
debt Is
carried on the Treasury records as "principal." All the debt
pacts provide
for the postponement of principal but not of interest.
Andrew W. Mellon's Arrival in Great Britain—Ambassador Says Visit to United States Was Without
Financial Significance—Says "Nobody Is Thinking
About War Debts Now."
United States Ambassador Mellon, returning to Great
Britain from a visit to the United States, said on Sept. 7
that his trip to America had absolutely no significance as
a matter of world finances. Associated Press advicos from
Southampton (Eng.) quoted him as follows:
"Nobody is thinking about war debts
now—there is nothing to think
about them," he said in answer to
a question. "I have had no serious
business to do in America. I went over
because I felt I needed a holiday after a strenuous time in London.
I can assure you my visit had
no significance whatever from a financial
standpoint."
Mr. Mellon said he did not meet Montagu
e Norman, Governor of the
Bank of England, while Mr. Norman was
in America, and added that all
he knew about the banker's visit was what
he had read in the papers.
When he was asked for his views about the
return of prosperity the
Ambassador smiled.
"Everybody is talking about that." he said. "It's too
commonplace and
I don't want to commit myself on such a topic."
In reply to another question, he said. "I don't
know any more about
the plans for a world economic conference than
you do,"
Mr. Mellon's departure from the United States to resume
his duties as Ambassador was noted in our issue of
Sept. 3,
page 1571.
Gold Bought Again by Bank of England—Some "Earmarked" at Paris—May Be Used to Pay Off 1931
Credits.
The following London cablegram Sept. 2 is from
the
New York "Times":
After a fairly long interval, the Bank of England
this week resumed
purchases of gold in the open market. The quantity
bought was small,
however. Since the bank began buying gold last May
it has increased
its gold reserve by more than E18.250,000.
Its object may partly have been preparation for
meeting the British
treasury bills which will shortly mature at Paris. Part of
the gold reported by the Bank of England is understood to represent gold
earmarked
at Paris. The correctness of the theory that it will be used
to
pending maturities will be disclosed at the end of next week, meet imwhen the
balance of the British Government's credit obtained from
France last year
will be paid off.
London Still in Doubt Over Return to Gold
Basis.
From the New York "Times" we take the following
from
London Sept. 2:
It can be hardly be said as yet that there has been any change
in London's
opinion regarding British resumption of gold payments
. The answer
usually made by banking people is that Great Britain
is not committed
to return to the gold standard, either on any specified
parity or at any
particular date, and that future events alone
will determine the course
which the Government will take.
There are some bankers who express the view
that, owing to the remarkable recovery in Great Britain's financial
prestige during recent
months, and owing also to its present freedom
from the limitations imposed
by the gold standard, the Government
is now In the position to take a
leading part in formulating a "composite"
world money policy.
To Insure Trade Revival Prof. Bellerby
Would Give
Money to Spendthrifts--% iews Presented to British
Economists.
Giving money to spendthrifts was the novel remedy
for
the depression proposed at York, Eng., on Sept. 7
by Prof.
John Rothorford Bellerby to the economic section of
the
British Association for the Advancement of Science
. A
ca.blegrani to the New York "Times" from which
this is
learned, continues:
Declaring the only hope of recovery was
a rise of 30% in wholesale prices
In the next two years, Professor Bellerby
added,"Superficially, the solution
Is to get money out of the banks, to produce
inflation.
"It Is conceivable the world economic conferen
ce could cause Inflation
simply by announcing inflation was its policy
without taking any steps.
But we hope the conference will not confine
itself to this. It is leaving
too much to chance.
"Money from the banks must be given. There
can be no question of
repayment.
"The Bank of England may ho no worse
off if it prints new notes and
presents them gratis to the Government.
"One way the Government could use this money
from the Bank would
be to lower the income tax. That would release
more spending power,
but the effect on trade would be negligible
because the taxpayers might
be merely safety-seekers.
"To insure a trade revival we must give money
to spendthrifts, to those
who will rush to counters and spend it. It is
the awful paradox of the
present-day conditions that, in order to save the
virtuous, we must give
to the spendthrifts."
Belgium Not to Quit Gold,
United Press advices from Belgium aro taken as follows
from the "Wall Street Journal" of Sept. 9:
Reports that Belgium was about to suspend
the gold standard were
denied officially.
Volume 135
Financial Chronicle
India Purchases Silver in New York—Enters Local
Market as Sellers Hold Supplies Back in London.
From the "Wall Street Journal" of Sept. 7, we take the
following:
For the first time in several months, India appeared in the local silver
market yesterday as a buyer. The amount involved was said to be small
and silver circles were reluctant to discuss the transactions until it became
clear whether the metal was bought for speculative account or was destined
for actual shipment.
India has been buying in the London market for the past several days,
but had shown no interest in New York. Cables received from London
yesterday stated that there was increased speculative demand in London,
but sellers were holding back and supplies were scanty. India was said
to have attempted to buy in that market and was unable to have orders
filled there.
Silver authorities have been watching India closely for it has been felt
that steady buying from that country and from China will do more for the
cause of silver than any of the projected plans for artificially raising the
.
price of the metal by governmental action
Silver stocks at Bombay continue to become larger, however, and now
amount to 10.000.000 fine ounces, compared with 7,200,000 ounces at the
beginning of the year. Coincident with the mounting stocks is the utter
lack of demand for silver from the interior as is evidenced by the daily
offtake which now amounts to 20 bars, or 20.000 ounces. In normal times,
the offtake will vary from 100 to 200 bars a day. At the present rate of
consumption, it is said that Indian supplies are sufficient to meet the requirements for the next year and one-half.
Shipmentsfrom New York to India this year have been negligible,amounting to only 451.000 fine ounces in the first seven months. During March,
April and July. not a single ounce was sent. In the first seven months of
1931, shipments of silver from New York to India amounted to 13,967,000
fine ounces. In the corresponding 1930 period, 14,480,000 fine ounces
were shipped.
Shipments from London to India have dwindled similarly. Shipments
for the first seven months of this year were valued at £331.029. compared
with £2,083,465 in the corresponding period of 1931 and £4,857,350 in 1930.
Head of Trades Union Congress in Great Britain Asks
State Credits to Aid Employment—Says Industry
Must Be Reorganized—Doubts Ottawa Benefits.
From Newcastle-on-Tyne, Sept. 5, a wireless message to
the New York "Times" said:
John Bromley, trade union leader, advocated an increase of purchasing
power by means of State credits as a remedy for unemployment in his
presidential address to-day before the sixty-fourth trades union congress.
In an atmosphere strangely calm in contrast with that of last year, when
the congress was held at the height of the national crisis, Mr. Bromley
expressed his belief that the problem presented by "the masses of idle
capital, unemployed labor and machines at a standstill" could not be
solved on orthodox lines.
"It is my deepening conviction," he said, "that the unemployment problem can be solved only by the reorganization of industry on the basis of a
shorter working day and working week without a reduction of wages. If
It be objected that the working day cannot be shortened without increasing
labor costs where industry cannot even now pay its way, I urge the reply
that the general economic conditions demand an increase of purchasing
power, which might well be given to the wage earners additionally employed
as a consequence of shortening the working time in the form of wages on
the credit of the State itself."
In a brief reference to the Ottawa Imperial Conference, at which he was
present as a Government labor adviser, Mr. Bromley said that whatever its
results they could "only be temporary."
The congress than adopted a strong resolution condemning the "reactionary policy" of the Lancashire cotton trade employers in "seeking to
depress still further the already inadequate standard of living of their
employees" and appealed to the trade unions for moral and financial support, the general council heading the list with £1,000 .
Six hundred delegates representing between 3,000,000 and 4,000,000 trade
unionists are attending the Congress. Feeling is said to be strongly against
placing an embargo on Russian exports as suggested at the Ottawa Conference, but the British labor movement is no longer politically an ally of
the Liberal free trade party.
Increase in Unemployed in Great Britain.
The following,from London, Sept. 5, is from the New York
"Times":
The Ministry of Labor reports that on Aug. 22 there were 9,280,000
insured employed, 87,000 fewer than the month before and 85,000 fewer
than last year.
The decline since July was chiefly due to the cotton strike and the falling
off in the business of textile and allied industries. The unemployed totaled
2,859,828, or 48,046 more than on July 25 and 126,046 more than the
number on Aug. 22 1931.
Senator Walcott Declares War Debts Must Be Paid by
Borrowers—Alleges Larger Banks Were Responsible
For Failures in Forcing Smaller Banks to Subscribe
to Pool Operations.
Opening, as temporary chairman, the Republican State
Convention at New Haven, Conn., on Sept. 6, Frederic C.
Walcott, United States Senator, declared the Hoover Administration, if continued in power, would revise the banking
laws. Bank failures had been caused, he asserted, by a dearth
of bankers who knew their business. The United States, he
maintained, was on the road to complete financial recovery.
In part the New York "Times" further indicated in a dispatch from New Haven, what the Senator had to say:
,Turning to war debts and foreign loans, the Senator averred that $10.1
000.000.000 of the latter had been advanced by a Democratic administration and $15,000,000,000 by private bankers. The money either went
into permanent improvements, or, in the case of France. was lent to other
nations, chiefly for purposes of war.
He accused European nations and friends of Europe in this countrY,
particularly bankers, of organizing propaganda favoring cancellation or
war debts at the expense of American taxpayers.
1739
.
"Some one must pay," he added, "either the nations which borrowed
or the Federal Government of the United States, because that money was
borrowed off the American people in good faith by the sale of Liberty bonds
and is going to be paid back to them."
Quotes Professor Sumner.
Senator Walcott quoted from Professor William Graham Sumner's
essay on "The Forgotten Man," in which Professor Sumner. who taught
at Yale, said:
"Who, then, is he who provides it all? Go and find him and you will
have once more before you the forgotten man. The forgotten man is
delving away in patient industry, supporting his family, paying his taxes,
casting his vote, reading his newspaper and cheering for the politicians
of his admiration, but he is the only one for whom there is no provision in
the groat scramble and the big divide."
"It is our government's business to collect this money from the borrower who benefited by it. It can be saved oy equilateral reductions in
armaments and international agreements for the benefit of foreign commerce and our export trade." Senator Walcott added.
War Loans and Speculation.
Regarding loans to foreign countries, the Senator said further:
"We thought there was no limit to our wealth, so, goaded by Europe's
pleas and our own desire to be generous and helpful, we extended credits
from the Federal Government, before and after the armistice, amounting
to $10,000,000.000. These loans were all made under a Democratic administration and without collateral. Then some of our so-called international
bankers,deceived by large interest rates,extended credits of$15,000,000.000
more to all parts of the world because they found they could sell readily
almost any kind of a foreign bond to the unsuspecting people of the United
States.
"We have already spent $25.000.000.000 as our admission- fee into the
World War,and loaned our Allies $10,000,000,000 more. Then our bankers
loaned 815,000,000,000 after the Federal Government had decided to stop
lending.
"At the same time we were pyramiding our own security value with
little heed to their intrinsic worth.'The old rules are in the discard—a new
generation Is at the helm.' was the constant, taunting cry, and on and on
we went, encouraged by the National and State banks, which were, in turn,
backed by the Federal Reserve, the greatest machine in the world for
manufacturing credit.
"One-third of the banks had failed in the last 10 years and the cause of
the failures had been the practical forcing of small correspondent banks by
larger city banks to subscribe to securities which had been advanced 'to
dizzy heights many times their intrinsic worth by pool operations, engineered and financed by the large banks, largely through the investment
companies of these large banks, now known as affiliates'.
"England, which had undergone a much more serious economic strain,
had not had a single bank failure and Canada only one during the same
time.
"Thus,from saving the Allies from defeat and complete collapse with our
credits and man power, we plunged on into an orgy of spending, speculating and lending that has brought us to our knees. We helped win the
war, but we have lost the peace.
"'The folly of the lender exceeded the extravagance of the borrower.'
We found ourselves overnight, as the result of the war, a creditor nation
with no experience and no policy, and we lost our heads as well as our
money."
0. The Republican Party could be trusted to establish much-needed reforms in the banking laws. "We need a unified banking law, eventually,
and branch banking," he added.
British Labor Asks End of War Debts—Trades Union
Congress Urges Abolition as Solution of Industrial
Depression—Resolution Calls Upon Government to
Provide Long-Term Employment, Higher Purchasing Power,
The Trades Union Congress meeting at Newcastle-onTyne, Sept. 6, unanimously adopted a resolution urging
the abolition of war debts as a possible solution of the industrial depression. The New York "Times" in a: wireless
account of the meeting on Sept. 6, likewise said:
The Congress then was informed the General Council hoped to raise
£500,000 as a first instalment on a fund to support workers engaged in the
Lancashire textile strike.
The war debts resolution was introduced by George Flicks. Laborite
member of Parliament, on behalf of the Amalgamated Union of Building
Trade Workers. It urged that the government adopt a policy on the following lines:
"First, international examination of other international debts and a
lowering of barriers to trade, and, second, at home, the planning of
housing scheme,slum clearance and other public works that would provide
long-term employment and improved purchasing power for persons now
unemployed, public control of banking and monopolistic industries and
taxation of land values."
Mr. Hicks said in his own industry there were about 3,000,000 trained
men unemployed and the present government had been responsible for
the suspension or abandonment of more than £65,000.000 worth of public
construction work.
In the afternoon the conference hall was besieged by 500 unemployed
marchers carrying banners emblazoned "Down With the Capitalistic
'I'. U. 0." Amid some confusion inside, several delegates unsuccessfully
argued that the deputation should be received, "as a gesture that the
Congress is going to get back something of the working-class spirit, In
which it was founded."
No Delay Looked For in Payment by Great Britain of
Instalment Due Dec. 15 on Debt to United States.
In a London cablegram Sept. 8 to the New York "Times"
it was stated that it is understood that the British Government has decided not to use the option expiring next Thursday[Sept. 15] provided by the Mellon-Baldwin debt agreement for obtaining a partial postponement of the next American debt instalment. The cablegram Continued:
The amount payable on Dec. 15 is 895,550,000—approximately £27,500,000 at the current rate of exchange. The postponable portion is only
£8,500,000, representing the principal, while £19,000,000 represents the
interest and cannot be suspended.
1740
Financial Chronicle
The decision not to take advantage of its contractual right
does not
mean, however, that the Government has decided to
pay. Its intentions
are still obscure, and in fact no final decision has
been reached either
on the December instalment or the larger question of
the entire British
debt. The belief in informed circles is that if Britain asks
for a postponement it will not be on the basis of a written agreement, but
on the
principle of equity and the mutual interest of the two countries
in the
present economic situation.
When the Marquess of Reading's coming visit to the United States was
announced to-day the Foreign Office was careful to state it would have
no
connection with the war debt question. Yet in well-informed quarters
it
Is not denied that Lord Reading is expected to discuss
the question informally with his friends in America. This in itself is an indication
that the Government is still undecided as to its future policy.
However much the Government wants cancellation or a sweeping reduction as a part of "Lausanne process," one hears no talk of repudiation or default in London. It is true that the American payments
are not
provided for in the current budget, and the payment of £27,500,000
in
a lump sum in December would probably throw the treasury's delicately
balanced budgetary arrangements out of order.
Nevertheless, financial experts say that in comparison with the budget
of £800,000,000 and the floating debt more than £700,000,00
0, the instalment due in December is infinitesimal. There is little doubt that
this one instalment at least could be raised without recourse
to special
borrowing and without the imposition of new burdens on the sorely tried
British taxpayer.
Hanford MacNider Resigns as U. S. Minister to Canada.
Announcement of the resignation of Hanford MacNider
as United States Minister to Canada was made known at the
White House on Sept. 1. It was stated on that date in a
dispatch from Washington to the New York "Times" that
a few minutes after a letter from President Hoover, accepting Mr. MacNider's withdrawal, was made public, former
Senator Henry J. Allen of Kansas, publicity director of the
Republican National Committee, stated that the retiring
minister would be attached to the Chicago campaign headquarters as director of a drive for votes among American
Legionaires. The dispatch also said:
Colonel .MacNider directed the party's camplagn among former service
men four years ago. As former commander he was a favorite among
the
legionaires and was credited with effective work among them.
At the Republican convention, in June, Colonel MacNider was still
the
champion of the World War veterans, and was put up by them as a
candidate
for the Vice-Presidential nomination against Vice-President Curtis.
His return to private life at this time was said by administration officials
to have no direct connection with the Presidential campaign,
despite the
fact that he will go immediately into political activity.
His Purpose Fulfilled.
He was sent to Canada for a limited time, it was said, and for one
major
purpose, namely, to negotiate the St. Lawrence Seaway Treaty with
the
Dominion Government. That Job has been completed and Colonel MacNider felt it was time for him to reenter private life, the President's spokesman slid.
President Hoover's letter, accepting with regret Mr.
MacNider's resignation, follows:
THE WHITE HOUSE
Washington, Aug. 311932.
Hon. Hanford MacNider, American Minister to Canada,
Care of State Department. Washington, D. C.
My dear Mr. Minister.—I regret exceedingly that your private affairs
make
it necessary for you to suspend for the present your contribution to public
service.
In accepting your resignation I need mention but one great service
which
you have performed during your term of office in Ottawa—the building
up
of mutual understanding between our Government and the great Government to the North.
By the co-operative spirit which you have been able to invoke
with
officials of both Governments you have contributed in large part to
the
consummation of the great treaty for the development of the Great LakesSt. Lawrence waterway. It is a notable service and one of which you
may
always be proud.
Yours faithfully.
HERBERT HOOVER.
Commenting on the resignation of Hanford MacNider,
Sir George Perley, Acting Prime Minister, according to
Canadian Press advices from Ottawa, Sept. I said:
I do not feel that I can let this occasion pass without
some expression.
on my own behalf and on behalf of the Government
of Canada, of our
great regret at the resignation of Colonel MacNider as United States
Minister to Canada.
Colonel MacNider has not only performed his official diplomatic duties
in a most efficient way but he has also, through the many friends he has
made and the unofficial contacts he has developed,
done much to foster the
good feeling that so happily exists between Canada and
the United States.
In this work he has been ably assisted by his charming wife, and our
regret at the loss of the United States Minister is
very much increased by
the fact that it means also the loss of Mrs. MacNider.
In Associated Press accounts from Chicago Sept. 1, it was
stated that Mr. MacNider indicated that he planned to
return to his home at Mason City, Iowa, to assume active
direction of his farming and banking activities. The same
account reported that, concerning his political activities, the
following statement was issued at Republican headquarters:
Mr. MacNider is returning to his farming operations and private affairs
after two years' residence in Ottawa.
Mr. MacNider was re-elected Chairman of the Republican service men's
group at the Republican National Convention in Chicago last Juno and
will devote the major portion of his time from now until election day to
supervision of the service league's activities from headquarters in Chicago.
The service league devotes its entire activities to the campaign. It has
permanent organizations in 30 States and now is revitalizing for the
Campaign.
Sept. 10 1932
Sun Life Assurance Co. of Canada Defers Action on
Quarterly Dividend.
Canadian Press advices from Montreal (Quebec) Sept. 6
said:
The directors of the Sun Life Assurance
Co. of Canada decided to-day
to defer action on the quarterly dividend, which
on the last declaration on
June 16 was 53.75, or at the rate of 15% a year.
An official statement said the dividend had been
deferred "until business recovery shall be more fully established," and
added
"While the shareholders have at their
credit in shareholders' account
a substantial amount accrued from the profits
of previous years, the directors considered it advisable to pursue
a conservative course. Policy
holders' dividends are unaffected by this action."
Montreal advices to the "Wall Street Journal" of Sept. 7
said:
A year ago the company omitted the
semi-annual extra dividend of $25:
prior to that time the company had been
paying 86.25 quarterly and $25
semi-annually, or $75 a share. On June 15 last
the quarterly dividend was
reduced to $3.75.
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for July 31 1932 with the figures for Juno 30 1932 and
July 311931.
STATEMENT OF CONDITION OF THE BANKS
OF THE DOMINION OF
CANADA.
Assets.
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Dominion notes—
In Canada
Elsewhere
Jail/ 311032. June 30 1932. July 31 1931.
$
33,153.985
16,695,387
$
38.253.822
16,713.501
47,788,496
20,109,392
54.849.376
54.967.387
67,897.888
123,033.812
12,504
127,381.036
9,339
99,090.543
18,106
Total
123,096,319 127,390.977
99.103,654
Notes of other banks
10,507.213
11,898,693
10,691,658
United States & other foreign currencies_
16.478.271
15,569.546
16,465,790
Cheques on other bank
91,776,236
96,868.491
Loans to other banks in Canada. secured, 69,444,101
Including bills rediscounted
Deposits made with and balance due
froni other hanks in Canada
3,140,675
2,779,895
3,208,878
Due from banks and banking correspondents In the United Kingdom
8.817,240
7,688,778
4,736,714
Due from banks and banking correspondents elsewhere than in Canada and the
United Kingdom
96.749,323
95,417,950
79,486,649
Dominion Government and Provincial
Government securities
466,932,820 462.309,745 449,032,918
Canadian municipal securities and British, foreign and colonial public securities other than Canadian
Railway and other bonds, debs. & stocks 153,439.699 152,035,571 168,751.511
76.033,892
54,983,264
Call and short (not exceeding 30 days) 53,688,832
loans In Canada on stocks, debentures.
bonds and other securities of a sufficient marketable value to cover
111,928,646 109.863.315 163.440,033
Elsewhere than in Canada
75.646,278
73,666.758 104,532,465
Other current loans & disc'ts in Canada_ 1.028.450.44
0 1,037.313.917 1.125.736.164
Elsewhere
164,344,571 174,895.690 208,466,030
Loans to the Government of Canada_
Loans to Provincial Governments
20,192.460
34,338,040
17,687,822
Loans to cities, towns, municipalities
and school districts
Non-current loans, estimated loss pro- 130,650,216 139,216,545 113,421,794
vided for
12.903.450
12,508.663
9,185.428
Real estate other than bank premises
7,257.081
7.192.266
6,238.017
Mortgages on real estate sold by bank
6,019.515
6,007,746
6,352,907
Bank premises at not more than cost.
less amounts (If any) written off
79,954,607
79,895,219
79,030,285
Liabilities of customers under letters of
credit as per contra
48,317.201
48,493,015
64,996,102
Deposits with the Minister of Finance for
the security of note circulation
6.585.629
6.950.952
6,834,017
Deposit In the central gold reserves.-- 24.781,732
22.881,732
25,730,866
Shares of and loans to controlled cos__
12.922,789
13,008,189
14,753,746
Other assets not included under the foregoing heads
1,316,378
1.420.49
1,801,880
Total assets
2,789,811.435 2,848,177,383 3.015,398,433
Liahatttes.
Notes in circulation
134,570,441 136,295,915 137,098,642
Balance due to Dominion Govt. after deducting adv, for credits, pay-lists. &C
15,541,789
36.417.005
20.003,165
Advances under the Finance Act
38.500.000
40.5. 0,no
7,500,000
Balance due to Provincial Governments
33.063,201
20.665.028
25,959.635
Deposits by the public, payable on demend In Canada
462,087,114 488,937,580 561,274,437
Deposits by the public payable after notice or on a fixed day In Canada
1,363,172,444 1,373,265,341 1,451,275,655
Deposits elsewhere than in Canada
299,379,108 308,220,892 330,635,497
Loans from other banks In Canada, secured, including bills rediscounted_
Deposits made by and balances due to
other banks In Canada
8,087,404
11,038,158
11,135,075
Due to banks and banking corespondents in the United Kingdom
5,673,036
5,730,912
6,586,930
Elsewhere than In Canada and the
141
United Kingdom
51.780,786
81,360,417
64,510,809
131119 payable
1.709,973
1,192,589
5,234.534
Letters of credit outstanding
48.317.201
48,493.015 64.999,101
Liabilities not incl. under foregoing heads
2,217,491
2,184,476
2.835,804
Dividends declared and unpaid
1.193.726
810.528
1.355,890
Rest or reserve fund
162,000,000 162.000,000 162.000,000
Capital paid up
144,500,000 144,500,000 144.500,000
Total liabilities
2,771.793.851 2,831.61,4,201 2,006,905,233
Note.—Owing to the omission of the cents In the
official reports, the footings
In the above do not exactly agree with the totals given.
Discount United States Gold in Canadian Banks—
Twenty-Dollar Piece Brings Only $17.60, While
$22.40 Is Paid for $20 in Currency---Bankers Give
As Reason That Canada Is Still on the Gold
Standard in Theory.
In Montreal advices, Sept. 5, to the New York "Times," it
was stated that the fact that United States gold pieces are
less valuable in Canada than United States bills of the same
••
Volume 135
Financial Chronicle
denomination has occasioned some surprise among American visitors to Montreal this summer, the prevalent impression being that one kind of American money was freely
interchangeable for other American money at par. The
tourist who presents a $20 gold piece at a Canadian bank
receives only 817.60 or thereabouts when he changes it
into United States bills, it is stated, the advices to the
"Times" continuing:
Realization that Canada in this way takes a discount off American gold
has given a rude jolt to some visitors, who have hitherto regarded the
possession of a gold piece as a miniature insurance policy which always
would fetch its full value in an emergency. . .
It is known here that in England people are turning in their gold jewelry
and receiving a good premium for its gold value.
Theoretically Gold Standard Exists.
Inquiry at banks in Montreal as to the reason for the apparent discount
on gold brought the statement that the procedure is the same as 10 years
ago, when conditions in the foreign exchange market were similar. The
viewpoint of the Canadian banking authorities, as explained by an official
at the head office of one of the banks, was that theoretically Canada is still
on the gold standard and that the gold coins of any country are redeemable,
therefore, at their face value in Canadian currency. If the bank's customer
desires American funds the cost of obtaining such funds is deducted.
Thus a $20 gold piece is regarded by the banker as equivalent to $20 in
Canadian money. With United States exchange at around 12% premium,
It costs $2.40 to convert the Canadian money into American funds. Consequently, the customer receives only.$17.00 in United States bills and silver
In exchange for the $20 gold piece.
On a request for Canadian instead of United States currency, the banks
give $22.40 in Canadian money for a $20 American bill, although they give
only $20 in Canadian money for a $20 American gold piece. This procedure
is incomprehensible to some American tourists, who contend that the actual
gold should command as high a value as the promise to pay gold.
Premium on Mined Gold.
Further criticism is based on the fact that while the gold coin is apparently reckoned as an inferior article, there is no such discrimination in
computing the value of gold in bulk. The Canadian Government pays
to the Canadian gold mining companies for their output when presented
at the mint not only the value of the gold in Canadian dollars, but also a
further amount averaging about 12% and representing the current premium
at the rate of United States exchange.
This arrangement dates from last October, when the Canadian Government put into effect a partial embargo on gold exports, permitting only
such exports as are made under license, with the issuance of such licenses
confined to the Canadian chartered banks. It was recognized that the new
law placed the mining companies at a disadvantage through restricting their
market for gold, and the Government decided to pay for their gold on a
basis of New York funds.
'The exchange compensation which is added to the Canadian money gives
the mining companies total payments which are the same as they would
have received if they had access to the New York market for gold.
It is suggested that this is the equitable method and furnishes a precedent
which might be followed in reckoning the value of the gold piece.
Germany's Note to France Asking Arms Equality.
Berlin cablegrams, Sept. 6, made known the text of the
note or memorandum addressed last week to France (referred to in these columns Sept. 3, page 1578) for the revision
of armament conditions in the Treaty of Versailles, and for
Germany's right to equality with other nations in armaments. In the copyright cablegram, Sept. 6, to the New
York "Herald Tribune" from Berlin it was stated that:
"Although the German memorandum as published to-night contains no
very concrete proposals, it shows clearly that what the Wilhelmstrasse
understands by 'equal rights' Is, first, the right to use all military weapons
not forbidden to other countries by the disarmament convention, and, second,
the right to 'adapt its defence system to the economic and social system of
the country,' including changes in grading the period of active service of
soldiers enrolled on the method of a 12-year enlistment term and training
for a short period of 'special militia liable for military service for the
purpose of maintenance of internal order and protection of the frontiers
"
and coasts.'
From the same copyright account we quote:
The Powers were confronted to-night with an ultimatum by Baron
Konstantin von Neurath, the German Foreign Minister, who, is making
known the terms of his now famous memorandum to the French Government
on disarmament, insisted that the nations of the world give the Reich
equal right to arm with other States or forego further participation by this
country in the work of the world disarmament conference at Geneva.
Germans "Tire of Patience.'
Declaring scornfully "it is all too convenient a way out to counsel us to
be patient and to comfort us with the idea that disarmament of the other
Powers and therewith our equality will be realized in course of time,"
Baron von Neurath said:
"We have waited now longer than 10 years for the fulfillment of our
claim. The disarmament conference has reached a point where a decision
regarding our equality must be taken, and no Power participating in this
conference can evade a clear stand. Nobody can assume that Germany will
put up any longer with a discrimination which is incompatible with the
honor of the German people and its security."
The Berlin cablegram, Sept. 6, to the New York "Times"
had the following to say:
The German Foreign Office made public to-night the text of the aide
memoire handed to Andre Francois-Poncet, the French Ambassador. by
Baron von Neurath, the Foreign Minister, on Aug. 29. in which the
German position on the question of arms equality was set forth at length.
The publication of the aide memoir() came wholly unannounced and
is defended on the ground that the alleged French procedure in prematurely
releasing it to other Powers, in violation of an agreement reached with
the German Government, has resulted in a "campaign of distortion" disadvantageous to Germany.
A statement by Baron von Neurath, supplementing the publication
frankly accuses the French of misrepresenting the German demand for
1741
arms equality by charging that it is nothing less than a scheme to restore
Germany to her formre position as a military Power.
The only way to disprove such a distortion, observes the Foreign Minister,
Is to give complete publicity to the memorandum submitted to the French Ambassador, which was to constitute the basis for confidential discussions
with France and later with the other interested Powers.
Sees Nothing to Conceal.
The fact that the French Government saw fit to communicate the
German memorandum to other Powers in contravention of a specific agreement warrants the German Government in giving it complete publicity,
says Baron von Neurath. as it contains nothing that need be concealed.
As a result, he continues, the current diplomatic conversations enter
upon a new phase, although the German step suggests nothing unusual,
but is the logical continuation of the conversations in Geneva and the sequel
to the explicit understanding reached between the French and German delegates there for the early resumption of discussions over the issue of German
equality.
If Germany had sought initial contact with France in this connection,
the Foreign Minister adds, it is only because the French and German viewpoints are further apart than those of the other disarmament conference
Powers.
Baron von Neurath was more than candid in his criticism of the French
procedure in communicating the German memorandum to other Powers
without informing the German Government, which desired first to initiate
conversations with France and then extend them to the other Powers involved, it being recognized that a preliminary discussion with France
suggested the readiest way of arriving at an agreement with all the parties
concerned.
Failure to reach a definite agreement with France through the latter's
disinclination, says the Foreign Minister, would create a situation that
would obviously compel the German Government to reach new conclusions.
Demands Clarification.
quite plain, he adds, that further participation
by Germany in fresh disarmament discussions is wholly out of the question
until the issue of Germany's right to equality has received complete clarification. The primary issue up for decision, he says, is not the question
of whether Germany is to be permitted to rearm, but the question of her
right to equality, and it is this issue on which Germany demands an unequivocal ruling.
Baron von Neurath argues that this position is so clearly set forth in the
German memorandum that all ridiculous reports about German plans may
be regarded as disposed of and any accusations to the contrary must be
designated as gross distortions. . . .
Baron von Neurath conferred to-day with the French Ambassador,
discussing the German demands. It may therefore be surmised that the
French authorities had been notified in advance of the German intention
to publish the memorandum.
In political circles it is anticipated that the French 'will decide before
the end of the week on the position they will take with regard to the German demands.
In a conversation on arms equality with newspaper men to-day in Koenigsberg, where he was en route to the autumn maneuvers of the Reichswehr
in East Prussia, Lieut.-Gen. Kurt von Schleicher, the Minister of Defense, said:
"At all events and in any case, we shall do that which we deem indispensable to our national defense."
He gave his statement due emphasis, adding:
"We no longer propose to allow ourselves to be treated as a secondrate Power."
It is, however, already
The text of the German arms equality memorandum
submitted to the French Ambassador on Aug. 29, as given
in the Berlin account to the "Times" Sept. 6, follows:
I.
-it
After the last negotiations at Geneva on the disarmament problem'
is essential to make an attempt to clear up rapidly through diplomatic .
channels the question which the German delegation put forward in its final
statement of July 22. For this purpose the German Government,following
up its confidential discussions with the French delegates on this matter at
Geneva, wants to get in touch with the French Government. It believes
that a confidential discussion between the French and German Governments, in which the positions of both sides would be outlined with complete
sincerity, represents the best way to arrive at an understanding.
If the French Government agrees to such a confidential discussion it,
of course, Is left to the discretion of both governments properly to inform
the other governments chiefly involved, especially the British. Italian
and American, and ask them to participate in the negotiations in due time.
IL
The attitude of the German delegation toward the resolution of the
general committee on July 29 was dictated exclusively by reasons which
are inherent to the matter itself and inevitable. The resolution decided
important points which were to be part of the definite disarmament convention in a way which already has indicated that the convention for the
reduction of armaments would be far from living up to the Versailles Treaty.
The German Government, which in view of the Versailles Treaty and
for legal and political reasons frequently pointed out, saw the objective
of the disarmament conference in a much more radical disarmament of all
nations, and for this reason alone could not consent to the resolution.
Moreover, there was another factor. In fact, the resolution has not
made sense for Germany. For aside from the discrepancy between disarmament provided in it and that provided in the Versailles Treaty, the
question was left open as to whether the resolution as adopted should also
apply to Germany. As long as this question is not cleared up the German
delegation is not in a position to co-operate in future discussions on the
definite regulation of individual points of the disarmament problem.
IH.
Under these circumstances the resolution of July 23 put forward in
principle the question which heretofore in the discussions has been .called
the question of Germany's equlaity. Germany has insisted on her claim
to equality since the opening of the conference and has commented on the
meaning and scope of this claim, not only in the frame of the session of the
conference itself, but also through diplomatic channels and in official conversations of representatives of both sides.
In order to exclude any misunderstanding the following is to be another
summary of what Germany means by equality and how she proposes to
realize practically this principle
IV.
In advance it must be stated that, in view of the radical character of
general disarmament which Germany desires, there are no provisions which
she would reject because of the scope of the obligations they Imply if the
general regime to be created by the convention appllekfor all nations. Ac-
1742
Financial Chronicle
cordingly. Germany has always demanded that other nations disarm to a
level which, in keeping with the special situation of each country in mind.
corresponds In character and extent to the armament status which has been
imposed on Germany in the Treaty of Versailles.
Thus Germany's claim for equality would have been accounted for in the
simplest way. To its greatest regret the German Government. however is,
forced to see from the resolution of July 23 that the convention will correspond to the model of the Versailles Treaty neither in its methods nor
in the extent of disarmament.
Under these circumstances nobody will expect the German Government
to be satisfied with the result of the conference, bringing for highly armed
nations only a diminutive change in their present status of armaments, while
for Germany the Versailles status would be maintained. Germany has the
same right for national security as any other nation. So all that remains
to be done now can be only to consider how first the convention can be made
to lead to a necessary adjustment of armaments and thereby the realization of national security for all States.
V.
In this connection three elements of regulation may be distinguished,
namely: First, the legal form of regulation; second, how long it will be
In force, and third, its actual contents. It Is evident that as far as the
first two elements are concerned there can be only one solution. The
legal form, as well as the duration of the treaty obligations, must henceforth be the same for Germany as for all other Nations.
If in these two, points of difference should be instituted against Germany
It would mean Germany in the realm of armaments would ahve to keep
on playing the role of a second-class State. The solution can therefore
be only that the disarmament col, vention as far as Germany is concerned
takes the place of Part V of the Versailles Treaty and that with respect to
its duration as well as its legal status there are no special provisions for
Germany when it expires.
VI.
against the first two elements of the regulation, its actual contents
offer room for negotiations. It is true that the German Government cannot
renounce the claim that Germany's right on her status of armaments corresponding to her need for national security must be properly emphasized.
The Government, however, is willing to be satisfied for the term of the first
convention with certain modifications of Germany's status in armaments
because the Government believes that when the first convention has
expired there will have to be another going much further in reducing the
armaments of highly armed States and thereby corresponding better to
the German ideas on the disarmament question.
In order to elucidate which measures may be considered for reorganization of the German Army the Government wants to comment on several
main points.
rAs
In the field of qualitative disarmament the German Government Is
willing to accept any ban of arms which applies equally to all Nations.
On the other hand, all categories of arms which are not generally banned
through convention must in prinicple be permitted for Germany, too.
As far as a system of armaments is concerned the German Government
must claim for itself the right of all other States to develop it within the
frame of the general regulations in a manner corresponding to the economic
and social characteristics of the country. The essential point hero is, first,
progressive reduction of the period of active service of those enlisted for
long terms and freedom in determining the allocation of forces; second,
short-term training of a special compulsory service of militia for the purpose
of maintaining domestic order and for frontier and shoreline protection.
It goes without saying that the German Government in the measures
under consideration will take into account the Reich's financial position.
VIII.
The French Premier recently, especially in connection with the question
of German equality, has emphasized the importance of the question of
security for France. The German Government cannot well comment here
on it as it does not know what is the direction of the concrete desires of the
French Government. But the German Government will always be willing
to discuss plans aiming at the consolidation of security for all States in the
same manner.
IX.
Before closing, the German Government wants to add this: In view of
given legal and practical situation. It hopes confidently that this outline
the
will convince the French Government of the loyal and moderato character
of the German aims and that it will open the way for a quick understanding.
The situation to
-day is indeed such that the question of German equality
and rights can no longer remain undecided. The necessity to solve this
question may be concluded from the course and present status of the Geneva
disarmament negotiations and, moreover, from the reasons which are connected with the general international situation. It will materially help in
eliminating existing tensions and calming down the political situation if the
military discrimination against Germany, which Is resented by the German
people as a humiliation and at the same time prevents the re-establishment
of quiet equilibrium in Europe, finally disappears.
Senator Swanson on Germany's Demand for Arms
Equality—U. S. Stands for Reduction in
Armaments.
The view that concessions to the German demand for arms
equality with other nations possibly might "cause France to
refrain from signing some of the agreements we hope for"
was expressed by Senator Claude A. Swanson, Democrat,
of Virginia, an American delegate to the Geneva disarmament conference, according to Associated Press advices
Sept. 1 to the New York "Times" which further said:
The Senator made this statement as he left the White House, where, he
said, he reported to President Hoover that he was "not optimistic, but
hopeful—more hopeful than when I started—that something substantial
can be accomplished by the world gathering."
The Virginian said the United States delegates now were casting an interested eye on the developments surrounding Germany's renewed demand
for removal of the arms restrictions placed upon her by the Versailles
treaty.
Asked what effect this would have on the reduction of armaments movement, he replied. "The American delegation took no stand at Geneva upon
the German proposal, believing it was a matter between European nations.
Its effect will depend upon the reaction from Great Britain and France.
Possibly, concessions to the German suggestion might cause France to
refrain from signing some of the agreements we hope for.
Sept. 10 1932
At the-State Department, the threat by General Kurt von Schleicher,
German Reichswehr (army) Minister, that Germany would quit the arms
conference unless her demands were granted was considered in the light of
the effect It might have on the Hoover plan for a one-third cut Inland and
sea armaments.
As the United States is not a signatory to the Versailles Treaty, and as
the separate treaty signed by the United States making peace with Germany
contained no restrictions on German defenses, this country is not directly
concerned with the overtures Germany has made to France.
It was made clear at the State Department that this government stands
firmly for reductions in armaments, and not for any increases, and will seek,
by all legitimate means, to influence radical reductions in defense expenditures the world around as a means of bettering economic conditions.
Federal Reserve Bank of New York Confirms Report
of Renewal of $90,000,000 Credit to German
Reichsbank.
Press advices from Berlin that the international credit
of $90,000,000 granted to the German Reichsbank had
been renewed were confirmed on Sept. 6 by the Federal
Reserve Bank of New York. The renewal date was Sept. 5,
The New York "Times" of Sept. 7 said:
The credit was originally opened for $100,000.000
on June 26 1931.
one-fourth being supplied each by the Bank for International Settlements,
the Bank of England, the Bank of France and the Federal Reserve banks
here. It was successively renewed on July 16, Aug. 6 and Nov. 4 of
last year. On March 4 last the credit was again renewed for three months
subject to a reduction of 10% of the principal and was renewed
in the
reduced amount on June 4 and again last Monday.
In Berlin advices quoted in our issue of Sept. 3, page
1578, it was noted that the original credit of $100,000,000
was reduced $10,000,000 on March 4 last when the Reichsbank paid that amount to the participating banks.
German Credits Under "Standstill" Agreement—
Report That European Creditors Oppose Their
Consolidation Into Long-Term Obligations.
A cablegram as follows from Berlin Sept. 7 appeared in
the New York "Journal of Commerce":
Conversations In London on the subject of the German short-term
credits frozen under the stillhaltung agreement has demonstrated the
Impossibility of all plans thus far proposed to consolidate these debts
into long-term obligations, to end the necessity for stilistand arrangements.
Foreign creditor banks desire to maintain their claims against good
German debtors in their present status, so that they can consider them
worth par in their own balance sheets.
Should these debts be converted
into long-term bonds bearing a lower rate of interest, as had been proposed, they would then have to be carried by the banks at a substantial
discount from part, In view of the level of market prices of similar German
obligations. Hence, they prefer to maintain the theory that the German
debts are short-term.
Reich's Exports a Problem.
From the German standpoint also, the abrogation of the standstill
arrangement has been forced distinctly to the background. The chief
problem that will be stressed here is the possibility of Increasing exports
to countries to which Germany is indebted, in order to permit maintenance
of complete debt service.
As a result, further negotiations on the short-term debts has been postponed to an unnamed date in the future. In addition, the quarterly
discussions which had been tentatively arranged to take place in Now
York on Oct. I have been abandoned.
The paper from which we quote (Sept. 8) had the following to say in comment:
Confirmation Is Deferred.
Confirmation of reports that the meeting on German standstill credits
scheduled in New York in October awaits definite word from European
creditors. Consequently no statement was issued yesterday by New York
bankers negotiating on German short-term debts.
The reduction in interest rates recommended at the July conference
recently was accepted by American bankers who are party to the standstill
contract. The question of interest is considered to be the major one
among local bankers. As a result of the recent reduction European creditors
who had been receiving much higher rates
than American and British
creditors have accepted a lower basis.
Any reduction which might be made in interest rates
on long-term
debts will be made by separate negotiations between debtors and creditors.
The committee which worked out the standstill contract will not
take up
long-term issues. At the present time no proposal has been made for
a reduction in long-term interest rates so that appointment
of a now committee Is unnecessary, it was said.
President Von Hindenburg of Germany Signs Industry
Subsidy—Decree Gives $720,000,000 to Businesses
in Chancellor Von Papen's Move to Create Jobs—
Bonus Will Go to Hirers --Certificates, Redeemable
from 1934 to 1938, to be Issued for 1932 Taxes.
Chancellor von Papen's program for re-animating industry
by anticipating part of the tax revenues for the five years
beginning with 1934 and lending them to industry in advance
became a law on Sept. 5 without Reichstag, aid by a simple
stroke of a pen, said a cablegram on that date to the Now
York "Times," which wont on to say:
President von Hindenburg at Neudeck affixed his signature to a decree
legalizing the program. It will become effective Oct. 1.
It is agreed here that the new economic program, whether it succeeds
or not, represents in range and method one of the most daring instances of
economic initiative attempted by any German Government since the
country was drawn into the maelstrom of world depression and found itself
with more than 6.000.000 Jobless men and women. The decree confirmed,
with slight modifications. Herr von Papon's forecast a week ago.
Financial Chronicle
Volume 135
State Subventions Listed.
Generous State subventions are the basic principle of the program'
Appropriations approximating 3.000.000.000 marks (about $720,000.000)
are the outstanding feature on the financial side. They will be allocated
as follows:
Tax remission certificates redeemable between 1934 and 1938, 1,500.000.000 marks.
Premiums for the promotion of new employment, 700.000,000 marks.
Public works and land amelioration. 750.000,000 marks.
Among the economic measures decreed are:
Revision of the existing union wage scales to permit the absorption of
unemployed labor.
Import contingents for agrarian products and the early institution of
restricted quotas for industrial commodities.
Reform of unemployment and social insurance benefits.
Credit subventions to co-operatives and struggling industries.
Stock Exchange Enthusiastic.
The impression of security which pervades the decree suggests that the
Chancellor is already discounting the supposedly approaching world
prosperity, upon which his plan is largely predicated. To
-day's Boerse
responded with an enthusiastic upward movement.
Executives' Pay is Limited.
To-day's decree provides that no executive of any concern receiving a
public subvention may receive more pay than a Federal Government
official gets. This was aimed at high officials of some Ruhr steel plants and
of Berlin private banks which were saved from collapse with public funds.
The decree sets forth that the standard of living and the purchasing
power of the masses have been reduced enormously by deflation. This
development, it is contended, can be fought only through the fundamental
Improvement of the labor market. The decree therefore gives relief to
business only where an immediate stimulus to production can be expected.
It is declared that on private industry rests a solemn obligation to leave
nothing undone to put its production apparatus into shape to meet the
task with promptness.
The decision to adopt a system of import quotas for agrarian products
marks a turning point in German foreign trade policy and is viewed as
a forerunner of other tariff measure which probably will extend to industrial
commodities later. The uncertainty involved in the decline of Germany's
foreign trade balances is giving momentum to demands for a more drastic
curtailment of imports of all categories despite the official rejection of
anything that might indicate a policy of self-containment.
Among the public works for which the Government is empowered to
appropriate 750.000.000 marks are the reclamation of lands, the extension
of inland waterways and road construction, in which It is hoped the labor
market will benefit. These works will be tackled immediately.
Three categories of taxes will be reduced 40% by the Government's
remission scheme—the turnover tax, the real estate tax and the commercial
tax. To a business man paying a total of 1.600 marks in the next 12 months,
640 marks will be refunded in tax exemption certificates. The Reich will
refund 170.000.000 marks of the transportation tax, which now is being
paid almost exclusively by the Federal railways, thus enabling the company
to proceed with its delayed improvement program.
Certificates Bear Interest.
The total of tax refunds in this remission scheme will be about 1.500.000.000 marks. Tax exemption certificates will be issued in denominations
ranging from 50 marks to 20.000.000 marks. They will bear 4% interest.
The income tax is the only one not included in the remission scheme.
The status of the certificates as negotiable paper is not yet clearly defined, although they will be accepted by the Reichsbank as collateral for
advances and can also be discounted by banks and be bought and sold on
the Boerse. To this extent the Government hopes to increase the volume
of credit available to industry and small business.
Because of the flexibility of the provisions governing the payment of
400 marks for each new worker hired, a supplementary ordinance will be
required. The novelty of this experiment, by which the Government
hopes to reduce unemployment doles,'makes it fraught with all sorts of
chances for abuses, and it will need rigid control measures.
In a radio talk to-night Professor Hermann Warmbold, Economics
Minister, explained some of the more complicated phases of the "industrial
reanimation program," as he called it. He announced it had the full
support of the Reichsbank and that the bank and the Government were
as determined as ever to maintain the stability of German currency. 118
again forecast an early reduction of the Reichsbank's discount rate.
Hermann W. Goering, Ilitierite President of the Reichstag, has convoked
that body for next Monday when the Von Papen Government will have its
first clash with Parliament.
Chancellor von Papen's program for the revival of business
was referred to in these columns Sept. 3, page 1578.
Germany Said to Plan Curtailment of Farm Product
Imports.
Associated Press advices from Berlin Sept. 3 said:
Indications that the Government is determined to curtail the importation
offarm products are embodied In a recent letter from Chancellor von Papen
and Dr. Alfred Ilugenberg. leader of the Nationalist Party.
"In view of Germany's need for foreign currencies." the Chancellor
wrote. "relief of the market from the excessive import of farm products Is
.
inevitable. The Government has decided in principle to apply contingents
as far as conditions permit."
•
Industrie und Privatbank of Germany Reported to
Have Gone Into Bankruptcy.
From the New York "Times" we quote the following
from Berlin Sept. 5:
The Industrie und Privatbank, which was handling the banking business
of the Jakob Michael concern. went Into bankruptcy to-day when, at a
meeting of creditors, attempts to come to a settlement failed.
There was less than 1.000.000 marks in assets (5237.800 at the current
rate) against 38.000.000 marks in liabilities (59.036.400). This marks
one of the last steps in liquidation of one of Germany's largest concerns
that was built up during and after the inflation period and included heterogenous elements from all branches of business. Jakob Michaels has gone
to Holland and it is not known how much of his one-time big fortune he
took along.
1743
French Loan Conversion—Parliament to Meet Sept. 1
6
to Approve Plan.
On Sept. 7 the date for summoning Parliament to approve
the conversion of the French loans was definitely set as
Sept. 16. An earlier Paris account (Sept. 3) as given in
the New York "Times" said:
Though the Council of Ministers issued no communique to-day regarding the contemplated loans-conversion plan it is understood the scheme was
unanimously ratified and it was decided to convoke Parliament Sept. 16
in extraordinary session to give the needed authorization.
Nothing was said officially in the hope of preventing speculation. The
government will not reveal the date for the conversion, the rate that has
been chosen or whether the conversion will be progressive or all at once
like Britain's.
41 Rate Expected.
/
2
%
In well-Informed financial circles it is believed the rentes will be con/
2
verted at a rate of 41%, several years being allowed to complete the
transaction. It is also expected the Treasury is going to issue bonds
amounting to 3,000,000,000 francs [about $117,600,000] to facilitate the
operation.
In connection with preparing the ground here for the conversion, financial observers have been noting what seems like an understanding among
Paris, London and New York to prevent unusual movements of funds
which would upset exchange rates. Like Britain's conversion, the success
of the French operation is expected to have most favorable effect on confidence generally, thus helping the world to progress one more step
toward economic recovery.
Moreover, it is expected the French conversion will give the British a
/
2
% Treasury bonds falling due Dec. 1 and also
chance to refund the 41
make easier any large operation the United States Treasury may desire
to make in the near future.
On the same date Associated Press advices from Paris
stated:
Plans for the conversion of war and post-war loans are being handled
by Finance Minister Germain-Martin. He recently said in the Chamber
of Deputies that such a scheme was necessary if the Government were
to be successful in stopping the holes through which enormous sums have
been drained from the national treasury.
Financial experts have frequently declared that the 5, 6 or 7% interest
paid by the State was too high in these days of reduced rates. Before the
/
2
war the Government borrowed money for 8 and 31%.
The recent British war loan conversion, which cut interest from 5 to
81%, gave impetus to similar action by France. France converted her
/
2
war loan after 1870. Others were reduced in 1894 and the last one 1902.
The conversion plans were referred to in these columns
Sept. 3, page 1576.
Belgiums Plan for Fiscal Reforms—Long- and Shortterm Bond Issues and Drastic Economies Proposed
by Premier.
The Belgian Government on Sept. 2 issued the text of
its proposals for balancing the budget and reconstructing
Belgian finances on a sound basis,it is learned from a Brussels
cablegram Sept. 2 to the NEM York "Times", which further
reported:
The measures proposed Include a long-term bond Issue of 500.000.000
Belgian francs about 5103.950.000 in an issue of short-term Treasury'
bonds and renewals of 769.000.000 francs in Treasury bonds falling due
Oct. 1.
The text of the plan was preceded by a long outline of Belgian finances
since the war. From 1919 to 1926 expenditures exceeded me,ipts by 28.000.000.000 francs. From 1927 to 1929 receipts exceeded expenditures
by 4.000.000.000 francs, but since 1929 budgets have again showed deficit.
Premier Renkin proposes radical reductions in expenditures, notably a
10% cut in Government salaries and pensions and the abandonment of
many costly public works projects.
Italy Considers Five-day Work Week to Give Work to
Unemployed.
In Associated Press accounts from Rome Sept. 7, it was
stated that Italy is considering the adoption of a five-day
40
-hour week as a means of absorbing the country's 1,000,000
unemployed. The account added:
The Ministry of Corporations is canvassing the Indutries without awaiting
action by other countries on the five-day proposal which Italy has made
to the International Labor Office.
There are approximately 5.000.000 workers In the thoroughly organized
Industries. excluding agriculture. With strikes barred and rigid discipline
Imposed by organizations of employers and employees, the Government
-hour system if that were deemed advisable.
could suggest or order the 40
36
-hour Work Week Advocated by International
Congress of Transport Workers at Prague.
From the New York "Times" of Sept. 4 we take the
following (special correspondence) from Prague Aug. 17:
In the International Congress of Transport Workers, held in Prague,
-hour work week
C.'I'. Cramp,one of the British delegates, said that the 40
had not proved effective and advocated a 36
-hour week.
—4,—.
Jan Pilsudski Resigns As Minister of Finance in Polish
Cabinet—Professor Zawaczki Named As His Sue.
cessor.
The resignation of Jan Pilsudski as Minister of Finance
and the appointment of Professor Zawaczki to succeed him
were announced unexpectedly on Sept. 5, says a Warsaw
cablegram Sept. 6 to the New York "Times", which also
had the following to say:
1744
Financial Chronicle
This shift was regarded as a sign that the Government had abandoned
the policy of State intervention in economic affairs. Professor Zawaczki
is a Conservative and is a well-known exponent of the older economic
views, while the younger men in the Ministry of Finance have advocated
some form of State capitalism to meet the depression.
Jan Pilsudski is a brother of Marshal Joseph Pilsudski. He is now mentioned as for the post of Minister of Justice at some time in the future, and
also as a possible condidate for the Presidency.
President Ignaz Moscicki, who lost his wife a few weeks ago, is said to be
tired and his resignation is expected in a few months.
Another change was also made in the Ministry of Commerce. Alfons
Kuhn has quit because, it is reported, building of the Upper Silesia-Gdynia
RR, has been held up.
The French concern of Schneider-Creuzot had obtained from him favorable concessions, but had of late been unable to find the money for construction. The French Government refused, to advance the necessary 200,000.000 francs.
Jan Pilsudski Joins Bank of Poland As Vice-President.
On Sept. 9 Associated Press advices from Warsaw said:
Jan Pilsudski, who resigned as Minister of the Treasury on Tuesday,
was appointed Vice-President of the Bank of Poland to-day. He is
Marshall Joseph Pilsudski's brother.
Soviet Russia Adds 1,400,000,000 Rubles to Currency
Gold Stock Rises, but Purchasing Power Falls—
New Internal Loan.
Walter Duranty in advices, Sept. 5, from Moscow to the
New York "Times" said:
Soviet currency emission jumped from 5.400,000,000 rubles on July 1
to 6.800.000,000 rubles on Sept. 1, which is a greater increase than was made
during the whole previous twelve months. Strictly speaking, this is not
inflation, as the gold reserve has increased correspondingly and remains at
about 13% of the total, but it augmented the ratio of currency to the
volume of commodities and reduced the purchasing power of the ruble.
The reasons for the increase are partly seasonal, to help move the harvest,
and partly to stimulate the goods turnover in rural districts, which are the
Kremlin's leading preoccupation nowadays. An additional more favorable
reason is that, despite the food and commodity shortages, the new construction and industrialization programs, far from slackening, are being
Pushed with redoubled energy throughout the country.
Alongside complaints about the low quality of good supplied to the
workers or about the failure of manufactured goods to reach the villages,
full reports are given in the newspapers of new factories and power stations
opened, new blast furnaces blown in and steel hearths fired, now processes
adopted and new machines or metals that formerly were imported now
produced here.
Encouraged by the success of the latest 3.000,000.000 ruble internal loan,
of which 90% was subscribed in the first four weeks,the authorities evidently
believe a bold policy is the wisest way to solve the shortage problem, even
though it requires the raising of wages to maintain living standards. Meanwhile, steps are being taken to remedy the collective farm confusion by a
decree published yesterday, which forbids any change In the boundaries
of collective farms unless approved by the supreme agriculture committee.
Soviet Russia Bars Split in Collective Land—Forbids
Socialized Farms to Redistribute Holdings to
Members Who Want To Quit—State Agricultural
Groups Warned Against Encroaching on Soil of
Collectives.
The Soviet Russian Government moved on Sept. 4 to consolidate its collectivization farm gains by decreeing that
peasants leaving collectives could not regain the land they
contributed to the communal enterprise. An Associated
Press cablegram (Sept. 4) to the New York "Times" indicating this went on to say:
While members of collective farms were not in fact forbidden to reassume
their individualities as peasants, strong pressure against such action was
exerted by provisions restricting individual farms to free State areas and
forbidding the alteration of collective farm boundaries with a view to
regaining their original plots.
The fact that free State land would probably be a great distance removed
from a given collective farm probably will act as a deterrent on those who
otherwise might consider returning to individual farming. The decree
Was issued by the Central Executive Committee of the Communist party
and the Council of People's Commissars and was designed to "create a
stable land ownership in collective farms."
It declared that instances had been noted where peasants had abandoned
the communal farms and had received their original land, resulting in a
reduction in the size of the collectives. The decree gave no indication of the
extent of the movement, but its very issuance suggested the trend might
have assumed proportions which the Government considered harmful to
the collectivization program.
One of the main inducements offered to peasants to join the farms is a
privileged status to purchase such manufactured articles as clothing, shoes
and household goods. But the Government's inability so far to provide
these in sufficient quantities for rural needs is responsible for some dissatisfaction among the peasantry.
The measure pointed out many cases in which parts of collective farms
arbitrarily had been taken over by State farms and stronger collective farms
had been encroached on by weaker ones. Such infringement of the borders
of the farms in the future was prohibited except with special permission,
and an increase in their sizes by the addition of new members was forbidden
without a three-fourths vote of tho members.
Decline in Wheat and Cereal Exports of Soviet Russia.
On Sept. 3, Associated Press advices from Moscow stated:
.
P Soviet exports of wheat and cereals suffered a precipitate decline in the
first five months of 1932,chiefly attributed to the disastrous drouth of 1931.
Figures just published show that in that period Russia sold abroad
90.614 metric tons of wheat for 3.031.000 rubles, as compared with 658,345
metric tons for 22.883.000 ruhles In the first five months of last year.
Totals for all grain were 749.838 metric tons for 23,967,000 rubles, against
1,410,751 metric tons for 44,114,000 rubles.
Sept. 10 1932
If this ratio is maintained, exports of wheat for the entire current year
would be about one-tenth of the total for 1931, which was 2.499.000 metric
tons for 77.112,000 rubles. (A ruble is nominally valued at 50 cents.)
Although some harvesting difficulties are being experienced, the current
grain crop as a whole is reported good. But little, if any of the 1932 harvest
is expected to find its way into export channels until 1933 because of the
usual slowness of collections by the Government.
Increased Food Prices in Soviet Russia—Output of
Food Industry Described As Unsatisfactory.
Under date of Sept. 1, Associated Press advices from
Moscow said:
The second increase in the price of foods this year was decreed by the
Government to
-day when ration stores heavily boosted the cost of meat.
eggs, cheese and sour cream.
Eggs jumped from 1 ruble to 3 for 10. The best variety of cheese rose
from 6 to 14 rubles per kilogram, and the secondary grade from 2.6 to
6 rubles. The price of sour cream went from 3 to 4A rubles per kilogram,
and meat from 1.45 to 2.12 rubles per kilogram. (A ruble is nominally
valued at 50 cents and a kilogram is equal to 2.2 pounds.)
Since most of the products involved have not been available for some time
In Russian stores, Americans and other foreigners were chiefly affected by
the rises because these foods usually are stocked In the two stores operated
exclusively for them. Moreover, the rations for foreigners recently were
cut in two.
Vegetables and seasonal fruits at present are plentiful in the open market
due to recent decrees permitting the peasants to sell their surplus privately,
and the prices frequently are lower than In Government stores. But an
acute shortage is being felt in meat, eggs and dairy products.
Although bread and fish still seem to be ample to meet the demands, the
average Russian citizen has very little besides vegetables In his daily diet
unless he is able to pay high prices in the open market for meat, eggs and
butter.
We also quote the following (Associated Press) from
Moscow Sept. 6:
The work of the food industry, to which Soviet Russia looks for its daily
meals, was called unsatisfactory" to-day by D. Boykin, a member of the
Collegium of the Commissariat of Supply, in a report on the results for the
first seven months of this year.
In spite of beginning production in several new modernly equipped
enterprises adding greatly to the productive capacity, he said, the industry
during the first six months of the year exceeded the production for the same
period in 1931 by only 6.5%.
This, he said, was "quite insignificant." The 1932 plan calls for an
increase of 36% over the production for 1931.
He added that the first 20 days of August showed no improvement and
that losses were marked up in some important branches,such as the canning
industry, which had completed only 18.7% of its plan.
He attributed the result to bad management, a poor supply of raw materials and carelessness in many enterprises in taking steps to Preserve
perishables.
The Commissariat of Supply is responsible for manufacture and distribution of all food products, including milling, meat packing, canning, fishing,
distillation and dairying.
Rationing of Foreign Correspondents in Russia
Declared Mistake—Food Curb Lifted.
From the New York "Evening Post" we take the following (Associated Press) from Moscow Sept. 8:
A week after food rations had been imposed upon foreign correspondents
in Moscow,the store in which they buy supplies announced just as suddenly
to-day that restrictions on purchases had been lifted.
The Manager of the store explained that there had been a mistake In
imposing the ration regulations in the first place.
A cut in food rations was noted in our issue of Aug. 20,
page 1246.
Soviet Russia Stand Given on Old Debts to U. S.—
Moscow Would Pay in Extra Interest on Loans
Without Paying the Czarist Obligations—If
Recognized by America, Russia Would Give
Guarantees Only for Soviet Agents.
Walter Duranty, writing from Moscow Aug. 26, to the
New York "Times" said:
The Soviet press is featuring reports from New York that the American
attitude toward the Soviet Government is changing and hinting of a possibility of a trade agreement after the November elections. Although the
subject arouses universal interest, there is no editorial comment, and the
writer finds it impossible to get a statement from Soviet lesders, presumably
owing to their reluctance to appear to be trying to influence American
opinion or to interfere in the election campaign.
While the Russians refuse to speak for publication, the writer is able to
express the Soviet viewpoint on the four main questions at issue between
the two countries—debts, claims and counter-claims, propaganda and
Soviet capacity to pay.
Regarding the debts the Soviet Government is said to adhere to the
position enunciated by Joseph Stalin some years ago. that Russia will not
recognize. In principle, the obligations contracted by previous governments
but is prepared to make a financial settlement in the form of extra interest
on future loans, according to the formula in agreements signed with Prime
Minister MacDonald in England in 1924 and initialed with France in 1927
but not realized owing to changes In the government there.
Two Ways for Settlement.
The claims of American nationals for personal damage of sequestrated
property would be settled in two ways—by incorporation In a general debt
settlement or by a new business agreement with the claimant. as In the case
of the General Electric Company. Meanwhile. the Soviet Government has
a counter-claim for damages by American forces on Soviet soil without a
declaration of war during the intervention period, which according to precedent In the Alabama case has a certain justification in International law.
Regarding propaganda it must be understood that Moscow will not
abolish the Communist International or attempt to restrict the activities
of the American Communist party, but the writer believes the Soviet
Volume 135
Financial Chronicle
Government is prepared to give a formal written pledge to send no Russian
agitators to America and to prohibit all Soviet Russians on American soil
from engaging in any form of political agitation.
It Is felt here that American State and Federal authorities have the right
to handle their own Communists as they please, are quite able to do so and
would not hesitate to take appropriate steps should a Soviet citizen disobey
orders against engaging in political activities.
Despite the attention still paid In the United States to the propaganda
question Moscow thinks an agreement on the three points mentioned above
could be satisfactorily reached, though the negotiations might be protracted, but the question of commercial and financial interchanges and the
Soviet's paying capacity are more complicated.
From the Soviet viewpoint it is probable that a long-term loan would be
most acceptable, bearing higher than normal interest to allow for the debt
settlement mentioned above, with the proviso that all the money would be
spent in America for American goods and technical assistance. The loan
might be divided into sections at the outset to restore public confidence,
and later sections could be issued as the interest, amortization or even
repayment was met on the earlier sections.
Failing a loan, long-term credits are desired—at first with some form of
guarantee. either by the Reconstruction Finance Corporation or a private
financial group to facilitate discounting Soviet acceptances, as is done by
the German Reichsbank.
Would Pay in Goods and Gold.
There remains the matter of Soviet capacity to pay,a capacity temporarily
reduced during the world depression but potentially enormous. In the
early years it might be assured by the allotment of Russian products, such
as grain, oil, coal and manganese, on a quota basis to American firms or
groups, for sale at home or abroad. The Soviet Government has already
expressed its willingness to enter such quota arrangements as far as foreign
markets are concerned, though it definitely refuses to limit production for
home use.
Secondly. the Soviet would pay in gold. According to the writer's information. Soviet gold production last year was about $35,000,000 Expectations that the output would be doubled this year probably will be disappointed owing to the impossibility of buying the scheduled amount of
foreign equipment and technical assistance.
Under date of Sept. 3 advices from Buenos Aires to the
New York "Times" said:
The Province of Santa Fe has announced the signing of a new agreement
with the Chemical National Bank of New York for a renewal of a $5,000,000
loan for one year at 5M %. the bankers accepting treasury notes at par
instead of at 963 as formerly. It was the Province's inability to meet
payments on this loan, due on Aug. 7, that led to the declaration of a
three-year moratorium on public debt payments.
The Province' announcement says the new contract is for the three
years covered by the moratorium, the loan being renewable annually in
that period, the Province to negotiate with the bank the terms for each
renewal, making some payment on principal if finances permit. The
bank had asked the Province to pay 15% of the loan as a condition for
its renewal. This was 3.000.000 pesos ($750.000). which the Province
could not raise. The announcement points out that the new contract
relieves the Province of the pressure of quarterly payments and means
a saving of 703,420 pesos (S175,855) from the former terms.
Berlin Market Buying Old Russian Bonds—Trading
in Pre-War Issues at Nominal Prices.
From Berlin, Aug. 26, advices to the Now York "Times"
said:
Reports of Franco-Russian negotiations caused active unofficial trading
on the Iloerse this week In Russian pro-war securities, chiefly railroad bonds
and imperial 4% of 1902. The market for these securities has been stagnant
since 1927, when some of them were quoted at 10 marks per hundred
nominal.
More recently prices for such securities sank to as low as 15 to 30 pfennings
per 100 marks. Last week's prices have about doubled that figure.
Argentina to Keep Gold—Finance Minister Says No
More Will Be Exported to Pay Debts.
The following Buenos Aires cablegram Sept. 8 is from the
New York "Times":
Alberto rfueyo, Finance Minister, in denying reports published In London
this week,said to-day that Argentina would not make further gold shipments
for payments on her foreign debt. The gold reserve is now 256.222,668 gold
pesos, forming a 44.47% backing for the currency In circulation.
London papers are reported to have suggested that $25.000.000 in gold
could be exported without dangerously reducing the backing for currency.
Entre Rios Province Group (Argentine) Urges Debt
Moratorium and More Currency.
It is reported in a Buenos Aires cablegram Sept. 7 to the
New York "Times" that several Senators and Deputies,
together with a group from Entre Rios Province, conferred
that day with President Justo, stressing the financial and
economic difficulties of the country's most productive zone,
of which Entre Rios is the heart. The cablegram went on
to say:
They urged a moratorium on foreign and internal debts and a new issue
of paper currency. A similar demand had recently been made by business
and agricultural leaders of the province.
The President told the delegation he would appoint this week a commission
of eight experts. representing all branches of National economic activity,
to confer with the Government regarding remedies.
It was reported to-night that Enrique Perez, who was Minister of Finance
in the Uriburu Cabinet, would be named as President of the commission.
City of Santa Fe, Argentine, Seeks Extension of Loan
The following from Buenos Aires, Argentine, Aug. 30 is
from the Now York "Times":
The city of Santa Fe is having difficulty raising $106,000 due on
Oct. 1
on Its Blair & Co.(now Bancamerica-Blair) loan. The Mayor has been in
Buenos Aires trying to negotiate an extension, and it was announced
upon
his return to Santa Fe he would convoke the City Council to-morrow
to
consider emergency measures.
The city is the capital of Santa Fe Province, which recently declared
a
three-year moratorium on the province's foreign debt.
The Province of Buenos Aires announced it had deposited $325,000
In
New York to pay coupons duo on Oct. 1; also that it had deposited
£68,914
in London for Oct. 1 coupons duo there.
Province of Santa Fe, Argentine, Fails to Send Funds
for Installment Due on Bonds.
The following is,from the New York ``Times" of Sept. 7:
The Argentine Prlince of Santa Fe has failed to send funds for the
payment of Interest 'and sinking fund installment due last Thursday on
its external 7% sinking fund and 3% annual cumulative gold bonds due
In 1942, it was announced yesterday by the Manufacturers Trust Co.'
successor as fiscal agent to the Chatham Phenix National Bank & Trust Co.
1745
Renewal of 5I 2% Bonds by Province of Santa Fe,
Argentine.
American and British Packers Refuse to Permit Government to Inspect Their Books Under Control Law.
In a cablegram Sept. 7 from Buenos Aires to the New
York "Times" it was stated:
American and British packers have notified the Argentine Government
of their intention to fight the Government's efforts to control the packing
business, saying they will ask the courts to rule on the control law, which
the packers allege is unconstitutional. Passed several years ago, the
law has not been rigidly enforced, but the Government recently decreed
It meant that packers must open their books to Government inspectors.
This the packers refuse to do. The control measure went into effect to-day.
Breeders assert the margin is too wide between what the packers pay
for animals and what British consumers pay for Argentine chilled beef.
One of the principal arguments in Congress during the consideration of
the control law was over examination of the packers' books to enable the
Government to study the packers' assertion that a large part of this margin
Is consumed by costs in preparation of the meat for shipping. Argentine
organizations also are opposing the Government's intention to establish
control over the grain business.
Bill for Oil Control Taken Up in Argentina—Aimed to
Prevent Foreign Domination of Fields and Transport.
The Argentine began consideration on Sept. 8 of the new
petroleum bill, which, in the words of the committee spokesman who opened the debate, contains restrictions and
penalties to enable the authorities to prevent foreign capital
from dominating in the exploitation of Argentine fields.
The foregoing is from a Buenos Aires cablegram Sept. 8 to
the New York "Times," which also stated:
It would also bar foreign companies from control of pipelines and other
means of transportation.
The spokesman said one of the objects of the bill was to "save Argentina
the experience of certain other South American republics, whose territory
and sovereignty had more than once been threatened because of petroleum
questions."
He explained that his committee had studied the project freely, without
fear of the "petroleum trust" or pressure from any foreign capital, "which
is so common in Congressional debates."
The Minister of Agriculture, speaking in support of the bill. emphasized that it gave the State power to prohibit either exportation or importation of oil, and declared this clause was designed to prevent manipulation of the market by private companies.
Movement in Chile to Revive Production and Wipe
Out Unemployment Will Cost $21,210,000—Gas
and Coal Will Be Developed to Meet Competition
of Foreign Oil Fuels.
From the New York "Times" of Sept. 8 we take the following (Associated Press) from Santiago, Chile, under date
of Aug. 29:
After considerable delay over the details, the Socialist Government's
production and employment scheme has finally been put into effect.
The plan, entailing an expenditure of 170.000,000 pesos, is designed to
eliminate 100.000 unemployed within a short time, and to foster production
in industry, agriculture and mining. Other decrees bring the total expenditure to 350.000.000 pesos [S21,210.0001.
Funds for the financing of the plan will be obtained by Treasury notes,
discounted at the Central Bank, which means an increase in circulation to
the amount of the notes.
The measure, as signed by Provisional President Carlos Davis, and put
into effect by the various departments, calls for the following production
scheme:
Rehabilitation of the gold, silver, iron. manganese, aluminum. potash,
phosphate mines and workings, including subsidies for construction and
equipment.
New expeditions will be sent to seek oil in the southern provinces.
Funds are assigned to aid Industries to change from oil-burning equipment
to Chilean coal to reduce importation of Peruvian and American petroleum.
Adaptation of gas and other products to motor equipment and to automobiles. to replace imported gasoline, will be pushed.
Founding of various now industries will be effected.
The fishing industry is to receive major aid, and experiment stations and
boats will help stimulate this industry.
Participation of the State in the production of cellulose and refining of
sugar is stipulated. State aid for the new beet sugar industry already has
been given.
Textile Industry assistance will involve aid to present companies and
founding of new ones.
The entire program will be carried out under the socialist plan of complete
State supervision. •
1746
Financial Chronicle
Government of Chile Reserves for State All Sections
of Country Thought To Have Deposits of Gold.
Under date of Sept. 6, the Department of Commerce at
Washington said:
A recent decree issued by the Government of Chile reserves all sections
of the country .thotu;ht to have deposits of gold-containing sand for the
Federal Government, according to a report to the Commerce Department
from Assistant Commercial Attache Harold M. Randall, Santiago. These
reserved districts may be exploited only by the State or through concessions
granted by the State to private interests. This decree annuls the previous
decrees having a bearing on this subject.
Notice by New York Stock Exchange on External
Secured Sinking Fund 7% Gold Bonds, 1926, of
Republic of Costa Rica.
The following notice was issued by Ashbel Green, Sercetary of the New York Stock Exchange, on Sept. 8:
•
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Republic of Costa Rica External Secured Sinking Fund 7% Gold Bonds,
1926, Due 1951—Refunding Plan.
Sept. 8 1932.
Referring to the refunding plan of the Republic of Costa Rica for the
External Secured Sinking Fund 7% Gold Bonds of 1926. due 1951, under
which bondholders assenting to the plan surrender the coupons due Nov. 1
1932 to Nov. 1 1935 inclusive, and receive $23 in cash per $1.000 bond in
respect of the coupon due Nov. 1 1932, being an amount approximately
equal to the interest accrued thereon to Sept. 1 1932. and a Funding Bond
of $222, principal amount, being equal to the aggregate face amount of
the coupons surrendered less such cash payment.
The Committee on Securities rules that on and after Monday, Sept. 12
1932. transactions may be made in Republic of Costa Rica External Secured
Sinking Fund 7% Gold Bonds. 1926. due 1951, as follows:
"Nov. 1 1932, coupon on."
"May 1 1936, coupon on."
That the bonds with "May 1 1936, coupon on" shall be dealt in "Plat."
The bonds with "Nov. 1 1932, coupon on" will continue to be dealt in
"and interest" until further notice.
ASHBEL GREEN, Secretary.
Resolution of Colombian Board of Control of Exchange
Governing Foreign Investments.
In making available the text of the resolution of the
Board of Control of Exchange Governing Foreign Investments (referred to in these columns Sept. 3, page 1581) the
Consulate General of Colombia in New York says, under
date of Sept. 6:
In last week's bulletin we gave a brief summary of this resolution,
based on a cable communication from the Government. Upon receipt of
the complete text of this resolution, we find that the information pertaining to capital already invested in Colombia was erroneously interpreted
by us. We hasten, therefore, to copy herewith a translation of the Resolution, as received by mail:
"Art. 1. The office of Control of Exchange will authorize the withdrawal, in foreign currency, of the interest or dividends resulting from
Investments made from this date on, in distinctly Colombian industries,
after proving to the satisfaction of the said Office of Control of Exchange,
the origin of the sums so invested, as well as the investment thereof.
"Art. 2. The Office of Control of Exchange will authorize the reimbursement in foreign currency, of the capital investment referred to in
Art. 1, within two years, starting from this date on, if the situation of
the gold reserves so permits, and in the form which then may be accorded by this Office.
"Art. 3. The Office of Control of Exchange will authorize the withdrawal of new capital which, from to-day on, may he introduced into
the country in foreign exchange, provided that this Office has proof that
the respective exchange transaction has been effected through the Bank
of the Republic.
"Dated in Bogota, Aug. 12 1932.
"Approved by the Bank of the Republic, Aug. 17 1932."
Receipt of Funds Announced for Payment of Oct. 1
Interest on 6% External Gold Bonds of Colombia.
Hallgarten & Co., and Kidder, Peabody & Co., fiscal agents
for the $35,000.000 Republic of Colombia 6% external sinking fund gold bonds of 1928, due Oct. 1 1961, announce that
they have received from the Republic of Colombia, funds
for the payment of the Oct. 1 1032 coupon interest on all
outstanding bonds of this loan.
National Sugar Exporting Corporation Asks Tenders
for Purchase of Bonds Through Cuba Sugar
Stabilization Sinking Fund,
The National Sugar Exporting Corporation is inviting
tenders at prices not exceeding the principal amount and
accrued interest of The Republic of Cuba Sugar Stabilization
secured gall bonds, due Dec. 11940, in
sinking fund 5
an amount sufficienb to exhau it, for the payment of principal
thereof, the sum of 81,200,000 which has been deposited for
this purpose by toe Corporation with the Chase National
Bank of the City of New York. Tenders of bonds are to
be dubmittod to the corporate trust department of the bank
or at its office in the City of Havana on or before 3 p. m.
Eastern standard time, Sept. 15,
Sept. 10 1932
General Rodriguez Becomes Provisional President of
Mexico Following Resignation of Pascual Ortiz
Rubio—President Hoover's Message of Congratulation to New President.
On Sept. 4 Divisional General Abelardo Rodriguez was
named Provisional President of Mexico at a plenary session
of Congress, composed of 150 deputies and 45 senators.
According to a Mexico City cablegram that day to the
New York "Times" the resolution of election was unanimously adopted and the new executive took the oath of
office at once. The cablegram noted that the election and
installation followed the resignation of Pascual Ortiz Rubio
because of ill health and political difficulties. The same
account said:
•
The choice of General Rodriguez was foreseen
yesterday when he was
cheered more enthusiastically by the Senators
and Deputies than were
three other candidates.
On Sept. 2 the "Times" reported the following from
Mexico City:
The entire Cabinet resigned at a meeting
late to-day and President
Pascual Ortiz Rubio will seek an indefinite leave of
absence, which amounts
to resignation, at to-morrow's meeting of the
majority bloc in the Chamber
of Deputies.
The President, Ills said, plans to go abroad because
of Ill health, probably
to Rochester. Mimi., for treatment of a stomach
ailment.
Alberto J. Pant, Minister of Finance, and General
Abelardo Rodriguez,
the newly appointed Minister of War, are prominently
named among those
likely to be selected by Congress as Senor
Ortiz Ruhlo's successor as provisional President.
The cablegram Sept. 4 from Mexico City to the "Times"
contained the following information:
The proceedings to-day drew an
overflow crowd to the Chamber of
Deputies. Near-by streets were lined with troops
and cadets of the Military
College. The first act of the ceremony
was the official communication
to the Mexican legislators of Senor
Ortiz Itublo's resignation. Then It
was voted that an emergency existed.
No President. according to the
Constitution, can be allowed to leave office
except under a vote of that
nature.
Then the House voted upon four
candidates proposed by the National
Revolutionary Party. They were Alberto
J. Pan'. Minister of Finance:
General Joaquin Amaro, director of the
Military College: General Abelardo
Rodriguez and General Juan Jose Rios,
Minister of the Interior.
Resolution Eliminated Rivals.
A resolution was passed that General
Rodriguez be elected President
to fill the remainder of Senor
Ortiz Rubio's term, which ends at midnight on Nov. 30 1934.
The vote was taken at 11:40 a. m.
A commission of Senators and Deputies then visited General Rodriguez
to inform him of his election and to
invite him to go to the Chamber
to take the oath of office. Within 10
minutes he appeared before the assemblage
and swore allegiance to the
Constitution according to the prescribed form, as follows:
I swear to observe and to have observed
the political Constitution of
the United States of Mexico and
loyally and patrio leally fulfill thethe laws emanating therefrom. I will
office of Provisional President
Republic. looking only and always to the welfare of the country. of the
Should
I fail, may the nation demand it of me.
After taking the oath, President Rodriguez left immediately,
no speeches
being made.
The new President wore a morning coat with the
tricolor band of the
• Presidential office.
Duo, it is reported, to the suddenness and
unexpectedness of his rise,
General Rodriguez had no Presidential
insignia and borrowed what he
needed from General Calks.
Ortiz Rubio Notified of Action.
Notice was sent to Senor Ortiz Rubio
that his resignation had been
accepted and he boarded the Presidential
train, the Tren Olive, which
had been waiting with steam up. With
a pilot locomotive ahead and
with Senor Ortiz Itubio's headquarters
staff aboard, the train left Immediately for hot Springs, Ark., where
the former President will take
medical treatment for a stomach ailment.
Associated Press dispatches from Torreon, Coahuila,
Mexico, Sept. 5, stated:
Former President Ortiz Rubio,
passing through here this afternoon
route to Hot Springs, Ark., appealed
to 12,000 Persons gathered at
the station to support President Rodriguez.
"The reasons for my resignation are now
known to you." he declared.
"Because of my advanced ago and illness I
was unable to fulfill faithfully
any duty and the heavy responsibility
of the Pres.dential office, for which
reason I resigned.
"The stability of our nation has been
proved in this transmission of
power, a fact which gives me
groat Pleasure.
"My successor is a young revolutionary of
splendid character with a
fine record. I expect the nation to support him as it did
me."
en
Provisional President Rodriguez announced on
Sept. 5
nine members of his Cabinet, and two Under-Secretarie
s to
take charge of the remaining two departments until Ministers
are appointed. From the Mexico City advices (Sept.
5)
to the "Times" we quote:
Seven of the nine Ministers served In the Cabinet
of his predecessor.
Pascual Ortiz Rubio.
The Cabinet list follows:
Minister of Foreign Affairs—Manuel Tellez, former
Ambassador to the
United States.
Minister of Finance—Alberto J. Pant.
Minister of Agriculture—Francisco Elias, a half-brother
of General Canes.
Mexico's "strong man."
Minister of Industry, Commerce and Labor—Primo
Villa Michel, former
Minister to Germany.
Minister of CotnrnimicatIons—General Miguel Acosta.
Minister of Education—Eduardo !tassels.
Attorney General—Former Provisional President Emilio
Portal Gil.
Minister of Public Health—Dr. Gaston Melo.
Chief of the Federal District—Juan 0. Cabral.
Volume 135
Financial Chronicle
Under-Secretary of War and Marine—General Pablo Quiroga.
Under-Secretary of the Interior—Eduardo Vasconcelos, who headed the
Department under Denor Ortiz Rubio as Sub-Secretary.
All but Two Are Civilians.
The new Ministers are former President Portes Gil and Dr. Melts. Dr.
of the physicians who resigned recently from the staff of
Melo was one
the General Hospital in protest against its administration, one of the events
that led up to the resignation of Senor Ortiz Rubio and his Cabinet. Only
two of the 11 appointees, General Acosta and Quiroga, are military men.
General Quiroga was for a long time Chief of Military Operations for the
Valley of Mexico, and was Acting Minister of War when General Calle&
Who preceded General Rodriguez as head of this Department, took Senora
CaIles to Boston earlier this Summer for an operation.
The greatest surprise in political circles was the appointment of former
President l'ortes Gil, who was regarded as having retired permanently
from public life. . . .
Ambassador Reuben S. Clark called on President Rodriguez to-day to
congratulate him in the name of the United States on having been called
to the Presidency of Mexico. Mr. Clark was the first of the diplomatic
corps to pay his respects.
President Hoover on Sept. 6 congratulated General
Rodriguez upon his inauguration as President of Mexico
in a message transmitted through Ambassador J. Clark.
The message read:
"Upon the occasion of your inauguration as substitute Constitutional
President of Mexico, I wish to express my sincere good wishes for the
success of your administration and for the prosperity and happiness of
the people of Mexico."
Address of President Rubio to Mexican Congress
Before His Displacement by General Rodriguez.
President Ortiz Rubio of Mexico, who was succeeded in
the presidency on Sept. 4 by General Abelardo Rodriguez,
opened the 35th Congress on Sept. 1, at which time (we
quote from a Mexico City cablegram to the New York
"Times") he described the advancement in the wide "revolutionary" social program, especially in the agrarian and
land distribution plans of the Mexican Government. In
part the "Times" cablegram, Sept. 1, also said:
The Chamber of Deputies warmly applauded the Chief Executive when
he assured them that the Government was "resolved to carry out the purposes of the revolution and satisfy the aspirations and necessities of
rural
workers."
He said the Government had "considered it Its fundamental
obligation
to intervene as protector or arbitrator in all the essential aspects
of the
economic and social life of the country, looking to development
of all
resources and protecting the rights of workers."
A law to make effective the oil nationalization project would
soon be
introduced, he said.
Saying that a benefit of the depression to Mexico had been
that the
people had been educated in the use of home-made goods,
the President
pointed to the resultant development of new industries in
the republic
in the last year. . . .
The main financial activities have been the balancing of the
budget and
the consolidation of the national credit. To balance the budget all
Federal
expense's were subjected to sensible reductions. Salaries and wages were
cut considerably, but dismissals were curtailed to a minimum
to avoid
further unemployment.
"Satisfactory results were seen from reorganization of the Bank
of
Mexico, converting it into a rediscount entity empowered to
issue paper
currency. . . .
Gains From Currency Control.
"During the period reviewed it was also found necessary to
modify the
monetary law, principally to fix control of
coinage. As a result Mexican
currency was able to maintain itself without inconvenient
variations in
relation to foreign currencies, except the United
States dollar. The depreciation as compared with the latter was due
not to economic conditions
but rather to speculation. . . .
"Strictly adhering to the revolutionary
program, the Government
has continued its agrarian and land distribution
program. The Senators
and Deputies may rest assured that the Government
is resolved to carry
out the purposes of the revolution and will satisfy the
necessities and
aspirations of the rural workers. During the past year
communications
throughout the republic have been maintained and improved. Air
services
have been increased.
"The Mexican oil industry, after a period of continued decline,
appears
to have reached bottom. . . . In the near future a law will
be presented
to Congress to make effective the nationalization scheme or at
least to insure
Internal necessities as against monopolies that are springing up.
"Mexico, following other Countries, has been obliged to adopt
a protectionist policy due to the lack of markets for her prime materials.
Great
progress, consequently, has been made in educating
Mexicans to use
home-made goods."
Regarding the financial situation, the recently appointed
Minister of
Finance. Alberto J. Patel, reported the deficit on the 1931
fiscal period
at 3,923.678 pesos (about $1,113.347 at the current rate), not
taking into
account 23,9911,967 pesos in Governmental indebtedness which
the estimates failed to include. The latter amount consists of a number
of loans,
plus accumulated interest.
Niceforo Guerrero. President Ortiz Rublo's Secretary, flatly
tonight a rumor that the President had resigned. Ile added that denied not
he did
believe the President would request a leave of absence.
Creation of National Mortgage Banks in Mexico
Authorized in Presidential Decree.
The establishment of a National Mortgage Bank in
Mexico, to be capitalized at 26,000,000 pesos ($7,280,000),
was authorized by a Presidential decree published on Aug. 30
"Diario Oficial." Finance Minister Alberto Pani is allowed
by the decree to subscribe this amount on behalf of the Government, said a Mexico City cablegram Aug. 30 to the
New York "Times," from which we also quote:
The new institution will provide credit for the development of urgent
public works, many of which are at present held up for lack of funds.
1747
It also probably will assist private builders in projects they are at present
unable to complete by making loans at reasonable rates to force down the
high charges that have developed with the depression.
The Minister of Finance is authorized to draw up the bank's constitution,
giving it a national character and including such clauses as may be necessary
to bring it within the general law of credit institutions.
The decree is dated June 28 1932.
A Mexico City cablegram (copyright) Aug. 31 to the
New York "Herald Tribune" said:
The bank's capital, financial circles believe, will be provided by the
oil loan now being ne;otiatel. This loan has long been discussed between
foreign oil companies operating in Mexico and Treasury Department
officials. It is generally conceded that the loan will range from $7.000.000
to 610,000.000 and be guaranteed by future maturing oil taxes, with the
principal gradually absorbed as taxes become due and are credited against
the loan.
Legal Machinery for Mexico City Stock Exchange
Under Banking Commission Provided for in Decree
of President Rubio.
The following from Mexico City is from the "Wall Street
Journal" of Sept. 1:
Legal machinery for the establishment of a Stock Exchange in Mexico
City has been provided in an executive decree issued by President Ortiz
Rubio. The Exchange will be based on a concession and established brokers
are eligible to membership.
The decree also provides that the Exchange will be under the supervision
of the National Banking Commission.
At present, Mexican shares are dealt in on an informal curb market
which lists some 28 Mexican industrial and oil shares, as well as 36 mining
stocks, together with a fairly representative lot of local bank, Government
and industrial bonds.
Japanese Diet Ends Session Without Acting on Bill
to Ease Farm Debts—Relief Outlay Small—
$38,998,000 Voted to Aid Needy—Measure for
Stabilization of Rice Price Passed.
The special session of the Japanese Diet, called to deal
with emergency relief measures, ended at night, Sept. 4,
after the Government had succeeded in passing most of its
measures without change. The New York "Times" reports
this from its Tokio correspondent; the advices to it under
date of Sept. 4 also said:
The farm debt adjustment bill, however, was dropped after the Diet had
been held in session late to-night in an attempt to reach a compromise.
The bill for stabilizing the price of rice, details of which also met with
some opposition, was carried with amendments which made it more
favorable to the farmers.
Inflation Measures Fail.
Except for the closing difficulty over these two measures the session
was uneventful. Fears that inflationist measures would be passed were
not realized.
Though the Finance Minister, Korekiyo Takahashi, talked of relief
schemes involving expenditures in the next three years of 1 £00000000 yen
1$367,040,000 at the current rate], his actual budget provided for spending
only 170.000.000 yen 1838,998.000] this year.
The loans to be floated by the Government total 784.000.000 yen r$179.849.6001, of which 609.000,000 will be obtained from the public or from the
Bank of Japan. However, as the Bank has plenty of callable loans, It can
absorb this amount without serious inflation.
The only issue raised was whether the relief expenditure could be restricted to a minimum, as the Government desired, or would be boosted
in the interest of rural communities, which the Selyukal [majority Party)
chiefly represents.
From the "Times" of Sept. 5 we also take the following:
Serious Debt Problem Remains.
Failure of the Japanese Diet to pass a law for adjustment of the farm
debt problem leaves open one of the most serious questions facing the
Tokio Government.
This debt amounts to more than 5.000.000,000 yen, having been rolled
up in the years in which the prices of silk and rice have fallen disastrously.
In view of the small yield which the farmers can get for their crops, they
have found it impossible in most cases to meet interest or repay the loans,
and funds of the agricultural districts have been drained by such payments
as have been made.
The Selyukai members of the Diet were elected on pledges that adequate
measures would be taken to relieve this burden. Many of them promised
a moratorium of several years. Farm organizations have deluged the Government with demands for such a moratorium.
As to the special session, Associated Press accounts from
Tokio, Sept. 4, stated:
The third special session of the Japanese Diet this year ended late to-night
after appropriations had been made for the relief of farmers, fishermen and
small merchants.
The session lasted four days overtime owing to the conflict between the
Selyukal In the House and the Government. A major political crisis
probably was averted when the House of Peers came to the support of the
Cabinet and enabled it to ride out the storm and achieve a compromise
program.
On Aug. 25 Premier Saito, in
described the relief measures the
to meet distress in agricultural
Their principal features, said a
"Times," were;
his address to the Diet,
Government had planned
and other communities.
message Aug. 25 to the
Provision at low interest of funds to release frozen real estate credits.
Arrangements to defer payments of debts owed by farmers.
Formation of local loan adjustment associations.
New public works and new agricultural and forestry enterprises subsidized
by the nation.
The same account to the "Times" said:
He announced also that the Government would formulate plans
for
control of the price of rice and the output of silk. Education grants
will
enable the rural authorities to pay the arrears of teachers' salaries.
Free
meals will be provided for school children where necessary,
1748
Financial Chronicle
Rate of Interest on Postal Savings Reduced in Japan.
The following (Associated Press) from Tokio, Aug. 31, is
from the New York "Evening Post":
The Ministry of Communications announced to-day that the rate of
Interest on postal savings will be reduced from 4.2% to 3% on Oct. 1. The
announcement came closely after the yen dropped on the New York Ex
change below 25 cents. Normally it is quoted at 50 cents.
More than half the entire population of Japan will be affected by the
reduction, for there are nearly 39.500.000 postal savings depositors. The
reduction in interest will result in a yearly loss of approximately 34,000.000
yen to the depositors.
20% of Japan's Imperial Railroad Freight Cars Idle—
More Cars to Be Dismantled.
Approximately 20% of the freight cars of the Japanese
Imperial Government RR., the most extensive railway
system in the country, are idle, according to a report to the
Commerce Department from Assistant Commercial Attache
William S. Dowd, Tokio. Indicating this on Sept. 1, the
Department of Commerce said:
The I.G.R. has a total of 65.138 freight cars. At the present time
12,951 are not being used. In addition, 3.000 more have been withdrawn
from service and will be dismantled.
During 1931 the month of August showed the highest number of idle
cars. the figures at that time being 14.000 cars. The fact that this number
has increased to around 16.000 for July this year indicates the fall in railway
traffic which has occurred recently.
Furthermore, it is also understood that the railway authorities are considering withdrawing 5.000 more cars as being unsuited for serfvice, the
report stated.
New Zealand Seeks Conversion Loan—Ministers Who
Attended the Imperial Economic Ottawa Conference Will Go to London for Negotiations.
It was stated in Wellington advices published in the New
York "Times" of Sept. 4 that W. Downie Stewart, New
Zealand Minister of Finance, and A. D. Park, Secretary of
the Treasury, who attended the Ottawa Conference of the
British Empire, will journey to London to negotiate for a
conversion loan for New Zealand foreign bonds. From the
same account we also quote in part as follows:
An announcement made by Premier George W. Forbes forecasts this
mission for the financial leaders of the Dominion and adds that the New
Zealand Parliament, slated to convene late in September, will adjust its
meeting date to fit the all-important London visit. . . .
These war debts are owing to the British Government and are funded
under an agreement reached in 1923. The annual payment on the funded
public
debt is £8,000,000. Interest on the remainder of New Zealand's
have to be
debt, however, is another matter, Mr. Forbes said. This will
visit Is
the subject of separate negetiations and for these a London
necessary. . . •
is held
The present debt totals £1,400,000,000, of which £750,000,000
In London. . . .
An Unpleasant Truth.
London
The last three loans which this country attempted to float in
could be
fell flat, and the third was such a melancholy failure that there
invitation
no question of risking the fiasco of bondholders ignoring the
to convert.
the
But the new British conversion loan has changed all that, and
holders
Government now feels that it may take the step of asking security
of
to convert with some show of success. In any case, the investigation
the London market will show if there is any longer a risk of failure.
The announcement that the external debt may be turned over to a lower
follow. A
rate of interest has raised the cry for internal conversion to
general conversion of internal debt and overseas °wings is needed to open
Associathe way to recovery, says S. Takle, President of the Manufacturers'
unbalanced
tion. Conversion at lower interest rates would mean an end to
budgets, lessen taxation and restore confidence.
the
Conversion, declares W. J. Holdsworth, Power Board Chairman, is
itself a
only way that the Government can ease the situation and gain for
fresh start.
$4,000,000 Issue of Debentures of Federal
Intermediate Credit Banks Sold.
Charles R. Dunn,fiscal agent in New York of the Federal
Intermediate Credit Banks, completed the sale on Sept. 7
of $4,000,000 9 and 12 month'debentures of these institutions. The issue carries 234 Vcoupons, but was priced to
yield 2% on the 9
-month debentures and 23,4% on the
12
-month maturity.
New
Federal Farm Board to Withhold From Market Until
1933 Remaining Wheat and'Cotton Holdings—
Wheat for Foreign Shipment Excepted—Financing
Arrangements With Reconstruction Finance Corporation.
Announcement was made on Sept. 5 by the Federal Farm
Board of its intention to withhold from the market until
1933 its wheat and cotton holdings. Under the arrangement about 350,000 bales of cotton held by the Cotton
Stabilization- Corporation will be kept off the market until
March 1 1933, and about 3,000,000 bushels of wheat held
by the Grain- Stabilization Corporation will be held back
until Jan. 1 1933.1 The,following announcement Was made
late Sept. 5 1932 by the Federal Farm Board:
The Grain Stabilization Corporation announced to-day, with the approval
of the Federal Farm Board, that the unsold remainder of its wheat stock
Sept. 10 1932
(amounting to less than 3.000.000 bushels) will not be reduced by sales
before Jan. 1 1933. except such sales of this 3,000.000 bushels as may be
made for shipment to foreign countries that otherwise would not be ins
portent buyers of United States wheat.
In addition to this 3.000.000 bushels, the Corporation owns a certain
amount offutures contracts which serve to absorb part of the usual hedging
Pressure. The present amount of futures owned will be held at least until
after Jan. 1 1933, thereby making a better market for producers than
would otherwise exist.
The Farm Board further announcement, Sept. 5, said:
Details having been completed with the Reconstruction Finance Corporation and the Federal Farm Board for finances, the Cotton Stabilization
Corporation and the American Cotton Co-operative Association, make
the following announcements each for itself:
1. Of the 650,000 bales of cotton proposed to be marketed by the Cotton
Stabilization Corporation prior to July 31 1933, more than 300.000 bales
have been sold. The Corporation will immediately withdraw its remaining stocks from sale until March 1 1933, with the exception of certain small
amounts now on consignment in foreign countries, and such cotton as maY
be sold at 12c. per pound or more based on the near month of the New York
Cotton Exchange.
2. The American Cotton Co-operative Association will maintain Its
present stocks of the 1930 crop until July 31 1933, with similar exceptions
for sales at the above prices.
3. These steps are being taken and loans obtained so that the cotton growers will get the full benefit of the market for their crop of this year and for
the purpose of enabling the organizations to gradually liquidate their
holdings during periods when more active demand is anticipated.
By these announcements, said a Washington dispatch,
Sept. 5, to the New York "Journal of Commerce" the Administration expects to further public confidence and
optimism. Widespread political as well as economic interest
preceded the new wheat and cotton price boosting plans.
From the same account we quote:
With approval of the program it is now expected that the Reconstruction
Finance Corporation's $50.000.000 cotton loan plan will be extended to
include wheat. Under the plan the Farm Board would be advanced
sufficient money to hold remaining stabilization wheat off the market.
The arrangement is designed to lift from the domestic market the overhanging cloud of Government wheat for the first time since the Farm
Board started its price pegging operations in 1929.
Modest predictions that wheat prices will be buoyed to 65 cents before
mid-October were heard following the announcement to-night. "Dollar
wheat by Election Day" was the slogan six or eight weeks ago.
With unlimited funds at its disposal, the Finance Reconstruction Corporation figures conspicuously in all the Hoover Administration plans for
boosting wheat and cotton prices. The $50.000,000 loan is to come from
its funds, making It possible to hold 2,000,000 bales of Farm Board and
Co-operative cotton off the market this season. Cotton prices have
moved upward sensationally in recent weeks, advancing nine points on
October futures in New York last week.
Political interest centers in contentions that major upward Price movements in wheat would count heavily in improving Republican Presidential
chances in the West.
Sales Abroad Considered.
Besides its plans for Farm Board wheat, the Government has been considering deals for sales abroad. One of these was with Chile. It involved
a trade of Chilean nitrate for Farm Board wheat, the nitrate to be used
by the War Department for explosives and the deal to be financed by the
Reconstruction Finance Corporation. It now is feared, however, that this
deal may have fallen through. Another possibility is a deal with China.
The Reconstruction Finance Corporation has authority to use unlimited
funds to finance sales of surplus farm produc a abroad. This authority
might be used to reduce domestic supplies and assist in the upward movement of American farm prices.
In disposing of its cash wheat the Farm Board has converted about
35.000,000 bushles into futures. Aside from the gift of cash wheat to the
Red Cross and the small quantity remaining on hand, the rest has been
sold or traded.
On Sept. 5, Associated Press advices from Washington
stated:
The Farm Board's definite plan as to its wheat and cotton stocks was made
Public after a week of negotiations between the Board and the Reconstruetion Corporation following announcement that the Corporation had allotted
$50,000.000 as a loan to enable the cotton to be withheld.
Chairman Stone to-day returned from a boat trip on Chesapeake Bay
with Jesse Jones and Harvey Couch, Directors of the Corporation, and
made the announcement soon thereafter in the names of the Farm Board
affiliates affected. In making the announcement Chairman Stone declined
to discuss the differences of opinion which had stood between the Farm
Board and the Reconstruction Corporation.
The Grain Stabilization Corporation's statement that it now held less
than 3.000.000 bushels of wheat was compared with its holdings of 250.000.000 bushels in July 1931. Congress took 85.000,000 bushels of stabilization wheat for the needy.
Holding of all the stabilization stores from the market leaves the Farm
Board free to function almost exclusively in the field of sponsoring cooperative marketing.
The large stabilization wheat holdings have been liquidated gradually
In a manner of which Chairman Stone said he was "exceedingly proud,"
with American prices ranging above Liverpool prices.
The Chairman said the selling of 300.000 bales of cotton had been accomplished on a rising market.
At the beginning of this fiscal year the Cotton Stabilization Corporation
held 1,300.000 bales, but 500.000 were appropriated by Congress for relief
of distress.
Commenting on the above the "Times" of Sept. 6 said:
Satisfactory Solution Seen.
The information from Washington that the Federal Farm Board will
remove its wheat holdings from the market confirms reports which reached
Informed circles a few weeks ago.
It was revealed last week that a loan of $50.000.000 had been arranged,
to be made by the Reconstruction Finance Corporation to the cotton cooperatives against some 2.000.000 bales of cotton.
The plan is to make it possible for the co-operatives to finance their cotton
during the crop year and to market it in an orderly manner instead of in
volume under a daily schedule of sales. So far as the Farm Board's and the
co-operatives' cotton Is concerned, this plan offers what Is considered a
Volume 135
Financial Chronicle
satisfactory solution of what was at one time a serious and disturbing
problem.
The effect of the arrangement as to wheat will be to remove it as a potential reactionary influence hanging over the market. The wheat that
the Farm Board holds was acquired at prices which averaged far above
'current quotations. The board, it is assumed, will not even attempt to
break even on its operation in the grain. The project, as it is understood
here. Is only part of a general undertaking to give all agricultural staples a
steadier and stronger market.
The $50,000,000 loan of the Reconstruction Finance
Corporation was referred to in our issue of Sept. 3, page 1596.
Staple Cotton Co-operative Association Liquidating
Surplus of 1929 Cotton Crop—Federal Farm Board
Says 60,000 Bales Not Covered by Reconstruction
Finance Plan Are Being Unloaded, 1930 Stocks
To Be Held—Statement by Carl Williams of Farm
Board.
The Federal Farm Board definitely announced on Sept. 7
that the Staple Cotton Co-operative Association is gradually
liquidating 60,000 bales of the 1929 cotton crop, according
to Washington advices, Sept. 7, to the New York "Journal
of Commerce" which reports that the statement said that
these stocks were not covered by refinancing arrangements
under which cotton was to be held off the market.
The advices, Sept. 7, to the "Journal of Commerce"
continued:
This declaration was in answer to another telegram sent by "The Journal
of Commerce" to Carl Williams, cotton member of the Board, in which
he was asked to state definitely whether the Staple Cotton Co-operative
Association intended to withdraw 300,000 bales of cotton, which it is
reputed to hold, from the market. It is understood the co-operative's
stocks embrace the 1929-1930-1931 crops.
To Continue Aid.
The statement also said the Federal Farm Board proposes to continue
its assistance to the Staple Cotton Co-operative Association that the
latter may withhold its 1930 stocks from the market until the end of the
current crop year.
The Board's statement follows:
"The question has been asked whether cotton financed by the Federal
Farm Board for the Staple Cotton Co-operative Association, Greenwood,
Miss., Is included in the holding program announced Monday (Sept. 5)
by the Cotton Stabilization Corp. and the American Cotton Co-operative
Association.
"Staple Cotton Co-operatire Association Is the only Farm Board financed
cotton co-operative not a member of the American Cotton Co-operative
Association. It is not a party to the refinancing arrangements with the
Reconstruction Finance Corporation, and its operations therefore, were
not covered by the former announcement.
"The Federal Farm Board will continue, under existing agreements,
its financial assistance to the Staple Cotton Co-operative Association,
so that this Association may hold its 1930 stocks until July 31 1933. Staple
stocks from 1929 not covered by holding agreements and now amounting
to about 60,000 bales are being gradually liquidated by that Association."
It was explained that the reason why the Staple Cotton Association was
not included in the Monday (Sept. 5) announcement was because it had
not advised the Farm Board that it was going to follow that course. Further, it was explained that the funds advanced the Stabilization Corporation
and the American Cotton Co-operative Association by the Reconstruction
Finance Corporation was the result of applications filed with the Corporation by the two organizations and in which the Farm Board did not participate, except in an advisory capacity.
Reports on 1931 Holdings.
It is understood here that the 1931 cotton has all been marketed, although
reports in the trade in New York do not confirm this.
Efforts have been made to secure from the Board a definite statement
as to whether the 1930 holdings of the co-operative would be withheld
from the market until July 31 1933. The response Is that assistance
would be given the co-operative for that purpose, which does not at all
mean that the co-operative cannot sell this cotton when and as it wants to
and reimburse the Board for previous advances made.
Interest in tho actual intent of the Staple Cotton Co-operative Association was increased to-night on the eve of the promulgation of a new cotton
crop forecast by the crop reporting board of the Department of Agriculture,
due at noon to-morrow. Expectation is the forecast will show 11.200,000
bales.
The same paper in printing the above stated:
Second Telegram Sent.
The following telegram was sent yesterday to Mr. Williams. cotton member of the Federal Farm Board, by the "Journal of Commerce":
"Mr. Carl Williams. Federal Farm Board, Washington:
"Referring to our yesterday's telegram and page one article in to-day's
(Wednesday's) paper, also to the market report of co-operative brokers selling on page 12. despite the inference in your telegram yesterday that no
Staple Cotton Co-operative Association cotton will be sold before next
August, there is still uncertainty in the trade. We construe your statement
as meaning that none of the 300.000 bales of Staple Co-operative cotton
you are financing will be sold before next August. Will you please confirm
this by wire?"
The original question asked Mr. Williams was called forth by criticisms
in the cotton trade concerning the announcement of the Farm Board of
arrangements made to hold the Farm Board Stabilization cotton off the
market and also the Government financed holdings of the American Cotton
Co-operative Association. The Stabilization Corporation holdings had
amounted to 1.300.000 bales, but 500,000 had been given to the lied Cross,
and the Board had committed itself to sell 650,000 in the year dating from
Aug. 1. It announced Tuesday that 300.000 of this had been sold. leaving
350.000 to be withdrawn from sale except for certain small exceptions and
also 150.000 which it was originally intended to hold another year. This,
it is now stated, will be held unless the market reaches 12 cents.
Reports Prompt Request.
As the announcement Tuesday, while mentioning the Stabilization
American Cotton Co-operative Association cotton as supplies
Cotton and
that would be 'held off the market another year, neglected to mention
1749
any plan for the 300.000 bales of 1929,1930,1931 cotton which the Staple
Cotton Co-operative Association has under Farm Board financing. the
"Journal of Commerce" inquired from Mr. Williams concerning this. The
request had been prompted by reports that brokers in New York, who at
times act for the Farm Board or co-operatives, were selling futures heavily
here and were perhaps deemed by the trade to be partly responsible for the
decline of $1.50 per bale in prices in the late trading Tuesday. Since
Stabilization and American Cotton Co-operative Association cotton were to
be held, it was thought this selling might possibly be against Staple Co-operative holdings. It is understood in the market that some of the 1929
crop held by the latter already may have been sold.
In answer to a request for confirmation that this 300,000 bales was
included in the Tuesday announcement, and that doubts concerning its
possible sale be removed, Mr. Williams on Tuesday night wired the "Journal
of Commerce" as follows: "Farm Board continues assistance to Staple to
aid them hold 1930 crop until July 31 next year."
The telegram sent yesterday to Mr. Williams asked for definite confirmation that the 300,000 bales of cotton would be withdrawn if such was the
Inference to be drawn from Mr.Williams'reply to message of the day before.
Farmers Strike In Iowa—Picketing Ends At Omaha
Pending Mid-Western Governors' Conference.
On Sept. 3 despite the truce recently declared by leaders
of the farmers' strike for higher prices for their products,
farm pickets in Iowa renewed their attempt to blockade
Sioux City. Associated Press advices from Sioux City on
that date said:
Governor E. B. Olson of Minnesota gave aid to the movement in general
by urging farmers of his State to withhold non-perishable produce from the
market until after Mid-West Governors meet in Sioux City Sept. 9.
The conference is designed to settle the controversy between producers
and buyers over prices paid for agricultural products.
Pickets in this vicinity renewed their blockade attempt following the
arrival yesterday of five truck loads of livestock, and announced they
would keep it up until the Governors' conference is held, continuing it
indefinitely if no farm relief program is formulated.
Meanwhile it was learned that farm-strike organizations have been
perfected in 40 of Minnesota's 87 counties, but it was indicated by John
Bosch of Atwater. Minn., President of the Minnesota Farmers' Holiday
Association, that a strike call would be withheld pending the outcome of
the Governors' meeting.
Governor Olson's suggestion for farmers to withhold their non-perishable
products was made last night at Duluth, where he stopped en route to
Minneapolis from Two Harbors. Minn. It came in the form of a statement issued following receipt of a message from Carlos W. Goltz, attorney
for the Woodbury, Iowa, County Farmers' Holiday Association. Golts
asked for a Gubernatorial proclamation against the marketing of produce.
Both merchants and stock yards men in Sioux City were complaining
that the strike was having a detrimental effect on their business. The
merchants said their sales had been decreased because of the reluctance of
out-of-town buyers to go through the lines of strike pickets along the
highways. Many men have been laid off in the packing plants, the stockyards men reported, adding that the strike was costing them thousands
of dollars every day.
Although Milo Reno. President of the Farmers' Holiday Association,
recently declared a truce pending the Governors' conference, plans were
under way to extend the holiday movement. John Chalmers, Iowa
Chairman of the Farmers' National Holiday Association, said all Iowa
County leaders would gather at Des Moines Sept. 6 to formulate plans for
spreading the strike and to outline proposals for submission to the Governors' conference.
As to the Des Moines meeting, Sept. 6, we quote the following from the Des Moines "Register" of Sept. 7:
County officers of the Iowa Farmers' Holiday Association, meeting
Tuesday(Sept. 6) in Des Moines, resolved to seek action through Governer
Turner or, that failing, to stand ready for a further "strike order".
The all-day meeting ended with a resolution requesting the Governor to
attend the conference of Governors of Midwest States at Sioux City Sept. 9,
and there "use every power and influence at his command to place an embargo upon all foodstuffs transported from the Middle Western States at
less than production costs".
Seek Parade Permit.
The farmers also adopted a motion that it was the opinion of the meeting
that they should hold themselves ready for a further "strike order", according to a spokesman.
A meeting of the national board of directors of the organization is to be
held at Sioux City Sept. 10 to map a program in the light of what the
Governors do the day before.
A vacancy caused by election of John Chalmers to the Iowa chairmanship
was filled when the group chose Carl Setterburg of Sperry, Iowa, as viceChairman.
Milo Reno. national President, spoke at the meeting, which was closed
to the public.
Although Reno was quoted as saying the truce was called because "officers
of the Holiday Association would not see unarmed farmers shot and gassed
along the road". the spokesman said that the recent picketing was unauthorized by the Association, which consequently had no power to call off the
pickets.
Up to Turner.
The resolution for an embargo as adopted Tuesday (Sept. 6) threw the
matter of its advocacy at the Governors' conference solely up to Governor
Turner. It did not mention picketing.
It stated that "such an embargo, initiated immediately and effectively.
would relieve the wholly unjustified economic conditions now forcing
farmers, business men, and laborers into bankruptcy: it would establish
the farmers on a cost of production basis,re-employ labor,and automatically
re-establish the buying power of the public.
Leaves To-day.
"Middle Western States" was said to refer to Iowa, Illinois, Minnesota,
Kansas, Wisconsin, Nebraska and others. "Any that will join", the
spokesman said.
Preliminary arrangements for the Governors' conference are to be made
Thursday. Governor Green is to leave Pierre, S. Dak.. to-day for Sioux
City. and Governor Shafer of North Dakota may accompany him, according to press dispatches.
Oklahoma. Minnesota, Nebraska. Iowa and Ohio representatives have
informed Governor Green they will attend or be represented.
Governor Ross of Idaho is the only one to have declined.
1750
Financial Chronicle
On Sept. 8 Associated Press accounts from Sioux City
said:
Assurances of farmer holiday leaders that violence was ended in their
battle for higher prices came to-day as Mid-Western Governors or their
representatives gathered here for a conference to work out a program
of agricultural relief.
Simultaneously. E. M. Samson of Valley. Neb., representing strikers
Who had been picketing roads leading into Omaha.announced that picketing
Was ended so far as the holiday organization is concerned. A seven-day
truce In activities there was to end officially to-night. Nebraska sympathizers were called to meet next Thursday at Fremont.
We likewise quote the following (Associated Press) also
from Sioux City Sept. 8:
Governor F. B. Olson of Minnesota conferred to-day with 11 farm
leaders of his State regarding Minnesota's part in the conference preparatory
to leaving for Sioux City.
Governor Phillip F. La Follette of Wisconsin announced that Alvin 0.
Reis. attorney and former counsel for the State Department of Agriculture
and Markets, would probably represent him at the meeting.
Governor Shafer of North Dakota was en route, as were representatives
of Governor White of Ohio. Murray of Oklahoma and Bryan of Nebraska.
Farmers of the Sioux City area, in addition to their parade, will present
a program to the Governors which calls for:
A moratorium of three years on Federal seed and feed loans.
A moratorium of two years on all real estate loans and an extension of
the same length of time of the redemption period on mortgages already
foreclosed.
A demand on the part of the Governors that Congress take immediate
action to increase the amount of money in circulation to the extent that
the price level will be raised at least to that of 1926 by some method embodying the principle of the Patman bill and by issuance of Government bonds.
An item regarding the farmers' strike appeared in our
issue of Sept. 3, page 1583.
"Peaceful Withholdings" of Products Agreed To By
Farmers in Ohio.
From Bowling Green, Ohio, Sept. 2 Associated Press
accounts stated:
Agreeing to a "peaceful withholding" of their products from the markets
until prices are higher, but frowning on road picketing, about 2.000 farmers
of Northern Ohio met here to-day and formed the nucleus of a State-wide
farmers' holiday association.
A board of organization was elected, with A. E. Lein of Bowling Green
as chairman. He said the board would meet soon to outline more definite
policies.
Wisconsin Farmers Vote to Establish Farm Holiday
Association—To Strike Only If Necessary.
The following from Madison, Wis., Sept. 5 is from the
New York "Journal of Commerce":
Nearly 7.000 Wisconsin farmers who have just voted to establish the
Wisconsin Farm Holiday Association, electing Arnold Gilberts of Dunn
County. President, are firm against any kind of a farmers' strike, such
as Iowa's.
Gilberts said there will be a strike only if absolutely necessary. He is
now setting up county and State organizations. E. E. Kennedy, Secretary of the National Farmers Union, urged measures to be taken against
the $500.000 annual excess of food products shipped into this country, compared to exports from this country to others. Milo Reno. Iowa farm strike
leader, did not appear at the Wisconsin meeting.
On Sept. 8 Associated Press advices from Sioux City said:
The Wisconsin Farm Bureau Federation announced outright opposition
to the Wisconsin Holiday Association by advising all farmers to refrain from
taking any part in the movement. The announcement declared that the
movement "cannot bring about a general increase in prices for farm products when so many consumers cannot buy at present price levels."
Toledo (Ohio) Milk Strike Averted.
According to Associated Press advices, Sept. 7, from
Toledo, Ohio, a promised truce in price cutting by major
Toledo retail milk distributers served on that day to avert
a threatened strike among several thousand Northwestern
Ohio and Southern Michigan farmers who were concerned
over dwindling milk receipts. The despatches said:
Meeting with representatives of 12 large dairies In the Toledo district,
the executive committee of the Northwestern Ohio Co-operative Sales
Company decided to withhold for the time being any concerted attempt
to shut off the farm milk supply.
"However, our policy is not wholly determined as yet," said E. D.
Ward, manager of the co-operative. "We found the principal milk buyers
in the territory chagrined, surprised and much put out at the turn which
the milk price situtaion took here this week. They told us they believed
the price cut was engineered without their knowledge in a deliberate attempt to gain a business advantage."
Increase of $90,099,377 in Outstanding Brokers' Loans
on New York Stock Exchange During August—
First Rise Since March 31—Total Aug. 31,
$331,699,320.
After falling to the new low figure of $241,599,943 on
July 30, outstanding brokers' loans on the New York Stock
Exchange expanded during August and rose to $331,699,320
on Aug. 31, an increase of $90,099,377 as compared with the
total at the end of July. In the Aug. 31 statement, demand
loans are shown as $263,516,020,compared with $189,754,643
on July 30; while time loans on Aug. 31 are reported as
$68,183,300 against $51,845,300 on July 30. The Aug. 31
figures were made public as follows on Sept. 3 by the Stock
Exchange:
Sept. 10
1932
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business Aug. 31
1932, aggregated $331.699.320. The detailed tabulation follows:
Demand Loans. 6,1 Time Loam.,
(I) Net borrowings on collateral from New York
Banks or Trust Companies
$184,270,981
$63,545.800
(2) Net borrowings on collateral from Private
Bankers, Brokers, Foreign Bank Agencies or
79.245,039
others in the City of New York
4,637.500
8263,516,020
$68,183,300
Combined Totals of Time and Demand Loans
$331,699,320
The scope of the above compilation is exactly the same as In the loan
report issued by the Exchange a month ago.
The compilation of the Stock Exchange since the issuance
of the monthly figures by it, beginning January 1926,
follows:
1926—
Jan. 30
Feb. 27
Mar.31
Apr. 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1928—
Jan. 31
Feb. 29
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dee, 31
1929—
Jan. 31
Feb. 28
Mar.30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1930—
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 29
June 30
July 31
Aug. 30
Sept.30
Oct. 31
Nov.30
Dec. 31
1931—
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 29
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1932—
Jan. 30
Feb. 29
Mar.31
Apr. 30
May 31
June 30
July 30
Aug. 31
Demand Loans.
$2.516.960,599
2,494.846.264
2.033.483.760
1,969,869,852
1,987.316,403
2,225,453.833
2.282.976,720
2,363,861.382
2,419,206.724
2,239.430.450
2,329,536,550
2,541,682,885
Time Loans.
$986.213.555
1,040,744,057
966.612.407
865.848.657
780,084,111
700,844,512
714.782,807
778.286.686
799,730.286
821.746.475
799,625.125
751,178,370
Total Loans,
$3.513.174.154
3,536.590.321
3,000.096,167
2,835.718.509
2.767.400,514
2.926.298.345
2,996,759.527
3,142,148.068
3,218,937,010
3,111,176,925
3,129,161,675
3,292,860,253
2,328.340,338
2,475.498,129
2.504,687.674
2.541.305,897
2,673,993,079
2,756.968.593
2,764.511,040
2,745.570,788
3,107.674,325
3.023.238,874
3.134,027,002
3,480,779,821
810,446,000
780.961.250
785.093,500
799,903.950
783,875.950
811.998.250
877,184,250
928,320445
896,953,245
922,898,500
957.809.300
952,127,500
3.138,786.338
3,256.459.379
3,289,781,174
3.341.209.847
3,457,860.029
3.568,966,843
3.641,695,290
3,673,891,333
3.914,627.570
3.946.137.374
4,091,836,303
4,432.907,321
3.392,873.281
3.294,378,654
3,580,425,172
3,738,937,509
4,070.359.031
3.741.632.505
3.767.694.495
4,093,889,293
4.689,551,974
5315.727.534
5.614.388.360
5.722,258,724
1,027,479,260
1.028.200,260
1.059.749.000
1,168.845.000
1,203,687.250
1.156.718.982
1,069.653.084
957.548.112
824.087.711
763.993.528
777.255.904
717,481,787
4,420.352.514
4,322,578,914
4.640,174,172
4.907.782,599
5.274.046,281
4,898.351.487
4,837.347.579
5.051.437,405
5,513.639.685
5,879.721.062
6.391.644,264
6,439,740.511
5,982,672,411
5.948.149,410
6.209,998.520
6.203.712,115
6.090.920.475
6,444,459.079
6,870,142.664
7.161,977,972
7.831.991.369
5.238,028.979
3,297,293.032
3,376,420,785
752,491,831
730,396,507
594,458,888
571.218.280
565.217.450
626,762,195
603.651.630
719,641.454
717,392.710
870.795.889
719.305,737
613.089,488
6,735,164,241
6.678,545.917
6.804,457.108
6,774,930.395
6.665.137,925
7.071,221.275
7.173.794.294
7.8E11,619,426
8,549.383,979
6.108,824.868
4.016.598.769
3,989.510.273
8,528.246.115
3,710.563.352
4,052.161,339
4,362.919,341
3,966.873,034
2.950,284.038
3,021.363.910
2.912.612.866
2.830.259.339
1.980.639.692
1,691,494.226
1,519,400.054
458.521.950
457.025,000
604.141.000
700.212.018
780,958.878
747,427,251
668,118.387
886.020.403
651.193,422
569.434.395
470.754,776
874.212,835
3.984,768.065
4.167,588,352
4.656.302.339
5.063,131.359
4.747.831.912
8,727.711.289
3.689.482,297
3.598.1133.069
3,481,452,761
2,553.124.087
2.162.249,002
1.893,612,890
1,365.582.515
1.505.251,689
1.629.863.494
1.389.163,124
1,173.508.350
1,102,285,080
1.041.142.201
1,069,280,033
802.153.879
615.515,068
599,919.108
502,329,542
354.762.803
334.504,369
278.947.000
261.965.000
261.175.300
289.039,862
302.950.553
284.787.325
242.254.000
180.753.700
130.232,800
84,830.271
1,720,345.318
1,839.756.058
1,908.810.494
1,651.128.124
1,434,683.650
1,391,324.922
1,344,092.754
1,354,067,350
1,044.407.879
796,288,768
730,151,908
587,159,813
452,706.542
482,043.758
496,577,059
341.003,662
246,937.972
189.343.845
189.754.643
263,516.020
59,311,400
42.620,000
36,526,000
38,013.000
53,459.250
84,230,450
51,845,300
68,183,300
512.017,942
524.663,758
533,103,059
379,015.662
300,397,222
243,574,205
241,599.943
331,699,320
Senator Glass Disputes State Department on Foreign
Loan Position—Says Department Is Responsible
for Flotation of Millions of Dollars of "Worthless
Foreign Securities."
Senator Glass, in a statement issued at his home in
Lynchburg, Va., on Aug. 22, accused the State Department
of "disgraceful subterfuge" in its reply to the foreign loan
charge made by Governor Roosevelt of New York in his
speech at Columbus, Aug. 20. Associated Press accounts
from Lynchburg, reporting this, indicate as follows what
the Senator had to say:
"The State Department's characterization of the charge as a 'discredited
story,' together with its explanation of the circumstances, amounts to
a disgraceful subterfuge, if not to downright mendacity," the Senator's
statement said.
"The same explanation was given to the United States Senate and was
flatly rejected. The recorded facts showed it to be utterly false, and
the Senate. without a single dissenting vote, warned the State Department
against a continuation of this dangerous usurpation of authority.
"That Department Is responsible for the successful flotation of millions
of dollars of worthless foreign securities, now choking the Portfolios of
banks throughout the country, and as soon as my physician releases Me
I shall again present the indubitable facts to the public.
Financial Chronicle
Volume 135
"Meanwhile the resolution of the United States Senate," unanimously
adopted and never officially combated, should suffice to expose the equivocation of the State Department."
Market Value of Listed Shares on New York Stock
Exchange Sept. 1 $27,782,501,806, Compared with
$20,494,759,465 Aug. 1-Classification of Listed
Stocks.
As of Sept. 1 1932, there were 1,245 stock issues aggregating 1,311,960,145 shares listed on the New York Stock Exchange, with a total market value of $27,782,501,806. This
compares with 1,252 stock issues aggregating 1,315,334,428
shares listed on the Exchange Aug. 1 with a total market
value of $20,494,759,465 and with 1,23 stock issues aggregating 1,315,172,584 shares with a total market value of $15,633,479,577 on July 1. In making public the Sept. 1 figures
on Sept. 6 the Exchange said:
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 this date was therefore 1.19%.
As of Aug. 1 1932 New York Stock Exchange member
borrowings on security collateral amounted to $241,599,953.
The ratio of security loans to market values of all listed stocks
<in that date was therefore 1.18%.
In the following table, listed stocks are classified by leading industrial groups, with the aggregate market value and
average price for each:
September 1 1932.
Market
Values,
Autos and accessories
1,291,275,161
856,531,202
Financial
1,934,805,340
Chemical
196,483,640
Building
814,333,412
Electrical equipment manufacturing...
Foods
1,895,644,633
Rubber and tires
224,964,271
Farm machinery
272,680,207
Amusements
134,625,576
Land and realty
47,173,570
Machinery and metals
709,812,959
Mining (excluding iron)
848,797,592
Petroleum
2,737,817,408
Paper and publishing
173.535,848
Retail merchandising
1,424,041,901
Railroads and equipments
3,041,904,577
Steel, Iron and coke
1,201,060.391
Textiles
139,818,028
Gas and electric (operating)
2,485,901,697
Gas and electrio (holding)
1,882,198,293
Communications (cable, tel. dr radio) 2,572,975,823
Miscellaneous utilities
136,686,023
Aviation
133,823,277
Business and office equipments
190,874,703
Shipping services
10,270,495
Ship operating and building
13,232,714
Miscellaneous business
53,288,086
Leather and boots
157,124,255
Tobacco
1,214,289,107
Garments
10,399,154
U. S. companies operating abroad.._ _
486,575,023
Foreign companies (Incl. Cuba dr Can.) 489,657,440
All listed companies
27.782,501,806
August 1 1932.
Aver.
Price.
Market
Values.
Aver,
Price.
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
10.6
$
922,515,064
592,018.178
1,499,662.159
134,125,459
563,125,217
1,558,345.600
126,434,272
191,862,685
83,523,984
31,823,652
512,146,144
499.965.864
2.332,541,653
124.189,936
1,071,163.731
1,975,289,978
792,560,265
86,236,725
1,909,212,935
1,244,825,710
1,992.803,861
114.427,848
79,084,539
136,029,489
6,483.620
8,684.413
46.523,850
130.250.266
1,052,156,293
8,168.677
308,368.997
360.208.401
8.52
10.36
22.53
8.48
13.78
21.83
10.24
17.08
4.42
6.34
10.73
8.37
12.93
7.74
15.01
17.11
20.21
7.81
27.37
12.82
53.14
11.21
4.36
12.99
3.10
2.57
10.38
18.84
40.40
6.28
9.17
7.83
21.18 20.494,759,465 15.58
Market Value of Bonds Listed on the New York Stock
Exchange-Figures for Sept. 1 1932.
The Sept. 1 figures of the total market value and the
average market price of all listed bonds were issued on
Sept. 9 by the New York Stock Exchange, as follows:
As of Sept. 1 1932 there were 1,580 bond issues aggregating $51,863.419,183 par value listed on the New York Stock Exchange, with a total
market value of $40,072,839,336.
In the following table listed bonds are classified by governmental and
industrial groups, with the aggregate market value and average price
for each.
Average
Market Value.
United States Government
$15,331,047,616
$10ric d
1 1.
Foreign government
10,991,421,210
67.41
Railroad industry (United States)
6,880,923,590
63.65
(United States)
Utilities
3,262,714,525
85.52
Industrial (United States)
2,261.669,396
66.16
Foreign companies
1,345,062,999
55.61
All bonds
$40,072,839,336
$77.27
Release of $5,000,000,000 of "Frozen" Deposits to
Solvent Banks Urged Upon President Hoover by
Representative Bowman.
Aid in effecting the release of "frozen" deposits in solvent
National banks as a further means of reviving trade was
sought of President Hoover on Sept. 7 by Representative
Bowman (Rep. W. Va.), according to the Washington
correspondent of the New York "Journal of Commerce."
From the account in that paper we quote:
While the Home Loan Bank Board is seeking to make effective the moratorium upon real estate mortgage foreclosures, Representative Bowman was
endeavoring to end the moratorium upon deposit withdrawals that has been
exacted from depositors as a means of preventing runs on financial institutions
In West Virginia and other States.
Solvent and insolvent banks, it was pointed out, have a backstop with
respect to withholding action in foreclosure proceedings in the formation of
the proposed new mortgage discount institutions. Solvent banks, however,
have no where to go if, in releasing depositors from their agreements not to
Vnthdravt, considerable demand for payment of money should develop.
1751
Terms of Agreement.
It was related to the President by Representative Bowman that the banks
"wrung"from their depositors, on a promise that ultimately the institutions
would pay out, agreements not to call on them for deposits for periods of
three and, in some cases, five years.
This has stagnated trade and commerce in the State, and elsewhere under
similar practices, and has had the effect of denying to industries needing
further help the right to apply to the Reconstruction Finance Corporation
for relief loans, it was contended.
According to the West Virginia Congressman perhaps all that would be
required to remedy the situation would be an announcement by the Reconstruction Finance Corporation that it would stand back of the banks, the
latter giving a blanket release to their' depositors from the moratorium
agreements.
He estimated that a total of $5.000,000.000 of deposits have been tied up
throughout the United States for varying periods. He declared he had no
general plan to present to the President, but added that the latter promised
to put the matter before officials of the Reconstruction Finance Corporation and the interested committees of bankers who participated in the
recent economic conference here to see if some solution could not be worked
out.
Hartford Clearing House. Adopts Plan Calling for
"Activity Charge" for Banking Service.
The Hartford Clearing House Association has 'adopted a
charge for banking service known and described in the
banking world as an "activity charge" to be effective Oct.
According to the Hartford "Courant" of Sept. 4, it is regarded as a fairer plan for meeting an expense of banking
that amounts to a sizeable sum. The plan applies to accounts
of average collected monthly balances of less than $1,000.
The "Ccurant" also had the following to say:
• Analysis of expense in handling checks has definitely established that
the cost to banks in Hartford is more than Sc. each, and careful study
has resulted in determining the amount of service that bank customers
are entitled to according to the amount of their balance. As a result of
the investigations and studies a table of the number of checks that may
be drawn without charge, pro-rated according to balances, has been prepared and soon will be in effect at the member banks of the Hartford
Clearing House Association as well as in banks which clear through the
Hartford Association.
Plan Used Elsewhere.
The activity charge has been in use in Willimantic and Stamford for
some time. It is quite general in New York State and is very common in
Western States. This charge is regarded as more equitable than the
service charge, since it relieves the expense of handling borne by large
balances really chargeable to the more troublesome smaller accounts. It
is considered more reasonable than heavy service charges, which in some
communities is as much as $5 monthly for all accounts with balances of lees
than $1,000.
The purpose of the "activity charge" is to eliminate the loss in earnings
incidental to handling accounts whose balances are small and consequently
Impose an unwarranted expense on banks. The activity charge will not
be a source of profit. An effect of the new charge is expected to appear
in the size of balances carried in checking accounts.
Method of Operation.
Under the plan of activity charges customers will be entitled to draw
one check without charge for each $10 of average balance in excess of $100
that is, on a monthly average balance of $900 the customer is entitled to
every check in excess of 80
'draw 80 checks monthly without expense. For
the charge becomes 5c. for every check.
The monthly service charge of 50c. for accounts with balances of less
than $100 will be continued. Customers of the bank will be entitled under
this charge to draw one check without charge for each $10 balance.
A monthly balance of $80 calling for the service charge of 50c. entitles
the customer to draw six checks. If ten checks are drawn the charge
becomes 70c.
-50c. service charge and Sc. each for the four checks in
excess of what the balance entitles the customer to draw.
Convenience of Checking Account.
The convenience of checking accounts is one of the most valuable and
useful that banking systems afford. The amount of detail work incidental
thereto is considerable and is highly important for accuracy. Every check
deposited or drawn entails painstaking operations. . . .
Chart of Charges.
A chart has been prepared showing the average balances of various
amounts, the number of checks paid without the activity charge, the
number of checks actually paid, service charge, and total charge for the
month. It follows:
Areraoe Caleded
Monthly Balance$20.00
32.00
45.00
58.00
63.00
75.00
88.00
92.00
100.00
120.00
180.00
200.00
250.00
370.00
490.00
560.00
690.00
775.00
860.00
000 no
Number
of Checks
Without
Activity
Charge.
2
3
4
5
6
7
8
9
•
Number
of Checks
Paid.
6
6
s
5
2
8
10
15
27
39
46
59
67
76
10
7
10
lb
5
16
10
11
35
26
39
54
52
40
75
40
Service
Charge.
Total
Average
Charge
Charge. for Month.
..50
.15
.65
.50
.15
.65
.50
.20
.70
.50.50
.2
0
.50
.70
.50
.50
.50-.10
.60
.50
.30
.80
-.25
.25
-.70
.70
.10 •
__
.10
__
.05
.05
__
1.00
1.00
-__
---.
.0
4
-.40
-__
--__
-__
-__
R4
New York Bank Stocks Gain 41% for August.
New York City bank stocks established new high records
in August, Hoit, Rose & Troster report. From the month's
low of 44.13 Aug.2, the firm's weighted average of 17 leading
issues established a new 1932 high of 65.06 on Aug. 26,
1752
Financial Chronicle
closing Aug. 31 at 62.30 for a net gain on the month of 18.17
points, or 41%. The firm further reports:
All Issues participated in the advance, the largest gain in points being
reported by First National Bank stock which gained 650 points for the
month. Other large gains were shown by Guaranty Trust, 95% Points:
Commercial National, 68; Central Hanover, 39; Brooklyn Trust, 31; and
New York Trust, 21A. On a percentage basis the largest appreciation was
shown by Commercial National, 64.1%; Public National 60,5%; First
National, 59.6%; Manhattan, 55.8%; Irving Trust, 49.6%; Chase, 49.5%;
Manufacturers Trust, 49.4%; city. 47.5%; Guaranty Trust, 42.6%; and
Empire Trust, 41.3%.
Based on closing bid prices, the.range for the month was as follows:
BANK STOCK RANGE (August 1932).
Montlea Low
Aug. 2.
Bankers Trust
Brooklyn Trust
Central Hanover
Chase
Continental
Chemical
City
Commercial
Corn Exchange
Emp!re Trust
First National
Guaranty Trust
Irving Trust
Manhattan
Manufacturers Trust
New York Trust
Public
Walffh tpti
averaze
504
148
109
26K
1434
3134
3434
106
53
20
1,090
224
1734
2134
21%
7434
2034
44.13
New 1932
High
Aug. 26.
6934
200
158
4234
2034
40
,
5334
175
7434
29
1,690
33234
26
353;
3234
99
333(
65.05
Close
Aug. 31.
Net Gain
for Month.
68
177
148
40
1934
3934
513;
174
7034
283;
1.740
31934
2534
3334
31%
96
3234
62.30
Range for 1932.
New 1932 high, Aug. 26
Former 1932 high, March 9
Low 1932, May 31
1734
31
39
133;
434
734
1634
68
1734
831
650
9534
834
12
1034
2134
12g
18.17
65.05
63.39
31.34
Stocks Gain 53% for August According to
Stocks
Hoit, Rose & Troster.
August witnessed further substantial gains in insurance
stocks, Hoit, Rose & Troster report. Twenty representative issues in the firm's weighted average rallied from a low
of 18.46 on Aug. 2 to a • high for the month of 29.68 on
Aug. 27. The close Aug. 31 was at 28.30, thus showing a net
gain for the month of 9.84 points or 53%. The high for 1932,
established March 8, is 35.32. Hoit, Rose & Troster also
state:
Insurance
The largest appreciation in points was shown by Travelers, which gained
122 points for the month. Globe & Rutgers gained 71 points, Aetna
Casualty & Surety 13. National Fire 12, Aetna Fire 1131, and Hartford
Fire 11. On a percentage basis, the following issues showed better than
average appreciation: Globe & Rutgers, 110.9%; Westchester Fire, 89.3%;
Harmonia, 82.6%; U. S. Fire. 79.5%; National Liberty, 78.9%; Great
American, 71%; Home Insurance, 64.2%; Aetna Fire, 57%; Providence
Washington, 56.3%; and Firemen's of Newark. 54.2%.
The range for the month calculated on closing bid prices was as follows:
INSURANCE STOCK RANGE (August 1932).
Month's
Low
Aug. 2.
Aetna Casualty dc Surety
Aetna Fire
Aetna Life
Continental Casualty
Firemen's (Newark)
Globe .fe Rutgers
Great American Insurance.-Halifax Fire
Hanover Fire
Harmonia Fire
Hartford Fire
Home Insurance
National Casualty
National Fire
National Liberty
Prov. Washington
Phoenix
Travelers
U. S. Fire
Westchester
Weighted average
Month's
High
Aug. 27.
Close
Aug. 31.
Net
Gain for
Month.
27
1934
12%
6
6
64
834
8
1734
534
28
10%
4
26
234
12
3634
278
931
7
42
33
20
9
10
120
1534
12
24
11
41%
1834
534
41
434
21
46
432
18
1334
40
31
1834
9
93;
135
143;
12
23g
10%
39
16%
534
38
43;
183i
43
400
1734
13%
13
113;
63;
3
331
71
634
4
6
4%
11
634
134
12
134
654
634
122
7%
6K
18.46
29.68
28.30
9.84
1932 High, March 8 1932
1932 Low, July 11 1932
35.32
12.62
New York Federal Reserve Bank on Money Market
in August-Banking Situation in District and
Country Regarded As Further Strengthened
Release of Earmarked Gold.
"A continued strengthening of the general banking
situation both in this District and the country as a whole
has occurred during the past month," says the Federal
Reserve Bank of New York in its "Monthly Review"
dated Sept. 1, in which it also has the following to say
regarding the money market in August:
Reserves of all member banks have increased
$70,000,000 further, and
the indebtedness of member banks at the Reserve
banks has been reduced
by nearly $100,000,000 to the lowest level since last
September. The rise
In bond prices has added substantially to the market
value of bank investments, and the number of bank suspensions, after declining moderately
from June to July, showed a considerable further
reduction in August.
There were no suspensions in the Second Federal
Reserve District during
August, and one bank reopened.
Among the factors contributing to this improvement in
the banking
s
ituation were a further gain of gold
and some return flow to the banks
of currency previously hoarded. A number of National banks also obtained funds by availing themselves of the recently extended privilege of
Sept. 10 1932
issuing National bank notes. The increase in the monetary gold stock
of the 'United States during August was $112,000,000, bringing the total
increase from the low point in June up to about $177,000,000. The principal element in this gain of gold during August was the release of gold
previously earmarked for foreign account. The proceeds were largely
Paid out in the New York money market and went directly into the reserves
of the New York banks. The amount of money in circulation increased
seasonally over the July month-end, but subsequently showed a reduction
of $44,000,000 for the country as a whole, whereas there is normally a
gradual increase during this period. New issues of National bank notes
during August amounted to about $50,000,000.
These movements of funds reverse the tendencies which prevailed during
the last quarter of 1931 and the first half of 1932. During that period
the commercial banks sustained unprecedented losses of funds through the
withdrawal of foreign balances from this country in gold and through
withdrawals of currency by domestic depositors. This general Period
may be divided into two periods with somewhat different characteristics.
In the first of these, from the middle of September 1931 to the end of
February 1932, the losses sustained by the member banks. due chiefly to
these two causes amounted to approximately $1.000,000,000. A large
part of these losses were sustained in the first instance by the New York
banks, but there was a coincident tendency for large depositors to concentrate their funds in the city banks, which had the effect of distributing the
losses of funds widely throughout the country. The result was that any
excess funds previously held by the commercial banks were quickly used
up, and their reserves were rapidly depleted. Member banks were forced
to increase rapidly their indebtedness at the Reserve banks, and banks
generally, in the effort to attain a more liquid position, reduced their
loans and investments at the most rapid rate in many years.
In the period from the end of February to the end of June the banks
sustained a further loss of nearly $500.000,000, chiefly through the continued repatriation of foreign funds, which was reflected in a heavy gold
outflow. Currency flowed back to the banks in substantial volume for
a time, but there were heavy withdrawals near the end of June, which
resulted in a small net increase in money nominally in circulation for the
period as a whole. During this period, the Reserve banks, given much
greater freedom of action by the Glass-Steagall amendment to the Federal
Reserve Act which authorized them to use Government securities as collateral for Federal Reserve notes, purchased more than $1,000,000.000 of
Government securities. The result was to enable member banks not only
to meet the heavy demands on them, but also to retire a considerable
amount of their indebtedness at the Reserve banks and to increase their
reserves by about $150,000,000. This had the effect of materially lessening
the pressure on member banks for further liquidation of their loans and
investments.
The total loans and investments of member banks showed some further
decline during this period, but at a much less rapid rate than In the Preceding five months. The recently published report for all member banks
for June 30 1932 shows a reduction of more than $2,500,000,000 in loans
and investments during the first half of this year. Weekly reports from
member banks in the larger cities indicate that two-thirds of the reduction
occurred during the first quarter and only one-third in the second quarter,
notwithstanding the large loss of gold during the latter period. In fact.
the loans and investments of the New York City reporting banks showed
no net reduction between the end of February and the end of June. The
deposits of New York City member banks showed a net increase of $160.000.000 between February and June, as compared with a reduction of
more than $1,300,000,000 between last September and February of this
year, and in all other member banks throughout the country the shrinkage
In deposits from February to June was reduced to $800.000,000. as compared with a decline of $3,450.000,000 between September and February.
After the end of June the reversal of the gold movement and the slackening of the demand for currency placed funds in the hands of the banks and
caused their reserves to Increase without the aid or any further substantial
Increase in the Government security account of the Reserve System. In
July the gain of funds to member banks was not large, but the funds obtained from these sources increased in volume in August, and were supplemented by the proceeds of new issues of National bank notes, thus
giving definite affirmation to the change in the direction of the movement
of funds.
(In millions of dollars.)
Change During Period.
Sept. 16 1931 Feb. 24 1932 June 24 1932
to
4
to
to
Feb. 24 1932. June 29 1932. Aug. 24 1932.
U.S. gold stock
Money in circulation_a
Treasury currency outstanding
Foreign balances in Federal Reserve
banks, dre_ta
Net gain or loss of funds
Federal Reserve holdings of U. S.
securities
Federal Reserve discounts for member
banks
Federal Reserve holdings of acceptances_
Other Federal Reserve credit
Net increase or decrease In Federal
Reserve credit
Change in member bank balances
-665
+505
-20
-430
+57
+31
-194
-1
-996
-455
+144
+35
+8
-16
.
+133 "I
+1,060
+50
+572
-85
-30
-365
-69
-15
-43
-29
-3
+456
+611
-540
+156
-25 --'
+108
a An increase in this item involves a loss of funds to banks. b A reduction in
this item Involves a gain to banks.
The sources of supply and demand for reserve funds, the amount and
form of changes in Federal Reserve credit outstanding, and the net changes
In member bank reserve balances during the three periods discussed above
are shown in the foregoing table. The net Increase in money In circulation
shown for the period since Juno 29 is due to the inclusion of a heavy demand
for currency in the first week of July which was largely seasonal.
Federal Reserve Bank of New York on Gold Movement.
Regarding the gold movement in August the Federal
Reserve Bank of New York had the following to say in its
Monthly Review dated Sept. 1:
This country continued to gain gold during August, and for the month as
a whole the monetary hold stock showed an increase of about $112.000.000. This rise, together with that of July and the latter part of June,
has Increased the gold stock some $177.000.000 above the mid-June low
when the heavy withdrawal of gold subsided. The principal factor in the
August gain continued to be releases of gold from amounts held under earmark at this bank for account of foreign central banks.
Volume
135
Financial Chronicle
The net decrease in the amount of gold held under earmark for foreign
account amounted to 3100.500,000 for the month. Except for 318.000,000
released for export to France, the proceeds of these releases were paid out
to the local money market. Included in the month's transactions were
releases of gold to provide funds for the redemption of about 334,000.000 of
-Mediterranean RR. bonds which were called for payment on
-Lyons
Paris
Aug. 15.
August imports of gold through New York amounted to approximately
315.000.000. of which $6,100,000 was received from England. 34.300.000
from Canada,$1,800,000 from Mexico,31,000,000 from Belgium,$1,000,000
from Uruguay, and $565,000 from India. Arrivals at San Francisco were
$4,750,000 from China and 31,800.000 from Australia.
The Wisconsin Banking Situation.
Viewed from all angles, Wisconsin has a better bank
record for the past 18 months, and particularly for the past
six months, since Jan. 1 1932, when the State Banking
Department stabilization program became effectively operative, than any State in that section of the country, according
to a report submitted to Governor Philip F. LaFollette on
Aug. 23 by Frank W. Kuehl, Stabilization Director of the
State Banking Department. The report covers the period
from Jan. 1 1931 to July 1 1932, and continues as follows:
Wisconsin had by far the lowest percentage of its total bank deposits
tied up by bank suspensions of any of nine States in this section of the
country for each of the past three half-year periods. During the first
six months of 1932, however, when the Wisconsin stabilization program
was effective, this State's record became even more outstanding.
For Wisconsin the percentage of total bank deposits tied up by bank
suspensions was 0.35 of 1%. or much less than one-half of 1%, for the
first six months of 1932, the report shows, while the percentages for other
similarly situated States were as follows: Iowa. 5.25%; 15 times as high
as Wisconsin; Indiana. 5.21%; Illinois. 3.93%; Nebraska, 1.27%; South
Dakota, 0.94%; North Dakota, 0.90%; Missouri, 0.86%; Michigan.
0.74%; and Minnesota. 0.62%. The weighted average for the ten States
compared was 2.42%. more than six times the percentage for Wisconsin,
While the weighted average for the continental United States was 1.03%•
The report shows that only nine banks suspended in Wisconsin during
the first six months of 1932. During the same period, 143 banks suspended
In Illinois, or more than 15 banks were closed in Illinois for every one
closed in Wisconsin; 63 suspended in Iowa, 50 in Indiana, 50 in Missouri,
83 in Michigan, 25 in Minnesota, and 23 in Nebraska. During three
months of 1932, In January, March and April, not a single bank suspended
in Wisconsin. Only one bank suspended in this State during the first
four months of 1932.
"While Wisconsin's banking record for the entire 18
-month period
covered by these reports is favorable," states Mr. Kuehl, "it is significant
that during the first six months of 1932 Wisconsin's record became outstanding. The stabilization program of the State Banking Department.
organized late in 1931, became effectively operative by special session
legislation at the beginning of 1932."
The data used in the various tables and graphs submitted with the report
were taken from the annual report of the United States Comptroller of
Currency. December 1931 (pages 129-137) and from the monthly Federal
Reserve bulletins of February 1931 to July 1932.
Mr. Kuehl points out that of the States compared, some are more highly
Industrialized than Wisconsin, while some are less highly industrialized,
so that the comparisons made are entirely fair to all the States included.
"Many of these States, it should be noted." the report concludes, "have
been and are now operating under stabilization programs similar to the
program which has been so successful in Wisconsin."
Oklahoma Banks Reopened Under Moratorium Plan—
Eighteen Institutions Operating Under System,
State Banking Commission Announces.
Oklahoma, wherever possible, is reopening closed State
banks under a "moratorium plan," with 18 banks now operating under this plan, which is meeting with remarkable success, in the opinion of W. J. Barnett, State Bank Commissioner. This is made known in advices, Aug. 27, from Oklahoma City to the "United States Daily" of Aug. 29, which
also had the following to say: ,
One of the first orders of his examiners when he took office several
, months ago was to reopen all closed banks under the moratorium plan
wherever possible under certain conditions.
Mr. Barnett said he believed the suspension of business by a bank is
about the gravest calamity that can happen to any community. He
declared it requires seven years for the average community to recover
from the shock occasioned by a bank failure—maybe longer. It is not
alone the loss of the funds belonging to the depositors, but the loss by the
public of confidence in men and financial institutions that adds to the
sadness of the situation surrounding a bank failure, he continued.
Frozen .Asscts Blamed.
He explained "frozen assets" usually is the outstanding reason achanced
for the suspension of a bank. Continuing, he said: "Generally that is
true, for if every bank was liquid as to its assets, the depositors could be
paid on demand unless an officer or employee of the bank had robbed it at
the point of pen or pencil.
"When a bank's assets are frozen, that is, when the bank is unable to
collect its loans advanced its customers rapidly enough to meet the demands
of its depositors; when it is not good banking to borrow additional funds
from its city correspondents to meet the requirements of withdrawing
depositors; when a bank's deposits shrink more rapidly than its loans;
when a bank has not been robbed from the inside, and when, in the
opinion of the Bank Commissioner and his examiners the bank can be
reshaped and saved if given time, a 'moratorium' is declared to exist, under
certain conditions."
Five Conditions Outlined.
There are five principal conditions as outlined by Mr. Barnett. They are:
1. When there have been no irregularities or violations of the State
banking laws upon the part of the directors, officers or employees of
the bank.
2. When the depositors of the bank, constituting 100% (dormant accounts
excepted) sign a moratorium agreement not to attempt to withdraw their
funds until after the close of the second crop period, unless otherwise
1753
released from their agreement by the Rank Commissioner (in Oklahoma,
the second crop period means at the close of the cotton crop, usually
Nov. 80 1932).
S. When -the stockholders, if unable to pay in cash their double liability,
pledge collateral, acceptable to the Bank Commissioner and the bank'a
depositors' committee, sufficient to guarantee the payment of their double
liability in case the bank is not successful enough to stage a come-back
under its "moratorium."
4. When the depositors' committee, working in complete accord with
the Bank Commissioner and his examiners, determine and set up the
bank's losses.
Effect of Moratorium Plan.
5. When a representative of the Bank Commissioner, to whom he is alone
responsible, becomes active in the management of the bank and its affairs
and is recognized by the officers, directors and stockholders as one of
authority and as representing the State Banking Department and the
depositors, thereby giving the Bank Commissioner, examiners and depositors
more directory and administrative power than the stockholders.
Mr. Barnett said establishment of the "moratorium" plan is permitting
communities affected by the closing of their only bank to rehabilitate
themselves, with the result new activity is noticed in civic pride, new
business houses have opened, closed ones have reopened, the farmer returns
to town to trade, the wife to shop, and the former one-bank town ceases
to be a "ghost town" and takes on new life.
Mr. Barnett explained a failed bank, upon reopening under the "moratorium plan," virtually shows a red line under each account, holds all above
the red line in a moratorium, starts collecting its loans, converting its
assets into cash for its old depositors and begins business anew for its
new depositors.
Credit Paid to Depositors.
In some of the banks operating under this plan the new deposits exceed
the old deposits. Two sets of books are necessary, if collections are good,
depositors in the old bank are paid cash dividends by receiving credit in an
active account subject to their check.
Mr. Barnett said it might literally be said that immediately upon the
failure of a bank that the closed bank is liquidated by a new bank, but
without the high expense usually attached to a receivership, and all for
the benefit of the depositors.
He pointed out the moratorium plan apparently is successful regardless
of the size of the town, the larger the bank the more depositors affected.
In two instances the moratorium plan already has made possible reorganization in two average size cities in Oklahoma. In these instances the Bank
Commissioner shortly will return the bank to its stockholders.
In one instance, in a one-bank town, no reorganization has been necessary,
but with the co-operation of the State Banking Department, this little
country bank will, within 30 days, be returned to its former management
and labeled "solvent" by the Bank Commissioner.
Operation of Plan Explained.
In not one known case has the moratorium plan been found wanting,
according to Mr. Barnett. The plan is solving at the present time a long.
needed requirement in the banking fraternity and to the depositor, he said.
In telling of the growth of the moratorium plan, Mr. Barnett said
present conditions required emergency methods, and the new system was
the result as an aid to the State banking system. Under the plan the
bank operates on its new money, even to the extent of making loans, but
under close supervision of representatives of the Bank Commissioner and
depositors.
Officials of the Banking Department pointed out the moratorium plan
has helped save securities and other collateral of borrowers with the old
banks, since in some cases small loans needed to tide them through the
period necessary to realize improved prices on their collateral such as
crops can be made.
President Hoover Accepts Resignation of J. W. Pole
as Comptroller of the Currency.
Formal acceptance by President Hoover of the resignation
of John W. Pole as Comptroller of the Currency was announced yesterday (Sept. 9). Mr. Pole's resignation was
referred to in these columns Sept. 3, page 1587. President
Hoover's letter to Comptroller Pole, expressing appreciation
of the latter's services, says:
I have to-day received your letter of resignation, and I must of course
accept it. In doing so I wish to express my appreciation for your remaining
in the service at my request many months after you had determined to
accept a position elsewhere.
But of much more importance than that. I know that I express not only
my own appreciation, but that of all of the other members of the Government for the extremely able manner in which;you have conducted a
most difficult task during this period of crisis.
We all regret the necessity which compels you to leave the service of the
Government, and it would be extremely difficult'for us to find some one
to take over the office with the assurancelof suchtability and effectiveness
as that which you have shown.
Mr. Pole indicated his intention to enter private business
and asked that his resignation take effect not later than
Sept. 20. Howard M. Simms, Chiaago banker, has been
mentioned as Mr. Pole's possible successor.
Banks Continuing Lenient Policy in New Hampshire—
State Commissioner Claims Absolute Moratorium
Is Not Desirable Because of Depositors' Rights.
New Hampshire banks will continue their policy of utmost
leniency toward every deserving borrower, a policy which
has been in effect for several months, State Bank Commissioner Willard D. Rand stated Aug. 26, commenting on
Washington reports of efforts to reduce foreclosures. According to Concord (N. H.) advices, Aug. 29, to the "United
States Daily," Mr. Rand said:
"Our State banks have about $65,000,000 invested in New Hampshire
real estate loans, or about one-third of our savings money. Our experience
with these loans generally has been very satisfactory.
Payment on Principal.
"We have tried to pursue the policy of showing the utmost leniency to
every deserving borrower. While this has not made it possible to entirely
1754
Financial Chronicle
prevent foreclosures it has meant that they have been kept down to an
absolute minimum. Our banks have every intention of continuing on
this basis.
"One thing that has made this possible is the increasing prictice of the
banks to require each year some payment on the principal so that the
borrower's equity has been gradually increasing with the result that the
bank is so well protected that it can afford to carry the borrower for a
longer time than would otherwise be possible.
Conditions in State.
"We have not had the conditions in New Hampshire that have prevailed
In some other sections of the country. We have not had the hoarding,
the failures, the foreclosures, the distress or the failure Of large numbers
of borrowers to keep their payments up to date. While not uniformly true
throughout the State, I do know that even where conditions have been
the worst that the banks have been very fair-minded toward borrowers.
"I do not see the place of an absolute moratorium because banks have
certain obligations to their depositors which require them under some
conditions to take action. We always have some foreclosures even in the
best of times.
"Banks at no time, however, desire to become the owners of real estate
and therefore do not foreclose except in cases of absolute necssity."
Frank K. Johnson Named as State Bank Examiner
in Montana.
Governor Erickson of Montana has announced that the
State Bank Examiner, George M. Robertson, has resigned
to take a position with an Eastern corporation and that
Prank H. Johnson, of Helena, banker, has been named as his
successor. The change, according to Helena advices, Aug.
"United States Daily," will take effect on &V.15.
22, to
Representative Steagall Plans to Renew Efforts to
Secure Enactment of Deposit Guaranty Law.
Representative Steagall (Democrat), Chairman of the
House Banking Committee, plans to renew his efforts to
secure the enactment of his bill for the guarantee of National bank deposits. In Associated Press dispatches from
Washington on Sept. 3 he was quoted as saying:
"Big bankers who fought the passage of the Steagall Bill last session
gradually are turning toward the legislation. They realize more and more
that the depositor demands that he be protected and they equally appreciate
that no method other than guaranteed deposits will meet the demand.
"Eventually we will have some form of a National bank guaranty law.
The Reconstructicn Finance Corporation is easing the situation by making
loans to banks, but it has a limit, and this will be reached within a few
months. It is not the fundamental solution of the problem, although it has
put out a great number of fires." •
It is noted in the press dispatches that the House passed
the Steagall Bill setting up an initial $400,000,000 guaranty
fund, but considerable opposition in the Senate prevented its
consideration last session. The dispatches also said:
Steagall's Committee formulated the Reconstruction Corporation measure,
and the Alabaman led the fight in the house for its enactment.
Meagan said that with about 2,200 banks failing in the past year the
Federal Government should be given closer supervision of National institutions in order to give protection to depositors and to make banking a
more attractive capital investment.
"It is argued by some that the proposed guaranty plan would require
well-managed banks to bear a portion of the losses from mismanagement in
other banks," Steagall said. "This argument is too shallow and ehort.sighted
to merit serious consideration. There can be no separation of the interests
of banks. Any disaster coming upon one is a serious cause for the
concern of all."
Steagall said a guaranty deposit board should be set up with authority
to remove officers and directors of banks whose continued service would
be detrimental to their institutions.
New Treasury Securities Totaling $1,150,000,000 Offered
in September Financing—Books Closed—Issues
Oversubscribed—$750,000,000 33.j% Treasury Notes
and $400,000,000 13% Treasury Certificates Offered.
A total of $1,150,000,000 was offered this week in Government securities by the Treasury Department in its September
financing. The books were opened on Sept. 6, and closed
at the close of business the same day, the securities, it is
indicated, having been heavily oversubscribed. Secretary
Mills''announcement that subscriptions placed in the mail
before midnight that day would be considered as having
been entered before the close of the subscription books.
The offering (announced by Secretary Mills Sept. 5) comprises an issue of $750,000,000, or thereabouts of 33I%
Treasury Notes (series A-1937), dated and bearing interest
from Sept. 15 1932 and due Sept. 15 1937, and an offering
of $400,000,000 or thereabouts of Treasury Certificates of
Indebtedness (series T. S.-1933), bearing 1 3 % interest,
,
dated and bearing interest from Sept. 15 1932 and due
Sept. 15 1933. Regarding the new issues the "United States
Daily" of Sept. 6 said:
The five-year note bears s longer maturity than any security offered
by the Treasury since the last issue of bonds was floated in Sept. 1931,
and it Is considered "a first cousin to a bond," according to oral statements
made at the Treasury. A $365,000,000 issue of four-year notes issued
Sept. 10 1932
Aug. 1 was oversubscribed more than 10 times after the subscription books
had remained open only one day, it was pointed out orally.
Of the 8437.500,000 of unobligated money which the borrowing operation
will bring into the Treasury, $50,000.000 will be used to meet an interest
payment on the public debt which comes due Sept. 15, Secretary Mills
declared in his formal announcement. The rest of the new money will be
used to finance the Treasury's current deficit, which was $400,859.307 on
Sept. 1, and to supply the needs of the Reconstruction Finance Corporation
and of the new Federal Home Loan banks, it was stated orally at the
Treasury.
Addition to Public Debt.
Adding $437,500,000 to the outstanding public debt, the new borrowing
advances the gross debt to $20,504,700.000, according to Treasury Department statistics. Both of the new issues bear higher interest rates than the
two certificate issues which they replace, thereby increasing the interest
charges of the public debt, but the five-year note bears the same rate as
the four-year note which was floated on Aug. 1, according to the figures.
Secretary Mills' announcement Sept.5 of the new offerings
stated that "about $712,504,500 of Treasury certificates of
indebtedness and about $50,000,000 in interest payments
on the public debt become due and payable on Sept. 15 1932.
From the Washington dispatch Sept. 5 to the New York
"Times" we quote the following:
In addition to the ordinary requirements of the Government the Treasury
will be called upon soon for additional reconstruction funds. The Reconstruction Finance Corporation, which Is speeding up the extension of loans
and preparing for self-liquidating and agricultural credit extensions, will
sell another block ofdebentures to the Treasury soon,probably $250.000,000.
Subscription books will be opened soon for the Home Loan Banks in
the various districts. The Treasury will make up the difference between
the subscriptions and the minimum capitalization requirements of the
banks, up to a limit of $125.000,000 fixed by the Home Loan Bank act.
Judging from assurances received by the Home Loan Board, it is not expected that the maximum subscription by the Treasury will be necessary.
Another demand for cash—about $200,000,000—would result from a
decision by Secretary Mills to carry out the optional building program
Provided in the relief bill. He already has asked the various departments,
through the Bureau of the Budget, which projects might be included in
the program. A report and a decision are expected this week.
The Government deficit on Sept. 1 was $400,859.300, compared with
$403,604,900 on Sept. 1 last year.
Issue to Fall Due on Sept. 28.
No other issues will fall due until Sept. 28, when $100,466,000 in bills
will mature. On Oct. 15 $333.492,500 in 3H % certificates will be retired.
A total of $600,446,200 in 33
(% notes will mature on Dec. 15, the next
,
regular financing period.
The previous Treasury note issue of the Government was
offered late in July and was made up of a total of $650,000,000, of which $325,000,000 represented 2%% Treasury
notes (Series B-1934) running for two years from Aug. 1 1932,
and 8325,000,000 33.% Treasury notes (Series A-1936)
running for four years from Aug. 1 1932. This offering was
referred to in these columns July 30, page 720 and Aug. 6,
page 904.
Secretary Mills' announcement Sept. 5 of this week's
offering follows:
The Treasury is to-day offering for subscription at par and accrued
interest, through the Federal Reserve banks, $750,000,000. or thereabouts,
33.% five-year Treasury notes of Series A-1937. and $400.000,000 or
thereabouts 1H% one-year certificates of indebtedness of Series TS-1933.
The Treasury notes will be dated Sept. 15 1932 and will bear interest
from that date at the rate of 344;% per annum, payable semi-annually.
They will mature on Sept. 15 1937 and will not be subject to call for redemption prior to that date.
The certificates of indebtedness will be dated Sept. 15 1932 and will
bear interest from that date at the rate of 1H% per annum, payable
semi-annually. They will mature on Sept 15 1933.
The principal and interest of the Treasury notes and Treasury certificates
f indebtedness will be payable in United States gold coin of the present
standard of value.
The Treasury notes and Treasury certificates of indebtedness 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 Treasury notes and certificates of
Indebtedness, at par, Treasury certificates of indebtedness of Series
TS-1932 and TS2-1932, both maturing Sept. 15 1932, and subscriptions
In payment of which such Treasury certificates of indebtedness are tendered
will be given preferred allotment.
The Treasury notes will be issued in bearer form only in denominations
of $100, $500. $1.000. 85.000, $10,000. and $100,000, with interest coupons
attached payable semi-annually on March 15 and Sept. 15 in each year.
The certificates of indebtedness will be issued in bearer form only in denominations of $500, $1,000. $5,000, $10,000, and $100.000. with two
Interest coupons attached. payable March 15 1933 and Sept. 15 1933.
About $712.504,500 of Treasury certificates of indebtedness and about
850.000.000 in interest payments on the public debt become due and
payable on Sept. 15 1932.
Announcement of the closing of the subscription books
was made as follows on Sept. 6 by Secretary Mills:
Secretary Mills to-day announced that the subscription books for the
current offering of one-year 1H% Treasury certificates of indebtedness,
Series TS-1933, maturing Sept. 15 1933, and five-year 33 % Treasury
,
1
notes of Series A-1937. maturing Sept. 15 1937, closed at the close of
business to-day (Tuesday. Sept. (3 1932).
Subscriptions placed in the mail before 12 o'clock midnight Tuesday.
Sept. 6 1932, as shown by post office cancellation, will be considered as
having been entered before the close of the subscription books.
Announcement of the amount of subscriptions and the basis of allotment will be made on or about Saturday, Sept. 10.
The Treasury Department's circular detailing the offering
follows:
Volume 135
Financial Chronicle
UNITED STATES OF AMERICA
3X% Treasury Notes Series A 1937. Dated and bearing
Interest from Sept. 15 1932. Due Sept. 15 1937.
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, $750,000.000, or thereabout
s.
3 %T reastwy notes of Series A 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.
The notes will be dated Sept. 15 1932, and will bear interest from
that
date at the rate of 331 % per annum, payable semi-annually on March
15
and Sept. 15 in each year. They will mature Sept. 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
denoms. of
$100. $500, $1,000, $5,000, $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.
Application and Allotment.
Applications will be received at the Federal Reserve
banks.
Subscriptions for which payment is to be tendered
in Treasury certificates of indebtedness of Series TS
-1932 and TS2-1932, both maturing
Sept. 15 1932, will be given preferred allotment.
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
allotment, and the basis of the allotment will be publicly promptly upon
announced.
Payment.
Payment at par and accrued interest for notes allotted
must be made on
or before Sept. 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 TS
-1932 and
TE12-1932, both maturing Sept. 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 subscriptio
ns 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.
OGDEN L. MILLS.
Secretary of the Treasury.
Treasury Department,
Office of the Secretary,
Sept. 8 1932.
Department Circular No. 468 (Public Debt)
To the Investor.—Almost any banking
institution in the United States will
handle your subscription for you, or you may make
subscription direct to
the Federal Reserve Dank of your district.
Your special attention is invited
to the terms of subscription and allotment as stated
above. If you desire 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.
UNITED STATES OF AMERICA.
Treasury Certificates of Indebtedness 131% Series
TS
-1933. Due
Sept 15 1933. Dated and Bearing Interest from
Sept. 15 1932.
The Secretary of the Treasury, under the authority of
the Act approved
Sept. 24 1917, as amended, offers for subscriptio
n, at par and accrued
interest, through the Federal Reserve banks, $400,000,0
00, or thereabouts.
Treasury certificates of indebtedness of Series
TS-1933.
Description of Certificates.
The certificates of this series will be dated Sept.
15 1932,
interest oa that date at the rate of 131% per annum, payable and will bear
semi annually.
They will be payable on Sept. 15 1933.
The principal and interest of the certificates will be
payable in United
States gold coin of the present standard of value.
Bearer certificates will be issued in denominations of
$500. $1,000. $5,000.
810.000. and $100,000. The certificates will have
two interest croupous
attached, payable on March 15 1933. and Sept. 15
1933.
The certificates of this series shall be exempt, both as
to
interest, from all taxation (except estate and inheritance principal and
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 certificates of this series will be accepted at par,
during such time
and under such rules and regulations as shall be prescribed or
the Secretary of the Treasury, in payment of income and approved by
profits taxes
payable at the maturity of the certificates.
The certificates of this series will be acceptable to secure
deposits of
public moneys, but will not bear the circulation privilege.
Application and Allotment.
Applications will be received at the Federal Reserve
banks.
Subscriptions for which payment is to be tendered in
Treasury certificates
of indebtedness of Series TS-1932 and TS2-1932, both maturing
Sept. 15
1932, will be given preferred allotment.
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
applied for and to close the subscriptions at any time without certificates
notice; the
Secretary of the Treasury also reserves the right to make allotment
in
upon applications for smaller amounts, to make reduced allotments full
upon,
or to reject, applications for larger amounts, and to make classified
allot-
1755
ments and allotments upon a graduated scale; and his
action in thes,
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 certificates allotted
made on or before Sept. 15 1932. or on later allotment. Any must be
qualified
depositary will be permitted to make payment by credit for
certificates
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 TS
-1932 and TS2-1932. both maturing Sept. 15 1932, will
be
accepted at par in payment for any certificates of the series now
offered
which shall be subscribed for and allotted, with an adjustment
of the
interest accrued, if any, on the certificates 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 certificates.
OGDEN L. MILLS,
Secretary of the Treasury.
Treasury Department,
Office of the Secretary.
Sept. 6 1932.
Department Circular No. 489 (Public Debt).
To The Investor.—Almost any banking institution in the United States
will
handle your subscription for you, or you may make subscription
direct to
the Federal Reserve Bank of your district. Your special attention
is
invited to the terms of subscription and allotment as stated above.
If
you desire to purchase, at the market price, certificates of the above
issue
after the subscriptions close, or certificates 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.
Heavy oversubscriptions resulted from the Treasury's offering. For
the
$750,000,000 offering of 3'4% Treasury notes, maturing Sept. 15
1937,
the subscriptions amounted to $4,351,000,000. For the $400,000,000
offering of 114% certificates maturing Sept. 15 1933 the subscriptio
/
ns
amounted to $3,069,000,000. Of the note subscriptions, $408,639,0
00
represented exchanges in payment for which certificates maturing Sept.
15
were tendered. They were allotted in full. Exchange subscriptions
for
the certificates amounted to $195,157,000, and also were allotted in full.
Cash subscriptions for the notes in amounts not exceeding $1,000 were
allotted 50%, but not less than $100 on any one subscription; from $1,000
to $10,000 30%, but not less than $500; from $10,000 to $100,000
20%,
but not less than $3,000; from $100,000 to $500,000 15%, but
not less
than $20,000; from $500,000 to $1,000,000 10%, but not less than
$75,000; from $1,000,000 to $100,000,000 8%, but not less than
$100,000;
and over $100,000,000 4%, but not less than $8,000,000.
Cash subscriptions for the' certificates not exceeding $10,000
were
allotted 50%, but not less than $500 on any one subscription;
from
$10,000 to $100,000 20%, but not less than $5,000; from $100,000 to
$1,000,000 10%, but not less than $20,000; from $1,000,000 to $10,000,00
0
7%, but not less than $100,000; from $10,000,000 to $100,000,000 5%, but
not less than $700,000; and over $100,000,000 3%, but not less than
$5,000,000.
Longer Credits Being Granted to Foreign Customers
by Many American Firms.
More than the usual credit terms are being granted
foreign customers by many American firms at this time,
according to the Commerce Department's Commercial Intelligence Division. The Department on August 29 further
reported:
American exporters who follow the practice of extending credit up to 90
days need not consider this procedure invariable, it was stated.
Under present conditions, some American firms are not entirely interested in an immediate turnover and prompt realization of profits; their
chief interest often lies in establishing firm relations with important and
reputable customers or representatives.
Extension of credit terms is so basic a factor in commercial transactions
in most foreign sales areas that it is of prime importance that exporters give
it the attention it warrants, the Commerce Department's Commercial Intelligence Division pointed out.
Importers in foreign countries in many cases are forced to ask for long
credits because by virtue of long established custom they must resell to
local buyers on the same terms as heretofore and if they seek to cover
themselves by bank borrowings they are often confronted by obstacles.
By now lending good customers their full co-operation and support.
American firms establish a solid foundation for future business when better
days arrive, it was stated. But while longer credits may often constitute
sound business practice. American firms entering the foreign field for the
first time are urged to investigate the financial responsibility of firms with
which they contemplate establishing connections.
Dr. L. D. Edie Warns of Inflation as Debts Panacea—
Tells Stevens Institute Parley that Arresting
Deflation is Proper Remedy—Says Proper Banking
Policy Would Lay Foundation for a Sound and
Lasting Recovery.
The outstanding debt structure in the United States was
analyzed at Johnsonburg, N.J., on Sept. 1 by Dr. Lionel D.
Edie of the Capital Research Co., in an address to the
second annual economic conference for engineers, conducted
by Stevens Institute of Technology at its summer camp in
co-operation with the alumni associations of eight leading
engineering institutions of the East. He said (we quote
from the New York "Times") the debt burden of the United
States is one of the great problems of the depression and
that the country is at the moment in the midst of an attempt
to solve it by the dangerous method of inflation, rather
1756
Financial Chronicle
than, by arresting further deflation. The "Times" also
reported Dr. Edie as saying:
The short-term debt of the American people has been cut down nearly
one-third during the last three years. This includes not only bank loans
but also brokers loans, open book accounts and personal loans generally.
The 1929 total was, roughly. 61 billion, whereas the present total is.
roughly. 42 billion. This violent contraction has been one of the primary
upsetting factors of the last two years. It was finally arrested by the
Federal Reserve policy adopted in the spring of 1932 and by the cessation
of gold exports in the summer of 1932.
Our long-term debt, public and private, on the other hand, has increased
during the past three years even beyond the'already abnormal levels reached
In 1929. To-day we have in the neighborhood of 120 billion dollar of
long-term debt.
There has been some readjustment of real estate indebtedness, but
this has been more than offset by the increase of public debt by about
$5,000.000,000 during the last three years. Railroad debt has also increased.
The debt burden of the United States is one of the great problems of
the depression. At the moment the country is in the midst of an apparent
drive to produce inflation. If this drive is successful It will automatically
relieve to some degree the debt burden. However, inflation always has
been an extremely dangerous path, and no one knows just where the present
experiment will finally.reach.
I doubt if inflation is the sound way of solving the debt problem. If
we can simply arrest the deflation and hold everything on a level base
for a relatively brief period, we can make the necessary readjustments
and prepare to go ahead in a normal healthy way.
It is the continuous looking downward of the price level which undermines all economic initiation. As soon as this tendency has been brought
to a halt by the proper banking policy, and we have recently seen such a
policy in action, we have laid the financial foundations for a sound and
lasting recovery. At the moment it is to be hoped that we will not build
upon these foundations a house of cards in the form of inflation.
Secretary of Labor Doak in Labor Day Address
Advocates Shorter Work-Day and Week.
Speaking before the State Fair at Syracuse, N. Y. on
September 5, William N. Doak, Secretary of the Department of Labor, referred to the shortening period of working
hours which he has witnessed as to which he said:
Running back over the years, I have been privileged to see the changes
that have taken place in one short lifetime. These unfold in a panorama
of brilliance. The 12
-hour day was supplanted by the 10, the 10 by the 8,
and I see the advent of a still shorter workday on the horizon. The days
of labor per week have decreased from 7 to 6.from 6 to 5
and the 5
-day
week is in effect in a considerable measure throughout the country.
I am happy to tell you that the 6,000 employees in the department
over which at present I am privileged to preside, are all, with few exceptions,
enjoying the 5
-day week. That I have had a small part in this humanitarian
movement, is a source of great personal satisfaction.
Secretary Doak also referred to the subject of wages in
his speech, stating that "the administration, with the
support of the great majority of the principals of labor and
industry, has prevented serious declines in wages by maintaining them as far as possible during the period in which
living costs have commensurately fallen." The increasing
applicationTof machinerylto Viand operations was likewise
referred to by Mr.1DoakAwho declared:
The continuation and extension of this modern giant must be accompanied with a well balanced humanitarism and ,economic program to
prevent us from reaching a state of social,danger.
The income received through the source of salaries and wages must be
so balanced that all may have the means of a livelihood. Such a plan will
prevent the collapse of our social 4abric which would otherwise destroy
our advanced civilization which the machine age has made possible. This
can best be safeguarded by increased wages, shorter workdays and shorter
workweeks, thereby equitably distributing the fruits of mechanization.
this plan has my unqualified endorsement.
Secretary Doak's address follows in full:
It is peculiarly fitting that New York should celebrate Labor's holiday.
because it was through the efforts of the late P. J. McGuire, a citizen of
this State, and other leaders associated with him that we have a national
holiday to commemorate the accomplishments of labor. Therefore, I am
exceedingly glad to be with the people of the Empire State on this 50th
anniversary of the founding of Labor Day.
The earnest efforts of these early leaders in the movement to thus commemorate the accomplishments of labor have resulted in a nation-wide
movement to have a national Labor's holiday, and to-day we find in 43
States and in the District of Columbia the first Monday in September Is
designated as Labor Day, and that in the'romaining five States the day is
celebrated on a different date, or_on an:optional day set by the Governors.
Fiftieth Annual Celebration of Labor Day.
It is my pleasure to be with you and to have the rare privilege as head
of the Department of Labor, of extending to this great assemblage and
our unseen audience, the greeting of the President of the United States,
as well as my own, on this, the 50th annual celebration of America's Labor
Day. My pleasure is made all the greater by the fact that this year brings
my 50th birthday. More than 30 years of my life have been given solely
and ungrudgingly to the advancement of the men who toil and in the promotion of the welfare of the homes and families of the American working
people.
My fellow countrymen, this nation of ours, dedicated as It is to the
principles of liberty, and to the promotion of equal rights is an inspiration
to a troubled world. In this successful experiment in government devoted
to the solidarity of free men, of which our workers constitute the great
majority, the organized labor movement has had an influence of untold
value.
As to the quality of the leadership of the American labor movement. I
believe I am somewhat qualified to speak because of more than three
decades of intimate association with the cause. I. therefore, wish to pay
my tribute to this leadership, to this solidarity and to the partiotism and
unwavering stability of the men and women who constitute the army of
workers. They have in their keepinethe continued success or the ultimate
failure of our institutions, the loss of our liberties, the destruction of our
welfare, in fact, our all.
Sept. 10
1932
I refer not alone to the officials of the international unions, or the officials
of the locals, but I include the men and women who work at the bench,in the
mine, on the farm, in the mill, in the factory or on our transportation
systems; for when all is said and done, without the co-operation of these
men and women of labor the success of the labor officials must be limited.
Periods such as we have been passing through seem to awaken the spirit
of co-operation and mutual understanding not only between our own people
but among all people of the world who work; because we are all bound
together in a great family and each must be sincerely concerned in the wellbeing of his fellows.
That there will be inequalities and injustices even in times of prosperity
no one can deny; therefore, it is our duty to aid our brethren in distress by
giving to them and their families the opportunities to help themselves. In
other words, the strong must help bear the burdens of the weak.
I trust that there will be a revival of the old-time crusading spirit which
has made our country what it is,'and that out of the depression through
which we are passing will come a still finer spirit of co-operation and goodwill among all our people, and especially between management and men.
the great builders of our great Commonwealth.
It is a matter of gratification to the labor movement that we have been
able during distress to share our benefits with those of our less fortunate
brethren who stand in need; and it is a further matter of gratification and a
tribute to the soundness of the leadership of American labor,and the saneness of the men and women in the ranks of labor, that during the period of
depression and great unemployment the labor movement has stood on firm
and solid ground and r.fused to adopt the measures and methods prescribed
as "cure-ails" by overnight theorists and unsound thinkers. These latter
would have made conditions worse, and the intelligent men and women of
labor in their wisiom have steadily refused to follow their false leadership.
Shortening of Work Day.
Running back over the years. I have been privileged to see the changes
that have taken place in one short lifetime. These unfold in a panorama
of brilliance. The 12
-hour day was supplanted by the 10, the 10 by the 8.
and I see the advent of a still shorter workday on the horizon. The days
-day
of labor per week have decreased from 7 to 6,from 6 to 5.3, , and the 5
i
week is in effect in a considerable measure throughout the country.
I am happy to tell you that the 6.000 employees in the Department over
which at present I am privileged to preside, are all, with few exceptions,
enjoying the 5
-day week. That I have had a small part in this humanitarian movement is a source of great personal satisfaction.
I would be remiss in my duty if I did not recognize the part that American
industry and industrial leadership have played in assisting out labor leaders
in bringing about better conditions for our working people. They have
been most helpful and understanding in this magnificent work. Capital.
labor and American public opinion have contributed to our great social and
spiritual uplift to which the shorter hours of labor and the betterment of
safety and sanitation have advanced us.
Plans to Rehabilitate Industry.
Among the many things that have been done to promote the welfare o
the people, an outstanding example of the efforts put forth by industrialist
In America should be mentioned. I refer to the recent bankers' and in
dustrial conference which has Just closed its session in Washington.
This conference was composed entirely of representative business men of
America of all creeds, classes and parties, in co-operation with Government
officials. In the conference a great program was sponsored and marked
out, having as its object the expansion of credit and the rehabilitation of
industry, but above and back of it all was the one impelling motive—the
restoration of prosperity through means of reduced unemployment and a
shortening of the hours of labor.
But, my friends. I would have you remember that this great national nonpartisan conference was originated and sponsored by that greatest of all
outstanding humanitarian figures of the world, the President of the United
States.
In addition thereto, there were created 12 district committees having for
their purpose active engagement in efforts to make fully effective the program adopted by the conference. The Reconstruction Finance Corporation
also has announced a large program of relief which promises to be effective
In lessening unemployment and in stimulating industry in this country.
To show further with what speed these committees have acted and are
functioning, this large conference adjourned late one afternoon; the next
morning the committee on the spreading of employment had a meeting, in
which I. together with other representatives of labor, appeared, and after a
short session the committee adjourned, the members going back home to
bring to the immediate attention of the bankers and industrialists in their
districts, through personal visitation, the importance of quickly spreading
employment so as to absorb the largest possible number of those who were
without work, and this including the much-neglected group known as the
"white-collar class."
Already the work of this conference is bearing fruit, as is evidenced by
the fact that within less than a week after the adjournment of the conference there are thousands of men being called back to work in the different
industries of the country. Mark well in this connection that this is what the
business men of America are doing to meet the situation at the request of the
President of the United States, to say nothing of the efforts being put
forward by labor and the soldier veterans of the country to increase employment and to overcome the depressed conditions that have been with us
for some time.
I could not let this opportunity pass without paying a tribute to the great
number of trade unions in the various parts of the country who of their own
accord have entered into a program of division of work to aid their felllowworkers who are for the moment idle.
Causes of Depression.
I think I would be remiss in my duty if I did not call your attention
briefly to some of the causes that led up to the continuance of the depressed
conditions in America. After a year of trouble that was world-wide, there
were strong indications in the first months of the year 1931 that we were on
the road to rapid recuperation. It was during the early period of that year
that bank failures decreased by nearly 70% from the previous three months.
Currency hoarding apparently was over. There were strong symptoms of a
quickening of industry and of employment, and all those things gave us the
right to hope that the country once more was coming into its own.
Then there were a series of happenings, originating abroad, which this
country never before had experienced. Foreign countries were demoralized
politically and economically. They were weakened by the great war and
the treaties, to which were added depressed conditions generally. From
these things sprang new destructive forces.
There were financial collapses in the Old World, which followed quickly
one upon the other. Troubles were increased by revolutionary conditions
In Spain and in South American countries. There were evidences of distress in the Bank of England, and other economic conditions in that country
and elsewhere forecast further trouble. There were other things—complications in the Far Fast, suspension in certain countries of the gold standard, restrictions upon exchange and the upsetting of the trade balances.
Volume 135 '
Financial Chronicle
1757
As a result of all of these things fear came into the hearts of virtually all of
No one would say, however, that there is not yet much left to be done;
our people. This fear prompted the further hoarding of money; there was
for the changing effects of all human endeavor constantly bring to light
a slackening in the demand for all kinds of produce and products. It Is
new problems and new needs. To these, we of the administration again
not necessary to go further into the reasons for the continuance of the
pledge our wills and our efforts. We, with you, take pride in the stability
depression, after it seemed there was to be an uplifting; suffice it to say that
of our government, in the faith of our people and in the will to conserve
there were scores of things added to those already enumerated which
and promote the welfare of our country.
farther augmented the difficulties.
Says "Things Are Changing."
President Green of American Federation of Labor
Let me say to-day, however, that things are changing. On the word of a
Declares Prosperity Can Only Be Restored Through
much higher authority than I am,I think that I can say,"Our strength has
proven equal to the shock, although with many casualties. Confidence is
High Wages and Development of Policy Providing
returning. Our financial foundations are unimpaired and 70.000.000 inWork For All-11,400,000 Workers Idle He'Says—
surance policies and 25.000.000 depositors have been saved from jeopardy."
Losses in Wages and Salaries Through UnemployIt is a grateful thing to be able to say that the evidences are that a lightening of conditions is coming in other countries as well as within our own.
ment in 1930 and 1931, $36,667,000,000—Advocates
Through the ingenuity of Americans, mechanization of Industry in a
Redistribution of Wealth.
very large degree has increased in our country. Labor-saving machinery
has Supplanted human labor, which is as it should be from a broad, humaniAddressing a Labor Day gathering at Pittsburgh, on Sept.
tarian standpoint. Labor has profited thereby; industry has progressed;
5, William Green, President of the American Federation of
the public has gained immeasurably and civilization has gone forward by
leaps through the advent and large-scale use of machinery.
Labor, declared that "the outstanding overshadowing probTransportation, through the use of machines, has been
extended to
lem, transcending all others in importance, is the problem
Isolated parts of the world. The dissemination of information and knowlof unemployment." He stated that "the most recent
edge by means of modern methods has become world-wide. Science and
Invention are advancing by leaps and bounds, and in fact machinery has
reports received by the American Federation of Labor from
touched almost every phase of human endeavor, and withal, safety
and
industrial centers show that unemployment has steadily insecurity in the use of this gigantic source of convenience have been
advanced
so greatly that the use of machinery in almost all lines is no longer dangerous
creased and that, at present, more than 11,400,000 working
and presents no hazards.
men and women are idle, unable to secure work." In part he
No one would hesitate to welcome the increasing application of
mawent on to say:
chinery to the oft-times harrowing work of the human hands.
No one
would want to turn back from the advantages which those who labor
Labor's voice has been constantly raised either in protest or In solemn
may
rightfully enjoy because of the adaptation of machinery to hand
warning against the pursuit of unwise and destructive economic and
operations.
political policies. It has vigorously resisted every attempt to impose
Machinery a Boon—Its Advance Can Be Met By Shorter Hours
and
intolerable conditions of employment upon both organized and unorganIncreased Wages.
ized workers.
Machinery has been a boon to employer, to worker and
consumer; but,
It has proclaimed to the nation that prosperity can only be restored
however, its real purposes must never be lost sight of, for when
they are,
through an increase in buying power and in commodity prices and that
machinery becomes the destroyer and not the builder of the hopes of
every
such a result can only be reached through the payment of high wages and
worker to earn the wherewithal not only of the necessities for
himself and
the development of an employment policy which will provide and create
his family, but as well such luxuries as will keep him and them
up to the
work opportunities for all. . . .
standards of normal American life.
Losses Through Loss of Employment and Wage Reductions. $36,667,000,000.
Not only were ease of operation and quantity and quality of
output the
For almost three years the owners and management of industry have,
objectives of machine processes, but, too, machine innovations
were inwith few exceptions, followed a destructive, distressing wage-cutting policy.
tended to shorten the arduous hours of the workday, to ease the
strength
Wage standards whits s had been built through years of effort have been
of the worker, to make his task less dangerous, and last but by
no means
lowered and as a result, millions of workers have been reluctantly forced
least, to provide the worker extra time for recreation, personal
improveto adjust their living standards upon a lower level.
ment, increased educational opportunity, and, all in all, a finer
Through this enforced policy of wage-cutting imposed upon workers in
broaden and improve his life in the American community—andchance to
all these
spite of their solemn protests, buying power has been destroyed and the
without loss or decrease in his earning power.
market for the sale of goods has been curtailed and restricted.
The continuation and extension of this modern giant
must be accomThe loss in wages and salaries resulting from unemployment and wage
panied with a well-balanced humanitarian and economic
program to
reductions for 1930 and 1931 amounted to $36,667,000,000. We can
prevent us from reaching a state of social danger. The
income received
properly speculate upon the effect which must follow a destruction of such
through the source of salaries and wages must be so balanced
that all may
vast buying power as is represented in these figures. . . .
have the means of a livelihood. Such a plan will prevent
the collapse of
We must literally create millions of jobs for millions of idle working men
our social fabric which would otherwise destroy our
advanced civilization
and women. This purpose can be accomplished through the allocation of
which the machine age has made possible.
the amount of work available in private industry among those who are
This can best be safeguarded by increased wages,
shorter workdays and
able and willing to work. The number of hours worked per day and week
shorter workweeks, thereby equitably distributing
the fruits of mechanizaand the number of days worked per week must be reduced to the point
tion. This plan has my unqualified endorsement.
where work opportunities will be provided for all.
We have been in the grip of a gigantic world-wide
economic depression
from which it has been hard to extricate ourselves.
Five
-Day Week.
This has affected all
people not only here but elsewhere. Severe as
it may have seemed in
Labor has long recommended the application of the five-day week and
America, It has been worse in many other countries.
the six-hour day as a partial remedy for unemployment. Slowly but surely
been marked with us; it has been more marked abroad.Unemployment has
the shorter work week and the shorter work day urged by labor are being
Changes in governmental policies have taken place
accepted. . .
the world over;
revolutions and changes in form of government in many
In order to prevent the accumulation of large fortunes by individuals
countries have
occurred. But with it all, our nation has again withstood
the acid test
or groups of individuals, labor proposes that the inheritance and gift tax
and has weathered the storm with the continuation
of its fundamentals
laws be amended so as to require redistribution of those swollen fortunes
Intact. This has been duo to the stability of our people
of all classes and
through the exercise of the taxing power of the Government.
their being impressed with the wisdom of our basic laws and
free institutions.
We hold that wealth should be distributed widely and equitably; that the
time has come when the people, through their Government, must provide
Fewer Industrial Conflicts.
for the prevention of the accumulation of large fortunes and more equitable
While we have been passing through this crisis of
industrial distress. the
distribution of wealth.
Industrial workers, both the representatives of
capital and labor in the
There is no moral justification for the transmission of swollen fortunes
United States, have demonstrated their stability by the
fact that we have
intact to a posterity which had no part in creating them. Democracy
had fewer industrial conflicts than during any similar
period, even in years
must find a way to save itself from the economic distress which is bound to
of peak prosperity. To this leadership we, as a people,
pay our tribute.
follow a continued inequitable distribution of wealth created by the millions
Our national government has exerted every effort
toward the advancement
who toil and serve in industry.
of the workers and the extension of relief in cases of
unemployment, and
There was a theory which was advanced, prior to 1929, by many so-called
will continue to do so. but there can not be any let-up on
the part of local
industrial experts and numerous corporations, which has been fully exauthorities and communitleil
ploded during these trying days of adversity.
I am glad to-day to give you renewed assurance of the
watchful care of
I refer to labor partnership through the purchase of stock in industrial
the Federal Government over the men and women of labor; and
this watchcorporations by employees at the suggestion of management. Organized
fulness has been intensified through this period of depression. In
the efforts
labor issued a strong warning against this policy, but the warning was
which the Federal Department of Labor is making, it has
had great and
generous co-operation from the leaders of labor, business,
unheeded.
agriculture and
oommerce, as well as from employers and public-spirited laymen
Stock, purchased many times under compulsion through fear of disthe country
crimination and discharge, at what was alleged to be a special price set for
over; and I can assure you that the President is gratified
over the results
thus far obtained.
employees only, declined in value until the losses sustained by these inGreat public works, which will absorb thousands of our
dividual workers mounted to staggering proportions.
unemployed
workers, are on foot; and the expenditure of millions of
Many of those who purchased stock were compelled to accept reductions
dollars which the
people have authorized through the Congress. will, I am
in wages or were thrown out of employment. When this happened and
confident, do much
to stimulate production, employment and consumption.
adversity multiplied they were, in many instances, compelled to sell their
stock at the reduced market price and suffer serious and substantial losses.
Efforts to Prevent Wage Declines.
Thus thousands of workers were unwillingly forced into the stock market
The administration, with the support of the great majority
and became victims of the stock market crash through the imposition of an
of the principals of labor and industry, has prevented serious declines in
unsound industrial policy.
maintaining them as far as possible during the period in which wages by
living costs
have commensurately fallen. The prevailing rate of wages law of the
Federal Government insures the maintenance of the prevailing
Crisis Due to Shifting of Dollar According to W. A.
rates on all
public buildings of the United States. This law has acted as a
guide for
Persons, Former Professor at Harvard—Urges Its
many private employers, who realize the necessity of
safeguarding the
purchasing power of the workers.
Value Be Based on Commodities to Stabilize Credit.
The United States employment service is functioning in evtry
State in
The principal defects of our economic system are financial,
union, with specialized services to bring the man and the
the
job together. Immigration has been so curtailed as to prevent
according to Warren A. Persons, former Professor of Ecolargely any
increase in the competition for jobs between our native-born and
nomics at Harvard and statistician for the Harvard economic
naturalized
workers,from those who,as yet, bear no legal or moral fealty to our
country.
service, now consulting economist in New York. He is
This is as it should be, and has been accomplished without tht
slightest
hardship to those who seek properly to enter the country.
thus quoted in a dispatch from Johnsonburg, Pa., August 27,
Strikes, lockouts and labor disturbances have been negligible through
to the New York "Times," in which he was reported as
the
past year or two, even in the face of social restiveness and the pleadings
delivering the opening lecture there at the second annual
and preachIngs of false prophets. This is indeed a healthy and heartening
conference for engineers, assembled to discuss the general
evidence that our economic and industrial good-will is of lasting substance
that labor and management,so to speak, fully realize their interdependence.
topic of money and banking at the engineering camp of the
1758
Financial Chronicle
Stevens Institute of Technology, with the co-operation of
the engineering alumni of Brown, Columbia, Cornell,
Harvard, Massachusetts Institute of Technology, Princeton,
Rensselaer, Yale and the American Association for Adult
Education. The "Times" quotes Mr. Persons as saying:
The most important classes of the community,from the point of view of
the economist analyzing business fluctuations, are debtors and creditors
who have entered into contracts expressed in terms of dollars of one date
but to be fulfilled in dollars of another date.
Nominally the unit in which the debts are expressed—the dollar—remains
the same, but essentially the unit fluctuates widely. The greatest disturber
of the balance of our interlocked industrial system is not the price of one
or two or several commodities or securities but the changing unit of the
dollar, in which all prices are expressed.
During a period of a general upward movement of prices, the functioning
of our monetary system gives fortuitous profits to those who produce
goods, acquire equities and increase debts; during a period of a general
downward movement of prices, the functioning of our system gives fortuitous profits to those who contract industry, sell equities and liquidate
debts. The effects are cumulative. Thus result the spiral of expansion
and contraction of credit.
The continuous decline in the general level of commodity prices and the
collapse of security prices during the past three years bra been a powerful
incentive both for foreign withdrawals and domestic hoarding. The
increased purchasing power of the dollar has made hoarding a profitable
operation.
Hoarding, moreover, means, to the extent to which it occurs, an abandonment of the credit system. The conclusions which I draw are that the
most serious and urgent problem we face is to remove the chief incentive to
hoarding. First, by stabilizing our monetary unit in terms of general
commodity prices, and,second, by making bank deposits as safe as possible.
The latter will probably necessitate some form of nation-wide guaranty.
Mr. Persons, it is added, said that "it is not our quest
for profits that has undone us, but rather the profit motive
operating in a defective monetary and credit system."
City Council of Marshallville (Ga.) Declares
Tax Holiday.
From Marshallville, Ga., the Now York "Times" reports
the following:
A year's tax vacation has been voted by the MarshalIville City Council.
Enough back taxes were found on the books to operate the municipality
through 1933. Arrangements also have been completed, officials an
pounced, to give property owners an opportunity to pay 1929, 1930 and
1931 taxes on a monthly basis.
Bernard M. Baruch Urges Billion Dollar Cut in Federal
Budget As Essential to Business Recovery.
According to Bernard M.Baruch a billion dollar cut in the
Federal budget is a prime essential to business recovery.
In an article in the August 27 issue of "The Nation's Business"-Mr. Baruch states that unless Government expenses
are thus reduced "none of the palliatives thus far devised
will succeed."
Mr. Baruch said the cost of government has risen to
"alarming proportions in recent years," and estimated the
cost this year for Federal, State and local governments at
$15,000,000,000. This, he added, (we quote from Associated Press accounts from Washington, August 27), "must
be taken out of the probable income from wealth-producing
effort of,$45,000,000,000 before anything is available for
interest and debt and after that of sustenance. Obviously,"
he said, "that leaves little or nothing to activate business.
It is an impossible situation."
Indicating what Mr. Baruch had to say in "The Nation's
Business," the New York "Times" in a Washington despatch
August 27, said:
Mr. Baruch suggested a tentative formula for reductions as follows:
Veterans' Bureau, $400.000.000; War and Navy Departments, $175.000.000: Farm Board. $136,000,000; Commerce Department. $30.000.000;
Department of Agriculture, $100,000,000; Post Office Department, $150,000.000; revision of pay schedules, relinquishment of improper functions,
restriction of Federal aids and subsidies, regrouping and redistribution of
functions and merger, abolition or regrouping of independent agencies.
$200.000,000; total, 81.191,000.000.
Lump Sum for TVar Department.
Mr. Baruch goes into detail of how he would effect the savings. As an
Instance, he demonstrates how he would slash $400,000,000 from the cost
of veterans' relief. He would simply insert in the appropriation bill for
the Veterans' Administration the following sentence:
"No part of the appropriation under this Act shall be paid to any person
except for or on account of an actual war-connected loss or disability."
A lump-sum appropriation should be made for the War Department, he
said, instead of the present itemized bill, adding that similar methods
should be applied to naval expenditures.
"If no more appropriations are made to carry out the present policy of
the Farm Board, and if the cost of future efforts Is assessed not to the
Treasury of the United States but to the crops benefited by any plan
attempted. the 1932 appropriations of$136,000,000 need never be repeated,"
he continued.
Mr. Baruch goes down the line one by ono and tells what he would do
With the larger appropriations voted by the last Congress.
He points out "that there are three ways to balance a budget—by increasing income, by reducing expenses, or by doing both. To increase
government income, we must increase taxes. We have reached the limit
of taxing power."
Borrowing Power Limited.
"Theoretically," he continues, "the government can borrow. Practically that power is now limited. The Secretary of the Treasury has well
shown that with an unbalanced budget we cannot go to new long-term
Sept. 10 1932
billion-dollar bond issues without threatening the solvency of banks.
Insurance companies and other fiduciaries.
"It is a process of dilution. To finance the various emergency palliatives
and our inevitable new deficits, we must find four billions of dollars, and
no sounder method than this has yet appeared. The tendency is to impair
the national credit and to make the future of money uncertain.
"We are here face to face with a pivotal fact of this depression. People
Who still have money are afraid to spend or invest it. Thus domestic trade
remains stagnant. There is less employment because there is less trade.
There is less because the future of money is in doubt. The future of money
is In doubt because of a staggering gap between government income and
outgo, and because our fiscal policy is obscure.
"It is not money that is scarce: it is confidence in money. If the stability of money and credit were established beyond peradventure in the
eyes of all the world, timid money would rush from hiding here seeking
investment, and from abroad in quest of a safe haven. There would be
more sound money asking to work than all the inflated money we propose
to create. It is the key to recovery and it depends upon the simple expedient of balancing the budget in the only way left to us—by reducing
spending by about one billion dollars."
Under-Secretary of Treasury Ballantine Cites Necessity
of Bringing Public Credit to Support of Financial
and Credit Structure of Country Through ReconstrucLion Finance Corporation—Address in New
York at 143rd Anniversary of Creation of Treasury.
Speaking at the George Washington bicentennial exercises in Federal Hall at Bryant I'ark, New York, on Sept. 2,
In honor of the 143rd anniversary of the creation of the
Treasury, Arthur A. Ballantine, Under-Secretary of the
Treasury, stated that "the provisions for additional revenue
and steps taken for reduction in Government expenditures
have constituted the first major step in the reconstruction
program to meet the depression." "In this emergency
period," said Mr. Ballantine, "It has been necessary to bring
the public credit of the United States to the support of the
entire credit and financial structure of the country. This
has been accomplished through the Reconstruction Finance
Corporation. The "United States Daily" of Sept. 3 gives
the following account of Mr. Ballantine's address:
Big Income Tax Business.
The Treasury expects 8,000,000 individuals to file income tax returns
next year as the result of the budget-balancing legislation embodied in
the Revenue Act of 1932, according to the Under-Secretary. Since the
income tax was first enacted the Government has collected $33,000,000,000
from it and has handled 85,000,000 returns, Mr. Ballantine said.
Each year the Treasury handles $20,000,000,000, having grown during
the 193 years of its existence from a department handling $20,000,000, the
Under-Secretary said. His address follows, in part;
Never has intelligent administration of the principal function of the
Treasury, the management of the finances, been more important than it is
to-day. In the first years of the new Government, total annual expenditures were about $5,000,000 and the total funds handled by the Department
each year were about $20,000,000; to-day annual Federal expenditures
are about $4,000,000,000 and the total funds handled each year by the
Treasury Department have grown to the tremendous sum of $20,000,000,000.
The Treasury handles the funds of the Government so well and faithfully
that we seldom realize that the collecting, disbursing and accounting of
billions of dollars each year require the never-failing services and attention
of a large group of highly-trained officers.
Daily Deposits Made.
Internal revenue collected in each of the 64 collection districts by Government officials acting under the Commissioner of Internal Revenue, and
customs collected at each of the 299 ports of entry under the administration
of the Commissioner of Customs, and deposited daily In a Federal Reserve
bank or other designated depositary. Daily these institutions report to the
Treasury all receipts and disbursements on Government account and in the
office of the Treasurer a highly efficient staff analyzes the reports.
The summary of their work is published as the Daily Statement of the
United States Treasury, which shows in detail current receipts and expenditures with totals for the fiscal year to date together with specification of
the amount and location of the funds on hand. The daily report which the
Treasury thus makes available to the public is a unique practice in Government finance.
Treasury Maintains Touch With Millions.
Collecting the Federal revenues to-day brings Treasury officials into
direct contact with millions of citizens of the country, largely through the
administration of the income tax. Prior to the World War, when receipts
were derived primarily from indirect taxes, that is, duties on imports and
the internal revenue taxes on distilled spirits, fermented liquors and
tobacco, the average citizen was little aware of his contribution to the
Federal Government. To-day the income tax has become the principal source
of our revenues and four millions of individuals and hundreds of thousands
of corporations file returns each year. Next year, under the Revenue Act
of 1932, no less than eight million income tax returns are expected to
be filed.
The magnitude of the task of administering the Federal income tax may be
judged by the fact that in the 15 years from 1917 to 1931, Inclusive, the
Treasury collected more than $33,000,000,000 in income and profits taxes;
it had to deal with not less than 85,000,000 returns, showing tax liabilities
ranging from nothing to hundreds of millions of dollars. All returns had
to be checked, and those of any size or calling for special attention had to
be investigated in the field. All indicated changes in the liabilities
reported had to be taken up with the taxpayers end settled. That great
task has been faithfully and impartially performed.
Sound management of the finances of the Government, according to the
traditions established in the early days of its history, was never more
evidenced than during the 11 years following the World War, and prior to
the depression the greater part of the period having been under the leadership of Secretary of the Treasury Mellon. The Treasury Department
recommended prompt action for reduction In expenditures, payment of
the great war debt and revision In the emergency tax system. During
this 11-year period expenditures were reduced from the high war level of
nearly $19,000,000,000 for the fiscal year 1919 to an average of leas than
$3,700,000,000 for the eight years ended with the fiscal year 1929.
Volume 135
Financial Chronicle
Recent Legislation on Taxes Reviewed.
Four revenue acts were passed, those in 1921, 1924, 1926 and 1928,
through which the elaborate war-time tax system was converted into the
comparatively simple and less onerous system adapted to a period of peace
and prosperity. The great war debt was reduced from over $25,000,000,000
on June 30 1919 to $16,000,000,000 on June 30 1930, or by about one-third.
The reduction in debt and the refunding operations effected during this
period brought about a decrease in annual interest charge amounting to
$448,000,000.
One of the functions of the Secretary of the Treasury which cells for the
soundest financial judgment is deciding when and on what terms Government
issues shall be placed. Management of the public debt was very important
during the post-war period. Refunding operations which so reduced interest
charges, involved the substitution for outstanding obligations of other
obligations carrying lower rates of interest. Terms of the new debt thus
Issued were planned with a view to maintaining a distribution of maturities
convenient for the use of funds available for debt retirement and also for
the accomplishment of future refunding operations when market conditions were advantageous.
During the depression responsibilities of the Treasury Department have
been no less serious than during the days of the World War. With decreasing volume of business, revenues declined while Government expenditures
increased in response to the demand for outlays for relief of the depression.
Federal finances for the fiscal year 1930 were not affected perceptibly
and the year showed a surplus of $184,000,000. In the latter part of
the fiscal year 1931 the finances reflected the depression in marked degree,
and the year closed with a deficit of $903,000,000 and an increase in the
public debt of $616,000,000.
Statement of Secretary on Deficit Quoted.
In the 11-year period ended June 30 1930 the public debt had been reduced
In an amount which exceeded statutory requirements by $3,460,000,000.
This acceleration of the debt retirement program might be considered to
have created something in the form of a reserve upon which the Government
was justified in drawing during lean years. In the fall of 1931, when it
was clear that owing to the continuance and intensification of the depression, continued and larger deficits were in prospect unless decisive steps
were taken, the Secretary of the Treasury urged immediate action for
regaining a balanced budget and retaining the public credit unimpaired.
He declared:
"If the public credit is to be maintained there are certain basic principles that must be observed in the conduct of national finances. First,
the sinking fund assigned to gradual retirement of the public debt must be
maintained. . . . Second, over a period of years revenues must be
equal to expenditures. Deficiency in revenue for a time may be inevitable,
owing to operation of the emergency conditions, but must not be allowed
to continue. Observance of these principles in the conduct of our Federal
finances requires, in addition to continued effort to reduce expenditures,
a very substantial increase in the revenues through taxation." Definite
taxes were proposed to meet this urgent situation.
Treasury Co-operation on Revenue Act.
During the anxious months that followed the Secretary of the Treasury
was continuously engaged in the campaign to secure from Congress and
from the people throughout the country support of this fundamental policy,
a balanced Federal budget.
During the winter and into the summer of 1932 the Department co-operated continuously with committees and members of Congress on the detailed
work which resulted in the Revenue Act of 1932, signed June (3. This Act,
It is estimated, will raise more than $1,100,000,000 of additional revenue,
Including postal receipts, during the fiscal year 1933. The Treasury
stressed continuously throughout this period the importance of its fiscal
policy with particular reference to reduction in expenditures over which it
had no immediate jurisdiction except for its own Department. Important
steps for reduced expenditures were taken by Congress in the so-called
Economy Act, signed June 30 1932.
The provisions for additional revenue and steps taken for reduction in
Government expenditures have constituted the first major step in the reconstruction program to meet the depression. The public credit, which is the
particular charge of the Treasury Department, has been put on an unquestioned basis. It is the keystone of the arch supporting the entire business
structure of the country.
In this emergency period it has been necessary to bring the public
credit of the United States to the support of the entire credit and financial
structure of the country. This has been accomplished through the Reconstruction Finance Corporation, of which the Secretary of the Treasury is a
director. This organization, with its great reservoir of credit supplied
through public issues, was created to combat the depression, and the
assistance it has given to institutions, such as banks and railroads, has
made secure to millions of our people their savings in the form of bank
deposits and insurance policies.
Reconstruction Loans Exceed Billion Dollars.
Loans made in the first five months of its operation totaled more than
$1,000,000,000 and reached over 4,000 financial institutions. Seventy per
cent, of the 3,600 banks receiving loans were located in towns with less
than 5,000 population. Loans thus made have brought relief affecting
the savings of many millions of individuals throughout the country. All
this has been possible primarily as a result of prompt steps taken
to
safeguard the public credit.
On its birthday celebration to-day the Treasury represents a great
and
vital department of your Federal Government. Established by
Hamilton
on sound lines, the development of the Department has responded to the
changing needs of the country. Through the passing years since the date
of
Its foundation, it has built up a notable tradition and esprit de corps,
carried on and maintained by a body of civil servants whose devotion to
their work is nowhere surpassed.
Public Debt Now Approaching Highest Point in Seven
Years—Reconstruction Fund and Home Loan
Banks Factors in Growing Obligation.
The gross public debt will stand at a higher level on
Sept. 15 than at any time within the last seven years, and
the excess reductions effected in It during the 11 years
ended 1930 will have been more than offset by increases in
the debt since that date, according to Treasury Department
figures made public Sept. O. The "United States Daily" of
Sept. 7, from which we quote, also said:
When the Treasury completes its Sept. 75 financing the debt will stand
at $20,504,700,000, the highest point since it WAS $20,516,272,174 on
June 30 1925, according to the statistics. The per capita indebtedness
1759
will be $164.11, on the basis of an estimated population of 124,947,000,
the figures show. Additional information made available follows:
Recent Demands for Funds.
Demands on the Treasury by the Reconstruction Finance Corporation,
by the Home Loan Bank System and for the deficit on current running
expenses continue to require additional borrowings and further increases
in the public debt. The Home Loan banks may not call upon the Treasury
for more than $125,000,000, and the deficit is no longer advancing so
rapidly. It now is smaller than the deficit on the same date a year ago.
Since the beginning of the fiscal year on July 1 the Treasury has
had to increase the public debt by $1,017,700,000, including the Sept. 15
operations which the Treasury announced Sept. 6. The increase in the
debt since it reached its post-war low on June 30 1930 has amounted to
$4,319,400,000.
Reductions Wiped Out.
This increase during the last 27 months has more than wiped out the
reductions in the debt in excess of legal requirements which the Treasury
made in the 11 years ended June 30. Excess of receipts over expenditures
during those years enabled the Treasury to reduce the debt by $3,460,000,000 more than the law required.
The excess of reductions has been regarded by the Treasury as an elastic
element upon which the Government could rely when the depression and
continued deficits forced it to begin increasing the debt by borrowing
again. This margin has now been used up.
Ownership of Securities.
More than 35% of the securities which forms the public debt are held
within the Federal Reserve Banking System. On June 30, when the debt
stood at $19,487,000,000, the Federal Reserve banks and the member
banks held 38%, or $7,428,800,000, of the total. Since that time both
the Reserve and the member banks have been increasing their holdings,
the latter more rapidly than the former.
Both the Reserve and the member banks hold more Government securities
than ever before in their history, the Reserve banks as a result of their
heavy open market operations and the member banks as a result of their
desire for liquidity. On June 30 the member banks held by far the larger
share, $5,627,800,000.
Radio Address of Jesse H. Jones of Reconstruction
Finance Corporation on Use of Federal Cash and
Credit Said to Assure Business Revival—Loans of
Corporation.
Judicious handling of the vast amount of money and credit
placed at the disposal of the Reconstruction Finance Corporation, "the largest governmental peace-time undertaking
in the history of the world," coupled with the rehabilitation programs of public and private agencies will get business
under way, start employment, and end "an exceedingly
tragic era," declared Jesse II. Jones, member of the Board
of Directors of the Corporation, Aug. 29, in a radio address.
We take the foregoing from the "United States Daily" of
Aug. 30, which in giving the text of Mr. Jones's address
continued:
•
Mr. Jones stated his belief that, without the Corporation, there would
have been a complete collapse of all trade and industry and finance, at
least for a time, and that a general moratorium was just barely escaped.
Loans Total $1.331,724.000.
Figures on loans down to Aug. 25 were made public by Mr. Jones in
his address. Between Feb. 2, when the Corporation began business,
and Aug. 25. 7.349 loans had been approved to 5.520 Institutions for an
aggregate amount of $1,331.724.000. or approximately $7.500.000 per day.
As of Aug. 25. $1.103,896.000 had been disbursed, and $136,951,000 repaid.
In addition. 507.000 individual seed loans aggregating $64,000,000 had
been made to farmers through the Secretary of Agriculture.
There has been too much reluctance on the part of banks and other
financial institutions to borrow for the purpose of relending. In Mr. Jones's
opinion. Congress created the Reconstruction Finance Corporation, he
said, to enable them to help those who need to borrow.
Congress was right in its opinion that, within a period of three years or
five at the most, there should be such a recovery and return to normal
condition as to make lending by the Corporation no longer necessary, Mr.
Joiies declared. They undoubtedly had that in mind, he said, when they
provided that loans should not be for a period of more than three years.
with possible extensions to a total of five years.
End Foreseen by Congress.
Since the publication of the Corporation's report to Congress on its
loans, the Corporation has been receiving many protests and appeals from
borrowers that their loans not be published, he said, adding:
"While the fear is perhaps well founded in some instances, actual bank
runs have been stopped by the widest publicity of the fact that the Corporation had come to the rescue of the bank."
He said the Corporation directors want all qualified money-lending
agencies with security to borrow money from It and to relend the money so
as to relieve distress, furnish employment and stimulate business and trade.
Mr. Jones's address, which was broadcast under the auspices of the
Washington "Star," follows in full text:
Board of Seven Prorided.
The Reconstruction Finance Corporation was created by an Act of Congress in January of this year
It is non-partisan, the management being vested in a board of seven
directors consisting of the Secretary of the Treasury, who is ex-officio a
member, and six other persons appointed by the President of the United
States by and with the advice and consent of the Senate.
Originally the Governor of the Federal Reserve Board and the Farm
Loan Commissioner were also ex-officio members, but Congress amended
the Act, eliminating these two.
The directors took the oath of office on Feb 2 and started work
Creation of Organization.
The first order of business was the creation of a Nation-wide organization
to make loans to meet emergencies. In addition to the general office in
Washington, the Corporation has 32 agencies or branches throughout the
United States.
In passing the Act, Congress named the Federal Reserve banks as fiscal
agents of the Corporation. This was a wise provision for the reason that
It made available to the Reconstruction Finance Corporation the facilities
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Financial Chronicle
of the Federal Reserve banks, which are custodians of all notes. collateral
and securities on which the Corporation lends money, and the funds are
all disbursed and repaid at and through these Federal Reserve banks.
In most cases, the Reconstruction Finance Corporation pays nominal
rent to these Federal Reserve banks. Also, It has the benefit of the private
wire service of the Federal Reserve system. This wire service, and these
facilities, enable the Corporation to act with more dispatch In meeting
emergency situations than otherwise would be possible.
While there is no affiliation, or joint management, between the Reconstruction Finance Corporation and the Federal Reserve banks, this provision
of Congress has proven extremely helpful to the Corporation, as well as a
source of economy to the Government.
Each branch of the Reconstruction Finance Corporation is in charge of a
manager, employed and paid by the Corporation. In every instance the
manager is aided by a local advisory committee composed of bankers and
business men in the particular locality. These committeemen are named
by the directors of the Reconstruction Finance Corporation, and serVe
Without compensation.
Describes Procedure in Granting Loans.
,
All loans to banks, insurance companies, mortgage loan companies
agricultural credit associations, livestock associations, building and loan
associations and joint stock land banks are made at the agencies and the
Collateral is held there, and the money disbursed and repaid there. Loans
to railroads, the farm loan banks and Federal Intermediate Credit banks
are made at Washington.
Applications for loans are made at those branches, and after the manager
and his advisory committee make a thorough examination of the collateral
offered, and the purposes of the loan, the application is sent to Washington
with a full description of the collateral, together with an explanation concerning the reasons for the loan, the public interest involved, &c.
At Washington the application is re-examined by a special examiner and
a review committee. This examiner, and the committee, acting separately,
review all of the facts pertaining to the loan, and make their recommendations to the directors of the Corporation; so the application comes to the
Board with the recommendation of the local manager and the local advisory committee, of a special examiner at Washington and a review cornmime at Washington. and is allowed or disallowed by the Board In this
way the directors are able to act with a fair degree of intelligence, both as
to the collateral offered and the public interest involved.
All applications for loans must be approved by the legal department
before the proceeds are disbursed, and, of course, all loans must be fully
and adequately secured. This is a provision of the law and not one of policy
adopted by the Board.
While loans are granted for a specified time, they may be repaid at the
Convenience of the borrower with interest to date of payment. No advance interest Is collected.
Explains Objectives of Corporation Heads.
It is the purpose of the Corporation, and the genuine desire of the directors, to provide credit, as far as it may do so under the Act, where credit
is needed, where a good purpose can be served, men put to work, and business and trade stimulated; the objective being to aid in reconstructing not
only the general economic conditions of the country, but, as far as possible.
the state of mind of those who are in need of credit.
In my opinion, there has been too much reluctance on the part of banks,
trust companies, insurance companies. &c.. to borrow for the purpose of
relending, not alone from the Reconstruction Finance Corporation, but
from any source. Most banks have been endeavoring to get as liquid as
possible, some of them too much so for the general good. Financial institutions live by lending money, and, while it is not my intention to criticize
banking institutions, or other money-lending agencies, for a too conservative policy. Congress created this great Corporation to enable them to help
those who need to borrow.
Just before adjournment. Congress broadened the activities of the Corporation so that more people and more institutions could get credit and
relief through it, and while we are not permitted to lend directly to individuals, or private corporations, except those specified in the Act, we
are making credit available to many institutions that in turn can lend
to individuals and industry in general.
I should like to say something about the personnel—the men who are
directing the affairs of the Corporation.
The board of directors, as now constituted, includes Mr Ogden Mills.
Secretary of the Treasury, and, in his absence, Mr. Arthur A. Ballantine,
Undersecretary of the Treasury;former Senator Atlee Pomerene, of Ohio,
Chairman; Mr. Charles A. Miller, of New York. President; Mr. Gardner
Cowles, of Des Moines, Iowa; Mr. Harvey Couch, of Arkansas; Mr. Wilson
McCarthy, of Salt Lake City, and myself.
Long Hours Worked by Corporation Staff.
The board is very well diversified. geographically, politically, in professions, in experience and temperament.
The managing force is composed of bankers and bank examiners, drawn
from both National and State banking; men experience and the qualifications
to fill the building and loan lending; railroads experts, attorneys and accountants. They have been selected because of their experience and the
qualifications to fill the places they occupy, and they are fairly representative of the bast men in their various lines.
For the managing force I would say that. in 40 years of business experience, I have never seen a body of men more patriotic, more tireless in
their efforts, or more Intent under rendering a real service; and this applies
with equal force to our agencies and advisory committeemen.
For many weeks in the beginning, the Washington force worked an
average of probably 18 hours a day, and even DOW it Is frequently necessary for them to work Sundays and nights.
I can say for the directors, that they recognize the enormity of the problem
placed with them, their great responsibility and the almost limitless opportunity to render a very great service to the country. They appreciate that
in their hands has been placed the lending of more than $3.500.000.000—
the largest Governmental peace-time undertaking in the history of the
world.
Directors' meetings are held daily, lasting almost the entire day. Not
infrequently meetings are held on Sunday and sometimes more than one
and sometimes at night.
There is nothing perfunctory about the actions of this Corporation,
either by the directors or by the managing force. Sufficient time is given
to every application, and every problem presented to the Corporation, so
that all phases and all bearings may be fairly understood, and as far as
Possible, a proper decision reached.
I shall not undertake to discuss the causes leading up to the creation of
this great Corporation. Suffice to say that without it, in my opinion, there
would have been a complete collapse of all trade and industry and finance,
at least for a time. And while it is admitted that conditions have been
almost unbearable, it Is probably a fact that we just barely escaped a general
moratorium.
Sept. 10 1932
Not that there was any justifiable reason for a collapse, but because of
an unaccountable fear that seemed to penetrate every nook and corner of
the world. Particularly, fear that we would be forced off the gold standard,
and this led to currency hoarding and gold hoarding to an alarming extent,
and to foreign balances being withdrawn in gold.
Hoarding of Currency and Gold Discussed.
I am glad to say, however, that this fear, this expecting something
terrible to happen the next day or the next hour, is passed, and our people
in all walks and all sections are now looking back upon those terrible days
as history—and forward to better times.
But back to the more intimate phases of the Reconstruction Finance
Corporation which I want to discuss.
Lending $3,500,000,000 and more is no light task. if ,t is to be loaned
as the law requires, upon adequate security, and as authorized by Congress.
Speaking of Congress, I want here to state that, in my opinion, no body
of men ever faced a more difficult situation, or more conscientiously felt
their responsibility to a distressed country, than did the Seventy-second
Congress. You might not have agreed with them, or with all that they
did. You might have been impatient and critical, but faced with the
problems and conditions that the Members of this Congress were faced
with, torn by their very heartstrings with appeals, condemnations, demands
and whatnot, you probably would not have done as well as they did.
The Corporation was created to provide emergency financing for agriculture, commerce and industry. As originally created, the Corporation
could lend to banks, savings banks, trust companies, building and loan
associations, insurance companies, railroads, mortgage loan companies,
Federal Land banks, Joint Stock Land banks. Federal Intermediate Credit
banks, credit unions. agricultural credit corporations, livestock credit
Corporations,
As amended, the base of the Corporation was broadened so that we could
lend to public and private agencies for self-liquidating projects, such as
bridges, water-works, tunnels, canals, markets. &c., and for carrying, and
the orderly marketing of agricultural commodities and livestock.
Creation of Regional Agricultural Agencies.
To better enable the Corporation to function in the latter respect.
Congress authorized the Reconstruction Finance Corporation to create
regional agricultural credit corporations, as many as 12 in number, one
in each Federal Land Bank district. Each of these corporations is to
have a capital stock of not less than $3,000.000, furnished and owned by
the Reconstruction Finance Corporation, and may lend to individual
farmers and stock-men for agricultural purposes, crop production, raising,
breeding, fattening, and marketing of livestock and agricultural products.
By making available ample credit for these purposes; and to these classes
of our citizenship, commodities of all kinds, including livestock, should
soon recover to at least a fair and living price. I am glad to say that
substantial advances have already been made.
These agricultural credit corporations may, with the approval of the
Reconstruction Finance Corporation, rediscount their loans with the
Reconstruction Finance Corporation, or with the Federal Reserve Bank.
and Federal Intermediate Credit banks, thus affording an almost limitless
supply of credit to our farmers and stockmen.
The Act provides that all loans of this character, and, in fact, all loans,
must be fully and adequately secured, and it will not be the intention of
the directors to make loans at inflated values, but rather at fair values,
and to enable our farmers and stockmen to carry their farm products
and livestock for a reasonable time, and to market in an orderly fashion.
These loans, as all others by the Corporation, may be for a period not
exceeding three years, though, if necessary, the Corporation has the power
to extend from time to time to a total of five years,
Congress undoubtedly had in mind that within a period of three years—
five at the most—there should be such recovery and return to normal
conditions as to make the lending by this governmental agency—the
Reconstruction Finance Corporation—no longer necessary. And, in that
respect, it is my firm belief the Congress was right.
Problem of Setting Up Regional Branches.
Another very wise provision by the Congress that runs through the Act
Is no fee, or commission, shall be paid by any applicant for a loan, and
the agreement to pay, or the payment of any such fee or commission, is
unlawful.
A phase of the work now before the Directors. that Is occupying a great
deal of their attention, is the setting up of these regional agricultural
credit corporations; and machinery for the proper consideration and appraising of the self-liquidation loans.
Locations for the most of regional credit corporations have been selected
and the personnel is now being chosen. Effort is being made to get these
banks functioning as early as possible in order that we may take care of
the feeder loans this fall, and provide funds for feeding and 'marketing
cattle, sheep and hogs.
It has long since been proven that a very excellent way to market grain
Is to feed the grain to livestock. A fat animal brings a much better price
Per pound, and, of course, weighs a great deal more than a lean one.
Feeder loans, in normal times, are very much in demand by the banks,
but it seems desirable, if not actually necessary now, to augment the usual
supply of this character of credit. These agricultural credit corporations
will also lend for carrying and marketing farm products and for crop production.
The self-liquidating loans were included by Congress in order to provide
employment especially during the coming Fall and Winter that otherwise
would not be available. It is not possible, during these unnatural times, to
finance the construction, replacement or improvement of bridges, tunnels,
waterworks, canals, markets, and such other things as are included in this
classification, in the usual way; and so the Reconstruction Finance Corporation was authorized to make such loans, or to buy bonds from States,
municipalities and political subdivisions of States for these purposes.
Loans Provided for States and Territories.
The directors of the Corporation have been fortunate in securing the
services of five of the most outstanding engineers of the country to aid
them in handling these particular problems. These engineers are Professor
C. D. Marx, Stanford University; Major General Lytle Brown, Chief of
Engineers, United States Army; John Lyle Harrington. of Kansas City;
John Francis Coleman, New Orleans, and John Herbert Gregory, Johns
Hopkins University. These men bring to the corporation a wide and extensive knowledge of engineering, and with their aid we should be able to
handle these self-liquidating projects in a fairly satisfactory manner.
Applications are now coming in for this character of activity running
into the hundreds or millions of dollars. Congress provided $1,500,000.000
extra capital for the corporation when It broadened the base to include
these projects.
The corporation is authorized to make available to States and Territories for relief and work relief, fund, to the extent of $300.000.000. These
funds are to be advanced at 3% interest and If not otherwise repaid will be
deducted from that State's allotment of Federal highway aid after 1035 at
Volume 135
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Financial Chronicle
the annual rate of one-fifth of such annual allotment, until the amount so
advanced, together with interest, has been repaid. This $300,000,000 is
to be made available for relief, when and where, in the opinion of the directors of the Corporation, it is most needed.
Illinois has already received 89,000.000 from this fund because of the
very great unemployment situation, particularly in Chicago, where approximately 600.000 people are dependent upon the public for all or part sustenance.
Funds have been advanced to Michigan for the City of Detroit; to
Louisiana for several parishes; to Wisconsin, Ohio, North and South
Dakota, and applications are coming in from a great many other States.
Funds to Supplement Local Relief Efforts.
It will not be the disposition of the directors of the Reconstruction
Finance Corporation to furnish aid from this fund to take the place of local
aid or aid that can be provided by the States or municipalities, or by private
subscriptions; but rather to supplement such local aid; and those States and
municipalities and localities which have first helped themselves by vol
untary. or other methods, will receive the most willing consideration by
the Board.
If we should grant in full all of the requests received for aid from this
fund, the $300.000,000 would not last very long, and so it is the hope of
the directors that public officials and others charged with relief activities,
will bear these facts in mind and be prepared to share with the Government
the responsibility of providing food, clothing and shelter for the needy,
during the coining Winter.
As stated in the outset, the Corporation started business on Feb. 2.
Between that date and Aug. 25. 7.349 loans have been approved to 5.520
institutions, some having been granted more than one loan. These loans
aggregate $1,331,724.000, or approximately $7,500.000 a day. Of this
amount $778,347,000 was authorized to 4,285 banks and trust companies;
538.941,000 was used in the reorganization or liquidation of 386 banks;
$79.156.000 was loaned to 630 building and loan associations; $70,423.000
to 79 insurance companies; $81.487,000 to 67 mortgage loan companies;
$1,160,000 to 10 agricultural credit corporations: $10,397.000 to 17 livestock credit corporations; $1.420.000 to five joint stock land banks: $29,000.000 to nine Federal land banks: $405,000 to three credit unions; $240,989,000 to 49 railroads, including six roads in receivership.
Of the $1,331,724,000 loans authorized. 81,103,896,000 had been disbursed on Aug. 25. and $136,951,000 had been repaid.
The above figures do not include snore than 507,000 individual seed
loans to farmers aggregating more than $64,000,000 made through the
Secretary of Agriculture.
Majority of Aided Banks in Smaller Communities.
The great majority of banks that have borrowed from the Corporation
are located in the small towns and cities, approximately 69.7% of loans to
banks being in towns of less than 5,000 population. 89.8% in towns and
cities of less than 50.000 population. Approximately 23% of all banks in
the country have borrowed from the Reconstruction Finance Corporation,
directly helping and affecting probably 10,000,000 depositors and borrowers,
and indirectly many, mtv:y more.
Approximately 18% of our loans have been granted to railroads. Congress
authorized the Corporation to make loans to railroads for specific purposes,
the payment of interest, taxes, maturities, &c., when such loans are
approved, including the security offered, by the Inter-State Commerce
Commission.
Undoubtedly these railroad loans have, in some instances, prevented
receiverships, and have had a very decided and helpful effect on the value
of railroad securities.
A great many railroad bonds are owned by insurance companies, savings
banks, and other so-called trust investments, and in avoiding railroad
receiverships the Corporation has contributed substantially to these trust
Investments. While trains continue to operate when roads go into receivership, there is nevertheless a very great demoralization, a laying off of men,
and a cessation of the purchase of supplies when receiverships occur. It is
also a fact that the railroads are the greatest employers of labor in our
'national life. These are undoubltedly some of the reasons why Congress
authorized the Corporation to make railroad loans.
Never in history have life insurance companies been required to make so
many policy loans, and, in order to make these policy loans they were
forced to either call their own loans and thereby bring hardship to their
borrowers, or to sell securities at a sacrifice price, or to borrow money.
Many have borrowed money from the Reconstruction Finance Corporation and from banks, and, in doing so, have rendered a real service to their
policyholders and borrowers.
Discusses Publicity for Corporation's Loans.
In recent weeks there has been much discussion and talk about the
publication of loans granted by the Corporation.
There is a very wide and positive difference of opinion as to whether or
not loans by the Corporation should be made public. In amending the act,
Congress inserted the provision that the Corporation should make monthly
reports of all loans granted the previous month. These reports are made
"to the President of the United States, the Senate and the House of Representatives (or the Secretary of the Senate and the Clerk of the House of
Representatives. if those bodies are not in session)." The act does not
specifically provide that loans should be published, but the Clerk of the
House of Representatives construed the law to mean that he should make
the entire report available to the public, and the first list of loans was
published Aug. 22.
Since the publication of these loans, we are receiving many protests and
appeals from borrowers that their loans not be published. There is a very
real fear that If their basso are published they will suffer a loss of confidence
on the part of their patrons and the public. In view of the tragedy and
disaster through which we have been passing, this fear is easily understood.
and is perhaps well founded in some instances; but, on the other hand,
actual bank runs have been stopped by the widest publicity of the fact that
the Reconstruction Finance Corporation had come to the rescue of the bank.
The necessity of a bank borrowing money, or the mere fact that it does
borrow money. Is no indication that it is in a weakened condition. Banks
should borrow money when It is necessary for them to do so in order
to extend credit to their customers, and to the people of their communities,
and otherwise perform the functions for which they are in business.
Want Money-lending Agencies to Borrow.
The directors of the Reconstruction Finance Corporation want all
money-lending agencies who are quaffed to borrow from it, and who have
good security to offer, to borrow money and relend It; all with a view to
relieving distress, furnishing employme t and stimulating business and
trade. This applies praticularly to banks, trust companies, Insurance
companies, mortgage companies, farm loan banks. Federal intermediate
credit banks, livestock associations, agricultural credit corporations and
the like.
By providing an abundance of credit to and through such of these qualified
borrowers as have good security to pledge, a return to normal living and
1761
normal spending and normal business will sooner be accomplished, and it
should also and always be remembered that it is the money borrower who
gives employment, buys supplies and otherwise contributes to business
activity.
Many borrowers, and some members of our advisory committees at the
agencies, have felt that the directors are not as liberal in the matter of
collateral as they might be in extending credit, but when it is considered
that we are lending money at 32 different agencies throughout the United
States on almost every form of collateral, care must be taken if the taxpayers are not to be burdened with a heavy loss.
In conclusion, let me say that it is my firm belief that by judicious bans
citing of this vast amount of money and credit placed at the disposal of the
Reconstruction Finance Corporation—taken in connection with the rehabilitation program of both governmental and private Initiative—business
can be got under way, employment started, and an exceedingly tragic
era ended.
Farm
Leaders Fear Loan Policy of Reconstruction
Corporation—Complain
President
to
Hoover that Security Demand Will Be a Blow to
Co-operatives—Assert Commission Merchants and
Finance
Bankers Will Be the Chief Beneficiaries.
In a Washington dispatch, Sept. 2, to the New York
"Times" it was stated that leaders of some agricultural
organizations are critical of the new Federal program under
which the Reconstruction Finance Corporation will make
loans to farmers and co-operatives on a strictly financial
basis. The account in the "Times" continued:
They say there is danger that the commission interests in live stock,
grain and other marketing fields will be the chief beneficiaries under the
new policy and that the Reconstruction Finance Corporation has become
a super-Farm Board, superseding both the Farm Board and the Department of Agriculture. These leaders, it is understood, have registered their
protests with President Hoover, who is studying the situation in the hope
of bringing about a solution satisfactory to them.
"We are worried to the point of alarm," Chester Gray of the American
Farm Bureau Federation said to-day. "The Reconstruction Finance Corporation must not be made the medium of junking the co-operative marketing
movement, which now appears probable unless credit facilities are afforded
these enterprises."
"Farmers are afraid of too much banking influence in farm relief," Fred
Brenckman of the National Grange said. "Those who have nothing but
the bankers' viewpoint should not be permitted to control farm relief
work. The bankers have been slow to afford credit to agriculture and I am
fearful that the Reconstruction Corporation will not be inclined to give the
farmers the same sympathetic treatment as was afforded by the Federal
Farm Board."
Fear for Co-operatives.
The farm leaders see the Farm Board passing out of the picture and the
Corporation taking its place as a lending agency. The Farm Board has less
than $25,000,000 in its revolving fund and is unable to meet the demand
for loans from co-operatives, even if permitted to do so by law. Congress
provided that the Reconstruction Finance Corporation should take over all
loans to farm organizations and virtually eliminated the Farm Board.
Some farm co-operative leaders assert that the farm-controlled marketing
agencies will gradually disappear unless they are fostered by the Farm
Board through liberal loans. As they understand it, the policy of the
Reconstruction Finance Corporation is that co-operatives will be treated
on the same terms as any other group seeking loans from the new regional
agricultural credit corporation. This means, the farmers' spokesmen say,
that commission firms and private grain operators will share in the Government credit and that co-operative enterprises will be unable to obtain
sufficient funds.
Unable to Furnish Security.
Under the Farm Board Act many co-operatives were set up, and, through
liberal loans, controlled much of the grain business. Private grain operators
have been fighting the Farm Board's policy for three years and a half on
the ground that it was destructive to private enterprise and placed the
Government in business.
Under the Reconstruction Finance Corporation Act, co-operatives will no
longer receive extensive loans without offering ample security, and it Is
contended that these co-operatives will be unable to furnish such security.
Reconstruction Finance Corporation directors insist that all existing
agencies of benefit to agriculture will be utilized in the new program, and
that they intend to do their best in providing credits where they are most
needed. The policy will he to extend credits not only to co-operatives but
also to sound private firms engaged in the grain business.
Secretary of Agriculture Hyde Urges That Preference
in Materials in Road Construction Be Given Those
Produced in This Country.
The following statement was issued Aug. 31 by Secretary
of Agriculture Hyde:
Protests have come to any attention regarding the use by road contractors of cement and other material manufacturred In
other countries
on roads supported by Federal funds,
Road construction is under the jurisdiction of the
States and territories.
The Federal Government lacks authority to point
uot that the Intent
of Congress In passing emergency appropriations
for the construction of
public roads was to afford employment. That
intent was not limited to
those engaged directly In road building, but
included as well those who
would be engaged in the production of
material In MY opinion, there is
a strong, moral Implication, arising from the
emergency character of such
appropriations, that preference in the materials
used should be given to
materials produced in this country.
United
States
Resolution
Building
and Loan League Adopts
Commending President Hoover for
Federal Home Loan Banks.
Advacating
Appreciation of President Hoover's contribution to thrift
and home-owning was expressed by delegates assembled here
in the annual convention of the United States Building and
Loan League at French Lick, Ind., when a resolution was
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Financial Chronicle
adopted Sept. 3 praising the President for his advocacy of
the Federal Home Loan Bank.
The resolution, in part, reads that whereas "he constantly
reiterated to legislative leaders the need for such a system,
thus placing behind the measure the full force of that leadership which only the chief executive of the nation can supply,"
that it be resolved "that the U.S. Building and Loan League,
in convention assembled, hereby expresses its deep gratitude
to President Hoover for his lasting contribution to the
advancement of thrift and home-owning and the widening
of the usefulness and the strengthening of the power of true
home financing agencies of the country and we record further
our appreciation for his generous recognition of the organized
building and loan business in these United States in the setting up of the supervisory board of said Home Loan Bank
system."
Organization of Clearing Houses Among Building and
Loan Associations As Adjunct to Federal Home
Loan System—Statement by Chairman Fort
40 States Adopt Suspension of Real Estate Mortgage Foreclosures.
The organization of "clearing houses" among building
and loan association leagues is under way throughout the
country and the prospect is that they, with the backing of
Federal funds, will care for all of the potential direct loan
requirements, according to Franklin W. Fort, Chairman
of the Federal Home Loan Bank Board.
We quote from the "United States Daily" of Sept. 7,
from which the following is also taken:
In addition to announcement of this "significant development," the
Chairman stated orally Sept. 6 that he believed the 60
-day suspension
of foreclosure proceedings which the Board initiated would soon embrace
every State in the Union. He stated that banking authorities of six
additional States and Puerto Rico, making a total of 40, had advised the
Board of their desire to co-operate in a "holiday" on foreclosures by closed
banking houses under State jurisdiction, just as the Federal Comptroller
of the Currency had agreed to do respecting foreclosures on homes by
National bank receivers. . . .
Growth of Proposal.
Mr. Fort declared that he was especially pleased at the expansion of
the idea, advanced first from the Virginia building and loan membership,
that the State groups of building and loan associations look for ways of
refinancing the emergency needs of their areas without allowing the applications to follow the course through to direct loans by the Home Loan
Bank of the district, as may be done under the law. The Chairman asked
the State organizations in a speech which he delivered last week at the
National convention of the United States Building and Loan League, at
French Lick, Ind., to take cognizance of the circumstances and lend their
aid.
Co-operation Offered.
"Before I left'French Lick." he added, "the representatives of building
and loan leagues in Iowa and West Virginia, and Hudson County (N. J.)
League had met and had perfected their 'clearing houses.' I cannot recall
how many State representatives inquired of me about plans for organizing
such a method of dealing with the needs within their States.
"While I am most happy over the prospects of the National scope of the
foreclosure suspension program, my satisfaction is possibly greater over
the assurance of the complete co-operation of the building and loan people.
Their action convinces me that they really mean business and that they
are not Just talking. They believe in this home loan system, and they
are going to do their part and more than their part. It is just the sort of
thing for which we hoped, but about which we could not be sure without
some manifestation."
Nation Playing "Receiver" Role, Says Engineer—
Howard Scott Finds Federal Loans "Shifting
Deficits to Public"—Calls Six-Point Plan Futile—
Can Have No Fundamental Effect on Slump, He
Holds.
President Hoover's conference of 350 American business
men last week, in Washington, contributed nothing to the
economic welfare of the country except the issuing of "pronouncements of a nebulous character" that lack any sustaining facts, according to Howard Scott, director of the energy
survey of North America, which is being conducted at Columbia University by the group of engineers known as
Technocracy. The foregoing Is taken from the New York
"Herald Tribune" of Aug. 30, which also had the following
to say regarding Mr. Scott's views:
With the Government loaning money by the millions of dollars to banks,
railroads and corporations, the National Administration has become merely
a receivership organization for innumerable Insolvent corporations, he
holds, while the distribution of employment through a reduced working
week, as suggested in the six-point program at Washington, Is "shifting
the burden of employment on the backs of wage earners." He ridiculed
the President's assertion that the country has "turned the corner."
"The optimism on Friday [Aug. 26] at the White House hasn't a single
fact to sustain it," he said. "What has been done so far Is that the
Administration, through its control of these United States, has taken over
the de facto ownership of innumerable corporations, banks, railroads and
private corporations. That is, the people who now in reality own these
corporations will, from the political and legislative point of view, be
merely carrying the deficits, so that the assets may In some future date
be turned back to the original owners.
Sept. 10 1932
Sees Debts Shifted to Public.
"President Hoover likens the present situation to the late war. During
that unpleasantness the railroad corporations found it advisable to stall
off this debacle of to-day by being taken over by the United States Govern.
meet. Asncilar move is being repeated in this economic war on a much
wider front.
"The political administration is attempting through its varied organizations to act as receiver in general for the majority holders of debt certifi.
cates. That is, that all the deficits of what are really insolvent corporations
are placed on the shoulders of the general public.
"The six-point program assumes that the forces which have been the
cause of our decline have ceased. It must, therefore, assume that there are
at present new forces that have not been in operation over the period of the
last three years, but have become operative in the immediate present. The
general index of all production and all employment shows no change in the
last week from the previous declination tendencies exhibited in the last
three years.
"There is nothing in the President's statement that would give an intelligent business man anything to work on for the recovery of his particular
line. We would like to see something specific in these so-called upward
tendencies. The six-point program in its pronouncements has not disclosed
any of the basic factors conditioning the state of business. It has indulged
in general pronouncements of a nebulous character.
Calls Shorter Hours Ineffectual.
"Such things as the reduction in working hours as a means to distributing
employment would be only efficacious in distributing the total amount of
employment to a lesser portion per individual. It would be like cutting
one pie into six pieces instead of four. No such move can have any other
effect than that of lowering the wage accruals of those already employed on
full-time basis. While the total number of employed would increase, the
average wage per employee would be lowered.
"The reduced working week would be merely shifting the burden of employment on the backs of the wage earners, thereby lowering the purchasing
power of those now employed. Unless the distribution of employment by a
reduction of working hours is accompanied by the same rate of wages as
occurred at full-time hours, there can be no benefit, and it will lead to
further dire results.
"As for the rise in commodity prices, we maintain that all price
inflation through the efforts of the market and commodity finance corporation to shove commodity prices upward when the total wage remains the
same or even further contracted, tends to a still further reduction in the
general purchasing power of all employed persons. Salaries decreased 6.3%
In July over June; total employees fell over 3% in the same period, and
yet commodity prices increased 3%.
"Any program, whether five, seven or nine points, will have no fundamental effect on the forces which are conditioning the operation of our
On d ute iii,l mechanism, because they are purely palliative and economic
i p ia sts ,
a
Chairman Fort of Federal Home Loan Bank Board in
Address Before United States Building and Loan
League Urges Subscriptions to New Banks.
Franklin W. Fort, Chairman of the Federal Home Loan
Bank Board, urged delegates to the convention of the
United States Building and Loan League at French Lick,
Ind., Sept. 2 to do their best to help make a success of the
new system. A dispatch to the New York "Times" said:
He appealed for a liberal subscription to the capital stock of district
home loan banks, with the argumenethat relief of tension on home borrowers
will pave the way for substantial improvement of general business.
He charged the building and loan Interests with the duty of forming
district committees, which immediately would meet credit committees
of business and industrial interests which grow out of President Hoover's
recent economic conference in Washington Had the Home Loan Banking System been in operation a few years earlier,
Mr. Fort said, speculative building booing, which injured many cities,
would not have been possible.
Suspension of foreclosures until the Board begins to operate was also
proposed by Mr. Fort.
Warm interest in the success of the new system was expressed by President Hoover in a message to the delegates.
Success for the System was predicted by Dr. John Giles, Board member,
because, he said,"the home is admittedly an investment in human loyalty."
"If this System does what we believe it will do. and what you gentlemen who are gathered here have the power to make it do." he declared,
"neither the home owner nor officers of building and loan associations
will ever again have to touch the depths of agony that so many have explored in the last few years."
Superintendent Broderick of New York State Banking
Department to Seek Refinancing of $10,000,000 of
Mortgages from Federal Home Loan Bank in Local
District.
Application will be made to the Federal Home Loan Bank
when it opens for business in this District about Oct. 15 to
help refinance 810,000,000 worth of mortgages, most of
them on small homes and apartments, it was announced on
Aug. 27 at the offices of Now York State Superintendent of
Banks, Joseph A. Broderick.
The New York "Times" of Aug. 28 in indicating this said
the announcement was made after Mr. Broderick had telegraphed Franklin Fort, Chairman of the Home Loan Bank
Board,in Washington,that he would co-operate in the request
that receivers of closed banking institutions in this State refrain from foreclosing on mortgage obligations for 60 days.
The "Times" went on to say:
Mr. Broderick in his telegram to Mr. Fort said he was fully In accord with
the principle of not foreclosing on these mortgages, that the Banking Department had been practicing this principle and that the Superintendent
Intended to co-operate in every way possible. Mr. Broderick's telegram
was in reply to one Mr. Fort sent. . . .
In connection with the exchange of telegrams Mr. Broderick made It
known that the Banking Department for many months had been protecting
Volume 135
Financial Chronicle
held by closed banks. The
small home owners whose mortgages were
many instances were successful.
efforts to refinance, said Mr. Broderick, in
in this State shows that it will
A survey of the mortgages held by banks
worth in October. Of this
be necessary to refinance about $10.000,000
banks out of New
amount about $4,000.000 in mortgages is held by closed
York City. The rest is in this city.
bulk of them are
Some of these mortgages. it was said, are due. The
to have various financial
not, and Mr. Broderick has been endeavoring
so that the liquidators of the closed banks
agencies refinance the mortgages
might have funds with which to pay dividends
to the State Emergency Relief
It was pointed out yesterday that appeal
The Banking
Committee was made by the Banking Department to help.
instances where a small home owner had no
Department was told that in
save the home,
means, and the payment of taxes, or interest or both might
such aid would be given.
most
The Banking Department has not found many such instances. In
the owner of the real estate
of the cases refinancing is all that is necessary,
holding the
being able to take care of the interest payments to the bank
mortgage.
and prevent
There has been a disposition all along the line to co-operate
foreclosure of mortgages, Mr. Broderick declared. He said this had been
as well as among active
true in the case of savings and loan associations
banks.
in favor of any "construcIt was said that the Banking Department was
toward small property
tive" attitude the banks in the State might show
were being held. The survey disclosed that
owners whose mortgages
"property owners as a whole were not being crowded and that arrangements
for refinancing wherver possible were being carried out."
The Banking Department is reported as having been particularly successful in the up-State sections in the effort to prevent mortgage foreclosures.
The banks closed up-State in the last 18 months have been carrying a
the
number of mortgages, and the liquidators have succeeded in making
necessary arrangements with other institutions or savings and loan assocof these mortgages.
ciations to advance money to take care
This has enabled the home owner to carry on with the mortgage and has
the depositors
also made it possible for the liquidators to pay dividends to
was met in New York
and creditors of the closed banks. The same situation
was somewhat more difficult.
City in the same way, but the refinancing
The mortgages up-State were not so large as in New York City. They
ways, it was said, to
were more widely distributed. It was easier in many
are
get the necessary refinancing. In this city, because the mortgages
there was a disposition to help on
larger, it was harder to place them, but
that could take care of the refinancing.
the part of institutions
t
Mr. Broderick and his assistants said yesterday the establishmen of
will give
the Federal Home Loan Bank hero should be of great help. It
mortgages and the
the opportunity to the home owners to refinance their
banks will find it easier to help in this direction.
The Banking Department officials were much gratified at the prospect of
having an additional agency here through which the mortgages could be
refinanced. They expressed the belief that the relief thus offered would be
wide and beneficial to all concerned.
Governor Bryan of Nebraska Describes Mortgage
Moratorium of Federal Home Loan Bank Board As
"Political Manoeuvre."
According to Associated Press accounts from Lincoln,
Neb., Governor Charles W. Bryan (Dem.), on Aug. 27
called the request for a moratorium on foreclosures on all
mortgages held by closed banks a political manoeuvre by the
Hoover Administration. He expressed his views in a
statement said the dispatch which added:
He said ho was sorry that the Administration did not "fix the moratorium
to extend beyond Election Day."
The Nebraska Banking Department under his administration, Mr.
Bryan said, had consistently followed a policy of withholding foreclosure
actions wherever possible.
E. H. Lulkart, Secretary of the State Trade and Commerce Department,
said no foreclosure actions would be started within the next 60 days.
United States Treasury to Appeal Relief Building Cut
—Holds That Congress Did Not Intend 10%
Reduction to Apply to Program in Behalf of
Unemployment.
Treasury Department experts have interpreted the ruling
of Comptroller General McCarl, cutting the Federal relief
construction program 10%, as meaning that $10,000,000 will
be lopped off the $100,000,000 provided in the WagnerGarner bill for the relief of unemployment. A dispatch
Sept. 8 to the Now York "Times" from Washington indicating this also said:
Opinions had differed whether the lump sum was to be cut or whether
the entire amount would be available, with the limit of cost of each specific
project reduced 10%. Experts at the Comptroller General's office had said
informally that the Treasury would get the entire $100,000,000.
to reverse his decision
An appeal will be made to the Comptroller General
to the office of Ferry K. Heath,
and eliminate the 10% reduction, according
Assistant Secretary of the Treasury.
to consider this to the
In asking for an opinion relative intent of Congress
believed that it was the provision
cut, the Treasury glad that "it Is not
as a modification by law" of the
(the 10% cut of the economy bill)
relief act.
the Comptroller held that the salaries of officials
Another decision by
Bank System paid by the Federal Governand employees of the Home Loan
ment must be reduced 10%.
On the previous day (Sept. 7) advices to the New York
"Times," said:
The 10% cut in expenditures provided in the economy act applies to the
nt
building program included in the
unemployme
$100,000,000 Federal
McCarl ruled to-day.
relief act, Comptroller General
Comptroller's office experts said that while the Treasury would
At the
, each specific project selected by the Treasury
get the entire $100,000,000
Departments must be cut 10% from the limit of cost conand Postoffice
bill originally enacted by Congress.
tained in the authorization
interpreted the decisitm to mean that the
Treasury experts had at first
to $90,000,000, as would the other
$100.000,000 total would be reduced
1763
expenditures provided in the relief act. The total program was S322,224,400, including Federal-aid highways, flood control, rivers and harbors,
navy yards and other projects. There was no option as to the carrying out
of these projects, however, except in the case of the $100,000,000 building
program.
Secretary Mills was studying the building program situation to-day and
-morrow, to issue a decision as to what would be done.
planned, probably to
His announcement will determine whether the lump sum will be cut or
whether each specific project will be reduced. If the latter course is provided for, a greater number of projects may be constructed under the
appropriation.
Treasury "Still Up in the Air."
"We are now interpreting the decision to mean that the Treasury gets the
$100,000,000, but that the limit of cost in each project will be cut 10%,"
The matter is
a high official said. "However, we are still up in the air.
being studied carefully by the supervising architect's office under the
direction of Assistant Secretary Ferry K. Heath. The decision probably
will be ready to-morrow."
by the
In a letter to Mr. McCarl, Secretary Mills said the selection
under the
Secretary of the Treasury and the Postmaster General of projects
the selections
optional program would depend considerably on whether
n document or
could be made on the limit of cost stated in the authorizatio
the estimate of cost.
whether they must be considered on the basis of90% of
After outlining in his reply the provisions of the economy Act and Relief
Bill, Mr. McCarl, said
that
"In specific answer to the question submitted, I have to advise of the
the
funds made available for public buildings by Section 301 (A) (10)
and corstruction act of 1932 (the $100.000,000 optional
emergency relief
of 10% as provided in
building program) are subject to the reduction
Section 320 of the economy act."
The original interpretation of a 10% reduction was to a degree based on
building
the apparent sentiment in Congress that owing to the reduction of
d
costs about the same amount,of construction work could be accomplishe
for 10% less money.
Had Sought to Add Jobs.
Furthermore, when Congress adopted the 10% cut it had In mind an
in Government
economy measure which obviously meant a reduction
expenditures. On the other hand, in providing the additional appropriaemployment.
tion, Congress sought to create new
applied
At Mr. McCarl's office it was said that while the specific decision
it applied also to the
only to the $100,000,000 for building, by implication
in addition
entire $322.224,400 in the relief bill and $7,436,000 appropriated
for technical construction at air fields.
this paragraph
Mr. MeCarl's letter contained
of
"It will be noted that Section 320 requires a reduction of 10%law the
for
the
limit of cost as fixed by authorizations 'heretofore' granted by whether an
and public improvements,
the construction of public buildings
appropriation therefor has or has not been made.
n
n and
'In the case of Sectior 301 (A)(10). the authorizatio1932. appropriatio
an emerJuly 21
are concurrent and did not become law until expenditure of As
$100.000.000
relief matter Congress authorized the
gency
in
for projects to be selected from document 788 within the limits specified as
this document, and then qualifies this provision by the words 'except
modified by law.'"
Relief Work Program.
The relief measure provided for the following expenditures
Amount.
/tem—
S120,000 000
Federal aid highways
16.000.000
Directed road construction
30.000.000
Rivers and harbors
15.500.000
Flood control
10.000.000
Dam
Boulder
4.310,000
Aids to navigation
1.250.000
Coast and Geodetic Survey
10.000.0e0
docks
Navy yards and
100,000.000
Optioral public buildings
15,164.400
Army housing
8322.224,400
Total
at air fields was
The $7,436,000 provided for technical construction
additional.
a tentative list of
The Treasury and postoffice already have prepared
the projects to be included in the program.
Mortgage Relief Unit Established in New York—F, A.
Vanderlip Heads Committee to Solve Problems
Confronting Home Owners.
Definite steps were taken in New York on Sept. 8 to deal
with the problems of maturing home mortgages in the
New York Federal Reserve District. Announcement was
made of the creation of the home mortgage advisory committee, headed by Frank A. Vanderlip. The New York
"Herald Tribune" in reporting this added:
of business leaders
The committee is the outgrowth of the conference
called by President Hoover Aug. 26.
set forth
A statement issued announcing formation of the committee
problems on maturing
that the purpose of the committee will be to solve
by the New York Federal
mortgages on homes in all communities embraced
Reserve District.
, New
Suborganizations will be established in Long Island, Westchester
points out that the comJersey, and other sections. The announcement
to mediate between
mittee, acting through suborganizations, will attempt
holders of mortgages and
savings banks, mortgage companies and other
home owners.
Members of the committee besides Mr. Vanderlip include:
Rockefeller
Robert D. Elder, Vice-President; James H. Post, John D.
Henry S.
3d, Arthur W. Lawrence. Frank 0. Munson, Walter Stabler.
E. McAvoy, SecreThompson, Arthur H. Titus, Edward J. Miner and D.
tary.
Monthly Report of Railroad Credit Corporation—Loans
Advanced or Authorized Up to September 1,
$30,937,199.
The Railroad Credit Corporation on Sept. 1 1932, had
either actually made or authorized loans to railroads to meet
their fixed interest obligations totaling $30,937,199 according
filed with the
to the monthly report of that Corporation
Inter-State Commerce Commission. Collection of rate
increases under Ex Parte 103, according to the report,
totaled $31,075,145.36 in the first six months this year, the
1764
Financial Chronicle
Sept. 10 1932
increase having become effective January 4. The amount
derived from the increase amounted to $5,040,935.36 in
June.
Additional Loans Aggregating $9,335,450 to Three
Railroads Approved—Uvalde & Northern Railway
Denied Loan.
In a letter addressed to chief executives of participating
carriers and accompanying the report, E. G. Buckland,
President of The Railroad Credit Corporation, said:
Fifty-four participating carriers have applied for loans aggregating
$89.076.457. Of this amount $52,002,782 has been withdrawn from the
docket as representing requests beyond the scope of the Plan or funds which
could be secured from other sources. The remaining $37,073.675 is divided
between approved loans of $30,937.199 and deferred items of $6.136,476.
Loans made total $26.647.959 and payments total $1,065,250, leaving the
net outstanding as per balance sheet of $25,582,709.
In the first few months following organization, the Credit Corporation
was without funds and its assistance to applicant carriers was limited to
commitments that were to be taken up as fast as receipts warranted. As
a result of this situation and in furtherance of a carefully prepared program,
the Reconstruction Finance Corporation advanced against the Credit
Corporation's commitments, $16,064,942.50. It is gratifying to report
that the present outstanding commitments of $4,289,240 include but
$2,170,500 of such Reconstruction Finance Corporation temporary loans.
The Inter-State Commerce Commission this week approved
additional loans aggregating $9,335,450 to three roads from
the Reconstruction Finance Corporation, bringing the total
The report of the Corporation made public Sept. 5 follows:
THE RAILROAD CREDIT CORPORATION.
Report to Inter-Stale Commerce Commission and Participating Carriers As of
Aug. 31 1932.
Net Change
Balance
During
Assets—
Aug. 31 1932.
August 1932.
Investment In affiliated companies
$25,582,709.00
$5,137,268.00
Loans made.
Cash
2,243.767.40
628,460.58d
Petty Cash Fund
25.00
Special deposit
3,099,115.54
501,020.81
Reserved for taxes, &c.
Miscellaneous accounts receivable
83,737.64
30,537.68
Due from contributing carriers.
Interest receivable
42,783.36
127.714.78
4.289,240.00
Deferred assets
3,653,783.82d
Loans authorized—contra.
Expense of administration
89,756.18
11,140.51
Dec. 14 1931—Aug. 31 1932, inc.
Total
51,440.505.96
LiaM'ities—
Non-negotiable debt to affiliated companies
$5,040,935.36
Reported rate increases under Ex Parte 103.
Deferred liabilities
3,653.783.82d
Loans authorized—contra.
Other unadjusted credits
239.48
Income from funded securities
43,933.85
Interest accrued on loans to carriers.
Income from unfunded securities and accounts....
9,181.09
' Interest on bank balances. eta.
Capital Stock
Total
81,440.505.96
835.516.065.54
$31,075,145.36
4,289,240.00
239.43
122,358.09
27,882.61
1,200.00
635.516,065.54
d Denotes decrease.
Pennsylvania R. R. Asks $2,000,000 "Work Loan"
from Reconstruction Finance Corporation to
Build 1,500 Box Cars Solely to Relieve Unemployment.
An application of the Pennsylvania RR. for a 82,000,000
-year loan from the Reconstruction Finance Corporation
3
for construction of 1,500 box cars in the interest of uneinrnent was filed for the approval of the Inter-State Comploymerce Commission Sept. 1. The work is designed solely to
provide employment, according to the company.
The
Commission's announcement follows:
"Application of The Pennsylvania RR. filed Aug. 31 1932 for 'work'
loan from the Reconstruction Finance Corporation.
"Amount, $2,000,000 for three years.
"Purpose of loan: Construction of 1,500 box cars for sole purpose to
furnish employment to men who would not be otherwise employed this
Fall and Winter.
"Security —Note of applicant and collateral now pledged with the
Reconstruction Finance Corporation as security for loan of $27,500,000."
The application of the Pennsylvania is made in a letter
to the Reconstruction Finance Corporation, dated at Philadelphia, Aug. 30, and signed by A. J. County, Vice-President
of the road, and J. Taney Willcox, Secretary, as follows:
The Pennsylvania RR. hereby applies to the Reconstruction Finance
Corporation under the Reconstruction Finance Act for a "work loan"
of $2,000,000 to be repaid within the statutory period, and the loan to be
subject to such terms and conditions, &c., as may be mutually agreed upon
between applicant and the Reconstruction Finance Corporation, with
Interest at a rate not to exceed 5% per annum.
The security for such a loan would be the note of the applicant, and the
collateral now pledged with the Reconstruction Finance Corporation as
security for the loan of $27,500,000, heretofore approved in Finance Docket
No. 9243 of the Inter-State Commerce Commission, to wit: 818,500,000
par value of the common capital stock of the Pittsburgh, Fort Wayne &
Chicago By.: $5,280,000 principal amount of the Pittsburgh, Cincinnati,
Chicago & St. Louis RR. general mortgage series "D" 5% bonds of 1981;
$2,500,000 par value of the 5% guaranteed capital stock of the Pittsburgh,
Cincinnati, Chicago & St. Louis RR., and $11,706,000 principal amount
of the New York Bay RR. first mortgage,series "A"5% guaranteed bonds
of 1982.
With a view to increasing employment and stimulating business, applicant is prepared to construct 1,500 all-steel box cars, of 100,000 pounds
capacity, its Class X-29, with bodies 40 feet inside length, said construction
to be carried out in its own shops, provided suitable arrangements can be
made with the Reconstruction Finance Corporation for securing the funds
therefor. The construction of these cars would give employment in applicant's railway shops for about 700 men for five months working 40 hours
per week. This estimate can probably be doubled for orders and wo
to be given other industries to furnish for said cars approximately 19,000
tons of steel, and the miscellaneous specialties to fully equip the cars, which
will employ labor in outside shops and factories.
loans approved to date to approximately $306,568,956 to
63 roads. The loans now approved are as follows:
Amount
Amount
Name of Compangi—
Term. Applied for.
Approved.
New York Chicago & St Louis
b$1,400.000 3 years a$33.800.000
St. Louis Southwestern By
1,704.982
c684,450 3 years
Southern By
9,251,000
d7,251,000 3 years
a As amended. b Loans of $9.300,000 and $700,000 were approved
Feb. 21 and July 13 respectively. c An additional loan of $18,000,000 was
approved April 8, of which $17,000,000 was advanced by Reconstruction
Finance Corporation. d Additional loan of $7,500,000 approved Feb. 26.
The Commission denied the application of the Uvalde &
Northern Ry. for a loan of $50,000 on the same general
principles that it has denied loans to 13 other roads, viz.:
That the prospective earning power of the applicant and the
security offered as pledge for the proposed loan are not
such as to afford reasonable assurance of its ability to repay
the loan.
Details regarding the additional loans now approved are
as follows:
New York Chicago & St. Louis RR.
The New York Chicago & St. Louis RR,filed on Feb. 111932, an al0161cation for a loan of $33,000,000 from the Reconstruction Finance Corporation. We certified our approval of a loan of $9.300.000 for specified
purposes on Feb. 24 1932, without prejudice to consideration of additional
loans covered by the application. The aforesaid loan was secured by the
pledge of certificates of deposit representing 115.193 shares of prior-lien
stock, 14.800 shares of preferred stock and 168,000 shares of common stock
of Wheeling & Lake Erie By., and $10,500,000 of the applicant's refunding
mortgage 4;i% series B bonds of 1978.
The applicant filed a supplemental application on May 24 1932. for
approval of a further loan of $3,000,000. and pursuant thereto, on July 13
1932, we certified our approval of a loan of $700,000 to cover the cost of
improvements to the applicant's property. Under the conditions prescribed
for this latter loan, the applicant was required to pledge 15,000 shares of
the common capital stock of the Detroit & Toledo Shore Line RR.
and to agree that all of the loans to it by the Finance Corporation should
be secured, pari passu, by the Shore Line week and the other collateral
then held by the Finance Corporation as security for all such loans.
On Feb. 6 1932, the applicant filed with the Railroad Credit Corporation
an application for a loan of $4.900,000 for payment of fixed interest obligations, which were covered by the original application to the Finance Corporation. Pursuant thereto, the Railroad Credit Corporation. on July 27
1932, loaned the applicant $2,600,000, paying said loan directly to the
Finance Corporation in reimbursement for advances of a like amount for
the purpose of payment of interest duo March 1 and April 1 1932.
As security for the loan of $2,600,000 the Railroad Credit CorporaVon
required the pledge of all of the stock of the Detroit & Toledo Shore Line
RR., held by the applicant and pledged with the Finance Corporavon
pursuant to the conditions imposed in our certificate of July 13 1932. In
view of the consequent curtailment of the total Finance Corporation loans
to the applicant we amended our report and certificate of July 13 1932,
by our order of July 19 1932, in this proceeding, eliminating the cond:tlon
requiring the pledge of the Shore Line Company stock with the Finance
Corporation. Thus the total loans by the Finance Corporation to the
applicant now outstanding aggregate $7,400,000,secured by the certificates
of deposit for stocks of the Wheeling & Lake Erie By. and the applicant's
refunding mortgage bonds, pledged as security for the orginal loan to the
applicant of $9,300,000, as aforesaid
On Aug. 18 1932 the applicant filed an amended and supplemental
application, increasing the amount of the loan sought. This application will
be hereinafter referred to as the application.
The Application.
The applicant now requests a further loan of $23,800,000 of which
$23.000,000 was included in the original application The loan is requested
for a term of three years, with the privilege of repayment prior to maturity.
Advances are desired on the following dates, for the purposes shown:
Aug.$29 1932, to pay fixed charges
$1.400,000
Sept. 28 1932, to pay fixed charges and taxes
1,800.000
To pay principal of 6% gold notes maturing Oct. 1 1932
20,000.000
Jan. 1 1933, for additions and betterments
600.000
Total
823.800,000
The original application included $700,000 for the item of additions
and betterments, and $1,200,000 and $1.100,000, respectviely, for the
first two items of fixed charges. Changes in these throe items account for
the difference between the loan of $33,000,000 originally requested and the
total of $33,800.000 of loans requested to date from the Finance Corporation.
Necessities of the Applicant.
The fixed charges for payment of which the loan is requested are as
follows:
Interest duo Sept. 11932:
On the applicant's refunding mortgage, series C, 4%%
bonds of 1978
$1,347.187.50
On the applicant's second equipment trust of 1922
33,750.00
On the applicant's equipment trust of 1924
33.425.00
Total due Sept. 1 1932
e.1.414.362.50
Interest due Oct. 1 1932:
On the applicant's first mortgage 4% bonds of 1937
336,540.00
On the applicant's ref. mtge., series A, 53 % bonds of
On the Toledo St. Louis & Western RR. 1st mtge.1974 716,595.00
4%
bonds of 1950
130.000.00
On the applicant's three-year unsecured gold notes
600,000.00
Total interest
$1,783,135.00
Balance to be paid on account of taxes
16,865.00
Total Oct. 1 1932
81.800,000.00
The applicant lists the following items of extraordinary additions and
betterments for which cash will be needed in 1032:
Grade crossing elimination and additional facilities at:
Cleveland, Ohio
8429,600
Toledo, Ohio
547,000
Angola, N. Y
10.000
Extension of 1034 St. Yard at Chicago, ill
100,000
$1.086,600
Of which $155,747 will be received from escrow agent from an
amount already paid by City of Toledo
455.747
5630.853
Financial Chronicle
Volume 135
F It now appears that funds to meet the items for interest charges can not
be obtained from the Credit Corporation, and they must be financed, if at
all, by loans from the Finance Corporation.
The applicant desires to pay in full and in cash the three-year notes
maturing on Oct. 1 1932. In the event that funds to do so can not be advanced it suggests the alternative plan of payment of not leas than 50%
of the principal in cash and the extension of the remainder for a five-year
period. The loan required from the Finance Corporation to provide for
this maturity would thus be reduced to $10,000,000. The applicant
proposes that the entire loan here under consideration be conditioned upon
consent to the plan by substantially all the noteholders, the applicant's
offer to the noteholders likewise to be conditioned upon the procurement of
substantially unanimous consent to the plan.
The applicant points out in its application, that although it has earned
more than twice its fixed charges under normal conditions, its interest
charges on funded and unfunded debt,including the loans from the Finance
Corporation and the Railroad Credit Corporation, during each of the years
1933. 1934 and 1935 will amount to more than $7,700,000, and if earnings
continue at the present rate, additional financial assistance will be needed
from the Finance Corporation to meet these obligations.
In view of the urgency of the applicant's need for funds to pay the interest
due Sept. 1 1932, on its bonds, we will limit herein, our consideration to
the loan of$1,400,000 requested for the purpose of meeting these obligations,
deferring for later consideration the additional loans contemplated by the
application.
The applicant is indebted to the United States in the amount of $186.000,
representing the unpaid balance of a loan received by the Toledo St. Louis &
Western RR., a predecessor, under the provisions of section 210 of the
Transportation Act 1920.
This loan is evidenced by notes dated May 16 1921. payable in annual
installments of 546,000 to and including May 16 1935 and $48,000 on
May 16 1936.
The applicant received no loans from the Railroad Administration and
has no claims before the United States under section 209. Transportation
Act 1920.
No payments have been made by the applicant to the United States on
account of excess net railway operating income under section 15a of the
Inter-State Commerce Act, nor have any securities been pledged for indebtedness under that section.
The applicant states that no agreement has been or will be made by it
to pay any person, association, firm or corporation, either directly or indirectly, any commission or fee for the loan applied for, and that no such
Payments have been or will be made by it.
Security.
In our previous reports in this proceeding we described the collateral
deposited by the applicant as security for the loans there approved, and
stated the income received from its operations. The applicant offers no
additional security for the loan now under consideration.
The applicant's funded debt on June 30 1932 amounted to $156,749,000
consisting of bonds, equipment trust obligations and notes. Its nonnegotiable debt to affiliated companies on open account was 56.336.000.
The liens of the refunding mortgage bonds, of which $10,500.000 are
pledged for loans from the Finance Corporation are junior to other mortgage liens, equipment trusts and notes, aggregating 541,516,000. The
series 0 refunding mortgage 4%% bonds of 1978 are selling currently
(Aug. 25) at 36%.
During the first six months of 1932, the applicant's operations resulted
n a deficit in net income of $2,501,930. On this basis the applicant forecasts a deficit of $5,535,574 in net income for the entire year. Estimated
railway operating revenues, exclusive of those derived from emergency
freight rate increases, are 23% below those received in 1931, and railway
operating expenses approximately 20% below those for that year.
The applicant estimates that,including the cash actually on band Aug.4
1932, its cash receipts and disbursements throughout the last five months
of 1932 will be such that, including the loans applied for, it will have cash
on hand Dec. 31 1932 in the amount of $1,507.304.
In our report of July 13 1932, in this proceeding, we stated that the
sum of the values for rate-making purposes found by us for the owned
properties in the applicant's system,and the net cost of additions and betterments between the date of our valuation and Dec. 31 1931. would be
approximately $156,783,000.
In addition to the securities pledged, as aforesaid, the applicant has in
Its treasury available for pledging $1.955,000 of the terminal yard mortgage
6% gold bonds of 1979 of the Northern Ohio Food Terminal, Inc. The
mortgage securing these bonds carries a first lien on property of the Northern
Ohio Food Terminal, Inc., which consists of a railroad yard comprising
516,820 square feet ofland and 2.49 miles of tracks in the city of Cleveland,
Ohio. The yard was constructed during the period from 1927 to 1929 at
a total cost of approximately $1,955,000. It Is leased by the applicant
for 99 years from July 1 1929, at rentals equivalent to 6% per annum on
the cost of construction. The applicant expects, contingent upon authorization by us, to cancel the lease and acquire the property covered by the
mortgage, and to assume liability in respect of the $1,955,000 of bonds.
Conclusions.
Upon consideration of the application and after investigation thereof, we
conclude:
1. That we should approve a loan of not exceeding $1,400.000 to the
applicant by the Finance Corporation, for a period not to exceed three
years from the date thereof, to be used for the purpose of meeting fixed
interest charges on Sept. 1 1932;
2. That the applicant should pledge with the Finance Corporation, as
Part of the collateral security for the loan, $1,955,000. principal amount,
of the terminal yard mortgage 6% gold bonds of 1979 of the Northern
Ohio Food Terminal, Inc.;
3, That the applicant should agree with the Finance Corporation that
all of the securities heretofore pledged as collateral for the loans covered by
proceeding, and the bonds which
Our previous certificates and order in this
the applicant is required to pledge as security for the loan herein conditionally approved,shall apply. part passu, to all of said loans.
St. Louis Southwestern Railway.
The St. Louis Southwestern By. filed on Jan. 26 1932, copies of an
original application for a loan of 531.727,750 from the Reconstruction Finance Corporation. On Feb. 24 1932. it filed an amended application for
the same purpose and on March 31 1932, a supplement to the amended
application. In the latter application the loan requested was reduced to
$18.000,000. On April 8 1932, we certified our approval of a loan of
118.000.000 for the purpose of providing funds for paying principal and
Interest due May 1 and June 1 1932. on the applicant's consolidated mortloans.
gage bonds and outstanding bank
approval, granted the appliThe Finance Corporation, pursuant to our
1 1932. As security it pledged 523,cant a loan of $17,000,000 on June mortgage 6% series A bonds, due
refunding
903m0 of its general and
1765
in 1990, andr$474,000 of the first mortgage 4% bonds of the Southern
Illinois & Missouri Bridge Co. due 1951. That loan is further secured by
the unrestricted indorsement and guaranty by the Southern Pacific Co.
of the collection of both principal and interest. The Railroad Credit
Corporation has repaid $750,000 of the sum borrowed, and the applicant
has repaid $40,000, leaving a net indebtedness to the corporation of $16.210,000. None of the collateral was released by the Finance Corporation.
We have been advised by the applicant of the disposition of the proceeds
of the loan for the purposes specified in our report.
The applicant filed on Aug. 9 1932, a supplemental application for a
further loan to be used for the purposes hereinafter set forth.
The Application.
The further loan is requested for a term of three years, in order to provide
funds to be used for the payment of the following obligations:
Audited vouchers from June 1931 to and including June 1932-- $410.250
Interest obligations:
On equipment trust notes—
43,500
Due Sept. 1 1932
29,700
Due Oct. 1 1932
On bonds and trust certificates—
400.000
Due Nov. 1 1932
20,375
Due Dec. 1 1932_
600,157
Due Jan. 1 1933
Total interest
Principal of equipment trust notes:
Due Sept. 1 1932
Due Oct. 1 1932
$1,093.732
111,000
90.000
$1,704,982
Total loan requested
The applicant has submitted an itemized list of its unpaid vouchers.
These all represent ordinary operating expenses, and include bills for printing, material, supplies, charges for switching and other services, rentals,
car repair bills, and maintenance expenses.
The applicant has applied to the Railroad Credit Corporation for a loan
of $1,093,732 to enable it to meet the interest obligations for which this loan
is requested and has been advised that the approval of a loan of $1.020.532
needed to meet interest obligations due in November and December 1932,
and in January 1933, will be recommended to the board of directors of that
corporation. In view of the purpose of the Rialroad Credit Corporation to
grant a loan of $1,020,532 of the sum requested in the application to the
Reconstruction Finance Corporation, consideration herein will be limited to
the remaining necessities of the applicant amounting to $684,450.
Security.
The applicant requests that the further loan be secured by the collateral
security heretofore pledged by it to secure the previous loan, including the
guaranty of the Southern Pacific Co. That loan was closed In the amount
of $17,000,000, in contemplation of repayment by the Railroad Credit
Corporation of $750,000. The loan now under consideration, if granted.
will increase the total unpaid loan from the Corporation to $16.894.450,
none of which it is anticipated will be repaid by the Railroad Credit Corporation.
In our previous report we described the bonds pledged with the Corporation by the applicant, and the liens which they carry on railroad property.
We pointed out that they constitute all the collateral which the applicant
had available, except certain items which it was committed to pledge with
the Railroad Credit Corporation.
The general and refunding 5% bonds, series A, were issued pursuant to
authorization by our order of March 21 1932. They were not listed on
exchange on the date of our previous decision In this proceeding and their
value on that date is not established. They are selling currently (Aug. 25)
at 40%. There has been no change in the value of the applicant's 1st mtge.
4% bonds since April 8 1932. The price of its 2d mtge. bonds rose from 39
on April 8 to 50 during June 1932. Its 1st terminal and unifying bonds rose
from 39 to 51 during this period.
During the first six months of 1932, the applicant's total railway operating revenues were approximately 30% below those for 1931. For the same
period there was a deficit in net income of $1,518,589 after fixed charges.
The corresponding deficit during 1931 was 5456,666. On the basis of the
actual results of operation for the first six months the applicant estimates
that its operating revenues for the year 1932 will be 512.335.736 and that
there will be a deficit in net income of $3.418,834 after fixed charges. The
estimate includes revenues anticipated from emergency increases in freight
rates, but does not give effect to the payment of these revenues to the Railroad Credit Corporation.
The applicant submitted a cash forecast for the last five months of 1932
which is based upon its actual cash position on Aug. 11932. This shows
that taking Into consideration the loan applied for and payments to the
Railroad Credit Corporation there should be, on Dec. 31 1932. cash on
hand amounting to $819,000, which sum,the applicant asserts, represents
Its ordinary needs for cash working capital.
Taking into consideration loans heretofore made to the applicant by the
Corporation and by the Railroad Credit Corporation, the applicant's
fixed charges and maturities of equipment obligations will exceed 54.000.000
annually during the next three years. In the years 1921 to 1929, incl..
with average railway operating revenues of $26,080,850, the applicant
earned average annual net income of $2,221,941 after payment of interest
on funded and unfunded debt averaging $2,615.756.
Conclusions.
Upon consideration of the application and after investigation thereof.
we conclude:
1. That we should approve a further loan of not exceeding $684.450 by
the Reconstruction Finance Corporation to the applicant for a term not to
exceed three years, to be used for the payment of vouchers, principal of
equipment-trust notes, and Interest on equipment-trust notes due Sept. 1
and Oct. 1 1932, in the amounts herein before stated;
2. That the applicant should agree with the Reconstruction Finance
Corporation that all of the collateral security for the loan of $17,000,000,
as aforesaid, shall apply par passu to that loan and to the loan of $684,450
herein conditionally approved;
3. That the loan should be further secured by the unrestricted indorsement and guaranty of the Southern Pacific Co. of the collection of both
principal and Interest of the note, or notes, to be given by the applicant to
the Reconstruction Finance Corporation evidencing the loan.
Southern Railway Co.
On Aug. 11 the Southern Railway Co. filed an application to the Reconstruction F nance Coporation for a loan under the provisions of Section 5
of the Reconstruction Finance Corporation Act, approved Jan. 22 1932.
as amended.
On Feb. 26 1932 we approved a loan of 57,500,000 to the applicant.
That loan was approved for the purpose of providing funds to meet overdue
vouchers and fixed charges due on or before April 1 1932. The applicant
has reported to us that the funds from this loan were received March 1 1932,
and have been expended in accordance with the terms prescribed.
1766
Financial Chronicle
The Application.
The loan requested is in the amount of 39,251.000 and for a term of three
years. Since the application was filed the applicant has applied to the
Railroad Credit Corporation for a loan of $2,000.000 to meet in part its
interest maturities. If that loan be granted it will reduce by that amount
the loan required from the Finance Corporation to cover those maturities.
The loan is desired to enable the applicant to take care of fixed charges
maturing from Sept. I 1932 to Jan. 1 1933. incl., in the total amount of
$9,938.326.53.
The applicant states that it Is unable to obtain funds upon reasonable
terms through banking channels or from the general public. It is our view
that the question of the applicant's ability to procure the necessary funds
through banking channels or from the general public is committed by Section
5 of the Reconstruction Finance Corporation Act primarily to the Corporation.
The applicant is a party to the "Marshalling and Distributing Plan,
1931." It reports that it has paid to the Railroad Credit Croporation for
the months of January to May 1932. incl.. 3610.135.18, and estimated
that from January 1932. to March 1933. incl.. it will receive from emergency
increases in freight rates the amount of $1,710,506.15, payable to that
Corporation.
Necessities of the Applicant.
The fixed charges of the applicant may be summarized as follows:
Due Sept. 1 1932:
$500.920.00
Interest on various bonds and equipment obligations
548.000.00
Principal of equipment trusts
76.881.80
Rental
Total
Due on Oct. 1 1932:
Interest on various bonds and equipment trust notes
, Principal of equipment trusts
Rental
Total
Due on Nov. 1 1932:
Interest on various bonds and equipment trust notes
Principal of equipment trusts
Rental
4,010,794.83
Total
Due on or before Dec. 1 1932—Rental
Due on or before Jan. 1 1933:
Interest on various bonds and equipment trust notes
Principal of equipment trusts
Rental
•
$1,125,801.80
$842.656.80
57,858.80
Total
3,169,371.50
690,000.00
151.423.33
525,975.00
310,000.00
6.681.80
2,897.192.50
123,000.00
881,021.80
$3.901.214.30
Grand total
$9,938,326.53
The applicant proposes to apply the proceeds of the loan sought toward
the payment of these obligations. It is stated that the funds must be
available to the applicant on the dates and in the amounts substantially
as shown.
The applicant reports $3,723360 cash balance on hand July 31 1932,
against which there were unpaid vouchers and pay checks outstanding in
the amount of $2.234.286 and vouchers in the treasurer's office in the amount
of $1,885.574. which, if paid, would result in a deficit in cash as of Aug. 1 of
$396,000. The cash forecast for Dec. 311932.shows a deficit of $9,251.000
which may be covered by a loan of $2.000,000 from the Railroad Credit
Corporation and $7,251,000 from the Reconstruction Finance Corporation.
Security.
As security for the loan, the applicant offers to pledge $24,019,000 of its
development and general mortgage 4% gold bonds of 1956.
A condesned comparative income statement for the 11-year period
1921-1931 shows that the applicant earned its annual interest charges an,
average of 1.97 times, and had a yearly average net Income of $13,908.000.
The statement shows that the only deficit in net income incurred during the
period was in 1931, when there was a deficit of $5,835.000.
The income statement for six months ended June 30 1392, shows that the
applicant had a deficit, after charges, of $6.893,622 The Income account
as forecast for the year 1932 shows a total estimated deficit of $16.004,797.
The total unmatured funded debt of the applicant on Dec. 31 1931. was
$335,436.500. Bonds evidencing $42.971,200 of this amount were held in
the treasury and $2.000,000 were pledged as collateral, leaving actually
outstanding $290,465.300. Euqipment-trust obligations outstanding as of
-trust notes were
the same date amounted to $31.251,800. Equipment
reduced by $1.238,000 in February and March 1932, with proceeds from
the loan previously approved by us, and bonds in the amount of $18,750.000
then held in the treasury were pledged with the Corporation to secure the
loan. The applicant proposes to use $1,671.000 from the proceeds of the
-trust obliloan requested to pay installments on the principal of equipment
gations,
The applicant holds in its treasury unpledged common stock of the Fruit
Growers Express Co. of the par value of $458.400, which it has agreed to
pledge as additional collateral. It estimates the value of this stock at par.
We will also require the pledge of $323,500, par value, of the common
capital stock of the Southwestern Construction Co.
Conclusions.
Upon consideration of the application, and after investigation thereof,
we conclude:
1. That we should approve a loan to the Southern Railway Co. by the
Reconstruction Finance Corporation,in an amount not to exceed $7,251.000
for a term not exceeding three years for the purposes set forth in this report
and to be available substantially as follows:
On or before Sept.26 1932
$3,136,600
On or before Oct. 26 1932
842.655
On or before Nov. 26 1932
57,858
On or before Dec. 26 1932
3,213.887
Total
$7.251,000
2. That the applicant should pledge with the Corporation as collateral
security for the loan, its development and general mtge. 4% gold bonds,
series A, of 1956. In the principal amount of $24.019,000; 4.584 shares of
common capital stock of the Fruit Growers Express Co.: and 3323.000,
par value, of the common stock of the Southwestern Construction Co.
3. That the Corporation will be adequately secured under these conditions.
Substitution of Collateral Security for Loan.—In a supplemental report dated Sept. 3, the Commission modified its
original report and certificate approving substitution of
collateral security for the loan. The report states:
Upon further consideration of the application, as amended, we conclude:
1. That the applicant should be permitted to substitute for the $323.500
par value, of the common capital stock of the Southwestern Construction
Co., the pledging of which we required In our certificate of Aug. 26 1932.
In this proceeding as part of the collateral security for the loan of $7,251,000
Sept. 10 1932
therein approved, certificates T-11 and T-12 of the Southern Ry. series 00
equipment trust, maturing June 5 1935 and Dec. 5 1935, rsepectively, in
the amount of $123,000 each, and $2.000.000, par value, of the common
capital stock of the Virginia & Southwestern Ry.; and
2. That the Finance Corporation will be adequately secured under these
conditions.
Commissioner MoManamy did not participate in the
disposition of this case.
Mutual Savings Bank to Take Active Part in Rail Problem—Rails Regarded as Backbone of Transportation System.
Mutual savings banks for the first time will undertake a
direct part in settlement of the Nation's railroad difficulties,
it was announced on Sept. 6 by Wilson G. Wing, President
of the National Association of Mutual Savings Banks,
representing 13,432,139 depositors. The banks of this
organization hold about 15% of rail bonds outstanding.
"The newly-appointed Committee on Railroad Investments,
headed by Henry Bruere, President of the Bowery Savings.
Bank, New York, as Chairman, has not been inaugurated
with the idea of injecting a further controversial element into
the complex rail investment situation," said Mr. Wing',
"but rather as a body representing the mutual savings banks
as a National group. The committee is charged with the
responsibility of keeping closely in touch with railroad affairs,
particularly with respect to the safeguarding of underlying
bonds held by mutual savings banks." Mr. Wing further
said:
For many years our banks maintained a somewhat passive attitude
toward controversial questions with respect to the rails, in which executives,
representatives of labor, shippers, stockholders and sometimes the general
public participated.
But the very substantial investment in the soundest of rail Issues held
by mutual savings banks has inspired the appointment of spokesmen for
their interests, with the thought that their active participation in discussions which may arise will be helpful and constructive.
At the moment there is no specific program with the exception of a compilation of statistics upon which to base studies and action, when it seems
necessary and practical.
Rails, as far as present-day indications evidence, will remain the backbone of our transportation system. They are as essential to our National
economic life now as they were responsible for the development of this
Nation's resources in the early days. The extent to which they may be
co-ordinated with other forms of transportation undoubtedly will receive
attention. A properly balanced transportation system, with rails as the
key, operating at highest efficiency, and with a reasonable opportunity to
maintain themselves against competition at present subsidized by indiscrimination in taxation, is essential, and the ideal toward which progress
should be directed.
It is the desire and intent of the Railroad Investment Committee to be
constructive. The best interests of the railroads are identical with those
of the holders of their underlying bonds. The viewpoint of a group of able
men, representing In the aggregate a large investment in the soundest bonds
of our railroads, should prove of decided value, and their active participation when such Is deemed essential will be found beneficial.
Besides Mr. Bruere, the committee includes:
Robert C. Glazier, President, Society for Savings, Hartford.
S. Fred Strong. Treasurer, Connecticut Savings Bank, New Haven.
Richard E. Goodwin, Treasurer, Augusta Savings Bank. Augusta, Me.
James D. Garrett, President, Central Savings Bank, Baltimore.
Myron F. Converse, President, Worcester Five Cents Savings Bank,
Worcester.
Clifford F. Martin, Treasurer, City Savings Bank, Pittsfield, Maas.
Thomas F. Wallace, President, Farmers & Mechanics Savings Bank,
Minneapolis,
W. D. Vanderpool, President, Howard Savings Institution, Newark.
Philip A. Benson, President, Dime Savings Bank, Brooklyn.
Walter H. Bennett. President, Emigrant Industrial Savings Bank,
New York.
Samuel H. Beach, President, Rome Savings Bank, Rome, N. Y.
Stacy B. Lloyd, Vice-President, Philadelphia Saving Fund Society,
Philadelphia,
New Savings Bank Directory—Record Number of
Depositors.
A new directory of the Nation's mutual savings banks,
operating in 18 States, is just off the press. It shows depositors in the mutual institutions number 13,432,139, a
record for all time. Another change is the addition of Oregon
to mutual savings bank States, with the opening there recently of a savings institution.
There are a number of new names among the executive
officers, the last promotion being that of Roy C. Van Denbergh from Vice-President to President of the Savings Bank
of Utica (N. Y.). He succeeded Charles A. Miller, resigned to become head of the Reconstruction Finance Corporation.
The new directory of the National Association of Mutual
Savings Banks is bound in a gray cover and sells for $1 a copy.
Rail Equipment Financing Corporation Organizes—
Participating Manufacturers to Take Up $130,000
Capital Stock—Reconstruction Finance Corporation to Aid Purchasers.
Promoters of the Railroad Equipment Financing Corporation on Aug. 31 filed the formal certificate of the organiza-
4
Volume 135
Financial Chronicle
tion's incorporation at Dover, Del. The corporation has
been created to encourage railroads to borrow from the
Reconstruction Finance Corporation funds with which to
purchase supplies and finance repairs, thereby aiding
employment. The New York "Herald-Tribune" of Sept. 1,
from which the foregoing is taken, also had the following
to say:
4.
The participating manufacturers who are forming the company will
divide among themselves its $130.000 of capital stock. Although no names
have yet been announced with respect to the participants in the co-operative
organization, these will be disclosed soon when election of officers and
directors takes place. George H. Houston, President of Baldwin Locomotive Works, has acted as Chairman of the Committee effecting the
corporation.
'According to the certificate of incorporation, 10% of the sales price of
equipment will be paid to the manufacturer in cash by the purchasing
railroad out of funds loaned by the Reconstruction Finance Corporation
if its treasury is exhausted. Eighty per cent will be paid to the manufacturer by the railroad from the sale of senior equipment trust certificates
to the Railroad Equipment Financing Corporation at face value.
The corporation will then pledge these certificates for an advance of
equal amount from the Reconstruction Finance Corporation. The balance
of 10% of the purchase price of the equipment will be paid in junior equipment trust certificates, which will be deposited by the manufacturer with
the equipment financing corporation, or with the Reconstruction Finance
Corporation under a deposit agreement whereby the junior certificates,
together with cash resulting from payment of matured portions, would be
pledged as additional collateral to all loans made by the Reconstruction
Finance Corporation under this plan.
The Reconstruction Finance Corporation will have as security for each
loan:
(1) The unconditional obligation of the railroad company.
(2) Senior certificates equal to 80% of the sales price of the equipment and
(3) All junior certificates received by the manufacturers in all transactions financed under the plan, thus pooling as security for the loan in each
separate transaction the manufacturer's equities equal to 10% of the
aggregate sales price of all equipment sold.
The senior equipment certificates will mature in not more than 30 semiannual payments. The junior certificates will mature in ten equal semiannual installments beginning six months from date of issue. The dividend
rate on the certificates will be governed by the credit standing of each
road. The rate of interest on the Reconstruction Finance Corporation
loans secured by the certificates will be less than the 8% normally charged
on railroad loans.
The election of officers to head the newly formed Railroad
Equipment Financing Corporation, took place at a meeting
in New York on Sept. 8. From the New York "Evening
Post" we quote:
Harry A. Wheeler, President of the Railway Business Association and
former President of the United States Chamber of Commerce,was elected
President of the new corporation, and William A. Woodin, President of the
American Car and Foundry Company, was elected Chairman of the board.
George H. Houston, President of the Baldwin Locomotive Works, was
appointed Chairman of the executive committee, while Harrison Hoblltzelle
was chosen Executive Vice-President, George Alston was elected Secretary
and Treasurer.
The board of directors of the new corporation is made up of
officials of companies participating in its organization and was
given as follows in the New York "Journal of Commerce" of
Sept. 9: Samuel G. Allen. President of Lima Locomotive Works, Inc.
George B. Baldwin, Vice-President of General Electric Co.
William C. Dickerman, President of American Locomotive Co.
Harrison Hoblitzelle, President of General Steel Castings Corporation,
George H. Houston, President of the Baldwin Locomotive Works.
Myles B.Lambert of Westinghouse Electric & Manufacturing Corporation.
C.A.Liddle, President ofthe Pullman Car & Manufacturing Corporation.
J. F. MacEnutley. Vice-President of the Pressed Steel Car Co.
R. E. McMath, Vice-President of Bethlehem Steel Corporation.
George E. Scott, President of American Steel Foundries.
Lester N. Selig, President of General American Tank Car Corporation,
William H. Woodin, President of American Car & Foundry Co.
In addition to these, Robert P. Lamont,former Secretary of Commerce,
now President of the American Iron and Steel Institute, and Harry A.
Wheeler, President of the Railway Business Association, were also appointed directors.
President Hoover Asked to Bar Cut in Rail Wages—
Head of Teamsters' Union Says Reconstruction
Finance Board Can Dictate Policy to Borrowers.
The Hoover Administration was urged to use the Reconstruction Finance Corporation to prevent wage-cutting by
the railroads in a statement issued through the Democratic
National Committee on Sept.7 by Daniel J. Tobin,President
of the International Brotherhood of Teamsters, Chauffers,
Stablemen and Helpers. According to the New York
"Times," Mr. Tobin declared that by withholding loans to
,
corporationg pursuing policies that are anti-social, the Reconstruction Finance Corporation could give force to the
Government's announced policy against reducing the standard of living and the purchasing power of the people. Mr.
Tobin is quoted as follows:
There would be nothing of unfair coercion in insistence by the R. F. a.
that the beneficiaries of their loans conform to Government policy in the
matter of wage maintenance.
The funds of the It. F. C. are derived from the taxpayers on the assumption that they will be used to end the depression by reviving industry.
This purpose cannot be served by aiding those who would increase poverty
and joblessness.
It has appeared from the beginning that the Administration's aim has
been to help business at the top, ignoring the generally accepted conclusion—voiced even by the President himself—that depression relief can
1767
come only through increased purchasing power of the people. What good
can come of stimulating industry with loans to produce merchandise when
the present difficulties are admittedly due to overproduction?
If the Administration persists in financing corporations which are attacking the welfare of the workers it will be working to defeat its own
announced purpose and the R. F. C. becomes the most gigantic pork barrel
in history. Perpetrated when the taxpayers and the people generally are
confronting ruin.
Mr. Tobin is head of the Labor Division of the Democratic
National Committee,
20% Cut Voted for Rail Workers—Executives at Chicago Recommend Slash Effective Feb. A Next.
A committee of railway,executives, meeting in Chicago
Sept. 9, recommended that notice be served upon all classes
of railway employees that a 20% reduction in the basic rates
of pay will be made, effective next February 1, according
to an Associated Press dispatch. The dispatch further adds:
,
The committee organized and selected W. F. Thiehoff,
General Manager of the Chicago, Burlington & Quincy, as
•
Chairman.
The brotherhood and union workers voluntarily accepted a temporary
10% wage cut last February effective for only one year. Under that
agreement the basic wages would be restored Feb. 1 1933.
The railway men decided to-day, however, to ask no further temporary
cut but to serve plain notice that basic wages will be trimmed 20%. This
will bring the permanent wage rate 10% below the current rates, if finally
accepted.
The spokesman for the executives indicated they expected the matter to
follow the whole route of wage parleys called for by Federal laws. The
notices will be served upon employees by individual railroads, and thereafter will follow conferences between employees and roads, sectional and
national conferences, hearings by the United States Board of Mediation
and probably eventual decision by an arbitration board.
Further Reductions in Wage Rates Regarded as Possible
, Necessary Incident to Revival of Business by Prof.
Stone of University of Chicago.
Further reductions in wage rates may be necessary before
business recovery gets under way, Professor R. W. Stone,
of the School of Business of the University of Chicago, said
In a talk at the school on "Personnel Policies in a Period of
Business Recovery." Professor Stone said:
"Profit margins must be restored before enterprise can be stimulated
sufficiently to increase employment. Profit margins apparently can be
restored only by a further reduction in costs, and since wages aggregate
approximately 90% of the cost of doing business, any considerable measure
of coat reduction must be effected by a cut in wages.
"It should be specifically noted here that we are concerned with wage
rates and not with earnings. There has been no end of confused thinking
on this subject. A reduction in payroll resulting from lay-off, discharge,
or reduced working time may help the individual concern by conserving
its cash, but such measures do not reduce unit costs.
"Inasmuch as we did finally proceed to liquidation as a method of readjustment, it appears most unfortunate that reductions in wage rates did
not get under way at least a year earlier—in 1930 instead of 1931—thereby
advancing the date of recovery, and perhaps even avoiding the necessity
for so severe a rate reduction.
"Some consideration has been given to schemes for fewer hours of work
per day, or for fewer days of work per week. Where the experiment has
been tried, it has ben discovered that longer hours for four or five days
per week is more economical for employers and more satisfactory to employees than the six-hour day. Should there be a permanent reduction in
hours of work following this depression, as would appear highly probable,
it should in most cases be effected by reduction in the number of days
per week."
.
Workers Recalled by Delaware Lackawanna & Western
RR.
-500 Men Re-employed When Coal Mine in
Pennsylvania Re-opens.
The Delaware Lackawanna & Western RR. recalled 500
men Aug. 22 as one anthracite colliery reopened after three
months of idleness and two others were being placed in
readiness for resumption of operations, says Associated Press
advices from Wilkes-Barre, Pa., Aug. 22, to the New York
"Times." Regarding the reopening of the coal mine, the
advices said:
The Chauncey mine of the George F.Lee Coal Co.in Plymouth Township
resumed operations, while maintenance men were engaged in preparing
the Harry E. and Forty Fort mines of the Wyoming Valley Collieries Co.
for reopening within a short time.
Canadian National Rys. to Release About 55 Officials
on Sept. 1—Reductions in Wages Ranging to 40%
to Be Made.
According to Associated Press advices from Montreal,
Aug.24 S. J. Hungerford, acting President of the Canadian
National Rys., announced on that day, that on Sept. 1 there
would be further reductions in the official personnel of the
company. The advices, as noted in the New York "Times"
of Aug. 25, added:
About 55 officials will be eliminated, it was understood, and there will be
a revision of salaries paid to officers of the line, reductions ranging in some
cases as high as 40%.
The new slash,
A year ago there was a general salary reduction of 10%
Mr. Hungerford said, will reduce the salary payroll by $750.000 a year.
Financial Chronicle
1768
Canadian Pacific Ry. Recalls Workers.
Canadian Press advices from Winnipeg, Sept. 6, said as
follows:
Nearly 1,200 employees of the Canadian Pacific Ry.'s locomotive department at Winnipeg will go back Sept. 7 for 12 days' work in September.
Seven hundred men of the car department were taken on Sept. 1 to work
for 21 days.
Michigan Central Railway Recalls Workers
-200 Employees to go Back on Five-Day Week.
More than 200 employees of the Michigan Central Railway
locomotive shops were informed by the railway on Sept. 8
that they would go back to work on a five-day week on
Sept. 12 said Associated Press advices from St. Thomas,
Ont., Sept. 8. The workers have been idle for several weeks.
Workers to Be Recalled by Pere Marquette Railway.
It was announced on Sept. 9 by the Pere Marquette Ry.
that 600 former employees are to be called back to work in
the Wyoming shops at Grand Rapids, Mich., s.tid Associated Press advices from that place on Sept. 9. The men
will be employed virtually at full time.
Revised Rate Basis Recommended for Newsprint
Shipments—General Revision With Both Increases
and Reductions Is Favored in Proposed Report
to Inter-State Commerce Commission.
A general revision of the freight rates on newsprint paper,
involving both increases and reductions from the present
rate level, was recommended to the Inter-State Commerce
Commission Aug. 29 by Examiner John H. Howell in a
proposed report. The "United States Daily" of Aug. 30
110iillg this said:
The Examiner suggested a new basis of rates predicated on 6th class
rates prescribed by the Commission in the so-called "Eastern Case."
Shippers in the proceedings, which were instituted by the Commission in
1928, urged that the Commission fix lower rates, while the railroads, on
the other hand, asked for higher rates than those now in effect.
Examiner's Recommendations.
The Examiner's recommended findings follow in full text:
The Commission should find:
(1) That reasonable rates on newsprint paper, answering the description
and subject to the minima proposed by the carriers, will not exceed the
following:
(a) Within Official territory, Including Illinois and west
-bank Mississippi
River crossings as far south as Cairo, III., 6th clogs key rates or 6th class
distance rates under the basic scale, whichever are lower, prescribed in
the Eastern case;
(b) From North Atlantic ports to destinations in Official territory,
applicable on newsprint brought to the ports by water, the 6th class import
rates now in effect;
Changes in Southern Rates.
(c) To destinations in Southern territory from origins in Official and
Western trunk line territories, 25% of the lowest 1st class rates under the
key-point adjustment, under the basic (K-2) scale (extended) for the
entire distances, or under that scale for hauls In Southern territory and
the scale (Q-1) of differentials (extended) for hauls in territories north of
Southern territory, prescribed in the Southern case, with ratesfrom Augusta,
Livermore Falls, Madison and Webster the same as from the Berlin group,
and rates from Woodland, East Millinocket and Millinocket 2c. higher;
and with rates over rail-water and rail-water-rail routes made by use of
the differentials fixed in the Southern case, as proposed by respondent
carriers;
(d) Within Southern territory, 27.5% of the basic (K-2) scale described
above;
Rates from Boundary Points.
(2) That carriers subject to the Inter-State Commerce Act should
establish and apply reasonable and nonpreferential and nonprejudicial
rates from the international boundary points to destinations in the territories embraced within the investigation and the investigation-and-suspension dockets.
(3) That the carriers had no rate from the international boundary
applicable to Brockton. Mass., on newsprint originating in Canada, and
that the rate assailed in No. 20575, from Ottawa, Ont., to Brockton.
Mass., was unreasonable to the extent that it exceeded 34c. per 100 Pounds.
(4) That the rate assailed in No. 21738, applicable on imported newsprint
from Charleston, S. C., to Columbia, S. C., was unreasonable to the
=tent that it exceeded 23c. per 100 pounds.
(5) That the rates assailed In Nos. 21534, 20254 and No. 20254 (Sub.
No. 1) were not unreasonable.
(6) That the complainants in Nos. 20575 and 21738 made shipments
as described and paid and bore the charges thereon; that they were damaged
In the amounts of the differences between the charges borne and those
which would have accrued at the rates herein found reasonable; and that
they are entitled to reparation, with interest.
(7) That No. 20712 should be dismissed for lack of prosecution.
The Aug. 29 dispatch from Washington to the New York
"Times" said:
According to Mr. Nowell, the effect of the proposed rates In New York
would be increases from New England and both Increases and reductions from Now York mills. The only substantial reductions, he said,
would be from Corinth and Glens Falls.
Newsprint producers sought a reduction in the present rates In the
hope that It would stimulate buying and thus increase production Mr.
Howell, however, after examining the evidence, said the producers had
not made it clear how their condition would be improved by a reduction.
"There is no contention that It would affect the market value of newsprint," he said. "In fact the consumers, the newspapers, contend that
they, directly or Indirectly, pay the freight charges and that the measure
of the rates affects the cost to them of their newsprint supplies.
Sept. 10 1932
"It would seem to follow that any possible benefit to producers from a
general reduction in the rate level would come from stimulation of consumption.
"Several elements determine consumption and it seems doubtful that
a reduction in rate level would stimulate it appreciably."
The requests of two of the larger paper mills with plants in Canada
for an adjustment of rates more favorable to their mills located in Canada
rather than their several domestic mills were denied by the Examiner,
who pointed out that the Commission Is limited to the consideration of
the reasonableness and relation of rates subject to the Inter-State Commerce Act.
"To some extent Congress through the elimination of import duties,
has declared a National policy as to newsprint," he said, "and even were
the record illuminating (which it Is not) as to the wisdom of varying or
extending that policy, through the encouraging of domestic production or
of importations, it would be a matter for Congressional determination.
"The Commission is limited to consideration of the reasonableness and
relation of rates subject to the Act, and it seems exceedingly doubtful
that the condition of the Industry, at least in Canada, is a matter that
should be given weight in reaching its conclusions.
"All that shippers from Canada can ask is rates under the Inter-State
Commerce Act which wi;1 be reasonable and nonprejudicial."
Lower Cotton Freight Rates Authorized By Inter-State
Commerce Commission—Reduced Rates Necessary
To Meet Truck and Barge Competition, Railroad
Officials State.
Cotton shippers in the lower Mississippi Valley this year
will ship their cotton at the lowest freight rates on record,
said Associated Press dispatches from Washington on August
24, which added:
For the first time they will have carload rates and the Federal barge
lines on the Mississippi will meet the railroad rates.
The Inter-State Commerce Commission announced to-day that it had
turned down the request of Anderson, Clayton & Co. that the new low
rates filed by the railroads be suspended. As a result, the reduced rates
on cotton shipped to New England, New Orleans and Canada, will go into
effect from Arkansas, Southern Missouri and Western Louisiana on
Aug. 27 and from other points on Sept. 6.
The Inland Waterways Corporation, immediately after the Commission
released its decision, announced a cut in rates as soon as a schedule could
be worked out. Its policy has been to Maintain barge rates 20% below
railroad charges.
Railroad officials asserted that the lower rates were necessary to meet
truck and barge competition. The barge lines and shippers who use bargee
extensively declared they would be damaged by the reductions.
Heretofore railroad rates on cotton have been on what is known as an
"any quantity" rate. A farmer with 100 pounds of cotton could ship it
as cheaply per hundred pounds as one with e0,000 pounds.
The new rates will provide lower schedules for higher weight shipments.
They start with a rate of 45 cents per 100 pounds for a carload carrying
25,000 pounds and scale down to 30 cents where 60,000 pounds are loaded
in a car.
Optimism was expressed here that a joint barge-rail rate would be
worked out to the advantage of both the barge line and the railroads.
Since the principal movement of cotton does not begin until November,
It was said there was plenty of time for reaching an agreement op the
schedules before they would become operative.
From a Washington dispatch August 24 to the New York
"Journal of Commerce" we quote the following:
It is proposed by the carriers to put a carload system of rates into effect
with varying minimum carload weights ranging from 25,000 to 65,000
pounds in lieu of the present "any quantity" rates now in effect. Offering
the new schedules at a conference with the Commissioners last week, officials
of the railroads declared that only by such drastic changes could sufficient
tonnage be returned to the carriers to justify their continued participation
in the cotton shipping business.
As explained by the railroad representatives the carload basis would be
rated at fixed differentials, the rate becoming steadily less as the weight
for the shipment was Increased. Under one system proposed there are
four classes starting at 25,000 pounds, with the next class of 35,000 pounds
-pound rate.
carrying a tariff of Sc. per 100 pounds less than the 25,000
The other two classes are for 50.000 and 65,000 pounds, the former being
15c. less per 100 pounds than the 25,000-pound rate, and the latter being
20c. per 100 pounds less. The purpose of this graduation in rates is understood to be to encourage shippers to compress their cotton and give the
carriers heavier loads per car, which will mean less handling.
The Commission's notice as given in the "United States
Daily" follows:
Division 2 of the Commission, having considered protests and requests
for suspension of rates, rules and regulations applicable on cotton from
Arkansas, Oklahoma, Louisiana, Tennessee and south eastern States to
certain Gulf ports, principally New Orleans, and destinations In southern
and official territories and in Canada,filed with the Commission to become
effective Aug. 27 and Sept. 6 1932, has decided that it should not exercise
Its authority to suspend in this instance.
The Commission's action in thus permitting the protested schedules to
become effective without prior Investigation, under the authority conferred
upon the Commission by Section 15-(7) of the Inter-State Commerce Act,
does not constitute approval thereof, any or all of such schedules being
subject to investigation for conflict with any provisions of said Act upon
formal complaint filed in accordance with the Commission's Rules of
Practice.
Participation by United States in World Monetary
and Economic Conference to Be Held Under
Auspices of League of Nations—Invitation Extended Through Great Britain—F. M. Sackett
and Norman Davis Named by President Hoover
as United States Representatives.
The American Ambassador to Germany, Frederic M.
Sackett, and Norman Davis, former Under-SecrefarV of
State, have been appointed representatives of the United
States for the World Economic Conference to be held in
Volume 135
Financial Chronicle
London this Fall, it was stated orally August 24 at the
Department of State. The "United States Daily" of Aug. 25,
Indicating this said:
Ambassador Sackett and Mr. Davis probably will go to London late in
September to meet with other delegates prior to the Conference, it was
stated at the Department. The British government, in its invitation to
the United States, had asked that three representatives be appointed to
arrange for the conference, one an expert on economic problems and the
other a financial expert. The Department stated that it did not know
when an economic expert would be appointetd.
A formal invitation for participation by the United States
in a world monetary and economic conference was received
by the State Department at Washington on July 29. Reference to the calling of the Conference, by the Council of the
League of Nations, pursuant to the agreement reached at
Lausanne, was made in these columns July 16, page 383.
The announcement at Geneva last month stated that Sir
John Simon, the British Foreign Minister, had been made
Chairman of a committee to prepare for the conference in
collaboration with a special committee of experts. Washington Associated Press dispatches, July 29, said:
Receipt of the invitation opened the way for a world economic parley
such as proposed by Senator Borah (R., Idaho), but he would prefer a
meeting initiated upon responsibility of a Government, preferably the
United States, and with disarmament as well as war debts and reparations
on the agenda. . .
Under the resolution adopted at Lausanne the proposed world conference
to devise means of raising commodity prices, stabilizing currency and bettering economic conditions generally would be composed of financial and economic experts representing the leading world Powers.
The financial experts are to consider means of bettering the price of
silver and plans for stabilizing currencies.
The Invitation to the United States was transmitted to
the State Department by D. G. Osborne, Counselor of the
British Embassy, as Charge d'Affaires during the absence
of Ambassador Lindsay. On Aug. 2 the United States indicated acceptance of the invitation. Reporting that announcement of this was made orally by the State Department, the "United States Daily" of Aug. 3 said:
The acceptance was in the form of a note sent to D. G. Osborne, British
Charge d'Affaires in Washington, and was signed by the Acting Secretary
of State, William R. Castle, Jr. The note was not made public, and it
was explained orally that its publication would wait upon the pleasure of
the British Government.
The note, according to an oral statement by the Department, merely
accepted the British invitation under the terms laid down in the inviting
note. This stated that war debts, reparations and tariffs would not be
discussed.
The United States, it was stated, will send one representative to assist
In the preliminary organizing work for the conference together with two
experts, one on financial and the other on economic matters.
From Associated Press advices from Washington, Aug. 3,
we quote:
The United States is willing to join a world economic conference that
will ignore debts and specific tariff rates, but it has left open the possibility
of debt discussions with individual nations. . . .
By accepting this invitation, the State Department passed up a suggestion
by Senator Borah, Idaho Independent Republican, that war debts and
reparations should be considered at the meeting along with disarmament.
The note from Minister Osborne states that "these invitations are extended on the understanding that the questions
of reparations, of debts and specific tariff rates (as distinguished from tariff policy) will be excluded from the scope
of the conference. The note follows along with the accompanying documents:
(1) The transmitting note of the British Government:
British Embassy,
Washington, D. C., July 28 1932.
Sir: I have the honor under instructions from his Majesty's principal
Secretary of State for Foreign Affairs to transmit to you herewith two
notes on the subject of the World Economic Conference.
These notes invite the United States Government to be represented on
the Committee of the Council of the League of Nations which is charged
with the task of convoking the conference, and to appoint two experts to
sit on the Committee charged with the preliminary examination of the
financial and economic questions referred to in Resolution V attached to
the final act of the Lausanne Conference.
I have further the honor to inform you that these invitations are extended
on the understanding that the questions of reparations, of debts and of
specific tariff rates (as distinguished from tariff policy) will be excluded
from the scope of the conference and that among the monetary matters
within its scope will be the question of silver.
I have the honor to be, with the highest consideration, sir, your most
obedient, humble servant,
(Signed) D. G. OSBORNE, H. M. Minister.
The Honorable Henry L. Stimson,
Secretary of State of the United States,
Washington, D. 0.
(2) The invitation to the Organizing Committee:
British Embassy,
1Vashington, D. C., July 28 1932.
Sir: I have the honor by direction of his Majesty's principal Secretary
of State for Foreign Affairs in his capacity as President of the Committee
of the Council of the League of Nations, charged with the task of convoking
a conference on monetary and economic questions in accordance with
Resolution V of the final act of the Lausanne Conference, cordially to
invite in the name of the Committee the United States Government to
appoint a representative to take part in the labors of the Committee.
I have the honor to be, with the highest consideration, sir, your most
obedient, humble servant.
(Signed) D. G. OSBORNE, H. M. Minister.
1769
The Honorable Henry L. Stimson,
Secretary of State of the United States,
Washington, 1). C.
(3) The invitation to the Preparatory Committee:
10 Downing Street,
Whitehall, July 13 1932.
Sir: I have the honor to enclose herewith a copy of the resolution relating
conference which was adopted by the
to a world economic and financial
Lausanne Conference on the 9th instant.
It will be observed that the Conference decided that the League of
Nations should be invited to convoke a conference on monetary and
economic questions and that the preliminary examination of these questions
should be entrusted to an authoritative committee of experts, on which the
Governments of Germany, Belgium, France, the United Kingdom, Italy and
Japan were each invited to appoint two representatives, one qualified to
deal with economic questions, the other qualified to deal with financial
questions.
The Conference further resolved to invite the Government of the United
States of America to be represented on the Committee on the same basia as
the governments of the States mentioned above. On behalf of the Conference I now have the honor to express the hope that the United States Government will see fit to accept this invitation, and to nominate two experts
to take part in the work of the Preparatory Committee.
I am to add that the Council of the League of Nations was invited to
nominate six additional members—three qualified by their economic competence and three qualified by their financial competence—who should be
nationals of other countries than those mentioned above.
I have the honor to be, sir, your obedient servant,
J. RAMSAY MacDONALD, President of the Lausanne Conference.
The Secretary of State of the United States of America.
Resolution of the Lausanne Conference referred to in the nZeceding document read as follows:
V.
Resolution Relating to a World Econ.ontic and Financial Conference.
The Conference, apart from the questions already dealt with, has further
undertaken to decide upon "the measures necessary to solve the other
economic and financial difficulties which are responsible for, and may
prolong, the present world crisis."
The main questions of this order which demand examination are as
follows:
(a) Financial Questions:
Monetary and credit policy;
Exchange difficulties;
The level of prices;
The movement of capital.
Economic Questions:
(b)
Improved conditions of production and trade interchanges, with
particular attention to—
Tariff policy;
Prohibitions and restrictions of importation and exportation, quotas
and other barriers to trade.
Producers' agreements.
The Conference emphasizes in particular the necessity of restoring currencies to a healthy basis and of thereby making it possible to abolish mess• ures exchange control and to remove transfer difficulties; further, the
Conference is impressed with the vital need of facilitating the revival of
international trade.
To achieve the above purposes:
The Conference decides to invite the League of Nations to convoke at a
convenient date and at a place to be fixed (not necessarily Geneva) a conference on monetary and economic questions.
The Conference decides to entrust the preliminary examination of these
complex questions, which are closely interdependent to an authoritative
committee of experts.
The Conference therefore invites the Governments of Germany, Belgium,
France, the United Kingdom, Italy and Japan each to appoint as members
of the Committee two experts, one qualified to deal with economic questions, the other qualified to deal with financial questions.
The Committee would divide itself into two subcommittees according to
the two branches of the subject. The two subcommittees would naturally
have discretion to meet in joint session whenever necessary with the objects
of ensuring the necessary co-ordination in their labors.
The Conference further resolves to invite the Government of the United
States of America to be represented on the Committee on the same basis
as the governments of the States mentioned above.
Finally, the Conference invites the Council of the League of Nations
to nominate three persons qualified by their economic competence. It would
be desirable that these persons should be nationals of countries other than
those mentioned above. They might seek assistance from the directors
of the economic and financial sections of the secretariat of the League.
The Conference similarly seeks the collaboration of the Bank for International Settlements and decides to invite the latter to nominate two persons to participate in the work of the subcommittee on financial questions.
J. RAMSAY MacDONALD, President of the Conference.
M. P. A. HANKY, Secretary-General.
Lausanne. July 9 1932.
Business Recovery Linked to Improved Local Transporation Facilities According to Report to U. S.
Chamber of Commerce—Transit Management Powerless to Effect Improvement Without Public
Co-Operation.
Business recovery is linked closely to good local transportation in all'urban communities and business men should cooperate actively in seeing that it is maintained, a report just
sent to a national referendum by the Chamber of Commerce
of the United States declares. The report made public at
Washington August 29, is based on a national investigation
by a special committee. The report points out that more
than fourteen billion passengers are being carried annually
by electric rail, bus and trolley bus lines in cities and continuance of their service is imperative. Financial conditions
of most lines are so critical that unless immediate remedial
steps are taken service cannot continue, it is declared.
Public co-operation which will enable private managements
to carry on, or subsidy by public funds, were said to be
1770
Financial Chronicle
inevitable. Relief from charges listed as "unfair," which
included paving costs and taxes sometimes totaling onetenth of gross receipts, was urged as an emergency measure.
The necessity for retaining electric rail lines as the backbone of local transportation is emphasized. Pointing out
that the electric rail car is the most economic user of street
space, the report said that all except 29 of the 275 cities of
the United States having more than 25,000 inhabitants are
being served in whole or in part by mass transportation
companies. Electric railways generally have adopted the
bus in supplemental service and while it is rendering great
aid, nothing found by the Committee indicates that it is
likely to wholly supplant rail lines. The report states:
Except in the smaller communities, local passenger transportation is a
necessity. In small communities the automobile is usually the principal
agency of such transportation. In larger places, mass transportation.
whether by electric railway, bus or both, is necessary.
A national survey, the report said, showed that in ten
cities with a population in excess of 500,000 from 50 to 79%
of all persons arriving in the central business districts came
by mass transportation. The report continues:
Despite the increased use of private automobile and taxicab, statistics
show that the mass transportation agencies as a whole are carrying substantially as many passengers as ten years ago, although in many communities this is not the case. In 1930 more than 14 billion passengers were
carried in our cities by street railways and affiliated bus lines. This traffic
was handled by 580 companies with a capital investment in their city
passenger transportation business amounting to 13,350.000.000. Although
these companies are rendering vital public service, the public has to a
serious extent lost confidence in their securities, and the companies have,
therefore, suffered from their lack of credit. This has made it impossible
to improve and extend facilities as needed, and also has made it extremely
difficult and,in many instances, impossible to finance maturing obligations.
A warning is sounded against adopting hastily conceived
traffic congestion relief plans. Many cities, it is pointed
out, have adopted programs which not only inflicted great
burdens on taxpayers, but also sometimes resulted in irreparable losses to property owners and business men through
the shifting of business centers. Special care should be
taken, the report insists, in utilizing existing transportation
systems. From the report we quote:
A major problem before every city is that of obtaining full utility from
present travel facilities and of planning additional street and transit improvements so that maximum benefits will be obtained with a minimum of
expenditure. This matter is charged with a major public interest and is of
particular significance and important to business men. It involves on the
one hand relief from congestion to an extent that will eliminate the present
threat to business and property values in central areas caused by the increasing difficulty of reaching them. On the other hand, it involves the
extremely important problem of halting the rapidly mounting burden of
public taxation resulting from expenditures for relief measures.
Transportation managements unaided are powerless to develop their
facilities to their full economic usefulness. Local business leaders are.
therefore, in a particularly strategic position to aid in working out between
communities and companies constructive local programs of transit and
traffic improvement.
Sept. 10 1932
operating methods which will meet rapidly changing conditions. The indeterminate form of franchise, which in
effect is a permit to operate so long as service is satisfactory,
was approved.
The report represents, it is said, one of the most comprehensive surveys of local transportation needs ever made.
The Committee is headed by Chester I. Barnard, President
of the New Jersey Bell Telephone Company of Newark, New
Jersey and also includes fifteen other members consisting of
engineers, financiers and operitors of all types of public
transportation. Eighty-nine different Chambers of Commerce and many trade associations contributed reports and
surveys on local transit conditions.
President Haas Urges Attendance at Convention of
American Bankers Association at Los Angeles,
Oct. 3-6.
Urging attendance at the convention of the American
Bankers Association, which will be held at Los Angeles
Oct. 3-6, H. J. Haas, President of the Association, has
addressed the following communication to all the members:
The past year has been the most destructive period in the history of
banking in this country. At such times many, uninformed regarding the
real reasons, are prone to criticize all banks and bankers, and many remedies
are suggested. Some have merit, while others are far-fetched and would
work much harm.
Unbiased consideration grants that there are certain banking changes
that the nation's natural financial evolution calls for. Bankers are earnestly in favor of constructive actions for the public welfare, of which
their own is a part. Equally should they oppose extreme or unsound
changes and interferences with banking and should stand organized to
make their opposition effective. In a truly representative democracy,
it is the duty as well as the right of all lines of commercial, industrial,
financial and social interests to exercise the function of organized representation in respect to public actions affecting them. This is particularly
so of banking, custodian as it is of the massed economic interests of millions
of people, enterprises and institutions.
The American Bankers Association is the instrument of organized representation of banking. At its annual convention, which will be held at
Los Angeles, Oct. 3-6, serious consideration and determination of future
policies and action will be the general business. Bankers should take an
active part in shaping any changes in laws affecting banks, and I sincerely
hope that you will have a delegate from your bank attend this most important meeting of bankers and take an active part in its proceedings,
which may have a momentous effect upon your institution.
Second Summer Conference Course in Industrial
Relations at Princeton University, Sept. 19-24.
In order to provide an opportunity for intensive study
and discussion of industrial relations problems, and especially
those arising in the present depression, plans have been
made for a second Conference Course in Industrial Relations
similar to that held at Princeton University last September.
The meetings of the conference will be held at the Princeton
Consideration should be given to users of taxicabs and Graduate College during the week of Sept. 19 to 24, just
private automobiles, the Committee says, but here again prior to opening of the University term. Living accommothe
the economic features of the use of street space by these two dations for all those in attendance will be afforded in .
vehicles is stressed. Criticism is aimed at taxicab organiza- quadrangle and commons of the College so that informal
tions which rent cars to individuals by the day and permit discussion of problems will be possible outside of the schedtheir operation under a flat fare for city-wide service. uled periods.
The conference course will be held under the auspices of
Operation of taxicabs under meter service is strongly indorsed as being fair to both driver and rider and conducive the Industrial Relations Section of the Department of
to public safety by virtue of careful operation. Contending Economics and Social Institutions of Princeton University,
that improvement of local transportation facilities are as which is a separately endowed subdivision of the University
important as street widenings, the Committee suggests the founded in 1922. Further information concerning the
application of public funds to transit improvements where conference may be obtained from J. Douglas Brown,
limited receipts would make them impossible. Assessment Director, Industrial Relations Section, Princeton University,
of benefited properties adjoining rapid transit lines particu- Princeton, N. J.
larly is indorsed. Adoption of the type of transportation
particularly fitted to local needs is urged. Most cities, it is Banking Exhibition at Annual Convention of American
found, could not afford to build subways and invariably
Bankers' Association at Los Angel s Oct. 1 to 5—
they must be constructed with public funds. The economics,
Keynote of Convention Revival of Confidence and
comfort and safety of surface rail lines are pointed out, but
Stimulation of Trade.
their unattractiveness to investors under present earning
Indicative of the purpose of American banking organizaconditions also is noted. Replacement of rail lines by buses tions to actively encourage and support every worth-while
have almost invariably resulted in increased fares and also effort towards economic stability, the announcement was
presents the problem of protecting the damaged rail line recently made of plans for the 1932 American Banking Exinvestor. Trolley buses have proved satisfactory, but are hibition. The Exhibition will be held at the Biltmore Hotel
not being used to any great extent.
in Los Angeles, Oct. 1, 2, 3, 4 and 5, as a special feature for
A plea was made for business co-operation with manage- the 1932 national conventions of the American Bankers'
ments, who, the Committee emphasizes, are doing their Association, the Association of Bank Women and the regional
utmost to solve transit problems in behalf not only of them- conference of the Savings Banks Division, A.B.A., to be
selves but also of communities. The fact that the electric held there at that time.
railway industry is spending $500,000 in research work in an
It is expected that the keynote of this years'banking
endeavor to devise a more modern rail car is listed as an assembly will be the revival of confidence and the normal
indication of the industry's attitude. Various tests also stimulation of industry and trade, and the Banking Exhibiare being made with fare structures so that all classes of tion will offer a striking demonstration of the initiative and
people may be attracted to public service. Public regula- alertness now evident to effect a business revival. The
tion, it is declared, should be centralized insofar as possible exhibits will include displays and demonstrations of actual
and made flexible enough for managements to test new banking practice, technique and functions. It is reported
Volume 135
Financial Chronicle
that space reservations have already been made by many
leading manufacturer's and institutions providing the varied
appliances, equipment and service that make possible a
bank's operating efficiency. A number of new and distinctly
improved devices and methods, it is stated, will be formally
introduced at the Exhibition and shown there for the first
time.
Banks and bankers are the cornerstones of industry and
trade, yet so little is known of the intricate details of operation and the efficiency of financial enterprise that the
general interest and educational value in the Exhibition is
expected to have a far-reaching influence. For centuries in
the older countries of the world Exhibitions of this kind have
been recognized as established institutions of trade. The
Banking Exhibition will be held in the Grand Ballroom and
Foyer of the Los Angeles Biltmore. The decorative effects
will be colorful and in keeping with the Fiesta spirit of
Southern California. A. G. Beaman and Associates, of
Los Angeles, are the Exhibition Directors and all arrangements are being handled by them.
Annual Meeting of Savings Banks Association of
State of New York to Be Held Sept. 22-23 at the
Westchester (N. Y.) Country Club.
The annual meeting of the Savings Banks Association of
the State of New York will be held Sept. 22 and 23 at the
Westchester Country Club at Rye, N. Y. The first day's
session will concern itself with savings banks and the public.
The second day will be devoted to investments, with a final
business session for informal discussion of legislative matters
and other subjects of current interest.
Henry R. Kinsey, President of the Association and
Vice-President of the Williamsburgh Savings Bank, will
open the convention on Thursday afternoon, Sept. 22, with
the President's annual address'. He will introduce Harvey
D. Gibson, who will speak on "To-day and To-morrow,"
reviewing the present economic situation and the prospects
for the future. Mr. Gibson is President and chairman of the
Manufacturers Trust Co. of New York. At the first day's
session, also, Joseph A. Broderick, New York State Superintendent of Banks will talk on banking conditions and cooperation. Robert W. Sparks, Assistant Treasurer of the
Bowery Savings Bank of New York, who is chairman of the
Association's Committee on Business Development, will
report briefly on the work of his committee during the past
year. The remainder of the session on Sept. 22 has been
planned and is sponsored by this committee. The leading
speaker will be Louis Wiley, Business Manager of the
New York "Times." Mr. Wiley will speak on "Savings
Banks, the Newspapers, and the Public." Roy C. Van
Denbergh, recently elected President of the Savings Bank
of Utica to succeed Charles A. Miller, Reconstruction
Finance Corporation President, will amplify and discuss
Mr. Wiley's remarks.
At Friday's session, Sept. 23, Dr. Lionel D. Edie, Economist, and President of the Capital Research Co., Inc.,
will speak on "Looking Ahead for Bonds." Dr. Edie will
be followed by Wilson G. Wing, President of the Providence
Institution for Savings, and President of the National
Association of Mutual Savings Banks. Mr. Wing will
discuss utility bonds. Mark Graves, Director of the
Budget of the State of New York, will talk on the "Cost of
Government," covering the field of municipal investments.
Fairman Dick, of the firm of Roosevelt & Son, will discuss
railroad bonds, after which Robert Louis Hoguet, VicePresident of the Emigrant Industrial Savings Bank, will
talk on the mortgage situation.
The final business session Friday afternoon, Sept. 23, will
be a discussion meeting for the purpose of determining upon
legislative and other questions of current interest and
importance. A report will be given by the Committee
which has had under 'consideration the mortgage liquidity
fund plan, now in operation, the Massachusetts central
bank plan, and the proposed clearing house for savings
banks. This session will also include an address on the
Federal Home Loan banks by a speaker yet to be announced.
Annual Convention of Financial Advertisers'
Association in Chicago, Sept. 12-15.
Financial advertising experts will gather in Chicago next
week, Sept. 12 to 15, for the 17th Annual Convention of
the Financial Advertisers' Association. The meeting will
be a conference on advertising and new business problems,
with a program built to provide material of value in meeting
1771
current problems of the present day. The Congress Hotel
is the headquarters for the meeting, and many of the delegates are expected to arrive on Sunday, the 11th, for preliminary talks before the regular meetings are brought
under way.
On Tuesday morning (Sept. 13) the meeting will start
with a breakfast of the Business Development Department;
this "get-together" session will be in charge of E. V. Newton,
Assistant Secretary of the Cleveland Trust Co. At9.30 a. m.
Sept. 13 the first general session will be called to order by
Charles H. McMahon, President of the Association. The
meeting will be addressed by Colonel Frank Knox, publisher
of the Chicago "Daily News;" Colonel Knox, who will talk
on "Financial Advertising Trends," was selected by President
Hoover to head the Anti-Hoarding Campaign last winter.
His talk will be followed by talks and discussions on the
future of financial advertising, the advertising budget, and
the general economic situation.
An exhibit of the old and the new in financial advertising
will be shown under the direction of Henry L. Parker,
Manager, Business Extension Department, Detroit Savings
Bank, Detroit, Mich. Tuesday noon (Sept. 13) will be
devoted to the exhibit luncheon, with five speakers giving
four minutes each to exhibit talks.
Tuesday afternoon the Trust Development Division session
will attract those interested in trust work, while the rest
of the delegates will attend a general session in charge of
A. E. Bryson, Vice-President of Halsey, Stuart & Co. At
the latter session there will be talks by R. L. Stone, VicePresident of the First Wisconsin National Bank, Milwaukee;
Wirt Wright, President, State Bank & Trust Co., of Evanston, and Harold Choate, Assistant Vice-President, Liberty
Bank, Buffalo.
The program of the Trust Development Division will be
under the direction of W. A. Stark, Vice-President and
Trust Officer, Fifth Third Union Trust Co., Cincinnati.
The speakers will include:
Samuel Witting, Continental Illinois Bank & Trust Co., Chicago;
Tracy E. Herrick, The Cleveland Trust Co.;
Paul P. Pullen, Chicago Title & Trust Co.;
Harve H. Page, Northern Trust Co., Chicago;
Victor CuIlln, Mississippi Valley Trust Co., St. Louis;
Leopold A. Chambliss, Fidelity Union Trust Co., Newark;
Ernest L. Anderson, Rhode Island Hospital Trust Co.. Providence;
J. Mills Easton, Northern Trust Co., Chicago;
Thomas J. Kiphart, Fifth Third Union Trust Co.. Cincinnati. and
Samuel Marsh, First Union Trust and Savings Bank, Chicago.
At 6 p. m.Sept. 13 Mr. Newton will call the annual dinner
of the Business Development Division to order, while Mr.
Stark will preside at the Trust Development Division dinner.
George 0. Everett, Assistant Vice-President, First Citizens
Bank & Trust Co., Utica, will be the principal speaker at
the Business Development session.
The program on Sept. 14 will start with a general session
and a trust development departmental. H. A. Lyon,
Advertising Manager, Bankers Trust Co., New York, will
be in charge of the morning general session, and M. E.
Holderness, Vice-President, First National Bank, St. Louis,
will preside in the afternoon. The subjects covered at these
meetings will cover a wide range, and the speakers will
include:
Roy H. Booth, Jr., National Shawmut Bank, Boston;
Allard Smith, Executive Vice-President, Union Trust Co., Cleveland;
Harry L. Haines, Manager, Permanent Sales Department. National
Newark and Essex Banking Co., Newark, and
W. A. Kittredge, R. R. Donnelley & Sons Co., Chicago.
The trust division will continue on Sept. 14 its consideration of every-day problems. D. W. Laing, Assistant Trust
Officer, First Wisconsin Trust Co., Milwaukee, will preside
at the morning session, and the afternoon will be devoted to
a round table discussion. Among the speakers in the
morning will be:
Rodman Ward, Equitable Trust Co., Wilmington, Del.;
A. Key Foster, Birmingham Trust & Savings Co.;
Harold J. Clark, Central Republic Bank & Trust Co., Chicago;
William 0. Heath. Harris Trust and Savings Bank, Chicago;
Edward W. Nippert, Fifth Third Union Trust Co., Cincinnati;
Robert E. MacDougall, Provident Trust Co., Philadelphia, and
John H. Hamel, First Union Trust Co.. Chicago.
Participating in the round table discussion in the afternoon
will be:
°button Alexander, Mississippi Valley Trust Co., St. L011b3;
J. G. O'Brien. Commercial National Bank of Shreveport;
M. V. Ehrman, Old-First National Bank & Trust Co., Fort Wayne:
F. Furnival Peard, Maryland Trust Co., Baltimore;
Raymond J. Darby, State Bank and Trust Co., Evanston, Ill.;
Alvin R. Gruenwald, Marshall & Ilsley Bank, Milwaukee;
W. S. Guilford, The California National Bank, Sacramento;
Wade G. Murrah; The First National Bank of Atlanta;
Grove H. Culver, The Union Trust Co. of Cleveland;
Roy N. Gesme, Minnesota Loan & Trust Co.. Minneapolis;
Oliver J. Neibel, Commerce Trust Co., Kansas City, and
Morton A. Lee, First Wisconsin Trust Co., Milwaukee.
1772
Financial Chronicle
Thursday (Sept. 15) will be devoted entirely to general
sessions and to the annual business meeting at luncheon.
The convention will conclude with the annual banquet on
Thursday evening, Sept. 15, at which a nationally-known
speaker will talk.
Program of Annual Convention of American Bankers'
Association To Be Held at Los Angeles, Oct. 3-6—
Over-Taxation and Public Expenditures To Be
Leading Topics.
Excessive taxation and public expenditures will be the
leading subjects presented by nationally prominent speakers
before the three general sessions of the American Bankers
Association Convention to be held at Los Angeles, Oct.3 to 6,
it is disclosed in the program as announced at New York on
Sept. 8, by F. N. Shepherd, Executive Manager of the
organization. William Bennett Munro, Professor of Government, California Institute of Technology, will speak on
"The Political Foundation of National Prosperity": Governor
M. S. Conner of Mississippi, on "The Relation of Taxation
to the Public Welfare," and Paul Shoup, Vice-Chairman,
Southern Pacific Co. on "Over-Taxation—A Business
Viewpoint."
The program for the general sessions, which will be held
at the Biltmore Hotel and presided over by Harry J. Haas,
President of the Association, is as follows:
General Sessions.
Oct. 4,9 45 a. m.—Orchestral concert and song leader.
10 30 a. m.—Call to order, President Harry J. Haas. Invocation.
Address of the President.
Report—Official acts and proceedings of Executive Council.
Address,"The Banker in Our Economic System," Harold Paul Cunning
ham, winner National Public Speaking Contest, American Institute of
Banking.
Address, "The Political Foundation of National Prosperity," William
Bennett Munro, Professor of Government, California Institute of Technology.
Appointment of Resolutions Conunittee.
Oct. 5,9 45 a. m.—Orchestral concern and song leader.
10 30 a. m.—Call to order. President Harry J. Haas. Invocation.
Address. "The Relation of Taxation to the Public Welfare," M. S.
Conner, Governor of Mississippi.
Report of Nominating Committee and election of Officers.
Report of Resolutions Committee.
Oct. 8,9 45 a. m.—Orchestral concert and song leader.
10 30 a. m.—Call to order, President Harry J. Haas. Invocation.
Address. "Over-Taxation—A Business Viewpoint," Paul Shoup, Vice
Chairman, Southern Pacific Co.
Unfinished business.
Communications.
New business.
Installation of officers.
Announcements.
• Following are the programs for the various divisional
meetings during the convention:
Trust Division.
Oct. 3, 930 a. m.—Call to order, President of the Division, Thomas 0.
Hennings, Vice-President, Mercantile-Commerce Bank Sc Trust Co..
St. Louis, Mo.
Address of the President.
Address, "Financing of Public Utilities," W. C. Mullendore, Executive
Vice-President, Southern California Edison Co., Ltd.
Address,"Trusteeship A Business," H.D.Pettibone, President, Chicago
Title & Truitt Co., Chicago.
Reports of Committee.
Election and installation of officers.
Meeting of Executive Committee at close of session.
Savings Division.
Oct. 3,2 00 p. m.—Call to order. President of the Division, Jay Morrison,
Vice-President, Washington Mutual Savings Bank, Seattle, Wash.
Invocation, Bruce R. Baxter, Dean of School of Religion, University of
Southern California, Los Angeles.
Appointment of committees.
Address of the President, "Savings and Reconstruction."
Address, "Railroad Bonds—Recovery or Default," Harold G. Parker.
Vice-President, Standard Statistics Co., New York.
Address, "The Present Sataus of European Debt Payments," Tully C.
Knoles, President, College of the Pacific, Stockton, Calif.
Forum discussion.
Reports of committees.
Election and installation of officers.
State Bank Division.
Oct. 4, 2 00 p. m.—Call to order, President of the Division, Felix M.
McWhirter, President, Peoples State Bank, Indianapolis, Ind.
Address of the President,
Appointment of committees.
Address. "State Banks and Their Important Field of Service," L. A.
Andrew, Vice-President, First Bank Sc Trust Co., Ottumwa, Ia.
Address,"Fundamental Banking Policies and Principles," H. N.Stronck,
Bank Manavment Consultant, Chicago.
Address, "A Code of Sound Bank Operating Practices," A. G. Kahn,
President, Union Trust Co., Little Rock, Ark.
General discussion.
Reports of committees.
Election and installation of officers.
National Bank Division.
Oct. 5, 2 00 p. m.—Call to order, President of the Division, W. Walter
Wilson, President, First Milton National Bank, Milton, Pa.
Address of the President.
Address, "What Have We Learned?" Carl Allendoerfer, Vice-President,
First National Bank, Kansas City.
Address, "Bank Investments." Andrew Price. PresidOnt, National Bank
of Commerce, Seattle.
Address. Wilfred W. Fry, President, N. W. Ayer Sc Son, Philadelphia.
Reports of committees.
Election and installation of officers.
Sept. 10 1932
State Secretaries Section.
Oct. 4, 200 p. m.—Call to order, President of the Section, Paul P.
Brown, Secretary, North Carolina Bankers Association, Raleigh. N. 0.
Appointment of committees.
Brief committee reports American Institute of Banking, Andrew Miller;
Credit Bureaus and Clearing House Associations, Henry Johnson; Bank
Management, H. G. Huddleston; Insurance, M.A. Graettinger; Protection,
W. W. Bowman; Legislative, George Susms; Public Education, K. M.
Burns; Secretarial Service, Haynes McFadden; Secretarial Conferences
Charles E Hoyt.
Round table discussion of secretarial problems
Election and installation of officers.
ITEMS ABO T BANKS, TRUST COMPANIES, &c.
Arrangements were made Sept. 6 for the sale of a New
York Stock Exchange membership at $185,000, unchanged
from the last previous sale, Aug. 30.
Arrangements were made Sept. 6 for the sale of a New
York Curb Exchange membership at $75,000, an increase of
$20,000 from the last previous sale, Sept. 2.
A membership on the Chic-ago Stock Exchange was sold
Sept. 8 at $7,500, up $1,500 from the last previous sale,
Aug. 16, and a new high for 1932.
Percy H. Johnston, Presid- ent of the Chemical Bank &
Trust Co., sailed on Sept. 8 on the "Europa" of the North
German Lloyd Line for a business trip to Europe. Mr.
Johnston is accompanied by his son, Percy H. Johnston Jr.,
who is to enter Christ Church College, Oxford, England.
In an item which appeared in our issue of a week ago,
page 1600, President Johnston was reported as having celebrated his fiftieth anniversary as an officer of the Chemical.
We regret the typographical error which occurred—the anniversary having marked a period of fifteen years' association
by Mr. Johnston with the institution in an official capacity.
Edwin P. Maynard, Chairman of the board of trustees
of the Brooklyn Trust Co., has completed his fiftieth year
in banking. Born in Brooklyn on July 12 1864, Mr. Maynard joined the staff of the Brooklyn Savings Bank as
assistant bookkeeper in September 1882. He filled various
positions until 1902, when he was appointed Assistant
Comptroller. A'few months later he became Comptroller,
and in 1912 was elected President of the bank. In May 1913,
he was elected President of the Savings Banks Association
of the State of New York,
On July 1 1913 Mr. Maynard became President of the
Brooklyn Trust Co., resigning as President of the Brooklyn
Savings Bank and the Savings Bank Association. Mr.
Maynard served as President of the Brooklyn Trust Co.
until Dec. 1 1927, when he assumed his present office of
Chairman of the board.
In addition to his banking activities, Mr. Maynard has
many business, philanthropic and social connections. He
is a director of the New York Telephone Co., Brooklyn &
Queens Transit Corporation, Brooklyn Bus Corporation,
Brooklyn Academy of Music, Equitable Life Assurance
Society, McLellan Stores Co., Capital Administration Co.,
Broad Street Investing Co., Broad Street Management Co.,
and John Englis & Son, Inc.; and a trustee of the Brooklyn
Savings Bank, Brooklyn Trust Co. and Greenwood Cemetery. Among other activities he is a member of the Committee on Finance and Currency of the Chamber of Commerce
of the State of New York, and holds membership's in the
Brooklyn Chamber of Commerce, the Long Island Chamber
of Commerce, and the Long Island Historical Society.
Depositors in the State National Bank of Lynn, Mass.,
which was closed on Dec. 15 of last year will receive a dividend
of 30% on Oct. 3 it was announced on Sept. 1 by Robert
C. Baldwin, Receiver. This is learned from the Boston
"Herald" of Sept. 2, which likewise said:
This will mean approximately a distribution of $600,000 to the 5,000
depositors, each depositor sharing alike to the extent of 30% or whatever
amount he or she bad in the bank.
William Nelson Goodnow, a member of the firm of R. L.
Day & Co., of Boston, died on Sept. 3. Many years ago
Mr. Goodnow was identified with the Boston banking house
of Foote & French, hut for the last forty years has been
associated with R. L. Day & Co. He was a member of the
Boston Stock Exchange and was at one time its President.
Effective Aug. 15, the Cen- tral National Bank of Leonia,
N. J. (capital $100,000) was placed in voluntary liquidation.
This action follows its absorption by the Leonia Bank and
Trust Company to which reference was made in these
columns June 8, page 4439. The liquidating committee
is composed of Marshall Van Winkle, Jr., Emil J. Decker,
George Button, Thomas C. Pollock and 'Edward Kaufer,
care of the liquidating bank.
Volume 135
Financial Chronicle
Russell Wing Lewis, Vice-President and Trust Officer of
the Union County Trust Co., of Elizabeth, N. J., died on
Sept. 4, at Stone Harbor, N. J. While swimming he was
afflicted with a heart ailment and collapsed while in shallow
water. He has been with the Bank 30 years, according to
the "New Jersey Journal," which alsostated:
He entered the bank as assistant to the late Charles H. K. Halsey, then
President, and about 14 years ago came to Elizabeth to live, making his
home at 1365 North Avenue. From his first position in the bank he was
promoted to other posts.
Among other institutions with which he was connected are the Millburn
Building & Loan Association, of which he was President. the First National Bank, of Millburn, and the Motor Finance Corporation, in each of
Which he was a director.
Mr. Lewis was born in Newark. He was 54 years of age.
Regarding the Aldene Trust Co., of Philadelphia, the
Philadelphia "Financial Journal" of Aug. 30 said:
An increase of nearly $200,000 in appraised value of assets of Aldine
Trust Co., of Philadelphia, whose affairs are being liquidated by State
Banking Department, is revealed in an accounting filed in Common Pleas
Court No. 5 by Banking Secretary William D. Gordon. Present figures
total $4,909,931, compared with an appraisal of $4,718,580 as of date
bank closed its doors, Dec. 29 1930. Disbursements of $3,602.423 have
been made on account of institution's liabilities, which total $4,659,803,
of which $3,380.800 was amount due depositors at time of closing. Expenses of liquidating bank's affairs up to September 1931, amounted to
$100.710. Depositors have been paid 20% of their claims, payment
amounting to $785,192.
A reference to the closing of the institution appeared in
our issue of Oct. 31 1931, page 2867.
A parade featured the opening on Sept. 7 of the Homewood
Bank of Homewood of Pittsburgh, Pa. organized as the
succession to the Homewood Peoples Bank, which closed its
doors in October last year. Upon the occasion of the opening of the successor institution speeches were made by Dr.
William D. Gordon, State Secretary of Banking; John S.
Herron, President of the Council and J. C. Chaplin, VicePresident of the Pittsburgh Clearing House Association.
From the Pittsburgh "Post-Gazette" of Sept. 8 we quote:
In speaking of the closed bank situation in Pennsylvania, Dr. Gordon
said that the rise in security prices had made conditions infinitely better
than several months ago. He said that securities put up by borrowers
are not being sold by the Liquidation Corporation as soon as the figure of
the loan is reached unless it is believed the price will go no higher. If
there is an indication of further rise in price, the security is held, he said.
In descabing the new Homewood bank, he said It was a "bank in first
class condition, in the hands of able men" and congratulated the residents
of the district on their new banking opportunity.
A telegram of congratulation from Governor Pinchot to H. G. Nevin.
President, also was read. The Governor said:
"I congratulate the people of Homewood on having successfully completed their plans for the opening of the Homewood Bank at Pittsburgh.
The subscription to the capital stock of and the purchase of a portion
of the assets of the former Homewood Peoples Bank by the newly-organized
bank, thereby immediately making available a percentage of the deposit
liability to the former depositors in addition to providing the capital and
surplus for a sound bank, indeed is most commendable.
"Your new bank will be in an absolutely liquid position on its opening
day and will fulfill a real banking need in the community. A most important feature is that the bank will have Officers and directors who have
the respect and confidence of your citizens. It is a happy day for me
to see the former depositors, stockholders and public spirited citizens
of Homewood united in the establishment of a bank equipped to serve
the Community.
"May your officers and directors take seriously the new trust which
has been reposed in them. May they manage the affairs of this first
newly-organized State bank in Pennsylvania in a manner that will bring
credit to their fellow citizens and to themselves and be worthy of the
interest which the Department of Banking and the State administration
have manifested in the plans for this new bank from their inception to
their culmination on this gala day."
A Pittsburgh dispatch Sept. 7 to the Philadelphia "Public
Ledger" said:
During the first 20 minutes of business 14 new savings accounts and
22 new commercial accounts were opened, according to R. C. Kane,Cashier.
In all. Kane said, the bank has 14,000 depositors.
With the opening of the bank, the first closed bank institution in the
State to reopen during the depression, between $600.000 and 8800.000
was made available to the Homewood-Brushton district, officials said.
Items regarding the bank appeared in these columns
July 23, page 582 and Aug. 20, page 1280.
It is learned from the Philadelphia "Public Ledger" of
Sept. 2 the first and partial account of Dr. William D. Gordon, State Secretary of Banking, in possession of the affairs
of the closed Parkway Trust Co. of Philadelphia was filed
on Sept. 1 in the office of the Prothonotary of the Court of
Common Pleas. It is stated that the account shows that
dividend payments of 50%, aggregating $527,111, have been
made to depositors and that the net deposit liability as of
Aug. 1 was $527,111, with the Secretary of Banking still
having In his possession $17,289 in cash and $310,839 in other
unconverted assets. Liquidation expenses are listed at
$36,645.
An item regarding the dividend payment to the depositors
appeared in our issue of July 9, page 244.
1773
A plan for the adjustment of the affairs of the closed
Lancaster Trust Co., of Lancaster, Pa., was approved on
Sept. 2 by William D. Gordon, Secretary of Banking of
Pennsylvania, as a result of which, says the Philadelphia
"Public Ledger," final details of the project were being
worked out by members of the reorganization committee
and officials of the Fulton National Bank, also of Lancaster,
which will take over 42% of the assets of the trust company
and make them available to depositors. The "Ledger" further reports:
The plan is expected to be in operation within a month, thus making
available to depositors several millions of dollars.
Under the plan the Fulton National will acquire assets of the trust
company appraised at $4,032,234. These will be made available as follows:
Approximately 15% in capital stock of the Fulton National,
Approximately 25% in centificates of deposit, redeemable in six, 12, 18
and 24 months and bearing 4% interest.
Approximately 80% in checking account with the Fulton National.
All accounts of less than $200 will be made immediately available to
depositors.
When the affairs of the trust company were placed In the hands of the
State Banking Department it had net deposit liability of $9,600,557. The
plan for depositors, therefore, provides for 6.3% of the net claim in capital
stock, 10.5% in certificates of deposit, and 25.2% in checking accounts.
The 58% of assets of the closed bank not taken by the Fulton National
are to be held by a Board of Trustees, elected by depositors and other
creditors of the institution, for liquidation in the best interests of depositors.
The plan was evolved by Dr. Gordon and members of the reorganization
committee over a period of several months. It now awaits formal approval
of depositors and stockholders of the trust company and of the stockholders
of the Fulton National, but leaders in the movement said they anticipate
no difficulty in obtaining the consent of all interested parties.
George R. Weber, of Lancaster is Chairman of the committee which prepared the plan.
A previous item regarding the plans affecting the Lancaster Trust, which closed early this year, appeared in our
issue of Aug. 20, page 1281.
According to Associated Press dispatches from Mansfield,
Ohio, Aug. 31 to the Cincinnati "Enquirer" a 10% dividend
will be paid by the Farmers' Bank recently reopened and
reorganized. Depositors received a previous dividend of
30%. The payment, it was said, would amount to about
$200,000.
An item bearing on the re-opening of the institution appeared in our issue of June 18, page 4440.
I. J. Fulton, Ohio State Superintendent of Banks, on
Aug. 31 ordered payment of a 10% dividend to depositors
of the Peoples' Commercial & Savings Bank, London, Ohio,
after Sept. 9. Advices to this effect were contained in
Associated Press accounts from London, Aug. 31, to the
Cincinnati "Enquirer." A 15% dividend already has
been paid.
Harry L. Cunningham, resident partner in Detroit of
W.E. Hutton & Co. of Cincinnati, died suddenly on Sept. 2.
Mr. Cunningham is described in the Detroit "Free Press"
as having been a pioneer in the automotive industry. The
same paper said:
As an associate of Henry Ford, he brought Barney Oldfield to Detroitt
taught him to drive racing cars and took turns in piloting the Red Bird
and the Green Dragon, the first of Ford's famed "999" line of racing cars.
The Toledo "Blade" of Sept. 1 said:
Two closed Toledo banks filed applications in Common Pleas Ootir.
Wednesday to borrow sums from the Toledo Trust Co. to enable the
banks to pay additional dividends.
The Point Place State Bank asked authority to borrow $5,000 to enable
the bank to pay a 15% dividend, and the American Bank, $40,000 to pay
a 10% dividend.
The applications are based on a State law passed in May which provides
that closed banks may borrow on mortgages and other securities to speed
liquidation. The Point Place Bank has paid 35% in dividends, and the
American 5%.
The payment of a dividend to depositors of the American
Bank was referred to in our issue of June 25, page 4605.
The consent of stockholders to a plan for the re-opening
of the Ohio Savings Bank & Trust Co. of Toledo, Ohio,
which closed a year ago, is asked in letters sent out by the
Stockholders' Committee of the bank of which George M.
Jones is Chairman and Fred Broer, Elmer E. Davis, James
Hodge, Charles M. Nordhoff, Willard D. Robison, M. E.
Thierwechter, Charles S. Turner, Willard I. Webb and
Arthur W. Weber are members, the latter being Secretary.
The stockholder's consent is made by State Superintendent of
Banks Ira J. Fulton a necessary incident to the development
of the plan, which, says the Toledo "Blade" of Sept. 1,
follows, in general principle, that which has been used by
two Youngstown banks and some others in Ohio that have
reopened. As to the plan presented to the stockholders of
the Ohio Savings Bank & Trust Co., the "Blade," says:
Under the plan a minimum of $75 to $100 will be made available to all
depositors if other phases of the plan are successful. This means that 65.000
to 73,000 depositors will have their entire balance placed on deposit for
Immediate use if the bank opens, officers say.
1774
Financial Chronicle
In addition there will be a general freeing of deposits amounting to
between 15 and 20%, effective upon the re-opening of the bank, the officers
add.
With the letter to the stockholders is a summary of the plan. This
summary shows that the plan provides for the payment in full on demand of
all deposits of $75 to $100 and under. The plan provides also for the Pay
ment of 15 to 20% on all deposits on the re-opening of the bank in addition
to the 15% dividends which already have been paid.
The exact amount to be repaid to depositors will depend upon the
amount of loan that is received from the Reconstruction Finance
Corporation.
The plan provides that depositors will receive a certain percentage of
their claims in the form of restricted savings deposits bearing 2% interest
which will be withdrawable under rules prescribed by the board of directors.
The percentage to be so represented is to be fixed by the superintendent of
banks.
Trust Certificates.
For the remainder of their claims depositors will receive trust certificates
carrying interest at 2% which will indicate their interest in a trust which
will consist of all of the real estate of the bank and certain other assets to
be designated by the Superintendent of Banks. The bank will have no
personal liability on these trust certificates under the plan.
In order to preserve the valuable trust business of the bank the present
uninvested trust funds are to be recognized as liabilities payable by the
bank. All depositors are entitled to become members of the depositors'
committee.
The plan provides that all stockholders who are, in the opinion of the
Superintendent of Banks, financially able to do so must pay their double
liability or give security for its payment. Those who do not make such
payment will be expected, the plan says, to pay in the future if the bank
should close with any of its present liabilities unpaid or if the trust does not
pay out the trust certificates in full with interest.
Stockholders who consent to the plan will be entitled to retain one-sixth
of their present stock. Those who pay their double liability in whole or in
part on or before July 1 1933 will receive $100 par value of stock for each
$200 paid in double liability. Under this plan the stockholders holding
$600 par value of old stock will retain $100 par value of stock if he consents
to the plan and will receive an additional $300 of stock if he pays in $600 of
double liability.
$500,000 Capital.
The bank is to have at least $500.000 of capital, $500,000 of surplus and
undivided profits and may have double these amounts.
Under the plan all of the present directors and officers of the bank are
to resign and new directors and officers chosen, approved by the depositors'
committee.
The approval of the plan by the Common Pleas Court also is provided
in the plan.
The plan provides that the Depositors Committee and the Stockholders
Committee are to incur no personal responsibility or liability in connection
with the plan or efforts to consummate it.
With the stockholders letter is enclosed a letter from Ira J. Fulton, State
Superintendent of Banks, in which he says the plan has been given earnest
and sympathetic consideration and that it has much practical merit if it
can be consummated legally.
The Fulton letter says that after consultation with the State Attorney
General certain legal difficulties can be obviated by unanimous consent of
stockholders and encloses a form of consent agreeable to the Attorney
General and to the Banking Department. Mr. Fulton says of the double
liability feature of the plan:
"It must be understood, however, that it is the view of the Department
that the rights of the depositors to receive the benefit of the double liability
payments from those stockholders who are solvent and able to make such
payments should not be sacrificed. This department, therefore, reserves
the right to refuse its consent to the reopening of the bank even though you
are successful in obtaining the consents of all stockholders to your plan, if
this department finds that stockholders who are able to pay, and consequently should pay their double liability prior to the opening of the bank or
within such further time as this Department may deem reasonable, refuse
to make or to satisfactorily secure, such payments."
Payments Urged.
The letter points out that refusal of stockholders who can pay, to pay,
may prevent the reopening of the bank. The letter urges all stockholders
who have not paid to immediately get in touch with the Banking Department.
The letter from the Stockholders Committee says, in urging stockholders'
consents:
"We feel that there is no one thing which can be done in this city which
will be so much for the benefit, directly or indirectly, of everyone living and
doing business here as the opening of the Ohio Savings Bank & Trust Co."
A statement from the Committee indicated that a $5,000,000 to $7,500,000 loan from the Reconstruction Finance Corporation is contemplated. It
says that an appraisal of the assets of the bank with a view to this loan is
being made by Robert M. Huston, Deputy State Superintendent of Banks.
This same statement says the executive committee of the depositors'
group which has been working on the plan for months includes Dr. S. K.
Mahon, Joseph W. Lane, B. V. Zamore, W. W. Morrison, Ward M.
Canaday, D. A. Yoder, George S. Mills, A. R. Kuhlman, C. W. Wallace,
R. D. Logan and 0. F. Kopitke.
Action toward Nationalizing the Continental Illinois
Bank & Trust Co. of Chicago was taken by the directors on
Sept. 6. According to the Chicago "Tribune" of Sept. 7,
the new National bank will be known as the Continental
Illinois National Bank and Trust Co. of Chicago. There
will be no separate trust company incorporated under
Illinois laws. All departments of the present bank will be
operated by the new National bank.
The Continental Illinois Co., the bank's security affiliate,
however, is to retain its separate entity.
At the directors' meeting on Sept. 6, it was voted to set
up special reserves of $40,000,000 out of the surplus of the
bank to cover losses incurred, says the Chicago "Tribune,"
and the directors decided to reduce the dividend rate to
per share annually.
Announcement of the action taken at the directors' meeting
was made by James R. Leavell, President of the bank, after
the regular monthly meeting of the directors.
Sept. 10
1932
Letters explaining the proposed changes were sent to stockholders, together with an announcement that a stockholders'
meeting would be held on Oct. 10 to act on the steps suggested
by the directors.
From the Chicago "Tribune" of the 7th the following additional information is taken:
Will Reduce Surplus.
The directors voted to reduce the surplus account from $65.000,000 to
$25,000.000, the bank's capital remaining unchanged at $75,000.000. The
$40,000,000 withdrawn from surplus, it was explained, was used to "set
up extraordinary and additional reserves against all possible losses and
depreciation."
"Thus, with prior unused reserves," the stockholders are informed, "the
bank has total reserves of more than $50,000.000 which will not appear as
reserves in any published statement of condition."
The decision to set up additional reserves of $40,000.000 was made after
a careful appraisal of the bank's assets by its own officers and after an
examination by the office of the national bank examiner.
The setting up of $40.000.000 as added reserves is equivalent to a charge
off of that amount. In the case of a charge off, however, credit for income
tax purposes could be taken only in the year of the charge off, and the
amount of the charge off would be about $28,000,000 in excess of the
bank's earnings.
By following the other method and setting up reserves against losses the
charge offs can be made gradually over a period of years. In that way the
bank can take full advantage of all the charge offs for income tax purposes.
The new national bank will have total invested capital of $102,500,000,
distributed as follows: capital, $75,000,000; surplus, $25,000,000; undivided
profits, $2,500,000.
Stock Distribution Plans.
For each present share held stockholders will receive one share of capital
stock of the Continental Illinois National Bank and Trust Co. of Chicago,
par value $100, with a book value of $136.36. This book value, in the
directors' opinion is "conservatively stated at to-day's values after reserves
have been deducted."
In addition, each such share will carry with it proportionate trusteed
ownership of the Continental Illinois company, the securities affiliate, which
has capital and surplus of $2,500,000.
"The directors and officers of your bank," stated the letter mailed to
stockholders last night, "have concluded that the future interests of the
Continental Illinois Bank and Trust Co. will best be served by its operation
as a National bank.
"The development of a plan for nationalizing the bank was suggested by
recent legislative proposals regarding the banking system of the United
States, all of which indicates a distinct trend in the direction of a more
unified national structure, strengthened and controlled by the Federal
banking authorities.
Directors See Advantages.
"It is the belief of the officers and directors of the bank that definite advantages will accrue to it from changes pending in the National Banking
Law.
"It also was determined to establish reserves against all losses and depredation—the result, in general, of an unprecedented decline in values.
"Accordingly, at the regular monthly meeting of the Board of Directors
of the Continental Illinois Bank and Trust Co. held to-day, the directors
voted to recommend application to the Comptroller of the Currency of
the United States to convert the Continental Illinois Bank and Trust Co.
into a National bank, to be called the Continental Illinois National Bank
and Trust Co. of Chicago, which will continue to operate all departments
of the present bank."
The directors declared a dividend of $2 per share to stockholders of record
Sept. 20 for the quarter ending Sept. 30 1932. The present dividend rate
is $12 per share.
Earnings Exceed Eight Millions.
"Earnings, after taxes and interest, for the first eight months of 1932
amounted to $8,295,000," the directors' letter stated.
This would indicate that the policy of the bank, for the present at least,
will be to pay out about half of its earnings in the form of dividends. At the
rate of $2 per share and quarterly the dividend requirements amount to
$6,000,000 annually. Earnings, according to officers of the bank, are at
the rate of about $12.000,000 per year.
That the bank intended to take this step has
known up and down La
Salle Street for some time. The bank's stock moved ahead two points yesterday to close at 119 bid, 129 asked.
Write Off Losses.
The decision of the directors to write off losses incurred during the depression is in line with the policy of financial and business institutions not only
in Chicago but in other cities. Now,that the extreme low point in business
and in security prices seems to have been passed there is a general desire to
square off on a new basis, write off all losses and proceed ahead. Only two
weeks ago the First National Bank of New York set the pace by writing off
$25,000,000 to cover losses incurred since 1929.
The First Wayne National Bank of Detroit, the largest
bank between New York and Chicago, will change its name
to First National Bank-Detroit, Wilson W. Mills, Chairman
of the board, announced on Sept. 6. Compliance with legal
formalities will delay the time when the change can be made,
but officers expect to be operating under the new name by
Oct. 6. First Wayne National Bank of Detroit started
operation the first of this year as a consolidation of First
National Bank and Peoples Wayne County Bank. At the
start the "First Wayne" was used in order that the title of
the consolidated bank might reflect the names of the combining banks to customers of each. The fact that the bank
is to simplify its name is regarded in financial circles as evidence not only that the city now considers the bank as a
unified institution, but also that the national scale of the
business carried on by the institution makes it advisable to
change the name to one which has a less local connotation.
It is stated that at the present time the bank has total resources of more than half a billion dollars and more than
700,000 accounts.
•
Volume 135
Financial Chronicle
Plans for the merger of the Plaza National Bank of St.
Louis with the Guaranty Bank & Trust Co. of that City
were approved by the stockholders of the respective institutions on Sept. 3. As was previously indicated in these
columns (July 9, page 245) the consolidated institution
will function under the title Guaranty-Plaza Trust Co.;
operations under the new name began Sept. 6, the enlarged
institution being established in the quarters of the Plaza
National. In its issue of Aug. 30 the St. Louis "GlobeDemocrat" said:
The resources and liabilities of the new bank will total around $3,500,000,
it is indicated by statements published in June, while there will be a capitalization of $200,000, with a surplus and profit, including reserve, of
$430.000. On the basis of the June statement, the deposits will total
between $2,500,000 and $3,000,000.
Frederick R. von Windegger, President of Guaranty, is to be President
of the new bank, while Julius W. Rheinholdt Jr., President of the Plaza
Bank, and a son of the Chairman of the Board of the Boatmen's Dank,
will retire to devote himself to his investment brokerage business. His
brother. Carl A. Rheinholdt, Cashier of the Plaza, will be Vice-President
of the new bank, and W. L. Gregory, Vice-President and Cashier of the
Guaranty, will be Treasurer and Vice-President.
Under date of Aug. 31, Associated Press advices from
Elmo, Missouri (published in the St. Louis "Globe-Democrat") said:
Officers of the Farmers' St Merchants' Bank announced the institution
would reopen to-morrow with $21,000 in new capital, $1,000 more than a
citizens' committee sought to raise while the bank was observing a holiday
which began Aug. 28.
The Farmers' Bank of West Louisville (Ky.), which closed
last January, was reopened on Aug. 29 after a reorganization plan had been approved by holders of 97% of the deposits. An Associated Press dispatch, Aug. 29, from West
Louisville, from which we quote, states that the new capital
is $15,000 and that C. J. Mackin is President of the bank.
The Bank of Ahoskie at Ahoskie, N. C., which closed
on Dec. 30 1931, reopened for business on Sept. 6, State
Banking Commissioner Gurney P. Hood announced. The
Raleigh "News and Observer," authority for the foregoing,
also says:
The bank had total resources of $424,354 at the time of its closing.
The bank reopened with new paid-in stock and other cash resources
sufficient to pay all preferred claims and set up a 50% reserve against its
deposit liability.
L. P. Harrell, liquidating agent for the Bank of Bander
at Burgaw, N.C.,announced on Aug.25 that the bank would
pay a second dividend of 10%, available Aug. 26, says
advices to the Raleigh "News and Observer" from Wilmington, N. C., Aug. 26. The advices added:
The dividend will amount to $14,738.32, Mr. Harrell said. A few
months ago a dividend of the same size was disbursed.
Depositors are asked to call at the bank beginning Aug. 28 to secure
thier checks.
Preferred creditors have already been paid.
*1
THE WEEK ON THE NEW YORK STOCK EXCHANGE
Price fluctuations in the New York stock market have been
very irregular this week but the active list, as a whole, has
shown an advancing tendency. The volume of trading has
been extremely heavy and frequent periods of profit-taking
have been in evidence throughout the week.
Stocks moved forward along a broad front during the
abbreviated session on Saturday and numerous prominent
issues moved up to new tops. The trading was particularly
heavy,so much so, that at times the tickers were from 5 to 10
minutes behind the transactions on the floor. The activity
covered practically every group, but the steel stocks attracted
a very large part of the speculative interest. J. I. Case,
Allied Chemical & Dye and American Can were also strong
and rolled up a substantial gain. Am. Tel. & Tel. was
steady most of the day, Atlantic Refining was bid up to a
new top and Standard Oil of N. J. gained around a point on
the day. Motor stocks were in active demand and surged
forward following reports that the August sales record
would show substantial improvement. Railroad shares
forged ahead under the guidance of Delaware & Hudson
which gained 4 points and closed at 91. The principal
changes on the side of the advance were Atchison, 234 points
to 623%; Bethlehem Steel, 334 points to 279/s; Central Railroad of N. J., 5 points to 101; Detroit Edison, 334 points to
923/2; Electric Power & Light pref., 3 points to 52; Norfolk &
Western, 234 points to 111; Peoples Gas of Chicago, 21%
points ,o 86; Pierce Arrow pref., 3 points to Tz; Western
Union, 5 points to 4834; Shell Union Oil pref., 234 point, to
2
.
52, and International Silver, 3 points to 223/ The New
York Stock Market, the Curb Market and commodity
markets were closed on Monday in observance of Labor Day.
The market was decidedly irregular as trading was resumed
on Tuesday following the two-day holiday. In the early
1775
dealings heavy buying boosted prices and advances of 1 to 4
points were recorded by many of the market leaders. As
the day progressed, profit taking checked the advance and
stocks closed under pressure with losses ranging from 1 to 3
points. Accumulated buying orders brought about heavy
trading during the first hour and as large blocks of stocks
appeared, new tops were recorded by many issues. During
the second hour, realizing was in evidence in large volume
and for a time prices sagged, but around noon the market
again moved ahead under the leadership of the railroad
shares, though the gains were somewhat smaller than during
the early transactions. The changes at the close were
largely on the side of the decline, the recessions including
among others Allied Chemical & Dye, 2 points to 84; Amer.
%
Tel. & Tel., 33% points to 1153 ; Atlantic Coast Line, 334
%
%
points to 39; J. I. Case, 25 points to 615 ; Delaware &
2
;
Hudson,3 points to 88; Goodyear 1st pref., 4 points to 643/
Homestake Mining, 434 points to 12034; National Steel,
4
2 points to 313/2; Union Pacific, 3 points to 783 ; United
5
States Inds. Alcohol, 2 points to 33%; Western Union,
2% points to 4432; Westinghouse, 134 points to 41, and
American Water Works, 2 points to 303.
On Wednesday the market again turned upward under the
guidance of the motor shares and while there were occasional
periods of profit taking, it was generally well absorbed.
Auburn Auto was a spectacular feature as it bounded upward
from 6034 to 7034 with a gain of 1034 points. Motor stocks
were buoyant and prominent issues like Chrysler and General
Motors forged ahead to top prices for the current movement.
Practically all of the pivotal issues recovered their losses of
the previous day and added some gains. Metal stocks were
strong and reflected the increase in copper prices. United
States Steel was under pressure in the early part of the trading
but pulled out of it and closed at 5234 with a gain of 234
points. Other important gains were Allied Chemical &
4
Dye, 334 points to 87%; Amer. Tel. & Tel., 33 points to
11934; Atlantic Coast Line, 3 points to 42; Bucyrus-Erie
pref., 10 points to 80; J. I. Case pref., 2 points to 74; East- •
man Kodak, 2 points to 63; Detroit Edison, 2 points to 96;
du Pont, 334 points to 4634; Federal Mining & Smelting,
7 points to 32; General Motors, 2 points to 1934; Greene
4
Cananea Copper, 3 points to 27; Johns-Manville, 33 points
to 2934; Mack Truck, 234 points to 25; North American,
%
4
334 points to 423 ; Northern Pacific, 23 points to 2434;
Peoples Gas, 234 points to 8834; Sloss-Sheffield Steel, 3%
points to 193 ;Studebaker pref., 434 points to 7434; United
4
Aircraft, 234 points to 3234; Westinghouse, 234 points to
8
4334, and Western Union,234 points to 47%.
The market moved forward at a brisk pace in the early
session on Thursday and after an advance to new tops
turned downward with losses ranging up to 3 or more points.
Trading was in large volume and blocks of 1,000 to 10,000
shares were in evidence during the forepart of the session.
Low-priced issues attracted considerable attention, and
there were also substantial dealings in many popular speculative issues. Most of the important changes were on the
side of the decline, but there were also numerous stocks
that showed modest gains at the close. The declines
included Allied Chemical & Dye, 234 points to 8434; American Car & Foundry pref., 7 points to 38; Auburn Auto, 234
points to 68; Bethlehem Steel, 434 points to 2454; J. I.
Case, 3 points to 6034; du Pont, 334 points to 4334; Kenne%
cott Copper, 134 points to 173 ; Westinghouse, 25 points
4
to 4034; United States Steel, 35% points to 4
834; Reading,
454 points to 46, and Peoples Gas, 334 points to 85. The
advances, on the other hand, included American Tobacco
pref., 254 points to 11454; Anaconda Wire, 2 points to 14;
Detroit Edison, 234 points to 9834; Johns-Manville pref.,
43 points to 80; Southern Ry. pref., 23 points to 2134,
4
%
Sun Oil, 3 points to 3634, and Norfolk & Western, 2 points
to 110.
Following a brisk rally on Friday morning, during which
gains up to three or more points were recorded, the market
turned irregular and part of the early advances were cancelled.
Trading was in smaller volume, though several large blocks
of low priced stocks changed hands. Pivotal issues like
American Can, Am. Tel. & Tel. and United States Steel
were inclined to move downward and so were most of the
railroad stocks. The changes at the close of the market
were small and largely on the side of the decline. Among
the latter were Air Reduction 2 points to 583 , Associated
4
Dry Goods pref. 7 points to 30, Bethlehem Steel pref. 4
points to 54, Byers Co. pref. 7 points to 62, Delaware,Lackawanna & Western 2 points to 3834, Illinois Central pref.
1776
Financial Chronicle
4 points to 34, National Biscuit 2% points to 427, Peoples
Gas of Chicago 2 points to 89, Union Pacific 2 points to 77,
United States Steel pref. 2 points to 87 and Worthington
Pump 2 points to 195 . As the market closed, prices were
%
near the lowest of the day.
TRANSACTIONS AT THE NEW YORls •fOt
DAILY, WEEK!.Y ANL LABE
Week Ended
Sept. 9 1932
Stocks.
Railroab I
.4
,1..
Number of and Misc.. ,B to biwu Jv
,
BOWS. .w r
Shares.
- nut.
...xCHANGE
Unite..
States
Bonds
Total
Bond
Sales.
Saturday
2,440,380 $4,450,000 $1,861,000
5433.000 $6,744,000
Monday
HOLIDAY
Tuesday
3,369,000
7.864,000
4.362.850
589,000 11,822.000
Wednesday ____ 4,153,120
1,374,500 11,560,500
3,119,000
7,067,000
Thursday
7.697,000
5,370.180
725,600 11.305.600
2,883.000
Friday
4.036.100
2,034,0001
7,565,000
990,500 10.589,500
i I
20.362,630 $34,643,000 $13,266,0001 $4,112,600 $52,021,600
1 Total
Sales at
New York Stock
Exchange.
Week Ended Sept. 9
I Total
to Sept. 9.
1937
1931.
1932.
Stocks
-No.of shares_
Bonds.
Government bonds _-State & foreign bonds_
Railroad & misc. bonds
Ja:.
1931.
20,362,630
7,547,700
308,581,889
402,739,659
$4,112,600
13,266.000
34,643,000
$4,687.300
13,558.000
25.577.000
$476.875.100
537.617.600
1,182,669.000
$111.844.350
556.648.100
1,229.380.700
the side of the advance were American Beverage, 73.1 to
73/2; American Laundry Machine, 1434 to 17; Brazil Traction
& Light, 103 to 115 ; Cities Service, 534 to 53/2; Consol.
%
%
Gas of Baltimore, 6834 to 693/2; Ford of Canada, A, 10 to
103 ; Hudson Bay Mining, 43.1 to 432; International Pe%
troleum, 1134 to 113 ; New Jersey Zinc, 343/2 to 3534;
%
Parker Rustproof, 2734 to 34; New York Tel., pref., 114%
3
to 1145 ; Pennsylvania Water & Power Co., 57% to 5734;
%
Singer Manufacturing Co., 1213/2 to 133; Standard Oil of
Indiana, 24 to 243 ;Swift Sr Co., 1034 to 1034; Teck Hughes,
%
334 to 33.1, and United Light & Power, A, 834 to 834.
A complete record of Curb Exchange transactions for the
week will be found on page 1808.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Sept.9 1932.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Philadelphia.
Shar
, iBon Sales. Shares
39.7961
ROLL DAY
$1,000
63,616
61,912
4.000
81.737
13,890
1.000
Bond Sales
36,595
110LI DAY
a43,314
5,500
8,000
a43.934:
a60.901;
4.000
184.7441
342,818 11,982,000
TOW.
3.588,000
3.802,000
4,780.000
4,033,000
$52.000
$132,000 $2,166000
HOLID DAY
133,000
403.000 4,124.000
136,000
233,000 4,171.000
86.000
166,000 5,032.000
112,000
194,000 4,339,000
$519,000 $1,128,000 119,832.000
610,319
577,828
638,783
448,918
uELPHIA AND
Sales at
New York Curb
Exchange.
Baltimore.
Shares. Bond Sales.
1,566
$15,000
IJOLI DAY
14.000
1,7991
14.500
2,610
1,812
24.000
1,408,
21.000
$6,000 3
$88,500
9,195
260.951
Total
9.4181 117,500
$26,000_ 254,183. $28,600
Prey.wk.revised_ 281,230
10,893 1149.000
a In addition, sales of rights were: Tuesday, 5; Wednesday, 20: Thursday, 15.
THE CURB EXCHANGE.
Trading on the curb market has been fairly active and
strong this week with an upward tendency during the
first half, but with increasing irregularity as the week
progressed. Oil shares have attracted considerable speculative attention, but public utilities which have featured the
market during the past few weeks have generally moved
on the side of the decline. The feature of the trading on
Saturday was the 14-point advance in Aluminum Co. of
America, which finally closed at 863's with a net gain of
103 points on the day. Metal shares were higher and oil
stocks were firm throughout the entire session. The curb
market, like the Stock Exchange, was closed on Monday in
observance of Labor Day.
Oil shares were the strong stocks on Tuesday, the strength
in these issues offsetting to some extent the drop in the
utilities. Cities Service was fairly strong on a small turnover. Aluminum Co. of America, on the other hand, was
weak and sold off. Profit taking was the feature of the
trading during the early dealings on Wednesday, though this
was absorbed as the day progressed and the market again
spurted upward. Aluminum Co. of America came back as
the feature of the industrial shares and a sharp demand was
apparent for Electric Bond & Share. Mixed changes were
the features of the dealings on Thursday, though the market
continued its activity as many large blocks of stocks appeared on the tape. Volatile issues were subject to rapid
changes, though there was a slight easing in the industrial
stocks that have been advancing during the past weeks.
Oil shares were lower and Aluminum Co. of America dropped
off about 2 points.
On Friday the curb market moved backward and forward
without definite trend despite the strong tone in some parts
of the list. Public utilities showed some improvement,
and industrials were higher. Atlantic & Pacific Tea was
the feature of the day as it jumped 7 points to 159. Aluminum Co. of America was also prominent as it surged forward
6 points to 713i. The principal changes of the week were
on the side of the decline and included, among others,
Aluminum Co. of America, 7932 to 773'; American Gas &
Electric, 403/i to 38%; American Light & Traction, 23 to
22; American Superpower, 83.1 to 7%; Atlas Corp., 10%
to 10; Commonwealth Edison, 89 to 88; Creole Petroleum,
3 to 23/8; Deere & Co., 17% to 16; Electric Bond & Share,
453.' to 40; Gulf Oil of Pennsylvania, 41 to 40; Humble Oil,
54 to 51; Niagara Hudson Power, 18% to 1834; Pennroad
%
Corp., 434 to 4; A. 0. Smith, 417 to 393.1, and United
Founders, 3 to 23g. Prominent stooks closing the week on
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
2,618,166 118.185,000
Total
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sects
(Number
of
Shares).
$52,021,600 $43,822,300 $2,197,161,700 $1,897,873,150
DAILY THAN acriort AT THE BOSTON,
13 LT1MORE EXCHA
Week Ended
Sept. 9 1932.
Sept. 10 1932
1932.
1931.
Stocksr-No, of shares.
2,618,1.66
1,420,456
Bonds.
Domeetic
$18,185,000 $13,095,000
Foreign Government.,.
519,000
471,000
1,128,000
Foreigncorporate ...635,000
Total
Jan. Ito Sept. 9.
Week Ended Sept. 9.
$19,832.000 $14,201.000
1932.
1931.
40,555,327
78,240,697
5594,386.100
22,443 000
46,174.000
5625.289,000
20,611,000
27,365.000
$663,003,100
$673,265,000
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, Sept. 9), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 36.4% below those for the corresponding
week last year. Our preliminary total stands at $3,648,516,934, against $5,732,514,105 for the same week in 1931.
At this center there is a loss for the five days ended Friday
of 28.9%. Our comparative summary for the week follows:
Cleanngs--Returns by Telegraph.
Week Ending Sept. 10.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1932.
1931.
11,923;746.771 12,706.598.506
127.281,140
209,981.468
154.000.000
296,000 000
105,000.000
185.000 000
40.355,453
52,628.749
36,800 000
59.400 000
46,119.000
74,493 000
No longer will re port clearings.
46,233,737
77,494,365
29,723.716
61,075,859
32,919.056
62.722.417
33.500.723
43,615.716
23.690,977
28,788,517
Per
Cent.
-28.9
-39.4
-48.0
-43.2
-23.3
-38.0
-38.1
-40.3
-51.3
-47.5
-23.2
-17.7
Twelve cities, five days
Other cities, five days
$2,599,370,573
441,060,205
13,857,798,597
746,969,580
-32.6
-41.0
Total all cities, five days
All cities, one day
13.040.430.778
608.086,156
14,604,768.177
1,127,745,928
-34.0
-46.1
Total all cities for week
$3,648,516,934
$5.732,514,105
-36.4
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 Sept. 3.
For that week there is a decrease of 29.7%, the aggregate
of clearings for the whole country being $4,713,066,553,
against $6,700,722,890 in the same week in 1931. Outside
of this city there is a decrease of 29.7%, the bank clearings
at this center recording a loss of 26.2%. 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 loss of 26.2%, in the Boston Reserve District of 38.2%
and in the Philadelphia Reserve District 40.8%. In the
Cleveland Reserve District the totals are smaller by 35.9%,
in the Richmond Reserve District 27.8% and in the Atlanta
Reserve District 24.0%. The Chicago Reserve District
there is a contraction of 42.1%, in the St. Louis Reserve
District of 35.9% and in the Minneapolis Reserve District
24.7%. In the Kansas City Reserve District there is a
Financial Chronicle
Volume 135
decrease of 35.3%, in the Dallas Reserve District 17.4%
and in the San Francisco District 34.4%.
1777
Month of August.
1932.
SUMMARY OF BANK CLEARINGS.
Week Ended Sept. 3 1932.
1932.
1931.
Inc.or
Dec.
1930.
1929.
Federal Reserve Diets.
1st Boston - __ _12 cities
2nd New York_ _12 3rd Philadelola 10 "
4th Cleveland__ 6 "
5th Richmond _ 6 "
6th Atlanta _ _ _ -11 "
7th Chicago -20 "
8th St. Louis__ 5 "
9th Minneapolis 7 "
10th KansasCRY 10 "
5 "
11th Dallas
12th San Fran 14 "
I
s
$
$
%
199,067,241
322,039.685 -38.2
373,037,543
489,170,975
3,189,853,076 4,319,627.551 -26.2 5,126,355,386 8,279,809,083
429,518,009 -40.8
254.291,299
419,978,429
496,402,986
172,141,516
268,659,509 -35.9
309,567,883
277,357.832
96.361,252
133,511,467 -27.8
139,433,744
155,000,817
79,666,058
104,793,791 -24.0
125,382,885
162.508,625
306,699,058
529.544,209 -42.1
646,855,605
919,274,231
74,501,892
116,289,132 -35.9
157,902,919
161,237,125
67,205,8)2
89,210,306 -24.7
110,666,329
137,756.949
83.882.991
129,616,256 --35.3
162215.498
195.198.003
35,228,311
42,668,645 -17.4
53.636,382
77,077,049
156,191.527
235.214,330 -34.4
282.699,212
336,741,615
118 cities
Total
Outside N. Y. CRY
4,713,066,553
1,612,939,239
6.700.722,890 -29.7
2,502,692,512 -35.6
32 01093
259.336.558
298.140.920 -11.8
Canada
7,907,730,814 11,687,535,290
2,902.079,370 3,593,062,760
328.335.198
August
1932.
$
Federal Reserve Diets.
891,268,823
let Boston __ -.14 cities
2nd New York__13 " 13,034,134,666
1,110,145,177
3rd Philadelpla 14 "
4th Cleveland-13 "
788,700,63
455,330,818
5th Richmond _9 "
318,698,366
6th Atlanta___ -16 "
1,342.731,538
7th Chicago --27 "
8th St. Louis--_7 "
330,931,64
302,249,547
9th Minneapolls13 "
10th KansasCitY 14 "
496,606,989
11th Dallas
10 "
222,057,606
12th San Fran--23 "
737,553,11
August
1931.
Inc.or
Dec.
$
1,563,177,678
18,543,657,408
1,738,598,490
1,199,487,762
579,641,605
456,559,878
2,188,728,771
487,836,967
375.825,772
700,714,003
317,357,802
1,071,636,966
August
1930.
$
1,913,535,324
24,614.012.675
2,142,537,150
1,523,732.743
671.910.469
574.275,794
3,392033.776
670,277.238
494,149,571
973,011,231
393.822,022
1,346,452,673
%
-43.0
-29.7
-37.9
-34.2
-21.4
-30.2
-38.7
-32.2
-19.6
-29.1
-30.0
-31.2
August
1929.
$
2,551,267,247
40,089,120,313
2,620.559,514
2,008,104,819
837,085.487
768.875,587
4,849.721,082
828327,474
671,329,076
1,277,490,324
535,034,995
1,766,409,458
Total
173 cities 20,030,407,920 29,273,223,102 -31.6 38,709,750,698 56.803,125,873
Outside N. Y. City
7,383,425,031 11,234,050,230 -34.6 14,703,782,472 17,603.901,264
Canada
32 cities
1.057.381.299
1.227 538 896 -13.9
1.521.261.483
2.014.276 002
We append another table showing the clearings by Federal
Reserve districts for the eight months for each year back to
1929:
8 Months
1932.
8 Months
1931.
Federal Reserve Diets
$
$
1st Boston ____14 cities 8,432,577.934 14,625,160,263
2nd New York_ _13 " 113,943,669,818 194,775,431,833
3rd Philadelpla 14 ••
10,066,523,573 14,900.604,422
4th Cleveland--13 "
7,073.781,453 11.070,748,376
6th Richmond ..9 "
3,741,704,007 5,013,477,501
6th Atlanta...-_16 "
3,109,077,418 4.371,895.769
7th Chicago ---27 " 12,437,441,659 22,118,709,663
8th St. Louie_ _7 "
3,120,025,485 4,481,538,614
9th MinneapolCs13 "
2,461,170.876 3,331.813,706
10th KansasCity 14 "
4.288.849,228 8,051.766,821
11th Dallas
10 "
2.065,782,903 2,923,421,55
6,482,508,210 9,283,849,654
12th San Fran 23 "
Inc.or 8 Months
Dec.
1930.
%
-42-3
-41.5
-32.4
-38.7
-25.4
-28.9
-43.8
-304
-26.1
-29.1
-29.3
-30.2
8 Afon/hs
1929.
$
$
17,853,891.855 19,624,350,912
49,392.104,153 314,438,193,359
19,589,277.304 21.966,781,082
13,979,705,314 15,936.557,477
6,037,767,24 6,427,759,375
5,563,088,847 6,527,495,459
30,764,952.346 37.441,763,336
8,277,220,70
6,913,357,425
4,031,964,722 4,635,183,750
8.157,646.986 9,342.383,357
3,543,108,10
4,360,325,858
11,954,916.66 13,380,895.838
173 cities 177,223,112,564 292,948,418,181 -39.5 377,324.933.984 459.102,945,448
Total
Outside N. Y. City
66.758,604,397 102,906,865,743 -35.1 133.652,964.017 151.203,672,858
fl.n.49 _ __ _ _22 ritino
A dAS non 711
11 ill 111 41,1
_29i
11 TV, 4911 909
14 ono ono co.
1931.
1932.
1931.
Stocks, number of shares. 82,625,795, 24,828,522
259,401.107
390,367.632
Bonds.
Railroad & misc. bonds_ _ 257.743,5001 123,509,000 1,020.992.800 1,181.973,700
State. foreign. &c., bonds 60,673,500 55,227,000
440.355,600
533,236.600
8,372,150
U.S. Government bonds. 2.5,777,950,
405.372.400
104.920.050
Total
5344,194,950 5187,108,150 $1,866,620,800 $1,820,130,350
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1929 to 1932 is indicated in the following:
1932.
No. Shares.
1931.
No. Shares.
34,362,333
31,716.267
33,031.499
Month of January
February
March
42,503.382
64,181,836
65.658,034
1930.
No. Shares.
1929.
No. Shares.
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
First quarter
429.990.176
We also furnish to-day a summary of Federal Reserve
districts of the clearings for the month of August. For that
month there is a decrease for the entire body of clearing
houses of 31.6%, the 1932 aggregate of clearings being
$20,030,407,920, and the 1931 aggregate $29,273,223,102.
In the New York Reserve District the totals show a decline
of 29.7%, in the Boston Reserve District of 43.0% and in
tho Philadelphia Reserve District of 37.9%. In the Cleveland Reserve District the falling off is 34.2%, in the Richmond Reserve District 21.4% and in the Atlanta Reserve
District 30.2%. In the Chicago Reserve District the totals
show a diminution of 38.7%, in the St. Louis Reserve
District of 32.2% and in the Minneapolis Reserve District
of 19.6%. The Kansas City Reserve District suffers a loss
of 29.1%, the Dallas Reserve District of 30.0% and the
San Francisco Reserve District 31.2%.
Eight Months.
Description.
Month of April
May
June
31,470,916
23,138,913
23,000.594
Second quarter_
Six months
54.346.836 111,041,000
46.659,525 78,340,030
58.643.847 76.593,250
77,608,423 159,650,204
82.600.470
91.283.550
69,546,040
265,974,280 243,430,060
176,718.572 331,993,460 492.668,7W 537,866.310
23.057.334
82.625,795
Month of July
August
33,545,650
24.828.500
47.746.090
39.869,500
93,378,690
95.704.890
The following compilation covers the clearings by months
since Jan. 1 1932 and 1931:
MONTHLY CLEARINGS.
Clearings. Total AU.
Clearings Outside New York.
math.
1932.
1
1931.
I %
1932.
I
1931.
%
$
$
$
$
,
Ja!I.__ 26,483,613,804139,678.379.908/ -33.2 9,799,279,675114.375.919.731 -31.8
b___ 21.364.746,405 32.942,435.566 -35.1 8,146,220.677 11,719.161.974-30.5
arch. 24.517,396.666 39.301,344,645,-37.6 8.907,952.306 13.132.959.663 -32.2
I
is I(11.1. 72,365,756,875,111920160.119 -35.3 26.853.452,65839,228.041.368-31.5
A )ril__ 22.861,717.9851 39,852,451,4601-42.6 8.892,895,892 13.471.843.296 --34.0
ay.. 20.697,796,483 37.884.078,968 -45.4 7.958.527.684 12.940.470 085 -38.5
no.. 21,948.930.796,39.246,604,281-44.1 8,047.063.895 13.186,393 159 -39.0
I
I
2 CIU- 65,508.445.244,116983 134.709,-44.0 24,898,487,471 39.598.506.540-37.1
I
1108_ 137874202,119,228903294,828,-39.0 51.751,940,129 78,826,547.908 -34.3
6
I
I
July __ 19.318,502,525 34.771,900,251 -44.4 7,643.239,237 12,846,267,605 -40.5
90 n2n 407 o9n 90 971 99'1 109.
11 A '7 102 490 n11 11 924. 020 920 -24 A
le
The course of bank clearings at leading cities of the country
for the month of August and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
(000.000s
°mated.?
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to Aug.31
August
1931.
1930.
1929.
1932. 1931. 1930. 1929. 1932.
$
$
1
$
$
$
$
12,667 18,039 24,006 39,199 110,465 190.042 243.672 307.899
7.867 14.027 20,162 24,324
855 1,339 2,264 3,198
7,268 13.045 15.920 17.287
760 1,392 1,716,
9,374 13,847 18,372 20,517
1,038 1,669 2,007 2,243
4,191
2.106
3.202
4.830
220 • 353
449
580
6,164
6.731
4,707
2.882
328
490
677
867
6,627
7,137
412
581
4.948
735
953
3.500
2.196
1.960
2.635
156
211
224
1.440
314
2,668
3 240
3.519
2,001
269
321
356
482
4.302
3.044
4.926
255
344
520
698
2.212
4.548
5,266
3.579
257
404
2,307
502
668
1.555
1,754
1.387
100
141
917
159
205
2,645
2.949
2,147
1,619
204
247
332
464
1,313
774
1.310
604
69
85
146
152
7.783
4,467
5.979
2,326
247
466
624
970
1,216
1.037
821
67
89
566
114
161
571
467
382
32
40
48
69
291
1,477
1.589
1.208
86
142
771
176
218
1,761
2,210
1,353
192
315
899
98
148
963
796
689
512
59
74
88
112
862
755
595
47
435
65
85
111
1,2 14
,
1.108
862
648
82
111
172
133
1.501
1,461
1,181
880
98
134
176
191
631
710
417
340
34
40
60
75
1,781
1.361
1.092
93
124
156
233
795
688
398
531
42
293
86
45
50
652
602
483
318
34
54
68
87
Total
Other cities
18.609 27.147 36.063 .55.082 163.546 273 305 352 933 432,464
1,421 2.136 2,647 1.721 13,677 19.643 24,392 26,639
Total
Our usual monthly detailed statement of transactions on Outside all Y. City20.030 29,273 38.710 56,803 177,223 292.948 377,325 459.103
N.
7,363 11,234 14,704 17.604 66,759 102.907 133,653 151,204
the New York Stock Exchange is appended. The results for
We now add our detailed statement showing the figures
August and the eight months of 1932 and 1931 are given• for each city separately for August and since Jan. 1 for two
below:
years and for the week ended Sept. 3 for four years:
CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR -WEEK ENDING SEPT.3.
Month of August.
8 Months Ended August 31.
Week Ended Sept. 3.
Clearings at
1932.
1931.
$
$
First Federa Rese rve District- Boston_
1.770,215
2.535,348
Maine-Bangor
8,850,427
12,630.790
Portland
760.005,379 1.392.265,687
-Boston
Mass.
2,463.068
3.618,804
Fall RIVer
1.356,614
1,844.386
Holyoke
1,397.226
1,879.35
Lowell
2,109,753
3.251.159
New Bedford
15.342.096
11,269.725
Springfield
10,824,044
8.569.094
Worcester
45,091.767
42.345.147
COnn.-Ilartford -__
24,768.288
15.019.257
1. New Haven
4,040,800
6.576.900
' Waterbury
40,444,400
32.329,100
R, L-ProvIdence- 2,104.658
1.743.018
-ManchesterN. H.
Total(14 cities).
Inc. or
Dec.
1932.
%
$
1931.
Inc. or
Dec.
1932.
1931.
Inc. or
Dec.
1930.
$
%
$
$
%
$
1929.
$
-30.2
-29.9
-45.4
-31.7
-26.4
-25.7
-35.1
-26.5
-39.3
-6.1
-39.4
-38.6
-20.1
-17.2
15,342,569
21.304,875 -28.0
76,443.267
106.747,619 -28.4
7,268,575.466 13,044,857.978 -44.3
24.084.928
33,307.275 -27.7
13,531,502
17.748.69 -23.8
11.017.180
16.386.50 -32.8
20,960,137
30.370.41 -31..0
111,471.612
152.775.660 -27.0
99.623.905 -26.8
72.876.775
293.034.890
398.288.965 -26.4
237.832.413 -24.5
179,565.356
63.583,900 -39.3
38.601.300
382.436,500, -23.8
291.374.000
19.895.560 -21.1
15,698.952
436,359
2,039.964
170,028.109
551.078
088,319
2,011.167
282.053.287
871,981
-25.8
-29.9
-39.7
-36.8
659,607
3.381.309
334,383.350
698,341
690.678
4.931.840
432,386.604
1,045.013
290,422
478.052
2,708,239
1,773.009
8.386,598
4,495.506
459,045
797.955
3.898.611
2,605.631
10,455.351
7.394,845
-36:7
-40.1
-30.5
-32.0
-19.8
-39.2
418,112
974.725
3,852.353
2.569,151
9.507.854
6,688,046
1,076,190
1.062.667
5,174.276
3,177,772
17,819,983
9,084,933
7,386.000
493,905
9,487,200 -22.1
516.493 -4.4
9,315.200
589.495
12,056.000
665,019
891,268.823 1,563,177,678 -43.0
8.432,577,934 14,625.160.263 -42.3
199,067,241
322,039.685 -38.2
373,037,543
489,170,975
Financial Chronicle
1778
Sept. 10 1932
CLEARINGS-(Continued)
8 Months Ended August 31.
Month of August.
Week Ended Sept. 3.
Clearings at
1932.
Inc. or
Dec.
1931.
1932.
Inc.or
Dec.
1931.
Inc. or
Dec.
1931.
1932.
1930.
1929.
$
NewYorkSecond Federal Re serve District19,801,228
24,011,785
-Albany
N. Y.
3.373.432
4,337.096
Binghamton
98,360,627
147.741,038
Buffalo
2,144.268
3,750,383
Elmira
2.090,645
3,217,674
Jamestown
12,666,982,889 18,039,172,872
New York
26.752,552
34.830.381
Rochester
13,238,207
17.899.926
Syracuse
11,736.237
Conn.
12,605,603
-Stamford_ 1,719.643
2,251,870
N. J.-Nlontclair _ 73,944,544
110.737,813
Newark
110.260.932
137,375,569
Northern N.J
3.729,462
5,725,398
Oranges
219.003,871
88.051,982
--17.5
39,720.544
29,025.923
--22.2
899,480.482 1,353.461.682
--33.4
36,002,576
26.119,951
-42.8
32,482.713
20,590,886
-35.0
-29.8 110,464,508,167 190,041,552.438
336,367,016
253.165,616
-23.2
171,930,415
132,671,415
-26.0
113,476.631
93.797,083
--6.9
24,895,242
19,195,713
-23.6
774,613,688 1.061,656,822
--33.2
998,488,333 1,290,091,679
--19.7
54,790,204
43,960,529
--34.9
6,842,826
--14.1
3,450,990
1.026,271
799.619
-26.9
23,349,304
31.353,286
--33.5
1,020,982
2,144,268
-27.7
820.263
515.893
--I2.3
-41.9 3,100,127.254 4,198.030,378
13,461.906
7.382,856
-24.7
6.203.469
3.309.347
-22.8
2,870.141
1,907.107
--17.3
523,550
455,411
--22.9
26,531.802
18,358,457
--27.0
30,942,677
28,052,570
-23.4
-19.8
6,162.904
--49.6
6,395.658
-22.1
1,122,873
1,483,011
34,794,620
--25.5
64,438.956
1-110.0
574,412
1,314.845
--37.I
933.586
1,358,142
-26.2 5,005.651,444 8.094.472.530
10,795,991
-45.2
17.026.082
4.802.520
-46.7
6,465,801
3,117,101
--33.6
3,981.276
669,291
-I3.0
798,801
26,266.557
-30.8
31,555,794
31.483,081
--9.3
50,520,187
26.2 5,126,354,386 8,279,809,083
Total(13 cities).--- 13,034,134,666 18,543,657,408 -29.7 113,943,669,818 194,775,431,833 -41.5 3,189,853,076 4,319,627,551 - Philadelphia
Third Federal Reser re District
1.385.895
2,527,463
-Altoona
Pa.
e9,456,768
14,198.362
Bethlehem
1,294,017
3.500,000
Cheater
13,381,164
9,121.1)07
Harrisburg
9,317,169
4,241,062
Lancaster
1,250,390
2,151,774
Lebanon
2,544.810
1,597,139
Norristown
1,038,000,000 1,669,400.000
Philadelphia
7.895,779
10,738,788
Reading
9,697.137
18.673,894
Scranton
6,964.480
12.667,001
Wilkes-Barre
6,656,065
4,597,503
York
N.J.
3,669,000
5.410.000
-Camden
10,975.000
17,432.000
Trenton
--45.2
--33.4
---63.0
31.8
---54.5
--41.9
37.2
-37.8
-26.5
---48.1
-45.0
---30.9
32.1
-37.0
26.724.050 --43.2
15,184.622
118.850.305 86,782,134
-26.9
31,158.752 --52.6
14.763,957
120.518,862 84.634,223
-29.8
79.295,278 41,110,682
-48.2
19,092,404 12,508.962
-34.5
22.525.509 15,429,892
-31.5
-32.3
9.374,000,000 13,847.900,000 103,509,547 79,112,498
-23.6
149.872,775 --43.7
84,389,285
106.825,027 61.318.780
-42.6
60,977,313 41,517,838
-31.9
60,379,000 37.588,000
-37.7
153,175.600 118,182,700
-22.8
32.4
1,110,145,177 1,788,598,490 -37.9 10,066,523,573 14.900,604.422 -
Total(14 cities)---
ClevelandFourth Federal Re serve District Ohio-Akron
13,266,000
d1.632,000
Canton
210,605,659
156.009,717
Cincinnati
404,428,371
256,650,321
Cleveland
50.493,300
29,328.100
Columbus
2,435.006
1,702,666
Hamilton
1.325,353
Lorain
512,866
5.739,295
c3.616,168
Mansfield
Youngstown
1,678,344
Pa.
877,572
-Beaver County _
Franklin
346,253
611,647
3,022,822
868,038
,Greensburg
327,715,852
490,043.254
Pittsburgh
2,994,750
4,296,478
Ky.-Lexington
W. Va.-Wheeling__ _
8,446,334
11,542,233
Total(13 cities)--
14,521,000
---24.0
-36.5
-41.9
30.1
--61.3
-37.0
1,440.181,937
2,306,583,784
267,910,800
15,885,201
4.566,950
27,035,286
1,954,982,666
3,579,480.631
442,383,400
26,069,770
10.244,749
51,424,864
26.5
-35.6
-39.4
-39.1
-55.4
474
-
--17.7
--42.4
-7I.3
---33.1
-30.3
---14.2
7,189,192
3,472,038
10,043,120
2,881,550,515
35,937,704
57.263,522
12,136.944
4,989.882
29.681,292
4,706,609,029
41.727,307
99,597,842
-40.8
--30.4
--68.1
--38.8
-13.9
-42.5
7,073,781,453 11,070,748,376 36.7
788,700,637 1.199.487.762 -34.2
Fifth Federal Rese rye District- Richmond
W.Va.-Huntington _
1,320,538
2,220,668
9,598,000
Va.-Norfolk
13,166,029
97,889.783
133,864,413
Richmond
N.C.
6.859,117
2,555,900
-Raleigh
S. C.
2,781,653
5.187.334
-Charleston.._
6,238,244
2,714.019
Columbia
268,785,816
321,083,378
Md.-Baltimore
1,537,712
854,491
Frederick
b
b
Hagerstown
68,830,620
D. C.
89,484,710
-Washington
111,440,000 -87.0
-87.7
-
---40.5
-27.1
-26.9
-62.7
--46.4
-56.5
-16.3
--14.4
-
13,575,521
93.208.783
879,947,619
23.205,529
27.315,858
30,521,295
2.001.320,706
8,254,840
21,494,353
120,918,431
1,161,292,735
59,026,141
57.715,570
71,139,316
2,868,024,417
13,700,563
36.8
-22.9
-24.2
-60.7
52.7
-57.1
25.0
-39.7
368,835
1,967,297
298,981
637.352 --42.2
3,457,735 --43.1
901,483 --66.8
1,262,731
3,386,564
1.042,030
1,689,493
4,421,948
1,038.317
1,140,630
2,993,460
-0.2
1,862.524
4,787,751
242,000,000
1,781,215
2,065,777
1,747,453
1,012,311
408.000.000
2,729.445
4,166.646
2,769.795
1,234.093
--40.7
-34.7
-50.4
-36.9
-18.0
399.000,000
2.710,678
3,538,240
2,970.246
1,574,416
467,000,000
3,337.428
6,627,355
3,626,238
2,199,860
1,909,000
27.4
2.628.000 -
2.631,000
4,674,596
254,291,299
429,518,009 40.8
419,978,429
496,402,986
d412,000
2,790,000 -85.2
3,150,000
5,022,000
34,183,318
56.138,039
6,552,000
49,474,897 30.9
90,133,961 37.7
33.4
9,842.600 -
51,137,094
96,982,535
13,276,300
60.517.631
128.211,644
18,732,800
c745,927
1,345,386 -44.6
1.274,928
1,873,757
74,110,232
35.6
115,072,665 -
143,747,025
163,000,000
172,141,616
268,659,509 -35.9
309.567,882
277,357,832
289,994
2,148.000
24,101,259
-41.4
494,974 3,377.158 --38.4
-28.1
33.510,160 -
939,523
3.392,921
37,925,000
1,201,986
4,000,000
37.516,000
677,813
-48.8
1,324,025 -
2,068,970
53,573.909
25.8
72,230,010 -
73,447,548
2,035,019 •
86,286,326
-23.1
664,353,856
840,165,975 -20.9
15,570,277
22,575,140 -31.0
21,659,782
23,961,486
579,641,605 -21.4
3,741,704,007
5,013,477.501 -25.4
96.361,252
133,511,467 -27.8
139,433,744
155,000,817
•
Sixth Federal Rese rve District- Atlanta
13,987.894 Tenn.
-39.4
8,471,106
-Knoxville_ _
46,115,481 30,872,400
-33.1
Nashville
105,300,000
135,441,330 Ga.-Atlanta
-22.3
3,085,283
5.301,036 --41.8
Augusta
2.477,510 --35.2
1,604,793
Columbus
2.010,260
2,655.730 Macon
-24.3
Fla.
39,393,986 *20.000,000
-49.2
-Jacksonville 3.610,873
5,085.310 --28.7
Tampa
47.371,344 31,573,148
Ala.
-33.3
-Birmingham3,309,661
4,516,832 Mobile
-26.8
1.805,482
2,436.660 --25.9
Montgomery
3,701,000 Mbm,-HMtlesbm%
-36.7
2,342.000
3,135,381
5,135,357 --38.9
Jackson
1,204,716 974,877
Meridian
-19.1
396,615
-20.9
Vicksburg
501,400 141,254,292 La.
100,206,487
-New Orleans__ -29.1
89,311,264
305,819,872
959,275,000
28,213,588
15.529,205
17,117,852
311,701,650
38,848,725
309,042,378
29,997,7'19
17,068.728
24,615,000
31,296.095
9,787,524
3,973,851
917,478,947
81,174.125
442,557,939
1,244,214,907
46,211,518
24,191,489
27.161.710
422,183,904
52,505.283
465.847.438
46.977,828
24,368,403
39,760,000
49,571,319
12,849,424
4,892,418
1,387,428,084
1,903,772
8,272.794
24,900,000
903,050
48.4
20.9
18.6
20.3
-
2,300,000
17,361.797
36,442.002
1,746,266
2,723,167
19,993.666
51,126,687
2,160,107
899,428
6,867,318
660,392 +5.9
31.4
8,557,375 -
1,322,358
9,134,265
2,500,000
10,026,242
7.631,521
799,064
11,457,899 --33.4
-30.0
1,140,725 -
13.506.231
1,971,542
22.115,665
3,300.644
455,330,818
Total (9 cities)
Total(16 cities)--- -
318,698,366
456,559,878 --30.2
3,109,077.418
3,890.371
10,552.063
30.600,000
1,133,311
+10.0
-30.9
-22.9
-38.9
-35.8
-37.0
-26.2
-26.0
-33.7
36.1
-30.1
-38.1
-36.9
-23.8
-18.8
-33.9
562,730
1,238,380 -54.6
2,032,000
2,215,000
84.355
28,040,556
121,247 -30.4
35,642.028 21.3
173.423
39.393,001
330,646
46,016,801
4,371,895.769 -28.9
79,666.588
104,793,791 24.0
125,382,885
162,508,625
. 91,754
270,731
48,813,949
41.0
155,566 51.9
563.044 98,303.631 50.3
168,864
746,214
118,633,561
266,291
944,943
177,649,105
3,224,660
5,153.932 -37.4
6.083,088
8,009,501
1,250,100
774.528
2,953,270 -67.7
1,573,493 -50.8
2,903,175
2,723,892
3,520,778
3,893.541
10,903,000
780,185
2,397.485
15,068,000 --27.8
42.8
1,363.105 -32.8
3,569,313 -
17,045,000
2,263,034
3,964,517
22.114,000
2.988,248
4,728.087
11,745,860
21,810,465 46.1
22,789,942
32.051.571
598,871
2,293,684 -73.9
3,114,537
3,466,290
4,119,517
5.870,182 -29.8
7,814,989
10,232,584
1,843.627
55.2
4,113,075 694,919
5,682,374
1,258,396
6,330.626
1,534,860
Seventh Federal R eserve Dlstric t-Chicago
Mich.
5,878,821 699,671 ---49.6
3,945,273
352,363
-Adrian
-32.9
28,659.274 --25.3
Ann Arbor
2.589,585
3,097,424 --18.4
21,421,640
465,852,755 ---16.9 2,326,475,215 4,467,165,874 Detroit
247,246,108
-47.9
76,236,439 Flint
44,622,041
7,879,004 ---44.1
-4I.5
4,410,746
160,552.133 Grand Rapids
99,832,316
12,344,185
20,318,699 --39.2
-37.8
28,131,289 --35.3
Jackson
18,201,513
1,653,842
2,735,999 ---39.8
97,764.596 Lansing
5,241,292
50,622,527
11,315,084 ---53.6
-48.2
Ind.
79,872.615 -Ft. Wayne-- _
37.680,473
4,157.102
8,348,521 ---34.5
-52.8
Gary
125,769,461 55,367,681
4,747.388
12,765,176 ---62.8
-56.0
595,436,000 --26.9
435,096,151
Indianapolis
47,135,000
65,290,000 --28.0
South Bend
63,232,048 --33.9
41.788,017
3,537,875
3,996,753 --11.5
Terre Haute
153,952.782 111,142.475
11,179,341
16,794,656 --29.2
-27.8
81,918,446 Wis.-Madison
38,104,698
-53.5
8,826,562 ---88.2
2,912,361
Milwaukee
821,414,801 565.819,133
-31.1
89,182,048 --25.1
66,730,854
Oshkosh
22,084,816 --33.3
14,738,996
1,351,484
2,315.020 ---11.8
Iowa-Cedar Rapids_
90.728,245 25,499,354
-71.9
10,079,659 ---74.4
2,580,381
Davenport
418,279,846 175,977.901
-57.7
40.707,122 --55.2
18,241,359
Des Moines
231,173,609 --23.3
177,234,956
19,247,530
24,417,893 --21.2
Iowa City
Sioux City
139,530,663 84,914,450
-39.I
8,391.466
17,483,199 ---52.0
Waterloo
27,157,546 8,463,026
-88.8
2,580,336
_
Illinois-Aurora
29,960,251 --58.7
813,242
12,976,623
3.146,551 --7472
52,547,894 --34.3
Bloomington
34,508.903
4,000,450
5,818,145 ---31.1
Chicago
854,676,241 1,339,002,969 --36.2 7,866.850.441 14,027,933,186 -43.9
32,471.172 --39.3
2,327,374
Decatur
19,724,167
3.803,254 ---38.8
111,608,343 --25.2
Peoria
8,368,318
83,488,642
11,008.674 --24.0
2,319,159
72,680,335 Rockford
-62.9
26,930,575
5,537,591 --58.I
78,569,176 6.176,492
Springfield
-27.4
57.014,472
8,928,006 --30.8
909,560
215,663.134
504,169
1,998,868
546,827
1,262,233
1,611,924
357,471,405
934,704
2.779.149
1.396,429
1,864,919
--43.6
--39.7
--46.1
--28.1
---60.8
-32.3
1,763,410
439,808.773
1,114.458
4,176,552
2.633.370
2,367,461
1,957.589
624.342.922
1,331.161
6,486.976
4,755,015
2,670.843
Total(27 cities)---- 1,342,731,538 2,188,728,771 38.7 12,437,441,859 22,118,709,463 --43.8
306,699,058
529,544,209 -42.1
646,855,605
919,274,231
Eighth Federal Re serve District -St.Louis
Ind.
-Evansville
279,223
New Albany
902,344
219,548,346
Mo.--St, Louts
352,642,886
69.406,071
KY.
-Louisville
84,982,486
Owensboro
5,682.409
Paducah
5,048,651
33,578,270
Tenn.
39,916,371
-Memphis
_
445,986
III.
-Jacksonville_ _ _
616,836
1,991,336
Quincy
3,727,393
Total(7 cities)
330,931,641
is
is
-69.1
--37.7
--18.3
3,736,681
2,106,246.062
604,397,136
8,993,247 -58.5
3,201,754,868 -8.5
774,370,097 -21.9
48.400,000
16,732,212
4
85,200,000 - 12
20,478,213 -18.3
108,400,000
34,383,115
107,500,000
31,985,055
12.6
-15.9
-27.7
-46.6
42,184.230
340,226,351
3,938,059
19,296,966
46,101,216 --8.5
416,756.451 --18.4
5.418,288 -27.3
28,144,447 --31.4
8.848,739
85,340
435.601
9,572,249 - 776
1.
146.569 -4I.8
892.101 -51.2
13,849,902
179,226
1,090,676
19,881.074
375.128
1,495,868
487.836,967 32.2
3,120,025,485
4,481,538,614 30.4
74.501,892
116,289.132 -35.9
157,902,919
161,237,125
Financial Chronicle
Volume 135
1779
CLEARINGS-(Coneluded.)
Month of August.
8 Months Ended August 31.
Clearings at
1932.
1931.
Inc. or
Dec.
8
$
%
Ninth Federal Res erve District- -Minneapolis-Duluth
10,925,674
Minn.
13.209,143 -17.3
Minneapolis
203,835,462
247,438,797 -17.6
Rochester
825,855
1,510,601 --45.3
59,498,507
74.473,072 -20.1
St. Paul
6.838.433
No.Dak.-Fargo.- - 7,626,080 -10.3
Grand Forks
4,144,000
6,220,000 -35.0
Minot
657,823
1,110,000 -40.7
2,607,494
S.D.-Aberdeen
3,032.492 -14.0
Sioux Falls
2,950.613
5,773,433 -48.9
-Billings
Mont.
1,195,634
2,029,094 -41.1
Great Falls
1,925,469
3,136,843 -38.6
Helena
6,665,858
10,045,504 -33.6
Lewistown
177.725
220,713 -19.5
Week Ended Sept. 3.
1932.
1931.
Inc.or
Dec.
$
8
%
1932.
1931.
Inc. or
Dec.
1930.
8
fi
%
3
1929.
8
76,798,023
1,619,351,619
8.401,224
511,879,244
59,235,851
36,450,000
6,346,298
. 20,804.700
28,488,255
11,329,830
16,910,213
57,710,411
1,465,208
138,986,756
2,147,212322
11,753,002
688.832,996
65,613,598
48,123,000
9.879,99
28,747,57
56,491,19
18,297,13
27,105,21
88,697.76
2,073,35
-44.7
-24.6
-29.4
-24.8
-9.7
-24.3
-35.8
-27.6
-49.6
-38.1
-37.6
-34.9
-22.8
2,645,597
47,852,632
3,326,664 -25.9
60,678,005 -21.1
6,056,582
79.013,385
7,255.800
100,764,618
12,954,040
1,521,366
18,144,849 -28.6
2,104,964 -27.7
19,628.702
1,993,549
22,369,812
2,054,331
1.407,705
375,825,772 -19.6
2,461,170,876
Tenth Federal Res erve District- -Kansas CityNeb.-Fremont
542,630
1,029,605 -47.3
Hastings
469,256
1.340,343 -60.9
Lincoln
6,811,186
11.862,195 -42.6
Omaha
85.791,346
142,365,315 -39.7
Kan.
-Kansas City
6,696,210
9,554,089 -29.9
Topeka
6,420,542
9,609,994 -33.2
Wichita
16,648,786
19,828,604 -16.0
Missouri-Joplin_ _ _ _
1,216,782
1,916,610 -36.5
Kansas City
254,693,708
343,784.332 -25.9
St. Joseph
10.575,895
16.350.218 -35.3
Okla.-Tul8a
19,246,203
22.686,372 -15.2
Colo.
-Colo. Springs_
2,869,894
4,747,848 -39.6
Denver
82,062,559
110,683.078 -25.9
Pueblo
2.561,987
4,955.400 -48.3
Totej(14 cities)
496,606,984
717,386 -16.5
963,527
298,158
521,823 -42.9
551,584
611,683
1,335,336
3,716,615 -64.1
2,459.000
3,293,000
3,331,813,706 -26.1
67,205,802
89,210,306 -24.7
110,666,329
137,756,949
6,101,108
5,366.788
67,550,885
770.862.888
62,317,180
62,996,493
142,089,020
11,301.770
2,212,181,544
93,827.756
154,393,337
24,812,958
648,311,195
26,736,306
9.504,388
12,715,520
101,497.254
1,208,296,212
80.546,624
95.133.479
182,222.364
17,131,591
3,043,640,571
145,950.869
215,041.451
35,034.027
861,790,874
43,261,597
145,510
118.152
1,617.047
18.582,487
276.687
392.635
3.093,822
31,136,226
-27.4
-69.9
-47.7
-40.3
282,259
647.925
3,341,405
39,919.470
390.264
604,409
3,818.459
42,224,734
1,206,641
3,624,070
2,386,168 -49.4
5,003,355 -27.6
2,774.506
6,244,743
3,503,054
7,934,03.5
55,283.667
2,280,591
81,835.757 -32.4
3,489,929 -34.7
101,621,148
4,682,993
127,118.024
6,484,417
419,861
a
584,965
895,061 -53.1
a
a
1.136,616 -48.5
1,186.302
a
1,514,747
1,274.551
a
1,846.056
4,288,849,228
6,051,766,821
83,862,991
129,646,256 -35.3
162,215.498
195,198,003
-49.7
-58.6
-21.9
-45.5
-23.3
-25.9
-36.7
-51.3
-37.5
-23.6
30.551,863
30,115,836
893,567.303
83,692,306
188,498,072
70,129,000
659.339.691
9,169,524
19,343,000
81,376,308
50,518,472
52,487.214
1,195.505,924
158,684.112
255,329,595
83,948.000
949,687,478
16,296.810
40,123,000
120,840,954
317,357.802 -30.0
2
.065,782,903
700,714,003 -29.1
Eleventh Federal Reserve Distr ict-DallasTexas-Austin
2.711,474
5.391,551
Beaumont
2,259,157
5,455.826
Dallas
98,554,683
126,210,371
El Paso
8,097,649
14.861,469
Fort Worth
20,064,539
26,154,883
Galveston
6,492,000
8,763,000
Houston
71,753.859
113,389.698
Port Arthur
901.530
1,849.570
Wichita Falls
2,062.000
3,298,000
La.
-Shreveport
9,160.715
11.983,434
Total(10 cities) __ .,..
222,057,606
Twelfth Federal R eserve Distric t
-San Franc iscoWash.-Bellingham _ _
1,814,000
2,817,000 -35.6
Seattle
93,196.079
124,154,192 -24.9
Spokane
20,962,000
35,796,000 -41.4
Yakima
1,509,911
2,557,919 -47.2
Idaho-Boise
2,371,041
5,331,631 -55.5
Oregon-Eugene
404,000
1,147.000 -64.8
I. Portland
68,095,018
108.253,514 -37.1
Utah-Ogden
1,784,344
4,364,814 -59.1
Salt Lake City
33,621,458
54,276,277 -38.1
Arizona-Phoenix._ _ _
5,399,147
10,667.024 -49.4
Calif.-Bakersfield
2,473.205
3.531.039 -30.0
Berkeley
11,651,978
15,835.897 -26.4
Long Beach
11,389,897
19,527,799 -41.7
Los Angeles
No longer will report clearing s.
Modesto
1,553,072
2,329,356
33.3
Pasadena
10,580,142
16.651.786 -36.5
Riverside
2,035,510
2,770,938
26.5
Sacramento
28.514,813
33,792.900 15.6
San Diego
10,342,104
15.680,833 -34.0
San Francisco
411,847,030
580,877,000 -29.1
San Jam
6,335,858
11,419,446 -44.5
Santa Barbara
3,660,171
6.483.803 -43.5
Santa Monica
3,404,408
6,770,798 -49.7
Stockton
4,607,031
6,300,000 -26.9
-35.8
-57.0
-33.4
-36.2
-22.6
-33.8
-22.0
-34.0
-27.3
-35.7
-28.2
-29.2
-24.8
-38.2
I ILI 111111
Ww l
WO
N..W000-4GaNc0
302.248,547
Total(12 cities) _
598.673
2,923,421,559 -29.3
14,333,540
794.731,671
199,585,000
14,923.240
31,230,698
5,193,575
615,361,186
15,231,919
317.634.684
73,495.400
23,565,304
115.951,177
109,575,434
23,307.000
1,091,970,256
315,222.000
28.672,127
44,717.645
10,357.000
947.860.847
37,199,739
482.846.854
109.341,632
32,855.382
133,201.472
193,684.511
-38.5
-27.2
-36.7
-48.0
30.2
-49.9
-35.1
59.1
-34.2
-32.2
-28.3
-13.0
--43.4
14,106,879
115,361.754
28.044.861
220.069.013
104,671,141
3.499,661.464
55,892.306
39,919,376
32,955,573
41,013,015
20,355.253
168.714,893
29,085.116
251.782,151
152,486,916
4,948,010.605
88,616.974
60,609.682
57,502,399
55,449,200
30.7
-31.6
- 3.6
-12.6
-31.4
-29.3
-36.9
-34.1
-42.7
-26.0
722.730
1.430,816 -49.5
1,376,993
1.640.682
26,300,587
29.864,318 -11.9
37,056,744
52,439,112
4,000,426
1.775,000
6,339.486 -36.9
2.244,000 -20.9
8,358.160
2,916,000
11.347.343
6,358.000
2,425,568
2.790,025 -13.1
3,930,485
5,291,912
35,224,311
42,668,645 -17.4
53,636,382
77,077,049
19.154,268
4,477.000
442,168
27,759.244 -31.0
7.983,000 -43.9
831,452 -46.8
33.489,005
10.275,000
1,203.687
48.749.718
12,405,000
1,965,423
14.667.733
24,714,909 -46.8
30,423,498
36,434.385
7,758,573
13,703,399 -43.4
13,966,874
16,865,544
2.518,289
4.465.789 -43.6
No longer w Ill report clea rings
5,733,062
7,232,664
2,327.676
4.881.073
2,356.519
91,575,460
1,538,135
808.720
852.036
853,877
4.425,782 -47.4
8,248,928
3.522,844
132.403.000
2.683,100
1.538.119
1,620,864
1,313,900
-41.1
-33.1
-30.8
-42.8
-47.4
-47.4
-35.0
4,322,409
5.418,670
6,315.725
4,433.133
164.052.599
2.893,094
1,955.002
1,954,224
1,681.900
6.930.327
5.579,095
184.929.699
3.734.566
2.005.491.
2.027.833
2.463,200
Total(23 cities)---737.553,117 1.071,638.986-31.2 6. 82.508.210 9,283,849,65 -30.2
154,191,527 235,214,330 -34.4 282,699,212 336,741.615
4
4
Grand total(173 cities) 20,030,407.920 29,273,223,102 -31.8
177,223,112,564 292,948.418,181 -39.5 4,713.086,5538,700,722.890 -29.7 7,907,730,814 11687535.290
Outside New York
7,363,425,031 11,234,050,230 - 4 6 66
3.
3
. .
758 604, 97 102,906,865,74 -35.1 1.612,939,299 2,502,692,512 -35.6 2,902,079,370 3,593,062.760
3
CANADIAN CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING SEPT. 1.
Month of August.
Total(32 cities) __ _ _
1,057,381,299 1,227,538,896 -13.9
8
4,001,954,561
3,585,321,676
1,297,157,020
542,873,143
213,116,074
194.115,174
102,652,994
167,213,244
210,405,219
77.952,990
64.702.530
97,366,896
152 131,085
114;3 2,126
5
13,582,347
13,559,986
57,975,318
26,052.121
33.223.715
22.946,584
20,613,846
7,716,706
25,538,520
25,272,502
35,915.467
106.641,238
13,340.133
25,667,642
22,848,916
18,149.317
17,413,190
25.340,163
OWW.-.NWNWtOWOOMC7.4.004.W.W00...-
$
2,633.054.732
2,670,085,532
1,217,813,905
426,520,766
158,879,707
142.357,932
79.011,832
129,662.528
161,898,712
59.210,108
48,394,513
86.932.192
130,550,297
107,840,154
11.387.275
10,820,665
46.908,280
18,530,437
26,600,298
19.143,021
15.983.370
5,947,595
19,908.852
19,848.569
29,333,527
81.107.780
9.783,338
24,466,475
18,354,991
14.626.857
13,690,788
16,404,702
1931.
1111 1111 1111 1111 1 1111111111 111,
11
a
1932.
Week Ended Sept. 1.
Inc. or
Dec.
0.,0=
111111111 1111111 11111-1- 11
OCONWOO,
WINDJNOWNOCWOOW
8
417,282,955
356,214,976
172,981,886
65,877,840
23.873,663
23.110,133
12,114,405
17,671,907
20,447.701
9,146,078
7,332.275
10.417,730
18,397.302
15,888,699
1,655.661
1,615,045
7,106,178
2,485,939
3,556,358
3,012.911
3,329.634
939,669
3,104.749
2,933,834
3,513,237
10.955,084
1,466.510
3,013,632
2,672,298
1,725.025
1,704.864
2,990,718
8 Months Ended August 31.
Inc.or
Dec.
..10.-.01
CANADAMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ New Westminster-.
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
1931.
00-40cpWwW4..1.,4.0.0.q004.0.4.-0,
000aDWO
OW000000w4.-4WcONmc0.4WWWGANw0001W0.400-40
,
H
wm,;tam....wocoo-ac&op-aco.'o'v..caol.pk.
,zbicobloWW0-14
0k-41mW.
,
1
c.00oo00w-qwwN,woto...000040lw0110o,.wcom..16
.pao..c..0..coo-.4cow0wtou0000000..obo
1932.
1
WI 11 111
Clearings at
-
8,455.059.732 11,333,111,443 -25.4
1932.
1931.
1930.
1929.
8
84,147,694
79,618,835
44,606,081
11,295,338
3,353,374
4,045,417
1,883,571
3,021.257
4,121.561
1,551.315
1,219.733
2,130.935
3,310,804
2,753,995
310,812
358.044
1,218,546
419,746
542,729
465.331
400.232
156,614
474.980
554,048
702,345
2,180,313
225.167
2,663,096
507,697
370,267
295,509
431,172
8
%
99,700,395 -15.6
86,219.716 -7.7
41,009,445 +8.8
13.600,309 -16.9
5.840.043 -42.6
5,917,153 -31.6
3,229,692 -41.7
4,854,599 -37.8
6,869.881 -40.0
2.120.303 -26.8
1,600,229 -23.8
2.987,813 -28.7
5.496.236 -39.8
2,420,887 +13.8
401,827 -22.7
531,291 -32.6
1,776.683 -31.4
698,360 -39.9
975,285 -44.4
742,266 -37.3
560,930 -28.6
254,549 -38.5
675,707 -29.7
703,604 -21.3
894.238 -21.5
2.356.358 -7.5
370,995 -39.3
782,257 +238.7
684,937 -25.9
397,453 -6.8
405,358 -27.1
673,822 -36.0
$
116,153,583
90,512.823
43,058.501
15,139.892
6,313.647
8,538.373
2.968,427
4,958.485
7.687.184
1,998,764
2,223,580
3,093,832
6,301,077
4,989.445
473,098
657,685
2,171,314
1,054,577
1.117.010
823.581
764,610
358.860
821,399
860,752
984.740
2.992,622
516,802
944,133
756,655
499,747
600.000
879,030
8
145.091.120
135.364.306
48.374.726
21.092.732
7,085,210
6.641,592
3,489,449
5,966,745
10,192,538
2,414.947
2.502.840
3,198.699
5,902.896
4,989,483
641,301
864.163
2,375.059
1,205,224
809.971
4,417.720
1,183.909
513,652
881.478
1,038.168
1,139.518
8.578,714
562.869
957,753
834.937
609,838
953,623
259,336,958
294.140,920 -11.8
328,335,198
429,920,17f
a No longer reports weekly Clearings. b Clearing house not functioning at present. c C siring home re-opsasi n February.
two largest banks. e Due to merger of two leading banks, this figure represents the exchange of checks between fewer Institutions.
ings figures available. •Estimated. x Six motnhs'figures.
Inc. OT
Dec.
d Figures smaller due to merger of
I Only one bank open.
No clear-
THE ENGLISH GOLD AND SILVER MARKETS.
We repring the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 24 1932:
GOLD.
The Bank of England gold reserve against notes amounted to £138,728,339
on the 17th inst., as compared with £138,563,483 on the previous Wednesday.
In the open market, the Continent secured the moderate amounts o
gold available. Offerings included about 180,000, part of the salvage
from the SS. Egypt, to which we referred last week and now shown in the
weekly import and export figures given below.
Quotations during the week
Equivalent Value
Per Fine
of £ Sterling.
Ounce.
14s. 3.9d.
118s. 7d.
Aug. 18
14s. 3.6d.
118s. 10d.
Aug. 19
14s. 3.7d.
118s. 9d.
Aug. 20
14s. 3.2d.
119s. id.
Aug. 22
145. 3.56.
118s. 11d.
Aug. 23
145. 3.5d.
118s. 11d.
Aug. 24
I45. 3.66.
118s. 10.2d.
Average
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 15th inst. to mid-day on the 22d inst.
Exports.
Imports.
12,589.267
11,431,574 France
British South Africa
1,110,977
453,336 Netherlands
British India
74,218
109,353 United States of America_
New Zealand
70.000
SS. Egypt_ - 175,893 Belgium
Salvage from
3,096
' Other countries
11,52
Iraq
9,500
Germany
9.770
Anglo-Egyptian Sudan
8,633
Other countries
13,847,558
12,209,587
The SS. Maloja, which sailed from Bombay on the 20th inst., carries
gold to the value of 1387,000 consigned to London and 536.000 to Holland.
Details are given below of the United Kingdom imports and exports
of gold for the month of July 1932. It will be seen that imports again exceed exports, the excess for July amounting to about 15,400,000.
Exports.
Imports.
/31,312
£32,821
Germany
2,277,768
104,876
Netherlands
1,278,200
Belgium
3,118,611
31,571
France
202,547
Switzerland_
467,600
United States of America
389,146
Egypt
117.368
West Africa
109,185
South America
Union of South Africa and South-West Africa
4,907,120
Territory
293,53
Rhodesia
3,558.056
British India
422,670
Straits Settlements
2,452.770
Australia
218.897
New Zealand
44.030
Salved from SS. Egypt
47.425
135.832
Other countries
17,423,463
£12,817,874
SILVER.
There have been further fluctuations in prices, but the movements were
not so wide as those recorded last week. Business has been general and
both China and America have bought and sold, whilst the chief supporting
factor has been the Indian Bazaars, who have made purchases for forward
delivery. Small amounts have been sold on Continental account and
there has been some speculative operations both ways.
The market is senstive and It is likely therefore that prices will continue
to fluctuate. With the various factors perhaps less decided in their attitude
at the moment, the immediate outlook seems somewhat unsettled.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 15th inst. to mid-day on the 22d inst.
Exports.
Imports.
Soviet Union (Russia)
£77,600 Canada
52.520 Hong Kong
Germany
13.200 Zanzibar and Pemba
British India
12,500 Other countries
Belgium
7,588
France
Australia
7,908
6.460
Japan
British South Africa
4.080
4.400
Salvage from SS. Egypt_ _ _.
239
Other countries
/7.953
6,512
1.500
4,826
£20,791
1186,495
Quotations during the week
IN NEW YORK
IN LONDON.
(Cents per Ounce .999 Fine)
Bar Silver per Oz. Std.
Cash.
2 Mos.
27%
Aug. 17
Aug. 18
17 15-166. 186.
28
18 5-16d. Aug. 18
Aug. 19
18 Ad.
28 X
Aug. 19
Aug. 20
17 15-16d. 18d.
28%
Aug. 22
17 15-16d. 18 1-16d. Aug. 20
28
Aug. 22
Aug. 23
28 3-16
18 3-16d. Aug. 23
Aug. 24
18 1-16d.
Average_ _ _ _18.042d.
18.135d.
The highest rate of exchange on New York recorded during the period
from the 18th inst. to the 24th Inst. was $3.48 and the lowest $3.543i•
INDIAN CURRENCY RETURNS.
(/n Lacs of Rupees)Aug. 7. Jui_li 31
'
Aug. 15.
11.423
17.435
Notes in circulation
17,464
11.439
11,452
Silver coin and bullion in India
11.452
1.086
1.086
Gold coin and bullion in India
1,098
4,898
4,897
Securities (Indian Government)
4.914
The stocks in Shanghai on the 20th inst. consisted of about 103.300.000
ounces in sycee. 245,000,000 dollars and 3.900 silver bars, as compared with
about 100.800.000 ounces in sycee, 245,000,000 dollars and 3,490 silver
bars on the 13th inst.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mon.,
Sept. 3.
Sept. 5.
Silver, per oz__ 18 7-I6d. 18d.
Gold, p.fine ox.118s. 4d.
721.1
COnSOls.2A%
British 5% ---British 4)4%
French Renter!
On Paris)
tr.
3%
War Via
French
(in Paris)
-
Sept. 10 1932
Financial Chronicle
1780
Tues.,
Wert.,
Thurs.,
Frt.,
Sept. O.
Sept. 8.
Sept. 6.
Sept. 7.
18 13-I6d. 18 9-16d. 1854d.
18 1-16d.
118s. d. 1183. 6d. 117s. lid. 1188. 26.
7234
72 3-16
6254
7234
102
10234
9934
1021.1
9934
10254
0934
10254
85.60
85.30
85.10
85.00
100.60
-
100.50
100.70
100.80
The price of silver in New York on the same days has been:
Sliver In N. Y..
Per oz. (cts.) 2854
2854
2834
2834
2834
2834
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Sept.8 Sept.9
Sept. 3 Sept.5 Sept.6 Sept. 7
1932. 1932. 1932.
1932.
1932.
1932.
Francs. Francs. Francs. Francs. Francs. France.
Bank of F-ance
Banque ,e ea set Pays BeaBanque i • Ion Paris,enne
Canadian Pacific
Roll-.
Canal d • Suez
Cie D str d'Electricitie
day
Cie General d'E ectricitie
Cle Generale Transatiantique_
Citroen B
13,450
1,880
559
454
15,400
2,430
2,550
87
584
1,285
Comptoir Nationale d'Escompte
13,700 13,400
1,860
1,890
547
551
463
473
15,600 15,460
2,445
2,435
2,570
2,600
85
88
13,400
1,870
550
491
15,385
2,420
2,570
86
585
1,330
588
1,300
576
1,340
13,200
1,830
-iiL
---2;iiii
---
1,,56F)
230
240
240
220
240
Coty Inc
--546
448
452
450
Courrie.es
822
815
829
809
Credit Commerciale de France4:ii6
4,970
4,960
5.010
4,955
Credit Fonder de France
2,270
2.300
2,310
2,340
2,295
Credit Lyonnais
2,360
2,470
2,440
2,430
2,425
Distribution d'Electricith, 113 Par
2,490
2,570
2,580
2,600
Eaux Lyonnais
2,585
__735
733
729
701
Energle Electricitie du Nord.--1,097
1,108
1,091
1,079
Energle ElectrIcitie du Littoral--ii
86
85
88
87
French Line
95
94
94
94
91
Gales! afayette
840
850
840
840
819
Gm Le Bon
560
580
590
585
570
Kuhlmann
940
950
960
980
967
L'Air Llquide
1,244
1,188
1,200
1.244
Lyon (P. L. M.)
"iii
470
450
450
450
Mines de Courrieres
530
550
550
560
558
Mines des Leas
1.660
1,690
1,690
1,700
1,707
Nord Ry
1,089
1,080
1,105
1,065
Orleans Ry
1-2515
,
1,280 1,280
1,250
1,290
Paris, France
126
128
11011130
127
Pathe Capital
1:60
1,620 1,630
1,660
1,625
day
Pechiney
85.10 85.00
85.30
85.60
85.00
Rentes 3%
129.50 129.10 128.40 127.50 126.20
Rentes 5% 1920
99.20 99 20
99.50
99.20
---Rentes 4% 1917
---- 100.60 100.50 100.70 100.80
Rentes 5% 1915
Rentes 6% 1920101.30 101.30 101.20 101.20
1,740
1.820
1,770
1.785
1,780
Royal Dutch
2,085 2,080
-2,145
2,055
Saint Cobain C. & C
1,395
1,390
1.385
1,370
Schneider & Cie
-LI)
590
590
580
584
Societe Andre Citroen
131
142
139
143
140
Societe Francaise Ford
210
226
222
228
216
Societe General Fondere
2.585
Societe Lyonnaise
Societe Marseillalso
Suez
Tubize Artificial Silk. pref
Union d'Electricitie
Union des Mines
Wagon-Lite
605
15,400
262
945
260
92
2.570
2,600 • 2,585
609
15,600
625
615
15,500 15,400
15,200
261
260
269
940
-66
960
--------250
96
940
260
94
THE BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday,
April 29 1932 after having been closed by Government decree
since Sept. 18 1931. Prices suffered heavy declines. Closing
prices of representative stocks as received by cable each day
of the past week have been as follows:
Sept. Sept. Sept. Sept. Sept. Sept.
3.
Reichsbank (12%)
Berliner Handels-Gesellschatt (4%)
Commerz-und-Privat Bank A. G.(0%)
r utsctie
eesdaer Ban k( )
11 Disconto-Ges.(0%)
1
0
Dr
es (AEG) (0%)
Aligemeine Elektrizitads G.
RollGestuerel (4%)
day
Siemens & Halske(9%)
I. G. Farbenindustrie (7%)
Salzdethlurt (9%)
Rheinische Braunkohie (10%)
Deutsche 143rdoel (4%)
Mannesmann Roehren (0%)
HaPag (0%)
North German Lloyd (0%)
5.
134
91
8.
9.
Per Cent of Par
133
133
137
91
91
92
129
90
6.
7.
54
75
57
57
57
76
62
47
80
148
103
185
188
80
57
20
21
65
48
78
146
107
186
185
81
56
20
22
65
45
74
141
104
177
180
77
53
18
19
65
47
76
143
106
179
177
78
55
20
20
57
75
64
43
74
137
102
176
180
76
52
18
18
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Sept. 9:
aa.
BM.
Anhalt 7s to 1946
Argentine 5%, 1945, $100-Plecen
Antioquia 8%, 1946
Bank of Colombia 7%. 1947
Bank of Colombia 7%, 1948
Bavaria 634s to 1945
Bavarian Palatinate Cons. Cit. 7% to 1945
Bogota (Colombia) 634%. 1947
Bolivia 6%, 1940
31
51
23
27
2/
43
33
35
53
26
28
28
45
35
/1454
20%
15
9
50y4
49
Brandenburg Electric 6%. 1953
29
Brazil Funding 5%, 1931-1951
British Hungarian Bank 734s, 1962
,1 i
11 3:
Brown Coal Ind. Corp.634s, 19.53
Call (Colombia) 7%, 1947
Callao (Peru) 734%. 1944
235
Ceara (Brazil) 8%. 1947
AS
Central German Po: of Magdeburg 8%, 1934
City Savings Bank, Budapest, 7s, 1953
335
3
2
6%%, 1948
HL3
Dortmund Municipal U
31
Duisberg 7%, to 1945
12
Dusseldorf is. to 1945
4154
East Prussian Power 6%, 1953
35
European Mortgage & Investment 734s. 1986
101
French Government 530, 1937
101%
French National Mall SS. Line 6%, 1952
31
Frankfurt 7s. to 1945
65
German Atlantic Cable 7%, 1945
German Building & Landbank 834%, 1948
1
4414
Hamburg-American Line 654s. to 1041)
Hanover Harz Water Works 6%, 1957
housing & Realty Imo. 7s. 1946
Hungarian Central Mutual is, 1937
3:
731
22
/43;
Hungarian Discount dr Exchange Bank 7s. 1963
Hungarian Italian Bank 734%, 1932
39
Koholyt 6349, 1943
52
Land Mortgage Bank. Warsaw,8%, 1941
48
Lelpzig Overland Power 1134%, 1946
37
Leipzig Trade Fair 75, 1953
31
Luneberg Power. Light & Water 7%, 1948
4434
Mannheim & Palatinate 7s, 1941
1
44)
33 4
Munich 7s, to 1945
Municipal Bank, Hessen. 7%, to 1945
Municipal Gas & Elec. Corp.. Recklinghausen, 7s. 1947
55
Nassau Landbank 6 A %, 1938
39
National Central Savings Bank of Hungary 754s. 1962
31
National Hungarian & Ind. Mtge. 7%. 1948
40
Oberpfalz Electric 7%. 1946
22
Oldenburg-Free State 7%, to 1945
40
Pomerania Electric 6%, 1953
I9
Porto Alegre 7%. 1968
33
1
4
3 x.
1
----
50
”4
84
35
4354
30
103
5
3
103%
70
43
5314
(
8434
31
79845i
43
55
5i54
39
39
43/4
7 H.
8333:2355
49_4
41
45
43
Financial Chronicle
Volume 135
Bid.
42
54
54
58
5034
62
f1754
f 04
fll
19
46
360
37
41
1114
6434
30
40
Protestant Church (Germany) 78, 1946
Provincial Bank of Wattphsila 6%. 1933
Rhine Westphalia Electric 7%. 1936
Roman Catholic Church 6if%, 1946
Roman Catholic Church Welfare 7%, 1946
Saarbruecken Mortgage Bank 68. 1947
Salvador 7%. 1957
Santa Catharine (Brazil) 8%. 1947
Santander (Colombia) 7%. 1948
Sao Paulo (Brazil) 6%. 1947
Saxon State Mortgage 6%. 1947
Siemens de Halske debentures 6%,2930
South American Railways 6%, 1933
Stettin Public Utilities 7%. 1946
Tucuman City 75, 1951
Vamma NVater 5 h %.. 1957
Vesten Electric Railway 7%, 1947
Wttrtemberg 78. to 1945
Asked.
47
67
57
50
52
65
19
10
18
12
51
390
3U4
43
IS)f
663.4
31h
45
f Flat Prim
—Month of August—
1932.
1931.
Two Months
1932.
1931.
$
General Funds.
Receipts—
Internal revenue—
Income tax
15.416.230 23,370,175 32,119,482
Miscellaneous Internal revenue 54.557,746 43,861.681 96,984.329 46,579.466
95,197,352
Total
69,973,976 67,231.856 129,103.811 141.776.818
Customs
24,116,136 38,240,232 42,992.240 72.719,739
Illscellaneous receipts—
Proceeds of Government
-owned
securities-Principal—foreign obliga'ns_
Interest—foreign obligations
Railroad securities
504
200,377
5.360
711.076
All others
453,368
737,685
810,709
1,106.350
Panama Canal tolls, am
1.836,464
1,465,732 3,031,132 3.400.752
Other miscellaneous
2,645,629
4,627,710 9,078.718 10,684,417
Total
99,026,077 112,503,592 185,021,970 230,399,152
Expenditures—
General
207,443,936 235.506,112 406,217,708
Public debt—
Interest
10.216.843 3,224.134 22,985,488
Sinking fund
Refunds of receipts—
Customs
959.026
1,512.348
1,846,404
Internal revenue
5,199.339 8.380.079 11,431,604
Postal deficiency
10,000,000 20,000,000 15,078.597
Panama Canal
570,724 1.185.127
1.929.904
Reconstruction Finance Corp_
Subscription to stock of Federal
Land banks
al00.880
.2100.880
Agricultural marketing fund (net) a2,607,374 33,626,059 a2,185.804
Adjusted-service ctf. fund
100.000.000
Civil service retirement fund_
20,850.000
Foreign service retirement fund_
416.000
District of Columbia (see note 1). 3,648,079 4,109,408 6.555,189
Total
235.329,693 307,543.267 585.024.210
Expenditures—
Public debt retirements
Other
Total
Excess of receipts
Excess of expenditures
482,052,463
2,087,744
Trust Funds.
Receipts—
District of Columbia
Government life insurance
Other
Total
eh % Treasury bonds of 1947-52
4% Treasury bonds of 1944-54
3%% Treasury bonds 01 1948-56
3)4% Treasury bonds of 1943-47
3)4% Treasury bonds 01 1940 43
5)4% Treasury bonds 01 1941 43
III4 % Treasury bonds of 1946-49
3% Treasury bonds of 1951-55
Total bonds
Treasury n Wes—
Ryi% Series 1932, maturing Dec. 15 1932— -3% Series A-I934. maturing May 2 1934
2)4% Series B-1934, maturing Aug. 1 1934
3% Series A-1935, maturing June 15 1935_
3%% Series A-1936, maturing Aug. 1 1936_
4% ClvIl Service retirement fund. Series 1933
to 1937
4% Foreign Berries retirement fund, Series
1933 o 1937
4% Canal Zone retirement fund. Series 1936
and 1937
Certificates of Indebtedness
1)4% Series TS-1932. maturing Sept. 15 1932_
3% Series TS2-1932. maturing Sept. 15 1932__
334% Series TO-1932, maturing Oct. 15 1932_
3ff % Series A-1933, maturing Feb. 1 1933_
3)4% Series TM-1933. maturing Mar. 15 1933
2% First Series, maturing Mar. 15 1933
2% Series B-1933, maturing May 2 1933
134% Series TJ-1933, maturing June 15 1933.,
2.968.419
14,400.161
20.000.000
2,221,354
Treasury Ms(Maturity Value)—
Series maturing Sent.28 1932
Series maturing Oct. 11 1932
Series maturing Oct. 19 1932
Series maturing Oct. 26 1932
Series maturing Nov. 9 1932
Series maturing Nov. 16 1932
Series maturing Nov.23 1932
Series maturing Nov.30 1932
62,525.743
20.850.000
215,000
7,781,253
626.764,752
Total Interest-bearing debt outstanding
Matured Debt on Which Interest Has Ceased—
Old debt matured—Issued pnor to April 1 1917
4% and 4 h % Second Liberty Loan bonds of
1927-42
434% Third Liberty Loan bonds of 1928-- _
% Victory notes of 1922 23
434% Victory notes, 05 1922-23
Treasury nutas, at various interest rates
Certifs. of Indebtedness, at various int. rates_
Treasury bills
Treasury saving certificates
Debt Bearing No Interest—
United State-, notes
Lees gold reserve
2.298.760
3.856.058
4,953,937
2,298,760
3.858.053
4,953,937
8599.724,050.00
48,954,180.00
25,947,400.00
49.800,000.00
28,894,500.00
43,453,360.00
8796,773,490.00
First Liberty Loan of 1932-4781,392,228,350.00
3h% bonds
4% bonds (converted).
5.002,450.00
434% bonds (converted)_ 535,983,300.00
4% Adjusted Service Certificate Fund Series,
maturing Jan. 1 1933
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency _ _
Thrift and Treasury savings stamps, unmassffled sales, arc
$1,933,214,100.00
6,268,100,450.00
8,201,314,550.00
8758,983,300.00
1,036.834,500.00
489,087,100.00
454,135,200.00
352,994,450.00
544,917,050.00
821,403,000.00
800.421,500.00
5.258.776.100.00
314.266,864,140.00
*600,446,200.00
244,234.600.00
345,292,600.00
416.602.800.00
365,138.000.00
41.971,714,200.00
221,000,000.00
2,181,000.00
2,092,000.00
82,198.937,200.00
$314,279,500.00
398,225,000.00
333,492,500.00
144,372,000.00
660,715,500.00
33,714,550.00
239,197,000.00
373.856,500.00
42,497,852,550.00
158,400,000.00
2,658,252,550.00
8100,466.000.00
75,278,000.00
75,923,000.00
83,317.000.00
75,217,000.00
75.016.000.00
62.350.000.00
100.500.000.00
648,067,000.00
419,758,170,890.00
$1,603.540.26
2.979,700.00
4,837.400.00
19,260.00
1,066,450.00
5.974,700.00
20,149,300.00
9,872,000.00
722,300.00
47,224,590.26
$346,681,016.00
156,039.08/4.03
*190,041.927.97
65,741,205.00
2,040.940.07
3,359,967.83
261.784,040.87
330,067.179.521.13
COMPARATIVE PUBLIC DEBT STATEMENT.
[On the basis of daily Treasury statements.]
Aug. 31 1919
March 31 1917
When War Debt
Aug. 31 1931
Pre-War Debt.
Was at Its Peak.
A Year Ago.
Gross debt
81,282.044.346.28 $26.596,701,648.01 856,863.781,233.78
balance in gen. fund_
Net
74,216,460.05
1.118,109.534.76
133.791.197.82
Gross debt less net balance In general fund_$1,207,827,888.23 $25,478,592,113.25 $16,729.990.035.98
July 31 1932
Last Month.
Aug. 311932.
Gross debt
$19,611,765,838.88 $20.067.179.521.13
Net balance in general fund
144,95L862.94
338.731.249.68
Gross debt lees net balance In general fund *19.466.813,975.95 $19,728,448,271.45
Total groas debt
1,086.072
6.111,974
2.446.383
8,456,032
1,086.072
6,111,974
2.446.383
8,456,032
1,001,672
3.813,214
1.409,676
3.502,095
Summary of General and
Special Funds.
Total general fund receipts
99.026,077 112.503,592 185.021,970
Total special fund receipts
2.087,744 2.298.760 3.856.058 230.399,151
4,953,937
Total
101,113.821 114.802.352 188.878.028
235,353.088
Total general fund expenditures__ 235.329.693 307,543,267
Total special fund expenditures__ 1.086,072 6,111.974 585.024,210 626.764.751
2,446,383 8,456.032
Total
236.415.765 313,655,241 587.470.593
635.220,783
Excess of receipts
Excess of expenditures
Bonds
2% Consols of 1930
2% Panama's of 1916-36
2% Panama's of 1918-38
3% Panama's of 1961
3% Convertible bonds 1946-47
2h% Postal Savings bonds (4th to 43d series)
13,750,359
136,303.616 195,039.675 400,002,240 396,365.600
Special Funds.
Receipts—
Applicable to public debt retirements—
Principal—foreign obliga'ns.
Interest—foreign obligations_
From estate taxes
From franchise tax receipts
(Federal Reserve banks and
Federal Intermediate.Credit
banks)
From forfeitures, gifts, &c__
Other
2,087.744
Total
Statement of the United States
Aug. 31 1932.
The preliminary statement of the public debt of the United
States Aug. 31 193; as made upon the basis of the daily
Treasury statement, is as follows:
Preliminary Debt
Sq% Fourth Liberty Loan 01 1933-38
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
-we are enabled to place before our readers to-day the details of Government receipts and disbursements for August
1932 and 1931 and the two months of the fiscal years
1932-1933 and 1931-1932:
Excess of receipts
Excess of expenditures
1781
135.301,944 198.852,889 398,592.565
399.867.695
1.112.378
5,346.793
3,560.129
10,019,300
1,206.402
1,368,910
2.230.667
5,441.068 14,371,956 14,748.665
691.337 7.166,155
1,514.825
7.338.807 22.907,021 18,494,157
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
August 31 1932 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of August 311932.
CURRENT ASSETS AND LIABILITIES.
GOLD.
Ands—
Gold eoln
Gold bullion
4,285.957 4,960.033
9,773.696 11,246.759
3,442,633 3.072.19e
959,635.742.02 Gold certificates outat'4.1,469,603,819.00
2,035,809,896.79 Gold fund, Fed Res've
Board (Act of Dec. 23
1913, as amended
June 21 1917)
1,273,252.523.30
Gold reserve
156.039.088.03
Gold In general fund
96.550.208.48
Total
20.868.212 10,183,219 17,502.286 19,278.990
Excess of receipts or credits
5.404,735
Excess of expenditures
10,648,912 2,844,412
784.833
Receipts and expenditures for June reaching the Treasury in July are
included.
a Excess of credits (deduct.).
Note.—Expenditures for the District of Columbia representing the share
of the
United States arc charged against the amount to be advanced from the general
fund until the authorized amount Is expended. After that they are charged against
the revenues of the District under trust funds. For total expenditures the Items
for District of Columbia under general fund and under trust funds should be added.
Total
2,995,445.638.81
Total
2,995.445,638.81
Note.—Reserve against 8346.681.016 of United States notes and $1.220.000 of
Treasury notes of 1890 outstanding. Treasury notes 01 1890 are also secured by
silver dollars In the Treasury.
SILVER DOLLARS.
Audi—
$
$
Silver dollars
501,220,103.00 Silver Ws. outstanding- 487,958,123.00
Treasury notes of 1890
outstanding
1.220.000.00
Silver dolls. In gen. fund 12,041.980.00
Total
501.220,103.00
Total
501.220.103.00
Expenditures—
District of Columbia (see note 1).
Government life insurance fund—
Policy losses, dec
2.248.772
Investments
4.137,866
Other
14,281,574
2,003,572
5.592,995
2,586,652
1782
Financial Chronicle
GENERAL FUND.
$
Liabtitttes96,550,208.48 Treasurer's checks out12,041,980.00
standing
2,014,443.00 Depot. of Govt. officers:
5,840,845.00
Post Office Dept
71,121.00
Board of Trustees.
14,707,447.50
Postal Savings Sys10,078,935.53
tem4,899,800.59
5% reserve, law17,830,515.05
ful money
Other deposits
1,081,709.91
Postmasters, clerks of
63,408,982.15
courts, disbursing
officers, att
Deposits for
Redemption of F. R.
notes(5% fd., gold)
Redemption of Nat'l
242,794,000.00
bank notes(5% fd..
lawful money)
260,328.68
Retirement of addl
1,328,041.71
circulating notes,
Act May 30 l908.
7.469,823.32 Uncollecteditems, exchanges. &13
17,458,215.69
Assets
Gold (see above)
Silver dollars (see above)
United States notes
Federal ReQerve notes__
Fed. Res. bank notes__
National bank notes___
Subsidiary silver coin___
Minor coin
Silver bullion
Unclassified-C011eCtions, &O
Deposits In F. R. banks_
Deposits in special depositaries account of
sales of Treas. bonds,
Treas. notes and °Us.
of indebtedness
Deposits in foreign dep.:
To credit Treas. U. S_
To ',red. of other Government officers,..._
Deposits in Nat. banks:
To cred. Treas. U 8_ _
To cred. of other Government officers_ _
Deposits in Philippine
Treasury:
To cred. Treas. U.S__
436,758.63
3,372,727.53
16,875,451.82
6,885,181.38
40,250,464.55
57,600,040.39
32,672,381.52
1,350.00
1,937,442.48
180,031,798.30
338,731,249.68
Net balance
926,853.29
Total
498,763.047.98
498,763,047.98
Total
Note.
-The amount to the credit of disbursing officers and agencies to-day was
$374,004,132.60.
Under the acts of July 14 1890, and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made,
under the acts mentioned, a part of the public debt. The amount of such obligations to-day was $65,741,205.
$807,220 in Federal Reserve notes and $14,682,477 in national bank notes are in
the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business On the first of June, July,
August and September 1932:
Holdings in U.S. Treasurb June 1 1932. July 1 1932 Ant. 1 1932. Sept. 1 1932.
2
253,119,628
30,490,334
2.516,181
14,883,
080
5,838,235
45,225
10,033,973
5,847.889
Net gold coin and bullion.
Net silver coin and bollion
Net United States notes
Net National bank notes_
Net Federal Reserve notes
Net Fed'l Res. bank notes
Net subsidiary silver
Minor coin, &a
$
230,336,289
27.165.240
3,715.795
18.332,701
2,742,340
9.711
8,735,366
5,595,306
2
231,654,393
30,822.057
2,279,960
16,578,917
1,414,160
28,298
8,491,138
5,745,385
Total cash in Treasury..
Less gold reserve fund_ .„.
296,632,753
158,039,098
297,012,303 *322,553,245
156,039,088 156,039,088
321,155,894
156,039,088
Cash balance in Treas'y
Dep.in spec'l depositories.
account Treas'y bonds,
Treasury notes and cer
tilicates of indebtedness
Dep. In Fedi Res. bank.. _
Dep. In National BanksTo credit Treas., U. S._
To credit disb. officers.
Cash in Philippine Islands
Deposits In foreign dents_
Dep.In Fen Land banks_
140,593 670
140,973,220
166,514,157
185,118,806
333,032,000
33,493.568
405,648,000
28,702.209
44,792,090
80,054,703
7.624.424
17,788,080
965,288
1,835,779
7,773,136
18,324,625
820,276
1,848,294
242,794,000
63,408.982
7,4,89,823
17,458,216
926,853
$
252,589,296
29,872.495
2,014,443
14,707,448
5,840,845
71,121
10,078,936
5,981,310
7,636,478
17,920,794
880,372
1,449,184
1,588,368
Net cash in Treasury &
In banks
Deduct current liabilities_
535 387,809
151,510,284
604,087,760
186,890,582
319,247,888
174,295,805
498,763,048
160.031,798
Available rash halanef,
38.1.877 1528
417.107_178
144.041_883
338.731.250
*Includes Sept. 1, 517,830,515 silver bullion and $4,899,601 mlnor,
not included in statement "Stock of Money."
Foreign Trade of New York-Monthly Statement,
Merchandise Movement at New York.
Imports.
1931.
1930.
84.823.090 99.990,234
81.423, - 99.085,287
94,872,046110,496.855
92,059.201124.378,843
88,585,10. 102,937,471
87.837,29• 99,742.895
1931.
1932.
January_ _ 65,450,212 87,278,807
February _ 68,324,22 83,741,723
March____ 87.088,157101,718,797
April
61,785,558 90,924,314
May
52,497.496 83,714,133
52,482,112 89,982,205
June
July
AugustSeptember
October_
November,
December_
Exports.
1931.
1
1930.
67,058,129' 98,089,398
59,208,716 97,722,024
67.749,0871 92,321,873
65,352,2681 95,822,991
51,967,285 93,543,704
55,939,911 95,875,509
1932.
1931.
44,388,825 94,604,323
47.040.835 91.336,302
48.261,354 85,927,653
42,176,824 80,714,213
38,337.589 74,505,792
36,817,816 74,235,131
Gustotns Receipts
as
New York.
1931.
1930.
17,237,635
20,162,713
21,883,259
18.508,473
15.161,993
15.902.204
1932.
13,177,166
12,756,949
12.047.23
8
10,741,892
9,019.643
9,079,203
15,817,549
16,700,854
20.872,440
22.811,155
19,861,973
15.596,688
1931
15.764,232
15.741,196
17
,612
.788
14,702,264
13,569,915
14,455,069
Total--895,227,951 1173989164 624,298,039'1074678713 175,476 368 201,106,103
Movement of gold and silver for twelve months:
Silver-New York.
Gold Movement at New .York.
Imports.
Month.
1930.
1931.
10,926,608
25,844.790
35,034.945
25,658,339
8,840.308
13,248,219
1932.
January - _ 19,067.937
February _ 7,221.315
March___
6.630.355
April
3,184,462
2,919.081
May
2,229,613
June
July
August._ September
October__
November.
December_
Total
Exports.
1931.
1930.
13,156,577 1,000,328 30,001.977
4,592.811
32.500 35,314,272
5,283,713 28.690,327 3.974,842
17,825.288398,471,058
30,000
21,480.117 4.935.288
1.209
11.317.784 32,622,524
1931.
1932.
1931.
9,404,455107.842,041
11.309.143128,185,769
20.320,531 43.902.866
2,000
38.213.539 49,480,976
46,392,331 212,143,353
20.000
35,321,267228.087,954
37,000
Imports.
1931.
525,184
1,590,557
639,872
791,382
841,878
2.013.828
1932.
919,079
829,844
1,116,271
1.229,933
992,889
616,597
EaVorfs1931.
1,321,509
1,234,391
1,282,981
1,181.579
697,934
1,741,027
1932.
572,257
494,582
700.483
715.007
1,600,430
1,036,089
158,783,972232.597,558 12333949811 69,381,291 12,107,112 12,578,249
of transactions at San Francisco Stock Exchange, Sept. 3 to Sept. 8
(Friday, Sept. 9, being a holiday) both inclusive, compiled
from official sales lists:
•
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High, Shares.
Alaska Juneau
11
Alaska Packers Assn
Anglo Calif Nat Bk of Ho
234
Assoc Insurance Fund Inc_
134
Bank of California N A
______
Bond & Share Co Ltd
Byron Jackson Co
Calamba Sugar 7% pref..,. 14
California Copper
4
Calif Ore Pow 7% Pref----______
Calif Packing Corp
174
Calif West St Life Ins Cap.
Caterpillar Tractor
124
Clorox Chemical Co
Cons Chem Indus A
154
Crocker First Nat Bank
240
Crown Zellerbach v t c_ _ _
24
Preferred A
174
Preferred B
174
Eldorado 011 Works
124
Emporium Capwell Corp_
Fageol Motors common_
%
7% Preferred
14
Firemans Fund Ins
49
Food Machinery Corp corn
84
834% preferred
Golden State Co Ltd
Haiku Pine Co Ltd
Hawaiian C & S Ltd
Hawaiian Pineapple
934
[tome F & M Ins Co
28
Eionolulu 011 Corp Ltd
134
Hunt Bros A common
5
Investors Assoc(The)
Langenclorf United Bak A
10
Leslie Calif Salt Co
I, A Gas &Bloc Corp met95
Vlagnavox Co Ltd
13.4
vlagnln (I) at Co common_
lo Amer Inv common__
514% Preferred
forth Amer Oil Cons
44
)ccidental Ins Co
1214
,
acific Gas & Electric corn- 324
8% 1st preferred
24
534% Preferred
'ac Lighting Corp com
45
6% preferred
9131
.ac Pub Sexy non-vot con
14
Non-vot preferred
124
'ac Tel & Tel corn
93
6% preferred
,
araffine Cos corn
154
ty Equip & RIty 1st pref.
Series 1
tichfield Oil com
1
7% Preferred
toos Bros com
34
1.1 L & P 7% prior pref
1024
6% prior preferred
;hell Union on coin
734
Preferred
louthern Pacific Co
3034
le Pac Golden Gate Atering Valley Water CoItandard Oil Co of Calif__ 3034
['homes Alley Corp A_
Tide Water Assoc Oil com_
531
6% Preferred
60
Transamerica
64
Jnion 011 Associates
134
Jnion 011 Co of California_ 144
Jnion Sugar Co corn
331
Veils Fargo Bank dt U T
Vestern Pine A. sitc,A on
11
11
11
41
45
234 244
14 14
155 155
34 34
24 24
13
14
4
4
75
75
134 184
34
344
124 134
174 1794
1414 16
240 240
214 24
174 174
1714 174
12
124
44 44
%
14
%
%
44
50
84 94
75
75
74 74
4
4
3514 354
8
94
28
28
134 134
5
514
44 44
10
104
log log
33
35
134 134
64 814
4% 4%
1634 1834
4.4 5
124 124
8134 33
234 24
214 214
45
46
90
92
14 14
124 13
91
94
10314 104
154 16
7
7
211 214
1
1
94
4
314 314
102 103
82
824
634 834
514 514
2734 3134
8
8
63.4 634
2934 314
8
3
54 54
60
60
814 7
134 14
144 154
314 ag
197 200
11
11 ti
100
35
94
100
7
771
875
375
10,173
10
10,173
152
12,141
259
4,850
20
2,840
100
45
345
100
6,626
8,446
732
4,275
5
737
400
100
9,266
165
578
630
112
1,100
100
30
9,555
200
60
11
2,385
18
6,023
3,704
1,037
965
45
1,834
8,194
105
29
1,042
97
100
987
100
700
346
12
7,580
5
5,064
200
95
7,694
815
4,160
120
60,711
4,155
7,586
510
17
2.117
Range Since Jan. 1.
Low.
High.
June 164 Jan
Sept 50 May
Aug 244 Sept
24 Feb
Apr
Jan
May 162
4
Aug
June
34 Aug
June
May 14 Sept
4 Sent
Jan
Jan
June 101
434 June 184 Sept
Aug
July 35
30
Jan
434 May 15
Aug
114 June 20
84 May 179$ Feb
Jan
181 June 245
24 Aug
1 June
Aug
814 May 19
Aug
8 June. 19
94 June 134 Aug
2 June
431 Sept
14 Feb
4 Jan
% Jan
% Mar
18 June 50 Sent
Feb
4 May 11
Jan
75
Aug 85
84 Feb
34 June
5
Jan
114 Mar
Jan
1814 June 36
914 Jan
334 July
13 May 28 Sept
44 May 14
Aug
514 Sept
2 May
414 Sept
14 Jan
6
Apr 11
Aug
Aug
64 Jan 11
Jan
65 May 100
14 Feb
4 Jan
64 Aug
211 June
5
Feb
2
July
Sept
5 June 19
54 Aug
24 June
534 may 1334 Aug
164 June 384 Feb
194 June 2631 Jan
174 June 2414 Jan
214 May 4614 Aug
Jan
8314 May 95
34 Mar
94 May
5 June 1434 mar
Mar
5814 June 104
Jan
85 May 112
5 May 254 Jan
34 July 114 Jan
5 June
July
1
July
1
4 May
July
1
14 Jan
594 Jan
2 June
Jan
83 June 107
Jan
58 June 96
814 Sept
214 Apr
19 June 5134 Sept
1331 June 3734 Jan
594 Aug 114 Mar
7 • Jan
6 June
154 June 814 Sept
44 Feb
24 May
54 Sept
Apr
2
20
Feb 60 Sept
7 Sept
24 Jan
July 14 Sept
7
74 July 154 Sept
1
May
831 Sept
Mar
139 May 200
Feb
7
July 20
8
41
154
1
99
1
14
814
14
85
coin
gonmercialandpi,XiscellatteonsBrun
Month.
Sept. 10 1932
San Francisco Stock Exchange.
-Record
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
Aug. 30
-The First National Bank in Champaign,Champaign, M.$150.000
John B. PrettyPresident Newton NI. Harris. Cashier
man.
35.000
Aug. 30
-El Paso National Bank,El Paso,Ill
President John R. McKinney. Cashier W.I). Kitchell.
Paso, El
Will succeed The First National Bank of El
Paso, Ill.
Aug. 31-The First National Bank in Lake Village, Lake Village,
50,000
Ark
_
_President B. 0. Clark. Cashier S. H. Williams.ftWillSi&
Village, Lake
his .
4
succeed The First National Bank of Lake
RtW'PsVll1age Ark.
•
1,1 . •EDIP MIL VOLUNTARY LIQUIDATIONS.1
01 42
23
100,000
Aug. 3I-The Central National Bank of Leonia, N.J
Committee. Marshall Van
Effective Aug. 15 1932. Lici.
Winkle Jr.. Emil J. Decker. George Button, Thomas
C. Pollock and Edward Kaufer, care of the liquidating
bank. Absorbed by The Leonia Bank & Trust Co..
Leonia, N. J.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of,.this week:
ei
''Barnes & Lofland, Philadelphia:
--$perSh.
Shares. Stocks. P
IK
50 Central-Penn National Bank, o•
39
par $10
1 -4
20 Philadelphia National Bank,,
754
par $20
30 Corn Exchange Nat. Bank &
514
Trust Co., par $20
56 Pennsylvania Co.for Insurances
Annuities. r^
on Lives & Granting
474
par $10
194
21 Integrity Trust Co., par $10
5 Provident Trust Co.. Par_1100 390
$ per SC
Shares. Stocks.
$1 lot
12 Ocean Front Hotel Corp
25 Consolidated Traction Co. of
28
New Jersey, par $100
10 Continental Passenger fly, Co.,
35
par 250
17 John B.Stetson Co.,corn.. no par 9
1 Bilgram Gear dt Machine Works,
$7106
common, par $100
50
20 Aberfoyle Mfg. Co.,corn
3
40 National Bank of Olney
By Adrian H. Muller.& Son, New York:
$ per Sh.
Shares. Stocks.
1,500 The Drake Hotel Co.. an
Illinois corporation, common...8501ot
400 Madison & Kedzie State Bank
$1,020 lot
(Illinois), par $100
Per Cent.
Bonds.
$45,000 let mtge. (and bond) on
an irregular piece of vacant land
fronting on Stillweg Ave., 86th
St. and West 13th St., in Borough of Brooklyn, comprising
about 32,000 square feet _ _51.100 lot
$1,000 Tavares, Fla.. imPt. 6%
bond, due July 1 1932 (no legal
15% fiat
opinion)
$5,000 Morehead City, N. C.,
534s, due 1942 (no legal opinion),
10% flat
Per Cent.
Bonds.
$5,000 Waldorf Astoria note 7%
bonds, due 1954
9% flat
$10.000 Trinity Co., Tex., road
5345, due 1947(no legal opinion),
10% flat
$5,000 Breckenridge, Tex., 6%
bonds, due 1936(no legal opinion)
20% dr int.
$4,000 St. Louis-San Fran. RR.
Co. prior lien 5s, due 1950_19% & int.
$10,000 Hernando Co., Fla., road
5)45, due 1955(no legal opinion),
35% flat
$6,000 Monroe Co., Fla., highway
5345, due $4,000 June 1 1951:
$2,000, June 1 1956 (no legal
opinion)
20% flat
By R. L. Day & Co., Boston:
$ per St.
Shares. Stocks.
135 Atlantic National Bank, Bos2 1-16
ton, par $10
5 Second National Bank, Boston,
8034
par $25
15 National Rockland Bank, Bos64
ton, par $20
760 Boston Montalia Mines Co.,
corn., par $1;84 Boston Montana
Mines Co., pref., par $1; 1,410
Majestic Mines Co., par 35: 50
U. S. Worsted Corp., corn.; 15
The Atlantic Securities Co., cl. A
Boston; 25 Atlantic Investments,
525 lot
Inc
135 Atlantic Nat. Bank, Boston2 1-16
Shares. Stocks.
$ per share.
3 Farr Alpaca Co., par $100
1834
5 Berkshire Fine Spinning Associates, pref., par $100
30
7 Pittsfield & North Adams Rd.
par $100
3534
6 Essex Co., par $50
6234
7 Gt. Northern Paper Co.. par $25_ 26
10 Dennison Manufacturing Co.
7% preferred, par $100
33
Bonds.
Per Cent.
$5,000 New England Creamery
Products Co., 1st cony. 75, June
1936
60
$3,000 American European Securities Co. 5s, Jan. 1958, series A
7534
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
5 Zenda Gold Mines
$ per St. Shares. Stocks.
18c. I 500 Adargas Mines
$ Per St.
50c. lo
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.
V
Per eTIVhen
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Oct. 1 Holders of rec. Sept. 8
3
Alabama dr Vicksburg RY.,s. a.)
Cincinnati Union Terminal
1;1 Oct. 1 Holders of rec. Sept. 19
5% preferred (quar.)
$134 Oct. 3 Holders of rec. Sept. 22
Joliet & Chicago RR. Co.(quar.)
Oct. 1 Holders of rec. Sept.15
New London Northern RR. (guar.)...
Vicksburg Shreveport & Pacific RY.(s.a.) 234 Oct. 1 Holders of rec. Sept. 8
2)4 Oct. 1 Holders of rec. Sept. 8
Preferred ks.
Public Utilities.
Amer. Gas& Elec. Co., corn.(guar.)._
25c. Oct. 1 Holders of rec. Sept. 14
Preferred (quar.)
$134 Nov. 1 Holders of rec. Oct. 8
Amer. Water Works & Elec. Co.,Inc.
50c. Nov. 1 Holders of rec. Oct. 7
r Common (guar.)
Binghamton Lt., Ht.& Pow.$6 pf.(eu.) $1% Oct. 1
$1% Oct. 1
p. $5 preferred (guar.)
Buffalo Niagara de Eastern Pow.Corp.
$5 preferred (guar.)
Nov. 1 Holders of rec. Oct. 15
Class A (quar.)
Sept. 30 Holders of rec. Aug. 31
Calgary Power Co., Ltd.. corn.(guar.)_ _
Oct. 1 Holders of rec. Sept. 15
Capital Traction Co.
-Dividend omitte
central Illinois Light Co.6% prof. (qu.)
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
7% preferred (guar.)
Oct. 15 Holders of rec. Sept. 30
Central III. Public Serv., pref.(guar.)_
Oct. 1 Holders of rec. Sept. 10
Central Maine Pow.7% pref.(quar.)_. _
Oct. 1 Holders of rec. Sept.10
6% preferred (quar.)
Oct. 1 Holders of rec. Sept. 10
56 preferred (quar.)
Oct. 1 Holders of rec. Sept. 20
Cincinnati & Sub. Bell Tel. Co.(quar.)_
Oct. 1 Holders of rec. Sept. 20
Citizens Water Co.(Pa.) (quar.)
Oct. 15 Holders of rec. Oct. 1
Clinton Water Works 7% prof. (guar./Commonwealth Water & Light Co.
Oct. 1 Holders of rec. Sept. 20
36 preferred (guar.)
Oct. 1 Holders of rec. Sept. 20
$7 preferred (quar.)
Oct. I Holders of rec. Sept. 12
Continental Gas & Elec. ,com. (quar.)_
Oct. I Holders of rec. Sept. 12
Common extra)
Sept. 30 Holders of rec. Sept. 15a
Cuban Telephone Co., pref. (guar.)...
Oct. 15 Holders of rec. Sept. 20
Detroit Edison Co., cap. stock (guar.).
Oct. 1 Holders of rec. Sept. 15
Duke Power Co. common (quar.)
Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Oct. 15 Holders of rec. Sept. 15
Duquesne Light Co.5% 1st pref.(guar.)
Oct. 1 Holders of rec. Sept. 15
Eastern New Jersey Power 6% pt.(qu.)_
Engineers Pub.Serv. Co.,cam. div.omit
Oct. 1 Holders of roe. Sept. 19
$6 preferred (guar.)
Oct.
Holders of rec. Sept. 19
$534 preferred (quar.)
Oct.
Holders of rec. Sept. 19
$5 preferred (guar.)
Oct.
Holders of rec. Sept. 20a
Federal Lt.& Traction Co.. corn.(qu.)._
Oct.
Holders of rec. Sept. 20a
Common (payable in corn. stock)
Gas Light dr Coke Co.
60. Sept.
Holders of rec. Aug. 4
Amer dep rec for 5% ord
2 4- Sept.
Holders of rec. July 2
4% standard ord. Interim
$1% Oct.
Holders of roe. Sept. 15
Georgia Power Co. $6 pref. (guar.)
$134 Oct.
Holders of rec. Sept. 15
$5 preferred (guar.)
834 Oct. 6
Hamburg Electric Co., bearer shares_
834 Oct. 15
p. Amer. dep. rcts. for bearer shares
87Sic Oct. 15 Holders of rec. Sept. 26
Internat. Hydro-Elec. pref.(guar.)
International Utilities, $7 pref.(qu.) _ _ $194 Nov. 1 Holders of rec. Oct. 15a
87Sic Nov. 1 Holders of rec. Oct. 15a
$334 preferred (guar.)
43Sic Oct. 15 Holders of rec. Oct. la
$134 preferred (guar.)
Interstate Power Co. $6 pref. (guar.)._ $134 Oct. 1 Holders of rec. Sept. 15
$131 Oct. 1 Holders of rec. Sept. 15
$7 preferred (guar.)
Joplin Water Works Co.6% pref.(quar.) 134 Oct. 15 Holders of rec. Oct. 1
134 Sept. 30 Holders of rec. Sept. 15
Lone Star Gas Corp.6% pt.initial (qu.)_
Middle Western Telep. Co. el. A div. orni tted.
134 Oct. 15 Holders of rec. Oct. 1
Monongahela Valley Water 7% pt. (quo
500 Oct. 10 Holders of rec. Sept. 30a
New England Power Assoc. corn.(guar.)
50e Oct. 1 Holders of rec. Sept. 9a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 9a
6% preferred (guar.)
El% Oct. 1 Holders of rec. Sept. 9
New Engl. Power Co., pref.(quar.)
Newport Electric Corp.6% pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 15
North American Lt. dr Pow. Co., pref.- Divide nd omit ted.
Oct. 1 Holders of roe. Sept. 17
Nova Scotia Light & Power ord.(guar.)_ $1
$114 Sept. 15 Holders of rec. Aug. 31
Ohio Associated Telep.. pref.(quar.)
Ohio Public Service Co., 7% pt. (ino.). 58 1-3 Oct. 1 Holders of rec. Sept. 15
50c Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
41 2-3 Oct. 1 Holders of rec. Sept. 15
5% preferred (monthly)
Orange& Rockland Elec.Co.,7% pf,(qu.) 134 Oct. 1 Holders of rec. Sept. 25
134 Oct. 1 Holders of rec. Sept. 25
6% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Panama Pow.& Lt. Corp., 7% pt.(qu.).
Central Light & Power $5 pf.(qu.) $134 Oct. 1 Holders of rec. Sept. 10
Penn
70e. Oct. 1 Holders of rec. Sept. 10
$2.80 preferred (quar.)
$1% Oct. I Holders of rec. Sept. 15
Penna. Pow.& Lt. Co.$7 Pr.(guar.)
$154 Oct. 1 Holders of rec. Sept. 15
$6 preferred (quar.)
$.1Si Oct. 1 Holders of rec. Sept. 15
$5 preferred (quar.)
Tel. Corp., pref. (gu.)__ -- $1% Oct. 1 Holders of rec. Sept. 15
Pennsylvania
Oct. 1 Holders of rec. Sept. 10
$2
-a.)
Philadelphia Traction Co.(s.
Porto Rico Power Co., Ltd.. 7% pf.(qu.) 134 Oct. 1 Holders of rec. Sept. 15
1783
Financial Chronicle
Volume 135
Name of Company.
When
Per
Cent. Payable.
Public Utilities (Concluded).
Public Service Co.of Colorado
58 1-3c Oct. 1
7% preferred (monthly)
50c Oct. 1
6% preferred (monthly)
41 2-3c Oct. 1
5% preferred (monthly)
134 Oct. 1
Richmond Water Works6% pt. (qu.) _
134 Oct. 15
South Pitts. Water Co.6% pf. (qtr.)._ _ _
134 Oct. 5
7% preferred (guar.)
Oct. 15
So. Cal. Edison Co., Ltd. orig. pf.(qu.). 2
1.34 Oct. 15
5Si% series C prof.(guar.)
5134 Oct. 1
Southwestern Bell Telep., pref. (quar.)_
Springfield G.& E. Co., pf. ser. A (qu.)_ 5134 Oct. 1
Tr-Continental Corp. $6 pref. (guar.)._ 5134 Oct. 1
United Light & &Rys. Co., (Del.)
8 1-3c Oct. 1
7% preferred (monthly)
53c. Oct. 1
6.36% preferred (monthly)
50c. Oct. 1
6% preferred (monthly)
Utilities Power & Light, pref.(guar.)... $134 Oct. 1
5134 Sept.30
Penn Elec. Co., cl. A (quar.)
West
134 Nov. 1
West Penn Pow. Co.,7% cum. pf.(qu.)_
134 Nov. 1
6% cum. preferred (guar.)
Western United Gss & El.,6 % pf.(qu.) 13-4 Oct. 1
6% preferred (quar.)
134 Oct. 1
Wichita Water Co.7% prof.(guar.)
- 1% Oct. 15
Bank and Trust Companies.
Bankers Trust Co. (guar.)
734 Oct. 1
50c Oct. 1
Chase National Bank (guar.)
30e Oct. 1
Continental Bank & Trust Co.(guar.) - _
Oct. 1
$6
Fifth Ave. Bank (guar.)
Sept. 30
Guaranty Trust Co.(N.Y.) (quar.)_... 5
40e Oct. 1
Irving Trust Co. (guar.)
$1 Oct. 1
New Rochelle Trust Co. (guar.)
50c Oct. 1
Manhattan Co. (guar.)
50e Oct. 1
National City Bank (guar.)
$2.50 Oct. 1
Rensselaer County Bank (quar.)
Fire Insurance.
American Insurance Co.(guar.)
Books Closed.
Days Inclusive.
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 20
Holders of rec. Oct. 1
Holders of rec. Oct. 1
Holders of rec. Sept.20
Holders of rec. Sept.20
Holders of rec. Sept. 20
Holders of rec. Sept. 15
Holders of rec. Sept. 16
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 17
Holders of rec. Sept. 17
Holders of rec. Oct. 5
Holders of rec. Oct. 5
Holders of rec. Sept. 14
Holders of rec. Sept. 14
Holders of rec. Oct. 1
Holders of rec. Sept. 12
Holders Of rec. Sept. 15a
Holders of rec. Sept. 20
Holders of rec. SePt.30
Holders of rec. Sept. 9
Holders of rec. Sept.12
Holders of rec. Sept. 15
Holders of rec. Sept. I50
Holders of rec. Sept. 10
Holders of rec. Sept.30
123-ic. Oct.
Miscellaneous.
8134 Sept.30 Holders of roe. Sept.18
Adams Express Co
131' Sept.30 Holders Of rec. Sept.18
(Quarterly)
AdmInts.& Research Corp., cl. A div. om itted.
American Car & Fdy. Co., pref.-No div . actio n taken
American Express Co. (guar.)
$134 Oct. 1 Holders of roe. Sept. 20
10c. Sept. 15 Holders of rec. Sept. 5
American Fork dr Hoe,corn. (quar.)_ _
American Mfg. Co., pref. (guar.)
$131 Oct. 1 Holders of rec. Sept.15
Oct. 1 Holders of rec. Sept. 14
3
American Snuff Co., corn. (guar.)
134 Oct. 1 Holders of rec. Sept.14
Preferred (guar.)
American Wringer Co.(guar.)
37340. Oct. 1 Holders of rec. Sept. 15
500. Oct. 1 Holders of roe. Sept. 15
Apponang Co., corn. (quar.)
634% preferred (guar.)
19-4 Oct. 1 Holders of roe. Sept. 15
Assoc. Breweries of Canada 7% pt. (qu.) 115.1 Oct. 1 Holders of rec. Sept. 15
115c. Oct. 1 Holders of rec. Sept. 15
Common (guar.)
250. Sept.30 Holders of rec. Sept. 17
Associated Oil Co.(guar.)
Oct. 1 Holders of rec. Sept.21
$1
Auburn Automobile Co.(guar.)
,(2 Oct. 1 Holders of rec. Sept.21
Stock dividend
80c. Oct. 1 Holders of rec. Sept. 15
Axton-Fisher Tob., class A (guar.)
$134 Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.25
Barber (W.H.) 7% pref.(quar.)
$1% Oct. 1 Holders of rec. Sept. 14
Beatrice Creamery Co., pref.(guar.)._ _
194 Oct. 15
Packing Co., 7% A (guar.)._
Beech-Nut
19-4 Sept. 15 Holders of rec. Aug. 15
Biltmore Hats, Ltd.,7% pref.(quar.),._
Blumenthal (Sidney) & Co., prof. (qu.).
194 Oct. 1 Holders of rec. Sept. 20
13.4 Oct. 1
Bucyrus-Erie, 7% prof. (quar.)
51
Oct. 1 Holders of rec. Sept. 15
Cambria Iron Co.(s.
-a.)
134 Sept.30 Holders of rec. Sept. 17
Canadian Celanese, Ltd., 7% pr.(qu.)
25e. Oct. 1 Holders of rec. Sept. 15
Canadian Wirebound Box, cl. A (qu.) 250. Oct. 1 Holders of rec. Sept. 19
Cannon Mills Co.(guar.)
Holders of rec. Sept. 19
75e. Oct.
Capital Adminls. Co., Ltd.6% pf.(qu.) _
Holders of rec. Sept.19
875e. Oct.
6% preferred (guar.)
Holders of rec. Sept.20
$1% Oct.
Carnation Co.. pref. (guar.)
Holders of rec. Sept. 17
Celanese Corp. of Am.7% prat. (quar.)_ 8734c. Oct.
Oct. 1 Holders of rec. Sept. 20
Central Aguirre Associates, corn. (qu.) _
Holders of rec. Aug. 29
$134 Sept.
Chicago Dock dr Canal (guar.)
Holders of rec. Sept. 15
123.4c Oct.
Clark (D. L.) Co. (guar.)
Holders of rec. Sept. 50
$1% Oct.
Co., pref. (quar.)_
Cluett-Peabody &
Holders of rec. Sept. 15
15e. Oct.
Creameries of America (quar.)
15c. Oct. 1 Holders of rec. Oct. 5
Crum & Forster, com.(quar.)
8% Preferred (quar.)
$2 Dec. 31 Holders of rec. Dec. 20
Dempster Mill Mfg. 7% pf. city. passed.
Devoe & RaynoldaInc.,1st & 2d pf.(qu.) $194 Oct. 1 Holders of rec. Sept. 20
15134 Oct. 1 Holders of rec. Sept. 15
Dominion Textile, corn.(guar.)
15194 Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
Eastern Steamship Lines corn. div. omitt ea
$194 Oct. 1 Holders of rec. Sept. 16
1st preferred (guar.)
87 Sic. Oct. 1 Holders of rec. Sept. 16
Preferred (guar.)
30g. Oct. 1 Holders of rec. Sept. 20
Electric Auto Lite, corn.(guar.)
$1% Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
75c. Oct. 1 Holders of rec. Sept. 17
Endicott-Johnson, corn. (guar.)
S194 Oct. 1 Holders of rec. Sept.17
Preferred (quar.)
60c. Oct. 1 Holders of rec. sept.15
Fanny Farmer Candy Shops, pref.(qu.)..
234 .Sept. 15
Fear (Fred) & Co.common (guar.)
15e. Oct. 1 Holders of rec. Sept.21
Federated Dept. Stores
Sept.20
Filene(W-n.) Sons Co.,corn.(guar.)- 20c. Sept. 30 Holders of rec.
preferred (guar.)
$1% Oct. 1 Holders of rec. Sept.20
10c. Oct. 15 Holders of rec. Oct. 5
Finance Co.of Amer.,el. A&B com.(qu.)
1% Oct. 15 Holders of rec. Oct. 5
7% preferred (guar.)
1% Oct. 15 Holders of rec. Oct. 5
7% preferred, class A
50e. Oct. 15 Holders of rec. Oct. 10
Food Mach.634% pref. (monthly)
Fortnum & Mason, Inc., 7% prof. (s.a) 17340. Oct. 1 Holders of rec. Sept. 20
75e. Oct. 1 Holders of rec. Sept. 20
Frick Co.,6% pref.(guar.)
50c. Oct. 1 Holders of rec. Sept. 19
General Baking Co.,corn.(guar.)
Oct. 1 Holders of rec. Sept. 19
$2
Preferred (quar.)
h25c. Oct. 1 Holders of rec. Sept.20
General Candy Corp., el. A
General Printing Ink, pref. (guar.)
5134 Oct. 1 Holders of rec. Sept. 17
Gilbert(A. C.) Co.. 5334 pref.(quar.) _ _ 87340. Oct. 1 Holders of rec. Sept. 17
Goodyear Tire & Rub.of Can.corn.(qu.) 513.4 Oct. 1 Holders of rec. Sept. 15
Holders of net. Sept. 15
$1,e4 Oct.
Preferred (guar.)
25c. Sept. 30 Holders of rec. Sept.20
Granite City Steel(guar.)
at. W.Electro Chem.Co.6% lot pt.(qu.) 134 Oct. 1 Holders of rec. Sept.20
Holders of rec. Aug. 19
Sept.
2
Greist Mfg. Co.8% pref.(guar.)
$100 Sept.30 Holders of rec. Sept. 12
Group No. One Oil Corp. (guar.)
Extra
$150 Sept.30 Holders of rec. Sept. 12
Holders of rec. Sept.15
25e. Oct.
Gurd (Chas.) dr Co., Ltd., corn.(guar.)
Holders of rec. Sept. 15
Preferred (guar.)
$131 Oct.
Halle Bros. Co., pref.(quar.)
5194 Oct. 3 Holders of rec. Oct. 24
Holders of rec. Sept. 15
25c. Oct.
Halold Co., common (guar.)
Holders of rec. Sept.17
25c. Oct.
Common (extra)
Preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 15
Banes (P. H.) Knitting Co., pref. (qu.). $1% Oct. 1 Holders of rec. Sept.20
-Dividend om Med,
Heath Aircraft Corp., B.
5194 Sept. 30 Holders of rec. Sept.28
Heath (D.C.) & Co., pref.(quar.)
Holmes (D. H.) Co., Ltd.(guar.)
5134 Oct. 1 Holders of rec. Sept. 24
75c. Sept.26 Holders of rec. Sept.20
Homestake Mining Co.(monthly)
Sept.26 Holders of rec. Sept. 20
$1.
Common extra)
25e. Oct. 10 Holders of rec. Sept.30
Honolulu Plantation (monthly)
Hardart Baking (Phila.), (guar.) $1% Oct. I Holders of rec. Sept.20
Horn &
25c. Sept. 26 Holders of rec. Sept. 11
Hoskins Mfg.,corn.(guar.)
14 Oct. 30 Holders of rec. Oct. 20
Howes Bros. Co.,7% 1st pref.(guar.). _
131 Oct. 30 Holders of rec. Oct. 20
7% preferred (guar.)
6% preferred (guar.)
134 Oct. 30 Holders of rec. Oct. 20
Imperial Chemical Ord.
Ordinary shares
234 Dec. 1
23.4 Dec. 8
Amer. dep. nets. ord.shares
25c. Oct. 15 Holders of rec. Sept. 20
Incorporated Investors (guar.)
e2 Si Oct. 15 Holders of rec. Sept. 20
Common, in stock (8.-a.)
50c. Oct. 1 Holders of rec. Sept. 19
Rayon, corn. (guar.)
Industrial
Internat. Business Mach Corp. (guar.). $134 Oct. 10 Holders of rec. Sept. 220
1784
Name of Company.
Financial Chronicle
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Investors Corp. of R. I., 36 1st pf (qu.) 31
Oct. 1 Holders of rec. Sept. 20
Johns Manville Corp.7% pref.(quar.). 1% Oct. 1 Holders of roe. Sept. 18
Lambert Co.,common (guar.)
$1
Oct. 1 Holders of ree. Sept.17
Lehman Corp., capital stock (guar.)- - - 60o. Oct. 5 Holders of roe. Sept.20
Leslie-California Salt (guar.)
20e. Sept. 15 Holders of rec. Sept. I
Leasing's, Inc. (guar.)
25e. Sept.30 Holders of rec. Sept.12
Loew's, Inc., corn. (guar.)
75c. Sept.30 Holders of rec. Sept. 16
MacBeth Evans Glass Co. (guar.)
62%c. Sept.30 Holders of reo. Sept. 23
Mack Trucks, Inc., common (guar.)..
25c. Sept.30 Holders of rec. Sept. 16
Merch & Miners Transportation Co.(gu) 37%c.Sept.30 Holders of roe. Sept. 15
Merrimac Hat Corp., com.(guar.)
50c. Sept. 1 Holders of rec. Aug. 29
Preferred (guar.)
$1
Sept. 1 Holders of rec. Aug. 29
Minneapolis Honeywell Reg.,6% pf.(qu) 1% Oct. 1 Holders of rec. Sept. 20
Mock, Judson, Voehringer, pref.-DIA dend o mitted.
Monaghan (Victor) pref. (guar.)
81% Oct. 1 Holders of reo. Sept. 19
MorrisFinance Co., pref.(guar.)
814 Sept.30 Holders of rec. Sept.20
Class A (guar.)
814 Sept.30 Holders of rec. Sept.20
Class B (guar.)
27%e. Sept.30 Holders of rec. Sept.20
Morris (Philip) class A (quar.)
4331e. Oct.
Holders of rec. Sept. 20
Class A (guar.)
h43%c Oct.
Holders of rec. Sept. 20
Mountain Producers Corp. (quar.)
20e. Oct.
Holders of rec. Sept. 15a
National Battery Co., pref. (guar.).
- 550. Oct.
Holders of rec. Sept. 15
National Candy Co., coin. (guar.)
25e. Oct.
Holders of rec. Sept. 13
1st az 2nd preferred (guar.)
$141 Oct.
Holders of rec. Sept. 13
National 011 Prod. Co., Inc.,$7 pf.(qu.) $14( Oct.
Holders of rec. Sept. 20
National Tea Co., common (guar.)
15c. Oct.
Holders of rec. Sept. 14
Nat. Weaving Co., 7% 2nd pref.(quar.) 131 Sept.3 Holders of roe. Sept. 20
New York Trap Rock,$7 pref.(quar.)
Holders of roe. Sept.20
- 8131 Oct.
North Amer. Creameries,Inc., el. A(qu)
35e. Oct.
Holders of rec. Sept. 15
Novadel-Agene Corp., common (guar.). 31
Holders of rec. Sept. 21
Oct.
Preferred (guar.)
31% Oct.
Holders of rec. Sept. 21
Ohio Finance-Corn. dlv. omitted.
(Quarterly)
50c. Oct.
Holders of rec. Sept. 10
8 Preferred (guar.)
%
2
Oct.
Holders of rec. Sept. 10
Class A (guar.)
2
Oct.
Holders of rec. Sept. 10
Pac.Tweet Discount Corp..8% pf.(qu.) 2
Sept. 4 Holders of rec. Sept. 1
Class A & B
10e. Sept. 15 Holders of rec. Sept. 1
Penney (J. C.), common (guar.)
45c. Sept.30 Holders of rec. Sept. 20
Preferred (guar.)
31% Sept.30 Holders of rec. Sept. 20
Philadelphia Dairy Prod., pf.(quar.)- -- $141 Oct. I Holders of rec. Sept. 19
Pitney Bowes Postage Meter Co.(s-a)-- 12
Oct. I Holders of rec. Sept. 15
Plymouth 011 Co. (guar.)
250. Oct. 1 Holders of roe. Sept. 17
Pratt & Lambert. Inc., corn. (quar,)....
250. Oct. 1 Holders of rec. Sept. 16
Premier Gold Min. 00., Ltd.(guar.).
3o. Oct. 5 Holders of roe. Sept. 16
Reliance Mfg. Co. of Ill., Pref.(quar.)-- 81% Oct. 1 Holders of rec. Sept.20
Ross Gear & Tool Co. (guar.)
30e. Oct. 1 Holders of reo. Sept.20
Safeway Stores, Incl., corn. (guar.)
3131 Sept.30 Holders of rec. Sept. 10
7% preferred (guar.)
I% Sept.30 Holders of roe. Sept. 19
6% Preferred (guar.)
1% Sept.30 Holders of roe. Sept. 19
Selected Industries, Inc., prior pref.(gu.) 514 Oct. 1 Holders of roe. Sept. 16
Senior Securities, Inc., corn. (guar.).
- 25c. Sept.10 Holders of roe. Aug. 31
Shattuck (Frank G.) (qua:.)
12%o. Oct. 10 Holders of roe. Sept.20
Sherwin-Williams of Canada, pf.(gear.). $131 Sept. 30 Holders of rec. Sept. 15
Starrett (L. S.) Co., Prof. (guar.)
$131 Sept.30 Holders of roe. Sept. 19
Sun Life Assurance Co.
-Div. action del erred.
Sunset, McKee Salesbook, B.-D1v.om Med.
Class A (guar.)
37%c. Sept. 15 Holders of rec. Sept. 4
Taylor-Colguitt, common (guar.)
50c. Sept.30 Holders of rec. Sept. 16
Preferred (guar
31% Oct. 1 Holders of rec. Sept. 27
Thompson (John R.) (guar.)
25c. Oct. 1 Holders of rec. Sept.23
Tide Water Assoc. Oil, common
25c. Sept.30 Holders of rec. Sept. 17
Preferred (guar.)
$1% Oct. 1 Holders of roe. Sept. 17
Toronto Mtge. Co.(guar.)
El% Oct. 1 Holders of rec. Sept. 15
Trlco Products (guar.)
62%c. Oct. 1 Holders of rec. Sept. 16
Trumbull-Cliffs Furnace.6% pf.
131 Oct. I Holders of rec. Sept. 15
20th Century Fixed Trust Shares,see.B. 10
Sept. 1.5 Holders of rec. Sept. 1
United Direwood, pref.(guar.)
3131 Oct. 1 Holders of rec. Sept. 19a
United States Foil Co.,corn. A & B (gu.) 7He. Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
1144 Oct. 1 Holders of reo. Sept. 15a
United States Tobacco Co., corn.(V.)
- 11.1 1 Oct. 1 Holders of reo. Sept. 19
Preferred (guar.)
11.44 Oct
1 Holders of roe. Sept. 19
Universal Leaf Tob. Co.,corn.(guar.)_
50c. Nov. I Holders of rec. Oct. 19
Preferred (guar.)
$2
Oct. 1 Holders of roe. Sept. 29
Waukesha Motor, corn.(guar.)
50c. Oct. 1 Holders of rec. Sept. 15
West Coast Oil Co., pref. (guar.)
3134 Oct. 5 Holders of rec. Sept. 26
Western Exploration Co.(guar.)
234c. Sept.20 Holders of rec. Sept. 15
Western Grocers, Ltd.. pref.(guar.) - - 1144 Oct. 15 Holders of rec. Sept.20
Western Tablet Stationery Corp., pf.(gu) 1144 Oct. 1 Holders of rec. Sept. 20
Westmoreland, Inc., corn.(guar.)
20c. Oct. 1 Holders of rec. Sept. 15
World Radio, preferred (guar.)
81% Sept. 1 Holders of roe. Aug. 20
Wright Hargreaves Mines, Ltd.(guar.). 230. Oct. 1 Holders of roe. Sept. 15
Extra
2Ho. Oct. 1 Holders of roe. Sept. 15
Young (L. A.) Spring dr Wire Corp.(g11.)
25c. Oct. 3 Holders of ree. Sept. 19
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company
Railroads (Steam).
Augusta & Savannah RR.(se)
Extra
Bangor & A roontook RR.Co.. corn.(quo
Preferred Omar.)
Beech Creek RR. (guar.)
Belgian National Rys. Co. Amer shs_
Boston & Albany RR. (guar.)
Boston & Providence RR. Co.(guar.)Canadian Perth,it, Co.. wet (s
Carolina ClInchfield & Ohio(guar.)
Stamped certificates (guar.)
Chesapeake Corp (guar..
Chesapeake & Ohio Rh. Co..corn. f(in.)
Preferred (s a)
Cincinnati Union Term.5% pref.(qu.)....
Columbus& Xenia KR
Dayton & Michigan RR.. prof.(quar.)Common semi annual
Delaware & Hudson Co
Dover & Rockaway RR.
6% gtd.
Erie & Pittsburgh HR. Co
Lack. RR. Co. of N.Y.4% gtd.(guar.).
Little Miami RR.Co..spec.gtd.
Original capital
Newark & Bloomfield RR.(s.
-a.)
N. Y. Lack. & West. By.(quar.)____ _
Norfolk & Western coin (guar.)
Peterborough RR.(semi-ann.)
Pittsburgh Bessemer & Lake Erie. corn...
Pittsbg Ft. Wayne & Chic., oom.(qu.)
Common (gnarl
Preferred (gear.)
Preferred (guar.)
Reading Co., 2d preferred (guar.)
St. Joseph. South Bend A: South.RR.Co
Common
Preferred (s-a)
Union Pacific RR. Co.. coin. (quar.)...
Preferred (s-a)
United N J.. RR. & Canal 'qua:.)...
Warren RR.(N..1.) (semi-annual)
When
Per
eau. /Veal*.
loots close.
Dais Incluelee.
234 Jan 5'33
250 Jan 513
50e. Oct. I
1 4 Oet. 1
4
50c. Oct. 1
$4.09 Sept.20
2
Sept.30
234 Oct. 1
Oct. I
2
1
Oct. 10
11( Oct. 10
50c Oct. I
6234c Oct. I
3
I- 1-33
1)( Oct. 1
31.10 'Sept 10
2
Oct. 1
131 Oct. 1
1% Sept.20
3
Oct. 1
87%c Sept. 10
1
Oct. 1
50e Sept. 10
$1.10 Sept. 10
81% Oct. 1
1% Oct. 1
2
Sept. 19
Oct. 1
14 Oct. 1
1% Oct. 1
Jan 213
1% Oct. 4
1% Jan T33
50c. Oct. 13
Holders of roe. Aug. 3Is
Holders of roe. Aug. 31s
Holders of rec. Sept. 18
Holders of rec. Sept. 12
Holders of roe. Aug. 31ti
Holders of roe. Sept.20
Holders of roe. Sept. 1
Holders of roe. Sept. 30
Holders of rec. Sept. 10
Holders of roe. Sept. 8
Holders of rec. Sept. 8
Holders of rec. Dee
Holders of rec. Sept. 19
Holders of rec Aug 75
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Aug. 27
Holders of rec. Sept. 30
Holders of rec. Aug. 31
Holders of reg. Sept. 9
Holders of rec. Aug. 26
Holders of rec. Aug. 26
Holders of rec. Sept. 22
Holders of rec. Sept. 15
Holders of rec. Aug. 31
Holders of rec. Sept. 26
Holders of rec. Sept. 26
Holders of roe. Sept. 10
Holders of rec. Dec. 10
Holders of roe. Sept. 10
Holders of rec. Dec .10
Holders of rec. Sept. 22
75e Sept. 15
2% Sept. 15
1% Oct. I
2
Oct. 1
234 Oct. 10
334 Oct. 15
Holders of rec. Sept. 10
Holders of rec. Sept. 10
Holders of rec. Sept. la
Holders of rec. Sept. la
Holders of roe. Sept. 20
Holders of rec. Oct. 6
Public Utilities.
Alabama Power Co.,$7 pref.(qua?.).-- 11% Oct. 1 Ho.ders of roe. Sept. 15
1114 Oct. 1 Holders of reo. Sept. 15
$6 preferred (guar.)
$5 preferred (guar.)
11% Nov. 1 Holders of roe. Oct. 15
Name of Company.
Sept. 10
*hen
Per
Cent. Palabk.
1932
Boat Cloud
Days Iodating.
Public Utilities. (Continued).
American Power & Light $6 pref.
(MO-- $OS Oct. 1 Holders of roe. Sept. 9
$5 preferred (guar.)
$1% Oct. 1 Holders of rec. Sept. 9
Amer.Superpower Corp. 15t pf.
p83 Oct. 1 Holders of reo. Sept. 1
American Tele!). & Teieg.(guar.)
231 Oct. 15 Holders of roe. Sept.20a
American Water Works& Elec. Co.. Inc.
16 1st preferred (guar.)
31% Oct. 1 Holders of roe. Spelt. 9
Appalachian Elec. Power 17 prof.(qu.).. $1% Oct. 1 Holders of rec. Sept. 6
86 preferred (guar.)
81% Oct. 1 Holder; of rec. Sept. 8
Arkansas Power & Light Co.$7 Pref.(gu) 31% Oct. 1 Holders of rec. Sept. 15
$6 preferred (guar.)
El% Oct. 1 Holders of rec. Sept. 15
Bangor Hydro-Elect. 7% pref.(quar.)..
134 Oct. 1 Holders of rec. Sept. 10
8% preferred (guar.)
131 Oct. 1 Holders of roe. Sept. 10
Bell Telephone Co. of Can., corn. (go.). $1% Oct. 15 Holders of rec. Sept.23
Bell Tel. of Penna. 631% prof.(gust.)
1% Oct. 15 Holders of rec. Sept.20
Birmingham Water Wks.6% pf.(go.).. 134 Sept. 15 Holders of roe. Sept. 1
Boston Elevated Ry. corn. (gust.).... $131 Oct. 1 Holders of rec. Sept. 106
Brazilian Tree., Lt.& Pow. pref.(qu.).. 111)4 Oct. 1 Holders of rec. Sept. 15
Bridgeport Gas Light (guar.)
60e. Sept.30 Holders of rec. Sept. 18
British Columbia Power ci A (guar.). _ 150e. Oct. 15 Holders of rec. Sept.30
Brooklyn & Queens Transit Corp.
88 preferred (guar.)
$134 Oct. 1 Holders of roe. Sept.15
Brooklyn Union Gas (qua?.)
Oet. 1 Holders of rec. Sept. I
Buffalo. Niagara & Eastern Pow. Corp. $1)4
$5 preferred (qua?.)
Nov. 1 Holders of roe. Oct. 15
Preferred (guar.)
40e Oat. 1 Holders of rect. Sept. 15
Butler Water Co.7% pref.(guar.)
154 Sept. 15 Holders of roe. Sept. 1
Cal. Elec. & Generating, 6% Pref.(MO
13.4 Oct. I Holders of reo. Sept. 6
Can. North.Pow.Corp., Ltd.. corn.(qu) (200 Oct. 25 Holders of rec. Sept.30
7% cum. preferred (guar.)
13.4 Oct. 15 Holders of roe. Sept. 30
Citizens Passenger Ry. (Philadelphia).- $314 Oct. 1 Holders of req. Sept.20
Cleveland By. (guar.)
$134 Oct. I Holders of rec. Sept. 25
Coast Cos. Gas et Elec., 1st Pr.(gust.)... 8131 Sept. 15 Holders of rec. Aug. 25
Commonwealth & Southern Corp.
$6 preferred (guar.)
$134 Oct. 1 Holders of roe. Sept. 9
Commonwealth Utilities
Common, class A & B (guar.)
20o. Sept. 30 Holders of roe. Sept. 15
Preferred A (guar.)
$11( Oct. I Holders of roe. Sept. 15
Preferred B (guar.)
$134 Oct. 1 Holders of rec. Sept. 15
Preferred C (guar.)
$144 Deo. 1 Holders of rec. Nov. 15
Connecticut Elec. fiery. Co., corn. (an.)
750. Oct. I Holders of rec. Sept. 15
Consolidated Gas (N. Y.). (guar.)
11 Sept. 15 Holders of rec. Aug. 9
8% Preferred (guar.)
134 Nov.
Holders of rec. Sept.30
Consol. Gas.. Elec. Lt. & Pow .(Balt.)
common (guar.)
90e. Oct.
Holders of roe. Sept. 15
Preferred A (guar.)
8131 Oct.
Holders of rec. Sept. 15
Preferred D (guar.)
31% Oct.
Holders of rec. Sept. 15
Preferred E (guar.)
81% Oct.
Holders of roe. Sept. 15
Consumers Power Co.,$5 pref.(qua?.)
si Oct.
Holders of rec. Sinn •I5
6% preferred (guar.)
si Oct.
Holders of reo. Sept. 15
6.6% preferred (guar.)
1.65 Oct.
Holders of roe. Sept. 15
7% preferred (monthly)
144 Oct.
Holders of rec. Sept. 15
6% preferred (monthly)
513o. Oct.
Holders of rec. Aug. 15
6.8% preferred (monthly)
55c. Oct.
Holders of rec. Sept. 15
Dayton Power & Light 6% pf.(mthly.). 50c. Oct.
Holders of roe. Sept. 20
Diamond State Tel. Co.634% pf.(gu.) 1144 Oct. 16 Holders of rec. Sept. 20
Eastern Gas & Fuel Assoc.8% of.(qu.). 1)4 Oct. 1 Holders of rec. Sept. 15a
431% prior preferred (guard
1% Oct. 1 Holders of rec. Sept. 154
El Paso Elec., 7% pref. (guar.)
154 Oct. 15 Holders of rec. Sept.30
Electric Bond & Share Co..rem.(guar.).
1114 Oct. 15 Holders of roe. Sept. 6
88 preferred
(guar.)
11% Nov. I Holders of rec. Oct. 5
$5 preferred (guar.)
3131 Nov. 1 Holders of roe. Oct. 5
Electric Pow. it Light Corp., $7 Pt. OW $14( Oct. 1 Holders of rec. Sept. 6
$6 preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 8
Empire Power Corp.. $6 pref. (quar.)..
Oct. 1 Holders of roe. Sept 16
Escanaba(Mich.)P & Tr..6% Pt.(qu.). $114 Nov. 1 Holders of roe. Oct. 27
1)4
Fifth Avenue Bus Securities Corp.(qu.).
16e. Sept.20 Holdcxs of rec. Sept. 15
Foreign Light & Power $8 prof.
(guar.).- 1131 Oct. 1 Holders of rec. Sept.20
Frankford & Southwark Phila. Pass. Ry.
Co.(gear.)(sub. to receipt of rentals).. 1434 Oct. 1 Holders of rec. Sept. 1
General Gas & Elec. Corp.38 pl. A (QU.)01% Sept. 15 Holders of roe. Sept. 9
$8 preferred B (guar.)
eel 3.4 Sept. 1: Holders of rec. Sept. 9
$7 preferred A (guar.)
#1144 Oct. I Holders of rec. Sept. 0
$g preferred A
Oct. 1 Holders of reo. Sept.
142
Gold & Stock Telegraph (guar.)
114 Oct. 1 Holders of rec. Sept.30
Gt. Western Power (Cal.) 7% pf. alud -14‘ Oct. 1 Holders of roe. Sept. 8
6% preferred
Ili Oct. 1 Holders of rec. Sept. 6
(guar.)
Greenwich Water 6% pref. (guar.)
114 Oct. 1 Holders of rec. Sept. 20
Gulf Power Co..18 pref.
1134 Oct. 1 Holders of rec. Sept. 20
(guar.)
Gulf States Utilities, 8% pref. (qua:.).. 134 Sept. 15 Holders of ree. Sept. 1
8514 Preferred (guar.)
$144 Sept. 15 Holders of rec. Sept. I
Hackensack Water Co.ci A pref.(an.)-- 434‘e. Sept. 30 Holders of rec. Sept. 16
Illinois Bell Telephone Co.(guar.)
Sept.3 Holders of rec. Sept. 29
$2
Illinois Power Co..8% prof.(quit.)
Holders of roe. Sept. 15
114 Oct.
7% preferred (guar.)
I
lOct.
Holders of rec. Sept. 15
Ind. Hydro-Elec.Pow. Co..7% pf.(gild
1% Sept. 1 Holders of roe. Aug. 31
Indiana & Mich. Elec. CO.7% of.(gr.). 114‘ Oct.
Holders of rec. Sept. 8
6% Preferred (guar.)
1H Oct.
Holders of rec. Sept. 6
Indianapolis Pow.& Lt.6% prof.(an.). 13.4 Oct.
Holders of rec. Sept. 6
634% preferred (guar.)
Holders of rec. Sept. 6
134 Oct.
Indianapolis Water Co.. 5% pref. (gu.). 134 Oct.
Holders of roe. Sept. 12
International Ocean Teleg.(guar.)
8114 Oct.
Holders of rec. Sept.30
International Superpower Corp.(guar.)- 1234c Oct.
Holders of rec. Sept. 23
Jersey Central P.& 1
.531% prof. 11U.)-.
(
144 Oct.
Holders of rec. Sept. 10
6% preferred (guar.)
Holders of rec. Sept. 10
134 Oct.
7% preferred (guar.)
ln Oct.
Holders of rec. Sept. 10
Kan. City Pr.& Lt. Co.el. B pt.(qu.)..
Holders of roe. Sept. 14
Kansas Electric Power 7% pref.(guard. $13.4 Oct.
Holders of rec. Sept. 15
114 Oct.
6% Preferred (guar.)
Holders of rec. Sept. 15
1% Oct.
Hinge Co. Lighting Co., emu.(guar.).- 8134 Oct.
Holders of rec. Sept. 19
7% Preferred (guar.)
131 Oct.
Holders of rec. Sept. 19
6% Preferred (guar.)
134 Oct.
Holders of roe. Sept. 19
5% preferred (guar.)
131 Oct.
Holders of reo. Sept. 19
Laclede Gas Light Co.common (quiz.)
$11.4 Sept.15 Holders of reo. Sept. 1
Lone Star Gas common (guar.)
/16c. Sept.3 Holders of rec. Sept. 15
Long Island Lighting Co.
7% series A preferred (guar.)
I% Oct.
Holders of roe. Sept. 16
8% series D preferred (guar.)
1(4 Oct.
Holders
Loulsville.G. & E.(Del.) el. A,com.(qu.) 4354c. Sept.24 Holders of rec. Sept. 16
of rec. Aug. 31
Class It common (guar.)
4354e. Sept. 24 Holders of rec. Aug. 31
Malone Light & Power corn. monthly
15o. Sept.30 Holders of rec. Sept. 20
Maritime Tel. & Tel. Co., 7% pt. (flu.) f 17 Ise Oct. I
Holders of rec. Sept. 15
(Quarterly)
1200. Oct. 1 Holders
Memphis Natural Gas Co. 37 pf.(gild- 8134 Oct. 1 Holders of rec. Sept. 15
of roe. Sept. 20
Memphis Pow. & Lt. Co.,$7 pf.(guar.) 8144 Oct. 1
Holders of ree. Sept. 17
86 preferred (guar.)
$134 Oct. 1 Holders of roe. Sept. 17
Metropolitan Edison Co.87 prof.(11U.)- 1154 Oct. 1
Holders of roe. Aug. 31
$6 preferred (guar.)
11H Oct. 1 Holders of rec. Aug. 31
$5 preferred (guar.)
$134 Oct. I Holden of rec. Aug. 3
1
Mississippi River Power. pref. (guar.).- 8134 Oct. I
Holders
Mohawk Hudson Pow. Corp. pf. (guar.) $11.4 Nov. 1 Holders of MC. Sept. 15
of rec. Oct. 15
preferred (guar.)
2nd
8134 Oct. 1 Holders of roe. Sept. 15
Monongahela West Penn Pubi Sere. Co.
7% Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 15
Muncie Water Works Co.8% pt.(an.)
2
Sept. 15 Holders of rec. Sept. 1
Mutual Telep.(Hawaii)(monthly)
Sc. Sept.20 Holders of rec. Sept. 10
Nassau Suffolk Ltg. Co.. 7% pf. 1111.)....
131 Oct. 1 Holders of rec. Sept. 18
(
New England Gas & Elec. Association
$534 preferred (guar.)
1144 Oct. 1 Holders of reo. Aug. 310
New Feel. Telep. & Teleg. Co.(guar.).- $2
Sept.30 Holders of roe. Sept. 106
New Jersey Power & Lt.$6 pref.(quar.)- 3134 Oct. 1 Holders of rec. Aug. 31
35 Preferred (guar.)
5134 Oct. I Holders of rec. Aug. 31
New Jersey Water Co.7% pref. (guar.).
ig Oct. 1 Holders of rec. Sept. 20
New I ork Power & Light Corp.
,
7% preferred (guar.)
144 Oct.
nolders of roe. Sept. 15
$8 preferred (guar.)
$131 Oct.
Holders of rec. Sept. 15
New York & Queens Electric Light &
Power Ca. (guar.)
81 31 Sept. 14 Holders of rec. Sept. 2
New York Steam Corp.. $7 pref.(qu.).. $14 Oct. 1 Holders of rec. Sept. 15
$6 Preferred (guar.)
Oct. 1 Holders of roe. Sept. 15
New York Temp. 64% pf.(guar.). ___
131 Oct. 15 Holders of rec. Sept. 20
Newark Tel. Co.(Ohio)6% prof.(guar.) 14 Oct. 10 Holders of rec. Sept. 30
Name of Company.
Books Closed.
Days Inclusive.
When
Per
Cent. Payable.
Public Utilities (Concluded).
1% Oct. 1 Holders of rec. Sept. 15
Newport Electric Corp.8% pref. ((111.).
300. Sept.30 Holders of reo. Aug. 24
NiagaraEludeon Pow. Corp. Corn.(qu.).
1234 Oct. I Holders of rec. Sept. 8
North Amer. Co corn.(guard
75e. Oct. 1 Holders of rec. Sept. 6
(guar )
Preferred
134 Oct. 1 Ho dere of rec. Sept. 10
North Shore Gas. pref.(guar.)
1
Sept. 12 Holders of rec. Aug
$1
Northern Liberties (las (e-a)
50c. Oct. 25 Holders of rec. Sept. 30
Northern Ontario Pow. Co.. Ltd., corn
1(4 Oct. 26 Holders of rec. Sept.30
8% turn. preferred (qua?.)
Holders of rec. Sept. 15
51 34 Oct.
Ohio Edison Co., $5 pref. (guar.)
Holders of rec. Sept. 15
3114 Oct.
$6 preferred (guar.)Holders of rec. Sept. 15
$1.85 Oct.
$8.60 preferred (guar.)
Holders of rec Sept 15
3134 Oct.
(guar.)
• $7 preferred
Holders of rec Sept 15
$1.80 Oct.
$7.20 preferred (guar.).
Holders of rec. Sept. 15
134 Oct.
Ohio Elec. Power Co.7% prof.(qua?.)
Holders of rec. Sept. 15
Oct.
134
6% preferred (guar.)
Holders of rec. Aug. 31
Oklahoma tlas & El. Co.8% prof.(On.). I% Sept. 1
134 Sept. 1 Holders of rec. A u,g. J1
7% preferred (guard
Holders of rec. Sept. 15
3114 Oct.
Otter Tail Power (Del.) $13 Pref.(guar.).
Holders of rec. Sept. 15
$114 Oct.
$514 preferred (guar.)
Tel. common (qua?.).__. 3134 Sept.30 Holders of rec. Sept.20
Pacific Tel. &
3134 Oct. 1 Holders of rec. Sept.30
Preferred (qua?.)
Holders o. ree. Sept. 15
35e. Oct.
Peninsular Telephone COM. (qua?.)
35e Jan F33 Holders of rec. Dee. 16
Common (guar.)
Holders of rec. Nov. 6
134 Nov. 1
S% preferred (guar.)
134 2 15 '3 Holders of tee. Feb 6
7% preferred (guar.)
Holders of rec Sept. 15
75e. Oct.
Pennsylvania Water A Pow. Co.(guar.)
Holders or rec. Sept.20
134 Oct.
Peoria Water Works Co. 7% prof.(au.).
Holders of roe. Sept. 1
Philadelphia Co., $5 cum. pref.(guar.). $114 Oct.
Holders of rec. Sept. 1
Ili Oct.
$6 cumulative preferred (qual.)
Holders of leo. Sent. 10
Philadelphia Elec. Pow. Co.8% pf.(On) 50o. Oct.
Holders of rec. Sept. 15
I% Oct.
Ponce Elec. Co., Prof.(guar.)
Power Corp. of Canada. Ltd.
134 Oct. 1 Holders of rec. Sept.30
6% turn. pref. (guar.)
Holders of rec. Sept. 30
134 Oct. I
8% non-cum. pref. (guar.)
Public Service Co.of N.H.36 prof.(
11u.) $134 Sept. 1 Holders of rec. Aug. 31
$6 preferred (guar.)
$134 Sept. I Holders of rec. Aug. 31
gee. Sept. 30 Holders of roe. Sept. 1
Public Service Corp.of N.J.. cont. (an.)
$134 Sept.30 Holders of roe. Sept. 1
$5 preferred (qUar.)
134 Sept.30 Holders of ree Sept. 1
7% preferred (guar.)
2 Sept.30 Holders of roe. Sept. 1
8% preferred (guar.)
we.Sept.30 Holders of rec. Sept. 1
8 7 preferred (monthly)
134 Sept.30 Holders of rec. Sept. I
Public Sere. El. A Gas.7% pref.(guar.)
$134 Sept.30 Holders of rec Sept. 1
$5 preferred (guar.)
Queens Bor. Gas & El.6% prof. (qua?.). 1% Oct. 1 Holders of rec. Sept. 18
5134 Oct. I Holders of rec. Sept.20
Rochester Telephone Corp. (guar.)_
134 Oct. I Ho'ders of reo. Sept.20
li% preferred (guar.)
San Joaquin Light & Power Co.
144 Sept. 15 Holders of rec. Aug. 31
preferred class A (qua?.)
7%
134 Sept. 15 Holders of rec. Aug. 31
7% preferred class B (guar.)
134 Sept. 15 Holders of rec. Aug. 31
13% preferred (guard
134 Sept. 15 Holders of rec. Aug. 31
A (guar.)
6% preferred class
Holders of rec. Sept. 2
3 Oct.
Savannah E .& Pow. Co..6% pt. (1141) _
Oct.
2
Holders of rec Sept. 2
8% preferred A (qua?.)
Holders of rec. Sept. 2
134 Oct.
% preferred B (guar.)
Holoers of rec. Sept. 2
114 Oct.
7% preferred C (guar.)
Holders of rec. Sept. 2
1% Oct.
preferred D (guar.)
614%
Holders of rec. Sept. 8
$134 Oct.
Scranton Elec. $6 pref.(guar.)
Holders of rec. Sept. 1
$3 Oct.
Second & 3d Sta. (Phila.) Pass. fly.(qu
Holders of roe. Sept. 16
5134 Oct.
South Carolina Power Co. $13 pref.(or.)
Holders of rec. Sept. 15
8234c Oct.
Southern & Atlantic Teleg. (5.
-a.)
Calif. Edison
Southern
4334c Sept,16 Holders of rec. Aug. 20
7% preferred series A (guar.)
37(4o Sept. 15 Holders of rec. Aug. 20
6% preferred series B (guardSouthern Canada Power 6% cum.pf.(qu) 134 Oct. 15 Holders of rec. Sept. 20
Southern Colo. Pow. Co., 7% pt.(qu.). 1% Sept. 15 Holders of rec. Aug. 31
Southern Indiana Gas It Electric C.o.I% Oct. 1 Holders of roe. Sept. 15
7% preferred (guar.)
1)4 Out. 1 Holders of rec. Sept. 15
8% Preferred (guar.)
1.85 Oct. 1 Holders of rec. Sept. 15
6.6% preferred (guar.)
Southwestern Gas dz El. CO.7% pf.(qu) 134 Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
2
5% preferred (guard
Jtandard Gas & El. Co.$4 cum. pt.(qu.) $1 Sept. 15 Holders of rec. Aug. 31
Tennessee Electric Power Co.
Holders of rec. Sept. lb
134 Oct.
6% preferred (guar.)
Holders of roe. Sept. 16
114 Oct.
6% preferred (emir.)
Holders of rec. Sept. 16
134 Oct
7% preferred (guar.)
Holders of rec. Sept.15
4-50.'?.
7.2% preferred (guar.)
Holders of rec. Sept. 15
60e. a.
8% prefemed (monthly) ...
600. Oct.
Helder. of roe. Sept. 16
7.2% preferred (
Holders of rec. Sept. lb
-Toledo Edison Co.7% pref.(monthly) 58 1-3e Oct.
Holders of rec. Sept. 16
50e. Oct.
6% preferred (monthly)
Holders of rec. Sept. 15
41 2-3c Oct.
5% preferred (monthly)
Holders of rec. Sept. 15
11.4 Oct,
Union El. I.t. & Pr.Co.(III.)8% Pf.(qua
Holders of rec. Sept. 15
Union El. LL&Pr.Co.(Mod7% pf.(qu.) 131 Oct.
11.4 Oct.
Holders of rec. Sept. 15
13% preferred (guard
Holders of rec. Sept. 8
100. Oct.
United Corp.. corn. (guard
Holders of rec. Sept. 6
$3 cum. preferred (guar.)
750. Oct.
Holders of rec. Sept. 15
United Gas A Elec. Corp., pref. (guar.) 134 Oct.
300. Sept.30 Holders of rec. Aug. 31
United (3i.s Imp?. Co., corn.(QUAL).$114 Sept.30 Holders of roe. Aug. 31
• siger-ed (guar.)
3114 Oct. 1 Holders of rec. Sept. 6
Ctab Power & Light Co.$7 pref.(qu.)
$6 preferred (guar.)
$114 Oct. 1 Holders of rec. Sept. 8
eirginla Elec.& Power,6% pref. (guar ) 1% Sept.20 Holders of roe. Aug. 31
Pow.Co.. $8 pf.(qu) $134 Sept. 15 Holders of rec. Aug. 25
Washington Water
51)4 Oct. 1 Holders of roe. Sept.20
Weetnuireland Water $8 pref. (qua?.)
Wisconsin Michigan Power Co.
6% preferred (guar.)
11.4 Sept. 15 Holders of rec. Aug. 31
Wisconsin Pow.& Lt. Co.7% Pt.(guar) 134 Sept. 15 Holders of roe. Aug. 31
1
Sept. 15 Holders of rec. Aug. 31
preferred (guard
6%
144 Sept.20 Ho ders of roe. Aug. 31
Wise. Pub. Seri. Corp.. 7% pt.(guar.)
114 Sept.20 Holders of rec. Aug. 31
634% preferred (WM.)
1% Sept.20 Holders of rec. Aug. 31
6% proferreo (QUAL)
Banks.
Nassau County Trust Co. (guar.)
81
Oct.
1 Holders of roe. Sept. 20
Trust Companies.
United State. Trust(N. Y.) (quer.)--- 515
310
Extra
Oct.
Oct.
1 Holders of roe. Peet.20
1 Holders of roe. Sept.20
Fire Insurance.
Boston Insurance Co
Home Fire A Marine insurance (guard- North River Ins.(guar.)
ha Oct. 1 Holders of ree. Sept.20
500. Sept. 16 Holler. of roe. Root. 6
15o Sept. 10 Holders of roe. Sept. I
Miscellaneous.
300. Sept.30
Abraham & Straus, Inc.,corn.(qua?.)
d13tre. Oct. 1
AffiliatedProducts(monthly)
Renew Surpass Shoe Storm. Ltd.. rif.(gu) 134 Oct. I
50e. Oct. 1
Agricultural Ins. Co.(N. Y.) (qual.)
13.4 Oct. I
Allied Chem. A Dye Corp. pref.(qua?.)
$114 Oct. 1
Aloe(H. 0.) Co.. pref. (guar.)
Alpha Portland Cement. pf.(guar)__ $114 Sept. 15
76e. Oct. 1
Aluminum Co. of Amer. prof.(qua?.) -.50o. Sept.30
Aluminum Manufactures. cont. (qu.)
50o. Dec. 3
Common (qua?.)
134 Sept.30
Preferred (quard
134 Dec. 3
Preferred (guar.)
114 Oct.
American Bakeries 7% pref.(guar.)._ __
750. Oct.
Note Co.. prof. (Quar.)---Amer. Bank
114 (St.
Preferred (guar.)
134 Oct.
American Can Co.7% prof.(quar.)
50e. Oct.
American Chicle Co.(guar.)
25e. Oct.
Extra
Sept. 15
2
American cigar Co.. corn. (guar.)
134 Oct. 1
Preferred (guar.)
134 Nov. 1
Crayon Co.. 6% pref. (qua?.)
Amer.
134 Dec. 1
7% prof.(an )
American Envelope
10e. Sept. 10
American Factors Ltd.(monthly)
250. Oct. 1
Co.(qua?.)
American-Hawaiian S. S.
1785
Financial Chronicle
Volume 135
Holders of rec. Sept. 21
Holders of rec. Sept. 19
Holders of rec. Sept 16
Holders of rec. Sept. 26
Holders of rec. Sept. 9
Holders of rec. Sept.21
Holders of roe. Sept. 1
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Dec. 15
Holders of roe. Sept. 15
Holders of reit. Dec. 15
Holders of rec. Sept. 16
Holders of roe. Sept. 12
Holders of rec. Sept. I20
Holders of rec. Sept. 18
Holders of rec. Sept. 12
Holders of rec. Sept. 12
Holders of roe. Sept. 3
Holders of rec. Sept.20
Holders of rec. Oct. 20
Holders of roe. Nov.25
Holders of rec. Aug. 31
Holders of roe. Sept. 15
Name of Company.
Per
Cent
When
Payabk
Books Closed.
Days inclusive
Miscellaneous (Contiotssd)
50c. Oct. 1 Holders of rec. Sept. 15
American Hardware Co..common (qu.)
50e. Jan V33 Holders of rec. Dec. 16
Common (guar.) ,
35e. Oct. 1 Holders of rec. Sept. 146
American Home Prod.(monthly)
$1.50 Oct. 25 Holders of rec. Oct. 7a
American Ice Co.. pref.(qua?.)
American Locomotive Co. pref.(goer.).- $14* Sept.30 Holders of rec. Sept. 13
1% Oct. 1 Holders of rec. Sept.20
Amer. Natl. Co.(Toledo), pref. A (qu.)
1(4 Jan F33 Holders of rec. Dec. 20
Preferred A (quarterly)
134 Oct. 1 Holders of rec. Sept.20
Preferred B (quarterly)
114 Jan 1'33 Holders of rec. Dec. 20
Preferred B (quarterly)
25e. Sept. 15 Holders of rec. Sept. 5
American News Co.,corn.(guar.)
75e. Sept. 30 Holders of rec. Sept. 10
Safety Razor (guar.)
American
50e. Nov. 1 Holders of rec. Oct. 15
American Ship Building Co., corn. (qu.)
- $134 Sept.30 Holders of rec. Sept. 16
Amer. Steel Foundries, pref.(guard...
50c. Oct. I Holders of rec. Spet. 15
American Stores CO.(Cillar.)
50e. Oct. 3 Holders of rec. Sept. ra
American Sugar Refining CO.. core.(qu.)
134 Oct. 3 Holden) of rec. Sept. ra
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 10
American Tobacco Co. pref. (guar.).30c. Oct. 1 Holders of rec. Sept. 19
Anchor Cap Corp.. corn.(guar.)
$1% Oct. 1 Holders of rec. Sept. 19
Preferred (guar.)
134 Oct. 1 Holders of rec Sept. 10
Armour AL Co. 7% gtd• Prof•(guar)
Sept.30 Holders of rec. Sept.20
$1
Associated Invest. Co..corn.(guard_
$14( Sept.30 Holders of roe. Sept.20
Preferred (guar.)
25e Sept. 15 Holders of rec. Aug. 22
Atlantic Refining, common (guar.)
$144 Oct. 1 dHolders c,f rec. Sept. 17
nalsban A Katz. preferred (guar.)
5114 Sept. 15 Holders of rec. Aug. 31
Baldwin Co.. pref.. class A (qua?.)
Sc. Sept. 20 Holders of rec. Aug. 31
Sandlot Petroleum Co.(monthly)
15c. Sept. 30 Holders of ree. Sept. 15
Bankers Invest. Trust of Amer.(guard_
Holders of rec. Sept. 30
12340 Oct.
Beaton dr Caldwell (monthly)
75e. Oct. 1 Holden) of rec. Sept. 12
Beech-Nut Packing Co..corn.(oust.)...
1% Sept. 16 Holdere of rec. Aug. 31
Selding-Corticelli, Ltd.. pref. (guar.)
Holders of rec. Nov. 10
371ic. Nov. 1
Block Brea. Tobacco, corn.(Wilt.)
114 Sept.30 Holders of rec. Sept.24
Preferred (guar.)
114 Dec. 3 Holders of rec. Dec. 24
Preferred (qua?.)
Oet. 30 Holders of rec. Oct. 15
31
Bon Am! Co., class A (guar.)
Holders of rec. Sept. 24
50e. Oet.
Class B (guar.)
Holders of rec. Sept. 15
811a Oct.
Borg Warner Co. pref.(guar.)
250. Sept.30 Holders of ree. Sept.20
Briggs A Stratton Corp.(guard
15c. Oct. 1 Holders of rec. Sept. 156
Brill° Mfg. Co., common (guar.)
50c. Oct. 1 Holders of rec. Sept. 15a
Class A (guar.)
Brit. Amer. Oil Co.. Ltd.. cap. stk.(gu.) 1200. Oct. 1 Holders of rec. Sept. 14
British Amer.Tobacco Co..Ltd..ordlnary 10d. Sept.30 Holders of rec. Sept. 3
ed. Sept.20 Holders of rec. Sept. 3
6% preferred
tried. Oct. 7 Holders of rec. Sept.
Amer. dep. rec, for ord. shares
,
ruild. Oct. 7 Holders of rec. S^t
Amer. dep. rec. for 5% pref. reg
Amer. dep. rec. for 5% pref. bearer rulid. Oct. 7 Holders of rec. Sept.
75e. Sept. 15 Holders of roe. Aug. 19
Buckeye Pipe line Co.(guar.)
s I an. Oc.. 22 Holders of rec. Pest Is
Burma Corp. Ltd.. Am. dep. roe.
134 Oct. I Holders of rec. Sept.20
Bush Terminal Bldg. Co. 7% Pt.(coo
40e. Oct. 1 Holders of rec. Sept is
Calamba Sugar Estates. Corn. (qua?,)..
35e. Oct. 1 Holders of rec. Sept. 15
7% preferred (guar.)
Canada Iron Foundries. Ltd., pf. (s.-a.). $1% Sept.15 Holders of rec. All^
37%c Sept.15 Holders of rec. Aug. 31
Canada Malting Co.. Ltd.(guar.)
$3
Oct. 1 Holders of rec. Sept. 15
Canada Permanent Mtge.(guar.)
Canada Wire & Cable Co.. Ltd.
Sept 15 Holders ox ree An^ •.
Preferred (guar.)
n.lOct4 Holders of rec. Sept. 17
Canadian Cottons. Ltd., pref.(quard
Oct. 1 Holders of rec. -opt. 15
Canadian Gen. Elec. Co.. Ltd..00rin.(gu.)
Oct. 1 Holders of ree Sept. us
Preferred (guar.)
Oct. 1 Holders of rec. Sept.20
Canadian 011 Co., Ltd.. prof. (guar.).Sept.30 Holders o. rec. Sept.20
Canfield 011.7% preferred (guar.)
Dee. 31 Holders of rec. Dec. 20
7% preferred (guar.)
Sept.15 Holders of rec. Sept. 10
Carter (William)8% pref.(guar.)
Oct. 1 Holden of rec Sept. 12
Case (J. I.) Co.. pref.(guar.)
Nov. 15 Holders of roe. Nov. 5
Centrifugal Pipe (guar.)
Sept.30 Holders of rec. Sept.20
Chase Brass Sr Copper pref. A (guar.).Sept.30 Holders of rect. Sept. 8
Chesebrough Mfg. Co. (qua?.)
Sept.30 Holders of roe. Sept.
Extra
Chicago Junction By. & Union Stock
$2% Oct. 1 Holders of rec. Sept. 15
Yards, common (guar.)
$1.% Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
Chicago Transfer & Clearing. pf.(qu.).. 3134 Oct. 1 Holders of rec. Sept.15
81% 1-2-33 Holders of rec. Dec. 15
Preferred(guar.)
25e Sept.30 Holders of rec. Sept. 1
Chrysler Corp.. common (guar.)
1% Sept.15 Holders of rec. Aug. 31
Clark Equipment 7% pref.(guar.)
50e. Oct. 1 Holders of rec. Sept.20
class A (guar.)
Clorox Chemical,
zed uct. 30
Coats (J. & Po. Ltd.ord. reg.(qual.)..
Oct. 7 Holders of rec. Aug. 1
Amer.deposited receipts for ord.reg
40e Oct. 15 Holders of rec. Oct.
Coca-Cola Bottling Co. of St. L.(guar.)
51% Oct. 1 Holders of rec. Sept. I
Coca-Cola Co.. common (guar.)
25e Vet, 1 Holders of roc. Sept.1
Extra
- 3334 Oct. 1 Holders of roe. Sept.1
Coca-Cola Int'l Corp.. corn. (quar.)_
50o. Oct. 1 Holders of res. Sept.!
•
Extra
1% Oct. 1 Holders of rec. Sept.!
Colgate-Palmolive-Peet Co.8% pf.
Jan1'33 Holders of rec. Dec. 1
1
8% preferred (guar.)
25e. Sept.30 Holders of rec. Sept.1
Colts Patent Fire Arms(guar.)
1% Sept.30 Holders of rec. Sept.1
Commercial Credit Co.. 634% pf.(cm.)
154 Sept.30 Holders of rec. Sept.I
7% preferred (qua?.)
Sept.30 Holders of rec. Sept.!
8% preferred cl B(guar.)
75c. Sept.30 Holders of rec. Sept. 1
$3 class A
Tr. Corp., corn.(qu) 50e. Oct. 1 Holders of rec. Sept.
Commercial Invest.
114 Oct. 1 Holders of rec. Sept.
7% Ist preferred (guar.)
114 Oct. 1 Holders of rec. Sept.
yi% 1st preferred (guar.)
m5114 Oct. 1 Holders of rec. Sept.
Convertible pref.(guar.)
Commercial Solvents Corp., corn. (0.-a) 30e. Dec. 31 Holders of rec. Nov.21
1234c. Sept.30 Holders of rec. Sept.=
Community State Corp., el. A (qua?.)
12 lie. Dec. 31 Holders of rec. Dec. 27
ClassA (guar.)
35e. Sept. 15 Holders of rec. Aug. 31
Compressed Industrial Gases(guard
25c. Sept. 15 Holders of rec. Sept. 1
Congoleum-Nairn, coin. (guar.)
25c. Sept.30 Holders of roe. Sent.14
Congress Cigar Co.(guar.)
250. Oct. 1 Holders of rec. Sept. 15
Consolidated Laundries corn. (guar.)
el% Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
Consolidated Paper Co. 7% pref.(guar.) 1734e Oct. I Holders of rec. Sept.20
250. Dec. 1 Holders of rec. Nov. 19
Como Mills, common (guar.)1% Oct.
Cottrell(C. B.) & Sons.6% pref.(gu.)250. Sept.24 Holders of rec. Sept. 4
Crowell Publishing(guar.)
87e. Sept. lb Holders of rect. Aug. 31
Crown Cork & Seal Co.. Inc.. Pf.(guard
Oct. 1 Holders of rec. Sept. 13
631
Crown Willamette Paper Co.. lot pfd
$1% Sept.lb Holden of rec. Sept. 1
Cuneo Press.. Inc., preferred (QUar.)ill( Oct. 1 Holders of roe. Sept., 20
Curtis Publishing Co.. pref.(guar.)
(I) Sept.19 Holders of rec. Sept.12
Davega Stores Corp.(special)
50e. Oct. 1 Holders of rec. Sept.20
De Loot 'look & Eye (guar.)
ec. Oct. 1 Holders of rec. Sept. 1
Bank Shares (N. Y.)
Deposited
8c. Oct. 1 Holders of rec. Sept. 1
Series A
30c. Dec. I Holders of rec. Nov.13
Doctor Pepper Co.(guar.)
100. Nov. 15 Holders of rec. Oct. 31
Domtnioi. Bridge. Ltd.(qua?.)
1114 Oct. 1 Holders of rec. Sept.15
Dominion Glass Co.. corn. (gu.)
111,‘ Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
30c. Oct. 1 Holders of rec. Sept.15
Dominion Stores. Ltd..corn.(guard_
37Sic, Sept.23 Holders of rec. Sept. 3
Douglas Aircraft Co.. Inc. (s-a)
50c. Oct. 1 Holders of rec. Aug. 27
Draper Corp..corn.(guar.)
500. Sept. 15 Holders of rec. Aug. 24
Du Pont ICJ.)de Nem.& Co.. com.(qU)
Debenture stock (guar.)
134 Oct. 25 Holders of rec. Oct. 10
El% Sept. 30 Holders of rec. Sept.20
Early & Daniel pref.(guard
Sc. dS'pt 10 Holders of rec. Aug. 24
Eastern Malleable Iron Co.(guar.)
750, Oct. 1 Holders of roe. Sept. 3
Eastman Kodak Co ,common (qua?.)
$114 Oct. 1 Holders of rec. Sept. 3
Preferred (guar.)
Edison Bros. Stores. Inc.. pref.(guar.)._ $134 Sept.15 Holders of rec. Aug. 31
Sept. 15 Holders of rec. Aug. 31
El Dorado 011 Works (guar.)
25e. Oct. 1 Holders of rec. Sept. 20
Electric Controller A Mfg Co.(gu.)-3734c. Oct. 1 Holders of rec. Sept. 15
Equitable Office Bldg.. corn.(qua?.)
1% Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
130c. Nov.16 Holders of rec. Nov. 5
Ewa Plantation Co.(Quar.)
$1% Nov. 1 Holders of rec. Oct. 2
Faber, Coe Or Gregg. pref.(guar.)
1134 Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
Farmers & Traders Life Ins. Co./guar.). $2% Oct. 1 Holders of rec. Sept. 9
60e. Oct. 1 Holders of rec. Sept. 15
Faultless Rubber, common (guar.)
First National Stores common (guar.).. 62lie. Oct. 1 Holders of rec Sept.•I2a
1% Oct. 1 Holders of rec. Sept. 120
7% 1st if.(guar.).
Florehelm Shoe Co.. $6 prof.(guar.).
- 1134 Oct. 1 Holders of rec. Sept. 15
50e, Sept. 15 Holders of rec. Sept. 10
(monthly)
Food Marl., prat.
1786
Financial Chronicle
Per
Name of Company.
IWhen
Cod. Payable.
Books Closed.
Days Inclusive.
Name o/ Company.
Sept. 10 1932
• Per
When '
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Fortnum & Mason, Inc.. 7% pref. (8.-a ) 174c Oct. 1 Holders of rec. Sep' 20
Mo. River Sioux City ridge Co.. pf.(qu.) 51M Oct. 15 Holders of reo, 5ept. 30
Foster Wheeler Corp., pref. (guar.).- SI 55 Oct. I Holders of rec. Sep 12
Mitchell (J. S.) es Co., Ltd., pref.(qu )_ 8755c Oct. I Holders of rec. Sept. 15
Franklin Co.(semi-annual)
54
Monroe Chemical Co. Prof. (guar.)
Aug. 1 Holders of rec. July 21
87.55c Oct. 1 Holders of rec. Sept. 15
Galland Mere, Laundry Co., pref.(qu.)_ 8755c Sept. 15 Holders of rec. Aug. 16
Monsanto Chemical Works (guar.)
314e. Oct. 1 Holders of rec. Sept. 10
Galveston Wharf Co.(monthly)
50c. Aug. 15 Holders of rec. Aug. 13
Montreal Breweries, Ltd., coin.(quay.).
44e, Oct. I Holders of rec. Sept. 15
Gamewell Co., pref. (guar.)
$155 Sept. 15 Holders of rec. Sept. 3
Montreal Cottons, Ltd., COM.
$155 Sept. 15 Holders of rec. Aug. 31
Gen. Amer. Inv. Co., Inc..6% pf
Al 55 Oct. I Holders of rec. Sept. 20
(quar.)_Pefd
$15.1 Sept. 15 Holders of rec. Aug. 31
(guar.)
6% preferred (guar.)
155 Oct. 1 Holders of rec. Sept. 20
Montreal Loan & Mtg. Co.(guar.).- 75. Sept. 15 Holders of rec. Aug. 31
General Mills pref. (guar.).
$155 Oct. 1 Holders of rec. Sept. 14a
Morrell (John) & Co., Inc. coin. (rm.).50c. Sept. 15 Holders of rec. Aug. 27
General Motors Corp., common (guar.)_
25c. Sept. 12 Holders of rec. Aug. 13
Morris Plan Corp. of Am.6% Pt.(qu.)
15c. Oct. 1 J olders of rec. Sept. 23
$5 preferred (guar.)
Si 55 Nov. I Holders of rec. Oct 10
Motor Products Corp. (guar.)
50e. Oct. 1 Holders of rec. Sept. 20
Gen. Ry. Signal Co., cons. (guar.)
25c. Oct. 1 Holders of rec. Sept. 10
Mutual Chemical of Amer., pref.(qu.)
$154 Sept. 28 Holders of rec. Sept.15
Preferred (guar.)
5155 Oct. 1 Holders of rec. Sept. 10
Preferred (guar.)
$155 Dec. 28 Holders of rec. Dec. 15 •
Gillette Safety Razor (guar.)
25c. Sept. 30 Holders of rec. Sept. 60 Myers(F. E.) & Bros.,common (q
33c. Sept. 30 Holders of rec. Sept. 15
$5 preferred (guar.)
SIM Nov. 1 Holders of rec. Oct. la
Preferred (guar.)
$155 Sept. 30 Holders of rec. Sept. 15
Glidden Co., pref. (guar.)
155 Oct. 1 Holders of rec. Sept. 16
National Biscuit Co., corn.(guar.)
70c. Oct. 15 Holders of rec. Sept. 150
Gold Dust Corp., pref.(guar.)
5155 Sept. 30 Holders of rec. Sept. 17
National Bond & Share Corp., cap. stock
25c. Sept. 15 Holders of rec. Aug. 31
Goldblatt Bros., Inc., corn. (quar.)
o37 Mc Oct. 1 Holders of rec. Sept. 10
National Breweries, Ltd.. com. (qual.).. t 40c. Oct. 1 Holders of rec. Sept. 15
Golden Cycle Corp. (Quer.)
400. Sept. 10 Holders of roe. Aug. 31
Preferred (guar.)
I 44c. Oct. 1 Holders of rec. Sept. 15
Goodyear Tire & Rubber Co.,I st pf.(q13.) $155 Oct. 1 Holders of rec. Sept. 1
Nat. Casualty Co.(Dot.)(guar-)
10c. Sept. 15 Holders of rec. Aug. 31
Gorton-Pew Fish (quar.)
50c. Oct. 1 Holders of rec. Sept. 20
National Dairy Prod. Corp., corn. (qu.)
50c. Oct. 1 Holders of rec. Sept. 5
Gottfried Baking Co., Inc., pref. (guar.)
I 55 Oct. 1 Holders of rec. Sept. 20
Class A & B preferred (guar.)
5155 Oct. 1 Holdsrs of rec. Sept. 5
Preferred (guar.)
1M Jan 233 Holders of rec. Dec. 20
National Distillers Products, pref
500. Oct. 1 Holders of rec. Sept. 15
Grace(W. R.) & Co..8% pref.(s-a) _...
3 Dec. 29 Holders of rec. Dec. 28
Preferred (guar.)
6255c Oct. 1 Holders of rec. Sept. 2I0
Preferred A and B (guar.)
2 sept.30 Holders of rec. Sept. 29
National Gypsum Co., pref. (quar.)_.. 5155 Oct. 1 Holders of rec. Sept. 20
Preferred A and B (guar.)
2 Dec. 29 Holders of rec. Dec. 28
National Lead, corn. (guar.)
$155 Sept. 30 Holders of rec. Sept. 18
Grant(W.T.) Co., common (quar.)
25c. Oct. I Holders of rec. Sept. 12
Preferred cl. A (guar.)
$IN Sept. 15 Holders of roe. Sept. 2
Great Western Sugar Co. pref. (quar.)
515 Oct. 2 Holders of rec. Sept. 15
5
Preferred Cl. B (guar.)
8155 Nov. 1 Holders of rec. Oct. 21
Hamilton United Theatres, pf. (guar.).- $155 Sept.30 Holders of rec. Aug. 31
National Refining. Prof. (guar.)
Oct. 1 Holders of rec. Sept. 15
52
Hanna (M. A.) Co., pref. (guar.)
$155 Sept. 20 Holders of rec. Sept. 6
National Standard Co.(guar.)
30c. Sept. 30 Holders of rec. Sept. 20
1(4 Dec 1 Holders of rec. Nov. 15
Hardesty (R.) Mfg.,7% pref.(guar.)...
National Steel Car Corp. (guar.)
1200. Oct. 1 Holders of roe. Sept. 20
rar5
Harrods, Ltd. (Interim)
Sept. 18 Holders of rec. Aug. 15
National Sugar Ref. Co. of N. J.(qu.).50e. Oct. 1 Holders of rec. Sept. 1
American deposit receipts (Interim)... yes
Sept. 23 Holders of rec. Aug. 15
National Transit Co., corn.(guar.)
20c Sept. 15 Holders of rec. Aug. 31
Preferred (semi-annually)
314 Sept. 18 Holders of rec. Aug. 15
Nelson, Baker & Co.(guar.)
15c. Sept.30 Holders of rec. Sept. 24
Hazel-Atlas Glass(guar.)
75c. Oct. 1 Holders of rec. Sept. 17
Neptune Meter, Prof.(guar.)
2
Nov. 15 Holders of rec. Nov. 1
25c. Oct. I Holders of rec. Sept. 17
Extra
New England Grain Prod., $7 pref.(qu.) $134 Oct. 1 Holders of rec. Sept. 20
corn.& corn. A (qu.) 4355c Sept. 15 Holders of rec. Sept. I
Hearst Consol.Pub.
$7 preferred (quay.)
$155 Jan 2'33 Holders of res. Dec. 20
Helme (Geo. W.) Co. common (guar.).- S155 Oct. 1 Holders of rec. Sept. 10
$6 preferred A (quay.)
$135 Oct. 15 Holders of rec. Oct. 1
P. Preferred (guar.)
5155 Oct. I Holders of rec. Sept. 10
$6 preferred A (quay.)
5155 Jn 1533 Holders of rec. Jan l'33
Hercules Powder common (guar.)
3755c Sept. 24 Holders of rec. Sept. 13
New York Shipbuilding Co., pref.(CM.). $155 Oct. 1 Holders of rec. Sept. 20
2 Oct. I Holders of rec. Sept. 30
Hewitt Bros. Soap, preferred (guar.).
New York Transit (qua!)
20e Oct. 15 Holders of rec. Sept. 23
2 Jan 133 Holders of rec. Dec. 20
Preferred (guar.)
Extra
10c. Oct. 15 Holders of rec. Sept. 23
Hoyden Chemical Co.. pref. (guar.).- $114 Oct. 1 Holders of rec. Sept.22
New York Transportaton Co. (quar.)..
50c. Sept. 28 Holders of rec. Sept. 15
Hibbard, Spencer, Bartlett es Co.(mthly)
10c. Sept. 30 Holders of rec. Sept. 23
Newberry (J. J.) Co., common (guar.).- 2755c Oct. 1 Holders of rec. Sept. 18
Hickok 011, class A (semi-ann.)
50c. Sept. 15 Holders of rec. Sept. 15
Niagara Shares Corp.(Std.)
50c. Dec. I Holders of rec. Nov. 15
Hires (Chas. E.) Co.. corn. class A ((NJClass A. preferred (guar.)
$154 Oct. 1 Holders of rec. Sept. 16
Honolulu Plantation Co.(monthly)
25c. Sept. 10 Holders of rec. Aug. 31
Class A preferred (guar.)
$155 Jan 3'33 Holders of rec. Dec. 16
Humble Oil& Refg. Co.(guar.)
50c. Oct. I Holders of rec. Sept. 1
North Central Texas 011 Co.. pref.(qu.) $155 Oct. 1 Holders of rec. Sept. 10
Huron & Erie Mtge.(guar.)
52 Oct. I Holders of rec. Sept. 15
Norwalk Tire & Rubber Co., pref.(qu.) 8755c. Oct. I Holders of rec. Sept.22
Hygrade Sylvania Corp.common (guar.)
50c. Oct. 1 Holders of rec. Sept. 100 Ohio 011 Co.. common
20e. Sept. 15 Holders of rec. Aug. 20
(guar.)
81(4 Oct. 1 Holders of rec. Sept. 100
Preferred (guar.)
Preferred (guar.)
$155 Sept. 15 Holders of rec. Sept. 8
Imperial Tobacco Co. of Canada. Ltd.Old Line Life Ins. Co. of Am.(quar.)
25c. Oct. I Holders of rec. Sept. 13
(1(4 Sept. 31) Holders of rec. Aug. 31
Ordinary shares (Interim)
Omnibus Corp., pref. (guar.)
$2
Oct. I Holders of rec. Sept. lb
13
Preferred (s-a)
Sept.30 Holders of rec. Aug. 31
Onomea Sugar Co.(monthly)
20c. Sept. 20 Holders of rec. Sept. 10
Indiana General Service Co.6% pf.(qu.) 155 Oct. 1 Holders of rec. Sept. 9
Ontario Loan dr Debenture (guar.)
$134 Oct. 1 Holders of rec. Sept. IS
Independent Shares Corp.(5.-a.)
ge. Oct. 1 Holders of rec. Aug. 31
Owens Illinois Glass Co., prof. (qual.).. $154 Oct. 1 Holders of rec. Sept. 15
Industrial & Power Sees. Co.(guar.). _250. Dec. 1 Holders of roe. Nov. 1
Pacific Indemnity (quar.)
35c. Oct. 1 Holders of rec. Sept. 15
Inter-Island Steam Navigation (mthly.)100. Sept. 30 Holders of rec. Sept. 24
Package Machinery, lot pref. (guar.) - 134 Nov. 1 Holders of rec. Oct. 20
Monthly
10c. Oct. 31 Holders of rec. Oct. 24
Pan American Petroleum & Trans. Co.
Monthly
10c. Nov. 30 Holders of rec. Nov. 24
Common and class B (guar.)
20c. Sept. 15 Holders of rec. Aug. 18
Monthly
10c. Dec. 31 Holders of rec. Dec. 24
Park, Davis & Co.(guar.)
25c. Sept. 30 Holders of rec. Sept. 19
Internat. Business Mach. Corp. (guar.) $155 Oct. 10 Holders of rec. Sept. 22
Penick & Ford, Ltd. (guar.)
250. Sept. 15 Holders of roe. Sept. 1
International Carriers. Ltd. (quar.)
Sc. Oct. 1 Holders of rec. Sept. 15
Peoples Drug Stores common (Qual.)... 25e. Oct. 1 Holders of rec. Sept. 8
International Harvester. corn. (guar.).30e. Oct. 15 dHolders of rec. Sept.20
034% Preferred (qual.)
$155 Sept. 15 Holders of rec. Sept. 1
liatcrnat lonal Petroleum Co., Ltd.(qu.). u25c. Sept. 15 Holders of rec. Aug. 31
Perfect Circle Co.. common (quar.)__....
50c. Oct. 1 Holders of rec. Sept. 17
International Proprietaries, Ltd
Perfection Stove Co.(monthly)
be. Sept. 30 Holders of rec. Sept. 20
165e. Sept. 15 Holders of rec. Aug. 24
Class A (guar.)
Personal Banking Service, Inc., cl. A(qu)
15c. Sept. 15 Holders of rec. Sept. 1
International Salt Co.,cap. stock (guar.) 3755c. Oct.
Holders of rec. Sept. 15a Pet Milk CO., pref. (guar.)
$155 Oct. 1 'folders of rec. Sept. 10
International Shoe Co.common (quar.)_
50c. Oct.
Holders of rec. Sept. 15
Petroleum Exploration Co.(guar.)
25c. Sept. 15 Holders of rec. Sept. 2
50c Oct.
Preferred (monthly)
Holders of rec. Sept. 16
Plnehin, Johnson & Co.(Amer. shs.)
xtc7 1 Sept. 15 Holders of rec. Aug. 24
4
50c Nov.
Preferred (monthly)
Holders of rec. Oct. 16
Ordinary registered
Ito734 Sept. 15
Preferred (monthly)
50c Dec.
Holders of rec. Nov. 15
Pioneer Gold Mines (qual.)
f 3c. Oct. 1 'folders of rec. Sept. 12
International Sliver Co. pref. (guar.).- SI
Oct.
Holders of rec. Sept. 14
Pittsburgh Plate Glass corn. (quar.)_.....
25c. Oct. 1 Holders of rec. Sept. 10
Intertype Corp.. 1st pref. (guar.)
Oct.
$2
'folders of rec. Sept. 15
Pittsfield Coal GO.9
Sept. 20 Holders of rec. Sept.20
$2
Jewel Tea Co. (guar.)
$I
Oct. 1
Holders of rec. Oct. 1
Plume & Atwood Mfg.(quay.)
50c. Oct. 1 Holders of rec. Sept. 25
Johns-Manville Co., pref. (guar.)
$1.55 Oct.
Holders of rec. Sept. 16
Pollock Paper & Box, pref.(guar.)
$155 Sept. 16
75g• Oct.
Jones & Laughlin Steel Corp. pf. (quar.).
Holders of rec. Sept. 13
Preferred (quay.)
$134 Dec. 15
Kalamazoo Vegetable Parchment (guar.)
15c Sept. 30 Holders of rec. Sept. 20
Procter &(Iambi,5% pref (quar.)
155 Sept. 15 Holders of rec. Aug. 25
Quarterly
15c. Dec. 31 Holders of rec. Dec. 21
Publication Corp., orlg. pref. (quar.)- - - $155 Oct. I Holders of rec. Sept. 20
Katz Drug Co., corn.(quar.)
50c. Sept. 15 Holders of rec. Aug. 31
7% Preferred (guar.)
135 Sept. 15 Holders of rec. Sept. 1
Preferred (guar.)
$155 Oct. 1 Holders of rec. Sept. 15
Pure 011 Co., 5(4% pref. (guar.)
154 Oct. 1 Holders of roe. Sept. 9
Kaufmann Dept Stores, Inc.. pref.(g11.) $114 Oct. I Holders of rec. Sept. 10
6% preferred (quar.)
155 Oct. 1 Holders of roe. Sept. 9
Kemper-Thomas Co., corn.(quar.)
12.55c. Oct. 1 Holders of rec. Sept. 20
8% preferred (guar.)
Oct. I Holders of rec. Sept. g
2
1255c. Jan 1'33 Holders of rec. Dec. 20
Common (guar.)
Puritan Ice Co.. Prof. (seml.ann.)
Dec. I Holders of rec. June 30
$4
1M Dec.
Preferred (guar.)
Holders of rec. Nov. 2
Quaker Oats, common (Quay.)
SI
Oct. 15 Holders of rec. Oct.
Keystone Cold Storage
$1.25 Oct.
Holders of rec. Sept. 20
6% Preferred (quay.)
154 Nov. 30 Holders of rec. Nov.
Kimberly-Clark Corp.. corn. (quar.)
25c. Oct.
Holders of roe. Sept. 12
Rapid Electrotype (guar.)
50c. Sept. 15 Holders of rec. Sept.
I Preferred (guar.)
5155 Oct.
Holders of rec. Sept. 12
Raybestos.Manhattan Co., Inc. (guar.)
150. Sept. 15 Holders of rec. Aug. 3
Klein (Em11). corn. (guar.)
25e. Oct,
Holders of rec. Sept. 20
Reeves (D.) Inc., corn. (quar.)
3755c Sept. 15 'folders of roe. Aug. 3
Knudsen Creamery, class A & B (quar.). 3754c. Nov. 20 Holders of rec. Oct. 31
655% preferred (guar.)
155 Sept. 15 Holders of rec. Aug. 3
Koppers Gas & Coke pref. (guar.)
5155 Oct. 1 dHolders of rec. Sept. 10
Reliance Grain, Prof. (quay.)
5114 Sept. 15 Holders of rec. Aug. 3
Kresge (S. S.) Co., common
25g. Sept. 30 Holders of rec. Sept. 10
Reynolds (R..1.1 Tobacco Co.(guar.) _ _ _
The. Oct. 1 Holders of rec. Sept. 17
Preferred (guar.)
$135 Sept. 30 Holders of rec. Sept. 10
Rich's Inc..6 3-4% preferred (quay.)
134 Sept. 3(1 Holders of rec. Sept. 16
Kroger Grocery 3 Baking
,
Hike Kumler Co., pref. (quar.)
814 Oct. 1 Holders of rec. Sept. 23
155 Sept. 30 Holders of rec. Sept. 20
6% preferred (quar.)
Royal Baking Powder corn.(guar.)
25c. Oct. 1 Holders of rec. Sept. 8
1,5 Nov. 1 Holders of rec. Oct. 20
7% 2d preferred (guar.)
6% preferred (quay.)
155 Oct. 1 Holders of rec. Sept. 6
Lake Shore Mines. Ltd. (guar.)
50
Sept. 15 Holders of rec. Sept. 1
Ruberold Co.(guar.)
2.50. Sept. 15 Holders of rec. Sept. 1
82.54c. Sept. 30 Holders of rec. Sept. 20
Landers, Frary & Clark (quar.)
dRublasteln, Helena, pref.
25c. Sept. 1 Holders of rec. Aug. 22
Quarterly
62550. Dec. 31 Holders of ree. Dec. 21
San Carlos MIII (monthly)
20c. Sept. 15 'folders of rec. Sept. 7
Landis Machine, pref. (guar.)
$155 Sept. 15
San Francisco Rem. Loan Assoc. (guar.) 8734e Sept. 3( Holders of rec. Sept.14
Lehigh PortI. Cement Co. Pa.). pf.(qu.) 15114 Oct. 1 Holders of rec. Sept. 14
(
Schiff (The Co., common (quar.)
250. Sept. 15 Holders of rec. Aug. 31
Liggett & Myers Tob. Co., pref. (qu.).._- SIM Oct. 1 Holders of rec. Sept. 12
Preferred (guar.)
$114 Sept. 15 Holders of rec. Aug. 31
Lily Tulip Cup Corp.,common (guar.).- 37550. Sept. 15 Holders of rec. Sept.
Scott Paper Co.. mom. (guar.)
350. Sept. 30 Holders of rec. Sept. 16
Linde Air Products. pref.(guar.)
5155 Oct. 1 Holders of rec. Sept. 20
Scovill Mfg. Co. (quay.)
25c. Oct. 1 Holders of rec. Sept. 15
Lindsay Light Co., pref.(guar.)
1755c. Sept. 26 Holders of rec. Sept. 10
Seaboard Oil Co.of Del.(quay.)
10c. Sept. 15 Holders of rec. Sept. I
Link-Belt,614% preferred (quar.)
14 Oct. 1 Holders of rec. Sept. 15
Servel, Inc., preferred (quay.)
$155 Nov. I Holders of rec. Oct. 20
Lock Joint Pipe Co.. corn.(monthly)._
66c. Sept. 30 Holders of rec. Sept. 30
Smith Alsop Paint & Varnish Co
Common (monthly)
87e. Oct. 31 Holders of rec. Oct. 31
7% preferred (guar.)
8755c. Sept. 15 Holders of rec. Sept.
Common (monthly)
67. Nov. 30 Holders of rec. Nov. 30
Socony-Vacuum Corp.(QUM%)
Sept. 15 Holders of roe. Aug. 19
Common (monthly)
66c. Dec. 31 Holders of rec. Dec. 31
South Penn 011 (guar.
250. Sept. 30 Holders of rec. Sept.15
)
Preferred (gross.)
Oct. I Holders of rec. Oct. 1
$2
South Porto Rico Sugar Co.. corn.(qu.)_
40c Oct. 1 'folders of rec. Sept. 10
Preferred (guar./
Jan 133 Holders of rec. Jan. 1
32
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 10
Loose-WIles Biscuit. pref.(guar.)
Southw, Penna. Pipe Lines (qN.)
$155 Oct. I Holders of rec. Sept. 19
.
$1
Oct. 1 Holders of rec. Sept. 15
Lord & Taylor (guar.)
52)4 Oct. 1 Holders of rec. Sept. 19
Spencer Kellogg & Sons. Inc.(qu.)
16e Sept. 30 Holders of rec. Sept 15
Lorillard Co. common (guar.)
30c. Oct. I Holders of rec. Sept. 15
Standard Brands. Inc., corn. (guar.).
30e. Oct. 1 Holders of rec. Sept. 6
Preferred (guar.)
51 55 Oct. I Holders of rec. Sept. 15
$7 cum.class A pref.(quar.)
'Si(4 Oct. 1 Holders of rec. Sept. 6
Loudon Packing (guar.)
62(4c. Oct. 1 Holders of rec. Sept. 15
Standard 011 Co.of Calif.(guar.)
500 Sept. 16 Holders of rec. Aug. 16
Lucky Tiger Combination Gold Mines
Standard 011 Co.(Indiana)
25e Sept. 15 Holders of rec. Aug. 15
Common (guar.)
30 Oct. 20 Holders of rec. Oct. 10
Standard 011 Co. of Nebraska (quar.). 25e Sept. 20 Holders of rec. Aug. 27
Lunkenhelmer Co.. pref. (quay.)
155 Oct. 1 Holders of rec. Sept. 20
Standard 011 Co.(N.J.) cap. stk.(qu.)_ _
25c Sept. 16 Holders of rec. Aug. 16
Preferred (quar.)
155 Jan 2'33 Holders of rec. Dec. 22
Sloo par capItal stock (guar.)
Sept. 15 Holders of rec. Allg. 18
81
M-A-C Plan Co. (Hartford) (quar.)
o0c. Sept. 15 Holders of rec. Sept. 10
Extra (on $. par shares)
.3
1
25e. Sept. 15 Holders of ree. Aug. 16
Magnin (1.) & Co.. 8% pref.(guar.).- 1(4 Nov. 15 Holders of rec. Nov. 5
Extra (on $100 Par shares)
Sept. 15 Holders of roe. Aug. 16
51
Margay 011CorP.(quar.)
25e. Oct. 10 Holders of rec. Sept. 20
Standard 011 of Ohio, corn. (guar.)
3754e. Oct. I Holders of rec. Sept. 16
Marine Midland Corp.,corn. (guar.)._ - 20c. Sept. 30 Holders of rec. Sept. to
Preferred (guar.)
$IM Oct. 15 Holders of rec. Sept. 30
Mathleson Alkali Wks., Inc. corn.(qu.). 3755c. Oct. 1 Holders of rec. Sept. 12a Standard Oil Co.of Kentucky (quar.)
341c. Sept. 30 Holders of rec. Sept. 15
Preferred (guar.)
$155 Oct. 1 Holders of rec. Sept. 120 Standard Steel Const Co. 1.t d. A (qu.)
75c Oct. 1 Holders of rec. Sept. 9
Mayflower Assoc., Inc..(quar.)
50c. Sept. 15 Holders of rec. Sept. 1
Stein (A.) & Co., pref.(guar.)
5155 Oct. 1 Holders of rec. Sept. 15
McColl Frontenac Oh corn. (qual.).- - - 115c. Sept. 15 Holders of rec. Aug. 15
Sterling Pacific 011 Co.. ltd
255e Oct. 15 Holders of rec. Sept. 30
McKeesport Tin Plate, corn.(guar.).- 51
Oct. 1 Holders of rec. Sept. 12
Stix Baer k Fuller 7% pref.(guar.)
4355c Sept. 30 Holders of rec. Sept. 15
McLeod Building Ltd.. pref.(quar.)
5155 Oct. 1
7% preferred (guar.)
43 Mc Dec. 31 Holders of rec. Dec. 15
Mergenthaler Lino. Co. cap. stk.(qu.)-.
35c. Sept.30 Holders of rec. Sept. 70 Sun 01)Co.,common (quar.)
25c. Sept. 15 Holders of rec. Aug. 25
Meets Machine Co common (clUsr.)- -. 25c. Oct. I Holders ol rec Sept.18
Sunshine Biscuits. pref. (guar.)
$151 Oct.
Holders of roe. Sept. 19
Preferred (quar.)
$155 Oct
1 fielders of rec. (mt. 16
Superior Portland Cement Co.
Metal Package Corp. common (guar.).- $1
Oct. 1 Holders of rec. Sept. 12
Class A (monthly>
2755c Oct.
Holders of rec. Sept. 23
Metro-Goldwyn Pictures Corp.. pf.(qu.) 14 Sept. 15 Holders of rec. Aug. 26
Supertest Petrol. Corp.. Ltd.. corn.(qu.)
25c. Oct.
Holders of rec. Sept. 18
Metropolitan Ice Co.. pref.(guar.)
8155 Oct. 1 Holders 01 roe. Sept. 15
Ordinary (guar.)
,sc. Oct.
Holders of rec. Sept. 16
Extra
300. Oct. 1 Holders of rec. Sept. 15
Class A preferred (guar.)
15135 Oct.
Holders of rec. Sept. 16
Midland Steel Prod.. 8% pref. (guar.).2 Oct. 1 Holders of rec. Sept. 20
Class 11 preferred (Wier.)
374c Oct.
Holders of rec. Sept. 18
Midvale Co.. capital stock
75
Oct. 1 Holders of rec. Sept. 17
Tacony-Palmyra Bridge Co.cons.(0.)
750. Sept. 30 Holders of roe. Sept. 10
miner k Hart, Inc.. $334 pref. (guar.)._ Al5e. Oct. 1 Holders of rse. Sept. 15
Class A (quar.)
75e. Sept. 30 Holders of ree. Sept. 10
1787
Financial Chronicle
Volume 135
Name of Company.
Per
When
Cent. Payable.
Miscellaneous (Concluded).
15c. Oct. 1
Taylor Milling Corp.(guar.)
25c. Oct. 1
Texas Corp (quar.)
500. Sept. 15
Texas Gulf Sulphur CO.(quar.)
25c. Sept.30
Tenon 011 & Land Co., corn.(quar.)_.._
25c. Sept.30
Extra
25c. Sept.20
Todd Shipyards Corp.(quar.)
xto10 Sept. 16
Glass Co., ord. reg
Triplex Safety
no10 Sept.23
Amer. dep. rec. for ord. reg
Trustee Standard 011 Shs. series B____.2 1295c. Sept. 18
10o. Sept.15
20th Century Fixed Tr.Sharesser. B coup.
Underwood Elliott Fisher Co.. com.(qu.) 1234c Sept.30
$14 Sept. 30
(qua?.)
Preferred
Union Carbide & Carbon Corp.(quar.). 30c. Oct. 1
6230. Nov. 10
Union Storage (quar.)
lied Aircraft & Transport Corp.
750. Oct. 1
e% preferred (liner
100. Sept.24
United Elastic Corp (Qum.)
50c Oct. 1
United Fruit Co. (guar.)
United Piece Dye Works. Pref.(quar.).. 13' Oct. 1
13' Jan.2'33
Preferred (guar.)
Oct. 31
.
5
United Profit Sharing Corp.. pf. (5.-a.)..
40c. Oct. 1
U.S. Gypsum,common (quar.)
Preferred (guar.)
$1 St Oct. 1
16 Oct. 1
U. S. Leather Co., Pref. (quar.)
5013 Oct. 20
U.S. Pipe & Fdy.„ corn.(guar.)
500 Jn.20'33
Common (quar.)
30o Oct. 24)
First preferred (guar.)
30o Jn.2013
First preferred (quar.)
250. Oct. 1
United States Playing Card Co.,(Quar.).
United Stores Corp.. pref. (quar.)
813'o. Sept. 15
Viking Pump preferred (quar.)
600. Sept. 15
Vortex Cup Co., class A (qua?.)
823'e. Oct. 1
25o Oct. 1
Common (quar.)
Vulcan Detinning Co., pref.(quar.)___.
Oct. 20
373'c. Oct. 1
Waldorf System Inc. (quar.)
Walgreen Co.. preferred (guar.)
$1,' Oct. 1
(Hiram , Walker-Gooderham & Worts.Lt d.
Redeemable pref. (quar.)
(25c Sept.15
-a.). 113' Oct. 13
Wallace Sand Quarries. Ltd.. or.(s.
1 Oct. 1
Ward Baking Corp.. pref.(quar.)
2o. Sept. 15
Wellington 011 Co., Ltd. (guar.)
Wesson Oil& Snowdrift Co., Inc.,
250. Oct. 1
Common (quar.)
Sept.15
Western Canada Flour Mills Pt.(quar.) 20o. Oct. 1
Westmoreland, Inc
Westvaco Chlorine Prod.. pref.(guar.)._ $IM Oct. 1
13( Sept.30
White Motor Securities. Pref. (quar.)
6234c. Sept.30
Wilcox Rich Corp.. class A (guar.)
2
Nov. 1
W1nsted Hosiery (mar.)
25c. Oct. 1
Wiser 011 Co.(guar.)
25c. Oct. 1
Wrigley (William). Jr. (monthly)
250. Nov. 1
(Monthly)
25c. Oct. 1
Yale & Towne sm. Co.(guar.)
15c. Sept. 10
Zonite Product Corp.(quar.)
•
Books Closed.
Days Inclusive.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
Holders of reo. Sept. 10
Holders of rec. Sept. 30
Holders of rec. Sept. 1
Holders of rec. Sept. 12
Holders of rec. Sept. 12
Holders of rec. Sept. 6
Holders of rec. Sept. 1
Holders of rec. Sept. 1
Holders of rec. Aug. 1
Holders of rec. Sept. 1
Holders of rec. Sept.12
Holders of rec. Sept.12
Holders of rec. Sept. 2
Holders of rec. Nov. 1
National Bank & Trust Co. and Manufacturers Trust Co.,
Holders of rec. Sept. 10
Holder, of rec. Sept. 9
Holders of rec. Sept. la
Holders of rec. Sept. 200
Holders of rec. Dec. 22
Holders of rec. Sept. 30a
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 10
Holders of rec. Sept. 300
Holders of rec. Dec. 310
Holders of rec. Sept. 30a
Holders of rec. Dec. 31a
Holders of rec. Sept. 20
Holders of roe. Aug. 25
Holders of rec. Sept. 1
Holders of rec. Sept. 15
Holders of reo. Sept. 15
Holders of rec. Oct. 70
Holders of reo. Sept. 20a
Holders of rec. Sept. 20
-AVERAGE FIGURES.
NATIONAL BANKS
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 ended Sept. 2:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING OF
BUSINESS FOR THE WEEK ENDED FRIDAY, SEPT. 2 1932.
Loans,
Disc. and
Investments
Holders of rec. Sept. 15
Holders of rec. Aug. 31
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 12
Holders of rec. Sept. 20
Holders of rec. Oct. 15
Holders of rec. Sept. 10
Holders of rec. Sept. 20
Holders of rec. Oct. 20
Holders of rec. Sept. 10
Holders of rec. Sept. 2
• The New York Stock Exchange has ruled that stock will not be quoted exdividend on this date and not until further not ce.
j 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.
Correction. e Payable In stock.
Payable in common stock. g Payable In scrip. ft On account of accumulated
dividends. .1 Payable in preferred stock.
A special distribution of one-half share of Retail Stores corp. for each share of
Davega Stores Corp. stock held.
m Commercial Invest. Trust Corp. Convertible pref. stock, optional series of
1929 dividend at the rate of 1-52 of one share of common stock or In cash at the
option of the holder.
o Goldblatt Bros. Common dividend payable at the rate of 25-1,000 of a share
of common or in cash.
p American Superpower dividend covers the regular quarterly distributions for
quarters ending June 30 and Sept. 30.
s Burma Corp., Ltd. 'Amer. dep. rec.), final div. for the year ended June 30
1932, of one 1 anna per share, plus a cash bonus of one (1 awls per share, free
of British and Indian income taxes, but less deduction for expenses of demetary
I Payable In Canadian funds.
it Payable in United States funds.
to Less deduction for expenses of depositary.
x Less tax.
Other Cash Res. Dep., Dep. Other
Gross
Including N. Y. and Banta and
Bank Notes Elsewhere. Trust Cos. Deposit,.
8
$
Manhattan
Grace National. 16,239.274
3,100
77,508 1.469,984
Brooklyn
Peoples Nat'l__
5,000
67,000
5,827.000
$
$
$
355,000
Loans.
Maas and
Investmls.
ManhattanEmpire
Fulton
United States
Cash.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus.
The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "
Financial
"
Chronicle of Dec. 31 1930, pages 3812-13. We give the
26,000
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. That Co..
$
8
$
55.382,200 *3.254,900 13,787,400
17,434,600 *2,196,400
707,100
86,320.324 6.384,103 17.770,053
5.163,000
Gross
Depostie.
•
$
$
1,864,500 63.140.700
630,300 16,258,500
62,834,428
Brooklyn
340,000101,898,000
93,508,000 2,222,000 22,392,000
Brooklyn
I 23,974,150
23,622,618 1,599,294 5,365,611
Kings County
• Includes amoun with Federal Reserve as follows: Empire, 31,995.900:
32.052,200.
Fulton.
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
Sept. 7
1932.
Capital
Surplus and profits
Loans,(Mole & invest'ts.
Individual deposits
Due to hanks
Time deposit,
United states deposits...
Exchanges for rig HOUSe
Due from other banks_ _
Reeve In legato depositles
Cash In bank
Res. In avow;tn F It 13k
Changes from
Previous
Week.
Week Ended
Aug. 31
1932.
$
79.900,000 Unchanged
79.900.000
66,666.000
66,886,000 Unchanged
832,789,000 +3,611,000 829.178.000
558.491,000 +93314,000 548,877,000
135,906,000 +3.019,000 132,887.000
215,887,000 +1.4-8,000 214.399.000
9.145.000
7,642,000 -1,503,000
8.397,000
8,463,000
+66,000
128.243,000 +6,077,000 122,166,000
81.650.000
83,956.000 +2,306,000
-137,000
7.917,000
7,780,000
16.532.000
18,027,000 +1,495,000
Philadelphia Banks.
-Beginning with
Weekly Return of New York City Clearing House.
-
i
713,399 14,013,968
-AVERAGE FIGURES.
TRUST COMPANIES
Holders of rec. Aug. 27
Holders of rec. Sept. 17
Holders of reo. Aug. 31
Gold.
Week Ended
Aug. 24
1932.
79,900,000
66,660.000
829.510.000
546.821.000
134.488,000
212.481.000
11.161.000
7,932.000
119.745.000
84.148.000
7,930.000
19.099,000
the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form.
The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
statement below in full:
STATEMENT OF MEMBERS OF THE NEV, YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. SEPT. 3 Ms
Clearing House
Members.
*Capital.
*Surplus and Net Demand
Undivided
Depostts.
Profits.
Average.
8.970,700
Bank of N.Y.,k Tr. Co.
6,000.000
78,019,000
22.250.000
34.447.900
217,436,000
Bank of Manhat. Tr. Co.
124.000,000
81.444.500 a927,463,000
National City Bank- _
21.000.000
45.260.600
213,703,000
Chemical Bk.&'re. Co._
Guaranty Tiled Co
90,000.000 180.495.700 1,804,994.000
32,935,000
22,125.700
Manufacturers Tr. Co._
235,559,000
21.000,000
70,119.500
429,728,000
Cent. Hanover Bk.& Tr.
22,696,500
15.000.000
104,142,000
Corn Each. Bank Tr. Co.
10,000.000 05.049.400
296,905,000
First National Bank.... _
50.000.000
75.137.200
282,160.000
Irving Trust Co
6.752,800
4,000.000
21,621,000
Continental Bk.& Tr. Co
148,000,000 117,382.000 1,035,463,000
Chase National Bank_
3.573.500
500.000
35.583,000
Fifth Avenue Bank
76,847.800 d445,851,000
25.000.000
Bankers Trust Co
. 10.000.000
21.266.900
26.635,000
Title Guar. A Trust Co_
10.000.000
7.050.900
39,894,000
Marine Midland Tr. Co
3.000.000
2.528,500
11,224000
Lawyers Trust Co
12.500.000
21.837 500
182,372,000
New York Trust Co-.
8.490,300
7.000.000
41,601,000
Comniel Nat. Bk.& Tr .
2.209.900
2.000.000
23,518,000
Harriman Nat. Bk.& Tr.
8.250.000
4.274.300
34,348.000
Public Nat. Bk.& Tr. Co
rinse
Deposits,
Average.
11,847,000
41,213,000
185,690,000
26,980,04)0
62.569,000
86,224,000
56,069,000
22,660,000
31.020,000
42,427,000
2,717,000
130,433,000
3,263,000
42,703,000
1,107,000
5,592,000
1.101,000
25,855,000
2,340,000
6,085,000
27,178,000
822.435.000 897.902 100 5,548,219,000 815,073,000
Totals
• As per official reports: National, June 30 1932 State, June 30 1932; Trust
e As of Aug. 17 1932.
Companies. June 30 1932.
Includes deposits in foreign branches as follows: (a) 3205,186,000;(b) 347,057,000;
(c) $57,367,000; (d', $20,766,000.
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 show
ing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
SeP .3
ts32.
Changes from Week Ended
Aso. 27
Previous
1932.
Feet.
Peek Ended
Aug. 20
1932.
$
77,011.000
77.011.000
77,011,000 Unchanged
Capital
201.324.000 201,324.000
201,324.000 Unchanged
Surplus and profits
+170,000 1.128,442.000 1.131.047.000
Loans. dims. and invest_ 1,128,612,000
12.762.000
13.459.000
15,005,000 +2,243.000
Exch. for Clearing House
108,451,000 +1,637,000, 106,814.000 115.371.000
Due from banks
168,632,000 +3,611,000; 185.021.000 168.380.000
Bank deposit,
584,058,000
-870,000 584.928.000 592,783,000
Individual deposits
267.071,000
+992.000 266.079.000 266.305.000
1 019.761,000 +3,733.000 1.016.028.000 1.027.468.000
ts
Total de gilita
del
89.204,000
89,265.000
88,729,000
-475,000
Reeve with F.R.Flank___
1788
Financial Chronicle
Sept. 10 1932
Weekly Return of the Federal Reserve Board.
Thefollowing is the return issued by the Federal Reserve Board Thursday afternoon, Sept. 8,and showing the condition
of the twelve Reserve banks at the close of business en 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 1737, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT.7 1932.
Sept. 7 1932.IAug. 31 1932. Aug. 24 1932.A us. 17 1932. Aug. 10 1932.!Aug. 3 1932. July 27 1932. July 20 1932. Sept. 9 1931.
RESOURCES.
$
$
Is
2,088.557,00012.081-761.000 2.077.192.000 2,046.992,000 2,018.692.000 1,987.282.000 1,959.552.000 1,954.312.000 2,190,648.000
Gold with Federal Reserve agents
58,881,0001 61.476.000
57,078,0001 57,668,000
Gold redemption fund with U.S. Tress—
29,731,000
63,628.000
62,173.000
63,643.000
62,986,000
Gold held exclusively asst. F. R. notes_ 2,145.635,000 2,139.429,000 2.136.053.000 2.108,488,000 2.080.865.00012,050.288,000 2,023.195.000 2,017.940,000 2,220,379,000
Gold settlement fund with F. R. Board_ 262,556.000 273.486.000 236.798.000 261.792.000 256.673.000, 245,805.000 249.735.000 245.086.000 419,228,008
Gold and gold certificates held by banks_ 388,382,000 360,048.000 380.542.000 3.57.197.000 342.888.000' 347.780,000 348.212.000 345.836.000 830,439,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
2,794,573.000,2,772,961,000 2,753.393,000 2.727.457.000 2.680.426.000 2.643.853,000 2.621.142.000'2.608.962.000 3,470,046,000
196,428,000' 206,702,000 206.016.000k 202.259,000
201 505 000
200 314 000 158,717,000
200.706.0001 " 205,214.0001 "
2,991,001,000'2,979,663,000 2.959.409.0002,929.7l6,000 2.881.132.000 2.845,358.000 2.826,356.000 2,809.176 000 3,628,763,000
78,097.000. 70.818.000
74,414,000' 75,119,000
67,891,000
72.842,000, 70.714.000
77.666.000
74.980.000
152,137.0001 157,545.000
268,291,0001 275,211,000
154,188.0001 181.837.000
272,518,000, 281.023.000
202.161.000, 213.130.000
323.219.000' 324.435,000
113,123,000
147,109,000
451.938.000, 487.183.000
38.720.000; 40,693.000
525,380.000, 537,565.000
39.700,000, 51,902.000
260,232.000
197,788,000
420.988,000 420.865,000, 420.815.000 420,8.58.000, 420,934.000 421.021.0001 420 890.000
395,974,000 380.721,000 369.084.000 351.027.000 323,078.000 268,474,000 288.551.000
1
1
1
1,030,352,000 1.034,753,000 1,049.475,000 1.081,147,000 1.079.126.000 1,102,123,000 1.151,696,000,1,146.734.000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates_
Certificates and bills
182.088.000
305,095.000
292,027,000
18,962,000
420,428,000
33,585,000
432.756.000 426,704,000, 442.860.000
34,098,000 35,433,0001 35.890,000
166.543,000
285.395.000
420,772,000
399.799,000
Total U. S. Government securities
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
417,076,000
1,850,923,000.1,851.715.000 1,851,061.000 1.851,048.000 1,861.011.000 1,846.135.000 1,841,191.000 1,838,175.000 728.065,000
6.051,000
5,714,000
5,915,000
6.019,000
6,267,000
8.009.001
5,787.000
6.028.000
6,961.000.
1
1
2,319,249.000 2.335.815.000 2.347,678.000 2.380,039.000 2.412.232.000 2.431.429,000 1,192.352,000
2,310,650.000 2,324,484.000
2.668.000,
2,668.000
2.687.000
2,659.000'
10.746,000
2.732.000
2.712.000
2,891.000
2.887.000
15.016.000, 14,764.000
13.305.0001 15.082.000
14,794,000
13.636.000
13,248.000
16.427,000, 18.482.000
330.425.000 312.272.000 293.841.000, 345.865.000 299.398,000 328.222.000 326,793,000 350.380.000 440,305,000
58.121.000
58,121.0001 58.121.000
58.121.000
59,109,000
58.119.000
58.119.000
58.119.000' 58,115.000
46,050.000, 45.228,000 '48.087.000
48.055,000
35,104,000
47.613.000
47,811,000
48.098.0001 48.029.000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member basks—reserve account
Government
Foreign banks
Other deposits
5,828,630,00015,815.022.000 5.772.45l.0005.802.994,000.
5.723.604.000 5.746.402.000 5.768.578.000 5.793.312,000 5,449,064,000
2,831.749,000
12.814.020,000 2,824.805.000 2.8311.772.000 2.843,805,000 2.857.805.000 2 834.167.00012.8
.
61.948,000 2,010,322,000
1
2,141,655,00012,146.183.000 2,141.701.000 2.079.658.000 2.082.455.000 2.012.134.000 2,072.164.000 2.035.517.000 2,289,756,000
29.512,000
47.295,000, 59.429.000
48.503.000 .26.17s.oso
31,575,000
54.034.000
55.972.000
45,099.000
12.057,000, 10.418.000
11,079,000', 14.187.000
10,402.000
11.423 000 207,415,000
10.807.000
11,656.000
19.265.000
20,127,000; 21.485.000
35.241.000
25,984,000
35.587.000
34.461.1300
36,422,000
36,428.000
Total deposits
2.220,156,000 2.241.284.000 2.202,535,000 2.173.820.000 .2.134.619,000 2,115.335.000
2.165.347.000 2.135 435.000 2,553,730,000
Deferred availability items
324.495.000 308.796.000 294.679.000 340.799.000 293.275,000 323.232.000
319,454.000 346.896 000 427,036,000
Capital paid in
153.094.000 153.099.000 153.339.000 153.430.000 15 1.582.000
154.113.000 167,063,000
153.700.000
Sur plus
259,421.000 259.421.000 259.421.000 259,421 000 259.421.000 259.421.000 153.791.000 259.421.000 274,636,000
259,421.000
All other liabilities
39,715,000, 38.402.000
37,872.000
36.752.000
00
16.277,0
39.102.000
35.499 000
36.909,000
36.408.000
Total liabilities
5,828,630,000 5,815,022.000 5.772.451,000 5.802.994,000 .5.723.604,000 5.746.402,000
5.768,578.000 5,793,312,000 5,449,064,000
Ratio of gold reserve to deposits and
F. R. note liabilities combined
55.3%1
54.8%
54.8%
54.4%
76.0%
63.8%
52.2%
53.1%
52.4%
Ratio of total reserves to deposits and
58.9%
59.2%
F. R. note liabilities combined
58.9%
58.4%
79.5%
67.9%
68.2%
57.2%
56.5%
Contingent liability on bills purchased
55.009.000
for foreign correspondents
44,973,000
49,043,000
60.254.000
65.735,000 231,260,000
59.528.000
59,496.000
57,494.000
MaturUy Ens:Wm:ion of Bills and
Short-Term Secur4ties1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
$
$
299,302,000
34,793,000
47,290,000
29,799,000
9,244.000
304.870.000 295,875,000
32.797.000
33,378,000
49,502.000 51,812.000
34.461.000
33,623,000
11,759.000
11,383.000
309,585.000 312.232.000
32.739,0001 33.531.000
50.944.000
52.513.000
36.857.000
36.979.000
12.735.0001 18.683.000
342,342.000
33.661.000
51.988.000
42.152,000
17.040.000
370.082.000
38.281.000
53,992.000
42,733.000
20.312.000
377.066,000
40.690,000
54.418.000
44.295.000
21.096.000
173,897,000
24,700,000
36,971,000
18.974,000
5,690,000
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market
31-80 days bills bought in open market
61-90 days bills bought in open market_
Over 90 days bills bought In open market
420,428.000
2,681.000
4,237,000
983,000
25,684,000
432.756.000
10.009.000
9,438,000
3,838,000
10,815,000
426.704.000
8,111.000
8,529.000
8,447.000
10.346.000
442,860,090 451.938.000
8.353.0001
9.438.000
10.455,0001
6.404.000
10.532.000
11.012.000
6.550.000
11.868.000
487.183.000
9,910.000
7,769.000
10,632.000
12.382.000
525,380.000
7,663.000
7.241.000
12.122 000
12.674.000
537,565.000
18.192.000
5.087,000
11.474.000
17.149.000
260,132,000
34,861,000
5,622,000
3,409,000
153,896,000
Total bills bought in open market
1-15 days U.S. certificates and bills
16-30 days U.S. certificates and bills_
81-60 days U.S. certificates and bills....
61-90 days U.S. certificates and bills....
Over 90 days certificates and bills
33,585.000
144,340,000
58,050,000
236,789,000
149,850,000
441,323.000
34,098,000
166,891,000
49.502,000
236,791.000
116.350,000
465,219,000
35.433.000
65.441.000
179.425.000
217,690.000
112.100.000
474,819,000
35.890.000
125,442.000
206,910.000
202.089.000
84.600.000
442.106.000
40.693.000
68.600.000
140.442.000
290,411.000
218,588.000
384,082.000
39.700,000
66.150.000
112,600.000
341.833.000
193.089.000
438,024.000
51.902.000
102.354.000
60,800,000
387,302.000
194.488.000
393,990.000
197,788,000
13,025,000
7,080,000
55,650,000
91,155,000
250,166,000
1,030,352,000 1.034.753,000 1.049.475.000 1.061,147.000 1.079,126.000 1.102.123.000
1.151.696.000 1.146,734,000
5,684.000
4,238,000
5,534.000
4,-11.000
5,225.000
4.03.000
5,423.000
5.637.000
137.000
1,258,000
172,000
1,018.000
461,000
1.116.000
238.000
388.000
33.000
25.000
25,000
5.000
35.000
35.000
25.000
35.000
25.000
150.000
195,000
184,000
193,000
130.000
66.000
130.000
120.000
6.051.000
5.915.000
5,714.000
6,019.000
6.787.000
6.009.000
6 028 000
5 961 000
417,076,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
38.720.000
132.459.000
80.442 000
249.650.000
218.688.000
597.987.000
15,000
10,000
42,000
67,000
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent.... 3,055,161,000 3,051.899.000 3.071.449.0003,078.279,090 3.084.598.000 3,080.974.000 3,072.0 8.000 3.102.222.000 2,408,612,000
Held by Federal Reserve Bank
223,412,000 237.979.000 246.644,000 239.507.000 240.991.000 223.169,000 237.911.000 240.274.000 398,290,000
2,831,749,000 2,814,020,000 2,824.805.000 2,838.772.000 2.843,805.000 2.857.805.000 2.834.157.000 2,881,948.000 2,010,322,000
Collateral Fleld by Agent as SecuritS for
Notes Issued to Bank—
By gold and gold certificates
1,071,042,000 1.081,996,000 1,039.927.000 1.048.127.000 1.019.627.000 999.167.000 976.637.000 972.447,000 740,818,000
Gold fund —Federal Reserve Board
1,017.515,000 999,765.000 1.037.265.000 1.000.865,000 999.065.000 98E4,115.000 982.915.000 981,865.000 1,449,830,000
By eligible paper
403,407.000 416,786.000 411.333.000 427.769.000 434.307.000 471.796.000 508.963.000 534.112.000 289,833,000
U. S Government securities
589,800,000 578.100.000 594.800.000, 615.600.000 644.100,000 635.450.000 623.900.000 632.400.000
—
Total
3.083,350.0003 0 13 381.000 3.097 099 000 3,094.528 000 3.092.415.000 3,120,824.000 2,480,481,000
0
•Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 7 1932
Two Ciphers (00) maims.
Federal Reserve Bank of—
Total.
Boston. New York. null. Cleveland. Richmond Atlanta. Chicago. St. Louts. Vinneap fCan.Clty. Dallas. Ban Frills
RESOURCES.
$
$
$
$
$
Gold with Federal Reserve Agents 2,088,557,0 170,627,0 497,592,0 150,000,0 188,970,0 70,600,0 57.500,0 627,845.0 64,810.0 39,835,0 58,680,0 26.835,0 137,2133.0
57,078,0 3,086.0
12,106,0, 6,248,0 6,057,0 2,428,0 3,604,01 8,464,0 2,014,0 2,268,0 2,647,0 1,163,0 6,993,0
Gold red's fund with U. S. Treas..
In actual circulation
1
Gold held excl. asst. F R. notem 2,145,635,0 173,713,0
Gold settle't fund with F.R.Board 262,556,0 15,566,0
Gold and gold clic held by hanks
386,382,0, 15,952,0
2,794,573.0 205,231,0
196,428,0 18,140,0
509,698,0 156,248,0 193,027,0 73,028,0 61,104,0636,309.0 138,824,0 42,103,0 61,327,0 27,998,0 144,256,0
54,684,0 8,366,0 25.561,0 9,254,0 6,782,0 70.108,0 7,946,0 11,072,0 16,295,0 0,310.0 28,612,0
254,755,0! 6,671,0 18,404,0 7,497,0 8,846,01 27,210.0 5,661,0 3,366,0 10,587,0 3,990,0 23,443,0
819,137,0 171,285.0 236,992.0 89,779.0 76,532.0 733,627,0 80,631,0 56,541.0 87,209,0 41,298,0 196,311,0
54,573,0 33,252,01 18,546,0 8.515,0 4.972,0, 28 057 0 8 447 0 2,990,0 4,555,0 6,805,0 9,578.0
2,991,001,0 223,371,0
Total reserves
Non-reserve cash
795,0
74,414.0,
Bills discounted'
See. bd U. S. Govt. obligations
152,137,0 6,916.0
Otherbills discounted
268,291,0 9,273,0
873,710,0 204,537,01255,538,0 98,294,0 81,504,0 759,884,0 89,078,0 59,531,0 91,764,0 48303,0 205,887,0
20,827.0, 4,695,0 3,531,0 3,328,0 5.582,01 12,992,0 3,637,0 2,060,0 2,568,0 3,141,0 7,258,0
55,034,0 19,012,0 14,440,0 4,064,0 4,145,0 9.850.0 5,564,0 1.102,0 1.435.0. 1.848.0 28.729,0
35,499,0 40,378,0 19,361,0 20,367,0 27,117,01 20,582,0 5,507,0 12,069,0 18,092.0 13,039,0 47,007,0
Total gold reserves
HAMM other than gold
Total bills discounted
BIle bougLt In open market
420,428,0 18,189,0
33,585,0 2,352,0
90,533,0 59,390,0 33,801,0 24,431,0 31,262,0 30,432,0 11,071,0 13,171.0 19,527,0 14,885,0 75.736,0
10,897,0 3,265.0
3,114,0 2,338,0 1,210.0 4,298,0 1,009,0
867,0 2.657,0
894,0
634,0
1789
Financial Chronicle
Volume 135
Two Ciphers (00) omitted.
Boston. New
Total.
$
$
Phila, 1Cleveland. Richmond Atlanta. Chicago. St. Louis. Mtnneap. Kan.City
I
3
$
3
S
$
$
S
1
$
York.
$
RESOURCES (Concluded)—
11. S. Government securities:
Bonds
Treasury notes
Certificates and bills
420,772,0 20,350,0
399,799.0 22,957,0
1,030,352,0 77,921,0
Total U. S. Govt. securities
Other securities
1,850,923.0 121,228,0
5,714,0
Total bills and securities
Due from foreign banks
F. It. notes of other banks
Uncollected items
Bank premises
All other resources
2,310,650.0 139,769,0
2,659,0
212,0
13,305,0
223,0
330,425.0 36,851,0
58,121,0 3,336.0
48,055,0 1,415,0
Dallas. San Fran.
$
3
9,649,0 9,577,0 40.775,0 13,940,0 17,202,0 11.776.0 14,241,0 25,267,0
11,251,0 11,116,0 51,451,0 15,673.0 11,243,0 13,650.0 4,947.0 29.467,0
26,233,0 25,921,0 182,584,0 35,543,0 26,206,0 31,841,0 11.533,0 68,710,0
190,274,0 31,230,0 36,491,0
153.040,0 32,445,01 42,5 9,0
67,978,0 75,650.0, 99,232,0
I
711,292.0 139,325,0,178,282,0
4,220,0 1,341,01
I
816,942,0 203,321,0 215,197,0
945,0
269,0
288,01
4,734,0
318.0
629,0
84,390,0 27.076,0 30,275.0
14,817.0 2,90E0 7.968,0
29.168,0
740.0 1.212,0
47,133.0 46,614,0 274,810,0 66,156,0 54,651,0 57,267,0 30,721,0 123,444,0
153,0
73,952.0 79,086.0 309,540.0 78,236,0 68,609,0 77,688,0 46,473.0 201,837,0
184,0
75.0
77.0
11,0
374,0
18,0
99,0
107.0
236,0 1,688,0
294,0 1,113.0
860.0
891,0 1,439,0
880,0
27,470,0 9,910,0 40,488.0 16,002,0 8,529,0 20,318,0 12,564,0 16.552.0
3,617,0 2,489.0 7,828,0 3,461,0 1,835,0 3,649,0 1,787.0 4.433,0
1,592,0
862,0 1,295,0 1,284,0
1,118,0
3,260,0 3,679,0 2,430,0
5,828,630,0 409,972,0 1,845,533,0 443,876,0,514,619,0 210,908,0 183,240,0 11347750 192,410,0 142,461,0 198,039,0 113,674,0 439,123,0
Total resources
LIABILITIES.
1
244,536,0
in actual circulation._ 2,831,749,0 203,224,0 600,232,0 251,940,0,289,958,0 106,745,0 108,126,0 710,184,0 101,387,0 81,565,0 95,338,0 38,434,0
F. R. notes
Deposits:
138,861,0
Member bank reserve account 2,141,655,0 134,267,0 994,987,0 116.291,01 142,746,0 51,219,0 43,155,0 314,255,0 55,352,0 38,816,0 67.354,0 44,352,0 1,560,0
11,607.0 3,878,01 3,472,0 3,397,0 2,827,0 6,615,0 2,099,0 2,222,0 2,762.0 3,323,0
47,295,0 3,013,0
Government
821,0
333,0
345,0
417,0
262,0
905,0
441,0 1,595,0
11,079,0
3,056,0 1,226,0 1,202,0
476,0
Foreign bank
100,0 4,516,0
942,0
80,0
364,0
358,0
247,0
56,0
7,603,0
87,01 2,045,0 3,729,0
20,127,0
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,220,156.0 138,241,0 1,017,253.0 121,482,0'149,465,0 53,821,0 46,787,0 322,843,0 58,810,0 41,547,0 70,541,0 48,608,0 145,758,0
81,966,0 25,434,0 30,059,0 26,931,0 10,188,0 39,049,0 16,424,0 8,345,0 19,156.0 12,812,0 17.636,0
324,495,0 36,495,0
153.094,0 10,876,0
59,032,0 16.098,01 14,221,0 5.172,0 4,851,0 16,958.0 4,458,0 2,917,0 4,066.0 3,911,0 10,534,0
259,421,0 20,039,0
75,077,0 26.486,01 27,640.0 11,483,0 10,449,0 38,411,0 10,025,0 6,356,0 8,124,0 7,624.0 17.707,0
814,0 2,235,0 2,952,0
1,306,0
1,731,0
11,943,0 2,436,01 3,276,0 1,756,0 2,839,0 7,330,0
39,715,0 1,097,0
5,828,630,0 409,972,0 1,845,533,0 443,876,0 514,619,0,210,908,0 183,240,0 11347750 192,410,0 142,461,0 198,039,0 113,674,0 439,123,0
Total liabilities
Memoranda.
I
52.8
55.2
48.4
73.5
55.6
55.3
59.2
65.4
54.0
54.8
59.4
52.6
Reserve ratio (per cent)
58.21
Contingent liability on bills put,
„ „
,
1.11±,
'010„
,U 1,lOO.0„
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at—
Total.
Boston. New York.
Phila.
Cleveland)Richmond Atlanta. Chicago. St. Louis. Mtnneap. Kan.City. Dallas. San Fran.
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R.11k. by F.R.Agt_ 3,035,161,0 223,137,0
Held by Federal Reserve Bank. 223,412,0 19,913,0
$
$
$
$
$
$
S
$
$
670,483,0 262,609,0 302,902,0 112.998,0 126,469,0 742,543,0 109,633,0 84,348,0 104.678,0 43,491,0 271,870,0
70,221,0 10,669,0 12,944,0 6,253,0 18.343,0 32,359,0 8,246,0 2,783,0 9,340,0 5.007,0 27,334,0
2,831,749,0 203,224,0
In actual circulation
Collateral held by Agt. as security
for notes Issued to bank:
1,071.042,0 47,010,0
Geld and gold certificates
1,017,515,0 123,617,0
Gold fund—F. R. Board
403,407,0 16,146,0
Eligible paper
589,800,01 36,600,0
U. S. Government securities
600,262,0 251,940,0 289,958,0 106,745,0
Total collateral
2 001 721
I
$
101,387,0 81,565,0 95,338,0 38,484,0 244,536,0
108.l26.01710.184.0
450,592,J,
47,000,0
87,939,0
92.000,01
n 992 272 n
077 221
n
79,320,0 71,970,0
70,680,0 115,000,0
53,717,0 33,413,0
55,000,0, 85,000,0
927 717
12,920,0
57,680,0
25,582,0
13,000,0
ncn..... 909 n 110
109
13,500,0 254,845,0
44,000,0 373,000,0
29.863,0 30,186.0
41,000.01 92,000,0
n 1 no
001
21,110,0
43,700,0
10,577,0
34,300,0
0,750 nz, n Ina
p.0,0
12,635,0
27.200,0,
12,165,0,
32,900.01
24000
9,880,0 12,260,0 85,000,0
48,800.0 14,575,0 52.263,0
19,451,0 14,827,0 64,541,0
27,000,0 2.000,0 74,000,0
nitric 121 n 43 662 0 275.804.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle” of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for :he latest week appears in our department of "Current Events and Discussions," on page 1737, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endsrsemont were included win loans, and some
of the banks Included mortgages In investments. Loans secured by U. S. Government obligations are no longer shown separately, Only the total of loans on securities
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured hy 12. 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 101). was for a time given, but beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank lathe San Francisco district with loans and investments of $135.000,003
on Jan 2 1929, which had then recently merged with a non-member bank. The figures are now given in round millions Instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUG. 31 1932 (In millions of dollars).
Federal Reserve District—
Total.
Phila. Cleveland. Richmond Atlanta. Chicago, St. Louis. Minneap. Kan.City. Dallas. San Fran.
—
$
$
$
S
$
$
$
$
$
$
$
1,724
375
315
520
520
490
2,263
571
1,911
7,542
1,090
Boston. New York
Loans and Investments—total
$
18,539
8
1,218
Loans—total
10,706
760
4,068
624
1,140
320
321
1,584
299
187
260
236
997
105
216
714
870
114
185
55
132
77
183
73
163
246
751
4,512
6,284i
Reserve with F. R.. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
t•
T1
1,...,1.
309
315
518
622
458
3,474
466
771
251
169
679
221
128
260
139
727
272
186
2,265
1,209
196
270
438
333
129
122
86
83
366
313
98
123
64
64
141
119
83
56
397
330
1,7111
2041
10,982
5,6331
1821
1,288
2,7581
U. S. Government securities
Other securities
1,890
2,178
4,5351
3,2081
Investments—total
288
472
7,7431
On securities
All other
123
197
94
15
727
428
11
128
136
913
49
5,562
1,253
86
123
1,264
72
11
631
271
15
96
177
in
107
24
831
820
14
83
207
33
13
268
229
6
66
79
27
7
215
194
11
69
71
259
35
1,186
913
13
286
319
33
6
273
200
2
67
89
20
5
162
138
1
39
45
A
10
43
13
345
180
3
126
144
4
26
7
220
125
7
69
70
3
84
19
562
882
13
136
157
58
.50
I
97
I,
.
9
1
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Fed .91 Reserve Bank of New York at the close of business Sept.7 1932,in
comparison with the previous week and the correspo.-ding date laQt year:
Sept. 7 1932. Aug. 31 1932 Sept. 9 1931.
Resoucres—
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
497,592,000
12,106,000
516.296.000
12.242.000
501,468,000
12,517,000
Gold held exclusively asst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold ctfs. held by bank
500,698.000
54,684,000
254.755,000
528,538.000
102.792.000
225,806.000
513,985,000
106,330,000
527,388,000
Total gold reserves
Reserves other than gold
819.137.000
54,573.000
857.136.000 1,147,703,000
55.622.000
44,523,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. 8. Govt. obligations....
Other bills discounted
873,710,000
20,827.000
912,758.000 1,192,226,000
19,058.000
22,451,000
Resources (Concluded)—
Due from foreign banks (see note)
Federal Reserve notes of other banks.—
Uncollected items
Bank premises
All other resources
Total resources
Total bills SI/mounted
Bills bought In open market
U. B. Government securities:
Bonds
Treasury notes;
Special Treasury Certificates
Certificates and bills
Total U.S. Government securities..
Other securities (see note)
Foreign loans on gold
54,933,000
35,600.000
54,689.000
35.787.000
27,193,000
21,780,000
90,533,000
10,897,000
90.476.000
11,066.000
48,973,000
71,838,000 1
190,274,000
153.040,000
100.274,000
151.521,000
96,908,000
5,000
367,978,000
369.497.000
711.292,000
4,168.000
221,548,000
4,500,000
Total deposits
Deterred availability Items
Capital Paid in
Surplus
All other liabilities
1,845,533,000 1,890,254.000 1,715,833,000
600,262,000 593,551.000 399,041,000
994.987,000 1,029.105.000 960,617,000
8.522,000
18.366.000
11,607,000
75,807,000
5.791.000
3,056,000
11,114,000
8.578.000
7,603,000
_
1 017,253,000 1.061,840.000 1,056,060.000
89.262 000 109,868.000
81,966.000
64,804.000
59.031.000
59.032,000
80.575,000
75.077.000
75,077.000
5,485,000
11.993.000
11,943,000
124,635,000
711,292,000
4,220,000
Lfahiaffes—
Fed. Reserve notes In actual circulation_
Deposits—Member bank reserve acc't__
Government
Foreign bank (see note)
Other deposits
Sept. 7 1932. Aug. 311932. Sept. 9 1931.
$
$
$
3,949,000
960.000
945.000
3,457,000
4.802,000
4.734.000
84.390,000
91.998.000 114,139,000
15,240,000
14.817.000
14.817,000
17,512.000
29.168.000
28.859.000
Total liabilities
1,845,533,000 1,890.254.000 1,715,833,000
Ratio of total reserves to deposit and
81.9%
55 1%
Fen. Reserve note debilities combined,
54.0%
Contingent liability on bills purchased
16.344,000
76,530,000
817.002,000 346,859,000
14,671,000
for foreign correspondents
Total /Ails and securities (see note)_._ 816,942,000
_ ..
NC/TU.—Beginning with the statement of Oct. 17 l)125. two new items were added in order to show separately the amount of balances held abroad and amounts due to
In addition, the caption "Al) other earnings assets.- Previously made 1.1D of Federal InterineSiato Credit Bank debentures, VFW changed to "Other
correspondents
foreign
discount
aeroritio - 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
4,
Items included therein.
acceptanees and se, orgies acquired under the provisions of Section 13 and 1401 the Federal Reserve Act, which It was stated are the only
1790
Financial Chronicle
D
ry
too.
Sinanriat
r
Glitlittr
(jai
STOCKS.
Week Ending Sept. 9.
rt ir
le
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
Including Postage12 Mos.
6 Mos.
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$6.00
$10.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain. Mexico, U. S.
Possessions and Territories
13.50
7.75
Great Britain, Continental Europe (except Spain). Asia,
Australia and Africa
15.00
8.50
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Business Manager, William D. Riggs;
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Wall Street, Friday Night, Sept. 9 1932.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1775.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending Sept. 9.
Sales
for
Week. I
Range for Week.
Lowest.
.
11 Range Stnce Jan. 1.
Highest.
Lowest.
Highest.
RailroadsPar. Shares. S per share. $ per share. 15 per share.$ per share.
Central RR of N J__100
900 94% Sept
101 Sept 3 25 June 101
Sept
C CC & St L pref.. _100
10 65 Sept
Sept
65 Sept 9 5134 July 65
Chic & East Iii pref_100
200 4 Sept
434 Sept 8
14 May 5
Aug
Cleve & Pittsburgh_ 100
10 61 Sept
61 Sept 0 5034 Aug 61
Sept
Colo & So 1st pref. _100
30 20 Sept
30 Sept 0 8
Mar 30
Sept
Cuba RR pref
100
70 17 Sept
18 Sept 9 4
July 20
Aug
Erie & Pittsburgh..
130 48 Sept
.50
50 Sept 7 48
Sept
Sept 50
Ill Cent preferred_ _100
400 33 Sept
38 Sept 3 93-4 July 38
Sept
Leased Lines_ _ _ _100
210, 43 Sept
45 Sept 7, 1534 June 45
Aug
let Rys of Cent Am.. •
so 3 Sept
3 Sept 8,
Jan
,June 3
iso 8 Sept II% Sept & 3% June 11% Sept
Preferred •
il710
Manhat Elev guar_ _100
19 Sept 71 16
230; 16 Sept
Sept 46% Mar
% Sept 9,
401
100
% Sept
Market St RY
June
% Jan
101
% Sept 9,
14 Sept
Preferred
100
% Sept 2% Jan
2d preferred
20
14 Sept
100
14 Sept 514 Mar
34 Sept 9
20% Sept 7, 614 July 20% Sept
100 20 Sept
M St P & SS M L L..100
800 534 Sept
Preferred
100
6 Sept
% May
Sept
20 60 seat
Morris de Essex
50
60 Sept 3 40
July 60
Sept
220 2834 Sept
Nash Chatt & St L_ 100
30% Sept
7.14 May 30% Sept
Nat Rysof klex 1st pf 100
600
% Sept
3o4 May % Sept
% Sept 6
New On Tex & Mex 100
20 19 Sept
19 Sept 8 9% Aug 20
Aug
Pacific Coast lot pf_100
13% Sept 6 2% May 13% Sept
20 1034 Sept
2d preferred
4% Sept 6 1
210 3 Sept
100
May 4% Sept
Renss & Saratoga.. _100
20 9614 Sept
9614 Sept 6 75
May 00
Aug
South Ry M &0ctts100
500 20 Sept
25 Sept 8 3% June 25
Feb
Indus. & Miscell.Affiliated Products_ _ _* 7,900 914 Sept 9 10 Sept
Amalgamated Leather•
200 1% Sept 9 2% Sept
Preferred
100
400 8% Sept 8 9% Sept
American Ice pref_ _100
200 47 Sept 8 49% Sept
American News
170 23 Sept 6 25 Sept
Anchor Cap Corp pref_*
130 69 Sept 6 75 Sept
Arch Daniels Mid pf 100
240 92% Sept 7 95 Sept
Asso Dry Gds 1st 1)1100
600 37 Sept 3 42 Sept
2d preferred
100
100 20 Sept 9 20 Sept
Austin Nichols prior A •
10 18% Sept 8 1814 Sept
Barker Bros pref._ _100
60 16 Sept 3 16% Sept
Budd (E G) pref__ _100
30 10 Sept 6 11% Sept
25
20 16 Sept 6 16 Sept
Chile Copper
City Stores class A_ __*
20 4 Sept 3 4 Sept
Columbia Pictures ells * 2,300 12% Sept 9 14% Sept
Comm Credit pref (7)25
20 1814 Sept 8 18% Sept
Comm Inv Tr war stpd_
300 1% Sept 6 114 Sept
Consol Cigar pref(7)100
40 49% Sept 6 50 Sept
Crown Cork & Seal pr.*
800 2334 Sept 3 25 Sept
Cushmn Sons pf (7) 100
20 84 Sept 7 85 Sept
Preferred (8%)_ _ _ _ 14
10 72 Sept 8 72 Sept
Davega Stores
5
800 7 Sept 61 7% Sept
Devoe & Raynolds
1st preferred
30 80 Sept 8 85 Sept
100
Dresser Mfg class A__* 2,400 11 Sept 3, 15 Sept
Class B
* 1,700 5% Sept 31 7% seat
Elk Horn Coal pref_50
34 Sept 2 1 Sept
200
Eng Pub Serf pf (6)__*
200 54 Sept 9 54% Sept
8
8
8
7
8
8
6
9
4%
%
534
40
14
40
84
20
8 119
9 1 1l1
10
334
6
1
4%
11 .
14
19
1734
6034
493.4
4
8
6
3
6
8
6
6
9
9
8
9
May
Apr
Apr
June
July
May
Apr
July
JulyJuly
1634
234
10
68
83
75
95
42
Apr
July
June
May
May
June
June
July
June
June
June
May
35%
30
14
16
434
147
%
2134
114
72
25
90
76
734
Mar
Sept
Mar
Mar
Jan
Sept
Feb
Sept
Mar
Sept
Jan
Jan
Sept
Jan
Aug
Mar
Sept
Feb
Aug
Mar
Mar
Sept
Feb
8 5934 June 05
July 23
Feb
8 5
8 23-4 June 1214 May
6:
Ki Jan 1
Sept
9 25 June 61% Mar
Fash Park Assoc pfd 100
60 4 Sept 7 414 Sept
13.4
Fed'I Min & Smelt..100
100 32 Sept 7 32 Sept 7, 13
Fuller Co prior pref__*
200 21 Sept 7 24 Sept 7, 2%
2d preferred
10 18 Sept 8 18 Sept 8 3
General Cigar pref_ .100
20 00 Sept 100 Sept 6' 75
Gen Gas & Elec pf A(7)*
90 25 Sept 3 25 Sept 3 5%
Preferred A (8)......*
so 27 Sept 9 27 Sept 9' 5%
40 1% Sept 3 2 Sept 3 1%
Grand Stores pref...100
150 24 Sept 6 29 seat
Greene Cananea Cop 100
634
20 8 Sept 6 8 Sept 6 3
Guantanamo Sug p1100,
Harbison Walk Refract
20 76 Sept 6 76 Sept 6, 75
100
Preferred
280 103.4 Sept 3 16 Sept 13 6
Inalan Motocycle p1100
200 28 Sept 6 28 Sept 6 7
Keith-Albee-Orp pf 100
1
Kelly-Springfield Tire
%
• 3,700 1% Sept 3 2% Sept 8
Certificates
8% pref ctfs
100 1,200 2114 Sept 3 23% Sept 8 7
600 46% Sept 8 50 Sept 81 16
6% pref ctfs
100
60 3% Sept 3 4 Sept 8 1
Kresge Dept Stores__ _•
30 95 Sept 9 96% Sept 6 88
Kresge (S 5) Co 01_100
10 65 Sept 3 65 Sept 3 40
Laclede Gas pref_ ....100
10 3014 Sept 7 30% Sept 7• 10
McClellan Stores pf_ 100
40 32 Sept 8 34% Sept 3 20
Mengel Co pref
100
5%
Mesta Machine
300 14 Sept 6 14% Sept
5
Newport Industries....1 1,100 3 Sept 6 3% seat 8 134
N Y Shipbuilding__
900 331 Sept 8 4% Sept 3. 134
Preferred
20 40 Sept 7 42 Sept 8 20
i5o
Norwalk T & K pref 100
20 26 Sept 9 26 Sept 9 15
Sept. 10 1932
July 7%
June 32
May 24
June! 32
June 101
July1 30
July1 40
Mad 334
Apr, 29
June, 8
Jan
Sept
Sept
Feb
Feb
Aug
Feb
Mar
Sept
Aug
Aug 76
Aug, 27
Mayi 28
Sept
Jan
Sept
May1 2%
June 2334
May, 50
Apr 5
May 110
July, 65
July, 36
May, 38
May 1934
June 334
June' 434
June 57
Am' 26
,
Sept
Sept
Sept
Mar
Mar
Sept
Mar
Jan
Jan
Aug
Aug
Mar
Sept
Sales
for ,
Week.
Range Since Jan. I.
Range for Week.
Lowest.
Lowest.
Highest.
Highest.
Indus. & Misc.(Cone.) Shares.
Penn Coal & Coke_ _ _50
100
Pierce-Arrow Co 131_100
500
Pirelli Cool Italy
100
Procter & Gamble p1100
20
Rhine Westphal El&Pr_
200
Scott Paper
•
90
Sloss-Sheff St & Ir__100 1,100
Preferred
100
290
$ per share.
134 Sept
22 Sept
3114 Sept
98% Sept
13 Sept
30 Sept
16 Sept
29 Sept
$ per share. $ per share.$ per share.
Apr
July 2
1% Sept 3 1
Jan
May 41
24 Sept 6 14
June 31% Mar
3134 Sept 6 21
Jan
July 103
98% Sept 6 81
Sept
15 Sept 6 834 June 15
Feb
32 Sept 6 18
May 42
19% Sept 7 3% June 19% Sept
2934 Sept 3 6 • July 29% Sept
,
United Amer Bosch.. _ _*
United Dyewood_ _ _100
Preferred
100
17n1v Leaf Tob pref_100
Utah Copper
10
Van Raalte lot pf__100
Vulcan Detinning 01100
Wells Fargo & Co_
1
Wheeling Steel pref_100
11
1No par value.
614 Sept
2 seat
30 Sept
90 Sept
66 Sept
39s Sept
70 Sept
14 Sept
30 Sept
10 Sept
3% Sept
35 Sept
95 Sept
71 Sept
42% Sept
70 Sept
% Sept
30 Sept
1,100
2,120
40
100
30
160
30
260
8
3
8
9
7
7
8
9
3
3% May 10
3%
Pi AP
*
Apr 35
July 95
June 71
July 42%
May 80
%
July
Aug 31%
22
70
35
15
62
14
21
Sept
Sept
Sept
Sept
Sept
Sept
Aug
Sept
Jan
Quotations for United States Treasury Certificates of
Indebtedness, ecc.
MaturUy.
Ins.
Rate.
Sept. 15 1932_ _
June 15 1933._
Mar. 15 1933
May 2 1933._
Aug. 1 103 1...
Sept. 15 1932....
May 2 1934._
134%
155%
2%
27
234%
3%
3%
Bid.
Asked.
100
Int.
Rate. Bid.
Maturity.
June 15
,
moo. loot ,, Oct. 15
Dec. 15
10011»
10041i, 101
Aug. 1
Irlitsh, 1001h, Feb. 1
100
mar. 15
101.
,102
1
1935._
1932._
1032..
1936._
1933._
1933...
Asked.
11114i,
10011,,
10.0,,
1018,,
34% 1010i,
33.4% 101 44.,
3%
334%
334%
334%
101',,
100ii„
10041,s
101 101
10114),
10114,,
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in
Liberty Loan bonds and Treasury certificates on tho 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.1Sept. 3. Sept. 5. Sept. 6.1 Sept. 7. Sept. 8. Sept. 9.
1
First Liberty LoanHigh
315% bonds of 1932-47_[Low_
Close
(First 3%s)
Total sales in $1,000 units.....
Converted 4% bonds origh
Low.
1932-47 (First 4s)._
Close
Total sales in $1,000 units_ _ _
Converted 434% bondsilI igh
01 1932 47 (First 4%s) Low_
Close
Total sales in $1,000 units.,..
Second converted 43-1 %. High
1
bonds of 1932-47 (First Low.
Close
Second4%s)
Total sales in $1,000 units...(High
Fourth Liberty Loan
434% bonds of 1933-3S Low(Fourth 43.4s)
Close
Total soles in $1,000 units_ -Treasury
1111gh
4%,s, 1047-52
Low_
Close
Total sales in $1,000 units... _
{High
45, 1944-1954
Low_
Close
Total sales in $1,000 units..
(High
314s, 1946-1956
Low.
Close
Total sales in $1,000 units__
{II igh
334s, 1943-1917
Low_
Close
Total sales in $1,000 units....
ill igh
35, 1951-1955
Lo.
w
Close
Total sales fn $1,000 units__
H igh
3%s, 1940-1943
110w..
Close
Total sales in $1,000 units_ _ _
{High
3148, 1041-43
Low..
Close
Total sales in $1.000 units_ _ _
{High
334*, 1946-1949
Low_
Close
Total sales in 51,000 Units- .-
101
10055
.
1005h,
29
101
100341,1 101
101
10012
.10055,, 100",, 100041
10055
.100511,, 10040,1 100541
42
35
28
223
10Y11
;
102.,,
102',,
46
107- - 10-1;:, 1024; 102",,
25;,
2
-102
1021,, 1021,, 102',,
102.. 102.,, 10240 1025,,
28
8
99
48
_
-
-
161;;
1034; 103
-- -54; 1034,, 1037,,
1031,, 103
1031,,
1033,, 103.,,
1035,, 103.,, 103.,, 103.4,
1034,,
119
295
259
166
150
107153, 107554, 107",, 108
107
10715,, IIOLI- 10714,, 10714,, 10715,, 107511,,
10715,1 DAY 10715s, 107",, 107",, 107",,
21
117
1
30
45
104s,, 104.,, 10-15,1 104us,
1041,,
104
1042,, 10-1.,, 1045,,
104
1045
,, 104.,, 104.. 10-15,,
104
9
82
4
26
44
102.,, 1025,, 102.,, 1025,,
102",,
102.,, 102.,, 102.,, 102.,,
1021,,
1024,,
1024,, 1025,, 102',, 1025,,
1
3
20
14
115
10011,, 10022
.100",, 10055,,
100",,
10011,, 10015, 100",, 100"ss
10011,,
100",,
1001.as 10014
.10015,, 10055,,
8
4'
161
10
118
96111,31 96",, 9626,, 9630
96".
.
96111,
96113,' 96 10
. 0655s, 962.,,
96",,
961401 9623,, 96244, 9655,,
12
94.
100
161
137
1001h,
100.,,' 10055,, 1002.,, 100",,
1001h,
10015,, 100",, 10022
.10022
.
22
1001h,
10015,, 100.10055,, 1005",,
28
140
127
341
44
1001h,
1001.,,' 10022
.1002*.1 10021ss
1001h,
10015,, 10017
.1001s,,1 100,18
1001h,
100",, 10055,, 10044,, 10041,,
21
4
145
86
7
974h,
97114, 685
. 985,,
0814,,
974h,
9725
. 07",, 98.,,
984,,
97", 97",, 984,1
9727,,
9810,1
39
99
198
124
183
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
54%s
3 Treasury 434s
101",, to 102
110 Treasury 3%s
10251 to 1035 1
.
.
98
to 08
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were
3.48%0
3.48% for checks and 3.483iO3.49 for cables. Commercial on banks,
3.48% 03.48%;sixty days, 3.47% ©3.48; ninety days, 3.4734 03.48% ,• and
documents for payment, 3.48%03.4834. Cotton for payment, 3.48%,
and grain, 3.484.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.91 9-16
03.91 11-16 for short. Amsterdam bankers' guilders were 40.12340
40.1434.
Exchange for Paris on London, 89.06; week's range, 89.25 francs high
and 88.65 francs low.
The week's range for exchange rates follows:
Sterling, ActualCables.
Checks.
High for the week
3.49%
3.4934
Low for the week
3.4734
3,4734
Paris Bankers' Francs'
Iligh for the week
3.9234
3.92
Low for the week
3.91%
3.91%
Germany Bankers' Marks
High for the week
23.80
23.79
Low for the week
23.7734
23.76
Amsterdam Bankers' Guilders
High for the week
40.2234
40.2134
Low for the week
40.11
40.07
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 1776.
A complete record of Curb Exchange transactions for the
week will be found on page 1808.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 3.
Monday
Sept. 5.
Tuesday
Sept. 6.
Wednesday
Sept. 7.
Thursday
Sept. 8.
Friday
Sept. 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share 3 per share $ per share 3 per share $ per share Shares
Railroads
Par
60 4 6212
3
5914 627
8 583 6212 5912 04
4
584 623 93,600 Atch Topeka & Santa Fe .J00
s
8
717 72
714 723
4 73
4 7112 723
73
Preferred _
100
73
1.300
73
423 427
8
8
42
39
39
423
8 39
42
38
3912 7,700 Atlantic Coast Line R1t--100
194 195
8
184 2014 1812 193
100
4 1812 2012 1818 20
80,300 Baltimore & Ohio
2612 2714
26
4 2512 2712 24
2712 2512 253
2512 5,000
Preferred
100
*303 333
4
32
4
334 3312 0303 3312
32
3212 33
4
50
600 Bangor & Aroostook
94
*80
*85
94 .85
.85
94
94
94 .85
Preferred
100
•18
19
193
4
19 .16
1812 *16
19
16
16
100
300 Boston & Maine
.5
514
514 5 4 *412 512
,
51 3 512
514
400 Brooklyn & Queens Tr_No par
54
45
45
.43
47
•43
47
4314 4314 *433 47
8
Preferred ______ __ _No par
300
25
257
8
263
244 2512 24
4 25
2612 25
2614 23,700 Bklyn-Nlanh Tran v t a No par
.62
64
61
62
6112 613 63
64
4
61
62
No par
Preferred v t c
6,200
17
8
17
8
13
4
17
8
17
8
17
s
14
, 17
8 *112
l's 1.700 Brunswick Ter & By SeeNo par
1718 173
173 19
4
4
173 197
4
8 185 203
8
8 184 20 381,400 Canadian Pacific
25
65
65
.60
697 •60
8
6412 *60
70 .60
70
100 Caro Clinch dr Ohio stpd 100
28
2812
273 2812 263 2812 x2714 283
8
4
4 2612 2818 121,700 Chesapeake & Ohio
25
5
514
5
514
5
518
5
51s
47
8 5
4,800 Chicago Great Western_ __100
13
13
1214 133
8 123 133
4
4 1314 1418 1318 133 21,300
4
Preferred
100
4
44
4
4 14
33
4 37
8
33
4 4
312 37
8 6,700 Chicago 5111w St Paul dr Pac__
658 7
614 7
6
65
8
6
7
6
65 35.700
8
Preferred
1312 14
123 137
4
8 123 1358 125 14
4
8
1218 1312 49.900 Chicago & North Western_100
•25
26
26
26
*20
25
2212 23
22
22
1,100
Preferred
100
113 124
4
II
123
8 1112 113
4 1134 123
8 1118 12
10.200 Chicago Rock Ial & Pacific_100
21
19
21 12
2012 193 193
4
4 1912 20
*18
20
1,500
100
7% preferred
*164 18
183 18 4
4
,
16
17
17
17
*15
17
400
6% preferred
100
.28
.28
35
3412
28
28
*24
35
*23
25
100 Colorado & Southern
100
6
6
6
6
6
6
*512 67g 06
7
601) Consol RR of Cuba pref_100
87
88
9012 87
9212
8914 8712 9112 8914 9114 10.500 Delaware & Hudson
100
4012 4414 4014 4312 4034 443
43
443
8
8 383 427 78,100 Delaware Lack & Western_50
4
8
8
818 81:1
9
8
8
*634 8
634 8
3,000 Deny dr Rio Or West pref 100
11
1012 113
113
8
8 1012 103
4 105 113
8
4
918 103 11,200 Erie
4
100
144 145
1418 1414 1318 14
8
13
143
8 1314 1314 5,400
100
First preferred
.912 10
10
10
*912 1014
912 1014 *8
97
8
600
Second preferred
100
2012 2118
203 2112 1918 2114 20 2 223
8
8 193 2112 58.400 Great Northern pref__
4
,
100
.8
814 814
918
7
7
814 10
9
9
1,900 Gulf Mobile & Northern
100
15
14
15
1414 .1312 1512 1512 151 .14
1512 1,100
Preferred
100
23
2114 2278 215 2212 2112 2212 2112 224 5.500 Hudson 47 Manhattan
8
233
4
100
23
224 2478 22
2435
237
8 22
243
8 215 233 70,200 Illinois Central
8
8
100
1312 14
1312 14 .13
14 .13
14
•13
14
230
RR Sec stock certificates_ _ _
Stock
44 5
412 47
8
43
4 54
5
51
414
5
16,500 Interboro Rapid Tran v t 0_100
1418 1412
137 147
8
8 1312 14
14
1514
1412 1412 5.200 Kansas City Southern
100
*2312 2514 Exchange
25
25
24
24
243 25 .23
8
25
100
Preferred
900
2758 29
27
283
8 2612 283
8 26
2914 25
28
50
23,600 Lehigh ValleY
36
3712 Closed343 3635 34
4
364 34
374 3312 35
100
13,800 Louisville & Nashville
7
718
512 718
55
8 63
4
57
8 018
53
8 53 18,900 Manhat Elev modified guar 100
4
.6
97
8
Labor
*6
97
8 *6
8
*6
8
6
100
6
100 Market St Rs prior pref
12
6
8
12
58
12
12
ki
12
58
5
8
1.700 Minneapolis A St Louis_ _ _100
*23
4 3
3
3
Day.
35
8 43
8
4
4
318 37
8
2.400 Minn St Paul & SS Marle_100
812 83
8
884
8
812
77
8 812
8
712 8
13,800 Mo-Kan-Texas RR____No par
2114 22
2012 2134 2112 2112 203 2212 21
8
100
2112 7,200
Preferred
84 812
814 9
818 84
8
9
714 812 18,900 Missouri Pacific
100
1618 163
4
153 1735 1512 1714 1613 18
8
153 173 45,900
4
100
4
Preferred
7g
78
1,
12
*12
54
*4
,
s
Is
ls
600 Nat Rya of Mexico 2d pref.100
293 3012
4
283 303
4
4 283 303
8
8 293 3218
4
293 3112 322,200 New York Central
8
100
j
814 93
93
8 912
912
9
914
100
94
812 812 4,000 NY Chic & St Louis Co
13
1414
1312 14
1312 14
14
13
13
100
13
Preferred
3,200
•116 122
12178 1217 11514 11514 11512 122 *111 120
8
50
110 NY & Harlem
2518 263
2418 257
8
24
25
2411 261
100
2312 2512 3640 NY N H & Hartford
433 443
4
4
42
42
•4034 41
403 4112 40
4
Preferred
40
1,000
127 1335
8
1212 15
133 153
8
8 1418 153
8
4 137 1514 82,300 NY Ontario & Western___100
•12
78
•12
5
.3
8
14
7
8
•38
C's
N Y Railways pref____No par
35
312 33
8
33
4 33
4 .23
4 35
8 .23
100
4 33
8 .23
4 33
8
300 Norfolk Southern
10812 111
11012 112
108 108
110 116
100
10912 11112 3,200 Norfolk & Western
*75
76
76
76
76
76 .76
100
773 .76
Preferred
4
50
774
2214 227
2212 233
8 22
243
8 223 253
100
4
8 2218 2412 90,200 Northern Pacific
.27
3 33
4
*27
8 34 *27
3 33
4 .312 33
100
4
34 312
70 Pacific Coast
2235 2318
2218 234 215 2212 2135 2314 2118 223 114,500 Pennsylvania
8
50
4
*5
0
45
8 47
8
478 478
43
4 511
*4
100
5
1,100 Peoria & Eastern
.1218 1554
0
618 16
*9
15
1572 157
8 .8
15
100
,uette
100 Pere Mar
•15
20
20
2012 *16
197
8 17
1912 16
1612
100
140
Prior pecterred
•1518 18
•15
16
15
15
15
15
15
1514
Preferred
100
320
•197 24
8
•12
24
.16
24
.19
22
.16
24
Pittsburgh & Wes: VIrgliala 100
4912 5012 *47
5112
50
50
46
5114 44
461
_50
3,700 Reading
.33
33
36
33
*274 38 .2712 38
*2712 38
100
1st preferred
50
*33
*33
38
38
*25
33 .2712 33
30
30
2d preferred
50
200
418 412
4
414
4
313 7,500 St Louis-San Franels0o----100
438
3 8 418
5
3
47
8 53
45
8 5
8
43
413 7.000
4 5
4
44 478
100
let preferred
12
11
12
11
.12
13
13
1378 137 137
8
8
1,300 St Louis Southwestern___ _100
.
515
•15
243
2
243 .16
4
24
*17
24 .
1712 243
4
Preferred
100
7
8
7
8
3
4
7
8
3
4
7
3
54
7
8
4
7 26,300 Seaboard Air Line
8
No par
•112 153
114
15
8
138
138
138
13
8
114
13
8 1,200
Preferred
100
2712 293
27
283
4
8 267 293
8
4 293 3214 3018 3312 267.300 Southern Pacific Co
4
100
147 157
8
15
1512
8 1418 153
8 155 1812 1518 1712 49.400 Southern RallwaY
8
100
8 2112 18
213 2158
8
16 4
19
19
2334 20
2218 16,300
Preferred
100
035
•1812 37
447
8 35
35
.30
35 .30
35
100 Texas & Pacific
100
612 612
7
63
4 7
73
8
7
7
05 4
3
7
1,100 Third Avenue
100
•27
8 312 *27
.27
8 314
8 3
272 3
3
3
200 Twin City Rapid Transit._ 100
153 17
4
•1012 15
*1112 17
.7
167 *154 167
8
8
90
Preferred
100
4
773 823
8
813 8258
4 78
81
7812 8314 77
8112 49,800 Union Pacifies
100
67
07
67
684 .65
70
687 69
8
.66
683
4
700
Preferred
100
4
4 14
4
4,
8
37
2 37
2
334 4
312 312 3,400 Wabash
68 68
,
100
,
6
62,
514
54 573
43
4 43
e18
4
900
Preferred A
100
10
11 18
97 103
8
1018 1118
4 10
1118
97 1034 37,000 Western Maryland
8
100
1014 11
11
1018 104
11
1018 11
1012 1012 1.200
2d preferred
100
5314 4
.314 4
.312 4
4
4
.314 4
100 Western Pacific
100
63
8 6711
6 4 612
,
6
7
74 74
6
7
2,900
Preferred
100
158 214
5
7
2478
.21
4
*80 1043
8
735
87
20
12
412
8
603
2
11
.2
273
7%
75
8
*6
14
67
201
13
41
6113
2
1135
23
3
74
7's
834
11
Industrial & Miscellaneous
112 13
4
13
4
17
8
14 218
15
8
2
18,600 Abitibi Power dr Paper_No par
512 64
614 61 t
5
512
614
614
1,900
Preferred
100
*20
2412 *20
241 •21
2412 *21
2412
Abraham dr Straus
No par
.80 1043 .80 10454 .80 1043 *80 1043
4
4
4
Preferred
100
74 712
83
4 912
812 914 93,800 Adams Express
No par
.70
7214 70 70
727 727
8
8 727 727
8
8
210
Preferred
100
8
1912 2012 193 20
19
20
1812 2012 5.200 Adams Mills
No par
1314 1312 13
1352 1352 14
1338 137
8 7.100 Arldreasograpn lot Corpho par
.4
418
412 *312 4
438 *312 4
900 Advance Itumely new _No par
o 603 5312 583 5214 23,601) Air Reduction Inc
6018 013
4 6014 617
4
4
No par
2
2
2
2
*2
212
2
312 1,500 Air Way Elec Appliance No par
104 1114 1014 11
105 11
8
103 103 15,200 Alaska Juneau Gold Min_...10
8
8
*2
23
8
218 21
214 27
8 .212 3
700 A P W Paper Co
No par
23
4 3
284 27
s
24 33
8
27
8
33 136.700 Allegheny Corp
8
No par
718
63
4
7
7
.
7
8
74 814 7,1011
Pref A with 530 warr____100
53
4 64
63
s 6's
735
8
7,2 8
5,200
Prof A with $40 warr_-__100
•64 712
64 612
754
73
4
75
8 6
Pref A without warr...._100
900
1312 1312 1312 13,2 14
15
143 15
4
600 Allegheny Steel Co
No par
.1)1,1 and igked prices: no salea on t
day. r Ex-dividend.
p Ex-rights.
PER SHARE
Range for Year 1932
On basis of 100-share lots.
Lowest
Highest
PER SHARE
Range Jo Previous
Year 1931.
Lowest
Highest
$ Per share $ Per share $ per share $ Per share
177
8June 28 94 Jan 14
8
7914 Dec 2033 Feb
35 July 9 86 Jan 18 x75 Dec 1084 Apr
4May 26 44 Sept 2
93
Jan
25 Dec 120
8
33
8
4June 1 213 Jan 21
14 Dec 877 Feb
6 June 3 4112 Jan 14
25 Dec 8012 Feb
912June 2 35 4 Aug 29
4
18 Dec 663 Feb
3
60 June 1 801 1Sept 2
80 Dec 11312 Mar
4 July 13 19 4Sept 2
10 Dec 65 Feb
3
8July 6 1014 Mar 8
612 Oct 1338 June
27
46 Dec 843 June
2314June 28 58 Mar 5
4
3118 Oct 694 Mar
1118June 8 5014 Mar 8
3112June 8 7838 Mar 5
63 Dec 9414 Feb
8
912 Feb
12 Apr 13
13 Dec
218 Aug 11
714May 31 20582s1ar 5
103 Dec 4538 Feb
4
Apr
72 Dec 102
39 July 26 79 Feb 6
4July 6 3112 Jan 14
233 Dec 4612 Feb
8
93
212 Dec
77 Feb
8
5 8 Aug 29
3
114June 2
712 Dec 2712 July
212May 25 1512 Jan 22
87 Jan
8
14 Dec
412 Aug 25
34June 1
8
118May 26
212 Dec 153 Feb
8 Aug 25
5 Dec 4512 Feb
1412 Aug 25
2 May 31
1312 Dec 116 Mar 1
5 June 29 31 Jan 22
77 Dec 651/ Jan
8
8
11251ay 25 163 Jan 22
14 Dec 101 Mar
414May 26 2712 Jan 14
Jan
1018 Dec 90
2 May 25 2411 Jan 14
712 Dec 48 Jan
412June 29 28 Aug 31
10 Dec 424 Feb
8July 21
1112 Jan 2
27
64 Dec 15714 Feb
32 July 8 9212Sept 3
174 Dec 102
Jan
4514 Sept 2
812June 1
312 Dec 453 Feb
4
9 Jan 13
112May 28
4Sept 8
5 Dec 393 Feb
4
2 May 31 113
63 Dec 454 Feb
8
8
238May 19 157 Aug 27
6 Dec 4012 Jan
2 May 25 1012 Aug 25
1558 Dec 693 Feb
4
51251ay 28 25 Jan 14
312 Dec 2714 Feb
2 May 3 10 Sept 8
1512Sept 8
13 Dec 75
3 June 1
Jan
4
264 Dec 444 Feb
8 May 31 303 Jan 18
86ept 6
4June 1 247
43
94 Dec 89 Feb
7 Dec 61
4 May 5 1412 Jan 2Jan
44 Dec 34 Mar
8
214June 10 145 Mar 7
214June I
154Sept 8
84 Dec 45 Feb
15 Dec 84 Feb
5 June 9 25148ep1 2
5 June 8 2914Sept 8
8 Dec61
Jan
712May 26 3814 Sept 2
2014 Dec111 Feb
4 June 8 203 Mar 8
4
573 Dec 39 Feb
9 Jan 26
314June 2
54 Dec22 Feb
5 Aug II
8
18 Jan 12
4 Dec
3 Jan
4
8Sept 7
78May 13
1 Dec 1111 Feb
43
4Sept 8
37 Dec 263 Jan
8
83
114May 26
2
8
314June 1 227 Aug 2o
1012 Dec 85 Jan
658 Dec 423 Feb
112May 25 11 Jan 22
2
21251ay 26 26 Jan 26
12 Dec 107 Feb
7 Sept 3
8
18 Feb 9
18 Oct
4 Jan
4June 2 364 Jan 15
83
247 Dec 13214 Feb
8
112May 18
24 Dec 88 Feb
93 Sent 8
4
8
2 June 2 153 Jan 22
5 Dec 94 Mar
8214Ma7 18 12712 Aug 16 x101 Dec 227 Feb
17 Dec 947 Feb
8
6 May 26 315 Jan 21
8
52 Dec 1193 Feb
4
117 July 6 783 Jan 14
8
8
8Ju1y 1
35
153
46ept 8
54 Oct 1372 June
1 Feb 26
14 Apr 19
18 Dec
2 Feb
34 Dec
I2June I
3 4Sept 6
3
814 Jan
57 June 27 135 Feb 17 1054 Dec 217 Feb
65 July 5 78 Jan 22
6512 Dec 93 Mar
51251ay 2
1412 Dec 607 Jan
254Sept 8
8
1 Mar 17
312Sept 9
7 Mar
114 June
8
612.11ine 1 233 Jail 21
1614 Dec 84 Feb
912 Jan
7811l8y 27
514Sept 8
112 Dec
4June30 18 Aug 25
13
4 Dec 85 Feb
84 Dec 9214 Feb
312June 2 26 Aug 25
212June 1
24 Aug 25
Jan
518 Dec 80
8 July 22 2112 Aug 25
11 Dec88 Jan
,
912June 10 5214Sept 2
30 Dec 9712 Fe"
15 July 11 33 Jan 29
28 Dec46 Jan
15 May 2 35 Sept 2
Jan
273 Dec 47
8
8May 28
3 Dec 623 Jan
65 Jan 14
8
3
4
I May 2
414 Dec 76
9 2 Jan 22
3
Ja°
3 Slay 21 137
414 Dec 3312 Ja
8Sept 8
9 Apr 15 2012 Jan 26
514 Dec 60 Feb"
4 Dec
138 Jan
Is Jan 2
1 Sept 2
18 Dec
88ep1 2
14 Jan 4
15
218 Jan
612June I 373 Jan 21
2612 Dec 1091/ Feb
8
212May 16
64 Dec 657 Feb
1812Sept 8
8
3 July I 233
10 12cc 83 Feb
45ept 8
15 May 12 35 Sept 7
22 Dec 100
Jan
8May 28 14 Mar 8
37
511 Apr 1514 July
2 Dec 174 Feb
41:June 10
13 Apr 20
8
1112 Dec 62 Feb
7 June 16 244 Jan 26
273
8July 11 9412 Feb 13
7018 Dec 20518 Feh
40 May 31 714 Aug 25
51 Dec 87 May
44 Aug 29
%June 2
Jan
7 Dec 28
s
1 June 1
112 Dec 51
5 Jan 28
Jan
8Sept 2
112May 28 113
8
5 Dec 195 Feb
2 May 26 1114 Sept 2
5 Dec 20 Feb
12June 9
43 Aug 25
4
13 Dec 1478 Feb
2
3
4Nlay 31
b7 Aug 25
s
3 Dec 315 Feb
8
5
8July 11
1I2June 14
10 June 1
68 July 1
13
8May 31
22 June 24
12 June 1
912July 20
114June 8
307
8July 1
I2June 6
73
4June 9
1 July 27
xsMay 31
3
4May 31
%June 3
%June 11
5 May 27
3 Feb 13
914 Jan 15
243 Aug 29
8
98 Mar 1
912Sept 7
727
8Sept 8
30, Mar A
8
14 Sept 8
47 Awl 11
8
631-Sept 8
31.
2Sept 9
1638 Jan 21
4 Mar 15
35
8Sept 8
814Sept 9
8 Sept 8
8 Sept 9
15 Sept 8
2 Dec 144 Feb
47 Dec 52 Feb
4
18 Dec 39 Aug
96 Dec 10612 May
318 Dec 2312 Feb
5012 Dec 92 Apt
224 Jan 334 Aug
Oct 2312 Feb
10
8
2 Sept 113 Mai
475 1)CC 109 8 Feb
8
3
114 Dec 1038 Feb
7
Jan 2018 June
234 Dec
9 Aug
Its Dec 124 Feb
2 Dec 594 Feb
13 Dec 59 Feb
4
1 3 Dec 554 Feb
4
10 Dec 464 Feb
1792
oar FOR
New York Stock Record-Continued-Page 2
PRECEDING.
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Sept. 3.
Monday
Sept. 5.
Tuesday
Sept. 6.
Wednesday
Sept. 7.
Thursday
Sept. 8.
Friday
Sept. 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 190-share lots.
Lowest
Highest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
per share $ per share $ per share
per share
$ per share $ per share $ per share $ per share $ per ihare 3 per share Shares Indus. & MIscell. (Con.).Par $4212June 27 $
4
64 Dec 1823 Feb
8814Sept 8
833 8713 8313 873
4
877
8
8814 8214 8612 69,800 Allied Chemical & Dye_No par
8 84
86
100 9612 Apr 14 119 Mar 11 100 Dec 126 Apr
Preferred
500
11914
4
4
11612 117 .11612 1173 1173 1173 *1163
4
4
116 12 11612
4
1012 Dec 423 Feb
1538Sept 8
June 1
4
8 1318 1414 33,900 Allis-Chalmers Mfg_ __ _No par
133 143
8
8 1318 1413 1334 153
1438
14
8
75 Dec 187 Feb
8
4I2July 7 10 Jan Ii
0914 97
700 Alpha Portland Cement No par
834 918
97
8
*9
8 *812 9
8 *812 97
1114 Dec 23 Mar
4Sept 8
12 Jan 25 223
No par
Amerada Corp
2013 2114 203 2114 2113 223
4 2112 2218 4,200
8
2012 2012
4
518 Oct 293 Feb
3I2June 2 15I2Sept 3
1212 1318 3,400 Amer Agile Chem (Del) No .par
8 1212 1414
1538 1438 143
14
1412 1512
4
1214 Dec 623 Feb
22I2Sept 8
5 May 31
10
2212 2012 2112 8.400 American Bank Notes
20
2014 20
205
8 20
205 205
8
8
35 Dec 6614 Feb
47 Feb 15
28 June 21
50
Preferred
150
4612 47
45
45
45
45
45
45
443 463
4
8
4
43 Jan
27 Aug 25
8
14 Apr 29
14 Dec
1,300 American Beet Sugar__No par
214
214
23
8 212
212 212
219 212
23
8 23
8
8
113 Dec 177 Jan
931 Aug 21
1 Apr 29
100
7% preferred
230
712 712
812 812
814
812 812
812 812
8
8Sept 8
1312 Dec 38 Feb
6I2June 2 177
2,600 Am Brake Shoe & Fdy_No par
17
8
1618 1612 *157 1612 1634 1778 17
153 153
4
4
8
71 Dec 1243 Mar
100 40 July 11 90 Feb 18
Preferred
20
80
*78
80 .78
*77
80
*77
80
77
77
4
5818 Dec 1293 Mar
8
8June 27 737 Mar 8
25 295
595 603
583 6112 5812 6214 203,600 American Can
4
8
8
4 583 61
4
5812 613
100 03I2June 2 129 Mar 14 115 Dec 15212 Apr
Preferred
100
12714 12714
.125 145 .125 135 *126 135
•120 145
4
412 Dec 383 Feb
318June 2 17 Sept 6
10,000 American Car & Fdy___No par
153 1612 125 163
4
163 17
8
8
8 1218 1312
15
155
8
203 Dec 86 Mar
8
100 16 June 30 50 Aug 211
Preferred
45
45
47
4 353* 3812 4,780
457
8 353* 473
457 457
8
8
4
5 Dec 433 Feb
71 1Sept 6
17 Apr 22
8
No par
800 American Chain
*612 714
7
714 714
7
7
7
7
7
8
3014 Dec 485 Mar
18 June 1 3738 Mar 8
No par
900 American Chicle
3718 3718 036
3612 3714 3312 35
37
.36
371s
Oct 2114 Feb
5
6 Jan 13
2 July 13
No par
300 Amer Colortype Co
412 6
4 412
33
4 33
4 .33
.33
4 5
*33
8 5
8Sept 9
May 26 245
8
1912 2114 1912 20
225
8 2212 245 27,500 Am Comml Alcohol new_20 11
1978 2012
20
23 Dec 16 Mar
8
5 Jan 9
I Slay 26
900 Amer Encaustic TIlIng_No par
314
3
3
3
*3
318
3
3
*3
314
7 8 Dec 3318 Feb
5
4Sept 8
23 April 153
4
1518 4.000 Amer European Sec's_No par
0
1512 1514 1534 14
131513 1512 15
618 Dec 513 Feb
6
15
2
No
1334 15 1314 1434 1312 15 13 1414 117,400 Amer & Fern Power No par 5 May 31 3812Sept 21 20 Dec 100 4 Mar
i-c1;
14 Jan
May 31
par
Preferred
2,100
25
29
2978 2812 2812 27
2812 24
2713 297
8
10 Dec 7912 Feb
4May 26 21 14 Aug 29
23
No par
2d preferred
1818 187
1812 19
4 1818 1818 5,100
8 1818 183
1812 1813
18 Dec 90 Feb
33 Jan 18
4.June 1
33
No par
56 preferred
500
24
25
26
26 *2318 2512 .20
26
25
26
8
4 Dec 103 Jan
612 Aug 30
3 May 27
10
SOO Am Hawaiian 99 Co
053
55
8 534
8
514 55
554 53
4
4 614
.53
4 614
8 Mar
1 Sept
67 Sept 8
8
1 May 31
614 612 4,200 Amer Hide & Leather__No par
658 67
8
5
612
47
8 513
*412 5
712 Dec 30 Apr
,314lay 3 27 Sept 7
47
100
Preferred
4,100
*2214 2212
2112 26
1814 19
193* 2158 2214 27
37
Oct 64 Mar
8
June 1 513 Mar 9
4214 4314 4218 4312 6,300 Amer Home Products_No par 25
43
433
8
4 4214 43
427 4312
8
1012 Oct 315 Feb
8
75 Aug 4 215 Mar 8
8
No par
1014 8,200 American Ice
103
4 10
1014 1012 10
10341 11
1018 107
8
6 Dec 26 Feb
212June 2 12 Sept 8
par
1014 111.1 105,800 Amer Internet Corp .No
95 117
8
8 1012 12
913 10
8
97 10
112 Jan
34 Aug 31,
14 Dec
14 Jan 6
Al 1,100 Am L France & FoamIteNo par
5
8
54
3
4
54
3
4
3
4
3
4
"4
7
8
118 Dec 15 July
414 Aug 30
1 July 20
100
Preferred
10
4
124 *2
134
*134 4
•114 4
033
4 412
4
5 Dec 303 Feb
1514 Aug 29
3543July 1
1412 1413 1412 1214 1412 1112 1212 3,400 American LocornotIve_No par
14
1414 1414
4
2912 Dec 843 Mar
100 19 July 5 49 Sept 6
Preferred
1,000
44
44
46
45
4614 48
48
49
46
46
4
16
Oct 433 Mar
7I2June 27 221 1 Jan 14
1614 1614 1818 1714 1712 33,800 Amer Mach & Fdy new_No par
1512 1612 15
1618 167
8
7 Star
4
114 Oct
33 Mar 9
1 June 9
1,400 Amer Mach & Metals_No par
3
3
318
3
27
8 3
27
8 27
8
*212 3
4
47 Dec 233 Feb
8
914 Aug 3o
112.1une 1
9,200 Amer Metal Co Ltd___No par
753 814
818 9
818 812
8
814 87
812 83
4
14 Dec 8912 Feb
612June 2 32 Aug 30
100
6% preferred
300
2913
.25
4
2913 2912 273 287
s 2712 28
2913 2912
8
Oct 397 Jan
1
17 Jan 11
8
1 Jan 4
Amer Nat Gas pret __No pref
6.44315 Ara Power ds LIghtNo par 3 June 2 1714Sept 8 115s Dec 647s Feb
.
-1512 -III; -1i3 IF -1812 Iik; "jigs fi 75-"iii Ii4412 Dec 102 Mar
1514June 30 58 Jan 14
Preferred
No par
5112 6.000
51
4912 5014
4
4 5212 53
50
5114 503 523
4
10 July 6 493 Jan 14
$5 Preferred
No par
4
4014 4112 4112 43
433 4312 5413 4218 2,600
8
397 407
8
8
35 Dec 85 Apr
Pref A stamped
par_ - __- -- - - --- -_
No
Dec
-149ept 9
1
3
5 134 5:14 I112 ii -1214 271,500 Am Rod & Stand San'y_No par - -18June 29 1-2 Feb 19 514 Dec 2112 Mar
51. 16
4
914 10
1238 Feb
1
4
14 Apr
American Republics_ .No par
.
____ ___ ___ ____ ____ ___ ____ ____
--_ ____
8
8
73 Dec 373 Feb
May 25 1812Sept 6
3
25
s
4
1612 1812 1658 17
165 1812 153 173 69,700 American Rolling Mill
8
1658 18
1914 Dec 66 Feb
8June 27 52014 Slur 7
1,100 American Safety Razor_No par 133
4
2534 243 25
25
25
25
2514 25
02414 2514
9 Feb
15 Dec
8
33 Sept 9
8
34June 20
3,600 Amer Seating v t c
No par
8
8
13
4
13
4 •15
212 33
17
8 214
17
s
13
4
13
4
15 Feb
8
18 Dec
7 Sept 2
8
ts Apr 22
2.1
12
3
4
3
4 1,500 Amer Ship & Comm__ No par
12
5
8
12
3*
5
8
58
20
Oct 42 Jan
30 Amer Shipbuilding new_No par
10 June 22 2518 Jan 14
19
19
20
20
*14
20
•14
20
2112
•13
1712 Dec 5812 Feb
31 2714Sept 8
Amer Smelting & Retg_No par
518May
2512 58,800
2714 23
25
27
25
27
2414 247
25
8
75 Dec 13812 Mar
400
Preferred
100 22 June 21 85 Jan 29
63
63
70
59
60
60
.57
62
*60
59
4
45 Dec 1023 Mar
2d preferred 6% cum
1,800
100 15 July 5 55 Feb 19
5038 *4012 50
49
48
48
*4012 47
*40
48
35
35
313 Aug 29
35
35
435
Oct 4214 Mar
3 8 353 355
53
28
8
8
4June 1
300 American Snuff
25 213
.3512 3612
8
977 Dec 1107 JulY
8
20
____
Preferred
100 90 Jan 11 104 Sept 8
103 103 *10318 ___ 104 104 .105
•101 103
Stock
412 Feb
14 Nov
12 Jan 14
Amer Solvents & Chem_No par
18 Feb 15
_ __
1 14 Jan 20
_ __ _
3ti Dec 11 12 Feb
14 Feb 18
Preferred
No par
---- ....... Exchange -___ _ __ ____ _ _ _ ___
5 Dec 3114 Feb
15I8Sept 6
3 May 31
1334 1518 1318 14$8 123 -- -12 11 14 13
-18 20.700 Amer Steel Foundriee_No par
4 14
1238 15
68 Dec 113 Feb
10
82
Preferred
100 34 July 6 80 Feb IS
7518 7515 .75
Closed- *7518 82 .751s 82
*75
82
33 Dec 4814 Mar
4
03312 35
400 American Stores
35
35
No par 20 May 31 363 Mar 3
*3312 35
35
35
*333 35
4
3412 Oct 60 Mar
June 2 3914 Jan 13
5,100 Amer Sugar Refining
8
1041 13
4
23212 333
4 323 3312 325 3312 3214 327
4
Labor
3213 333
8
8412 Dec 10812 Mar
300
Preferred
100 45 May 31 90 Aug 27
*8314 8612
87
87
88
.87
883 .87
4
88
90
312 Dec 11Ie Feb
4
4 1,800 Am Sumatra Tobacco__No pa
23 Apr 29 1014 Aug 25
83
4 83
914 914
95 10
8
9
94
3
Day.
10
10
4
4Ju1y 11 13738 Feb 19 11218 Dec 2013 Feb
115 118 202,200 Amer Teiep & Teleg
100 693
11518 11958 11512 11913 11618 121
1183 120
4
4
6013 Dec 1283 Apr
4
8
8 2.400 American Tobacco
25 4012June 1 863 Mar 9
8018 8214 797 797
8212 8014 81
80
8112 8112
64 Dec 13254 Apr
4
Common class B
8338 31,700
25 44 June 1 893 Mar 8
4
8 81
8 813 843
815 8414 8114 833
8
833 843
4
4
96 Dec 132 May
200
Preferred
11412 11412 5114 114
100 9514Ju11e 2 115 Aug 24
.1123 115 *111 115
4
•111 114
Jan
19 Dec 105
4 June 3 23 Jan 25
300 American Type Founders. 100
2312 2118 2212 20
2313 *21
20
*20
2313
*20
72 Dec 11012 Feb
40
Preferred
31 13 32
43
100 1012July 6 70 Jan 8
*35
*34
43
*38
43
34
34
4
2318 Dec 803 Feb
26 3412 Mar 8
11 May
4
323
4 3114 3318 3018 313 51,200 Am 1Vater Wks &Elee_No par
30
323
8 30
31
323
4
4
4
213 Dec 803 Feb
11 May 27 31 Mar 8
Corn Vol tr ctfs
4
No par
4 2812 3014 273 2913 9,800
28
293
4 2714 293
29
30
6412 Dec 107 Mar
100
26 June 2 7.5 Jan 15
1st preferred
*75 _ ___ 26912 6912
075 *75
*71
_ __
8
25 Dec 117 Jan
8
93
DsMay 25 10 Sept 6
10
No par
884 914 24,100 American Woolen
918 - 8
07
8 - -894
93
953 9313 -9'3
1514 Dec 40 July
Preferred
100 1512 Jan 4 39785ept 8
397
8 3612 3853 16.200
8
s 37
373* 393
8 375 387
383 3914
8
Jan
4
12 Dec
21 Aug 29
14May 10
214 214 1,200 Am Writing Paper etfs_No par
2
2
2
2
2
2
2
2
214 Dec 18 Feb
8 Aug 29
2 July 9
25
0514 7
100
Preferred certificates
514 514 *514 7
*514
7
*514 8
83 Feb
4
212 Dec
6789ept 6
614 67
6
67
8
8
1145lay 25
57
8 67
612 8,300 Am Zinc Lead dr Smelt_No par
8
6
53
4 6
1912 Dec 4518 Aug
35 Aug 311
100
*2513 35
Preferred
.33
35
32
32
25 10 June 1
.32
35
*28
35
914 Dec 8314 Feb
1718 54,200 Anaconda Copper Mining-50
8 15
8 1714 193
3 June 30 1938Sept 8
1618 1738 1612 183
143 15-38
3
6 Dec 2614 Mar
15 Sept 8
1,200 Anaconda Wire & Cable No par
14
15
14
15
12
12
3 Apr 11
12
12
•103 1153
4
13 Sept 36 Feb
51451831 2 1712 Mar 2
14
147
8 5,200 Anchor Cap
8
13
133
4 125 1314 1314 14
No par
1312 1338
4 Dec 1912 Feb
9 Sept 9
8May 31
400 Andes Copper Mining_No par
13
9
9
812 812
*713 10
65
8 7
7
*6
18 Feb
8 May
1414 1413 1,000 Archer Daniels MidiA_No par
7 Apr 18 1512Sept 3
15
1514 15
1513 1513 15
15
1512
Jan
Oct 72
20
900 Armour & Co (Del) pref_100 24 May 31 61 Aug 29
25112 .5112
5312 54
53
541.2 53
. 53
55
55
418 Jan
3 Dec
4
2319ept 9
%June 2
234 37,600 Armour of Illinois class A....25
214
214
8
23
8
218 23
218 23
8
218 218
44
27 Jan
12 Oct
8Sept 9
17
8June 7
Class B
17 21,100
8
3
13
8
25
114
112
114
13
8
114
13
8
13
8
114
518 Dec 47 Jan
157 Aug 29
8
312May 31
12
133
4 6,700
Preferred
100
1312 14
1414
133 133
4
4 14
143 1438
8
9 July'
8
15 Dec
35 Aug .9
8
318
33
8
1 May 3
1.500 Arnold Constable Corp_No par
314 314
314 314
314 33
8
b
318 338
Oct 1012 Fe
4
Apr 4
514
500 Artloom Corp
212 Apr 19
*314 4
4
4
No par
.318 4
4
3
318
3
8
114 Dec 287 Feb
3 Aug 29
23
8 23
4 2,100 Associated Apparel Ind_No par
58June 30
23
4 3
25
8 281
25
8 278
212 233
8
534 Dec 205 Mar
16 11 Sept 8
3 Slay
No par
97 1012 17,700 Assoc Dry Goods
8
97 103
3
4 1012 11
93 1011
4
93 1014
8
Feb
83 Dec 31
4
612July 9 1612 Aug 11
50 Associated 011
25
-__ .15
15
15 .15
_15 15
*1413
Jan
, 10 Dec 39
6 June 8 12, 1 Aug 1
100 Ati G & WI SS Line__No par
113
10
.954 1312 *10 13 0912 -1-312 .10 -11
*9 fi
15 Dec 5312 Jan
4 Jan 22
6's July 25 143
100
Preferred
11
*10
12
*10
12 .10
•10
1212
8
85 Dec 235 Feb
8
8
85 Feb 9 2178Sept 8
25
4
8 2012 213 122,000 Atlantic Refining
217
8 2012
197 2113 2018 215
8
187 2033
8
18 Dec 54 Feb
712July 8 2512 Feb 2
No par
1713 1714 1714 1714 1712 1,400 Atlas Powder
175 175
8
8 17
163 173
8
8
8
7714 Dec 997 Jan
100 45I2June 29 7912 Jan 13
Preferred
80
76 .70
*6912 80 .6912 80 .70
*6913 90
312 Jan
1 12 Dec
37 Aug 10
8
1 July 25
No par
100 Atlas Tack Corp
4 314
4 23
4 .23
4 314
.234 31 4 .23
,
23
.23
4 314
8412 Oct 29512 Apr
4
41May 16 1513 Jan 14
s 6414 7012 235,100 Auburn Automobile_No par 283
6213 7013 6614 743
593 65
4
60
6512
214 Mar
1788ept 9
12 Sept
13 Feb 19
No par
400 Austin Nichols
17
8
17
8
,
8
112
112 .1 8 17
138
13
3
13
8
•114
212 July
12 Dec
7 Jan 8
8
1851ay 17
Au
dCorp
No par
5 Feb
1 Dec
2 Jan 11
7 Mar 30
8
Preferred50
2 Dec
618 Mar
718Sept 8
112June 1
6i
. -Ills
,,,
5.j
- 8 7
1
8r,, -if
No par
Up, 7 186,200 Aviation Corp
-18
45
8 5
,
8
45 Dec 277 Mar
8
12 Aug :.9
2 May 31
No par
8
8
8 103 113 20,800 Baldwin Loco Works
103 117
8
8 10 4 113
3
3 1012 117
1112 12
15 Dec 10412 Mar
8 May 27 3718 Aug 29
100
Preferred
1,100
30
4 30
333
304
31
32
3018 33
34
347
8
86 Dec 107 Feb
_100 62 July 8 99 Feb 25
10 Bamberger (I.) & Co pref85
.80
*80 8 85
3
.803* 85
*8014 85
85 85
MI Oct 10 Jan
313 Aug 24
12 Apr 9
No par
Barker Brothers
8
,
8 27
8 .1 8 27
8 *15
8 27
8 *158 27
*15
*15
8 27
8
4 Dec 1412 Feb
7 Sept 8
8June 1
33
5
8
614 67 68,300 Barnacle! Corp class A
612 7
614 634
61s 614
618 612
14 Dec 33 Jan
4 June 2 13 Feb 1
No par
120 Bayuk Cigars Ina
12
12
12
1134 12
12
12
12
12
.8
60 Dee 00 Mar
100 35 July 29 59 Jan 7
lot preferred
10
4712 4712
.48
54
•4712 54 .4713 54
.48
54
37 Dec 81 Mar
50 1618May 17 4312 Jan 14
8 2212 15,300 Beatrice Creamery
213
23
2034 213
2114 21
8 21
1912 205
8
90 Dec 111 Star
100 70 May 20 95 Jan 18
Preferred
100
8
.827 8618
84
.817 84
8
84
•817 84
8
*807 84
8
3712 Oct 62 Apr
20 29145[ay 31 45 Aug 27
100 Beech-Nut Packing Co
46
044
.44
.44
46
46
.44
46
4412 4412
618 Aug
13 June
4
834Sept 8
25 Jan 4
8
par
8 84 31,900 Belding Ileminway Co_No
75
778 83
4
73
4 812
712 814
7 8 818
3
4
547 Dec 803 Jan
8
8June 1 6212July 8
573
200 Belgian Nat Rys part pref. ___
6134 62 .62
.6113 62
.6214-65
.613 62
8
125 Oct 2512 Feb
8
4
4125tay 27 183 Jan 14
No par
8 187,300 Bendix Aviation
1414 16
4 1414 157
15
163
163
8 15
1318 143
3
193 Dec 4614 Star '
4
8
4June 2 247 Feb 19
53
No par
Co
1512 1612 8,100 Best &
8
163 173
4
4 165 1718 1614 1778
165 175
8
8
1714 Dec 703 Feb
8
7I4June 28 2953Sept 6
275 97,200 Bethlehem Steel Corp No par 1614 July I 74 Jan 9
8
277 297,
8
8 2714 2914 2412 287
8 25
243 2712
8
60 Dec 12378 Mar
100
7% preferred
8 6,300
557
5878 54
58
6114 5514 60
593 613
57
4
4
6 Dec 29 Feb
352June 1 10 Aug 11
No par
200 Blaw-Knox Co
101
4 912 . *814
012 083
.8
9
9
93
4
*8
15 Oct 21 Nov
614June 13 14 Feb 15
Bloomingdale Brothers_No par
12,2
.77 1212 .10
8
1212 .10
1212 *10
1212
*9
Jan
75 Dec 95
100 50 Apr 22 61 Jan 6
Preferred
120
60
.40
60
60
60
60
60 .40
*40
60
8June 2 2214 Jan 14 51512 Dec 63 Aug
47
par
4
175 183
8
8 1714 193
1618 173 15,300 Bohn Aluminum & 13r_No
8
4 173 19
1714 183s
49
Oct 26614 Apr
No par 31 June 1 54 Sept 8
1,000 Bon Am! class A
8
8
.513 543
52
50
53
54
54
52
*50
5454
3 Feb
42 Dec
1 Aug 23
185153
,13
No par
Booth Fisheries
.12
5
8
.14
58
014
5
8
*14
5
8
014
5
8
112 Dec 1714 Feb
114 Jan 5
12May II
100
1st preferred
93
8 2
25
8
*58
.5
8 212
*5
8 2
.
5
8 258
3518 Dec 7612 Mar
20July 1 4313 Mar 9
25
8
8 3114 33
3014 3218 3014 315
31 18 327 56.300 Borden Co
31
32
9 Dec 303 Feb
4
sMay 26 141,9ept 8
33
10
4
11
113 1312 1212 1414 1238 133 69,500 Borg Warner Con
4
1214
107 1114
8
33 July
4
1 14Sept 7
'2 Dec
14 Apr 26
1,100 Botany Cons Mills class A..50
I 3*
114
1
1
1
114
1 18
114
'2 1
4,
4
712 Dec 223 Mar
4131ar 5
113
1
2 13June
7
77
8 834 53,100 Briggs Manufactaring_No par
833 942
8
9Is
8
812
818 83
8
• BM and asked prices: no sales on hls day. 2 112-dtvldend. o Ex-rights.
tar FOR SALES
New York Stock Record-Continued--Page 3
HIGH AND LOW SALE PRICES
--PER SHARE, NOT PER CENT.
Saturday
Sept. 3.
Monday
Sept. 5.
Tuesday
Sept. 6.
Wednesday
Sept. 7.
Thursday
Sept. 8.
$ per share $ per share
*912 10
---- ------- -- - 8212 84
3378 3413
4
4
53*
514
8
10
80
.70
21 2,4
/
4
318 318
*3
312
6
/ 7
1
4
/
1
4
1214 12,
2
*83
8 87
s
26
26
.494 50
113 112
2
2
518 514
211 221.
/
4
6912
.62
14
13
/ 1
1
4
111
•
Friday
Sept. 9.
Sates
for
the
TVeek.
STOCKS
NEW YORK STOCK
EXCHANGE.
S per share $ per share S per share $ per share Shares Indus. & kliscell. (Con.) Par
912 912
9
/ 93
1
4
8 10
10
*9
11
400 Briggs & Stratton
No par
---- ---- ---- ---- ---- --- - --_- ____
Brockway Mot Truck No par
7% preferred
100
843 - / 84 153
4 854
1
8512 81
4 82
--82
4,400 Brooklyn Union Gas_No par
35
35
*32
35
*31
36
*31
36
400 Brown Shoe Co-------No par
412 412
4
4
4
4
*312 414
I,6fr Bruns-Balke-Collender.No par
51 5
/
4
/
1
4
6
5
/ 6
1
4
714
61 67
/
4
8 2,600 Bucyrus-Erie Co
10
10
10
.9
10
*8
10
10
1018
Preferred
900
10
*70
80
80 80
*70
85 .70
85
7% preferred
10
100
218 238
214 2
/
1
4
23
8 212
2
/ 212
1
4
4.700 Budd (E G) Mfg
No par
33*
311
3
3
/
1
4
3
/ 3
1
4
/
1
4
33
8 3.
12
0,100 Budd Wheel
No par
.3
318 3 .1 31
33*
/
1
4
3
/
4
/
4
3 4 314
,
200 Bulova Watch
No par
7
713
7
8
713 8
*7
74 5.000 Bullard Co
/
1
No par
1214 121 1214 131 1112 13
/
4
/
4
1112 124 30,300 Burroughs Add Mach_No par
/
1
812 8
/
1
4
818 93
4
8
/ 912
1
4
812 8
/ 2,700 Bush Terminal
1
4
No par
2518 251 25
/
4
253
4 243 25
4
2212 2418
410
Debenture
100
50
51
50
52
52
533 .52
4
54
180 Bush Term Bldgs prcf
100
11
/ 11
4
/
4
1 18
11
/
4
13
4 17
8
11 11 1,600 Butte A; Superior Mining...10
/
4
/
4
13
4 2
11 2
/
4
13
8 11
/
4
5
13
4
17
8
3,900 Butte Copper & Zt.
5
57
8
5
53
8
5
512
5
/ 512 3,400 Butterick Co
1
4
A. -,ar
22
2412 224 24
/
1
2212 241 2118 234 56,300 Byers & Co(AM)
/
4
/
1
No par
69
69
*62
70 .62
8912 62
62
40
Preferred
100
131 151
/
4
1412 17
1712 19
1612 1814 18,600 California Packliag.---No par
7
8
/ 1
1
4
1
/ 1
1
4
/ 1
1
4
13,200 Callahan Zinc-Lead
10
Calumet & Arizona Mining _20
---- ---- ---- ---- ---- ---- ---- -- - ___
618 61 1
63
8 7
7
73
4
7
77
8
61 7
/
4
-14 22.200 Calumet & Hecia
25
7
*74 7
/
1
4
7
714 73
4
714 8
612 7
1,500 Campbell NV & C FrlyNo par
/ 13
1
4
12
123 13
4
127 144 14
3
/
1
147
8 1314 15
23,600 Canada Dry Ginger Ale No par
23
23
2314 23$4 *22
2318 224 2314 22
/
1
2312 1,700 Cannon Mills
No par
8
9
812 914
734 8
/
1
4
83
4 912
73
4 84 3,000 Capital Adrainis al A_ _No par
/
1
.
.2834 40 .283 35 .2834 32
.273
__
4
*28
40
50
Preferred A
4- 1
654
6312 - /
6012 654 61
/
1
6312 5912 65
5914 6214 181,600 C9.90 (J I) Co
100
69
69
72
74
74
74
70
70 .7014 75
Preferred certi fiestas_ _ _100
860
/ 1313
1
4
12
1218 13
/ 123 13
1
4
8
1218 1312 111 127 31.300 Caterpillar "Fractor__No par
/
4
8
-------- --------------------.---Cavanagh-Dobbs Inc_No par
---- --- 100
Preferred
._
4
Ili's -- -- "io" Tili --912 11-1- --512
108 113
1252
4
I61- - - :500 Celanese Corp of AmNo par
4 28
.214 2
/
1
4
*214 24
/
1
212 212
212 212
2
212
No par
400 Celotex Corp
13
8 11
/
4
13
8
112 .114
13
8 *114
112 *114
No par
112
Certificates
300
6
6
.5
6
*5
6
.5
6
5
518
No par
Preferred
70
20
20
20
2018 20
/
1
4
2014 )914 2012 19
2014 3,200 Central Aguirre Asso No par
413 412
413 41 *412 434
/
4
413 41 .4
/
4
412 1,000 Century Ribbon Mills_No par
.62
69
.62
69 .62
69
*62
69
*62
100
69
Preferred
13
/ 1414
1
4
1414 15
1418 15
1414 1512 1318 1412 35,400 Cerro de Pasco Copper_No par
2
/ 27
1
4
8
24 3
/
1
.23
4 27
8
23
4 27
8
2
/ 2
1
4
/ 1,200 Certain-Teed Products_No par
1
4
•12
1712
•13
1712 .13
1712 .16
1712 13
13
100
100
7% preferred
1514 1514
1513 1512 15
151 15
/
4
1514
15
1513 3,000 City lee & Fuel
No par
.563 58
4
563 58
4
593 593
4
4 58
58
.563 58
4
100
Preferred
150
1912 2434
24
253
8 2412 28
2712 28
271 3018 9,700 Checker Cab Mfg Corp. ___5
/
4
194 20,4
/
1
19
2014 19
2014 219
/ 20
1
4
/ 19
1
4
2014 29,502 Chesapeake Corp ___No par
5
5/
1
4
412 514
43
4 5
43
4 53
4
5
612 12.600 Chicago Pneumat Tool_No par
1012 104
/
1
103 1114 104 111 11
8
/
1
/
4
113
4 1114 1214 6,200
No par
Preferred
•117 12
8
111 12
/
4
.1112 111 .11
/
4
117 •11
8
111
/
4
No par
30 Chicago Yellow Cab
*93 104
4
/
1
*93 1212 1213 1212 1212 1212 *10
4
1212
10
700 Chickasha Cotton 011
514 53*
5
53
8
5
54
51 712
/
4
7
7
/ 5,400 Childs Co
1
4
No par
1712 18,
4
18
19
/ 19
1
4
21
1918 211 184 203 409,100 Chrysler Corp
/
4
/
1
No par
8
11 13
/
4
4
Stock
113 lSg
112
11
/
4
113 112
114
No par
11 5,300 City Stores new
/
4
.71 812
/
4
.7
814 .7
812 .7
812 .7
No par
Clark Equipment
312
16
16
Exchange .16
1612 •16
17
167 17
8
17
1713
700 Cluett Peabody dr Co._No par
.92
95
.92
95 .931 95
/
4
.9318 95
•93
100
95
Preferred
10112 1013 Closed4
101 10212 10114 10212 10214 1043 1023 10834 16,700 Coca-Cola Co
8
4
No par
47
47
4712 4712 *4714 4712 47
4712 *4612 48
No par
1,400
Class A
17
/ 183
1
4
8
Labor
1818 19
/ 18
1
4
187
s 1712 183
4 1718 17
/ 20,800 Colgate-Palmolive-Peet No par
1
4
*854 86
/
1
8614 8718 86
864 873 88
/
1
8
100
z87
/ 87
1
4
/ 1,000
1
4
6% preferred
8
/ 918
1
4
Day.
812 9
814
913
9
931
8
/ 9
1
4
No par
11,20C Collins & Altman
•71
943
4
.71
944 .71
/
1
943 *71
4
943 .71
4
Non-voting preferred___ 100
944
/
1
.9
12
.9
12
*9
12
.9
12
.9
Colonial Beacon 011 Co_No par
12
133 144
4
/
1
1312 141 121 14
/
4
/
4
1212 1334 1112&Ir new _No par
13 4 9,300 Colorado Fuel
,
3612 371/4
3434 3738 353 3814 363 3912 3618 3812 39,500 Columbian Carbon v t c No par
8
4
194 204
/
1
/
1
1918 2018 19
20
/ 1014 21
1
4
19
204 152,500 Columbia Gas & Elea_ _No par
/
1
7812 787
8
79
79 18 7712 784 78
/
1
100
7913 79
Preferred series A
79
1,300
6
/ 714
1
4
71 73*
/
4
713 713
7
72
,
6
/ 74 12,900 Commercial Credlt____No par
1
4
.2518 29
•26
2912 *2512 2912 264 264 •243
/
1
/
1
4
50
Class A
100
20
21
•18
207
8 18
18
*183 204 •18 - ,i
4
25
Preferred B
90
20
.70
73
•70
73
*70
73
7014 7014 x7012 70,2
.100
20
8 Si% first preferred..l00
2613 273
8
x26
27
/ 2412 253
1
4
4 25
251 2412 243 11.700 Comm Invest Trust-No par
/
4
4
.87
68
x79
79
79
79
.79
8212 79
79
No par
Cony preferred
300
.95
98
x95
9812 *9813 105
9812 981. *96 105
100
60
63.4% lot preferred
1012 111
/
4
11
113
4 11
1238 123 1334 1234 13 196,700 Commercial Solvents_No par
8
/
1
4
4
/ 518
1
4
4112 5
434 5
434 5
4
/ 47 115.200 Commonwlth & Sou__ _No par
1
4
8
6214 6312
6313 64
63
64
6412 6618 264
6412 3,700
58 preferred series__ _ No par
.11
12
•11
12
.11
12
117 12
8
*11
1312
200 Conde Nast Publica'us.No par
103 11
4
11
113
8 11
1214
113 12
8
107 1112 13,100 Congoleum-Nalm Inc. _No par
8
*9
1214
*93 111 .93 1214 10
4
/
4
4
11
*9
/ 11
1
4
Na par
700 Congress Cigar
*1013 1034
•1012 103 .1012 103
4
4 1013 11
*10 4 113
,
No par
4
500 Consolidated Cigar_
•4313 49
477 50
8
•4313 50 .4312 50
*4312 50
100
Prior preferred
70
312 313
3
314 .318 312
314 312
33*
No par
33*
900 Consul Film Indus
714 713
612 634 .67
8 74
7
714
7
14
7
/ 2,200
1
4
Preferred
No par
64
65
6314 65
/ 624 6512 63ii 66
1
4
/
1
62
/ 65 107,900 Consol Gas(NY)
1
4
No par
.95
9612
96
97
9612 9612 941 947
/
4
8 92
943
8
Preferred
600
No par
7 8 73
3
8
712 73
4
73
3 71
/
4
7
71
/
4
74 712 6.800 Consul Laundry Corp_No par
813 813
814 9
812 83
4
818 87
8
8
8, 74,200 Consol Oil Corp
4
No par
•100 101
•100 101 .100 101
101 101 *100 101 1 2
100
100
8% preferred
Di
1 12
13
2
112
114
112
114
13
2
1
Di 17,400 Consolidated Textile_ _No par
.218 212
.2
212 *2
212 *2
218 .2
218
Container Corp A vet_ _No par
7
8
7
8
1
1
7
2
1
7
2
1
*7
8
1
3.200
Class II voting
No par
712
712
7
/ 712
1
4
714 8
7
/ 8
1
4
73
3 7
/ 5,600 Continental Bak elms A No par
1
4
118
14
114
14
118
13
8
1 14
11
/
4
1 14
114 11.600
Class B
No par
44
4512
44
45
44
44
4412 4412 4312 4312 1,400
Preferred
100
34
353*
34
354 333 3412 334 3412 33
/
1
8
/
1
3518 22,500 Continental Can too.. _No par
61 4 6,
4
63
3 7
6
/ 812
1
4
6
8
53
4 6, 14,200 Cont'l Diamond Fibre_No par
4
213 217
4
8
2114 221 203 213
/
4
4
8 2012 211 20
/
4
207
3 5,900 Continental Insurance
10
11
/ 134
4
15
8
11
4
/
4
11 17
/
4
153
13
8
13
4
17 11.200 Continental Motors___No par
8
8,4 84
/
1
812 9
/
1
4
83
4 91
/
4
8
/ 94
1
4
814 8
/ 68.800 Continental Oil
1
4
No par
_, 2 .6cs _iiti _ ,i38 .., ws _5_1_5_8
..i
i.
5
_
, ..
i
_
Continental Shares_ _ _No par
-493 Ili 14
49
.51
32,900 Corn Products Refining__ _25
•1251 1284
/
4
/
1
*128 1284 12834 1283 .129 135 .130
/
1
4
1347810
Preferred
100
53
3 812
534 6
5
/ 6
1
4
/
1
4
67
8 714
7
7 8 24,400 Coty Inc
3
8
203 207
4
No par
204 2118 2013 2012 21
/
1
21
213 217
4
8
1,000 Cream of Wheat
No par
-iii -- -,- --;:T ---- -;-- ---- ---- ---- ____ z, Crex Carpet
5
100
*5
512
8
4
.4 4 57
2
5 4 54
,
/
1
73* 5,800 Crosley Radio Corp. ___No par
53
4
8
8
107 107
103 11
3
103 11,
4
4
107 12
8
/ 1214 133
1
4
4 7,900 Crown Cork & Seal--No par
23
4 234
2
/ 2
1
4
/
1
4
212 212
24 24
/
1
/
1
2
/ 23
1
4
4 1,000 Crown Zellerbach
No par
21
20
2013 21
21
211 20
/
4
2112 *1612 17
2,800 Crucible Steel of Amerlea_100
371 3712
/
4
3613 3813 38
384 371 38 .35
/
4
38
230
100
Preferred
24 2 2
/
1
,
23
3 312
3
312
3
312
3
3
10,600 Cuba Co
No par
--_- ------- ---- ---- ---- -___ ____
Cuba Cane Products_.No par
_No
3
33
3 4 33i
8 33
4
313 312
318 312
3
33
8 1,900 Cuban-American Sugar_ l0
10
•22
23
23
24
.22
23
22
22
22
22
60
Preferred
100
Cuban-00min Sugar__No par
---- 34
_
---- ---- ---- ---- ---- ---- .32 ---- ___
33
;ai- - f33
3213 3212 3212 3212
300
Peeking
50
19
/ 2012 2034 25
1
4
184 193*
22
/ 2412 2118 2313 7,600 Cudahy
1
4
Curtis Publishing Co .No par
723 723
3
8
73
73
75
76
76
78
7312 751 1,200
/
4
No par
Preferred
218
212 2
23
8
/
1
4
2
/ 3
1
4
2
/ 3
1
4
212 2 155,700 Curtiss-Wright
/
1
4
No par
338 414
414 43
4
412 43
4
4
41
/
4
33
4 414
Class A
100
1113 12
8
11
117
113 113 •1114 111 1118 1114 20,500 Cutler.11ammer
8
8
/
4
1,300
Mfg___No par
8
814 8
914
/
1
4
8
87
8
712 8
/
1
4
6
712 21,000 Davison Chemical
No par
.213 3
nig
3
.218 3
.212 3
.212 3
12
13
127
8
111 1212 111 111 107 107 _ _ _ _ Debenhaut Securities____5 Seh
/
4
12
/
4
/
4
8
8 5,10. Deere & Co pref
20
9318 9534 95
893 9212
96
4
9818 983
4 96 4 9818 3,600 Detroit Edison
3
100
•1212 14
13
15
•1212 14
1412 16
.14
17
/
1
4
700 Devoe & Reynolds A__No par
1812 1918 183 183
4
4 18
18 3 19
,
/ 10
1
4
1814 184 4,900 Diamond Match
/
1
No par
244 25 .25
/
1
24
/ 241
1
4
/
4
2512 25
254 •25
/
1
254
/
1
re
700
25
Preferred
• Bid and asked prices: no sales on this day. z Ex-dividend.
1793
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
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
4 May 26 1012 Jan 14
8 Sept 241 Mar
/
4
14July 1
54 Mar
118 Aug 10
3 Dec
8
112 Apr 22
57 Jan 9
212 Oct 26 Feb
8
46 June 2 8912Mar 8
723 Dec 1293 Mar
8
8
23 July 9 36 Feb 15
323 Jan 4512 July
4
412Sept 6
l's July 8
218 Dec 15 Feb
314 Dec 20 Feb
112June 2
714Sept 8
/
1
4
212May 31 1018Sept 9
43 Dec 347 Feb
8
8
35 June 16 80 Sept 7
75 Dec 114 Apr
12 Apr 9
2 4 Jan 14
3
112 Dec
5 Feb
/
1
4
%Slay 26
/
1
24 Dec 13 Feb
413 Jan 14
118 Apr 11
314 Dec 154 Jan
312 Jan 25
/
1
218May 28
8 Sept 7
3 Dec 23 Feb
/
1
4
614June 1 131: Aug.)
10 Oct 324 Feb
312June 23 213
153 Dec 31
4Mar 9
8
Feb
714 July14 65 Mar 9
49 Dec 104
Jan
1214 July12 85 Jan 7
85 Dec 113 Mar
17
8Sept 8
12July 5
3 May
4
13 Feb
4
12 Apr 5
2 Sept 1
1
Dec
23 July
4
13
5
/
1
4Sept 8
8June 10
/
1
3 Dec 204 Feb
7 May 16 244Sept 8
104 Dec 693 Feb
/
1
4
/
1
3514May 23 69 Sept 6
68
/
4
Oct 1061 Feb
19 Sept 8
114June 1
8 Dec 53 Feb
11 Mar
/
1 Aug 12
4
18June 17
14 Oct
x21
Oct 43 Mar
/
1
4
112May 27
77
3 Dec 113 Feb
8Sept 8
8
212June 1
4
914 Aug 2
/
4
53 Dec 161 Mar
6 June 2 15 Sept 9
104 Dec 45 June
/
1
45ept 6
101sJune 2 233
17
Jan 25 Mar
218 Apr 8
912Sept 8
412 Dec 16
Feb
19 June 16 32 Aug 2!
24 Dec 361 Feb
/
4
3314 Oct 13112 Feb
48ept 3
183
4June 9 t53
30 May 17 75 Jan 12
53 Sept 116 Mar
43
8June 2 15 Ja:t 18
1014 Dec 5212 Feb
1,2 Jan 7
4 Feb 11
4 Feb
12 Dec
/
1
4
7 Jan 12 22 Feb 11
/
1
4
53 Dec 26 Mar
8
121Sept 6
/
4
2 Dec 16 Feb
/
1
4
1 14June 21
7 Aug 10
8
218 Dec 143 Mar
33 Jan 18
8
8
214 Feb 29
54 Aug 11
11 Dec
/
4
1334 Mar
712 Mar 15
4June 17
13
7 Dec 373 Mar
/
1
4
4
11
Dec 253 July
74June 2 2013Sept 8
/
1
4
212 Jan
23
8June 2
614 Jan 9
814 Sept
60 July 11 85 Jan 23
50 May 90 Sept
312June 2 1512Sept 8
07 Sept 3018 Feb
8
1 May 26
714 Mar
3 Feb 17
/
1
4
214 Jan
8 Slay 24 1 . Aug 23
11
,
/
1
4
Jan 35 Aug
11 13July 12 2812 Feb 19
2512 Dec 373 Feb
8
50 July 8 68 Jan 5
6312 Dee 90 Apr
1612 Aug 19 3018Sept 9
47
8June 28 2203:Sept 8
13 Dec 5418 Feb
/
1
4
I May 25
3
/ Oct 1518 Feb
1
4
63 Jan 22
4
212June 17 1214Sept 9
63 Dec 35 Feb
8
612July 15 14 Mar 12
8 Sent 23 Jan
5 June 10 12i2Sept 7
8 Dec 123 Mar
4
112June 23
73
;Sept 9
518 Dec 334 Feb
/
1
4Sept 8
5 June 2 213
1134 Oct 253 Mar
4
14 Dec
218 Jan 14
'4 July 5
438 Feb
314July 12
8 Jan 7
/
1
4
812 Dec 22 Star
/
1
4
10 Apr 14 22 Mar 5
15 Dec 3418 Feb
90 June 1
92 Dec 105 July
96 Feb 15
741 July11 120 Mar 8
9712 Oct 170 Feb
411
451 Dec 531z-bine
/
4July 9 50 Mar 22
/
4
11 June 30 3112 Mar 9
24 Dec 501 Mar
/
4
65 June 1
95 Mar 11
79 Dec 10418 Sep,
/
1
4
2 4Stay 31
3
107 Mar 7
612 Dec 1712Jtme
8
55 June 9 80 Mar 17
68 Der 95 Aug
12 Aug 19
9 Jan 11
7' June 1012 Nov
147
8Sept 3
2
/
1
4July I
612 Dec
1912June
1312May 31 411 Mar 9
32 Dec 11158 Feb
/
4
111 Dec 45 Star
414June 2 21 Sept 8
/
4
/
1
4
40 Apr 8 794 Aug 30
/
1
7218 Dec 10912 Mar
3
/
1
4June 2 11 Mar 5
8 Sept 2314 Feb
113 July 19 2( Sept 2
4
1918 Dec 3578 Feb
1012June 14 21 Sept 3
15
Oct 241 July
/
4
40 June 7 73 Aug 25
52 Dec 92 Sept
107
8June 2 27 Mar 3
1512 Sept 34 Mar
/
1
4
5512June 2 279 Sept 6
60 Dec 90 Jan
88 June 3 z9813Sept 6
94 Dec 106 Aug
312May 28 133
4Sept 8
61 Dec 2112 Feb
/
4
518 Aug 2
,
3 Dec
8June 2
12 Feb
13
273
8June 2 6812 Mar 11
46 Dec 1003 Mar
8
5 Slay 25 12 Sept 8
10 Dec 3414 Feb
612June 2 121:Sept 7
67 Jan
8
143 Aug
4
4 May 28 11 Sept 8
6 Dec 303 Mar
/
1
4
4
43 Aug E. 2412 Jan 8
4
20 Sept 373 June
4
17 June 2 60 Star 7
42 Der 73 Mar
31
/
43une 15 Feb
1 June 1
53 Jan 11
8
23
4June 14 113 Mar 7
/
1
7
/ Oct 184 Feb
4
1
4
3112June 2 834 Mar 8
/
1
4
5714 Dec 109 Mar
/
1
7212June 2 97 Sept f
88 Dec z107 July
43 Aug 13 101 Jan 13
/
1
812 Dec 154 Mar
4
/
4
/
4
41 Dec 151 Feb
/
4
4 June 1
9 Aug 11
64 Dec 103 Mar
79 Feb 6 101 Sept 8
11 Aug 3;1
/
4
14 Jan
134 Mar
14Mar 22
8
812 Jan
%June 18
7 Dec
212 Feb 19
14May 4
14 Dec
3 Jan
Ds Jan 18
412 Dec 30 Feb
27
8 Sept 7
8Stay 31
12 Dec
178Sept 9
3 Feb
/
1
4
12 Apr 7
40 Sept 7712 Feb
247
/
1
4
8June 2 47 Mar 5
3014 Dec 623 Mar
8June 27 41 Mar 8
173
4
312 Dec 167 Feb
3 Apr 6
812Sept 7
8
1818 Dec 511 Feb
8
6 4Stay 25 254 Aug 23
/
4
1 Dec
8Sept 8
412 Feb
/
1
4May 27
17
3 8June 2
3
/
1
5 June 12 Feb
4Sept 6
9
14 Dec 12 Feb
IsJune 15
3 Jan 13
4
/
4
244July 6 511Sept 8
3614 Oct864 Feb
/
1
/
1
9912June 2 12912 Jan 11 118 Dec15213 Apr
112May 31
8Sept 9
73
2 I)ec 18 Feb
/
1
4
1312June 27 23 Mar 9
20 Sept3412 Mar
1014 Jan 5 263 Aug 24
4
1014 Nov19 Apr
/
1
4
214May 3
714Sept 9
2 Dec8 Feb
/
1
4
/
1
4
x77
8May 31
15 Mar 5
134 Dec384 Feb
/
1
4
/
1
12June 9
3 Aug 29
/
4
81 Jan
11 Dec
/
4
6 May 31 2314 Jan 14
20 Dec 63 Feb
15 June 29 497 Jan 14
367 Dec106
8
8
Jan
',June 6
/
4
7g Dec
51 Jan
312Sept 6
18 Apr 19
4 Dec
12 Jan 15
24 Jan
/
1
a8May 25
3 Aug 31
/
1
4
5 Mar
/
1
4
Dec
1
312Stay 26 26 Aug 31
Jan
8 Dec 35
112 Jan
/ July
1
4
20 May 26 3512 Mar 9 x29 Oct 484 Star
/
1
7 June 29 31 Jan 15
20 Dec 100 Feb
47 June 1 86 Jan 14
/
1
70 Dec 1184 Mar
7
8May 5
Dec
5 Feb
3 Sept 7
/
1
4
1
112 Star 28
812 Mar
4 Sept 6
/
1
4
13 Dec
3
312May 28 12 Sept 6
7 Dec 41
Jan
I May 26
314 Dee 23 Feb
914Sept 6
1 June 30
1212 Jan
11 Sept
/
4
13
4May 25
614June 29 1514 Jan i 5
13 Dec 22
/
1
4
Jan
.54 July 8 122 Jan 14 11014 Dec 195 Feb
7 May 26
/
4
812 Dec 191 Feb
16 Sept 8
12 Apr 9 1918Sept 6
104 Dec 23 Mar
/
1
2012May 13 254Sept 8
1912 Dec 281 Aug
/
1
/
4
1794
New York Stock Record-Continued-Page 4
O'FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
-PER SHARE
PER SHARE
Sales
STOCKS
-PER SHARE, NOT PER CENT.
Range for Previous
HIGH AND LOW SALE PRICES
Range for Year 1932
for
NEW YORK STOCK
Year 1931.
On Lasts of 100-share tots.
the
Friday
Thursday
EXCHANGE.
Wednesday
Tuesday
Monday
Saturday
Htghest
Lowest
Lowest
Highest
Wee/c.
Sept. 8.
Sept. 9.
Sept. 7.
Sept. 6.
Sept. 5,
Sept. 3.
$ per share $ per share $ per share $ per share 5 per share $ per share Shares Indus. & hIlscell. (Con.) Par $ per share $ per share $ per share $ per share
658 Oct 21312 Mar
8Sept 1
712 Jan 4 115
1114 113
4,400 Dome Mines Ltd
No par
118 1112 1114 11% 1114 11 1
1114 1112
Oct 24 Apr
11
1658 17
17
1712 163 1718 4,700 Dominion Stores
4
No par 1114June 2 1812Sept 2
163 18
4
18
18
8Sept 6
77 Dec 2114 June
8
5 June 2 145
13
145
13
137g
1314 138 1212 128 9,600 Douglas Aircraft Co Inc No par
1112 1312
4
423 Oct 783 Mar
4
4912 49
4714 487 38,400 Drug Inc
8
No par 23 May 31 57 Feb 13
48
497
484 503
8
4712 485
8
814 Mar
112 Dec
34July 25
312Sept C
500 Dunhill International No par
314 314 *314 312
314 312
312 312
314 314
4
10 Sept 143 Feb
1018 Jan 23
512June 1
16
Duplan Silk
No par
8
197 *16
8
198 *15
.14
197 *15
•13
197
8
923 Dec 10712 Aug
4
40 Duquesne Light lot pref___100 87 May 31 98 Aug 2e
98
08
9612 9612 *9612 98
*96% 98
.963 98
8
1 June 1
212 Dec 1314 Mar
612 612 1,200 Eastern Rolling Mill
612SePt 9
414 43
512
No par
412 412
5
4
4
4
77 Dec 1853 Feb
603 6412 603 63
4
4
618 32,400 Eastman Kodak Co-No par 3514 Ju'y 8 874 Jan 14
5918 037
8 58
61%
60
100 99 Jan 22 I1912 Feb 18 103 Dec 135 Sept
*112 _ _ *112 _ __
10 6% cum preferred
11212 11212 *112
•110 112
53 Dec 21% Mar
97
8Sept 7
3 Juue 27
No par
14,800 Eaton Mfg Co
8% 812 9
9%
87
8
8% _--97
8
8
74 8
3
4
50 Dec 107 Mar
43% 45
4212 4612 4312 4612 42
4514 282,600 E I du Pont de Nemours__20 22 July 19 593 Feb 19
4312 4412
4June 2 10518 Aug 25
94 Dec 124% Aug
100 803
100
6% non-voting deb
10318 10318 .101 10312 *10114 10312 *10114 103
*1005 10318
Wane 17
12 Dec 11 18 Feb
2 Sept 7
No par
7
8
1
1
2
1
1
1
13
13
18 8,800 Eitingon Schild
712 Dec 69 Feb
214May 9 1212 Jan 6
100
634% preferred
•6
9
*7
11
*6
812 *6
912
*6
1012
4
20
Oct 743 Mar
812June 1 323 Mar 7
No par
24
2678 237 257 129,800 Electric Autolite
8
2212 238 2214 27
2218 233
4
Jan
94 Dec 110
100 61 June 1 10014 Feb 16
Preferred
40
90
90
90
.85
90
*85
•75
90
*75
96
22
212 Jan 6
412 July
12June
3 Dec
4
No par
8
13
4 6,100 Electric Boat
112 17
8
114
15
18 13
15
•112 14
212 Sept
7
8June 30
4 Jan 8
98 July
3
3 18
3
33
8
3
312
3
314 58,800 Eleo & Mug Ind Am shares___
2% 318
16 Sept 8
9 Dec 603 Feb
4
23 July 1
4
8 1418 1512 1414 16
14
155
133 15 122,200 Electric Power & Light No par
4
155
8
15
1084 July 9 64 Jan 14
41 Dec 10818 Mar
No par
Preferred
2,100
49
4812 49
*45
24912 493
4814 51
52
49
32 Dec 9814 Mar
Na par
87 July8 5512 Jan 14
8
56 preferred
4414 40% 41
42
44
42
42
2,000
x44
4312 44
125
8June 2 3314 Mar 7
23 Dec 06 Mar
3018 31
31
32
313 32% 32
4
3212 5,000 Elec Storage Battery _No par
29% 30
% Aug 31
114 Feb
18 Jan 13
18 Dec
270 Elk Horn Coal Corp _No par
52
12
13
3
4
*12
*12
5
8
*12
%
5a
23 Mar
4
14 Dec
Emerson-Brant Cl A_ No par
2312 Dec 4538 Sept
37 4
3 - 13 -311 - -12 -3714 - 1- -564 - -4 -I-- ki) Endicott-Johnson Corp_ _50 16 July 7 3714Sept 8
7 4 30
3.
4
-55 4 34
-ii- ii100 98 May 31 10714 Mar 17 x9838 Dec 115 Aug
Preferred
__ *10218 _ __ *10218 - __ --- - __ *10218
*10218
•1021
815 Dec 49 Mar
4 June 2 25 Feb 16
8 157 -8 17
1414 153
- 8 5.800 Engineers Public ServNo par
1518 157153 I8
8 1614 ---3
16 s
42 Dec 87
Jan
16 July 6 51 Feb 23
No par
55 preferred
1,900
46
45
467
46
o 4612 4712 *45% 48
*44
55
42 Dec 91 Mar
18 July 7 57 Mar 16
5534 preferred __No par
400
*48
52
50
5012 5012 4814 53
50
50
*48
18% Oct 358 Jan
12 June 27 19 Jan 4
par
600 Equitable Office 131dg_No
17
*1712 18
1712 1712 1712 *1712 18
1712 1712
714 Mar 29
34 Dec 124 Star
2 June 9
47
500 Eureka Vacuum Clean_No par
47
8
5
5 18 *538 512
53
8 58
*412 47
219Sept 8
1 Dec
88 Feb
12May 26
1,900 Evans Auto Loading_
_
5
17
8 2
17
8 21 1
214 214
214 212
17
8
18
93 Jan 30 113 Jan 11
10 Dec 25
Jun
Exchange Buffet Corp_No par
*10
103 *10
4
103 *10
4
105 *10
103
4
•10
1034
1 Sept 9
lz Sept
3 Mar
1 Sept 9
25
100 Fairbanks Co
1
*14
1
1
1
*14
*14
1
1
*14
4 Aug 1 1
2 Dec 13 June
1 June 30
100
Preferred
*214 512 *214 512 *214 512 *214 512
*214
512
618 Aug 29
312 Dec 2938 Mar
234July 22
700 Faxbanks Morse
No par
512 5 2 *512 6
,
6
6
55
8 6
*414 6
40 Dec 1097 Feb
40
100 15 July 26 473 Mar 8
25
25
*2212 2612 223 223
Preferred
4 2212 2212
4
nz 25
1 Dec
612 Feb
%June 13
13 Jan 25
4
900 Fashion Park ASSOC..-- -No Par
112 112
112 14 *13
8
2
*13
4
17
112 112
912 Apr 20 22 Jan 25 x1512 Dec 497 Feb
15
*1412 1612 1614 17
17
1,000 Federal Light dr Trao
1612 1712 *14
*15
1612
48 Dec 92 Mar
*57
0512 *57
No par 30 June 16 64 Mar 11
60
Preferred
*57
60
*57
60
*5612 66
75 Feb
35 Feb 6
218 Dec
112May 26
2,000 Federal Motor Truck_No par
2% 3
2% 3
3
3
2% 3
212 212
2% Aug 12
118 Dec 1512 Feb
12May 25
I% 2
13
4 13
4
15
17
8
1% 3,800 Federa Screw NVorks_ _No Par
1%
13
13
4
3 Dec 30 Jan
103 Mar 16
3 May 31
618
738 15,300 Federal VN ater Serv A_ _No par
612 652
614 612
6
658
6% 63*
1012 Dec 2718 Aug
612June 17 1534Sept 3
14
14
14
14
1,200 Federated Dept Stores_No par
16
16
*14
•14
1412 153
4
20 Dec 5614 Feb
4
6 NIay 2S 273 Jan 15
21
2112 20
21
20
2012 5,700 Fidel Phen Fire Ins N Y_ _ __ 10
213
8 20
3
2112 21
9 Feb
4June 2
518 Oct
812Mar 8
53
Fifth Ave Bus
No par
*614 8
*7
8
*6
8
*6
8
.6% 8
15% Oct 24 Aug
1612Sept 6
7 Mar 31
120 Filene's Sons
1612 1612 *1612 20
No par
1612 1612 1612 1612
*812 1612
8514 Feb 104 May
*7712 85
100 75 June 24 94 Jan 18
*7712 85
85
Preferred
*79
85 •79
*7712 85
127 Dec 20 June
8
8 163 1718 1612 1714 158 167
1612 173
4
8 5,600 Firestone Tire & 1/cubber___10 1012June 14 18% Aug 30
168 1712
495 Dec 66% June
8
400
*64
*65
68
66% *63
6518
Preferred
100 45 July 7 68 Aug 30
65
*63
67% 68
Jan 63 Aug
41
35 July 8 5114Sept 3
2 6,700 First National StoresNo par
5212 5312 5112 53
5212 5312 5212 533
52
5414
14 Sept
7 Feb
8
12
3
4
12
58
12
58
34 Aug 30
Is Feb 1
No par
'8 43,300 Fisk Rubber
12
34
5
8
3 Feb
17
12 Sept
23 Aug 30
112
134
112 3,350
hat preferred
14 Feb 2
2
112 153
118
178
100
13
4
312 Mar
12 Sept
2 Aug 31)
330
1% 2
1% 12
*138
112
1
1
14
1st pref convertible
14 Feb 3
100
•114 2
77 Dec 3512 Jan
93* 012 *812 912
1,100 Florshelm Shoe class A_No par
414 Apr 29 10 Feb 20
912 912 *912 10
812 812
10 6% preferred
80 Dec 10211 Mar
•70
95
*80
95
Stock
*80
95
*80
95
100 63 July 19 8212 Apr 14
80
80
4
77
73
81 i8ept 6
4 Dec 193 Feb
8
714 8
7
7
3.200 Folainsbee Bros__ _ No par
2 June 2
7
58 8,4
7%
Dec 6412 Feb
8
1412 1558 1414 1512 1414 157
8 1312 14% 13,300 Foster-Wheeler
3 May 25 1578Sept 8
1514 153 Exchange
4
No par
200 Foundation Co
714 Aug 27
212 Dec 1612 Mar
612 6,
8 *5
7
6
0
•5
6
1 July 5
No par
612
*6
22% 22
21
22
213 217
8
8 21% 213
8 3.100 Fourth Nat Invest w w
1014June 1 2238Sept 6 x15% Dec 3212 Feb
1
2012 2112 Closed47
8
47
43
4 538 24,200 Fox Film class A
212 Dec 383 Feb
514
4% 514
512
578 Aug 27
1 July 8
No par
412 514
1314 Oct 43% Mar
19,100 Freeport Texas Co
8Sept 3
2.17
Labor
2512 263
4 2512 26
253k 265
8 2412 26
26% 26%
No par 10 May 31
632 Feb
184
134
134
1 Dec
•15
8
14
500 Gabriel Co (The) el A No par
Pe Jan 4
118 14
14
14.Junell
13
4
13
4
15 Dec 60 Feb
4
140 Gamewell Co
17 Jan 11
123 127 •123 13
4
8
123 123
4
4
4 124 123
4May 31
Day.
53
8
No par
*123 127
4
238 Mar
3 Oct
8
Gardner Motor
5
218 Dec
512
5
4% 45
8
43
512 12,800 Gen Amer Investors-No par
512Sept 9
78 Mar
412 412
%June 9
48 43*
45 Dec 88 Mar
74
*68
74
*68
68 Aug 22
74
.68
73
*68
Preferred
74
100 26 June 9
.68
2278 2318 253* 225s 243 52,
28 Dec 7318 Feb
21
4
207 22
8
912June 27 353 Mar 8
8
200 Gen Amer Tank Car-No par
2118 21%
95 Sept 47 Mar
13
14
4June 8 1512 Jan 15
117 14
8
133* 14% 1318 1414 38,300 General Asphalt
43
1112 11%
No par
912 Dec 253* Apr
8
1712 1718 1818 17
173 15,000 General Baking
4
16
16% 16
5 1012June 2 195 Mar 4
1514 1614
4
95 Dec 114 Mar
105 105
90
104 104 •1033 105
4
$8 preferred
*102 104
No par 90 Juno 2 1053 Mar 11
*102 104
912 Feb
37g
37
14 Dec
5 Aug 24
4
2,100 General Bronze
12June 2
4
4
4
33
.4 4
No par
*3
414
112 Dec 13 Feb
412 5
412 47
412 43
4 2,300 General Cable
412 5
14hfay 31
5 Sept 6
No par
434 43
212 Dec 2512 Feb
11
1012 1112 1012 1012
*10
900
IliMay 14 1112Sept 8
•9
12
Class A
11
No par
11
Jan
1112 Dec 65
*20
25345ept 2
24
25 .2112 2312 2312 25
24
430
7% cum preferred
4June 1
33
8
100
24
247
Oct 4812 Feb
36
35
35
25
1,800 General Cigar Inc
3514 35% 35
8
35
38
35
No par 20 June 1 383 Mar 10
34
4
8
205 23
8
2114 233* 2018 22 318.200 General Electric
20% 22
812May 31 2618 Jan 14 x227 Dec 543 Feb
No par
2118 22
107 Dec 1218 Jan
8
2 7.000
1178Sept ti
1112 1112 1112 1112 1112 1172 *1112 113
8July 1
Special
10 105
1112 1112
3378 34,700 General Foods
2814 Dee 56 Apr
32
8 3212 34
31, 31% 3118 323
4
195
8May 31 4012 Mar 9
No par
303 3112
812 Feb
2
218
218 13,900 Gen'l Gas & Elec A
2
218
2
114 Dec
218
2
32July 14
24 Feb 17
2
2
No par
300
143 Dec 764 Mar
4
15
164 *153 15% 71312 1312
*16
17
Cony prof series A_-. No par
3 June 28 2434 Jan 14
•16
177
8
100 Gen Ital Ed son Eleo Corp___
*24
24
24
203 Dec 3534 Mar
8
*24
_ *2312
Apr 29 25 Mar 11
_
1818
11,900 General Mills
2918 Dec 50 Afar
46 44% -- -12 4518 -- -38 4612 1812 4712 48
46
*23No par 28 May 28 4812Sept 8
44% 45
*95
96
200
85 Dec 10014 Sept
95
*95
96
94
94
95
Preferred
100 76 July 15 95 Sept 7
95
*94
173 1918 637,300 General Motors Corp
213* Dec 48 Mar
8
1712 185
173* 1912 1814 20
758June 30 2418 Jan 14
10
1712 1814
8
8314
900
793 Dec 1035 July
4
$5 preferred
813 8212 *823 8314 8314 8314 83
4
No par 5614 July9 8714 Mar 12
8112 8112
12
8% 84 1,200 Gen Outdoor Ad, A
514 Oct 28 Jan
9
Feb 13
812
9
7 8 818
3
838 8
4 Juno 28
No par
*7
712
314
314 33
314
314 Oct 1014 Feb
33
4 1,600
Jan 5
313
4
Common
23
4July 15
33*
No par
318
*3
314
85
60 General Printing Ink _No par
1014 Oct 31 Mar
818 812 *5
814
14 Jan 28
*8
212July 1
8
8
*43
8 8
Jan
100
4312 Sept 76
*5212 70
$6 preferred
60
60
60 .5212 60
*44
No par 2712June 27 6() Feb 18
60
.44
258 Dec 23 Feb
55
03
2 9,900 Gen Public Service
6
6%
6%
6
1 May 4
6
612
No par
78 Aug 211
612 63
21 Dec 8418 Mar
2112 3.600 Gen Railway S,gnal
2012 213
4 22
2212 720
8
213 23
4
No par
61 July 11 285 Jan 14
227 23
8
81 Dec 114 Mar
*483 77
4
6% preferred
*7014 77
*5014 77
100 65 July 30 90 Jan 13
.5014 77
*5014 77
912 Mar
218 14,100 Gen Realty & Utilities_No par
3 Dec
8
17
214 Sept 2
13
4 218
14May 19
13
4 218
13
4 218
2
2,
4
133* Dec 7418 Mar
1614 1614
200
16
$6 preferred
16
4 18
par
5 June 10 16 13 Feb 19
18
.153
No
•15
•12
20
Dec 573 Feb
148 143
4
4 3,500 General Refractorles_No par
15
12
8Sept 7
134June 29 153
123 144 1434 1538 15
4
1112 1212
14 Dec 65 Apr
210 Gen Steel Castings prof No par
27
8
8 Mar 28 27 Aug 2!)
24
25
25
23% 237 *20
22
.20
24
4May
8
914 Oct 383
217 23% 215 23 145,200 Gillette Safety Razor_No par 1018 Jan 5 2414 Mar 3
8
227
8 21
213 2214
x203 217
8
4
2,900
45 Dec 76% May
Cony preferred __ _ _No par 45 Juno 28 7212 Aug 22
4
4
4 693 70
693 693
6912 6912
69
70
6812 69
7% Feb
33 Aug 29
13 Dec
78June 24
33
2 2,600 Gimbel Brothers
par
312 33
314
No
33* 33
3 4 312
,
2
4
4
312 33
600
2618 Dec 52 July
2112
21
23
Preferred
8 May 31 31 Jan 13
237
8 23
100
22
24
24
*19
22
412 Oct 1618 Feb
93 10,100 Glidden Co
4
8Sept 7
9
8
318June 3 103
912 103
No par
818 83
4
83 103*
4
7% 8
40 Dec 82 Aug
84
68 Aug 26
*75
Prior preferred
84
100 35 Apr 28
*75
*75
85
*75
84
85
•75
97 Mar
8
6,500 Globe!(Adolf)
33* Oct
7
8May 14
ft Aug 30
25
67
8
7
718
No par
73
8 75
712 73
4
714 753
1412 Dec 4218 Mar
8Sept 8
814May 31 205
185 19
8
8 1914 2012 44.100 Gold Dust Corp v t o
No par
183* 1918 1818 1912 1912 205
11712 MaY
85 Dec
800
95
95
56 cony preferred_ __ _No par 70 July 1 05 Feb 6
99
*90
99
•90
99
*90
99 .90
8
33 Dec 207 Feb
8
.
8Sept 3
914 104 32,700 Goodrich CO (B F)_ __ _No par
21411 1ay 28 123
8
8
8
113 123
105 12
10 4 113* 1018 113
3
3314Sept 6
10 Dec 68 Feb
1,200
28
7 May 31
3213
27
*25
32
Preferred_
100
31
3214 3314 .30
32
133 Dec 5211 Feb
4
512May 31 293 Aug 30
.100 Goodyear Tire & rtubb_No par
4
8 25
274 24% 2638 55
2738 293
8 26
277
263 287
4
4June 1 6912 Aug 30
35 Dec 91 Feb
1,500
61
1st preferred_
6412 65
64
64
623 64% 60
4
No par r193
68
6812
33 Sept 1334 Apr
4Sept 2
714 Jan 5 303
2812 3034 2714 30
2718 2812 13.600 Gotham Silk Hose
297 3031
k
No par
2814 30
Jan 72 Apr
50
70 Sept 8
2
0 P le
Preferred
.
5_ __ . Gour df
A
100 5014 Jan 11
7_0_ _7_5_ 72_ _75__ .0 .0__ 7
.
0_7
75
._ .
7.
7
•70
(1% Feb
1 Jan 11
14 Aug 9
% Dec
___
No par
812 May
Sept
45 Jan 12
8
May 27
3
34
4
18
I
314
31
3
33
4
312 3% 88,700 Graharn-Palge Motors_No par
312 4
514 Dec 22% Feb
2%June 14 115
8Sept 7
10
1038 10% 115s Ills 115o
9% 10
912 103* 15.200 Granby Cons M Sm & Fr__ 100
3 Jan 22
112 Dec 2512 Mar
18June 17
____
par
____
Grand Silver Stores
__
No
____ ____
8
7 Oct 187 Mar
9
312.1une 1
93 Mar 4
4
87
8
914
8.8 9%
7
918 9,900 Grand Union Co
87
8 9
87
8 93
No par
21 Dec 46 May
700
34
34
•3312 35
*3418 35
Preferred_
No par 22 Juno 1 3514 Mar 7
35
35 18 *33% 3412
4
4
4June 1
17 Sept 3
113 Dec 293 Feb
63
1512 151 *1512 1712 *1512 19
300 Granite City Steel
No par
*1512 20
1638 17
2412 Dec 42 Aug
20
207
193 2012 2018 2114 2018 20% 5,200 Grant (W T)
4
No par 1412May 28 3014 Mar 8
8
213
20
10 Dec 2312 Apr
5 June 23 1314 Jan 14
11
111 .1012 11
107 11
8
*10
1012 3,900 Gt Nor Iron Ore Prop...No par
1012 1114
534 Oa 117 Jan
s
93 10 4
3% Apr 5 12 Aug 27
8 3,900 Great Western Sugar No par
3
8 93
918 97
93
98 10
103 1034
4
73 Dec 9612 Jan
50
*82
85
82
_
*82
*75
Preferred
. _100 48 June 1 83 Aug 24
85
82
82
85
*82
4
63 Mar
Dec
1
23
0Mo( 8
12 Apr 13
212 23
19.000 Grigsby-Grunow
par
2
No
2
212 23
2
212 23
212 23
4
23
8 212
1 12 Jan
la Dec
1sMar 7
1 Sept 7
2,200 Guantanamo Sugar_ _ _No par
%
7
8
1
I
1
1
3
4 1
%
3
4
4 Dec 3712 Feb
212June 8 21 Sept 6
1712 6,900 Gulf States Steel
1912 21
1814 193
No par
1712 1914 19
1914 1912
15 Dec 80 Mar
100 12 July 23 30 Aug 2 1
*29
50
*31
50
50
Preferred
*35
50
*35
*3112 50
22 Dee 3012 Mar
25 15 May 27 23 Jan 12
*20
2018 *20
100 Hackensack Water
20% 20
201 1
20
*20
.20
208
2614 Sept 30 Apr
*2533 26
50
25 19 May 27 28 Apr 26
7% preferred class A
*253* 26
*2512 26
26
26
2.514 253
4
0 4 Mar
3
1 14 Dec
%July 11
414 Aug 30
312 33
314 312
34, 35
314
312 10,300 Hahn Dept Stores
No Par
338
358
8
14 Dec 637 Mar
718 July 5 24 Aug 29
100
*20
25
700
20% 21
Preferred
2112 2212 *203 22 2
4
,
21 25
18
11 Sept 19. Mar
312July 19 1118 Jan 7
10
500 Hall Printing
6
6 14 *6
614 614
614
618 614
*6
612
• Bid and toked prices no sales on this day. z Ex-dlvIdend. 1/ Ex-rights.
V
New York Stock Record-Continued-Page 5
1795
PRECEDING.
112r FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Sept. 3.
Monday
Sept. 5.
Tuesday
Sept. 6.
Wednesday
Sept. 7.
Thursday
Sept. 8.
Friday
Sept. 9.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
-share lots.
On basis of 100
Lowest
Indus. & Miscell. (Con.) Par $ per share
100 30 Mar 7
Hamilton Watch pref
No par 33 May 28
Hanna pref new
7 May 26
Harbison-Walk Refrao_No par
%June 22
Hartman Corp class B _No par
NJune 27
No par
Class A
3114May 9
Hawaiian Pineapple Co Ltd_20
%June 7
No par
Haye Body Corp
25 50 June 2
Helme (G W)
43
4June 8
No par
Hercules Motors
1378 Aug 4
No par
Hercules Powder
Hercules Powder 57 cum p1100 7012June 1
No par 4312July 13
Hershey Chocolate
No par 57 June 14
Preferred
14 Apr 1
No par
Hoe (R) & Co
712 Aug 1
No par
Holland Furnace
3 July 8
-..No par
Hollander & Sons (A)
100 110 Feb 15
Homestake Mining
1 May 25
Houdaille-Hershey el B No par
Household Finance part p1.10 4214June 3
4May 31
83
Houston Oil of Tex tern ctfs 100
4
4
26
2814 263 273
2114 262*
1 12Slay 4
Voting trust Otte new__ _ _25
518 53
8
8
5
53
5
5
5 June 2
No par
127 13 8
Howe Sound
13
133
4 1312 1412
,
8May 31
27
938
Hudson Motor Car_ _ _ _No par
9
82* 1014
9
93
8
1 12May 26
41
418
414
5,
Hupp Motor Car Corp___ _10
418
42*
%June 1
No par
17
Indlan Motocycle
13
4 21
134
13
4
2
1 Apr 1
10
*2
218
2
2
Indian Refining
2
2
718June 27
No par
Industrlal Rayon
36
38
363 40
4
3918 40
4
143 Apr 29
No par
Ingersoll Rand
8
4114 44'2 4012 433
4012 4212
10 June 25
No par
Inland Steel
2412 25
25
25
27% 27%
3
4May 25
Inspiration Cons Copper_ _ _20
65
8 73
8
612 7
4
57
2 6,
1 June 1
Insuranshares Ctfs Inc_No par
33
8 31
31a 3 2
,
33
8 33
2
314 July15
77
Insuranshares Corp of Del_ _ _1
712 8
72* 8
818
14 Apr 6
Intercont'l Rubber_ -No par
25
8 27
8 *25
8 27
8
2%
27
15
8July 13
No par
Interlake Iron
8
614
714
68 65
512 63
8
14 Apr 7
No par
Internet Agricul
*238 3
.212 3
23
8 25*
33 Apr 16
4
100
preferred
.11
133
4
14
14
Prior
1414 142*
Int Business Machines No par 5212July 8
104 1045
8
103 104
103 10412
114May 31
Internet Carriers Ltd_ _No pa.
5
5 12
5,
5 53
8
8
4
8June 3
33
Internat.onal Cernent_No par
14, 1512 1412 1614
4
122* 142*
12Nlay 23
114
1 14
13
8
13
8
Inter Comb Eng Corp__No par
12*
161
8
47 Jan 6
100
113 127
4
•1014 11
Preferred
*1012 123
8
303 3314 302* 32
8
Internet Harvester__No par 10N July 8
3214 332*
4June 15
100 683
Preferred
*97
99
*98
99
*9514 99
8June 10
25
97 10,
12
Int Hydro-El Sys Cl A-No par
0
1014
912 10
4
14May 2
International Match pref35
8June 30
7
33
4 4
•35
8 33
4
372 418
33
4 33
4 '2,500 Int Mercantile Marine ctfs_100
352 334
312May 31
113 1214 113s 1212 102* 115 232,900 let Nickel of Canada__No par
8
113 12
8
107 1112
8
8
100 50 June 28
Preferrrd
*80
87
*80
87
7912 82
8012 8012
400
*7812 7912
13
8June 2
Internet Paper 7% pref_ 100
4
1012 1112 *103 25
*10
25
12
12
13
600
*92*
12June 9
312 312
312 312 *258 312 1,500 Inter Pap & Pow el A_ _No par
3,
2
3 4 354 *3
3
51!
14May 25
No par
*112 2
5I12 2
2
2
Class B
*112 2
200
13
4
14 Apr 14
No par
13
114
112
Cla-ss C
138 P8
8
13
8
8
13
1 14
0114
1.200
1 14
2 May 31
100
1112 12
103 12
8
Preferred
103 103
8
8
1012 123
8 105 1052 3,800
8
4 June 2
77
*6
7
*6
7
*614 7
let Printing Ink Corp_No par
*612 7
*6
4
100 z 243 Jan 15
Preferred
*363 42
4
*363 42
4
*363 42
4
•363 42
4
20
3613 363
4
Panne 2
100
17
1714 17
17
17
1714
8 2,400 International Salt
1718 173
4 1612 167
20'4 July7
2934 30
International ShoeNo par
30
3014 30
Stock
29
29
31 18 29, 2914 2,900
8
712July 9
100
2112 241 1 232* 25
21
2212
2318 24
2312 26
10,700 Internatlonal Silver
100 26 May 7
51
53
53
5312 54
*51
54 Exchange
7% preferred
55
*53
60
110
8May 31
25
13
15
13% 1512 1412 153
123 1318
4
4 135 15 8 315.300 Inter Telep & Teleg___No par
8
,
112May 31
6
6 12
512 S'2 Closed-.
6
63
6
6 12 3,400 Interstate Dept Stores_No par
7
73
4
4
100 18 June 24
ex-warrants
*31
62
39
39
*31
*31
62
*31
62
62
20 Preferred
3,
4June 14
512 *4,
No par
Labor
*5
53
4
512 *412 5
400 Intertype Corp
5
2 5
*5
5
8May 2
No par
Investors Equity
,
10 4 Apr 18
1
;IV - HT2 T12 ---- ---- -19 1912 1812 1938
o-- 1912 1912
ici- Day.
700 Island Creek Coal
1518May 31
No par
*3214 32.18
3212 3234 3218 3212 3212 325
323
4 1,500 Jewel Tea Inc
8 32
10 May 31
No par
2714 281s
2512 2734 26
2914 29
313
30, 323 180.200 Johns-Manville
4
4
100 45 July 21
*76
Preferred
78
*7712 78
75
7558 80
210
*77
753s
78
66
66
*65
66
*66
67 1 6712 6712 *6712 68
150 Jones dr Laugh Steel pref _100 30 July 6
993
*96
20 K C P& I.t lot pf ser B_No par 9012 Apr 8
4
4 9912 9913
*9912 9914 *9912 9911 993 993
3 Apr Il
2
Karstadt (Rudolph)
-__- ____
---- - - 14 ---3 May 21
814 73,900 Kaufmann Dept Stores 512.50
7
7
7
7
7 14
7
718
7
484 July23
__No par
133 1414
4
12
1212 13
123 1352 12
13
1212 8,700 Kayser (J) Co v t c_
4
12June 1
213 238
238 212
212
214
214
23
4
23
8 212 6,400 Kelly-Springfield Tire_No par
658June 27
100
*2112 227
8% preferred
213 227 *2134 247
4
8
400
8 2412 2412 .2214 26
100 20 Jan 2
6% preferred
*45
64
*443 65
8
•49
65
*4818 69
*4612 65
1 Apr 8
3
3
314
3
3 14
314
3
3 14
3
3 1s 8.600 Kelsey Hayes Wheel_No par
4May 16
23
No par
7
7 7 60,200 Kelvinator Corp
712
6
53
4 6
57
6's
612 534
17 July 21
No par
34
33
33
*33
347
3412 3512 34
*3412 35
100 Kendall Co pref
8June 3
47
No par
Kennecott Copper
172 183
8 1712 19
17
16
1914
173
1734 208,500
175*
8
01312 1512 1412 1412 15
10 July 7
No par
15
.1312 1512
*1314 1514
200 Kimberley-Clark
12 Apr 4
No par
5
*4
5
*3
5
*3
5
47
8
*3
412
100 Kinney Co
3 June 25
No par
13
16
•1518 17
*1612 18
.1518 16
16
*1518 19
Preferred
10
652July 5
10
1314 1414 1312 1412 z133 137 35,500 Kresge (58) Co
1314 1414
1314 14,
4
8
18 June 30
*31
No par
3218 *31
*31
33
337
3218
*31
32 2 *31
,
K rens Co
',,May 25
3
8
12
3
8
12
12
N
12 105,300 Kreuger & Toll
N
12
12
175* 183
4 1712 1814 1738 1812 1718 177 34.800 Kroger Groe & Bak___No par
17
10 May 31
18%
s
4612 478 4512 4761 455 4714 4414 4512 15,200 Lambert Co
445 45,
8
8
par 25 Slay 31
No
8
2 May 26
512 517
•512 612
6
614 614
6
No par
512 512
500 Lane Bryant
71
134 Apr 12
658 67
67
63
4 67
No par
67
8 7
71s 8 8 15,200 Lee Rubber &Tire_
,
10
11
10
10
.10
107 11
8
3% Apr 6
_50
1112
1018 10,8
700 Lehigh Portland Cement
*62
70 .68
*6214 70
70
70
70
100 47 June 15
70
*65
7% preferred
10
418 438
418 414
4
418
1 May 14
4
43
8 2.800 Lehigh Valley CoalNo par
*414 484
*11
12
11
•11
13
59
11
1112
12
114July 16
*11
Preferred
50
100
4978 517
50
518 495 51
50
5014 11,100 Lehman Corp (The)No par 3012June 16
4
50% 513
18
1812 1712 1812 1712 1712 2.800 Lehn & Fink
18
181
6 May 26
18
18
No par
918 95
812 914
8
7% 87
33
4May 13
9
8
73
8 73
914 9.000 Libby Owens Glass__ ..No par
64
6514 6434 643
4 64
643 65
4
64
64
.63
700 Liggett & Myers Tobacco__25 3214June 2
6412 6638 65
65
6412 663 .63
8
8618 20,800
6412 65,
4
25 3418May 31
Series B
*123 12518 *123 12518 .124 12518 125 125
*120 12518
100 100 May 31
Preferred
•167 19
8
*1812 19
•1714 19
*1818 1912 51814 20
14 June 21
Lily Tulip Cup Corp No par
1714 1758 17
.17
18
18
18
814 Apr 4
1612 1,200 Lima Loeomot Works_No par
175* 16
1314 *12
.12
1314 *12
13
13
1214 123
612June 2
13
4
No par
300 Link Belt Co
g
1712 161g 175
17
1712 16
8 1614 1712 5.400 Liquid Carbonic
1718 177
9 May 3
No par
3714 3514 3718 3514 373 44,900 Loew's Incorporated_ _No par
345 36% 35
8
13141May 31
3618 37
4
80
797 797
80
793 7934
4
78
79
2 79
*78
No par 39 July 7
Preferred
1,200
3
3,
4
312 45 41,600 Lott Incorporated
318 33
8
3% 3 4
,
8June 2
318 314
17
No par
8
•1
212 *112 212 *112 212 *Vs 212
1
I
141lay 26
60 Long Bell Lumber A No par
30
303
4 3014 302* 303 3112 2912 31
4
293 30%
4
25 18's July1
7,200 Loose-Wiles BLscult
1618 16% 163 183
4
16 4 171 4
,
2 17
16N 17
9 Slay 31
No par
1818 133,600 Lorillard
104 104 *10412 106, 106 106 *10612 10918
8
•101 105
100 732* Jan 5
200
7% preferred
1% 218
112 17
13
4 2
12June 24
2
8
No par
2
•112 2
Oil
3,600 Louisiana
*10
38% .10
3838 *10
3838 •10
3838
8 May 18
100
383
8
*10
Preferred
4
22
223
4 213 2214 2134 227
8 2114 2214 3,000 Louisville 0 & El A___No par
812June 2
2212 2258
8 1014 113
1012 113
8 1018 113
97 ION
8 10
112 Jan 5
1012 15,500 Ludlum Steel _____ ___No par
*3118 55
*22
31
*20
55
*25
612 Jan 5
No par
55
25
25
Preferred
100
1012 1012 1012 *1012 12
•10
103 *10
4
93
4June 16
MacAndrews & Forbes_No par
•107 12
s
100
57014 85 .701s 85
*7014 85
100 5712Nlay 3
*7014 85
*7014 85
6% preferred
2212 23% 2212 2512 2312 26
10 June 2
No par
223 25
4
235 2412
8
22,600 Mack Trucks Inc
17 June 14
51
484 51
50
50
51
No par
453 49
8
51
49
15,600 Macy Co
414 412 .414 5
218 Jan 8
412
412
412 412 1,100 Madison Sq Oarden
No par
412 412
412 Apr 14
4
4 1218 1314 11N 113
125 1312 123 133
8
No par
4 5.100 Magma Copper
1214 1258
32
12 Jan 6
3
3
37
8
3
3
318
3%
4
3,600 Mallinson (II R) & Co_No par
3
Is
18 Mar 2
8
100
15
8
13
8
13
*15
8 2
1%
113
IN
1,
3
950 Manatl Sugar
li Apr 13
100
*23
4 4
234
23
4 *112 24 *1 17 23
4
*23
4 4
Preferred
60
11sJune 3
No par
*35
8 4
4
4
4,4 414
412 43
4
110 Mandel Bros
*314 41 4
312June 2
25
*812 8%
87
8 87
8 .814 9
Manhattan Shirt
812 81 2
83
4 83
4
700
NJune 28
1 12
Vs
112
1 12 1 12
•13
8
112
112
1 12
400 Maracaibo 01 1 Explor_No par
*1 14
612.1tine 2
I3N 14'4 133 14
1314 14
8
1358 14
1334 1354 5.600 Marine Midland Corp _ _ _10
53
4May 31
121 4 12
No par
12
133
11,8 113
4 11
12,4 8,300 Marlin-Rockwell
11 14
10
3
3
33
8
318
34
8
312
12 Apr 21
318
312 10,700 Marmon Motor Car__ _No par
314
318
97 1012 10
3 July 6
123
8 1218 1312 113 1234 27,400 Marshall Field & Co No par
4
93
4 978
*17
1
512 1
.12
1
512
1
I4 Apr 19
Martin-Parry Corp... __No par
012 1
W
* lild'and asked prices: no sales on this day. z Ex-dividend. u Ex-rights.
$ per share $ per share $ per share $ per share
*2212 40
.2212 40
•__ 40
*65
67
*65
67
65%
64
157 1612 168 18
8
*1412 154
158
13
4
112 2
114
112
214 214
218 218
3
*2
8
0
812 812
8s
*712
23
4 33
234 314
8
312
314
8
797 80,8 797 80
81
77
95
8
8
*8
*6
10
25
28
*2312 26
2712
*21
*9012 100 4 9012 9012
,
*9012 10014
69
7052 683 684
70
69
80
80
*77
797
78
78
*1
5
*1
5
*I
5
2 1114 12
1112 123
1012 1112
7
73
4
3
73
8 78
712 712
12012 12012 *12012 126
*120 126
354 414
37
2 414
5018 5018
*50
507
*49
502*
S per share S per share Shares
*2212 40
*2212 40
*65
67
*65
67
30
17
18
16% 173
4 4,800
17
13
4 13
4 2,700
17
8
400
25
8 *2
25
8 25
1,700
83
4 9
9
9
3
318 3 2 8,400
,
33
8
79
815s x7912 80
2,500
*7
10
*7
10
100
28
2918 29
2917 3,600
*903 91
4
903 92
4
30
65
6718 65
2,100
66
77
77
80 80
900
8
*1
114 *13
10
1114 11,900
1118 117
712 8
7
75
4.100
12312 12312 *12212 126
200
4
4 3 11,300
8
418 412
5012 5012 *50
507
8
200
2614 26,500
2538 273
4 25
43
4 5% 23,600
5
53*
1312 1412 1212 1314 5,700
4
914 1018 39,900
92* 103
412 5
36,800
42* 53
15
8 13
4 3,100
4 *112 13
218 218
2
2)8
800
38
363 3912 36
4
28,100
42
4018 43
447
21,900
23
2512 217 23
8
3,200
612 734
612 7
9.500
314 3
1,000
,
338 33
712 8
714 73
4 5.600
212 212 *214 27
8 1,200
614 612 8,200
612 65
8
*23
23
4 *2
400
27
8
*10
14
*12
14
200
104 10612 10412 10612 5,900
47
5
53
8
514 13,200
1412 16,
8 14, 153 14,400
8
2
118
1 18
112
114 6,000
127 133 *11
8
8
13
3.400
3018 3258 2914 313 138,600
8
98
*96
99
98
100
95 1012
8
953 104 18.100
Highest
PER SHARE gm
Ranee for Precious
Year 1931.
LAMM
Highest
$ per share $ per share $ per share
30 Mar 7
Jan
94 June 103
67 Dec 94 Feb
70 Jan 14
1112 Dec 4414 Feb
18 Sept 7
12 Dec
752 Feb
2 Sept 0
1% Dec 102* Feb
4 Mar 8
814 Nov 4212 Jan
10 Jan 12
8 Mar
1
Dec
312Sept 2
60
Oct 100 Feb
815
8Sept .5 Dec 18 Mar
812 Jan 15
26 Dec z58 Mar
2912Sept 9
95 Dec 11912 Mar
95 Jan 12
4
68 Dec 1033 Mar
83 Mar 9
7012 Dec 104 Mar
83 Mar 8
812 Mar
13 Dec
8
13 Jan 12
4
1014 Dec 37 Feb
121. Aug 1
514 Dec 1918 Apr
103 Star 10
8
81
Jan 138 Dec
4June 4
1313
212 Dec
914 Mar
412Sept ,.
5212 Sept 65 Mar
5718 Jan 5
1514 Dec 6812 Feb
2 114Sept 6
3 Dec 1412 Feb
5N Sept e
1112 Dec 2912 Feb
1612 Jan 12
Jan
73 Oct 25
4
113 Jan 8
4
334 Oct 13,8 Feb
5 8 Jan 11
3
43 Feb
4
72 Dec
218Sept 6
118 Dec
45 Feb
8
218Sept 8
Oct 86
Feb
21
40 Sept 3
Jan
447
253 Dec 182
4
8Sept 8
197 Dec 71
Feb
277
8Sept 2
3 Dec 112* Feb
4Sept fl
73
214 Dec
93 Feb
8
37 Jan 7
8
4
414 Dec 123 July
818Sept 3
412 Feb
'4 Sept
318 Aug 30
Jan
2% Dec 15
714Sept fi
514 Feb
Dec
1
312 Aug 26
4
412 Dec 51, Feb
15 Aug 31
92
117 Mar 9
4
Oct 1793 Feb
515 Jan 13
8
3 Dec 123 Feb
16 Dec 6212 Feb
1814 Jan 14
4
Feb
17 Jan 15
8
12 Oct
312 1)ec 393 Feb
4
21 Jan 15
223 Dec 6012 Mar
8
3418 Aug 11
108 Jan 8 105 Dec 14312 Mar
918 Dec 31
Feb
115 Mar 9
8
II
Dec 7314 Mar :
2412 Feb 19
212 Dec 1612 Jan
4,4 Aug 27
7 Dec 2018 Feb
1212Sept 8
80 Dec 123 Mar
88 Mar 7
7 Dec 42 Mar
12 Sept 8
I% Oct 1014 Feb
438 Aug 'A
8 Jan
12 Dec
2 Aug 29
12 Oct
412 Feb ,
112Sept 6
661 Dec 4312 Mar
1238Sept 8
414 Dec 16, Feb
83 Mar 10
4
4
40 Apr 15
25 Dec 6912 May
18 Dec 42 Feb
2312 Feb 17
37 Dec 54 June
443 Jan 15
2
157 Dec 51 Mar
8
2 . Sept 8
50 Dec 9018 Mar
65 Feb 13
2
718 Dec 333 Feb
1534Sept 5
8 Dec 213 Feb
11 Jan 9
8
5212 Dec 6712 Mar
5212 Jan 8
458 Dee 1812 Feb
7 Apr 1
114 Dec
9 4 Feb
,
23 Jan 14
8
143 Dec 31
4
Jan
2012 Aug 30
24
Oct5712 Feb
35 Feb 13
3
3231Sept '4
155* Dec 80 4 Mar ,
Apr
8314 Dec 128
993 Jan 22
4
68 Dec 12312 Mar
84 Jan 5
1133 Jan 23 11114 Oct11512 Apr
4
14 Dec
7
Jan
112 Jan 6
Feb
512 Dec 18
914 Mar 7
8
714 Dee 243 Mar
14NSept 2
3 Oct312 May
4
27 Mar 7
8
518 Oct26 Mar
2 12Sept 8
10 Sept45 Mar
45 Mar 9
3 Dec 293 Feb
4
414 Jan 14
6 Sept1512 Star
103 Feb 19
8
20 Jan 60 Apr
38 Feb 23
952 Dec 3112 Feb
19, i Sept 8
Jan
137 Dec 41
8
1912 Jan 9
112 Dec 2012 Jan
5 Sept 2
Jan
5 Dec 70
19 Aug 31
15 Dec 295* Aug
19 Jan 14
26,4 Dec55 Feb 1
37 Jan 21
4
414 Dec 273 Mar I
918 Jan 26
1212 Dec 3512 May
187 Mar 8
8
8
4012 Octz877 Mar
4
563 Jan 14
314 Dec 17% Jan
75 Aug 30
4
17 Oct43 Mar i
8
8i8Sept 9
4
5 Dec 183 Feb ,
11 Aug 1
72 Dec 101 12 Feb
75 Jan 12
83 Jan
8
104 Dec
43 Aug 26
4
6 Dec 30 July
11 12 Aug 30
Oct693 Feb 4
2
35
8Sept F
517
4
1812 Oct343 Feb
24 4 Mar 7
,
8
512 Dec 207 Apr
8Sept 8
93
Feb
Oct91
39
65 ,Sept 7
,
Ort 918 Feb ,
40
6 38Sept e
125 Aug 11 110 Dec 146 May 1
16 Sept26,2 June
21 Mar 8
4
123 Dec 3434 Feb
1938 Aug 27
14 Dec 33 Feb
14 Mar 9
8
1312 Dec 55, Feb
22 Mar 8
8
237 Dec 6312 Feb
4Sept 9
373
56 Dec 99 Mar
80 Sept 8
812 Apr
23 Oct
8
45
8Sept 9
Jan
4
3 July
4
8
27 Aug 12
297 Dec 547 Mar
8
363 Feb 17
2
Oct 217 July
10
1 1,38Sept 5
743 Dec 10212 Aug
4
108 Sept 8
412 Feb
I Dec
2% July 27
Jan
20 Dec 55
18 Jan 9
177 Dec 35% Feb
233 Mar 8
8
4 Dec 19 Mar
113
8Sept 6
10 Dec 5214 Feb
2; Aug 22
13 Dec 25 Feb
1514 Feb 17
Sept 10012 Apr
6
65 July 22
8
12 Dec 437 Feb
24 Sept 8
4
50 Dec 106, Feb
6012 Jan 14
712 Mar
2 Sept
412Sept 3
718 Oct 275* Feb
1334Sept 7
43 Mar
4
12 Dec
4 Sept 3
5 Mar
38 Nov
21 1 Sept 2
,
54 Dec 127 Jan
3,1Sept 2
8 June
3 sent
434Sept 6
12
Feb
412 Dec
9 Aug 29
33 Feb
12 Sept
4
112 Aug 5
4
9 4 Dee 24, Fel)
,
143 Aug 23
8
95* Dec 325* Feb
13"iSept 8
1 14 Dee 10
Feb
3124ep1 Q
912 Dec 325* Feb
1312 Jan 14
2 Mar 23
4
12 Dec
318 Jan
New York Stock Record-Continued-Page 6
1796
tar FOR SALES DURING THE, WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
•
MOH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 3.
Monday
Sept. 5.
Tuesday
Sept. 6.
Wednesday
Sept. 7,
Thursday
Sept. 8.
Friday
Sept. 9.
Soles
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 5 Per share $ per share Shares Indus. & Alls.-ell. (Con.) Par $ per share 5 per share $ per share $ per share
2014 204
1914 203
L912 204 1912 203
4
8
4 183 2014 22,900 Mathieson Alkali WorksNo par
12 Dec 3112 Jan
9 June I 207 Mar 10
8
•9714
_
*974_ *99
. _ 10012 10012
_ __ *994
10
Preferred
Oct 1253 Mar
100 893 Apr 13 105 Jan 13 104
8
4
Is -16
1818 "1- -13 183i is 18 -1- 4 1734 18 9,700 May Dept Stores
9
83
912June 30 20 Jan 13
25
155 Dec 39 Mar
8
5
5
•43
4 5
412 413
412 412 *4
500 Maytag Co
5
878 Feb
No par
I July 13
112 Dec
6 Aug 30
*97 11
8
978 97
8
94 97
8 10
94 94 2,900
10
Preferred
3 Apr 14
8
5 Sept 243 Mar
No par
10 Aug 3(1
34
34
34
"20
35
"22
34
400
3312 335
8
34
Prior preferred
No par 27 Aug 10 3514 Jan 7
35 Dec 7112 Mar
153 16,
4
4
165 1712 17
8
1814 1812 193
4 1812 1812 5,100 McCall Corp
Jan
No par
10 May 31 21 Jan 14
1512 Dec 36
*8
1212
*8
1212 *8
15
15
*7
1.5
*7
McCrory Stores class A No par
7 June 18 16 Apr 18
4
15 Dec 513 Feb
"8
13
.8
"8
13
13
13
'8
13
"8
Class B
7 June 30 19 Jan 14
8
No par
1412 Dec 515 Feb
*41
42
*41
42
320
394 41
38
38
3812 39
Preferred
100 21 June 2 62 Feb 18
54 Dec 9312 Mar
512
.5
513 53
6
6
4
4
53
AO McGraw-Hill Publica's No par
4 53
514 514
212May 13
6 Dec 29 Feb
712 Jan 7
"165 1718
8
163 167
1658 1718 17
1714
4
4
1,700 McIntyre Porcupine MInes_5 13 May 25 183 July 21
8 163 1718
Oct 2612 Mar
12
4
553 25,700 McKeesport Tin Plate_No par 28 June 2 6214 Feb 19
4
5418 565
5418 5614 5414 5614 5418 5612 54
8
3812 Oct 10312 Apr
4
45
8
43
8 47
8
413 47
44 54
8
518 613 50,100 McKesson & Robbins_No par
Jan
118June 1
33 Dec 17
612Sept 9
8
113 113
4
1213 123 *12
4
8
1214 12
4
5,300
123 15
14
Preferred
318May 31 23 Feb 13
50
15 Dec 374 Feb
8
23
25
4 27
8 27
8
23
4 318
3
23
312
4 34 10.300 McLellan Stores
No par
38July 6
112 Dec 1012 Mar
4 Mar 5
15
143 15
8
14
153
14
*1414 15
4
1412 1412 1,100 Melville Shoe
1413 Dec 34 Mar
No par
8 May 25 18 Jan 9
412 412
43
4 5
43
4
8 412
4 14
1,700 Mengel Co (The)
414 414
No par
812 Feb
1 July 20
5 Aug 29
2 Sept
018
.203 22
4
217
*203 22 .2o34 21
4
8
21
100 Metio-Goldwyn Pict pref27 14 June 9 2214 Jan 14
21
15 Dec 27 Apr
512 53
558 6
4
513 6
53
4 614
512 54 9,400 Miami Copper
112June 1
5
234 Sept 105 Feb
1314Sept 8
8
713 712
714 83
811 87
8
8
4
818 83
83 35,400 Mid-Cont Petrol
8
3
No par
33 Apr 9
4
Oct 163 Jail
4
5
87 Sept 7
8
107 114 103 117
97 111.1
8
8
8 11
4
8 104 1114 12,000 Midland Steel Prod_
123
No par
2 June 9 123
8Sept 8
Oct 3112 Feb
7
"60
65
•55
062
68 4
,
663 060
4
65
664 *50
8% cum let pref
100 25 June 2 65 Sept 7
3514 Oct 94 Feb
*1612 173
1714 173i 1734 20
17
4
1,600 Minn-Honeywell Regu_No par
17
1718 17
11 June 3 2312 Jan 18
15 Dec 5812 Feb
23
8 27
8
23
4 23
213 212
4
212 '43
23
3 24 2,600 Minn Moline Pow Impl No par
4
%June 8
313Aug 27
114 Dec
712 Feb
•10
1284 13
1318 1318 14 '13
1318 *12
1412 1,600
Preferred
No par
5 May 27 145 Aug 11
8
618 I)ec 48 Mar
10
1014 1114 1312 1334 14
10
10
*918 10
3,200 Mohawk Carpet MIlls_No par
512June 24 14 Sept 9
8
73 Dec 215 Afar
4
2512 x234 25
25
243 253
25
25
4
4 25
253
3,400 Monsanto Chem Wks.. No par
4
133
8May 31
303 Mar 8
4
4
1614 Oct 283 Aug
14,8 1413
133 144 1312 1514 14
4
4
153
8 1312 143 281,500 Mont Ward Co III Corp No par
3123,1ay 31
1538 Sept 8
64 Dee 2914 Feb
*29 4 31
3
*35
3112 35
40
*35
3518
400 Morrel (J) & Co
*35
38
No par 20 May 14 3514 Mar 12
28 Dec 58 Feb
2
8
2
8
5
8
5
8
5
8
3
4
8
8
5
8 3,700 Mother Lode Coalition_No par
4
- 12
4:51ay 20
34 Aug le,
3 Feb
4
14 Sept
1
14
1
1
*1 . 118
1
114
4 1
6,600 Moto Meter Gauge&Eq No par
14 Apr 22 • 1 14Sept 8
412 Mar
3 Dec
8
25
265
254 2614 .
8 25
2712 2712 293
4
8 263 281 1 23,700 Motor Products Corp_No par
73
8June 27 293 Sept 8
8
Oct 475 Apr
8
15
514 512
5.4 612
6
8 5,000 Motor Wheel
55
65
8 57
8
54. 512
No par
2 June 10
63
3Sept 8
5 Dec 197 Feb
8
1112 1012 134 11
. 114 117
8
10
12
1234 11
6,800 Mullins Mfg Co
No par
2 June 1
133 Jan 13
8
8
814 Dec 367 Mar
•20
26 - 2613
2412 257
25
8 24
8 243 243
8
257
8
180
Preferred
No par
5 June 1 2712Sept 2
20 Dec 7212 Mar
13
*1212 16
13
•14
16
13
1518 1314 1314
600 Munsingwear Inc
No par
7 Aug 17 1518Sept 8
11 Dec 3114 Jan
618 614
8
618 63
618 7
64 73
612 714 57,200 Murray Body
4
No par
218 July I
4
97 Mar 2
8
5 Oct 183 Mar
•1212 1412
•123 1412 1413 1413 *1312 16
4
147 1478
8
300 Myers F de E Bros
No par
718June 30 19 Feb 13
Oct 4512 Mar
20
173 174
1714 183
8 17
8
194 173 193
8
8
4 175 183 68,500 Nash Motors Co
4
No par
8 May 31
1934Sept 8
15 Dec 404 Mar
43
8 434,
4 3 514
3
414
4
13,800 National Acme stamped_ _ 10
412 514
43
4 5
218 Dec 1034 Mar
114MaY 25
51 i Sept 7
Nat Air Transport _
No par
518 Jan 5
712 Jan 21
4 Sept 13 Mar
.._
_ _ ... _ _ _ 7_
_ .„
__ _ ___
____
Nat Belles Hess
No par
Is Mar 17
78 Dec 10 Feb
118 Jan 5
0212 5
*2r3 5
6
6
*ii., g
300
Preferred
100
18May 25
37 Dec 32 Feb
6 Sept 8
8
44
444 453
8 43 4 457
4512
3
8 443 453
4 424 453 32,000 National Biscuit new
4
8
4
10 2014 July 1 467 Mar 7
8
363 Dec 833 Feb
8
•123
"125 148 0125 145 "126 148 0127 148
_ _
7% cum pret
100 101 May 31 130 Feb 19 11913 Dec 15314 MaY
153 163
8
153 15 4
4 167 183
8
8 -1
4 1714 1812 163 1812 44,900 Nat Cash Register A w i No par
4
4
612June 30 183
74 Dec 393 Feb
4Sept 7
8
233 24
223 2412 23
24
4
225 243
8
4 2318 25 157,800 Nat Dairy Prod
No par
4
143
8June 29 3138 Mar 8
20 Dec 503 Mar
13
4 *112
112
13
4
112 1 12
13
4
14
112 14 1,100 Nat Department Stores No par
472 Dec
18
1..i'aeli:
14June 30
24 Aug 30
0812 10
812 812 *5
8 2 *514 812 '5
50
,
Preferred
812
Prefeed
2 June 23 10 Aug
Dec2760712
100
2338 233
2212 233
4
4 22
2312 2284 •24
2314 237 16,000 Nat Distil Prod ctfs__
8
.No par 13 June 1 2714 Aug 12
16 Dec 3638 Feb
*73
*84 9
4 9
,
'8 8 9
Nat Enam & Stamping _ _ _100 38 Feb
*814 9
'814 9
3 July 8 8
Jan 21
514 Dec 274
08014 90
•75
*72
90
90
*80
86 '82
86
National Lead
Jan
100 45 July 8 92 Jan 8 37812 Dec 132
110 111
1143 1143 1143 1143 11412 11412
•112 115
4
4
4
4
110
Preferred A
Dec 143 June
100 87 July 12 125 Mar 11 111
95
95
•90
_ .97 100
974 9718 .95
20
Preferred B
100 61 July 7 105 Jan 13 100 Dec 1203 July
4
193 2014
4
1918 - - 3
2 8 183 2018 183 20 8 1853 - - 3- 40,500 National Pr &
0
4
4
3
168
Lt
_ _ ____ ____
65
8June 2 203
No par
8Sept 6
1014 Dec 4414 Feb
_....- ---Stock
--__ __-_ ____ -___ ____ ____ ____ ____ ______ National Radiator
__ ____
No par
18 May
De Fel,
_ __
_-_- ---Preferred
No par
218 Jan
12 Sept
327 334 Exchange
8
i
5112 - - 12 3112 - 8 ----------- 27,000 Nat Steel Corp
3
623
---No par
1312July 8 337
88ept 3
1812 Oct 5818 Feb
"11
13
1212
13 .1218 13
13
011
.10
13
300 National Supply
312June 2 13 Sept 6
50
5 Dec 7014 Feb
"36
38
Closed- *33
37 '36
37 .36
36
37
36
10
Preferred
Feb
100 1312May 26 3918 Aug 29
20 Dec 111
1712 174
163 1814 1618 174 1612 1712 16
4
16
2.400 National Surety
412July 8 197 Aug 29 210 Dec 7612 Mar
10
8
9
93
8
918 914
9
Labor
93
4
9
93
3,200 National Tea Co
8
83
4 9
8
312Niay 26 107 Aug 26
No par
8
614 Dec 247 Mar
8
47
412 43
8 47
8 *4
412
412 412
4
4
800 Neisner Bros
No par
113 Apr 26
3 Dee 2514 Feb
512 Jan 14
938 93
4
94 97
813 212 20,400 Nevada Consol
9 8 1014
3
8
84 94
Day.
Copper No par
4
43 Dec 143 Feb
1014Sept 8
4
212May 31
---- ----Newport
Co
No par
1012 June 204 Mar
_ __
---- ---Class A
41 June 5514 Oct
50
6
6 12
7 4 812
74 8
3
84
8
77
8 8
4,400 Newton Steel
8June 29
812Sept 6
13
214 Dec 24 Feb
No par
1312 1412 14
1118 1118
1112 14
14
12
12
1,600 NY Air Brake
Jan
414June 13 1412Sept 7
412 Dec 25
No par
"6
10
"6
•6
10
10
812 10
*812 1013 1,000 New York Dock
714 Dec 3784 Jan
4 June 17 10 Sept 8
100
020
27 .20
•20
27 •20
27
"20
27
27
Preferred
20 Sept 80 Jan
100 20 Apr 9 30 Aug 17
23
4 27
8
25
8 25
23
4 3
8
23
4 24
23
4 2,400 N Y Investors Inc
23
4
14 Dec 124 Jan
33 Aug 29
4
12June 2
No par
91
91
•9012 91
96
.92
*92
*92
96
96
50 NY Steam $6 pref
4
8018 Dec 1073 Mar
No par 70 May 28 98 Feb 5
•10213 110
•10212 110 '103 110 *101 106 •101 106
$7 let preferred
94 Dec 118 Apr
No par 90 June 4 10918 Mar 14
195 21
203
8
20
194
4
2013
195 213
8
8 1914 2018 51,600 Noranda Mines Ltd
2188Sept 8
4May 31
10 Oct 2912 May
• 103
4114 423
x3914 4212 394 424 40, 4314 39
4
4178 114,000 North American Co___No par
4
4June 2 43145 pt 8
26
Oct 9014 Feb
133
47
48
0467 4714
47
8
x47
4612 4613 4612 4612
700
Preferred
4012 Dec 57 Afar
50 2512July 11 z48 Sept 6
7
8
47
53
8 58
8 57
53
8 53
5
4
413 5
55
8
44,800 North Amer Aviation
Apr
8Sept 3
23 Dec 11
57
8
1141.1ay 31
5
1
87 87
88
88
88
88 '86
88
86
87
700 No Amer Edison pref__No par 49 July 13 88 Sept 6
79 Dee 10712 Aug
*712 20
20
"53 10
.9
8
*712 20
*712 20
North German Lloyd
4 Dec 354 Apr
8June 20
8 Jan 21
25
*30
33 '30
33 .30
030
33
33
40 Northwestern Telegraph_ _
30
30
21 Dec 4712 May
15 June 3 33 Aug 30
.214
238
218 24 .24 24
2
218 214
218 2,300 Norwalk Tire & RubberNo .50
12 Jan
2 Nov
3 Feb 9
par
4
212 Aug 30
1014 107
1013 1012
8 1014 104 10
104
97 1012 31.800 Ohio 011 Co
8
54 Dec 1912 Jan
No par
5 Jan 5 11 Aug 10
27
8 34
23
4 3
24 2713
8
27
8 33
3
3 3 20,600 Oliver Farm Equip new No par
8
4 Aug 6
53 Feb
3
8 Dec
8
12 Apr 28
814 814
714 74
818 812 0858 958 1,320
812 838
Preferred A
Jan
212May 24 1014 Aug 25
218 Dec 26
No par
378 4
314 33
4
4
4
34
2,000 Omnibus Corp
3
3
3
4Mar 8
13 Oct
43
8
612 Afar
112 Jan 4
No par
7
8
8
8
7 8 77
8
8 18
8
8
7
74 7 8 1,600 Oppenheim Coll & Co_ No par
818 Dec 2812 Feb
94 Jan 21
3 June 7
13
*1112 13
13
144 .13
13
15
540 Orpheum Circuit Inc pref_ 100
14
15
44 Dec 72 Mar
15 Sept 9
314June 16
21
19
2018 207
185 19
8
8 19
2012 1814 193 29,000 Otls Elevator
4
164 Dec 5818 Jan
2212 Jan 8
No par
9 May 31
•98 10312
*9814 10312 *9814 10312 '98 10312 '98 10312
Preferred
97 Dee 12912 Mar
100 90 May 26 105 Jan 15
813 914
74 8
3
48,100 Otis Steel
8
84
712 8
8
9413ept 7
312 Dec 163 Feb
114May 27
No par
1712 1912
19
204 183 2018 18
4
4 3.550
197
8
8 155 173
Prim preferred
8 Dec 6912 Feb
318Alay 19 2038Sept 6
100
2512 10,000 Owens-Illinois
25
26
2513 2,5
257 264
2512 263
4 25
8
4
20 Dec .393 Jan
Glass Co....25 12 June 2 2712 Aug 11
32
3312 3112 324 3212 3212 313 33
3313 333
14,300 Pacific Gas & Electric____25 167
8
4
293 Oct 544 Mar
8
8June 1 37 Feb 13
4514 46
45 453
4 45
4514 45
4412 7,300 Pacific Ltg Corp
4512 44
Oct 6912 Mar
35
4June 2 4712 Aug 29
No par 203
123 13
8
124 1312 1212 1212 12
. 920 Pacific Mills
1212 *1112 13
4
73 Dec 2614 Mar
314Afity 26 14 Aug 29
100
933 9312 9212 94
90
8
883 90
9213 94
92
680 Pacific Telep & Teleg
4
4
58 June 1 1043 Mar 5 x9314 Dec 1314 Mar
173,400 Packard Motor Car__ _No 100
413 43
44 43
8
8
414 5
44 .514
43
4 5
8
37 Dec 117 Feb
514 Jan 11
8
112July 8
par
"113 14
4
*1112 14
*1112 14
Pan Amer Petr dr Trans__ _5
*1112 14
*1112 14
1212 Aug 23
6 July 11
12
12
12
12
12
12
12
1212 1,600
12 18 12
Class B
8July 15 13 Aug 25
73
5
818 8
8
10
812 1,300 Park-Tilford Inc
814 84 *814
914 .8
3 Sept 11 Mar
2 Apr 28 10 Sept 6
.7
8
1
14 1,200 Parmelee Transporta'n No par
14
14
14
114
1
114
114
Dec
1
2 Jan 8
47 Jan
8
No par
14Ju.ne 1
500 Panhandle Prod de Ret_No par
118
1 18
118
118 *1
114
114 'till
114 •118
114 Jan 15
414 Feb
8
13 Jan 23
8 Dec
73
8 758
63
4 735
74 171,200 Paramount I'ublix
7
7
74 74
6 8 74
513 Dec 5014 Feb
112May 28 1112 Jan 14
No par
8,900 Park Utah C 51
14 138
153
13
4
15
14 2
8
13
13
4
4
17
8
2 Sept 9
78 Sept
214 Mar
4 Apr 14
1
118
•I
1
1 18 6,500 Pathe Exchange
1
1
1
118
118
1
14 Dec
1 14 Aug 29
14May 12
27 Feb
8
No par
33
4 4
8
4 45 12,000
33
8 4
33
33
8 38
37
Class A
8 4
7
4
118 Dec
53 Feb 17
84 July
114June 1
No par
8
7
4,700 Patin° Mines & EnterprNo
8 914
85
83
4 9
94 912
912
9
912Sept 6
418 Sept 1512 Feb
318July 14
par
"13
4 218
700 Peerless Motor Car
13
4 214 017
24 24
8 24
214 214
263 28
4
2714 28
2714 273
2712 2812 9,200 Penick & Ford
4 2712 29
22
4
16 June 8 323 Mar 8
Oct 4612 Feb
No par
234 244
224 243
8
2412 2314 2413 2318 237 78,600 Penney (I C)
4 23
263 Dec 443 Aug
4
4
No par 13 May 31 3412 Mar 8
088
400
8512
8512 8512 .8.54 90
8712 8712 "8512 8712
Preferred
793 Dec 10014 Sept
4
100 60 June 1 91 Mar 5
178 2
14 13
2
4
2
17
8 1,300 Penn-Dixie CementNo par
17
2
8
2
212 Aug 29
12 Apr 14
3 Dec
4
512 Feb
*7
12
.7
12
57
12
*713 12
*712 12
Preferred
34June 9
714 Aug 31
212 Dec 29 Jan
100
*15
1712
100 Peoples Drug StoreNo par 1212June 1
1512 1512
1712 "15
1712 '143 1712 '15
4
1612May 17
15 Dec 3512 Mar
*71
*70
.71
_
__ "71
*71
- _ - _ --63i% cony preferred__ 100 5018July 8 95 Feb 25
78 Dec 1044 Aug
8612 4,500 People's 0 L & C
86 69
86 ii
86
8812 85 -883-4 83 -(Chic)_100 39 July 9 121 Jan 15 107 Dec 250 Feb
"8
10
*S
Pet Milk
.8
10
10
.8
1012
10
*8
712 Aug 9 1212 Jan 7
9 Dec 1712 Jan
No par
64 73
19,500 Petroleum Corp of Am_No par
8
74
7
718 74
718
7
63
4 7
234May 5
73
8Sept 6
*
24 Dec 107 Feb
1058 111
1012 113
8
1012 11
107 62 100 Phelps-Dodge Corp
9
8
8 104 115
8June I
115
8Sept 8
37
8
57 1)ec 253 Feb
8
25
*39
40
39
600 Philadelphia Co 6% pref. 50 18 June 3 41 Mar 10
39
39
39
383 384 3878 3878
3
30 Dec 5612 Afar
7412 7412 76
500
76
743 7434
86 preferred
76
4
*74
'74
76
60 Dec 1023 May
4
No par 48 June 27 76 Sept 7
63
4 67
4
63
8 63
4
73,
07
4
7
778 56,500 Phila & Read C & 1.7..No par
63 7
3
77 SePt 9
8
2 June 27
23 Dee 1214 Mar
4
1012 1012 *104 1118 1018 104 *1018 11
1,000 Phillip Morris dr Co I.td___10
1114 1135
13 Aug 22
7 June 1
8 Dec 125 Aug
8
*45
8 8
.45
8 8
8 8
043
8 8
*43
Phillips Jones Corp__ _No par
*44 8
94 Jan 5
913 Dec 147 Nov
312 Apr 25
8
015
22 '103 22
8
22
015
*103 22
Phillips Jones pref
0103 22
8
8
Jan
36 Dec 52
100 10 Apr 26 32 Feb 10
714 818
75
8 8
715 74
74 8
74 74 59,600 Phillips Petroleum
818Sept 6
No par
2 June 1
4 Dee 164 Jan
8
81 1
712 8
vo
8
74 77
74
310 Phoenix Hosiery
74 814
918 Aug 27
312 Dec 1014 Apr
31 27s1ar 23
5
'4
6
100 Pierce-Arrow class ANo par
.5
10
8
*4
*5
5
10
5
9 Jan 13
114June 1
54 Oct 2714 Feb
4
3
4
5
8 1,800 Pierce Oil Corp
3
3
4
4
3
4
•3
3
3
3
4
14 Dec
112 Feb
4Sept 1
3
14 Jan 2
°5
812 9
88
*8
814 .8
700
87
s
•712 778
88
Preferred
9 Aug 9
312 Jan 5
100
312 Dec 234 Feb
13
12
13
8
1
1
112
8
114
III
112 19,600 Pierce Petroleum
13
13
15
8
8
138Sept 30
12May 17
13 Dec
34 Feb
No par
175 173
8
8
4 175 18
4 2,500 Pillsbury Flour Mills.
1758 173
18
18
1712 173
4
2212 Jan 9
4May 31
--No par
93
194 Dec 87 Mar
aT4 -6
• Bid and asked prices: n sales on this day. a Ex-dividend and ex-rights.
New York Stock Record-Continued-Page 7
1797
1V-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
Sept. 3.
Monday
Sept. 5.
Tuesday
Sept. 6.
Wednesday
Sept. 7.
Thursday'
Friday
Sept. 8.
Sept. 9.
Cate,
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
Indus. & Macon.(Con.) Par $ Per share $ per share $ per share $ per share
3 May 4 1158Sept 6 , 4 Dec 2812 Jan
100
Pittsburgh Coal of Pa
273 Dec 80 Jan
4
103 18 June 28 40 Jan 28
Preferred
47 Aug 16
3 Dec 1514 Feb
2 Apr 12
Pittsb Screw & Bolt_ __No par
2178 Dec 87 Jan
912June 29 24 Jan 18
100
Pitts Steel 7% cum pref
1 Dec 15 Feb
3 4Sept 7
3
4July 8
25
Pittsburgh United
,
40 Dec 99 8 Feb
100 14 May 17 44 Sept 6
Preferred
538 Dec 1814 Jan
2 June 1
114 Aug 11
No par
Pittston Co
3 Oct 1334 Jan
8Sept 8
65
112May 25
No par
Poor & Co class B
2 Sept27 Feb
658Sept 8
114May 27
Porto Rican-Am Tob el A_100
5 Sept8 Feb
8
24 Aug 16
8May 6
5
No par
Class B
4 Dec 3912 Jan
4July 6 1712Sept 8
13
Postal Tel & Cable 7% pref 100
418 Dec 2038 Feb
912Sept 7
312June 2
25
Prairie Oil & Gas
58 Dec 2612 Feb
512June 2 1214Sept 6
25
Prairie Pipe Line
114 Dec
718 Feb
4 Aug 30
4June 1
3
No par
Pressed Steel Car
8
512 Mc 475 Feb
258June 13 17 Sept 7
100
Preferred
36% Dec 71 14 Mai
No par 1978June 30 42% Jan 14
Procter & Gamble
1 Dec
6 Feb
15 Mar 9
18May 25
Corp__50
Producers & Refiners
3 Dec 16 Feb
934 Mar 30
1 May 10
50
Preferred
4918 Dec 964 Mai
Pub Ser Corp of N JNo par 28 July 11 60 Mar 7
78 Dec 10212 Ma$
8Sept 6
No par 62 June 30 907
preferred
$5
92 Dec 12014 Atli
100 7112June 2 11058 Mar 11
6% preferred
4
100 9212May 27 114 Mar 10 1124 Oct1393 Au3
7% preferred
100 100 July 8 13014 Mar 5 118 Dec 16012 Anti
8% preferred
4
873 Dec 10714 An3
Pub Ser El & Gas pf $5-No par 83 June 3 99 Sept 7
154 Dec 5812 Feb
No par 1012iune 2 28 Sept 3
Pullman Inc
2 Jai
38 Jan 2
14 Aug
Is Feb 17
50
PunT.a Alegre Sugar
314 Dec 117 Jan
612 Aug 23
278June 2
25
14
578 614
618 1 M;ioo Pure Oil (The)
614 1
12
Wit 1
12
(
7
1
1
12
5312 Dec1017 Jar
8
100 50 Jan 5 SO Aug 22
82
78
80 *74
76
76
764 76
260 8% preferred
*76
763
4
103 Dec554 Mal
4
438May 25 158 Mar 7
No par
1212 14
13'
12
134 12
125 14
8
27,700 Purity Bakeries
1253 1314
518 Dec 2712 Fet
212May 26 1312Sept 8
1058 1138 108 1212 1218 1312 1214 1312 308,400 Radio Corp of Amer_ No par
• 1012 107
8
20 Dec554 Mal
50 10 June 2 327 Jan 12
2712 2712 28
27
29
Preferred
3112 1,800
2814 29
2812 2812
912 Dec 60 Ma,
338May 31 23% Sept 9
No par
1812 1934 18
Preferred B
207
8 1914 2112 1912 2338 39,500
19
2018
4 Day
2 4 Dec
3
734Sept 9
112June 1
57
No par
Radio-Keith-Orph
7
6
714
67
8 73 41,900
4
738
51
4 6%
534
812 Dec2912 Mal
4
438July 11 2123 Aug 31
1134 12
10 4 117
3
8 1112 1238 1112 118 3,600 Raybestos Manhattan_No par
117o 1212
178 Dec 308 Fet
112Sept 2
24July 18
658 714
714
_ - _10
7
7
7
638 67
7
713
3,800 Real Silk Hosiery_.
5 Dec 90 Feb
7 June 23 30 Sept 1
100
27
28
/ 2878 27
1
4
29
29
*25
2678
*29
35
110 Preferred
17 Jar
42 Dec
112Sept 1
18 Apr 12
No par
13
138 *lig 138 *14 138
114 114
114 114
600 Reis (Robe) & Co
758Sept 3
6 Sept 13 Ap,
4
13 Apr 15
100
*64 934 *6
*612 10
*818 10
934
1st preferred
50
738 7 8
5
178 Dec 193 Fel
4
713 Aug 27
1 May 28
No par
6% 68
612 63
65, 7 30,900 Remington-Rand
65
8 65
65
4
4
8 78
5
614 Dec 88 Jai
4 June 3 29 Aug 30
*25
100
*25
28
25
28 *22
2213 25
*2518 28
let pr.ferred
200
10 Dec 98 Jai
5 June 14 3112 Aug 30
100
*30
*30
31
31
*30
*30
31
32
21 preferred
31
*30
27 Dec 1018 Fel
378Sept 8
112 Apr 4
10
358 37
314 33 21,700 Reo Motor Car
4
8
3
313
3
3 12
3
3 18
44 Dec 253 Fel
3June 2 1378Sept 8
8
17
12
/ 1334 1234 130
1
4
4 121 137
/
4
1112 1212
8 115 1318 118,000 Republic Steel Corp.....No par
8
818 Dec 54 Fel
5 June 28 2878Sept 6
100
2612 2878 2512 2738 2534 2714 25
preferred
26
281s
17
10,400 6% eonv
24 Dec 13 Jai
614Sept 8
1 July 8
700 Revere Copper Jv Brass_No par
51s 513
614 614
54
*4
8
514 84 *5
6 Dec 30 Jai
212May 3 1212 Aug 26
117 111 12
No par
12
/
4
*712 30
"7
/ 30
1
4
Class A
200
*712 1?
7 Sept 2230 Ma
558July 20 11 Sept 7
1044 11
No par
9
11
93 10
4
1014 1038 4,400 Reynolds Metal Co
914 10
212 Oct 1814 Ma
8Sept 9
3 Feb 23 127
1114 1134 1238 1112 128 12.500 Reynolds Spring new No par
814 108 10
812 8%
3212 Dec 5412 Jun,
364 3713 3514 364 81,500 Reynolds (B, J) Tob class B-10 2612June 30 4014 Jan 14
3658 3730 3612 37
8
363 373
4
10 64 May 2 7118June 13 69 June 7513 Fel
65
67 67
67 .65
65 *65
67
6678 66%
Class A
60
% 1
138July 26
64 Jai
3 Dec
8
14June 23
1
1
1
1
1
1
1
1
7,400 Richfield 011 of Callf-__No par
114 Nov 1014 Fel
313 Aug 10
4May 28
13
No par
318 338
34 314
34 31
31a 318
34 34 6,400 Rio Grande 011
4 July 12 11 Sept 9
5 4 Dec 413 Ma
3
4
*9
*938 10
101 *10
*85 1012
101
8
1012 11
200 Ritter Dental Mfg_ _ _ _No par
912 Aug 23
314 Dec 26 Fel
112May 28
10
8
81
8
81
7 8 88
5
812 858
2,700 Roasts Insurance Co
78 8
/
4
13 Dec 42 8 Fel
234 2358 23
5
233
4 2318 2313 2258 22% 2,800 Royal Dutch Co(NY shares) 121 Apr 21 2334Sept 7
223€ 2212
7 Dec 3038 Fel
8July 13 1734Sept 8
45
1518 1584 1413 171
10
1612 1734 1513 17
1434 1512
15,800 St Joseph Lead
3858 Jan 6912 Aui
5258 54's 5114 5313 511 537
Stock
No par 3Q1 July 8 5914 Mar 6
/
4
50
/ 5214 21.300 Safeway Stores
1
4
523€ 5418
6314 Dec 9818 Sep
100 60 May 20 88 Sept 8
*87
88
88 *87
88
*88
88 88
*86
91
60 6% preferred
977k 97
978 98
71 Dec 10813 All
100 69 June 2 98 Aug 30
977
4
973 973 Exchange *97
4
97 97
210
7% Preferred
78 Feb 1
35 Dec 2014 Fel
1'4 July 14
*33
4 53
54 6
*334 584
6
614
4
4
800 Savage Arms Corp_ ___No par
4 Jan 13
8May 31
8 Dec 11% Ma
7
214
23
*24 3
2
2
230
*23
8 27 Closed218 1,000 Schulte Retail Stores_No par
8 May 28 30 Jan 5
100
30 Dec 65 Ma
14
14
14 •10
*14
*10
1414
Preferred
14
10
50
10
54 Oct 204 Ap
658 Apr 12 1712Sept 8
167
1558 167e 16
Labor
16% 17'n 154 17 62,300 Seaboard Oil Co of Del_No par
15% 16
/
1
214 Dee 11 Tel
1 Apr 12
2 4 Jan 21
1
*2
31
No par
*2
2% *2
312
*23
8 31
2
5
100 Seagmve Corp
3014 Dec 834 Tel
9 sJune28 375 Jan 18
7
Day.
247 264 2434 2638 2412 268 2312 254 111,000 Sears. Roebuck & Co-No par
253 2612
4
$ Dec
13July 5
612 Fel
4
3 Aug 30
1
3
3
258 3
278 24
27
27
212 23
4 1,600 Second Nat Investors
27 Dec 5818 Fel
1 2114June 22 3818 Aug 25
*3613 42 *36
41
*36
42
*36
Preferred
42 *36
42
1 Aug 30
18May 4
74 Sept134 Tel
No par
1
1
78 1
78 1
6,000 Seneca Copper
4 1
% 1
34 Dec1134 Ap
112June 25
53* Jan 13
No par
3
314
34 31
314 313
338 414 54,100 Serve' Inc
318 37
84 Dec 294 Tel
4
5 May 28 123 Mar 8
No par
1014 1058
1018 105
10
103
8 105 123
8
4 118 124 47,200 Shattuck (F G)
212 Dec 137 Fe
734Sept 8
112July 1
34 6
64
8 7'z
No par
712 734
4
612 712 4,400 Sharon Steel Hoop
54 53
318 Oct21 Ma
7 Sept 8
17atme 13
No pa,
6
6
61
6
6'3
614 7
638 7 34,200 Sharpe & Dohme
6'4
28 Dec614 Ma
No par 1112July 21 3014 Jan 18
*23
233 2458
Preferred
2313 2313 244 244 •2212 2434
25
300
212 Dec1014 Ja
834Sept 7
212 Apr 23
75
77 89,700 Shell Union Oil
75
No par
814
658 71
63
4 67
7
83
4
3
15 Dec78 Fe
100 18 May 31 6514Sept 7
6514 80
Preferred
52
60 63
52
6412 5713 584 2.500
63
8
4
18 Dec
1% Aug 10
%June 2
7
8 1
1
7
8 118
934 Ma
1,500 Shubert Theatre Corp_No par
1
3
4
3
34
67 Dec 23 4 Fe
a
2 4June 1 13 Aug 27
3
3
No par
1134 1214
1118 12's 1114 1212 1112 1213 1114 1212 30,700 Simmons Co
74 Aug 25
813 Dec 11 Fe
314 Apr 8
10
7
714
634 7's
67
8 74
7
7
7
7 14 2,800 Simms Petroleum
44 Dec 157 Fe
718 Jan 7
414 Jan 4
---- ------- - -- ---- --- ---- ---- ---- - --- ...... Sinclair Cons on Corp_No par
64 Dec 103 Ma
100 79 Feb 6 98 Mar 24
Preferred
2 Dec 1278 „la
534Sept 6
2 Feb 8
12
25
•5
514
514 512
53
8 588
54 53
54 514 3,600 Skelly Oil Co
10 May 62 Ja
3213 3212 3212 3212
3214 331
32
32
*3014 3312
100 12 Jan 4 3312Sept 7
Preferred
500
71 Sept 6
234 Aug 26
51s 538 6,200 Snider Packing Corp --No par
412 658
7
63
4 714
7
7
738
2 Oct 15 8 Fe
5
414 Jan 11
1 June 13
No par
Preferred
--- ----1118 118
83* Dec 21 Au
514May 31 1214Sept 6
8 1/125
t
12
1I5 - 4 -His -- -1 -1184 lif: -1113 114 12,200 Socony Vacuum Corp
65
40 Dec 95 Ma
64
69
67
67 *67
67 67
65 67
800 Solvay Am Invt Tr pref--.100 35 June 28 67 Sept 6
633 Dec 1713 Ja
1738 1818 1712 1813 1734 1834 17
18
1814
Apr 12 18345ept 8
1814 15.100 So Porto Rico Sugar___No par
87 Oct 11213 Jul
*11012 ___ *11012 --- *11012 ____ 2109 109
*11012 ____
Preferred
100 8612May 27 11012 Aug 31
100
8 Feb 19
2838 Oct 5412 Fe
28
2914 2953
4June 2 32 4
2918 3018 2878 2912 9,000 Southern Calif Edison
25 153
2938 2814 30
212 Sept
*2
3
*2
3
.2
5
•2
4
5 Ma
3 Feb 26
114May 28
*2
3 ...._
Southern Dairies cl 13.-No pa
*712 9
413July 7 12 Jan 12
.712 9
9
9
8 Dec 36 la
*8
9
*73
8 9
No par
100 Spalding Bros
*55
68 .55
68
66
66 *55
66
68
*55
100 32 June 3 95 Jan 9 94 Dec 11512 Ma
1st preferred
10
94 Dec 2712 Fe
934 Mar 3
934
9 4 *6
3
93
4 *6
*6
9 4 *6
3
*6
93
4
8 4 Mar 7
8
Spans Chalfant&Co InoNo POT
4812 Oct 924 is
29
29
29 *18
*18
29 *18
29
29
•18
Preferred
10() 29 Aug 9 4812 Jan 2
40
37
47
412 5
414 45
4
414 47
2 Dec 13 8 Ma
4
5
5 Sept 8
1 May 28
412 13,300 Sparks Withington_ __No par
1078 11
*10
11
9 Sept 1612 Ma
*94 118
*94 11
912
912
8 May 4 11 Sept 8
400 Spencer Kellogg & Sons No par
6 Sept 173 Fe
8% 88 *813 12
*9
12
4
878Sep8 7
*7
*8
113
4
8
5 Apr 20
200 Spicer Mfg Co
No par
18
18
18
18
*1713 19
17
17
*1512 17
1114 Dec 3313 Fe
912.7une 1 18 Sept 7
Preferred A
500
No pa
414 414
47
5
5
414 412
3 Dec 1713 Ma
5412 43
5 Aug 29
48
58May 31
4
-May-Stern Co_No par
400 Spiegel
16% 1714 1614 174 82,000 Standard Brands
2163 174 1614 17
4
1678 1714
l012 Dec 2013 Fe
838June 2 1778 Aug 27
No par
x120 12113 *119 121 *11912 12214 *11912 121
*120 12214
4
Preferred
300
No par 110 June 2 212112Sept 6 1143 Dec 124 Jul
*7
8 13
4
14 114
112
112 *114 138
*118 13
13 Dec
4
?s July 20
4 Fe
2 Jan 4
200 Stand Comm Tobacco_No pa
25
273
4 253 28
25
27
4
2514 287 53,700 Standard Gas & El Co_No pa
2514 26%
251 Dec 8838 Ms
758June 2 3414 Mar 8
3618 37
3634 87
3618 37
36
353 37
4
297 Dec 647 Ma
364 3,700
8
914June 2 4114 Jan 14
Preferred
No par
5712 5712 58
1347 57
8
554
55
.533 55
4
40 Dec 101 Ma
58
800
$6 cum prior pref
No par 21 July 19 624 Aug 24
7012 69 69 *66
69 693
4 70
6712 6712
55 Dec 1093 Ms
70
4
500
$7 cum prior pref----No par 28 June 3 75 Jan 15
178 178
13
4 17
8
134 178
17
17$
8 Dec
8
17
214 Aug 25
8 17
414 Fe
8 1,600 Stand Investing Corp No pa
4June 24
•96
97 *96
9612 9612 9612 96
96% 96%
97
900 Standard 011 Export pref--100 x 81 June 9 97 Sept 9 8718 Dec 106 Set
2934 3130 3012 318 30
314 2912 30% 38,300 Standard 011 of Calif
2914 3018
No par 154June 2 317 Sept 7 23% Dec 5134 Fe
1313 137
8 14
13
15
14 •13
1312 1312
14
7 4 Dec 19 is
3
7 Apr 7 1612 Aug 20
25
2,500 Standard Oil of 1Cansaa
36% 373* 3614 374 36
374 3514 3612 137,500 Standard 011 of New Jersey_25 197 Apr 23 3738Sept 6
35% 36%
:
26 Dec 521 Fe
1378 June 26 Fe
York_25
---- -- ---ii ---- --" --" --- ---- ---- ---- ...-- Standard 011 of NewS__No par
.618 73
812
4 8884 884 *8
834 83
4
3 July 12
4
8 Dec 3414 Fe
834Sept 7
400 Starrett Co (The) L
112 24
112 113
2
24
2
112 112
2
12 Dec
18May 21
21413ept 7
5% Fe
7,400 Sterling Securities ci A..No par
*334 412 1,400
3
/ 4
1
4
3% 35
312 358
338 312
138 Dec
4 Sept 8
No pa
%July 11
95 Fe
Preferred
2512 2512 *2514 27
26
2512 2512 26
25
25
1618 Dec 40 Ma
Convertible preferred_ _ _ _50 1312June 2 26 Aug 27
700
634 7
612 83
734 84
8
77 21,300 Stewart-Warner Speed Corp 10
7
7
7
14May 28
812Sept 8
4 4 Sept 217 Ms
3
1418 163
14
15
4 1514 173* 1412 1618 92,400 Stone & Webster
97 Dec 5413 Ma
14% 1518
458July 8 1738Sept 8
No par
1058 1138 1034 12
12
1334 ilia 1238 54,000 Studebaker Corp (The) No pa
1034
212May 28 1334 Sept 8
10
9 Oct 26 Ms
7413 744 *70
69
70
75 *70
69
75
*66
100 32 May 25 10478 Mar 31
75 Dec 11814 Ar
Preferrei.
40
33% 3312 3612 3612 35'2 364
*3312 36
4
3318 3312
264 Oct 4514 Fe
No par 243 Apr 13 3612Sept 8
/
1
soo sun oil
88
90 90
*90
91
8812 *88
100 68 July 13 91 Aug 31
9112
90
*90
75 Dec 10413 Fe
220 Preferred
8
14
14 *135 1418 1312 141
14
14
141.8 144
11 Dec 40 8 Fe
7 June 11 1418Sept 3
700 Superheater Co (The)__No par
5
158 2
158 13
112 13
4
4
158 134 5,800 Superior 011
14 13
4
14 Jan 5
1 Dec
4
2 Sept 6
No par
134 Fe
714 8
8
7 4 812
3
83e
712 8
712 73
2 Dec 187 Ma
/
1
4
812Sept 7
214May 26
4
100
3,200 Superior Eteel
8
*314 712 *34 74 *314 1012 *314 1012
1013 Dec 15% Au
15 July 19 11 Jan 4
s
50
*31 71/4
/
4
Sweets Coo! AmerLa
*7
2 1
82 1
,7
1
1
*4 1
1
1
14 Mar 31
No par
1 Sept 6
% Dec
218 Fe
600 Symington
24 24
•24 23
24 24
4
212 212
1 Oct
*2
212
234 Aug 30
12May 26
No par
Class A
600
612 is
95 1018 1018 1038 10
/4
95
8 93
4
*912 93
6 July 20 133 Mar 23
No par
4
1118 Dec 214 Ma
1014 3,000 Telautograph Corp_
4
8
412 .4,
414
418 430
4
4
1 May 25
4
438Sept 8
No par
912
2 Dec
414 414
3,200 Tennessee Corp
8
1678 1814 173 1818 1714 18
97 Dec 357 Ja
165 1712 100,800 Texas Corporation
8
94June 29 1814Sept 6
25
1658 17
Ja
2358 2458 2414 25
2412 257
2418 254 27,000 Texas Gulf
- --No par 12 July 8 263 Feb 17
1912 Dec 55 4 Fe
4
2112 254
1
318 312
3
3 14
34 330
3
314 7.100 Texas Pacific Coal isOil-10
112 Apr 12
4 Aug 5
Sulphur17 Dec
3
3 14
3
612 is
8 per share $ per share $ per share $ per share $ per share $ per share Shares
912 1014 1012
938 938 1,500
1114 1158 *9
1118 1112
30
30
37
400
*30
*30
35
32
35
*25
35
300
44 414
414 414
43
4
% *44 43
*43
4 4%
21
2114 *2118 25
*2138 23
80
*2112 23
21
21
278 312 3,800
314
334
27
3%
314 3 4
3
238 238
40 40
40 44
4114 43
43
1,730
44
4
398 413
*24 9
2
2
,438 3
*214 9
*114 9
50
55
612 65
8
612
514 618
58 612 5,800
538 512
512 614 2,900
514 658
512 512
4
51
4 53
4
5% 53
2
2
2 14
*21 238
/
4
214 238 1,700
230
*214 238
1578 7,100
1413 1638 1578 1714 1612 1712 15
• 1314 14
9
9
912 912 *8
9
912
*9
200
*838 9
12
1214 *1178 1214 117 1178 *1112 115
500
*1112 12
37
338 37
3 4 334
3
3% 4
312 33
4 6,200
8
3%
17
17
17
17
1434 15
*15
1614
800
•1234 143
4
34
4 3418 3.12 3312 3412 14,200
334 35
343
8
34
347
7
8 I
7
8 1
7
8
7
8
1,500
7
8 1
*7
8 1
*618 7
*618 7
8
7
7
7
330
7 4 73
3
4
51% 5414 5238 548 5114 5438 35,400
5218 547
3312 543
4
9014 *9018 91
9078 9078 90
*904 9112
/
1
300
8
*90
907
10114 10114 *100 10138 *100 10114 100 100
200
*100 10114
/
1
4
*105 11278 *105 112 *105 11278 *105 11278
8
*105 1127
*118 130 *118 130 .118 130 *11838 130
*118 130
99
*98
99
100
4
*973 983 *973 984
4
4
99
*98 100
2518 2612 20,300
277
26
2612 28
2738 26
2712 28
* Bid and asked prices: no sales on this day. z Ex-dividend. y Ex-rights.
1798
New York Stock Record-Concluded-Page 8
OF FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
. - _
PER SHARE
PER SHARE
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sales
STOCKS
Range for Year 1932
Range for Previous
for
NEW YORK STOCK
On basis of 00
-share tots.
Year 1931.
Saturday
Monday
Tuesday
Wednesday Thursday
Fri day
the
EXCHANGE.
Sept. 3.
Sept. 5.
Sept. 6.
Sept. 7.
Sept. 8.
Sept. 9.
Week.
Lowest
Lowest
Highest
Highest
$ per share $ per share $ per share $ Per share $ Per share $ per share Shares Indus. & Miscell.
(Cowl.) Par $ per share $ per share $ per share $ per share
64 7 3
712 812
3
73
4 818
712 83
8
73 82,900 Texas Pacific Land Trust_ ___1
4
714
212June 2
8
812Sept 6
414 Dec 175 Feb
64 7
63
8 63
8
67
400 Thatcher Mfg
s 7
71
*7
No par
2 Apr 5
9 Aug 25
37 Dec 22 Feb
8
•30
45,
8
*3013 4513 *303 4518 *303 4418 *30 4 40
4
4
3
Preferred
No par 2218 Apr 19 30 Aug 30
245 Dec 41 Mar
8
*612 712
65
8 65
8 *612 712
600 The Fair
712 8 4
,
8
8
Jan
No par
4 May 17
538 Dec 23
81 1Sept 8
212
.214
210 212
212 314
25
8 314
3
33 15.000 Thermold Co
4
9 Feb
%June 2
112 Dec
No par
4Sept 9
33
*1612 17
*1612 1714 *17
1713 1612 1612 1612 163
300 Third Nat Investors
4
1 10 May 31 163
4Sept 9
1114 Dec 27 Feb
15
15
1412 1412 *12
16
145 145 •11
8
16
300 Thompson (J 11.) Co
8
814 July1
4/Mar 5
25
12 Dec 35 Mar
163
814
9
93
4
9
65
8
6'4 914
812 3,000 Thompson Products IncNo par
*8
4June 3 10 Feb 29
C"'
23
63 Oct 18 Feb
8
*24 2 4
,
218 214
214 214
214 214
2
214 2,100 Thompson-Starrett Co_No par
7 Dec
8
83 Mar
8
%June 11
214 Aug 29
*15
35
*15
35
015
35
*1712 25
*1712 35
$3.50 cum pref
No par 12 June 2 15 Aug 17
1412 Dec 3414 Mar
47
8 518
47
8 53
8
5
5 18
55
8
5
518 512 85.500 Tidewater Assoc 011__ _No par
2 Apr 8
9 Jan
55
8Sept
218 Dec
56
56
56
5612 5813 5812 593 60
60
1,000
60
8
Preferred
Jan
100 20 Feb 3 (.0 Sept
2012 Oct 6°
*5
15
*5
15
*712 15
Tide Water 011
*712 15
*74 15
100 5 June 6 10 Aug.
97 Nov 18 Mar
8
no 65
*60
61
65
61
62
62
62
*60
200
Preferred
100 30 Feb 9 02 Sept
30 Dec 83 Feb
5
5
*412 5
5
57
8
6
613 48,100 Timken Detroit Axle
6
63
4
312 Dec 12 Feb
10
634Sept
2 July 6
2012 214
19 4 213
3
8 20
213
4 20
195 21 12 64.900 Timken Holler Bearing No par
2214
8
1612 Dec 59 Feb
4July 8 23 Jan
73
Tobacco Products Corp No par
412 Nov
27 Jan 5
8
63 Mar
3
15 June
8
--- __-_
---- ---- ---- ---- ---_ ---_ ---- ---Class A
No par
63 Jan 4
8
9 Mar
6 Dec 14 Apr
64 7
63
4 7
63
4 7
56,600 Transamerica Corp___ _No par
63
4 7
8
72 712
24 Jan 2
718Sept
2 Dec 18 Feb
65
8 78
3
813 812
712 77
s
7
718 *67
8 7 2 1,400 Transue de Williams St'INo par
,
214July 13
812Se0t 6
27g Dec 1712 Mar
512
5
5
512
47
412 5
8 514
47,400 TM-Continental Corp N, par
47
8 513
512Sept 3
1 125tay 26
2 Dec 1134 Feb
*65
6712 6712 673 673
70
4
4 70
72
400
72
70
6% preferred
8
No par 427 Jan 2 72 Sept 9
3612 Dec 9414 June
263 263
8
253 2614 2612 2814 2814 283
4
3
8 2714 273
4 1,600 Trice Products Corp
No par 1938May 31 3112 Mar 9
24 Dec 4554 Feb
*112 2
*112 2
*112 2
4 2
*13
4 2
.13
800 Truax Traer Coal
Jan
No par
14N1ay 27
318 Jan 14
1
Der 10
63
63
3 7
4 7
63
4 64
,
2,400 Truscon Steel
7
63
7
4 7
2 Apr 19
10
7,4 Aug 25
578 Der 24 Feb
*212 25
8
112 212
13
4 214
2
212 214 7,900 Glen & Co
214
No par
12Slay 4
318 Aug 29
2 Dee 213 Mar
4
20
2378 243
2414
8 22
23
2114 23
2012 22
5,500 Under Elliott Fisher Co No par
8July 7 243
8Sept 6
73
133 Dec 753 Feb
8
4
101s 103
11
11
11
11
4
0934 11
*93 103
4
800 Union Bag&Paper CorpNo par
4
512June 2 115 Aug 2
5 De, 14 Aug
8
304 3112
2914 317
8 2918 31,
4 2914 313
8
4 283 3018 127,400 Union Carbide & Carb_No par
1512515y 31 364 Mar 7
2718 Dec 72 Feb
14
1413 153
1412
8 144 153
8 1478 153
4
3 143 1514 14,200 Union 011 California
8 July 8 1538Sept 6
25
Dec 265 Feb
8
11
*15
1512 1512 153 153
153
4
4
8 1512 16
15
15
900 Union Tank Car
No par 113
4June30 104 Jan 2
16 Der 2518 Jan
243 2912
4
2914 33
295 3212 2914 3212 275 31 14 613,800 United Aircraft & Tran No par
8
8
612May 28 33 Sept 6
8
9 4 De, 387 Mar
7
55
564 5614 5612 5612 543 56
55
5543 543
4
4
4 1,200
Preferred
Oct 611, Aug
50 3014May 13 1,612Sept 7
40
*2014 2012
21
21 18 21
21 18 21
1,900 United Biscuit
22
203 22
4
11 July 6 2812Mar 4
No par
IS tier 4134 Mar
92
*81
*83
92
92
93 .92
50
9812 *92
Preferred
9812
100 75 July 8 103 Mar 23
90 De, 122 Mar
1612 167
15
164 15
8
16
1514 174 153 177 21,700 United Carbon
8
4
8June 1
No par
65
17 gSept 8
2834 Feb
7
618 Oct
12
3
3
8
8
5
8
52
12
12
5 74,300 United Cigar Stores__ _No par
8
53
12
712 Apr
8 Apr 5
8
118 De,
13 Jan Ii
4
*5
518 518
54
3
514 514
600
54 514
4
654 63
Preferred
Apr
212May 21
100
20 Jan ii
20 Dec s76
125 127
8
51213 13
123 1312 1318 14
3
8
125 1334 280.400 United Corp
8
312J1,ne 2 14 Sept 8
No par
712 De, 31 14 Mar
3912
*39
53814 3812 3712 383
4 38
393
8 39
393
4 4,600
Preferred
No par 20 June 2 394Sept 8
2618 Dee 5218 Mar
614 612
53
4 63
8
6
53
6
4 6
8 63
4 4.500 United Electric Coal.- No par
55
12 Feb
?", .1 •ly 8
Jai
3
67 Aug 31
8
2938 31
3012 307
2914 303
4 2914 303
2
4
4 273 29544 14.600 United Fruit
No par 1014Jen. 2 3238 Aug 22
4
1712 Der 673 Feb
215 2178
2014 2134 2014 215
8
8 203 22
4
204 213 59,000 United Gas Improve-No par
4
1538 Dec 3712 Ninr
914June 2 22 Sept 8
*9212 9512
*92
9513 *93
9413 9412 9412 93
400
Preferred
93.14
No par 70 June 2 9,i Aug 23
83 Dec 10634 Aug
*12 1
'
3 12
1
*12
*13
3
4
Uultoki Paperboard
04
3
4
*
12
314 Jan
34 Aug 8
100
3 Aug 8
4
2 Sept
1172
, 11
1154
11
11
11 14 117 *11
4
1152 •I1
1,000 United Piece Dye Wks_,Vo par
4
Wahine 28 1178Sept 6
914 Dec 313 Feb
13
13
4
4
17
158
8
134
178 3,100 United Stores class A_ _No par
13
17
4
8
13
4 17
3
53
9 Apr
3
4May 23
13 Dec
3 Jail 28
8
.3712 45
*41
4213 4212
45
*42
43 43
45
200
Preferred class A.._ No par 27 Jan 4 4814 Star (1
Oct 52 Apr
21
28
28
30
30
28
283
4 283 283
3,100 Universal Leaf TobaccoNo par
4 2914 31
4
11 Stay 31
31 Sept 9
157 Oct 4112 Apr
8
35
35
35
35
35
35
*3512 3912 35
37
50 Universal Pictures lot pfd _100 23 June 2 50 Jan 27
24 MaY 5712 Aug
2
2
2
2
4
17
8 2
13
13
4
134
4
900 Universal Pipe & Rad__No par
13
Feb
4
13 Apr 7
12 Oct
218 Aug 2
17
1818 17
1714 173
1634 1778
18
1512 17
40,905, US Pipe & Foundry
4
20
714June 2 18 ,Sept 6
10 Dee 3718 Mar
16
16
16
16
16
16
1612 015
*16
16
1,600
1st preferred
No par
1112June 22 11,3 Aug 2
133 Der 2
4
8
194 Mar
*214 10
*214 12
*214 12
*214 12
*214 12
U S Distrlb Corp
10 Mar
2 June 9
Dec
No per
4
5 Aug 1
*14
3
1 13
4
014
114
l's
55
1,800 U S Express
7
8
1
7
8
134 Jan
14 Jan 15
101
3 Dec
8
1',Sept 7
1212 13
13
1412 1313 15
1414 153
4 14
1518 4,800 U S Freight
412 Dec 3192 Mar
4
No Par
3 2M aY 27 153 Sept 8
,
53
4 614
Stock
55
614
8 57
6
8 5,800 U S de Foreign Secur
53 *61 1
57
4
8 614
1211 Feb
No par
13
8June 16
17 Oct
6 ,Sept 3
8
64
643 *60
*60
*60
64
4
643
64
4
*61
643
100
4
Preferred
Feb
No par
26 June 2 1•4 Sept 8
40 Dec 90
2518 26
27
2612 267 Exchange
27
8
25
265
8 25
26
4,500 U 8 Gypsum
1412 Dec 50 Mar
5
57
*5
8
5
47
8 6
5
5
1,000 U El Hoff Mach Corp__No 20 1012June 2 27 Sept 6
43
4
43
4
1238 Apr
par
212 Der
6 Sept 6
3 Apr 29
4
3614 313 35
34
4
34,700 U S Industrial Alcohol.No
3352 3618 3338 35
343 38, Closed4
4
7738 Feb
1314June 2 361 1Sept 3
par
203 Oct
8
63
4 7
8
614 67
7
7 14
612 63
6,000 U S Leather
63
3 7
4
8
15 1)er 1034 Mar
No par
714Sept (5
1 147,iay 31
143 16
4
15
2 143 1512 1412 15
1512 16
157
4
Labor
8,300
Class A
8
314 DecO 157 Mar
No par
314June 13 16 Sept 3
07018 73
*7018 713
*7018 73
70
7018 *6414-_
4
200
Prior preferred
5714 Dee 8 112 July
100 4414June 30 7018 Sept R
914 94
13,000 U 8 Realty & 1mpt____No par
9
9
11 4 10
,
Dal.
97 10
1113
94
8
512 Dee 3614 Feb
4Sept 7
2 June 2 113
914 07
8
4
914 93
83
4 912
812 912 26,700 U S Rubber
3
88 92
,
312 Dec 201,, Ma'
No par
114June 2 1014 Aug 30
183
18
4 17
183
4 163 187
1514 167
2 7,200
8
4
173 19,
1st preferred
4
8
318June 10 2034 Aug 30
618 Dec 8618 Mar
100
8
4 187 2012 5,309 U S Smelting
203 2112 2012 2112 1934 213
4
21
213
4
Ref & Min _50 10 June 2 223 Aug II
125 Sept 2534 Nov
8
4
*41
*42
44
42
44
*40
42
44
100
44
*41
Preferred
Apr
47
35 Sept
8
50 31 July 6 457 Aug Ii
2
4912 5212 493 5212 483 523
2
2 473 507 739,800 U S Steel Corp
8
5018 S155
4
8
36 Dee 1523 Feb
100 2114June 28 5258 Feb 19
8913 9112 8918 9114 89
89 4 15,400
3
917
893 903
8 87
4
4
Preferred
94 Dee 150 Mar
10(1 5112June 28 113 Feb 19
62
4
62
8 62
623
6112 623
8
2,300 US Tobacco
4 613 62
3
617 627
8
5-47 Dec 717 Star
8
No par 55 June 2 66 Apr 27
712 8
734 832
18,300 Utilities Pow & Lt A__ _No par
73
4 814
8
8 12
814
8
Feb
77 Der 31
8
3
112May 25 103 Jan 14
1 12 9,400 Vadsco Sales
1
18
1
1
5
2
52
54
3
4
3
4
1
118Sept 8
2 Feb
Mar 3
3 Dec
8
No par
14
*10
30
•10
30
*10
*10
30
*10
30
30
Preferred
14 May 28 Feb
20 Jan 9
100 12 June 1
2312 2112 2353 194 2214 76,200 Vanadium Corp
2112 233
4 2112
8
21, 22
4
11 Dec 763 Mar
2314Sept 6
514May 31
No par
13
4 17
8
13
4
13
172
4
17
2 2,300 Virginia-Carolina ChemNo par
112
13
112
4
134
314 Feb
238 Aug 25
12 Mar 14
12 Oct
9
*9
9
9
9
85
900
94
8 853
73
2 81,
6% preferred
234 Dee 17 Feb
11 14 Aug 24
318 Feb 26
100
400
60, *60 6112 59
59
58
4
6112
*58
*6012 62
7% preferred
34 Dec 7134 Jun
100 20 Apr 12 (15 Aug 2'
90
88
85
90
87 2 0(8
290 Virginia El & Pow $6 pf No par 60 June 9 90 Sept 9
,
85
85
*82
85
81 Dec 109 May
323 34
8
313 33
1,790 Vulcan Detinning
4
333 337
8 2753 33
4
343
32
8
8
2014 Dec 713 Feb
3478 Aug 27
714July 11
100
131 1 1312 143
13
127 13
8
8 14
143
8 3,600 Waldorf System
1212 1212
No par
7135tay 31
8
174 Oct 277 Feb
19 Jan 2
35
8 4
*35
3 4
312 35
8 2,000 Walworth Co
35
8 35
8
37
8 373
No par
34June 27
1 13 Dec 15 Feb
43 Aug 30
8
91,
*8
100 Ward Bakeries class
*812 9
8
8
9
*8
*8
912
214 N1ay 14 1014 Jan 13
A.No pa
614 Apr 2712 Mar
218
212
214
214
2
212 4,000
212 214
Class B
*218 214
8
112 Dec
No par
85 Jan
25 Jan 14
8
84N111Y 7
29
29
29
29
274 287 .2714 28
700
3
*27
28
Preferred
Apr 5713 Jan
24
100 12 NfaY 31 4012Mar 16
312 412 111.700 Warner Bros Pictures_ _No par
8
3 2 37
,
8
312 35
3 2 33
,
4
312 33
4
412Sept 9
3
12June 2
218 Dec 20 8 Feb
15
*7
9
1112
12
300
*10
12
9
Preferred
*818 13
812 Dec 4912 Jan
No par
4 June 2 20 Feb 1
214 *15
2,000 Warner Quinlan
2
213 218
8 2
213 218
*2
214
73 Feb
3
7 Der
No par
8
12May 26
21 1 Aug 30
718 8
20,600 Warren Bros new
8
712 83
734
6
613 614
8
5 8 63
7
8
No par
3 4 Dec 4';3 Feb
3
114Nfay 28
833Sept 8
1,540
1012 143, 15
8 14
157
1213 123
4 13
Convertible pref.. No par
•123 13
4
1214 Dec 4978 Feb
2 June 2 1712 Jun 14
1212 1414 8,100 Warren Fdy &
123 14
4
8
133 137
8
1312 14
1334 14
Flpe
No par
7125lay 13 144Sept 9
1314 Dec 32 Feb
112 1,000 Webster Elsenlohr
13
4
•13
4 2
13
4
112
13
4
13
4
14 Dee
•13
4 2
6 Feb
No par
esMay 4
2 Jan 18
1814 6,200 Wesson Oil &
1912 1812 1912 18
19
183 20
2
1913
18
Snowdrift No par
12 Dec 2614 Mar
8'* July1 20 Sept 6
100
57
5812 5812 .50
Preferred
*5812 60
5813 60
62
*60
4Ju1y 29 5 127,ept 8
4414 Oct 574 Feb
No par 423
, 7
51,400 Western Union Telegraph _100 123
4 4514 4812 4234 47
4414 473
4412 49
45
484
3812 Dec 15034 Feb
8June 29 50 Feb19
7,200 Westingh'se Alr 13rake.No par
173
163 1714 1614 163
4 1612 17
4
4 17
163 173
8
4
Dec 3618 Feb
914 Apr 8 1,18Sept 2
11
4112 158,600 Westinghouse El & Mfg____50 155
423 4355
4014 4312 4012 4312 4014 4312 39
2
4
2212 Dec 1073 Feb
8June 29 .
1312Sept 7
1st preferred
150
82
8018
___ *7612 80
*76
*804 85
76
76
6014 Der I1912 Feb
50 5212June 2 82 Sept 9
812 812 2,000 Weston Elea Instrum't_No par
,
84 83
,
83
8 98
8
84 *8
83
8 84
6 Dec 28 Feb
212 Apr 8
914 Feb 19
Class A
200
18
18
___ •I7
IR
*16
*16
18
18
No par 1314 Apr 8 19 Jan 19 219 Dec 3614 Jan
30 West Penn Elec class A.No par 25 Slay 27 80 Sept 1
70
70
70 79
70
*65
70
*70
*70 80
5018 Dec 10514 Apr
230
4
8 683 70
Preferred
70
70
677 697
2
•66
7214 73
68
55 Dec 112 Mar
76 Jan 11
100 22 June 1
120
6% preferred
6212 63
62
62
64
64
65
64
64
*60
4912 Dec 103 Mar
100 20 June 2 70 Jan 12
80 West Penn Power pref___ _100 80 June 10 110 Star 17
10273 1027 103 103
103 1031s 103 103
8
*100 104
934 Der 120 Feb
50
6% preferred
*923 95
4
4
947 95
95
8
*923 95
95
9312 95
4
88 Dec 11312 July
100 6612June 10 1013 Mar 28
800 West Dairy Prod cl A__No par
8
8
8
8
*73
4 9
712 8
*754 9
358June 25 1612 Star 3
814 Dec 4412 Feb
2.900
Class Ii
•27
0 3
27
8 3
4 3
23
318
3
318 312
214 Dec 1272 Mar
No par
4325far 4
1 June I
1,501: Westvaco Chlorine ProdNo par
10
1014
4
9 4 10
,
*93 10
95 1018 •914 1014
8
1255Mar 9
73 Dec 40 Mar
2
3 June I
300 Wheeling Steel Corp
14
•13
14
14
14
15
15
14
15
•13
9 Dec 2014 July
No par
5 June 15 15 Sept 6
14,700 White Motor
21
1912 203
8
8 197 203
4 1912 207
4 20
1912
19
No par
8June 2 21 Sept 9
73 Oct 2614 Jan
2
67
18
184 1814 1812 185
18
8 1814 2012 1.600 White Rock Min Spring ctf..50 11 July 7 2812Mar 7
165 1713
8
20 Dec 473 Mar
4
1 12 1,800 White Sewing Machine_No par
•158
1 12
13
4
1 12
4
15
8
13
13
4
5 Apr
15
3 14
72 Dec
14 Apr 8
214 Aug 29
400
23
Preferred
4 234
23
25
4
8 232 •214 23
218 218
4 •214
4
No par
1 Der 103 Apr
231Sept 6
3 Apr 8
4
514 11,100 Wilcox 011 & GM
47
8 53
47
8 5
4
47
8 53
412
3
5
514
93 Mar
234May 4
8
No par
23 Dec
84 Aug 12
4
Wilcox-Bich cl A conv_No par 1312June 2 2012 Mar 17
•1612 2312 *1612 2312 *163 2312 •163 .2312
4
4
•1612 2312
1714 Dec 30 Mar
23
8 212
8
312 37 75.000 Willys-Overland (The)
212 355
33
8 378
24 233
8 Mar
8Sept 8
58May 26
5
134 Oct
37
300
1912 *163 1912 *163 20
•15
Preferred
20
18
4
4
19
*15
6 June 7 25 Jan 26
100
1412 Oct 5614 May
900 Wilson & Co Inc
112
154
13
4 13
4
4
13
4 13
18
, 152
112 Ps
4
4 Feb
58June 2
No par
13 Mar 14
5 Oct
8
44 3.700
414 44
Class A
4
418 43
4 11
4
8
412 434
47
8Sept 1
4
8May 31
13 Oct 103 Feb
No par
4
15
24
23
4 1.600
23
Preferred
243
2318 23
2314 23
243 2434
4
Oct 5134 Jan
15
100 11 June 2 31 Mar 10
73,200 Woolworth (F W)Co
4 41
41
4118 423
4214 40 8 4214 39
3
404 421
8
35 Dee 723 Aug
4
10 22 June 2 455 Mar 8
213 2312 213 23
223 25,800 Worthington P & M
4
8
8
2158 24
19
213 227g
8
4
24 Sept 8
1514 Dec 1067 Feb
5 May 31
100
100
4
Preferred A
35
4
*3212 343 *32
*30
393
42 .30
32
32
3814 Dec 9fi Mar
100 1412June 2 41 Jan IS
200
Preferred B
33
*29
*25
30
32
•28
30
35
23 Dec 835 Mar
31
31
8
100 12 May 27 31 Sept 3
450 Wrilht Aeronautical.. No par
1412 1712 1712 IR
1812 1812 17
17
1812Sept 8
718 Dec 27
1218 14
Feb
37 Apr 8
8
397 3978 40
8
4212 5,200 Wrigley(Wm,Jr (Del).No par 2514June I
3914 40
4255 41
57 Jan 18
39
46 Dec 803 Mar
3953
8
600 Yale & Towne
1412 13
13
*13
13 2 14'2 1312 1312
,
141
•13
612July 5 141280M P
814 Dec 30 Jan
25
4
638 73
612 73
7 125,600 Yellow Truck & Coach el 1).10
8
614
74Sept 6
,
4
652 73
3 Dec 1512 Mar
47
8 655
118June I
140
393
4018 40
.27
40
4 38
Preferred
38
4018
.35
1512 Dec 76 Mar
40
100 12 May 17 4418Sept 8
93
4 973 10
1112 1158 ll
11
117
8 2.200 Yining Spring & WIre._Na par
3 June 2 117 Seet 9
8
955 955
6 Dec 29 Feb
26
23
2514 23
2514 2755 24
2414 25,400 Youngstown Sheet & T.No par
233 251
4
12 Dec 78 Feb
4 May 25 2712Sept 6
700 Zenith Radio Corp.. .No par
15
8
Ps
17
2
15
8
17
8
17
2
8
2 Jan 22
•178 2
514 Feb
4 Dec
12May 17
8 8 8 ,,
R
Rh
R1, 9
RI, 812 40.100 &mite Product. Corp
97., Mar a
455 1ene 25
634 Dec 14 June
I
8's 83s
:
• ills .V.1 mit ol price, II I i III, WI t111,1 IV r Ex- ividerid , Ex-rights. Ex warr ids.
I.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1799
for income and defaulted bonds.
Oti Jan. 1 1909 the Exchange method of voting bonds was changed and prices are now "and inurest"--except
1V
Range
Week's
Price
4
BONDS
%1
Range or
Since
Friday
N. Y. STOCK EXCHANGE 11
Last Sale. co
Jan. I.
...o., Sept. 9.
Week Ended Sept. 9.
Price
BONDS.0. Friday
t
N. Y. STOCK EXCHANGE
"a, Sept. 9.
Week Ended Sept. 9.
Week's
Range or
Last Sale.
.3
gi
33
Range
Since
Jan. 1.
High No Low
High
Ask Loco
Bid
Cundinamarca (Dept) Colombia
14
8
35 17
16
15 Sale 1458
1959 MN
s f 630
External
0
90331019
4
673 100
21
.101134: Czechoslovakia(Rep of)85-1951 A 0 99 10014 a9712 100
963
70 100%
5
997
8
1952 A 0 93
997 a9812
Sinking fund tts ser B
97nn102.81
4
9112 56 0653 9112
3
-year ext165.- 1942 1 J 90% Bale 83 4
100431013n Denmark 20
87
59
27
87
8612 8414
1955 F A 96
External gold 530
751 34 a47% 75
3
External g 4348__Apr 15 1962 A 0 74% Sale 70 4
98%31033n
3
365
57
r8414 75
Deutsche Bk Am part ett 85-1932 M S 1812 Sale a81
98",,108
3618 r62
11
53
52
54
94 104",, Dominican Rep Oust Ad 530'42 M 13 52
50
50
Feb'32 --_
119184810218
8
2d series,f 530
1942 M 8 --_ 50
130
30
6
50
1940 A 0 50- sale 4314
1st ser 530 of 1926
87.131015o
28% a50
4912 Aug'32 -__
52
2d series sink fund 530-.1940 A 0 48
8248 98no
3
24 4 50
2
49
3724.1011. Dresden (City) external 75_1945 MN 49 __ 47
7912 100
21
881o100341 Dutch East Indies extl 68.._1947 J J 991 Bale 99% 100
3
754 997
8 23
997
1989 M 8 9912 Sale 99
40-year external 6s
83 991141
74% 9812
6
9812
-year ext 534a____Mar 1953 M 8 93 ____ 98
30
98
75
5
98
_ 98
-year cal 5%s___Nov 1953 M N 98
30
State and City Securities.
8
65
20
507
1
8
NY C 330 Corp stk_Nov 1954 MN ---- ---- 92 Nov'30 -___ ___ ____ El Salvador(Republic)85...-1948 .1 J 40 16 507
40 r60
55 r66 Sept'32 J / 45
9334 Apr'31 ------------Certificates of deposit
1955 MN
330
4
3912 543
3
54 4 ii
(Republic) of) 7s__1987 J J 5 4 Sale 49
43
48 registered
1938 M N ---- ---- 10012 Apr'31 ---_ ____ ____ Estonia
70
41
S 68
M _
1
70
70
74
48 registered
1955 M N ____ ____ 9912 July'31 ---_ ____ ____ Finland (Republic) extl 85_1945
74
42
4
7214
. 731 Sale 70
External sinking fund 713_1950 M
al N ______ 102 May'31 -- ___ ____
1957
4% corporate stock
40% 70
21
70
External sink fund 6345_1956 M 5 6712 Sale 6718
1957 M N --------9812 Dec'31 _-.. __-- 434% corporate stoak
35% 65
13
65
External sink fund 634s-1958 F A 63 Sale 6212
434% corporate stock
1957 MN -------- 109 May'31 -_ ____
404 6478
64% 10
Finnish Mun Loan 830 A__1954 A 0 60
60
65
---4% corporate stock
1958 MN --------1001, Apr'31 __-- ___ .--A 0 60
%
54
40
48 Aug'32 External 830 series B----1954
67
4% corporate stock
1959 MN ____ ____ 10012 Sepe31 ____ ____
14% 39
____
24 110% 124
4%% corte stock
19130 M 8 --------991 OcV31 ---- ____ _--- Frankfort(City of)S1'830-.1953 M N 39 Sale 325*
Corporate
39
26
corrate
1963 M S --------10614 Dec'30 __ ....- --__ French Republic extl 730-1941 1 1:2 12112 Bale 12112 124
434%Corporate atock
$
7 118
1949 J s• 115 Bale 11314
39 31105
115
External 7s of 1924
434% corporate stock
1985 J D --------10512 Deo'30 :-__ ____ ____
--.
New York State 430
1983 M 5 --------112 Jan'31 ____ ___ .
German Government Interns
Lima!35-yr 530 of 1930_1965J D 49 Sale 483
.
4
Foreign Govt. &Municipals.
SO%
24
70 828 041 4 6111
3 73
German Republic extl 7s...„1949 A 0 6988 sae 6834
42
36 Aug'32 -___
Agrie Mtge Bank s f0
34
39
22
1947 F A
12 244
German Prov dr Communal Bks
2212 40
40
10
45
Sinking fund Cis A.
-Apr 15 1948 A 0 34
384
3912
14
3912 105
(Cons Agri° Loan)6348___1958J D 3778 Sale 3214
M N 6818 687 67%
s
2
4972 6825
Akenshus (Dept) ext fo
677
1983
1
1954 M N 43
4 60
4214
1
_ 42%
1412 15
1412
1612 Graz (Municipality) 8s
1
3
1412
Antlogula (Dept) coll 7.A--1945 2 J
4
28,912 106
3
105 4 221 053
1945.7 J 1414 Bale 1278
1578 Gt Brit & Ire(U K of)530_1937 F A 105 gle 105
19
Externals f 7a ser B
3
1414
100 10414
F A
Registered
1334 15
1945 J J
1
External 5 f 7s ser C
354 15
14
14
_ 10414 July'32 --8
•4% fund loan £ opt 1960_1990 MN ii - - . •744 Aug'32 __ •a56 *0775
i i .
1945.7 J
1414 Sale 14
234 15
1414
6
External a f 7sser D
3
6938
,70
69
3
69%
i sa65 4*a77 3
.5% War Loan £ opt 1929..1947 1 D .
3
1957 A 0 13
1
14
External 6 f 78 1st ser
4
13
13
1312
99%
1
70
99
• ,
730_1952 M N 99- 99 4 99
15
12
13
7
External sec s 1 75 2d ser1957 A 0 13
413 1434 Greater Prague (City)
17
12
63
A 0 13
51
15 Greek Governments f ser 75_1964 M-1957
External sec s f 75 3d ser
4
34 ___ 34 Aug'32 --11
15
12N A
23
12
48
1968 F
Sinking fund sec 6s
23
90
90
15 a64
Antwerp (City) external 5s 1958 J D 88 ___ 83
2212 Sale 22
_
72
.
82
A 0 7112 Sale 67
1952
Haiti (Republic) a f 6s
7178 29
36
3418 61
48
Argentine Govt Pub Wks65_1960 A 0 47 Sale 437
1614 4312
1916 A 0 44 Sale 35
7
4312 45
Hamburg (State) 8s
Argentine Nation (Govt of)20
44111
29
49
Sink funds 88 of June 1925-1959.7 D 4614 Sale 4314
41
44
12 Heidelberg(German)ext1730'50 J J 41 Sale 37
67
36
60
34
19
Helaingfors(City) ext 630-1960 A 0 60 Sale 5718
34% 67
22
49
Enl s f 6a of Oct 1925_1959 A 0 4712 sale 435*
80
•
8
101 25%
5
347 88
Hungarian Munic Loan 730 1945 J a 24
25%
494 81
a f Bs series A--- _1957 M S 4713 Sale 46
External
____ 2014
9% 26
-External a f 7s_ _ _Sept 1 19413 J J 23% 26
External lis aeries 13....Dec 1958.7 D 47 Sale 4312
3414 67
49
89
17 ,
2414 17
35
22%
8
__,
-Inat 7%5'81 M N
.„,. ..
Hungarian Land 131
1
Esti 8165 of May 1926.. _1960 M N 4512 49
4418
44
49
17
8
343 87
- 44
1961 M N ''''' -c- - 32 Aug'32 --Sinking fund 7%s ser B
External,f 8s (State RY)-1960 M S 463 Sale 4314
4
'i ''''''
nt
r
49
62
3418 68
49
33
Lass 33
A
Exti 68 Sanitary Works_ _1961 F A 47 Sale 4312
481 103
i
34% 67 Hungary(Mind of) S f 7345-1944 F
4214
12
42
42% 44
Esti 6s pub wks May 1927 1961 M N 4512 493 04314
Irish Free State exti a f 58.._1960 MN ,..,34
7912
49
_ a69
Aug'32
27
3418 67
96
- 75
'
Public Works exti 5 1 ._ _1962 F A 42 Sale 41
0
44
193 a82
67
96
30% 593 Italy (Kingdom of) extl 75_1951 2 D '% ..:ale 923
4
4
.3 94 b
8014 100
Italian Cred Consortium 7s A '37 NI ..-,
Argentine Treasury 55 i_ _1945 M S 5214 Sale 5214
54
44
41
87
9134
7012 ..„
9
9712 2
I947 M 8 9697 a38
15
External sec s f 7s ser B
97
Australia 30-yr 513. _July- - 1955 .7 1 793 Sale 78
9
4
4612 8012
90
8012 274
J 90 Sale
.,,, L ...
8
External 5e of l927 Sept 1957 M S 797 Sale 784
7712 34
801 153
46% ,012 Italian Public Utility extl 75_1952 J A 763 Sale 7834
4
F
7
External g 430 of 1928_1956 M N 73 Sale 71
'.;',a '"‘„,,,.
7 331
73
737 Japanese Govt 30-Yr s 1 630-1954 M N 633 Sale 62
158
41
64
4
Exti sinking fund 5%8_1965
Austrian (Govt) 5 f 7s
74
1943 i D 90 Sale 874
11 '
'''' .
90
625* 98
5312 99
24
53 Bale 5114
Internals 1 7s
46
1957.7 1 4512 Sale 4212
33
55 Jugoslavia (State Mtge Bank)
20
29
1957 A 0
43%
Secured s 1 B 711
33
37
31%
'I
1612 45
F A 321; 46
1947
Leipzig (Germany)et 75
Bavaria (Free State) 6340,_._1945 F A 46
52
15
4614
52
22
52
45
45
5.• 44
_
Lower Austria (Prov) 730-19501 .,- 4112 Sale 3812
Belgium 25-yr exti 630
1949 MS 99% sale 9914
2
0
3 .. °
997
76
83 101
4118 28 . ,L
-year 65_1934 az .- 1043 105 10412 11)434 13 ''". •""
97
External,185
68
go r973 Lyons (City of) 15
97 Sale 9614
4
1955 J
4
-year a f 7a_-__1955 J D 10412 Sale 10418
External 30
10434 67
913 105
4
5e
_
9ss4r10514
1956 M N 1043 Sale 10414
Marseilles(City ef) 15-yr 68_1934 M N 104 4 Sale 104% 104 4
Stabilization loan 78
84
4
105
913 105
4
3
3
n
7
a%
Bergen (Norwel)Medellin (Colombia)630-1954 J D
17
16
113 Sale 15
214 314
,
Mexican lrrlg Asstng 4335_1943 M N
Esti sink funds 5s__Oct 15 1949 A 0 67
70
55
_ _ 89 Aug'32 ____
218 Feb 32 ---2% 51
i
(US) extl 5s of 1899 £'45 Q
Mexico
te
Exrnal sinking fund 5....1960 M
12
46
671
70
6712 Sale 6712
,
1945---- --.-Assenting Ss of 1899
Berlin (Germany)81 634s
411
45
1950 A 0 4112 Sale 3412
155* 4112
Az ---_ 2 May s2 --lls 5
---Assenting 5s large
114 5
External s 1 68. -June 15 1958 J D 3812 Bale 3212
15
387
335*
35
1% May'32 ---____ _
Assenting 0 of 1904
Bogota (City) extis 1 85____1945 A 0 19
1
4
63 022
197
197 197
3
24 44
; 3% Aug'32 ---7
318 7
Assenting 4s 01 1910
5
Bolivia (Republic of) exti 85_1947 M N
2
314 lo
31
814
Aug'32 _-__
84 Sale
9% 4
91s
3
Assenting 4e of 1910 large-- ------- --------3 Aug'32 -2% 818
26
External secured 7s (J1120 _1058 J J
8
612
7 Sale
lis Oa
4 RI
,
3
,
34
.
Assenting 4s of 1910 small-- ---812
29
External s f 7s (flat)
2
81
1969 M S
8
65
8% 8
5
25 3
Truitt 6s 01'13 aesent(large)'33 J J ' _
Bordeaux (City of) 15-yr 813_1934 MN 1013 105 1043
1
983 105%
4
1
/ 5
4
2
3
104
4
4
4 Aug'32 ---Small
32
76
iii4 little
(5 -- 7412
A
--57% 7614
Brazil(US of) external 85_1941 1 D 23 Sale 19%
3118 Milan (City, Italy) ext16 Ha 1952
16
23
40
Brazil
External s f 630 of 1926..1957 A 0 187 Sale 17
1312 r2512 Minas Geraes (State) Brazil1912 116
8
3
a
124
1953 pa s 12 Bale 117
16%
9
te
External. 6%a of 1927...1957 A 0 1812 Bale 1834
at
61 al4
19
Aug'32 --__
25%
External a f 8%3
4
1959 M S 1112 133 114
Eat sec 630 series A
llia 17
7s (Central RY)
1962.7 D
32
25
1218
1614 181 15
1634
13
20
,
_
J 8
1952 . 20 Sal- 1858
1
514 28 4
(City of) 7
Montevideo
714s(coffee secur) L(flat)_1952 A 0 72
6512 38
2
7212
73
74
6
- 16%
18
.. ,
16%
614 25
External 5 1 Its series A.._ _1959 M N
Bretnen (State oft extl 714--1935 m S 54
5412
55% 5218
26
544 15
75% Sale 7412
77
nla
3012 77
New So Wales(State) exit 55 1957 F A
Brisbane (City) a 1 55
1957 M 13 66
3318 69
45
69
70 65 4
3
761
64
297 7614
Apr 1963 A 0 7618 Sale 7314
External a 1 58
Sinking fund gold 5a
1958 F A 89 Sale 66
32 ill
32
r71
35
29
87
70
1943 F A 8414 Sale 8414
-year extl 6s
II S.
Y
1950.7 13 74 Sale 72
7438 Norway 20
3
37
74 8 10
7114 87%
33
7
84
1944 F A 8412 Sale 84
external 65
-year
Budapest (City) esti a 1 65_1962 1 D 293 Sale 28
20
1112 30
157
8
30
7
83 s 43
85
70
1952 A 0 83 Sale 82
Buenos Aires (City)6302 13 1955 J J 413 Bale 37
-year external Cts
30
33
8
4115 11
5311
82
6418 83
75
1965 J D 80 Sale 7915
-year at 530
40
External s f fle ser C-2_ _ _1980 A 0 3912 ____ 40
3
40
31
50
78'4
4
773
6314 79
16
4
783 80
External s f 5s_ _ _Mar 15 1963 M 8
External s f 65 ser C-3
1960 A 0 40 Sala 335*
55
28
6
40
7812 75 Sept'32 ----597 75
Buenos Aires (Prov) extl 613_1961 M 8 28 Sale 235*
Municipal Bank esti 5155_1967 J D 75
2912 93
21
374
77
,5,
645* 80
Municipal Bank extl s f 58_1970 i D 77 Sale75
1961 F A 28 Bale 23
External et f 830.
21% 37
29
57
3712 3712
35
373
s
15
74
33
Bulgaria (Kingdom) a 1 78_1967 1 J 2512 Sale 25
Nuremburg (City) esti 88__ _1952 F A
10
2512 12
34
5
497
1953 aa s 4078 Sale 4812
365* 72
Oriental Bevel guar the
Stabil'n 5 f 730...Nov 15 1968 M N
30
18 01412 4112
294 Bale 28
4454 2
68t4
35
6
1958 51 N 441 Sale 421
Esti deb 530
87
87
8
3
85 4
60
90
80
-year tt f es__ 1955 M N
22
Oslo(City)30
22
3
22
8
CaldeaDeptot(Colombia)730'46 J 7 191 21
Canada(Dom'n of) 30-yr 48_19130 A 0 85 Sale 84
8533 52
_.
71
8533
97
6
12
97
85
D 9612 991 9511
5,
995s Sale 9912 100
1952 M N
106
87 '191
Panama (Ben) exit 530_ _1953 J
7218
45
55
547
434e
1936 F A 98 Sale 973
I5
Esti s t 5s ser A--May -- 1963 M N 52% Sale 5012
2
985* 197
9-5
4
86
812
91
9%
_
8
3
9 Sale
S
Carlsbad (City) s f 8.
1954 1 J 75
80
80
90
86
Pernambuco (State of) MI 7s '47 M
61
1
334 1414
1412 13
4
Cauca Val (Dept) Colom 730'46 A 0 15
1959 M 5 14 Sale 1214
14%
1512 10
16
818 1912 Peru (Rep of) external 7s
t
9
10
10
69
8
914 Bale
Cen
Ce ral Agric Bank (Germany)Nat Loan extl etas 1st ser 1960.7 D
73
9I2 35
Sale
_
13 912
9
9
Farm Loan a f 7s Sept 15 1950 M 8 5538 Sale 5312
58
81 a2518 58
Nat loan extl 516,2d ser-1961 A 0
5612 __.
44
6014
8
Farm Loan sf6s_July 15 1960 J 1 453 sale 4412
1940 A 0 551 571 55
4634 108
2114 463 Poland (Rep of) gold 65
4
3
3912 5812
55 4 301
Farm Loan s 1 6s .Oct 15 1960 A 0 4532 sale 4412
465 296 a2118 465
8
Stabilization loan a 1 713-1947 A 0 5514 Bale 544
65
43
4312 65
Farm Loan 6s ser A Apr 161938 A 0 49% Sale 4812
52
139
23
52
External sink fund g 80_1959 1 J 61 Sale 6018
314 16
3
8
113
1118 Bale 1118
Chile (Rep)-Ext1 5 1 7s__.1942 MN
4
12
14
1334 1012
833._ 1961 J D
Porto Alegre(City of)
412 19
1014
12 1112
5
104 ., 5
External sinking fund 8s..1960 A 0 1012 Bale 1038
104 12
3 -123
Esti guar sink fund 7345.1966 1 J
318 15
- 6K
4614
17
4614 r79
External sinking fund 85_1961 F A
3
8 23
103 Sale 10 8
123
8
3
1434 Prussia (Free State) extl 63,5 '51 M S 435 Sale 39
4
4534 128
1512 453
By ref external a f 68
1981 J J
A 0 4212 Bale 3812
11
1212 1033
1952
12
20
External s f 6s
312 15
3
93
33
6014 95
External sin k irg fund 65.1961 m 5 11
12
12
11
13
4
1514 Queensland (State)extl s 17a 1941 A 0 92% 93 92
87
39
47
87
External sinking fund 65....1962 M 8 11
1947 F A 6118 8514 83
4
127 103
65
25-year external
8
33 1412
1113
4
External Waking fund 85..1963 M N
11
12
11% 01012
76
35* 1412
541
55
40
24
Chile Mtge Ilk 630 June 30 1957 1 D
1018 Sale 1018
12
38
4
20
Rhine-Main-Danube 7s A--1950 M 5 54 Sale 54
21
8
S 1 8%s of 1926-June 30 1961 1 H 13
131 13
1333 28
Rio Grande do Sul extl 8185-1946 A 0 1512 16'l 171 Aug'32 ---5
8 8 r32
412 r13
912 24
9
9 Bale
Guar a I 65
Apr 30 1961 A 0
12
1012
9
11
External sinking fund 65.1968 J D
16
4
1512
till 14
5
144
11 Bale 10
Guar a f 65
1962 MN
1012 Sale 1012
1112
External s 1 7s of 1926_ __ _1986 MN
8
3
15 4
3
13
5
1178 10 Aug'32 ---1960 M 9
13 10
Chilean Cons Munk 7a
10
8
3 Sale
14
External a f 7s munic loan 1967._
212 13
18
7
1
1714
171 1714
Chinese (Huguang Ry) 0_1951 J D
121
-year et 3.3.1946 A 0 12
1212
- _ 1113
4
Rio de Janeiro 25
7
13
14
5
34
14
1953 F A
11 Sale 10%
Christiania (Oslo) 20-yr e t as '54 M 8 81 2-88 Aug'32 ____
0
9
63
External s f 630
75
62
4
8012 50
815
1952 A 0 80 Sale a77%
Rome (City) extl 6345
3
84 4 101
30
101
44
Cologne(City)Germany6 Hal950 M 8 40 Sale 38
72
Rotterdam (City) esti 613.-1964 MN 10012 Sale 100
16
44
3
28 4 58
8
44
40
Colombia (Republic) 65_1981 i J 40 Sale 39
28
Roumania (Yionoralles) 78....1959 F A 44 Sale 4312
137 40
80
39
1953.7 2 63
75 60 Aug'32 ---40
External s f 014 of 1928 _ _ _1961 A 0 40 Sale 39
56
Saarbruecken (City) tle
1311 40
23
7
1412
5
14
14% 15
,
Colombta Mtge Bank 6300/1947 A 0 28 Bale 28
28
1
184 2812 Sao Paulo(City) t fla_Mar 1952 MN
8 r17
1212
4
11
1014 14
1946 MN
Sinking fund 7501 1926
29
External a f 6%a of 1927 1957 M N
28 Sale 28
9
18
30
50
6
21
27
27 Bale
Sinking fund 7s of 1927.-1947 F A
7
30 8 San Paulo (State) esti s f 8a-1936 J J
19
4
77
2
28
18
0
6
7 12 1
28
8
24
25
19513 J .1 23 Bale 21
1952 1 D 77 0
Copenhagen (City) 65
77
External sec a 113s
1
55% 77
18
6
10
13
External s t 7s Water L'n_1956 M 9 13 Bale 13
-year g 430
25
1953 M N
14
46
70
70
70 Sale 6812
30
7
121
17
1968.7 J
1114 Sale 1114
External sf 6s
Cordoba (City) exti a I 7s__1957 F A
147
6
12
1434 1412
8% 34
4511 65
57
54
MN
4
1940 A 0 5318 Sale 503
Secured a 2 75
External,f 7s__ _ _Nov 5 1937
20 Aug'32 _-__
213 24
4
154 46
2118 25
163 45
8
1s
Banta Fe (Prov Arg Rep)75_1942 M S 21 Bale 163
Cordoba (Prov) Argentina 751942 3 :I. 24 Sale 24
248
42
2
20
8
1612 463
46% 56
,71
4615 Sale 4212
Costa 111C8(Ropub)extl 78_1951 M 1. 283 Sale 26%
274 10
2412 r45
Saxon Pub Wks(Germany)75'45 F A
3
44 4 82
13
s
1951 M N
457
431 Sale 3912
Gen ref guar 6345
92
11
78s4 r96
Cuba(Republic)5e of 1904 1944 M al 91
92 914
60
25
60 Sept'32 ____
71
92
3
External 5s of 1914 sec A._1949 F A 9212
83
92
9218 Saxon State Mtge Inst 7s_ _ _1945 J 0 64
54
4
2112 54
__ 54
A
Sinking fund g 630Dec 1946.7 D 55
81
External loan 434:ser C-_1949 F . 7912 Sale 7912
52
3
80 4 22
39
50
40
30
40 a3712
3812 3 1
16
86
78
821 Serbs Croats & Slovenes 0_1982 M N
Sinking fund 530 Jan 15 1953' . 7734 Sale 7533
25
47
3412 52
4
3318 Sale 313
External sec 75 ser B._1962 M N
46
33
Public wke 530 June 30 1945'3 D 41 Sale 4012
454 97
a Deterred delivery. • At the exchange rate of 51. 65 to the i Sterling.
r Cash sale.
High No.
Bid
AO Low
mint.
U. S. G
First Liberty Loan
337
J D 100nn Sale 1002743101
334% of 1932-47
J D 100 102 100104*T'ne'32 --Cony 4% of 1932-47
102. 239
44
J D 1023o Bale 102
Cony 434% of 1932-47
J D 1001%8 ____ 1001733Aug'39 ---2d cony 4%% of 1932-47
Fourth Liberty Loan103341 1028
A 0 103348 Sale 103
434% of 193343
214
Sale 107.38108
1947-1952 A 0 108
Treasury 435s
10411,, 165
1944-1954.7 D a104hs8ale 104
Treasury 48
1946-1956 81 8 102348 Bale 102184 102348 153
Treasury 3N5
1943-1947 J D 1003188 Sale 100143100334, 303
Treasury 334
,
Treasury 3s-Sept 15 1951-1955 NI 8 98.43 Sale 961142 96334 499
Treasury 330 June 15 1940-1943 J D 1002344 Sale 10013000n., 273
'3110024s 263
1941-1943 M 8 100
Treasury 334s
"st 8414 1001
Treasury 33,s_June 15 1948-1949 J D 9810o Sale 97un 98.41 648
Low
High
1800
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept.9.
New York Bond Record-Continued-Page 2
Friday
Sept. 9.
Foreign Govt. & Municipals.
Bid
Ask
SI!eels (Prov of) ext1 78
1958 ID 45 Sale
Silesian Landowners Assn 68_1947 FA
343 40
8
Soissons(City of) esti 6s__ _1936 MN 10414 108
Styria(Prov) external 70._ -.1948 FA 40 Sale
/
1
4
Sweden external loan 548_1954 MN 9514 Sale
Switzerland Govt esti 548-1946 AO 10434 Bale
Sydney (City)s f 548
1955 FA 6712 Sale
Week's
Range or
Last Sate:
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
Price
Friday
ept. 9.
S
Week's
Range or
Last Sale.
co 61
Range
Since
Jan. 1.
Low
High No. Low
High
Bid
.4sk Low
High NO. Low
High
5
4434
Chic Burl & Q-Ill Div 3340.1949
45
25
/ 47
1
4
8412 11
' 84
73
/ 8514 8312
1
4
I
8514
1312 34
34 Sept'32
_
Registered
8114
78
II
8114 Aug'32
1
/ 1043
1
4
104
Illinois Division 4s
97 108
/
1
4
1949• J "9212 Sale" 9118
12
76
92
93
12 24
38
41
42
16
General 4s
9114
22
9118 19
93
74
B 9112 Bale
1958
75
96
95
lot & ref 434s ser B
97
75
74
88
14
1977 FA 8614 Sale 8514
867
8 12
19 101 10512
10412
1043
1st & ref 55 ser A
92 Bale 92
88
13
1971 FA
93
991
:
34
18
671
6712 Chicago & East III 1st 6s.„1934 A0 6012 74
65
4112 7012
70 Aug'32
C & E III Ry (new co) gen 5.4.1951 MN 20 Sale 1812
6
22
25
88
Taiwan Elec Pow a f 546-1971 J J 441 Sale 4418
/
4
10
46
/ Chicago & Erie 1st gold 6s 1982 MN 88
1
4
3618 87
/ 89
1
4
5
88
/
1
4
79
8814
90
Tokyo City be loan of 1912_1952 MS 40 Sale 37
9
40
4513 Chicago Great West let 46.-1959 MS 524 Sale 51
29
24
563
4
/
1
5312 172
External of 5348 guar
4812 46 Aug'32
1981 AC 48
Chic Ind & Louis', ref 64
70
38
31
60
32
1947 J
75
56 Aug'32
Tolima (I)ept of) esti 78......1947 MN
1214 143 1478
147
18
8
Refunding gold 58
5
4
/
1
4
55
35
1947 3' 35
983 50 Aug'32
3
Trondhiem (City) 1s1 53413_1957 MN 6814 70 60 Aug'32
4114 6238
Refunding 40 aeries C..- _1947 J J
5112 5112
5112 Sept'32
Upper Austria (Prov) 7s
3814 Aug'32
1945• D
lot & gen 55 series A
41
18
4312
17
10
37
1966 MN 3512 Bale 3512
External a f 133413-Tunc 15 1957• 1) 364 Sale 333
/
1
Int & gen 66 series B_ May 1966 J J 42 Sale 37
4
15 4 3812
3
3612 11
413
18
7
42
Uruguay (Republic) ext1 86 1946 FA
39 Sale
Chic Ind & Sou 50
1
29
50
8812 go
-year 48-1956 ii
6812 Aug'32
External s f (is
24
1960 MN 32 Sale 2814
32
201s 3514 Chic L S & East lot 410-A969 J D 78
9914 03 Dec'31
External s f 6s
May 1 1964 MN 31 Sale 287
43
22
31
34
/ Chi M & St P ger 4s A _May 1989 Ii 64 Sale 64
1
4
8
71
49
29
68
Venetian Prov Mtge Bank 76 '52 AO 9012 Sale 8914
8
9012
Gen g 334s ser B__ _May 1989 33 58
8012 9112
60
4814 6014
6014 Aug'32
Vienna (City of) esti of 68_ _1952 51 N 57 Sale 5212
31
23
57
Gen 446 ser
84
/
1
4
May 1989 J J 68
72
71
57
69
68
/ 12
1
4
Warsaw (City) external 7s_ _1958 FA 44 sale 4114
24
/ 4514
1
4
45
19
Gen 4340 ser E
May 1989 J J 68
72
70
52
45
69
69
Yokohama (City) exti 138.. _1961 J o 50 Sale 4914
Gen 448 ser F
7
51
75
40
May 1989 J J 68
76
57
7214 71 Aug'32
Chic Milw St P & Pac 50-.1975 FA
1378 42
34 Sale 3412
/
1
4
3718 473
Railroad
Cony auj 5s
Jan 1 2000 AG 137 Sale 1312
8
27 15
8
/
1
4
153 1485
s
Ala Gt Sou 1st eons A 5&._.i943 J D
---- 105 Sept'31
Chic & No'Fit gen g 348.1987 MN 50
54
54
• 5512
401z 81
7
1st cons 4s ser B
78
8012 Feb'32 _
1943 J D 45
78
83'4
Registered _
60
O F 45
414 Aug'32
/
1
Alb & Soso 1s1 guar 3348_1946 A 0
75 Aug'32
6712 75
General 40
27
64
1987 MN 64 Sale 6212
70
36
Alleg & West lot g gu 4s
1998 A 0 36
65
71
_-,- 65 Aug'32
Stpd 4s non-p Fro Inc tax '87 MN 64
4614 70
70
6518 Aug'32
Alleg Val gen guar g 40
1942 M S 9114 -95 90 Aug'32
90
78
Gen 4340'nod Fed Irc tax. 1987 MN 72
60
7514 72 Aug'32
73
Ann Arbor 1st g 4s... _ _July 1995 Q .3 38 Sale 38
1312 30
38
6
Ger 5s nod Fed Inc tax. 1987 MN 75
7912 74 Aug'32
50
83
Mob Top hg S Fe
-Gen g 48_1995 A 0 9218 Sale 91
9214 112 a7412 9211
Sinking fund deb 68
85
1933 MN 69 Bale 69
bl
13
70
Registered
8712 Aug'32
A 0
8/12
77
Registered
MN 61
76
76
60
60 Aug'32
Adjustment gold 46__July 1995 Nov 81
95 84 Aug'32
89
70
15
-year secured g 646_1936 MS 7912 Sale 79
6212 87
30
80
Stamped
7
July 1995 M N 82 8 85
8212
lot ref g be
5 63 85
823
4
may 2037
8
17
D 447 Sale 44 8
67
7
32
48
Registered
82 80 Aug'32
M N
72
80
1st & ref 441
1512 CA
May 2037 3D 3614 3
37
15
41
9
Cony gold 48 of 1909-1955 .1 D 79
81
79 Aug'32
84
60
18t & ref 44s ger CMay 2037 3D 37 sale 37
/
1
4
463
16
s
413
4 19
Cony 48 of 1905
1955.3 D 8114 82
81
60
8212 18
8314
Cony 44sseries A
:
1949 MN 0311 Sale a3112
81s 39
35 660
Cony g 4s issue of 1910.. 1960i 13 80
77 Aug'32
7/
74
Cony deb 4348
1948.3 13
Sale 91
68 a94
92
59
Chic R I & P RY gen48
1988 1.3 69 Sale 68
53
80
7018 17
Rocky Mtn Div 1st 48_1965 J
79
95
79
82
75
81
6
Registered
J J 6218 68 66 Aug'32 -_
68
68
48
Trans
-Con Short L 1st 4s-1958 J J 88
7734 89
90
89 Sept'32
Refunding gold 4s
1934 * 0 46 Sale
73
19
179
51
Cal-Aria lot & ref 4348 A-1962 M
93 Sale 9118
93
80
93
5
Registered
AO
4
90 Apr'31 _ _ _ _
614
Ati Knoxv & Nor lot g 5s....1946 J D
10312 Feb'31
Secured 4444 series A
1952 MS 40 Bale
42 8 126 "its" Wig;
7
Atl & Charl A 1.1st 448 A_.1944 J .1 787418 80
7314 Aug'32
-El.' 14Cony g 434e
1960 MN 30 Sale 3014
10
3
50
109
35
let 30
-year 5.4 series B__ .. 1944 J .1 81
85 85
60
Aug'32
90
Ch St L & N 0 58._June 15 1951 ID 73 4 78
/
1
4
76
46
7114 Aug'32
Atlantic City lot cons 46_1951 I .1
89 Mar'31
Registered
ID 56
641s 6413
957 6412 May'32 ____
3
Atl Coast Line lst cons 48 July '52 M S 80 Sale a78
6014 SSts
80
45
Gold 348
June 15 1931 ID
1
,
6 31
6512 May' ____
8
6
70
General unified 410
108.1 J
75
82
70
74
9
441
/
4
Memphis Div lot g 46_ __1951 3D
V65
L & N coil gold 4s.....fict 1952 MN
58
607 614
26
8
65
/
1
Ch At I. & P let cons g /is__ _1932 AO 60
62
12 10
9914 10014
99 ---/
1
4
Atl&Danlutg4s
1048.3 J 3418 Sale 3418
15
40
40
6
Registered
A0 9952 ____ 97: Jun66 2: : 14
97
: 97
e3 :
9 8 juiY: :
62
9
3
254.
1938 30
1948.3 .1
9
25 Aug'32 _
30
Chic T HA So East Mt
58-.1960 3D 5612 Sale
30
59
All & Vad 1st guar 48
1949 A 0 33
40
7
411
38
8
1
Irc 21.1 53
Dec 1 1960 MS 45 Sale 42
12
/ 49
1
4
48
25
Austin & N W 1st gu g 58_1941 J .1 ---- 9212 104 Mar'31
Chic Un Sta'n lot gu 434s A.1983 J J 9514 9618
97
83
964 15
98
/
1
let bs series B
1963 J J 10212 Sale 102
90 104
1
/ 10212
1
4
Bait & Ohio lot g .15...July 1948 A 0 83 8 Sale 8214
7
58
83
8612
/ 11
1
4
Guaranteed g 55
D 9914 Bale 98
92 100
1944
15
100
Registered
7418 80
July 1948 Q J
55
763 Aug'32
81
4
lot guar 6344 series C
1963 J J 110 Sale 10
4
44 100 1113
7
10
170
66
912
20
-year cony 4>40
1933M 13 6818 Sale 6814
31
87
Chic & West Ind con 48
7112 237
79
55
1952 J
70 Sale
Refund de gen 58 series A.1095
D 54 Sale 5214
243 7112
4
573 149
s
1st ref 534s sertcs A
87 4
83
3
55
80
1962 MS 78
80 18 11
1st gold 58
July 1948 A 0 9118 9312 92
6312 963 Choc Okla & Gulf core
15
92
3
5a...1952 M
60
65
/
1
654 70
85 Aug'32 ____
Ref & gen 66 series C___1995 J D 64 Bale 64
27
/ 79 4 Cin H & D 58 gold
1
4
67
33
3
90
448...J937 ii 6612
90
90 May'32 .....
PLE&W Va Sys ref 48..1941 M N 76
79
77
77
80
8 a45
CIStL&C1otg4sAug2 1936
70
95
95
7018 July'32 ____
• F 82
Southw Dly lot be
1950
J 74 Sale 74
4018 8212
75
18
Registered
Aug 2 1936 Q F 81
86
85
85
9
82 July'32
5
Tol &
Div 1st ref 40 A 1959 J
63 Sale 63
313 6318 Cth Lab & Nor 1st
4
4
634
/
1
con su 48_1942 MN
77
76
9 2
77 May'32 .....i
Ref & gen 56 series D- 2000 M S 5212 Sale 5212
26
71
564 07
/
1
Cln Union Term lot 4348.-2020 J J 87
92
8314 96
Cony 4346
45 Bale 45
1960 F A
15
59
4814 299
lot mtge Ss series B
93 8 995
3
9812 21
2020 3, 9812 Sale 9814
4
Bangor & Aroostook 1st 68-1943 J J 9012 100
85 Aug'32
70
88
Clearfield & Mah 1st go 58_ _1943
'
3
7712
Con ref 48
1951 .1 .1 747 75 4 7412
8
74
/
1
4
48
79
3
8
Cleve Cin Chi & St L gen
63
74 1
7 4
4
8
WI;
48- 1993 ID 7414 Sale 9 :4 APe314 - --5
Battle Crk & /Rut lot gu 38 1989.3 D
Feb'31
_ 61
General 85 series B
__ 99
631
'
1993 113
6
93 Nov 3 .......
6
7
Beech Creek 1st gu g 48----1936 J J 84 • 90 8812
9213
87
8812
Ref & impt 6s ser C
01 48
99
04 84
6
7
1941 J J 7018 76
7812
30
2d guar g 56
19361
Jan'30
100
Ref & impt 5s ser D
40
84
1963 1.3 63 Sale
Beech Crk ext lot g 3348_1951 A 0
88 Mar'31
Ref & impt 448 ser E1977
2814 713
J
584 Bale
/
1
4
Belvidere Del cone gu 3;48.1943
.1 65
Cairn Div lot gold 46._1939• J
86
75
73 Aug'32 ____
8
6
Big Sandy lot 4e guar
1944.3 11 7712
85 4 Jan'32
3
85 4 884
3
/
1
Cm W & 51 Div lot g 4'1_1991 1J 66
5918 70
73
' ._
7 32
60 Aug3 _ _ 1
Boston & Maine 1st 58 A C.1967 M S 74 Sale 75
76
43
80
37
St L Die Mt coil tr g 48-1990 MN
65
7412
1st M 58 series 2
1955 MN 75 Sale 74
45
40
75
30
Sim & Col Div ist g 4s____1940 Si S 77
641 7112
/
4
85
71 June'32 ::::
let g 484a ser
1961 A 0 6918 sale 6918
46
7112 35
7512
W W Val Div 1st g 46...-1940 J
Ws 58
55 108
5618 Aug'32
Boston & N Y Air Una 1st 481955 F A 54
60 70 Aug'32
5113 76
Bruns & West lot egg g 48-.193(31 J 87 Bale 87
/312 87
C' C C & I gen
87
3
94 102
/ 90 102 Aug'32
1
4
conag -. "82
Buff Roth & Pitts gen g 58__1937 M S 8518 90 85
1234
70 r93
r93
8
Clev Lor & W con Pt8856-1933 A 0 95
07
90
98
95
95
g
Conaol 434s
1957 M N 6214 Sale 6214
2812 62, eievenda!a &.aun VAIL
:
6214 32
4 cl
1 t llo g
Ma
90 101 Sept'31
6:119 6 1 3 50
1938
3
Burl C R & Nor 1st & coll 66_1934 A 0 69 Sale 69
40
7
7014
83 4
3
Mar
MN
9912 Oct'31
Clacevnter gen go . 34s ler B-1942 A 0
64
-iii" VI"
91 June'32
Canada Sou eons gu So A___1962 A 0 8718 92 87
9018
72
87
1
8 334
82 -- 97 Mar'29
/
1
4
Canadian Nat 4148 Sept 15 1954 M S 8814 Sale 87
7232 88
/
1
4
88
5
Serial A 4 48
' .1
1
/
1
4
II 1( 90
98 Dec'30
30
-year gold 4148
19571 J 88 Bale 8712
7318 80
41
89
Series C 3346
7614 ---- 764 June'32
W3
76
4
/
1
Gold 4148
1968
D 88 Sale 867
/
4
/ tih1
1
4
8
72
88 8 26
3
Series D 34s
864 Apr'30
/
1
Guaranteed g 56_ __July 1969.3 J 93 4 Sale 9212
3
94
80
94
97
Ger 44s aer A
- 7934 'Ws
8212
80
Guaranteed g bs____ Oct 1969 A 0 93
84 9418 921
8018 911 Cleve no Line lot gu
/
4
94
/
4
50
4 A
8718
4340 1 97994 1 A O
80
82
119 MNF
Sale
6 F A
Guaranteed g be
9318 9512 92
1970 F A
3
92
/
/
1
4
1
4
1 079 4 9 / Cleve Union Term let 548-1972 A 0 82 4 Sale 82
21
4
63 103
/
1
4
843
86
84
/
1
/
4
1
4
Guar gold 4 If s___June 15 1955 J D 90 Sale 8918
90
78
90
80
1st et 5s series B
1873 A 0 81 Sale 81
53
/ 93
1
4
813
4
Guar g 44s
195SF A 8818 Sale 87
8814
73
/
1
4
8814 23
1st s f guar 4 48
55
844
784
/
1
Guar g 430
/
1
4
881 Coal River Ry lot series C-1977 A 0 78 Sale 76
/
4
Sept 1951 MS 8814 Bale 87
76
883
8 84
gu 48
1945
82
8811
82 Aug'32 _
Canadian North deb a f 7....19401 D 1033 Sale 102
8
90 10 / Colo & South ref & 021 4348,1935 1 D
/ 41
1
4
/ 10418 72
1
4
4
93
60
/
1
4
M N 85 Sale 83
85
41
25
-year s f deb 048
19163 J 104 Sale 103
9111 10112
/
4
/ 10412 23
1
4
General mtge 44s ser
707
35
s
1980 M N 65 4 Sale 64
3
/
1
4
66
4 40
10-yr gold 4 4s___Feb 15 10353 A
83
973 983 9714
4
981 1 Col & 11 V 1st mit g 46 A
8
9814 54
75
73
A
75 Feb'32
Canadian Pac Ry 4% deb stock ./ J 723 Sale 714
8
/
1
Col & Tol let ext 40
7318 101 '24714 74
77
80
8012 ---- 80 Apr'32
Coll tr 4 4s
54
1946 M S 85 Sale a82
4612 Conn & Passum itiv lot 48-113 F F
9
85
/
1
4
2 A I
9 J
90 Dec'30
56 equip IF ctts
1044.3 .1 9012 Sale 88
9012 Consol R non-cony deb 48_.1y
63
9012 29
45
50
4612 59
54
45 Aug'32
Coll tr g bs
Dec I 1954 J D 85 Sale 8214
/
1
4
6112 85
Non-cony deb 40
8512 94
6714
40
461/4 58
_
56 Aug'32
Collateral trust 434.
58
$1
1960.3 J 82 Sale 81
29
Non-cony deb 40
84
4612 -- 44 Dec'31
Car Cent 1st cons g 4s___1949 J J
17
17
21
70
17 July'32
Non-cony deb 40
I :
E
1 i 4612 56
45 Dec'31
Caro Clinch &0 ist 30-yr 56. 19381 D 87
75
93
93 93
4
Cuba Nor Ry let 53.40
93
321,
1942 1 D 2912 Sale 283
20 "iii
3
31
ist & cons g 6s ser A _Dec 15 52 J
53
94
90
85
Cuba R R lot ,eri A 56 8.-1952 J J
3
85
85
7 io 5O es
ear
18
46
/
1
39
13
374 Sale 364
/
1
Cart & Ad Mt gu g 46
747 75
8
19813 D
lot ref
75
75 Aug'32
48
26
10341 D 41
483 41 Sept/32
4
Cent Branch 1.7 P 1st ft 40_1948
- 374 -- 52
10t lien & ref ths ser B.
/
1
4
5 3014 55
6212
/
1
1930 „I D 4012 10012 40 Aug'32
40
24
Central of Ga 1st 58Nov 1945 FA 7218
55 rill
__ 67 Aug'32
Consol gold 58
1945 MN 46 Sale 46
16
Dcl & Hudson 1st & ref 46._1943 MN
55
5
48
4
53
87
8312 Sale 823
84
78
Ref & gen 5 4s series B___1959 A 0 34
12
/ 41
1
4
30
3512 3318
3
36
-year cony 56
824 93
1935 A0 93
97
4
93
03
Ref & gen 511 aeries C____1959 A 0 32 Sale 31
Ills 38
15
-year 534s
32
/ 21
1
4
7412 97
1937 MN 9512 Salo 9512
07
24
Gioia Div pur money g 48_1951 I D
D RR & Bridge lot gu g 4s. _1936 P A
75
75 Sept'31
02
02
92
92
1
Mack Nor 1)1v lot g 58.19461 J 26
74
/ 9314 June'31
1
4
Den & R
1st cons g 48....1038 s
20
49 Sale 49
69
52
40
Mid Ca & All Div pur m 5s'47 J J
_
10212 Nov'30
Consol gold 434s
51
1936
311 70
/
4
547 56
1
56
13
Mobile Div lot g t's
-10
1946
J 40
561- Den & R 0 West ger 51, Aug 1958 j
-2
65
40 Aug'32
FA
23 Sale 23
6
38
27
/ 144
1
4
Ref & impt Sc ser B._Apr 197(3 * 0 29 Sale 29
818 49 4
3
130
35
Cent NeW Eng 1st gu 4s._ _1961 1 .1 65
4913 75
/ 72 681
1
4
Des M &
/
4
5
6812
D lst gu
1935 J J
8
2
/ 10
1
4
8
Feb'32
8
Cent RR & Ingot Oa'm1156_1937 MN 49
3311 55
4912 47
3
48
Certificates of deposit
• j
4
23
8
6
8 4
Feb'32
Central of N J gen gold 5 --13N
98
76
393
Des Plaine,' Vol lit gen 4348 1947 MS
9414 92
29
93
45
51
45 Aug'32
Registered
71 .94
861 Sale 863
/
4
Bet dr Mac jot lion 148
4
4
863
4
1955 .1 I) 25 Bale 25
24
30
30
General 48
.1 7514 811 7318 Aug'32
1987
65
82
Gold 48
/
4
) 20 Sale 20
1095 ▪ 120
25
3
20
Cent Pac 1st ref an if 48_1949 F A 83 Sale o82
Detroit River 'Outgun 4 48_1961 MN 85
46 '14712 88
84
89
71
87
84
5
84
Registered
F A
DUI Missabe & Nor gen 58..1941 • .1
_ 9914 july'31
98 100
100 July'32 _
Through Short L 1st go 48.1954 A 0 77 Sale 76
1)111 dg Iron Range tat 58. _1937 * 0 99 100
7 -io
77
94 100
6
99
, 98
4
Guaranteed g 56
.1960 F A 70 Sale 70
30
79
Dui Sou Shore & AtI g 6s...1937 .3 j 27
7314 39
17
32gs
30
27 Aug'32
Charleston & Sav'h lot 78 1036 1 J
East By Wain Nor Div let 40 '4(3 * 0 82
111 June'31
70
70
88
70 July'32
Chas & Ohio 1st cor 158... 1939 M N jai gale 013
95 101
East
Va
4
102
/ 37
1
4
56.1956 SIN 82
65
87
82
82
1989 M N 991
Registered
/
4
977e tooli RgIn Joliet& Ga Dv let 56.1941 MN 87 Sale 90
00 July'32
& East 1st g
80
92
93
2
90
1992 M
General gold 414e
94 Sale 93
7018 9518 F.I Feta & W lot 58
12
94
1965 AG
98 Sept'31
M
Registered
83
87
85
Erie lot cony g 4a prior__ _1996• j 76
87 Aug'32
80
54
55 4 27 -863
Ref & Impt 4 48
1993 A 0 85
6018 Fr
87
8418
'
8512 14
3
Reglatered
1096
571s NOS
5712 June'32
Ref & impt 4 46 ger B _ -1995 J J 854 Sale 8314
60
88
8512 33
I096 J .1 -LA firci- - 533
4244 6314
/
1
1"t 800801 gen lieu g 46
e
4
533
4
Craig valley Mt 56._ May 1040.3 J
4
_ 964 993 Feb 32
99
14 993
/
1
4
1
Registered
1998
39
68
50 Aug'32
Potts Creek Branch 1st 48.1948 J
62
85
944 Aug'31
Penn coil trust gold 48____1951 F A "51 0912 99 Aug'32
/
1
99 990
1
R & A INV In COD 11 46_1989 J J 84
l5
72
8712 85 Aug'32
50
-year cony 48 series A.-195 * 0 4212 45 4 4218
20
511
/
4
3
3
457
9 14
10891
2d consul gold 41
44
8014 83
84
Series B
2
8014
1953 AG 4212 45
22
8014
1912
43 4 Aug'32
3
Warm Spring V let g 58. _1941 M S
97 104 Mar'31
Gen cony 41 seiles B
/
1
4
1983 AG
5712 Aug'31
Chic & Alton RR ref g 36_1949 A 0 44
331 50
49
R.1 ft lmpt 58
48
48
1967 MN
25
37 Sale 364
187
/
1
40
75
Baikal, Wet Uen 330
794
1950 J
791 ____ 7918 June'32
/
4
Ref & Impt 5s of 1930_ .1975 AG 373 Bale 37
131 41
,
4
270
40
Erie & Jersey let a f
67
93
J 1 8518 90
85 Aug'32
75
Geneggee River at s f 6...1957 J
91
84
83
1
84
84
• Cgugh Nate a fleterred dellverY
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
t
tt3
*a i.
*5 ci.
Week's
Range or
Last Sale.
Price
Friday
Sept. 9.
7
s
% ,1
,
ccic.
Range
Since
Jan. 1,
High No. Low
Ask Low
High
Bid
8612 Aug'32 _-93
88
83
Erie &PIM g gu 334s ser 13 1940 J J 88
8612 8612
__ 8612 July'32 ____
1940 J J ____
Series C 3As
37 40 Aug'32 _-4212
30
Fla cent & pen lot eons g 55 1943 J J ____ -5312 Aug'32 ___50
60
43
Florida East Coast let 450_1959 J D 45
8
612 77
1974 M 5
8 7
17
3
8
lot & ref 58 series A
_
5
6
212 7
7
7
3
Certificates of deposit ____
__614 9
17
834
5
834 2
Fonda Johns &Cloy lst 4.101952 SIN
7
514 912
7
812 7
3
(Amended) 1st cons 4;0_1982 NI N
9612 9612
Fort St u D Co let g 410_1941 J J --------9612 Aug'32 ____
9312 Aug'32 ___9312
81
W & Den C lot g 510_1961 J D 9418 99
Ft
84
80 Aug'32 ____
80
96
Frem Elk & Mo Val let 65_ _1933 A 0 79
1933 A 0
Galv Ilous & Ilend let 5s
Ga & Ala Ry let cons 55 Oct 19453 J
Ga Caro & Nor let gu g 501929Extended at 6% to July 1 1934 J J
Georgia Midland 1st 3s_ __ _1946 A 0
cony & OSWegatchle 1st 5s _ _1942 J D
Or R & I ext let gu g 410_ _1941 J J
Grand Trunk of Can deb 78_1940 A 0
1936 51 S
-year s f 6e
15
Grays Point Term lot 5s......1947 J D
A_1936 J J
Great Northern gen 78 serRegistered
J 3
let & ref 4345 seriee A___1961 3 J
General 53.4o series B_1952 J J
1973 J J
General 55 series C
General 412e series D__1976 .7 .1
1977 J .1
General 410 series E
Green IlaY & West deb Ws A__ _ Feb
Feb
Debentures ctfs B
Greenbrier Ry 1st gu 48____1940 NI N
Gulf Mob & Nor 1st 510_1950 A 0
1950 A 0
1st mtge 55 series C
Gulf & S I 1st ref & ter 58Feb11152 J J
Hocking Val let cons g 410_1999 J J
1999 J J
Registered
1937 51 N
Ilousatonic Ry cons g 55
II & T c lot g 55 int guar_ 1937 J J
Houston Belt & Term 1st 55_1937 J J
llouston E & W Tex let g 5s_ 1933 M N
1933 M N
let guar 50 redeemable
Ilud & Tianhat let 55 ser A_1957 F A
Adjustment income 5s Feb 1957 A 0
70
____
84
65
60
11
3212 75
Aug'32 ____
Aug'32 ____814 18
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
.2,1!
1
-4 t
,
'- z`1.'
Mex Internat lot 45 asstd___1977 M S
-Mich Air L 43_1940 J J
ifich Cent
Jack Laos & Sag 3348 _.195iM S
1952 M N
let gold 3345
1979 J J
Ref & impt 410 ser C
1940 A 0
Mid of N J lot ext 5s
Mil & Nor 1st ext 410(1880)1934 J D
1934 J D
Cons ext 434s (1884)
Mil Spar & N W let gu 45...1947 M S
Milw & State Line let 33.48_1941 J J
Minn & St Louis let eons 55_1934 NI N
1934 MN
CM of deposit
let & refunding gold 4s...,1949 M S
Ref & ext 50-yr 5s ser A1962 Q F
Q F
CerUticates of deposit
51St P & SS M con g 4s lot gu'38 J J
1938 J J
1st cons 5s
let cons 5s gu as to Int- 193S J J
1946 J J
lot & ref 65 series A
1949 M S
-year 510
25
1978 J J
1st ref 550 Ser 13
1st Chicago Term of 4s_ -1941 SIN
1801
Price
Friday
9.
Sept.
Week's
Range or
Last Sale.
.3_
1
-1
%
c2,
Range
Since
Jan. 1.
High
High No. Low
Bid
Ask Low
__ ____
--------212 Dec'30 ____
____ 98 Aug'31 ____ ___ ____
81
--------79 MaY' 6 ---- ---- --2
8
703 '77
2
77__ _ 713 July'32 _-__
60
45
60 July'32 _--80
60
48
40
48
48 Aug'32 --80
87
75
87 June'32 __._
84
70
7412
50
1
7412
____ 7412 7412
69is
40
59 Aug'32 _--66
55
--------90 Apr'28 __-- ____ _ _ _
8 612
23
1
618
612
512
314 6
4 -33
314 Aug'32 ---,
5
7,
314
1
212 4
314
314
8
5
5 Mar'32 _--8 8
7
5
5
5 Aug'32 ---____ 14
2
507
35
68
50
4912 Sale 4712
11
5014
13
42
42 Sale 40
10
60
35
58
5114 Sale 51
37
14
19 Aug'32 ---34
21
31
12
2512
2
25
2212 28
7
40
70
68
6514
6618 70
____ 9518 Dec'30 ---- __-- ---35
2018
15
__
--------20 Aug'32
40 Sale 40
40
3
2934 63
Jan'31 ____ ____
__
--------100
-------- 82 Aug'32
__
7414 a90
-10252 Sale 10212
1027
8 72
9238 10334
10012 34
10014 Sale 100
8712 10014
-------- 96 Nov'30 _
_
8614 Sae 8524
4
873 172
4613 - 39i 4
85
72
--------0712 Oct'31 ____
____-__ Mississippi Central 1st 5s 1949 J J --------85 Aug'32
8
1412 42
33
1959 .1 J 32 Sale 3018
73
83
78
83
Mo-III RR 1st 55 ser A
24
85
61
5514 80
13
78
8
7414 Sale 73
Mo Kan dc Tex lot gold 48_1990 J D 765 Sale 75
7414
5
3812 85
76
31
79
38
7512 75
69
4358 7812 Mo-K-T RR pr lien 53 ser A_1962 .1 J 75
71
69 Aug'32
3118 68
6
6312
6212
62
1962 J 3 56
6212 Sale 5212
63
-year 45 series B
40
40
8
4
737
30
,
70 4
4 10
703
4
ser D ___ _1978 J J____ 703 70
6114 Sale 61
8 56
Prior lien 43.4s
635
7412
38
40 a12
48
60
4514
46
40
20
5712 Apr'31 ____ ____ ___
Cum adjust 53 ser A _Jan 1967 A 0 42
22
2212 63%
41
39
40
37
1965 F A
712 Aug'32
5
38 8
7 12 Mo Pac lot & ref 55 ser A
2
7
4112
2812 315
1975 M 5 24 Sale 24
80
90 Aug'32
General 4s
90
90
4
393 153
21
60
1977 M S 3612 sale 3614
58
42 48 Aug'32 __ _
1st & ref 55 series F
20
50
go
23
22
60
38 Sale 38
1978 51 N
43
52
12
47
52
1st & ref 59 ser G
20
19
52
4618
a5
2734 338
24 Sale 24
1949 M N
1822 May'32
Cony gold 510
22
40
=22
60
4 54
393
1980 A 0 3714 Sale 3714
89 Sale 89
89
1st ref g 55 series a
1
92
66
2112 60
219
40
3612 Sale 36
1981 F A
___
1st & ref 55 ser I
10012 Apr'31 ____ ____
53
55
4
933 55 July'32 ____
8012 8617 7612 Aug'32 ____
Mo Pac 3d 78 ext at4% July 1938 MN 28
88
75 95 Aug'31
8512 90
8518 Apr'32
a8012 a8518 Mob & Bic prior lien g 5s1945 J J ____ 95
__
97 Sept'31 _-_- ____
J 1 ____ 90
4
75
833 Aug'32
84
_
8344 89
Small
57
25 -1945 3 J --------53 Aug'32 _-_9212
_ 90 June'32 ---let NI gold 45
90
4
943
81 July'31 -----------J J ___ 55
___ - - - 93 Aug'32 ____
912
9
Small
93 a96
20
20
20 July'32 ---92
51
89
8714 88
8534
60
mobile & Ohio gen gold 48_1938 NI S 10
88
_
,
2
397 65 2 Sept'31 ____ ___
59 Sale 5712
5912 79
Montgomery Div 1st g 50-1947 F A 21
27
64
9
17
2313
112 - _6
7 Sale
S
1977 151
Ref & impt 414s
28
3
2
9 4 24
978 819
Illinois Central lot gold 45._1951 J J 76's.. _ 7314 July'32 __ _ _
8
1938 NI 5
Sec 5% notes
72 a88
67
4
753
4
753 70 Aug'32 --1951 J J
72
lot gold 3548
80
72
6518 72
Mob & Mal lot gu gold 45_1991 SI S 58
72
2
9314
88
1937 J J 9218 9634 91 Aug'32 ___
J J
8614 June'31 ____
Registered
Mont C 1st gu 6s
90
82
95
87 Sept'32 _-_1937 J 3 87
Extended let goid 310_1951 A 0 72
____ 6518 Aug'32
13118 - - _
6518
let guar gold 58
62
7578 13
8
757
75 Sale 74
1951 M S 25__
73 Mar'30 ,_ _ -___ _ _ _ _ Morris A Essex let gu 310_2000 J D
_1st gold 3s sterling
86
86
Feb'32 _-_
7212 8912 86
1952 A 0 62
1955 SIN
64
64
Collateral trust old 45
6412
Constr NI 5sser A
3
29
70
79
80
6 65 SO
79
1955 M N 6514 66
80
1955 NI N
63 Aug'32 __ _
lot refunding 45
Constr 51 410 ser B
35
68
c
1952 J J 5418 ____ 4912 Aug'32 Pur hased lines 3145
4912 60
1
46
7012
70
70 Sale 70
Collateral trust gold 42...1953 51 N 5518 Sale 53
8 30
555
5578 Nash Chatt &St L 42 ser A 1978 F A
25
81
68
81 Aug'32 ____
1937 F A ____ 83
1955 51 N 68 Sale 68
58
Refunding
68
N Fla & S 1st gu g 5s
68
37
2
75
-year secured 610
-1930 J J 7312 78
15
79
4
35
4
823 Nat Ily of Mex pr lien 414s 1957 J J --------18 July'28 --__ ____ ____
4
J J___ _ ____ 183 July'28 ____ _ _ . _ _
g-Aug1 1966 F A 48 Sale 4718
-year 4145
40
4
July 1914 coupon on
503 144
5312
19
2
2
2
2
152 2
1 18 -1950 J D 63
Cairo Bridge gold 48
____ 50 June'32
Assent cash war rct No. 4 on _ _
__
50
56
__ _ _ _
4
-0 --------123 July'31 ____
45
____ 70 Sept'31 __
Litchfield Div lot gold 38-1951 J
Guar 43 Apr'14 coupon__ _1977 A
_
2
2 Aug'32 -- -152 - 214 3
Loulsv Div & Term g 310 1953.1 J 62
cash war rct No.5 on ____
61 Aug'32 _:_ -_ -L0- - i____
Assent
.
6
3512 July'28 ____
____ _ _
s 4
13
42 June'32
Omaha ply 1st gold 3s....1051 F A 4718
42
Nat RR Mex pr lien 410 Oct '26 J J
45
Apr'32 _-__
1
2
- 12
50 75
Assent cash war rct No. 4 on ------------1
45 June'32
St Louis Div & Term g 35_1951 J J
45
45
Apr'28
_
1951 A 0 --------22_
1951 J 3____ 86
Gold 3145
50 May'32
1st coneol 45
50
57
l
2
2
-.10
2 Sale
1%
Springfield Div 1st g 3;0_1951 J
Assent cash war rdt No.4 on _- 54
7812 7812 Aug'32
7812 7812
5212 June'32 --_72
N 53
1954 M 5212 52%
1951 F A 58
Western Lines lot g 48
RR lot g 48
8
Naugatuck
677 68 Aug'32
481g 68
_ _ 100 Sept'31
30
F A --------00 July'31 -------- ---- New England RR cons 5s 1945 J .1
Registered
8
- 12 90 Sept'31 ____ ____ ---19153 1 56
Ill Cent and Chic St L & N 0Consol guar 48
Joint 101 ref 58 series A___1963 J D 52 Sale 5114
NJ June RR guar 1st 4s_ ..1986 F A --------92 Nov'30
5478 158
2314 59
5;12
29 50 Aug'32 ___
55
37
co Sale
lot & ref 410 series C. ..19i13 „I I) -48
NO &NE lot ref &Rapt 410 A'52 J J
2212 56
13
51
12
6
60
67
68
50
67
Ind Bloom & West lot ext 481940 A 0 70_ 89 Dee'31
_ New Orleans Term let 4s _1953 J J 66
3612 Aug'32 --_45
20
0 3712 44
10503 J
Ind III & Iowa let g 48
75 8514 81
;
81
4 -61- - 1 N 0 Tex & Slex n-c Inc 58_1935 A
4112 26
1612 45
1954 A 0 40 Sale 3912
1956 J- 46
Ind & Louisville 1st gu 4s
let 58 series B
50 Aug'32
--45
66
4412
1
3912 411 4412
8
185 45
1956 F A
Ind Union Ry gen 5e ser A....,1965 .1 3 91
let 58 series C
94
85 Aug'32
79
-_
90
3912 12
16
441s
1956 F A 3812 Sale 38
1965 J
Gen & ref 58 series B
1st 410 series D
__
____
_ _ 10318 Oct'31 ____
433
4 29
19
4
50,4
1954 A 0 413 Sale 40
lot & Grt Nor 1st 65 ser A...1952 J
let 510 series A
40
0
44
6
3712 40
1514 - 9439
891 8912 Aug'32 ---8912
70
80
Adjustment 6s ser A _July 1952 A 0____ 117 11
N & C lidge gen guar 454s...1945 J J
30
2
8
1212 30
95 Aug'32 __-_
9412 95
95
1956 J .1 30 Sale 30
1st 55 series 11
N Y B & NI B 1st con g 55 1935 A 0 90
32
1312 50
35
1956 J J 30 Sale 30
let g .5s series C
34
1312 4812
7
78% 103
3512 92
Int Rye Cent Amer lot 55_1972 M N 40 Sale 40
N Y Cent RR cony deb 6s 1935 M N 7812 Sale 7612
40
8
245 64
2
7612 30
56
807
75 Sale 75
8
1998 F A
Consol 4s series A
let coil trust 6% notes_ _1941 M N 4314 Sale 4314
23
44
4
5014
4 SO
603
72
32
1947 F A
let lien & ref 610
3012 40
2918
35
4
Ref & impt 4148 series A2013 A 0 59 Sale 5814
18
35
222
01
31
72
5812 Sale 5812
1938 J D
Iowa Central let gold 58_
8
25 15
When Issued
512 Aug'32 _ _ _
2% 511
4
3312 7814
673 246
Certificates of deposli
J D
4
33 107
Ref & inapt 5s series C___ _2013 A 0 65 Sale 65
25g 5
8 5 Aug'32 ____
7612 13 a6712 7834
4
76 Sale 753
1951 M S ____ ____
let & ref g 48
58 July'32
112 NY Cent & llud Riv M 3101997 J J
12
6712 72
1997 J J 6812 751 72 Aug'32 ---Registered
9212
51
2
847 111
4
,
1934 M N 833 Sale 83 4
James Frank & Clear 101 48 1959 J D _._ _ 83
4
763 Aug'32
Debenture gold 4s
76
85
8218
63
8212 Aug'32 -- - 82
Kai A & 0 R let gu g 55
1938 J J --------103 Mar'31
_
30-year debenture 48 __1942 1 J 75
79
60
10
72
7114 Sale 70
Kan A 51 lot gu g 48
Shore coil gold 350_1998 F A
Lake
66
57 66 Aug'32 --__
74
1996 A
E c pt s & St Ry ref g 45_1936 A 0 67
59
59 May'32 ---69
0 52
6814
1998 F A 62
52
5434 51
24
Registered
34
70
71
61
75 69
5
6912
Nan City Sou lot gold 35_1950 A 0 6012 65
643
63
4 44
Mich Cent coil gold 33.40.1998 F A 59
3514 70
_ __
8212 Mar'31 ---- ____
Apr 1950 J J 64
_
Ref & impt 55
1998 F A ____
6812 6812
70
33
Registered
8
287 71 18
82
6318 2
2
783
8
80
Kansas City Term lot 4s__1960 J J 8712 Sale 8618
2 41
877
78
897 NY Chic & St L Iota 4s__1937 A 0 7912 - -1 783
8
_
9314 Mar'30 _=, ____
Kentucky Central gold 45..1987 J J
7412 76
54
75
1937 A 0 ____ ___
74 Aug'32 ____
Registered
74 8
2212 - -74
2
627 775
84 Aug'31 _--- ---- ____
Kentucky & Ind Term 410_1061 .1 J __
80
1932 A 0 583 Sale 58
6% gold notes
1414 4612
38
56
1961 .1 .7 ____ 80
Stamped
8914 July'31 _ _
Refunding 51.45 series A...1974 A 0 35 Sale 34
____
1212 40
33
212
1961 J --------- 89
1978 M S 28 Sale 28
Plain
Apr'30 __ -_ - ____ _
Ref 410 series C
_
88
75
82 Aug'32 ---90
N Y Connect 1st gu 4348 A _1953 F A 84
_- 79
79
77
____ 85 Aug'32 ---,
67 4 93
79
Lake Erie & West 1st g 5s_.1937 1 .1
1953 F A 88
2
50
5s series B
8312
let guar
____ 84 Dec'31 ---- ____ __ __
2d gold 50
32
32
N Y & Erie 1st ext. gold 4s...1947 M N 81
69
47 Aug' --_
60
1841 J i 51
Lase sn & such So g 3145_1997 .1 D 7312 76
,
1933 M S --------100 Sept'31 ---- ____ __ __
75 4
,
75 4
11
66
79
3d ext gold 4143
1997 J I) 76
Registered
7312 72 Aug'32 _ _ _ _
67
72
26
40
83
9012 Mar'32 __ _
4
753 40 June'32 ---40
I
I.eh Vol Ilarbor Term gu 55 1954 F A
1946 M N 50
9012 N Y & Greenw I. gu g 55
83
70
6814 8
797a 83 Aug'32
Leh Val N Y 1st gu g 410_1940 J J
72
8012 8012 Aug'32 ---012
55
N Y & Harlem gold 33.0_2000 M N
SA
5212 Sale 5212
75 r82
54
_ __ 78 July'32 ---Lehigh Val (Pa) cons 6 40.-2003 M N
51
2712 60
N Y Lack & W ref 410 Il...1973 M N 74
M N ___ 56
4 Dec'31
Registered
33 Aug'32 __
33
33
NY & Long Branch gen
55- 43_1941 M S --------841 July'29 ____ ___ - ---2003 M N
____
General cons 410
12 Sale 5514
_ _ 9512
5612 fi
.
35
63
N Y & N E Bost Term 4s1939 A 0 ___
2003 M N 62 Sale 6018
56- 69
General cons 55
62
15
70
% 6734 N Y N It All n-c deb 4s_1947 M 5 62- - - 60 Aug'32 ---35
Len ti Term las 1s2 gu g 55..1941 A 0
89
84 Aug'32 ____
Apr'32 ---51 r67
80
90
debenture 3149_1947 M S 5418_ _ 51
Non-cony
9514 Aug'31 _
Lehigh & N Y let gu g 4s _1945 if S ____ 80
34
61
65
Non-conv debenture 350_1954 A 0 5419 - -14 50 July'32 _--as
4
Lex & Et 1st 50-yr 58 gu..196r A 0 83
ug
90
663
75 A'32 ,-- 40
6614
7
1- - 1i9" 2
Non-cony debenture 45_1955 J J 6012 65 6614
___ 9112 May'31 _- - -- - -_ _
lAttle Nliaml gen 4s scree A _1962 SIN 58
68
6512
68
40
58
3
M N 65
Non-cony debenture 45._ -1956
-1935 A 0 __
97
9814 Aug'32
Long Dock consol g 65
3712 587
2
8
95 101
Cony debenture 310_1956 J J 5414 607 58 Aug'32 ---4 52
4934 95
893
Long Island
4
1948 J J 8914 Sale 883
Cony debenture 6s
1938 1 13 86
92
88 Aug'32
General gold 48
,
i
61 4 92
vt. 89
1 J --------75 Aug'32___ Registered
1949 MS 82
78 Aug'32
Unified gold 4s
94
55
1
_
8812
704 80
897 8812
1940 A 0 88
Collateral trust 6s
1934 J D 0212 100
92 Aug'32 ____
Debenture gold 5s
30
80
59
95
2 16
537
8
1957 M N 527 Sale 4912
Debenture 45
8
1937 M N 915 102
90 Aug'32 ___
-year p m deb 55
77
42
7414 13
20
6053 90
lst & ref 4145 ser of 1927 1967 J 0 70 Sale 6934
1949 M S 847 Sale 843
9
9
Guar ref gold 48
83
08
847
4
9 50
78% 843 83 Aug'32 ---70
871 1
Harlem R.& Pt Ches 15t 4s 1954 M N
8
8
Nor Sh 131st con gu 5s Oct 1932 Q J 997 -_ _ 997 Aug'32 _ _ _
09 40014
40
4
383 60
5512 29
Louisiana & Ark lot 5s ser A.1969 J .4 3712 Sale 37
SO
8
,
1512 50
N 1 0 & W ref g 45 June_._1992 51 S 547 Sale 54
Lonis & Jeff Bdge Co gd g 481045 M S 6012 ____ a60 Aug'32
34
48
59
4912
55
75
4
1955 J D 473 Sale 45
General 40
_ _
89 Aug'32 _ _ _
___ 95 Mar'31 ____ .__
Louisville & Nashville 5s_ _1937 M N 91
8512 96
N Y Providence & Boston 421942 A 0 78
1940 J 1 8718 88
87
70 - -12
877
8 20
77
70 Aug'32 ---Unified gold 45
80
60
89
NY & Putnam lot con gu 48_1933 A 0 72 54
J J
18
80 May'32 --,,,
4214 12
Registered
& West 1st ref 55.1937 J .1 41 Sale 41
76% 8212 N l' Susq
78
_„_
78
80
75 May'30 _-_- ____
22
1937 F A ____ 55
lot refund 510 series A _ _2003 A 0 7818 80
50
84
2d gold 4354
2003 A 0 7012 74 4 75
,
15 - 4
75
2
2812 357 39 Aug'32 _--194 F A
8
393
lot & ref 50 series 13
45
General gold 5s
78
21103 A 0 67 Sale 667
92
9212
8
4
673
9212 June'32 ____
ref 4145 series C
1913 M N 60
90
7
lot &
40
Terminal 1st gold 58
7515
1941 A 0 91 100
28
5218 51
62
91
91
1
10-year sec g 55
91
95
N V W Cbem & 331st ser I 4145'46 J 1 5012 Sale 5012
70
4 28
45
68 Aug'32 ___
1058
9614 106%
4
Paducah & Stem Div 48_1946 F A
68
8012 Nord Ry ext'l sink fund 610 1950 A 0 105 1053 10518
3
11
4
812 1012 912
50
55
20
2
St Louis Div 24 gold 38_1980 M S 50
Norfolk South lot & ref A 55_1961 F A
447 56
g
5012Aug'32 ____
_ 84 Aug'32 ____
1214 50
24
3014 40
Mob & Montg Iota 410_1945 NI S 85
81
Norfolk & South 1st gold 55_1941 M N
84
5018 13 6312 Aug'32 ___
12
South fly joint M071011 4e- 1952 J J
20
5912 Nor( & West RR trriptikext 65'34 F A 10312 ____ 10312 Aug'32 ___- 100 103%
9318 25
7834 96's
1996 A 0 9212 Sale 9212
____ 78 Aug'32 ____
N & W Ry let cons g 4s
Atl Knoxv & Cln Div 48_1955 M N 78
70
81
86a8 86
1996 A 0 --------89 May'32 _ ___
Registered
4
4 13
923
1934 J J 81 101 100 Sept'31 ___- ____
4
Diel 1st Ilen & gen g 4s._1914 3 J 93 Sale 923
863 9314
Mahon Coal RR let 53
60
__ 079
1941 J D 9214 _ _ 9212 Sept'32
54
5314
9212
5314
2
Focal) C & C joint 45
50 - -NIS11118 RR.(South Lines) 4s 1939 M N
64
65
51 Aug'32 ____
1959 M N 5012 67
87
51
9914
North Cent gen & ref 5s A.. _1974 M S __ . foi 87 Aug'32 ____
let ext 45
9912 85 Aug'32 ____
so
go
1974 M s til
80 Aug'32 ____
85
85
Gen dr ref 4148 ser A
;Manitoba SW Coloniza'r 5s 1934 J I) ____ 85
Man C. 14 & N W let 310 1941 1 J --------8712 Aug'31
--
--
-i,
r ('Avli sale a Deferred delivery.
--
1802
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
North Ohio 1st guar g 56._1945 AO
North Pacific prior lien 43_1997 @ 1
Registered
@
Gen lien ry & Id g as_Jan 2047
•F
Registered
Jan 2047 O F
Ref & impt 4425 series A__2047 J J
Ref & impt 6s series B....-2047.3,
Ref & impt 55 eerie.. C....-2047 J J
Ref & impt Is series D__-_2047 .1 J
Nor Pac Term Co 1st g 66-1933.3,
Nor Ry ot Calif guar g 5s _ _1938 AO
Og & L Chem 1st gu g 4s-__1948• J
Ohio Connecting Ry 1st 48_.1943 MS
Ohio River RR 1st g 58
1936 J D
General gold 58
1937 *0
Oregon RR & Nay coma 48_1946 3D
Ore Short Line 1st cons g 58_1946 J J
Guar stpd cons Is
1946 J J
Oregon-Wash 18t & ref 48.....1961 .1
Pacific Coast Co 1st e 58
1948 3D
Pee RR of Mo 1st ext g 451-1938 P A
2d extended gold 5e
1938 J J
.▪ 1
Paducah & Ills 1st s f g 4 428 1955
Paris-Lyons-Med RR ext 78_1958 M S
Paris-Orleans RR ext 5425-1968 MS
Paulista Ry 1st & ref f 78.1942 MS
Pa Ohio & Del 1st dr ref 4428 A'77 *0
Pennsylvania RR cons g 48.1943 MN
Consol gold 45
1948 MN
48 steel sptcl dollar May 1 1943 MN
Consol sinking fund 4348.1960 FA
General 4 425 series A....1965 3D
General 58 series B
1968 JD
15
-year secured 6428
193 FA
6
FA
Registered
40
-year secured gold 58_1964 MN
Deb g 4 425
1971 *0
1981 *0
General 442s ser D
Pa Co gu 3%s coil tr A reg-1937 MS
Guar 3425 coil trust sec 13_1941 FA
Guar 342s trust etfs C
1942 3D
Guar 342s trust ctfs D__.1944 J D
Guar 45 sec E trust ctts__.1952 MN
Secured gold 4545
1963 MN
Peoria & Eastern 1st cons 48_1941 *0
Income 48
April 1990 Apr
Peoria & Pekin Un 1st 5%5_1974 FA
Pere Marquette 1st sec A 53_1956 J
let 4s series B
1956 .1 J
let g 434s series C
1980 MS
Phila Balt & Wash let g 45 1943 MN
General Is series B
1974 FA
Gen'l g 4448 sec C
1977 J J
Philippine Ry 1st 30-yr a I 45'37 J
New York Bond Record-Continued-Page 4
Price
Friday
Sept. 9.
Week's
Range or
Last Sale,
Range
Since
Jan, 1.
Bid
Ask Low
High No, Low
High
40
45
49 Aug'32
36
50
843 Sale 8312
4
86
65
8 4 34
45
781s
53% 7812
76 Aug'32
6012 Sale 60
48
65
61% 74
5518 ____ 56 July'32
50
36
20
77
76 Sale 76
38
77
42
863 Sale 8614
8
45
9012
88
7
79 Sale 78
80
48
so
16
793 82 80
4
4812 118112
80
103 10012 June'32
10012 10012
9514 Oct'31
13
50 Sale 4712
28 16"
50
97 Mar'31
"ii90
87 June'32
77
79
70
70 July'32
783
8
89
77
90 90
5
90
90
97 10012 97 Aug'32
99
88
101
2
101%
8812 10158
101%
81 Sale 8012
6012 84
81% 27
25
35
1
28
28
85
88
_
85 Aug'32
8058 94
80 Aug'32
72
90
93 Mar'32
1
103 1031a 1043
4 1043
4
8
1025 Sale 10212 103
20
a3714 Sale 3714
4
40
3
80 Sale 79
80
923 Sale 93 Aug'32
4
91
9212 92
9
92%
91
923 923
4
4
923
4 10
95
973 97
4
9714 32
84 Sale 82
48
84
92 Sale 9014
9212 30
119
10012 Sale 10018
101
834 Mar'31 -83% Sale 82
84
60
6812 Sale 677
71
70
2
7818 20
7818 Sale 77
75%
Nov'31 -87
807 Aug'32 ---8
_ _ 85% Jan'32 - 60-60
78
76 Aug'32 - 6614 _ _ _ 65% July'32 --- 82 gale 82
8512 34
46
50
47
1
47
3
6
412 Aug'32
70 Aug'32
io 63 63
65
2
57
59
56 Aug'32 --8812 24
5712 Sale 86%
94% 95 Aug'32 -.94
83
90 80 Aug'32 ---77
8312 77 Jan'32 24 4 Sale 21
3
2512 38
Pine Creek reg let 68
1932 J D
100 July'32 -P C C & St L gu 4 Hs A
1940 * 0 9412 _ _ _ 9358 Aug'32
Series B 4 42s guar
1942 *0 9514 9712 95 Aug'32
Series C 4348 guar
1942 Si N 94
93% Aug'32
Series D 4s guar
1945 MN 88
86 June'32
Series E 4 42s guar gold_ _1949• A
793
4
95 Mar'30
Series F 45 guar gold
1853 JO 82 4 -___ 98 Sept'31
3
Series G 48 guar
1957 MN 82 8 _
5
8114 May'32
Series H cons guar 48
1960 FA 8012 _ - 80 Apr'32
Series I cons guar 4 Ms_ _19133• A
8612 Aug'32
Series J cons guard Hs_ _1964 MN 90%
_ _ 88 June'32
General M Is series A_ -1970• D 85
90
90 Aug'32
Gen mtge guar Is ser B 1975 *0 85
3
95 4 87
3
87
Gen 4 42s series C
1977 J
79
80
15
79%
80
Pitts Melt & Y 2r1 gu 6s......1934 J
'
9912 May'32
Pitts Sh & L E 1st g 513
1940 A0
99
Oct'31
1st consol gold Is
1943.3,
0014 Aug'28
Pitts Va & Char 1st 48
1943 MN
73 June 32
Pitts & W Va 1St 4%s ser A 1958 J O 55 Sale 55
55
1st 741 4428 series B
1958 *0 45
47
6
45%
47
1st 51 4 Hs series C
1960 * 0 46 Sale 4534
4712 16
Pitts Y & Ash 1st 45 ear A...1948 3D
9514 Sept 31
1st gen Is series B
1962 FA
90 July 32
Providence Seeur deb 4s_.1957 MN
715 July'31
4
Providence Term 181 45......1956 M
75 June'32
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
ssk
Price
Friday
Sept. 9.
Week's
Range or
Last Sale,
Bid
Ask Low
High
Seaboard All Fla 1st gu Is A 1935 P A
3
478 3
478
Certificates of deposit
3 Sale
3
3
Series B
1935 FA
2
Aug'32
5
Certificates of deposit......
2
12
412 2 Feb'32
Seaboard & Roan 1st Is extd 1931 Ji 20
60
901x Aug'31
So & No Ala cons gu g 58_ _1936 FA 87
85 Aug'32
96
Gen cons guar 513-year 58_1963 * 0 80
85
85 Aug'32
So Pao coll 48(Cent Pac cell) k '49 J D 59% Sale 597
8
59%
1st 4428 (Oregon Lines) A 1977 MS 7012 Bale 7012
73
20
-year cony Is
8012 83 84 Aug'32
1934 3D
Gold 4425
1968 MS 6112 Bale 6112
623
4
Gold 4348 with warrants 1969 MN 60 Sale 581z
82
Gold 434s
1981 MN 60 Bale 5812
62
San Fran Term 1st 4s__.1950 * 0 8112 54
85 Aug'32
So Pac of Cal 1st con gu g 581937 MN 100 10012 98 June'32
So Pac Coast 1st aug 48
1937.33
96 Jan'30
So Pac RR 1st ref 45
1955 J J "ao; Sale 8018
81
Registered
9512 Nov'31
Stamped (Federal tax4_1955 ▪ ,1
9212 May'30
Southern Ry 1st cons g 55_1994 .1
7912
78 Sale 78
1734 30
Registered
.1'
75 Aug'32
71,
Deedl & gen 48 series A_1956 * 0 3912 Sale 3912
90
4278
93
74
Devel & gen 65
1956 *0 505 517 50
8
8
54
93
Devel dr gen 6345
9518
1956 *0 53 Sale 53
5714
98 1043
Mem Div 1st g Is
4
1996.3'
48 July'32
8812010412
St Louis Div 1st e 48
643 60
4
60
1951 3J 40
3714 65
East Tenn reorg lien g 55.1938 MS
101 Sept'31
80
60
Mobile dr Ohio coil tr 45...1938 MS 38 Sale 38
4012
88
9318 Spokane Internat. 1st e 5
'35 Sale 34
$ 1955 J
36
8514 96% Staten Island Ry 1st 4 42s 1943• D
60 May'32
85 (Pi
Sunbury & Lewiston 1st 48_1936 J 1
9714 Nov'31
867 98
8
50% 8712 Tenn Cent 1st Os
A or B-1947 AO 37
42 Aug'32
40
r5412 93
Term Ann of St List it 43481939 AO 95 4 97
97
3
97
1st cons gold Is
75% 10218
1944 FA 9112 96
93 Aug'32
Gen refund 5 f a 4s
1953• J 7912
7912
80
53
88
Texarkana & FIB 1st 5Hs A 1956 FA
713 75
73 Aug'32
4
3212 745 Tex & N 0 con gold 55
4
1943
8212 70 Aug'32
81
47
Texas & Pat' 1st gold 5a_2000 3D -SiT8 93 89 Aug'32
2(1 Inc 5s(Mar'28 cp on)Dec2000 Mar
95 Mar'29
-813is81
Gen & ref Is series 13
1977 AO -54
53
.E8
54
55 s 853
3
Gen & ief 58 series C
4
1979 * 0 5318 60
5118
55
73
Gen & ref 53 series D
807
8
1980 JO 5212
5212
54
6518 78
Tex Pac-Mo Par Ter 5348 1964 MS 65 Sale 65 Aug'32
69
35% 8612 Tel de Ohio Cent 1st gu 58_1935
7612 90
87 Aug'32
28
55
Western Div 1st g 5
5.-1935 AO 76%
75 Aug'32
2% 10
Genesi gold Is
95 Sept'31
1935
85
65
Tol St i& W 50
79
-year g 46.- HMO * 0 56
55 Aug'32
61
71
30
TO1 WV&OgIIdMsserB_1933 JJ 96
10018 Oct'30
31% 53
1st guar 48 series C
96t8 Apr'31
1942 f S 85
26
60
Toronto Harn & Buff 1st ads 1946
88 Dec'31
86
95
80 84
Ulster & Delaware 1st 55. _ _1928
77
CUs dep stpd as to Dec 1930
8014
167 26
2
1st and 6570 ret of prin.-1414 20
15 8
3
Union Pay let RR & Id gr 4s1947.3, 9414 Sale 9378 July'32
9478
100 100
Registered
3, 893 9514 91 Aug'32
4
09212 98
1st lien & ref 45
June 2008 MS 843 Bale 843
4
4
86
9112 967
8
Gold 4425
1967.3, 88% Sale 8518
8612
90
94
1st lien & ref Is
June 2008 MS 100
843
4
_
8512
86
40
90
-year gold 48
807
8
1968 3D 80
81
84%
U NJ RR & Can gen 4s....._1944 M
8
923 945 96 Aug'32
4
Utah & Nor 1st ext 48
'
1933 J
100 July'31
8314
80 80
Vardalia cons a 48 series A__1955 FA
80% 87
80 June'32
84% 90
Cons 8 f 48 series B
1957 MN
9312 Sept'31
87
93
Vera Cruz & P asst 4448.__1933 J
14 June'32
114 4
5212 9212 Virginia Midland gen 5s_
N 783 95
8212 Aug'32
4
-1936
55
941g Va & Southwest
1st gu 58_2003 3J 85
723 6518 Aug'32
4
55
8514
1st eons 50year 58
497 57 Aug'32
1958 * 0 46
8
99 100
Virginian Ry 1st Is series A 1962 MN 94 Sale 90
94
1st mtge 4,42s series B,
83 Aug'32
1962 MN 80
89
"ia
Range
Sines
Jan. 1.
No. Low
High
5
1
612
lls 6
112 5
24 212
16
118
202
41
"Zo"
51
-Ws
75
12
1512
18
48
46
82
29
98
15
10
3
16
13
5
70
7
10
14
10
-.us
-
r Cash sale. dDuoMay. k Due A IIR
a Deferred delivery.
-- ;
8 1
i
75
54
67
72
55
87 4
3
lire VC
19
60
40
80
11
88%
85
70
511
4
70
76
51
97
98
8012
75
70
92
28
28
28
40
70
76
3
70
70
12
7012
8912
9214
98
1518
a8412
88
70
a6712
84%
8658
89
7712
955
4
91
87
8812
10012
84%
98
so
so
hg -11;
95
66 80
7
6
0
6
/
1
4
7 4 64
70,
2
3
23
73
Wabash RR 1st gold
MN 713 Sale 70
72
4
11
5s----1939 FA
2d gold Is
56
52 Aug'32
5018 55
1939
b5
Deb 6s Belles B
9818 May'29
.3,
registered 1939
1st lien 50
56%
-year g term 45_1954 3.3 45
45
45
74
1
Pet dr Chic ext 1st 6.2
65 Aug'32
1941 J 3 6612 74
8811 90
Des Moines Div 1st g 45..1939• J 32
71
71
40
2
Omaha Div Ist g 3345.-1941 * 0 1512 40
79 Aug'31
7412 75
Toledo & Chic Div g 48._1941 MS 58
67
5712 Aug'32
Wabash Ry ref & gen 542s A 1975 MS 1212 1314 1218
1314 16
Reading Co Jersey Cen coil 48'51 * 0 70
11
76
7514
76
57% 79
Ref &gen 65(Feb'32 coup)13
1312 10
'78 FA 1212 1314 1312
Gen & ref 4425 series A___1997• J 84 Sale 8312
8614
57
Ref & gen 4428 series C...1978 * 0 121s 1312 12%
8412 26
1214 29
Gen dr ref 4 Hs series B.„1997 .1 J 8412 Sale 8312
8412 10
5514 8512
Ref & gen 5s series D
1980 * 0 1218 Sale 1212
1312 14
Rensselaer & Saratoga 65
1941 MN
_
113
Oct'30
Warren 1st ref gu g 334s
78 July'31
2000 FA
Rich & Meech 1st g 48
1948 Si N 30
72
2
32
32
32
32
Washington Cent 1st gold 48 1948 QM 60
56 Mar'32
66
Richm Term Ry 1st gu 5s...1952 3.3
8
9612 963 Apr'32
93
9612 Wash Term 1st gu 34211_-1945 FA
88 Aug'32
Rio Grande June 1st gu 58.. _1939 JO 50
85 85 Sept'31
1st 4 -year guar 48
1945 FA
8814 ---. 90 Aug'32
Rio Grande Sou 1st gold 48_1949 J
214 Jane'31
Western Maryland 1st 48_1952 A0 61 Sale 60
33
61
Guar 45 (Jan 1922 coupon)'40 J J
712 Apr'28
1st & ref 6328 series A....1977I' 6212 Sale 62
14
65
Rio tinInde West 1st gold 48.1939 J
8 6;
-e.45. - - 66 Aug'32
75 West NY & l's 1st g 58._ 1937 ▪ J 96 98 96
98
2
1st con & coil trust 48 A._1949 *0 4412 Sale 4412
30s 66
4612 19
General gold 43
7812
2
1943 *0 7812 95
7812
R 1 Ark & Louis 1st 4428_ _1934 M
48 Sale 477
6
20
8
52
70
Western Pac 18t Is see A
44% 87
42 Sale 42
1946 M
Rut-Canada 1st gu g 48
1949 J ,
59 60 Aug'32
60
West Shore ist 4s guar
30
78
4
18
2361 J J 763 Sale 7612
Rutland 1st con 4448
1941 J
40
2.0
59
50 Aug'32
36
Registered
71 Aug'32
75
2361 3J 70
Wheel & I.E ref 4 428 ser A_1966 MS 65
69 Aug'32
70
St Joe & Grand Is! 1st 46_1947• J 77
61
83
72 July'32 ---84
Refunding 58 aeries B__1966 MS
97% Aug'31
St Lame & Adr lst g 5s
1996 .7
40
85
95 Apr'31 --RR 1st consol 43
8
75 693 Aug'32
1949 MS 73
2d gold 68
1996 * 0 40
84
89% Feb'32 - -89s 89a Wilk & East let gu g 58.....1942 3D 31% Sale 3118
33
5
St Louis Iron Mt dr Southern
Will & 8 F 1st gold 58
3
1938 3D 24 4 ---- 91% Oct'31
Rio & G Div lst g 48
50
35% 8312 Winston-Salem 8 B 1st 45_1960 J 3 ---1933 MN 6112 Sale 6112
66
68 June'32
St I.
-San Fran or lien 45 A..1950 J, 1514 Sale 1514
9
34
Wis Cent 50-yr 1st gen 45. _1949 J
206
18
4014 Sale 4014
45
20
Certificates of deposit
1612
2
13
1412 1712 1512
Sup & Dul div & term 1st 48'36 MN 3014 337 32
1512
8
34
2
Con M 4 348 series A
1978 MS 1312 Sale 1314
219
2614 Wor & Conn East 1st 4 428 1943 J J
8
17
8814 Sept'31
_
Registered
JO 1212 Sale 1212
1212 15
7
1412
Certificates of deposit......
9
14
11 Aug 32
INDUSTRIALS.
Prior lien Is series 14
912 42
4
1950 JJ "ii" Sale" 1738
Abitibi Power & Paper 1st 53 1953 3D 243 Sale 23%
2012
4
29 4 76
3
Certificates of deposit
16
16
16 Aug 32 --- Abraham & Straus deb 5428.1943
St L Peor & N W 1st gu 68_1948
64
64
.1 60
With warrants
64
64 Aug 32 ---* 0 87 Sale 867
8
8712 23
St L SW 1st g 45 bond ctfs.1989 MN 68
4714 71
Adams Express coil tr g 48._1948 M
71
70 Aug'32 -63 Sale 63
63
2sg 4.5 Inc bond etfs Nov _1989 .1
40
6.7
37
Adriatic Elec Co extl 7s.._1952 AG 8614 90
6312 60 Aug'32
855
s
87
4
181 terminal & unifying 53.1952 .2 .1 49 4 Sale 48
60
Ajax Rubber 1st I5-yr s f 88.1936 J O
55
16
3
29
3
218 June'32
24
Gen & Pet g 58 ser A
433 Albany Perfor Wrap
1990 J J 343 Sale 3412
4
15
4
6
39
35 Aug'32 _
PIP 85- 1948 * 0 3514 40
St Paul & K C Sh L ist 4 425_1941 FA 40
24% 60
47 Aug'32 _ _
Allegany Corp coil tr 5s......1944 FA
48
37 Sale 3612
38% 153
St P & Duluth 1st con g 48..1968 3D
73
Coll & cone 5s
73
73 Mar'32.3412 138
1949 3D 32 Sale 3112
St Paul E Cr Trk 1st 4348.1947 .1
r2
62
Coll & cone 58
25
62
62
4
2512 301
1950 * 0 23 Sale 213
St Paul Minn & Man con 45_1933 J J 95
97
90
9712 95 Aug'32
Allis-Chalmers Mfg deb 58_1937 MN
8512 Sale 8512
89% 16
1st consol g es
1933 J J 9812 99
92 10014 Alpine-Montan Steel In 75.1955 MS 485 Sale 4512
9812 Aug'32
8
48% 13
Os reduced to gold 442s.._1933.3.3 9418 97
98%
94 Sept'32 _ -85
JO
Registered
Amer Beet Bug cony deb 66.1935 FA 47 Sale 46
_ 100
Apr'31 -47
7
1937
Mont ext 1st gold 48
D 8834 _ _ _ 883
7911 92
American Chain deb 8 f 68_ _1933 * 0 68
4
88%
5
73
70
73
2
Pacific ext gu 45 (sterling) _1940 J J 77% -- -- 76 Aug'32 - -Amer Cyanamid deb 5s.....1942 A0 78
81
88
80
7912
1
7912
St Paul Un Pep 1st & ref 551.1972'.3 96 Sale 96
Am & Foreign Pow deb 58..2030 M
24
87
98
99
43 Bale 43
4612 503
1943'.3 65
& Ar Pass let gu g 45
44
70 66
2
8012 American Ice 5 f deb 5s.__ _1953 3D 69 Sale 69
68
69
6
Santa Fe Pres & Phen let 50 1942 MS
9314 Aug'32 -9312 Amer I (3 Chem cone 534s_ .1949 MN a80 Sale 7812 .281
80
34
Say Fla & West 1st g 6s____1934 *0
Am Internet Corp cony 5428 1949 3.3 7814 80 4 77
94 loo
95 Aug'32 - 3
80
24
1934 *0
lin gold 58
Amer Mach & Fdy a f 68_1939 * 0 101
101
Oct'31
---- 103
Scioto V & N E 1st gu 48_1989 MN
841 Aug'32
"ioia 85 Amer Metal 542% notes_ __ _1934 * 0 80 Sale 7614 Aug'32 119
8014
Seaboard Alr Line 1st g 45..1960 *0 12
Am Nat Gas 634s (with war) 1942 AO
23
15 Aug'32 _
10 725
3% 17
314 Sale
314
Gold 45 stamped
1950 *0 10% 1212 10
Vs 193 Am Sm AR 1st 30-yr Meer A1947 AO 9212 Sale 89
12
4
4
9212 36
*0
Certificates of deposit
812
Amer Sugar Ref 5
14 Aug'32 _ _ _ _
5% 14
-year 1)5_1937 J J 104 Sale 10378
10414 11
112 Am reiep & Teleg cone 45_1936 MS 1005 -- 1001z 10012
Adjustment Is
% July'32 ---Oct 1949 PA
s
1
1959 *0
Refunding 4s
414 514 5
us 6
30-veur coil tr 58
5
7
8
D 1043 Sale 1033
4 104% 44
1946
Certificates of deposit-----414 6
4
35
4
-year a f deb as
5
114
7
J 102 Bale 10112 102
170
1960
1st & cone 65 series A._1945 1 7 i
4
614 Bale
2
20
5
7%
612 28
-year s f 5448
1943 MN 107 Sale 108
107
116
Certificates of deposit-4% Sale
4
Cony deb 442s
45
8 11
Ps 7
1063 Sale 105%
4
107
62
1939
1 i 1312 1812 15 Sept'32
Atl & Blrm 30 yr 1st g 4a.d1933 1435
-year deb 5s
81s 20
8
102
1965 FA 1017 Sale 10114
198
38
38
32
871,
75
85 85
74
29
4812 841
4
68 97
31
73
12
29
74
28
12 7212
597 85
8
98 no
1
78
62% 79
21
69
35
52
28
W73
50
2%
312
2%
23.
60
19
19
1812
18%
7714
83%
8712
28 8
5
08918
73%
217
2
85
62
50
56
88%
90
8812
694
3
98
9112
4912
7514
74
69
46
lira Vole
11
3512
68
80
4
251a 473
38
18
1414 41
6812
4714
8612
2%
24
8
5%
03%
68
a30
8318
70
90
6
4612
4112
40
33
91
6112
16
47
40
8712
62
80
1514 61
3
80 5 75
6414 80
83% 81%
10214 1034
096
4
04
0 :026 4
3
98:134 8
782
9412 10017.
9758 104%
99
107%
9.
71
9111 1(121'
95
New York Bond Record -Continued--Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
Week's
Range or
Last Sale.
Range
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
1803
Price
Friday
Sept. 9.
Week's
• Range or
Last Sale.
rg
Range
EWE
Jan, 1,
:1C2
0
High
High No. Low
Ask Low
Bid
High
High No. Low
Ask Low
Bid
90
55
4
90
1939 J D 90 Sale 89
8
1
463 973 Federated Metals Sf 73
68
4
AO
85
60
25
85
a83
1
/
Am Type Found deb &L.-1940 * 0 68 Sale 68
1946 S i 844
Fiat deb 6 f g 78
22
95
66
93
91
16
5312
5112 243
Am Wat Wks dr El coil tr 56-1934 MN 9212 Sale 82
1941 MS 51 Sale 49
48
8418 Fisk Rubber Ist al Els
8312 22
1975
8312 Sale
81% 99
6
99
Deb 2 Os series A
Framerican Ind Dev 20-yr7146'42 is 99 Sale 9814
41
46
J 41 Sale 3818
12
41
20
15
15 July'32
30
Am Writing Paper let g 66-1947•
Francisco Sug 1st s f 7)0.-1942 MN 19
18
8
1
1012
9
1945 MN 10 Sale
Anglo-Chilean s 1 deb 76
4
1
/ 412
4
:
41 Aug'32
76
69
3
75
75
AntiIla Sugar Co 73.4sser A-1939 J J
82
1943 FA 75
Gannett Co deb 62
80
75
90
78 Aug'32
9812 98%
9818 June'32
Ark dt Mem Bridge & Ter 58_1964 MS 75
4
1
/ _
Gas & El of Berg Co cons g 521949 J D 98
4
1
/ 81
34
57
78
254 5552
52
55
4
1
/
& Co (III) 1s14348_.1939 J D 7712 Sale 77
4
1
/
Armour
4
1
/
1934 MS 55 Sale 351
Gelsenkirchen*MinIng 6s
76
45
95
73
82
67
77 Aug'32
Armour & Co of Del 5148_ -1943• J 70 Sale 70
4
1
/ 82
A
78
1
7
4
1
/
50
73 13 Ger Amer Investors deb 5s 1952 P
73
4
1
/
8
9614
4
1
/
8912 96
4
Armstrong Cork cony deb 59_1940 J D 737 Sale 73
96 Sale 96
4
9418 1023 Geri Baking deb s f 510-.1940 *0
67
25
2 notes..1935 MS 10214 ---- a10212Sept'32
35
67
Associated 011 6%
1947 J J 67 Sale 64
J D 9914 __ 95 June'32
95
9514 Gen Cable 151 f 5143 A
1947
93
9812
1
98
98
Atlanta Gas L 1st bs
1942 P A
deb g3349
Geo Electric
44
J 3714 Sale 3714
: 21
29
381
2
4 11
267 5112
505
8
Atl Gulf & WI 138 L colt tr Ss 1959 J
is 4912 533 48
4
/
8512 1001 Gen Mee(Germany) 79 Jan 16'45 J o 421s 491/4 42
10014 30
49
28
12
46
Atlantic Refining deb &L.-1937 J J 100 Sale 100
1940
S f deb 6149
5g 4514
22
4514 41
40
46
1948 MN 43
20
-years f deb Os
89 10112
9314 Aug'32
4
/
3
97 4 103
Loco Works 1st Se. _1940 MN 921 95
80
103
Baldwin
1937 P A 103 Sale 102
Gen Mot Accept deb 65
15
5
_ 15 Aug'32
3
3
95 4 102 4
1023
Baragua (Comp Azoc) 7145_1937 J J 1012
4 12
4
1940 P A 10214 1023 10214
1
/
8
924 17 07012 9214 Genl Petrol 1st s 59
7212 85
5
Batavian Petr guar deb 4148_1942• J 9218 Sale 916
85
a82
1939 Ji
Gen Pub Sem deb 53413
90
76
84
84
88
1936 J J 84
74
inway 6s
38
BeldIng-Hem
1
67
67
70
24
J 10514 Sale 105
4 1053 Gen Steel Cast 5345 with warr '49 Si 65
4
983
1053
4
3
74
1
Bell Telep of Pa bs series 16-1948 J
4
4
1
/
3
5 4 93
512 Sale
4
1
/
23
98 10512 Gen Theatres Equip deb 611_1940 * 0
105
1960 AO 1041z 105 10414
3
4
/
11 5 6
2
4
1st & ref 56 series C
4
4 Sale
Certificates of deposit
85
34
64
85
121g 45
26
Beneficial Indus Loan deb 6s 1946 MS 85 Sale 381
45
4
1
/ Good Hope Steel & Sr see 78.1945 AO 43 Sale 40
52
,.011
4
1
/ 81
52
4
/
4
/
4
1
/
89
60
10
Berlin City Elec Co deb 615 1961 S D 511 Sale 46
86
4
1
/ 70
2012 4978 Goodrich(B F)Co 1st6149_ _1947 ii 86 Sale 8512
49
3414 22
4
1
/
:
411.---1989 FA 481 Sale 44
/
155
Deb sinking fund 61
62
1945 in 80 Sale 594
Cony deb Os
4
1
/ 47
19
41
47
1965 *0 463 Sale 43
4
6112 88
Debenture 66
88
88
4
Rub 1st 55_1957 MN 863 Sale 854
4
2313 483 Goodyear Tire &
483
4 10
8
86
72
6
Berlin Elec El& Underg 61461956 AO 483 Sale 44
86
941 854
:
Gotham Silk Hosiery deb 65.1936 J O 84
97
69
2612
9
314 16
9
91, 1814 9
2
Beth Steel 1st & ref bs guar A '42 MN 9314 Sale 90
9
1940 P A
Gould Coupler 1st s f 68
3314 89
4
14
721 98
97
-year pm & Rapt s t 59.1936 S i 96 Bale 9514
30
3
444
4312
4
1
/ 47
7s.1944 FA 43
Gt Cons El Pow (Japan)
30
13
1950 M
5
:
4
/
18
241 171: Aug'32
60
30
Bing & Bing deb 61
434 45
41
:
19505' 401 Sale
4:1
1
lst & gen 6 f 6/
19
6
37
19
671:
21
Botany Cons Mills 6 34s. .1934 *0 17 Sale 17
5712 46
8_1942 J D 57 Sale 55
4
/
Gulf States Steel deb 51
60
40 Aug'32
30
45
37
Bowman-BLit Hotels 1st 76..1934 M
4
1
/
4
1
/
4
/
11 4
414 2 Aug'32
3
78
9012
4
1 012
/ 9
2912
B'way & 7111 Ave let cons 52.1943 S D
2
901s
J o
112 414
112 Aug'32
112 Hackensack Water 1st 4.2_1952 Si 8818 Bale 25
1
3512
11
Certificates of deposit
: 30
351
Hansa SS Lines 6s with warr.1939 AO 34
71
50
71
5
Brooklyn City RR 1st 56._ _1941 S i 71 Sale 71
Harpen Mining 6s with stk purch
23
9714r105
105
Inc gen 55 A__1949 J J 105 Sale 104
Bklyn Edison
35
50
for corn stock of Am shs'49 is 4814 Sale 4714
war
S
' 1043 Sale 10414
8
28
105
1952
9912 105
a
0
6
h
2
5
Gen mtge ba series E
4
1
/ 28 Aug'32
1952 FA 2012 27
4
/
911 Havana Elec consol gSa
68
8134 184
1
/
Bklyn-Manh R T sec 6s.._1968 S i 86 Sale 8412
5
6
6
41s 10
1951 MS
Deb 5145 series of 1926
55 May'32
58
65
55
97
4 8
/ 10
31 3 a
6
13
Bklyn Qu Co & Sub con gtd bs'41 MN 51
30 Aug'32
6145 ser A.1934 AO 1212 19
5512 Hoe(R)& Co 1st
50 Aug'32
1941 5, 55
50
60
1st bs stamped
17 Aug'32
25
.1947 MN 21
Holland-Amer Line Os (fiat)
_ _ 924 June'29
1
/
7014
44
Brooklyn It Tr 1st cony g 46_2002 S i 65
3
64 8 54
8
Houston Oil sink fund 5346..1940 MN 627 Sale 80
FA 74 Sale 7268
75
10 "Fso" 804
1950
264 5014
1
/
Bklyn Union El 1st 2 58
60
47
Hudson Coal 1st s 1 be sec A.1962 in 44 Bale 44
4
1
/ 106
4
1
/ 18 100 107
98 10414
Bklyn Un Gas 1st cons g 58..1945 MN 106 107 105
3
4
4
/
4
3
1949 MN 100 4 1023 1011 1013
N 11112
Hudson Co Gas 1st g 513
10712 Aug'32
103 111
94 103
1st lien & ref fis series A..1947
4
8
4
/
4
/
1937 * 0 1011 Sale 1011 1017
Oil& Refining bs
Humble
_ _ 150 Aug'32
1936 J J 160
147 160
Cony deb g 53.45
1950 J D 993 Sale 99
8912 100
4
1
/ 100
4
11
:
961 106
Debenture gold 55
: 10412 15
Telephone 56_1956 S D 10412 Sale 1031
2
4
8
/
4
4
/
3
90 4 10012
let lien dr ref bs series B-1967 MN 1023 Bale 1011 1027 135 1001 1027 Illinois Bell
10012 42
1940 AO 10012 Sale 99
7
3
91 100 2 Illinois Steel deb 4348
100 4 26
3
15 2 37
24
Butt Gen El 43.45 series B-1981 FA 100 10012 100
3614
37
3518
liseder Steel Corp mtge 68_ _1948 FA
_ 72 Aug'32
1962 * 0 66
80
U
5 18
Bush Terminal 1st 46
7
al2
11
14
12
Limestone 1st 6 f 65_1941 MN
S
so 12 28 71 Indiana
' 60 fisTe 58
1955
91
96
Consol bs
9118 Apr'32
95
Ind Nat Gas dr 011 ref 56___ _1936 MN 90
73
4
12
1
/
35
14 90
84 t
61
Bush Term Bidga Ss gu tax ex '30 * 0 723 Bale 724
12
85
1978 * 0 10012 Bale 8112
Inland Steel 1st 4145
1945 MN 55 Sale 5412
bb
10
8412 60
4
/
3
59
83 4
By-Prod Coke 1st 515 A
2
82
1981 FA 8112 Bale 82
B
let M f 414s ser
10318
2
4
/
9914 1011
4
/
311 59
Cal G & E Corp unf & ref 58_1937 MN 10311 10414 10318
48
298
4618 Sale 4514
lnterboro Rap Tran 1st 58..1966 is
J
1940
76
75
78
70
29 04911 76
Cal Pack cony deb bs
:
311 59
8 23
477
S
4
'
463
Stamped
4
1
9434 23
/
61% 95
3
10 4 4434
Cal Petroleum cony deb 1 58'39 FA 94 Bale 93
85
23
Sale 17
1932 * 0
-year 65
10
1938 MN 94
95
12
7
95
943 9411
4
64
44
Cony deb s f g 5345
79
6412 92
cony 7% notes. 1932 MS 62 Bale 61
10-year
4
1
/
4 Aug'32
6
1
314
Camaguey Sug let 6 f 713._1942 A
60
30
48
4812 11
4612 48
1951 MN
Interlake Iron 1st bs B
49
: 3
42
391
14
39
Canada SS List & gen 6s__1941 AO 32 J D 1031 105 1031
Int Agri° Corp lat & coil tr 53
1
/
99 4 1044
:
: 1034
3
2
1
/
5478
32
Cent Dist Tel 1st 30-yr 58-1943
3
8
8
547
43
Stamped extended to 1942- _ MN 4712 5 4 547
99 June'32
85 4 r99
99
3
74
Cent Foundry 1st f 62.May 1931 FA 75
42
67
72
4
1
/
:
1948 MN 701 Sale 70
Int Cement cony deb bs
104
3
96 4 104
6
60
Cent Hudson G & E be_Jan 1957 MS 10311 10412 104
19
172
53
Hydro El deb Os__ _1944 * 0 51 Sale 50
Internal
73
29
54
77
2
Cent III Elea & Gas 1st 56.__1951 FA 72 Sale 72
624
9
128
8
4
83 Sale
Internal Match ef deb 59_1947 MN
85
1
/
85
1
97
60
Central Steel 1st 281 86-1941 MN 854 88
64
83
8
9
4
1
/
8 Bale
1941 is
Cony deb 5s
4
1
/
48
95
2312 44
54%
Certain-teed Prod 514s A___1948 MS 46 Bale 42
30
1
45
45
1941 AO 4314 50
at
Inter Mere Marine
8
4
53 Sale
3
3
6
54
3
54
59
28
Ceopederi Sugar Co 1st s t 7MB'39 MS
18
55
53
:
6s.4
Internal Paper 58 sec A drB..1947 is 531 Sale
703 220
3412 76
11
12
Chesap Corp cony bs May lb '47 MN 69 Sale 6834
38
79
30
4
1
/
1955 MS 28 Sale 27
912 Aug'32
f 62 series A
Ref
4
1
:
/ 141
612 912
2
147 51
Chic City & COD Rya bs_Jan 1927 AO 12
7
47 8 117
3
1952• J 45 8 Sale 4418
s
4
/
Sat Telep & Teleg deb g 41
11
97 104
4
1
/ 59
17
Ch G I. & Coke 1st gu g 56._1937 S i 10212 Sale 10212 104
56
505
S 52 Sale 52
'
1939
Cony deb 4149
15%
5412
16
Chicago Rys 1st Ss stpd rcts
5012 285
4
1
/
1955 FA 47 Sale 461:
Deb 5s
FA 52 Sale 52
52
31
3
15
51 4
87
55
principal and Aug 1931 Int._
5
8412
82
8614 824
Investors Equity deb bs A._1947 in
48
41
1943 * 0 3811 Sale 36
14
17
3
bb
85 8
Childs Co deb 58
4
85
82
85
Deb be set B with ware.. 1948 * 0 82
62
54
20
134
1947 is 4912 Sale 4912
7712
65
Chile Copper Co deb be
7712 Aug'32
85
1948 * 0 82
Without warrants
93
1968 *0 93 Sale 9212
3
30
82 4 r95
('In 0& E lat M 48 A
74
77 Dec'30
9914
90
2912 13
Clearfield Bit Coal 1st 46_ _1940 J
5
'
& Lt
52
1938 S i 50 Sale 44
62
16" K C Pow4349 1294149 set B_1957 FA 99 8 Sale 98
9012 9812
Colon 011 cony deb 65
9812 101
983 Sale 97
1961
1st M
58
58
2
38
67
12
& Ir Co.gen s f 512_1943 FA 6012 63
72% 89
Colo Fuel
3
88 4 13
4
1
/
4
'
Kansas Gas & Electric 4348.1980 D 873 8812 87 4
50
86
50 SepV32
13
1
/
12
274
Col Indus 1st & roil bs gu___1934 FA 43
4
1
/ 106
27
N
2714 Sale 213
Karstadt (Rudolph) 1st 6s..1943
88
8
74
697 88
63
24
4514 28
Columbia0& E deb be May 1952 MN 87 Sale 8612
:
45 Bale 401
1948 M
88
60
8812 Keith(B F)Corp haft
1
/
66
11
41
Apr 15 1962 * 0 874 Bale 87
Debenture be
6412 25
4
1
/
MS 664 Sale 62
8712 Kendall Co 8145 with warr 1948 S i
3
86 4 Bale 2912
68
Jan 15 1961 J
8712 110
5812 70
Debenture ba
6212 Aug'32
531z 64
.1935
Keystone Telep Co 1st 51..
3
92
92
5
79
4
/
9
9812 104%
Ry P & L let 41 1967 S i 92 Bale 88 4
Columbus
:
- 1041 Aug'32
Kings County El L de P 59..1937 A0 1034
4
1
/
116 127%
4
1
/
1
/
1997* 0 1244 12712 124 Sept'32
Purchase money 66
99
: 99
88
76
57
Commercial Credit if Os__ __I934 MN 99 Bale 981
75 66 Aug 32
Kings County Elev 151246 1949 P A 70
1935 5' 96 Sale 94
96
10
4%
/
92 101
Coll tr f 51 notes
4
/
831 95
1
101
1954 S i 101 Sale 101
Lighting 1st bs
4 38
6_1949 FA 944 Bale 9314
1
/
943
4
/
3
79
95 4 Kings Co
Comm'l Invest Tr deb 61
1 106 109%
4
/
_ _ _ 10712 10711
108
1954 5,
First and ref 6146
1
4
1
/
/
1064 106 1053 Aug'32
4
99
104 10612
Computing-Tab-Rea if 62_1941
a25
so
• D 80 Sale 80
87
4
1
/ Kinney (OR)& Co 714%notes'38
9112
4
1
/
CODD Ity & L 1st& ref g 430 1951
90 Aug'32
40
4
/
881 90
4
1
/ 38
4 a78
4
1
/
D 78 Sale 743
J
' 93 -1961
96
4
90 Aug'32
89
923 Kresge Found'n coil It 6s_ _ .1936 S
4
1
/
59
6
Stamped guar 4Hs
2
237 224
1914 Sale 1914
1959 M
Kreurrer & Toll sec s 1 5s_
19
Consolidated Hydro-Elec Works
6
25
19
:
161
n
Certificates of deposit
4
1
/
49
4934 17
22
of Upper Wuertemberg 78_1956 J J 4934 Sale
2214
93
15
63
5
Cons Coal of Md 1st & ref 56_1950 J o 15 Sale 15
9
: 7
911
9114 Sale 9114
M
4
/
:
98
10611 55 a99 1051 Lackawanna Steel 1st 5s A...1950 * 0 907 Sale 90
Consol Gas(N Y) deb 518._1945 FA 10612 Sale 10514
71
4
/
911 38
2
1951 ID 96 Sale 95
s
987 Lariede G-L ref & ext 5a...1934
46
78
87
Debenture 43411
42
4
/
961 104
73
:
1
/
Coll & ret 6148 aeries C___1953 P A 704 Sale 701
:
901 103
103
Consumers Gas of Chic gu 52 1936 Jo 10014 103 10018
3
44 4 75%
6
8 24
747
blis series D._1960 P A 7012 Sale 70
Coll & ref
1962 MN 103 Bale 103
4
/
961 104
103
19
Consumers Power 1st As
Lautaro Nitrate Co coov 66.1954
60
1946 J D 46 Sale 45
20
49
4
4
14 163
Container Corp 1st 613
62
al0
8
4
1
/
8 Sale
S i
Without warrants
90
6 r35
4
/
4
/
81
17
15-year deb Ss with ware. 1943 ▪ D 311 Bale 311 r35
8612 Aug 32
87
4e
1
504 7314 Lehigh C & Nav s f 4/ A_ _1954 J J 8612
1
/
71
7214 7314 71
5
4
1
Copenhagen Telep Ss.Feb 15 1954 FA
/ 90
80
Aug'32
:
4
1
/ 861
86
87
Cons:drat fund 4 14s eer C.1954 J
4
1
/
104
93
16 100 104
Corn Prod Refg Ist 25-yr et be'34 MN 104 Bale 103
48
13
88
'S 8512 Sale 8512
4
1
/ Lehigh Valley Coal 1st g 5.2...1953
62
85
85
2
87
841z
Crown Cork & Seal s f (is_ _ .1947 JO 86
9712 94 Dec'31
1st 40-yr gu int red to 4%_1933 is 51
81
81
13
56
Crown Willamette Paper 68_1951 • J 8012 Sale 8
- i
1 1
01
012
1004 A118'32
4
/
1934 P A 1001
Ist & ref s Ss
6814 21
4414 69
8
Crown Zellerbach deb 55w w 1940 MS 67 Bale. 67
397 44
9712 42 Aug'32
1944 P A 35
1st & ref s 1 bs
4
4
4 Bale
4
43
Cuban Cane Prod deb 68._ _ _195d J
18
4 6
6
Aug'32
4212 34
1954 P A
lat & ref s f 58
5 Dec'31
43
Cuban Dom Sugar 1st 7149.1944 MN
24
24 July'32
1964 P A
Ist & ref 8 f 5s
_- 3 Aug'32
3
Stpd with purch warr attached
5
1
41
30
3912 3614 Aug'32
A 36
1974 P
Ist & ref s f 5s
4
4
40
2
4
/
11 4
5 .Ctfs of dep etpd and mistpd.
4 116 120
4
1193
119
1
/
1937
1
/
4
1044 27
10412 Sale 1033
97Is 10112 Liggett& Myers Tobacco 76 1944 * 0 1194 Sale 103
Cumb T &'r 1st & gen 55
3
9612 104 4
10312 18
1951 P A 10312 Sale
Se
9014
64
34
87
1941 A0 86 Sale 85
93
1
4
/
3
93
Loew's Inc deb s 68
Del Power & Light let 41 1971 S i 93 Sale oo
85
3
53 4 78
16
78
Else 75 without war '52 S D 78 Sale 74
Sale 934
9313
1969
1st & ref 434s
4
1
/
93
3
78
9315 Lombard
11012 11212 69 Nov'31
J
1969 J J 93
93
931 92
With warrants
2
1st mortgage 4146
:
4
1
4
1
/ 94
/
85
13 iaiis 113
1944 AO 11112 Sale 11112 113
90
90 Aug'32
Den Gas & El L 1st & ref 6156'61 MN 88
4
1
/ Lorillard (P) Co deb 72
_
92
78
4
/
811 101%
4
/
1011 87
1951 P A 10112 Sale 10114
MN 8914 Sale 88
89t4
4
1
/ 93
Si
3
Stamped as to Penna tax.1951
79
4
91 1023
22
102
101
J
' 10118 Bale 1011 1013
4
/
8 23 1004 102
Louisville Gas & El(Ky)50 1952 MN 101 Sale
Detroit Edison 1st coil tr 66 1933
1
/
1949 AO 103 Bale 1027
8
10312 18
Austria Hydro El Pow& ref 58 series A
Gen
9511 10312 Lower
46
20
391 14
4
/
4
/
P A 37 Sale 351
1944
8
102
1955 ii) 10212 Bale 1023
4
1
/
Geo & ref be series B
lst f 614e
94 r104
1962 P A 10112 10214 1013
4
10214
6
Gen dr ref 5a series C
98 10262
91
52
8
77
80
75
4
/
8
97
42
McCrory Stores Corp deb 513'41 S o 75
Gen & ref 414s series D__ _1961 FA 963 Sale 96
87
97
1
/
254 60
4878 128
46
4
/
891 87
Dodge Bros cony deb 65._ _ _1940 MN 8812 Sale 8712
88
8912 McKesson & Robbins deb 534s'50 MN 48 Sale
10
3
10
4
1
/ 1212 10
7
68
Manatl Sugar 111 s f 710_1942 Ac)
10
Doid (Jacob) Pack 151 (1s.„1942 MN 68 Sale 67
36
51 3 75
10
2
714 _ - _ _ 10 Aug'32
1942 J J 75
861z
74
78
74
60
Stamped Oct 1931 coupon 1942 * 0
1
Donner Steel 1st ref 72
812 15
4
6312 96
Certificates of deposit
4
1
/ 8112
37
Duke-Price Pow 1st Os ser A.1966 MN 6212 Sale 613
4
1
/
22
43
2812 95
6
4
/
1
/
1st 41 A _ _1967 * 0 101 Sale 1004 10112 102
Fty(N Y)CODS 248 1990 * 0 27 Sale 26
Duquesne Light
9314 1011 Manbat
4
/
1212 35
12
2013 in 1212 2818 25 Aug'32
10112 23
1957 M
100 4 ---- 101
1144s
3
98 102
1st Mg 414s series B
85
70
3
85
4
1
/
Manila Else RR & It ef 58 1953 ▪ B 85 10112 82
of peril(' in
s'37 MS 11
4
/
10
2
163 15
Mfrs Tr Co etre
54
16
3
F.ast Cuba Sug 15-yr s f g 71
83
60
70 Aug'32
1943 in 68
76
A iNamm&Son let 26
- -- b July'32 - 6
6
Stamped as toe f guar
21
55
12
50
4
993 Bale 9914
4
Marion Steam Shovel 2 f 66._1947 * 0 47 Sale 47
993
5
94 100
Ed El III 13klyn let cons 45_1939 .2
8
6512 92
4
1
/
78
7812 7812
78
_April 1940 Q
110
10 10413 1113 Market St Ry 7,ser A
2
Ed Else (N Y) 1st cons g 52 1995 J J 110 112 110
26
60
20
55
52
4
1
/ 67
49
48 Sale 4518
8
20
497 Mead Corp 111 68 with warr_1945 MN 53 Sale 7912
El Pow Corp (Germany) 834s '60 M
88
10
68
81
1957 A0 8112 _ _
8
1
/
1953 A 0 473 Sale 454
8 16
473
0
4
/
1834 473 Meridional° Elee let 78 A
8
1st sinking fund 61
75 100
9612 14
:
981 96
96
Metr FA let & ref ba ser C__1953 J
Ernesto Breda Co 1st M 75 1954
67
87
8512 75
1968 M
4
1
/
84 Sale 84
1
4
1
4
/
1st g 4/ seriee D
61% 25
purchase warrants_ FA 611 Bale 67
:
36
611
With Mock
4
1
/
3318 69
4 42
693
8
Metrop Wat Sew & Dr 5149.1950 * 0 686 Bale 66 Bept'32
4
1
/
1514 38
4
1
/
19
94
76 Aug'32
75
Met Wren Side El(Chic)49_1938 FA 2138 22:
76
83
Federal Light & Tr 1st 66_1942 M
2
36
14
36
36
3718 45
78
70
4
1
/
l942 MS 75
Mlag Mill Mach let 6 f 76_1956 1
4
1
/
70
5312 78
4
1
/
1st lien s f 5e stamped.
46
7312 97
096
95
bs 1936 MS 9518 97
81
Midvale St &0 coIl tr a f
1942 MS 81 Sale 75
7
82
46
1st lien 132 stamped
4
1
/
65
3
41
66
-year deb Os series B.- 1964• D 64 Sale 6414
30
r Cash gale. a Deferred delivery.
New York Bond Record-Concluded--Page 6
1804
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
s.'g
t...
*.i
...a.
Price
Friday
Sept. 9.
BO
86
85
89
70
Ask
Sale
Sale
Sale
Sale
IVeek's'''
Range or
111
Last Sale.
tc,
Range
Since
Jan. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
Low
86
8334
863
4
693
4
t.'`g
F.
-,Z.
Price
Friday
Sept. 9.
IVeek's
Range or
Last Sale.
..."
.!',
',..
c
Range
Price
Jan. 1.
High No. Law, High.
Bid
Ask Low
High No. Low
High
7312 9412 Roch & Pitts C & I pm 55__1946 M N --------85 Dec'30
33
87
8518 26
72
95
Royal Dutch 45 with warr__1945 A 0 85 4 Sale a8514
3
853
4 60
65 - - 86
8912 24
60
9512 Ruhr Chemical 516s
40
1948 A 0 4010 44
40
7
17
40
70
6
54
823
4
St Joseph Lead deb 5 Ms
1941 M N 90 Sale 8912
90
7
66
91
32
77 juiy.
893 92
8
68
823 St Jos Ry Lt 'It &Pr lot 5s_1937 SIN
8
8312 9112 86 Aug'32 ____
70
90
9012 Sale 88
.5
9012 3
67
9012 5t L Rocky Mt & P58 stpd_1955 J J
26
3414 35 Aug'32 ____
35
42
8812 Sale 8838
8812
2
7514 8812 5t Paul City Cable cons 55_1937 J ..1 50
60 60
61
2
50
61
765 78
8
74 Aug'32 ____
673 74
8
Guaranteed 5s
50
69
1937 J J
50 June'32 ___
40
53
765 ---- 6314 July'32 ____
8
6314 6314 San Antonio Pub Serv 1st 63_1952 J J 87
88
8612
863
8
3
70
93
6912-_
60 Feb'32 ____
Schulco Co guar 610
60
60
1946 J .1 28
38
3812 Aug'32 ____
26
50,
2
85
9312 May'31 ____ ____
__
7638
Guar 5!640 series B_ _ 1946 A 0 49
62
49
49
3
48
82
74 Sale 74
76
15
61
-8012 Sharon Steel Hoops I 5 Ms 1948 F A 43 Sale 41
43
14
23
44
4014 70
5014 SePt'32 ---_
4014 501 1 Shell Pipe Line s f deb se__ _1952 M N 8514 Sale 85
85 34 54
567 8612
8
69
773 85 Aug'32 _4
9512 Shell Union 011 a f deb 5s
68
1947 MN 8412 Sale 84
8478 134
47
8478
-_
Deb 5s with warrants
98 Aug'32 ---1949 A 0 8412 Sale 84
9012 100
85
82
47
85
9883
997 86 Aug'32 ____
86
86
Shinyetsu El Pow 1st 6 Ms 1952 J 0 3718 Sale 3718
3718
1
32
5934
Shubert Theatre 6s_June 15 1942 .1 D
412 6
6
6
1
114 6
Names(A I) & Son_ _See Mfrs Tr
Nassau Elec guar gold 4s
8
1951 J J 5234 Sale 523
54
Siemens & Halske 5!7s___ _1935 J J 7714 Sale 7714
28
3014 54
1
42
7714
78
Nat Acme 1st s 16s
1942 J 0 5514 80
54 July'32.
54
60
Debenture s 1 6 Ms
1951 NI 5 70 Sale 62
73
94
27
73
Nat Dairy Prod deb 5Ms
9034 Sale 8958
1948 F A
92
312
9312 947 9312
7112 9512 Sierra & San Fran Power 5s_1949 F A
8
94
8
80
9518
Nat Steel 1st coil 5s
1956 A 0 84 Sale 8212
85
124
Silesia Elec Corp s f 6 Ms_ __ _1946 F A
60
85
34
____ 35
38
9
10
38
Newark Consol Gas cons 53_1948 J D 9914
99 Aug'32 ____
Silesian-Am Corp coil tr 78_1041 F A
30 Sale 30
95 100
34
16
20
4118
N .1 Pow & Light 1st 4 Ms.
..,1960 A 0 8612 Sale 8612
88
40
77
953 Sinclair COOS OH 15-yr 78
4
1937 M 5 98 Sale 9712
99
120
7258 99
Newberry (2.1) Co 5M% notes'40 A 0 8238 Sale 79
823
8 27
5312 823
let lien 640 series B
8
1938 J D 9614 Sale 95
974 53
9778
68
New Eng Tel & Tel 55 A__ 1952 .1 D 10514 Sale 105
1053
8 12
9712 10 Us Sinclair Crude 0115Me ser A _1938 1 J 10212 Sale 10214
10212 74
913 103
4
let g 4 Ms series B
1961 M N 100 Sale 993
4
1005 118
8
91 1(0 8 Sinclair Pipe Line 51 5s
5
4
1942 A 0 1003 Sale 10014
10112 19
89l8 10112
New On Pub Serv 1st 5s A..1952 A 0 7114 7158 7112
72
16
Skelly 011 deb 5Ms
1939 M 5 763 Sale 763
4612 82
4
4
7812 01
43
7812
First &ref 5s series li
1955 J D 7112 Sale 71
72
11
4514 805 Smith (A 0)Corp 1st 6 Ms 1933 M N 10114 Sale 101
8
10112 34
9512 101 13
N Y Dock 50-year 1st g 45 1951 F A 60
6614 6712
6712
2
Solvay Am Invest 5s
45
70
15-2 M 5 89 Sale 8712
89
6
66
8912
Serial 5% notes
1938 A 0 49 Sale 4812
497
8
7
30
54
South Bell Tel &Tel let s 1 5s '41 1 .1 1033 Sale 10318
4
1043
8 42
973 1043
4
8
NY Edleon 1st & ret 81 A.1941 A 0 11214 Sale 111
11214 140 10612 1121.: S'west Bell Tel 151 & ref 5s 1954 F A 1043 Sale 10412 1043
,
0
4
4 19
0612 10431
1st lien & ref 5s series B
1944 A 0 105 Sale 104
105
44
4
9712 1053 Southern Colo Power Os A._1947 J .1 80
833 80
81
5
64
9312
1st Hen & ref 58 series C._ _1951 A 0 10412 Sale 10438
105
41 100 105
F A 1033 Sale 1023
Stand 011 of NJ deb 58 Dec 15'46
4
4 1037 108
8
983 1034
4
NY Gas El Lt H & Pow g 5s 1948.1 D 10612 Sale 0618
10712 51 10014 109
Stand 011 of NY deb 434s.1951 ./ D 95 Sale 95
9612 82
82
9612
Purchase money gold 45._1949 F A 98 Sale 9718
98
20
8718 9912 Stevens Hotel let Os series A_1945 J J
20
223 2214 SePt'32 ___
8
10
28
NY L E & W Coal & RR 5 Ms'42 M N ____ 90
80 June'32 ____
Sugar Estates (Oriente) 7s 1942 NI 5
314 5
80
80
33
4
5
7
2 8
NY L E & W Dock 4 Imp 53'43.1 J ____ 100 100 June'31 ___ ____
__
NI 5
12 June'32 ____
1
Certificates of deposit
9
3ri
1
N Y Rys Corp Me 6s___Jan 1965 Am'
134
13 Sale
4
2
26
5 _8 212 Syracuse Ltg Co 1st g 58__1951 .1 D 10312 ____ 1027 Aug'32 ____
8
981 1 103
Prior lien 08 series A
43 Aug'32 ___
1965 J J 3914 43
28
50
NY & Richm Gas 1st fis A 1951 M N
92 Aug'32 ____
96 100
8514 98
Tenn Coal Iron & RR gen 5s 1951 J .1 101 Sale 1007
101
9
8
93 101 12
NY State Rye lot cons 4 Ms_1962 Ni N
2
3% 4 Aug'32 ____
3
4 512 Tenn Copp & Chem deb Os B 1944 M S 66 Sale 63
66
6
39
66
M N
2
Certificates of deposit
5
5 July'32
1
512 Tenn Elec Pow lot 6s
1947 .1 D 101 Sale 100
1017
8 67
953s 102
50-yr 1st cons 6 Ms set B__I962 NI N
04 412 Aug'32 ____
4
2
734 Texas Corp cony deb 5s
1949 A 0 92 Sale 9112 9312 234
7112 9312
518 Aug'32 ____
2
Certificates of deposit
6
2
514 Third Ave Ry 1st ref 45
44
46
48
1960.1 J
48 12 21
33
51
N Y Steam 1st 25-yr Os ser A 1947 M isi 1074 Sale 106
10714 21
9912 1071 i
Ad)Inc 55 tax-ex N Y_ian 1960 A 0 273 Sale 2714
4
283 195
4
1812 3934
1st mortgage 5s
1951 M N 100 Sale 9912 10018 24
9014 10018 Third Ave RR 1st g 58
91
9018 Aug'32 .___
19374 .1 90
84
91
1st NI 55
NI N 9814 Sale 9714
1956
98 2 32
,
88
9812 Tobacco Prods (N J) 610_2022 MN 9412 Sale 933
8
95
7534 9512
317
NY Telep lot & gen s f 410_1939 M N 10212 Sale 10138
10212 83
9518 10212 Toho Elec Power 181 75....1955 M 5 5214 ---- 5312
4
3912 68
55
NY Trap Rock 1st 65
1946,1 D 6214 Sale 62
62 14
12
38
70
Tokyo Mee Light Co LtdNlag Lock &0 Pow 1st 5s A_19551 it 0 9914 10012 98 Sept'32 ____
8618 99
let 6s dollar series
3812 98
1953 J D 3812 Sale 3738
26
62
Niagara Share deb 5 Ms
7212 39
1950,M N 7012 Sale 7012
39
7212 Trenton G & El lot g 5s
1949 M S 10014 .___ 10014
10014
1
99 10014
Norddeutsche LloYd 20-yr s f(is'4711v1 N 42 Sale 3814
4212 21
1658 4212 Truax-Traer Coal cony 6 Ms- 1943 M N
25
9912 a30
a30
2
8 a30
34
Nor Amer Cem deb 6 Ms A-19401 N1 5 33
3312
35
23
1112 37
Trumbull Steel 1st 81 6s
1940 M N 0212 Sale 6212
623
4 20
38
65
North Amer Co deb 5s
1961 F A 863 Sale 86
4
88
98
53
89
.
Twenty-third St Ry ref 5s 1902 1 J _ _ _ 68
10 Feb'32 ____
10
10
No Am Edison deb 5s ser A..1957 M S 90 Sale 89
19112
4
65 r9112 Tyrol Ilydro-Elec I'ow 750_1955 M N
45
40
45
8
25
53
Deb 5 Ms ser B___Aug 15 1963 F A 893 Sale 8812
8
9014 28
60
94
Guar sec s f 713
4312 F A
1952
47
4112 14
40
22
51
Deb 5s series C.__ Nov 15 1969 M N
863 Sale 86
4
88
53
57
89
Nor Ohio era° & Light 6s_ _1947 M 8 100 sale 100
10012 18
903 101
4
Ullgawa Elec Powers t 7
5314
9
j945 M 5 53 Salo 53
4238 71
Nor States Pow 25-yr 55 A._1941 A 0 10012 Sale 9912
10012 29
89 1CO% Union Rice Lt & Pr(Mo)58_1932 M 5 ---- ----100 Aug'32 _.. _
9912 101
let & ref 5-yr Os ser 13_ _1941 A 0 1033 Sale 10334
4
10414
7 100 1053
4
Ref & ext 5s
1033 M N 10112 102 1015
10212 14
8
99 10212
North W T let fd g 4148 gtd_1934 J J
84
88
91 May'32 __
80
9712 Un E L dr P (III) 1st g 53is A 1954 .1 .1 10212 Salo 102
10212
5
9914 103
Norweg Hydro-El Nit5 Ms_1957 M N a6712 Sale 62
6712 17 .4118 6712 Union Elev Ity (Chic) 5s
1954 A 0 22
_-_- 1714 Aug'32 ____
1714 48
Union 011 39-yr 6s A_ _May 1942 I' A 10112 Sale 10112
102
4
9212 102
Ohio Public Service 7 Ms A_1946 A 0 10158 Sale 101
4
73 10614
1st lien at 58 ser C__ _Feb 1935 A 0 9734 Sale 9712
10138
973
4
6 de() 99,2
1st & ref 78 series B
1947 F A 10014 1013 09
8
1013
8
8
Deb 58 with
71 1044
__Apr 1945 J D 88 Sale 88
893
s 73
893
8
66
Old Ben Coal 1st Os
1944 F A
22
30
25 Aug'32 ___
6
25
United Biscuit of Am deb 68_1942 NI N
warr_943 Sale 943
4
5
4
95
857 0912
8
Ontario Power N F 1st 58_ _ _1943 F A 97
__ _ 99
99
1
United Drug 25
83
99
1953 M 5 87 Sale 86
-year 59
87
115
623 93
8
Ontario Power Serv let 5%8_1950 J J 6212 Sale 6214
64
103
21
04
United Rye St L 1st g 4s
30
35
1931 J .1
34 Aug'32 ____
22
40
Ontario Transmission 1st 58.1945 M N 100 Sale 100
100
1
80 100
U S Rubber let & ref 55 ser A 1947 J .1
6212 Sale 5612
58..1 116
3
29
694
Oslo Gas & El Wks eat! 5s__ _1953 M S 7012 75
71
71
4
5014 7114 United SS Co 15
-year 6s_ _1937 M N 77
____ 725 Aug'32 ____
8
72
8412
Otis Steel 1st M 6s ser A ___ _194 I M 5 423 Sale 4234
4
50
Un Steel Works Corn 61431-- -1951 . I) 373 Sale 363
15
83
48
1
4
4
40
A
52
133 40
8
Owens-Ill Glass s I g 5s
1939 J i '34 Sale 94
94
Sees f 6 Ms series C
90
95
8
40
1951 J D 32
3512
39
64
1478 39
Sink fund deb 604.9 ser A 1947 J J
4
373 Sale 3512
39
431
1(112 39
Pacific Gas& El gen & ref 5s_1942 J J 1023 Sale 10212
4
1033
8 23
9414 10334
Pac Pub Serv 5% notes
1936 111 8 9714 Sale 97
9
78
973
4
94
United Steel Wks of BurbachPacific Tel & TM 1st 5s
1937• J 10434 Sale 10418
Esch-Dudelange s f 78.......195I A 0 934 98
1043
4
8 a97 105
93
4
03
63
93
Ref mtge 58 series A
1952 M N 10312 _ _ 10314
10312
_ 19 2 20 Dec'31
4
5
963 10312 Universal Pipe & Rad deb 6s 1936 J 0 _
Pan-Am PetCo(olCal)conv 135 '40 J 0 2914 - 712 3714 Unterelbe Power & Light 68_1953 A 0 :12
31
3014 14
4314 40
41
5 u2 If
Certificates of deposit
- --- 294 32
3012 Aug'32 ____
4
31
Utah Lt & Trac 1st & ref 55_1944 a 0 7712 80
78
82
29
554 82
Paramount-11'waY 1st 5M8__1951 J J 65 Sale 624
Utah Power & Light let 58.-1944 F A 8417 Sale 813
82
34
65
12
9112
8412 43
4
60
Paramount-Fam's-Lasky 65_1947./ I? 3914 Sale 3914
003 Utica Elec L & P 1st s I g 5s_1950 J J 100 10612 97
8
13
413
4 80
Jan'32 ____
97
97
Paramount Publix Corp 51.0-1950 . 1 38 Sale 37
..
Utica Gas & Elec ref & ext 581957 J J 103 105 103 Aug'32 ____
40
69
1012 55
9912 10314
Park-Lex 1st leasehold 604s_1953• • 1612 18
1612
Utll Power & Light 5 Ms_
1947 . D 44 Sale 427
1712
1
26
5
10
8
47
56
1212 5134
Certificates of deposit
-_--_10
12
Deb 5s with warrants__ 1959 F A
11
- 12 Aug'32 __
40 Sale 39
42
231
10
48
Parmelee Trars deb 6s
1944
.
0
7
_- 12
F A
39
393
4
9 Aug'32 _
2
Without warrants
2312
Pat & Passaic GA El cons 5s 1949 M _, 101 Sale 100
8
101
9914 101
3
Pathe Exch deb 7s with warn1937 M .. 66 Sale 04
,
4
66
28
49
8012 Vanadium Corp of Am cony 55 '41 A 0 ,563 Bale 6612
60
70
30
75
Si
Penn-Dixie Cement 1st es A_1941 '
60
24
554 Sale 5518
Vertientes Sugar 1st ref 7s_ _1912 J 0
37
60
6
14
5
5
1
1
10
Pennsylvania P & L Ist 4%8_1981 A 0 90 Sale 89
9012
Certificates of deposit
73
00
96
---54 1322 5 Aug'32 ____
178 5
Peon Gas I.& C let cons 68_1943 !I. 2 10434 107 107
(
4
1953 J .
10712
4 100 1073 Victor Fuel let s t 55
1
9
14
9 Se1,t'32 ____
9
14
Refunding gold 55
1947 ,3 8 10012 Sale 993
Va Elec & Pow cony 5 Ms-1942 M 5 99 Sale 973
86 101
10012 12
4
09
4
89
8
99
NI _.
5
Registered
Va Iron Coal & Coke 1st g 5s 1949 M 5 50
96
__
96
96
Apr'32 ___
65
40 Aug'32 ____
40
093
4
Phila Co sec 55 series A
1967 J„ ... 8918 Sale 8814
90
Va Ito'& Pow 1st & ref 5s_ _ _1934 J J 10035 Sale 10012
68
893
4 65
9618 101
1003
4
5
Phila Elec CO 1st & ref 4 Ms.1907 m
.1013 Sale 10158
4
9212 1021 i
6
10214
1971 F A
1st & ref 48
. 94 Sale 93
94'i Walworth deb 6 Ms with warn '35 A 0 20
83
9414 44
26
22
22 Aug'32 .._
10
Piffle & Reading C & I ref 58_1973 i _•
70 Sale 70
Without warrants
A 0 20
52
701s
7018 It
5 1011 3:1
25
20
25
Cony deb 68
61
1940 M 8 59 Sale 55
1st slaking fund 6s ser A_ .1945 A 0 33 Salo 33
29
299
01
3512 25
1014 3
7
1939 .1 D 7614 gale 753
Phillips Petrol deb 5 Ms
4
775
8 46
Warner Bros Pict deb Os_ _ __1939 M S 373 Sale 31
45
78
8
168
914 40
38
Pillsbury F1'r Mills 20 Yr 6s-1943 A 0 100 Sale 99
Warner Co 1st (is with warr.1944 A 0 40
90 101
17
100
50
30
BO
40 Aug'32 __..
N
Pirelli Co (Italy) cony 7s
96
1952 P I
0
Without warrants
- A 0
91
78
96
96 Aug'32 ____
63
54 Aug'32 __ _
534 97
Warner-Quinlan Co deb 6s__1939 M ... -5014 Salo 27
8
3'1
16 a14
35
Pocab Con Collieries 1st s 155'57 Jr ? 60
89
Warner Sugar Refln 1st 7s_ _1041 J 3 10418 Sale 10418
80
'
,
80 Mar'32 ____
75
..
4
9712 1061 2
10418
Port Arthur Can & Dk Os A _1053 L ",
Warner Sugar Corp let 78_1939 J J
497 80
8
6312
05 Sept'32 ____
778 712 May'32 ___
712 712
1953 r As 6312 68
1st M Os eerier; B
77
63 Aug'32 _
50i2 63
Stamped July 1931 coup on '311 J J -212 5
6
11
6 Feb'32 ___-_
Port Gen Rice 1st 4 Ms ser C_1960 N.1 S. 66 Sale 624
604 Warren Bros Co deb Os1941 M 8 563 Sale 5512
38
115
66
8
21
5712 31
58
Portland Gen Elec 1st 53--1935 . 1 93
837 9831 Wash Water Power 51 58.. _1939 J J 1021s ___ 102
8
19
93
J
8
102
955 102
I
Porto Rican Am 'lob cony (18 1942 • .35 Sale 913
36
19
143 4212 Westchester Ltg 58 stpd gtd _1950 J 0 10434 10512 105 Aug'32 ____ 100 8
8
Sale 35
10514
Postal Teleg & Cable coil 5s_1953 J. 1 3812 Sale 3612
42
West Penn Power ser A 53_1916 M 8 103
14
4112 264
__ 10312 10312
8
1
9634 1033
Pressed Steel Car cony g 5s_ _19331 .J. 59
5
40
794
1st 58 series E
62
60
1963 M _._ 103 Sale 10014
13
8
9412 1033
103
l'ub Serv El AG 1st &ref 404867 •._ " 10112 Sale 59
9114 1020,
,
let sec 58 series(I
1023
4 37
10114
1956 J u 10312 Sale 102
96 10334
10312
6
1st & ref 4145
1970 r. ". 10112 Sale 10012
91 101 12 Western Electric deb 53_ __ .1944 A (). 100
10112 20
100
Sale 9914
77
89 101
1st & ref 4s
1971 ^ `-: 9312 Sale 93
9312 Western Union coil trust 58_193A _J 3 8412 Sale 8412
83
34
93 12
,
50
847
8 32
861 1
Punta Alegre Sugar deb 7s 1937 J • ___ 15
1
4
6
Funding & real est g 4145195)) m i"2 68 Sal3 67
6
6
80
3
49
08
Pure 0118 f 5M% notes
1937 _}.'
15
-8514 Sale 84
-year 6 Ms
6012 87
8514 27
1936 F _^ 88 Sale 88
8912 17
97
50
St 5M% notes
1940 ':. ., 80
25
5912 85
-year gold 5s
81
8014
8114 24
1951 L ... 6912 Sale 6712
311
70
75
39
Purity Bakeries s I deb 5e
1948
'
• 72 Sale 71
30
-year 5s
7312 30
51
79
1060 m 8 695 Sale 673
8
4
35
7012 30
721a
Westphalia Un El Power 68_1953 J J
36 Sale 32
113 3102
3812 142
8
Radio-Keith-Orpheum part paid
etre for deb 68 dr corn stk1937 M N 10012 Sale 94
8
50 10412 Wheeling Steel Corp let 5(4s 1948 J J
73
10012
7518 72
77
74
M N
" 40
Remington Arms let s f 6s_ _1937 ..., „ 81 Sale 8014
8534
1st & net 4 Ms series IS_ _ _1953 A 0 61 Sale 61
81
9
613
4
65
1,
5
30
Bern Rand deb 504s with war '47 1".. ''',., 066 Sale 64
284 7112
155
70
Repub 1 & 5 10-30-yr 58 s t_ _1940
.
82
° 82
13
45
85
White Eagle 011 dr Ref deb 514s 37 ...
84
80
ltd A gen 5148 series A. _1953 J. J 05
.
.. 62
6'
With stock purch warrants___ _
29
2
62
1024 Sale 027
8
9612 lea
1027
8
3
Revere Cop dc lirlass 6s_July 19.48 :‘,... 8 65 .
7
44
75
White Sew Mach On with warr '36 J • 21
ig
70
75
2512 1714 Aug'32 ___812 21
Rhelnelbe Union s f 73
1946 . . 4512 Sale 3918
1918 477
-11 .
1
8
Without warrants
477 121
J J
8
1914 36
2012 Aug'32 _ _724 21
Rhine-Ruhr Water series 6..A953 -,3, _.• 40 Sale 3338
4038
Panic St deb Ss
12
4014 29
il
1940 M N
818 40
1614 25
20
40
5678
5678
2
Rhine-Westphalia El Pr 78._1950 ...." .." 521, 55
28
stif2 Wickwire Spencer St'llst 7s_1935
" 238 ____
312 Feb'32 _ _ _
312 34
Direct mtge Os
1952 m. '''. 4912 Sale 4812
50
21
CU Sap Chase Nat Bank_ _ _ -:-.;
50
66
.
2
_ _
118 June'32 ____
118
l's
Cons NI 68 01 1928
1953 3 " 50 Sale 4412
'
.
4
7s(Nov 1927 emir: on) Jan 1935 N. -'•
183 50
165
50
2'( f
312 Aug'32 __ _
212 31 2
A 0
Con NI 68 of 1930 with waa 1955 _, 4912 Sale 4518
SIN
183 50
8
CU' dee Chase Nat Bank__
141
50
.2614 Salo
34 6,2
312
614
10
Richfield 01101 Calif 6s
1944 ff. ., 2514 Sale 233
1...
4 a2712 49
WIllys-Overland s f 6 Ms._ ._1933 M b 70 Sale 138
534 31
70
11
614 92
Certificates of deposit
M ,' 25 Sale 2424
27
Wilson & Co 1st 25-yr s I 63_1941 A 0 873 Sale 85
5
25
50
4
8734
18
6414 8734
1955 F A
3814
__ 39,2
Rims Steel let St 75
40
26
4
40
Roch G dr El gen M 5 Ms ser C '48 M ..S 10112 g;le 0112 10112
9
90 10312 Youngstown Sheet & Tube 5s '78 J ....J
74 Sale 73
75
44
7412 65
Gen mtge 4148 series D
1977 M
.
1970 A 0 74 Sale 7212
97
75
1st mt,ge St 5s ser li
94 Aug'32 ____
45
741 1
7414 20
MIlw El Ry dr Lt 151 5sB___1961 .1 D
lot mtge 55
1971 .1 J
Montana Power lot 5s A___ _1943 J .1
Deb 55 series A
1962 J D
MontecatIni Min & AgricDeb 78 with warrants
1937 1 J
Without warrants
.2 J
Montreal Tram 1st & ref 58_1941 J J
Gen & ref s I 58 series A__1955 A 0
Gen dr refs (So ser B..1955 A 0
Gee dr ref St 4 Ms ser C_ _1955 A 0
Gen & ref 2 f 5s ser D____1955 A 0
Morris & Co 1st s f 4 Ms
1939.1 .1
Mortgage-Bond Co 4s ser 2_ _1966 A 0
Murray Body let 65s
1934 J D
Mutual Fuel Gas 1st gu g 5s_1947 51 N
Mut lin Tel gtd 68 ext at 5% 1941 MN
;Cash sale. a Deferred delivery. d Union 01155 serles C 1935 sold on Jan. 5, 31.000 at 73 -deferred delivery "
1805
Financial Chronicle
Volume 135
Outside Stock Exchanges
-Record of .transactionsiat
Boston Stock Exchange.
the Boston Stock Exchange, Sept. 3 to Sept. 9, both inelusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Railroad100 103
100 101
Boston & Albany
100 7034
7034 6234
Boston Elevated
Boston & Maine1734 1734
Common
25
20
1st pref el A stpd-_--100
35
35
100
let pref Cl D stud
3934 3934 42
Prior pref stud
Chicago June. fly. & Un.
85
85
100
Stockyard pfd
70
70
Conn & Pass St Ily pfd___ _ ______
334 334
Eastern Mass St fly lot pfd
1234 14
Maine Central
27
27
Preferred
2134 2634
NY Nil & Hartford--100
76
76
76
Northern RR (N D)
87
100
87
Old Colony
50 2234 2134 2334
Pennsylvania RR
Miscellaneous854 934
Amer Continental Corp-854
1
1
1
Amer Pneumatic Serv_ -25
1334 1354
1st preferred
3
3
2d preferred
100 11534 115 12034
Amer Tel & Tel
6
Amoskeeg Mfg Co
534 654
14
18
1734
Bigelow Sanford Carpet_ _•
7
7
7
Brown Co phi
251
. ______
231
Brown Durrel Co com _
East Gas & Fuel Assn
734 854
Common
•
100 6634 6534 67
434% prior prat
100 ani ssA 6734
6% cum pref
6
634
634
Eastern S S Lines Inc com •
2934 31
Preferred
81
81 81
1st preferred
2434 2434
Economy Stores
100 180
17034 180
Edison Elee Ilium
614
Employers Group Assn---General Capital Corp1834 1834 1934
2034 2334
•
Gillette Safety Ra or35
35
_
Hathaway Bakeries pref__
1634 17
1634
Ygrade Sylvania Lamp Co
II
934 1054
Internat Hydro Elec Co_-_ ______
95c
95c
Jenkins Television Corn_ __
251
334
Mass Utilities Assoc v t c_•
29
29
Mergenthaler Linotype 100
231
254
251
New Eng Pub Svce Com_ _
104 107
New Eng Tel & Tel---100 104
100 1134
1134 1334
Pacific Mills
6
6
Reece Butt. Mach Co 100
754
Shawmut Assn tr etre_ _- _*
734 8
14
1734
•
Stone & Webster
1034 1134
• 1051
Swift & Co new
35
38
Torrington Co
• 36
12
12
12
Unlon Twist Drill
334 3%
United Corr Fastner Corp_
254
United Founders corn----•
334
254
11 S Elea Pow Corp
3734 3934
39
U S Shoe Mach Corp- _25
30
30
Preferred
234 234
25
1
1
Venezuela Mexican 011_100
Waltham Watch pre(
1034 1034 1035
Warren Bros Co new--*
554
834
754
MiningArcadian Cons Min Co_ _25
Calumet & Ueda
25
Copper Range
25
Isle Royal Copper
25
La Salle Copper Co
25
Mohawk Mining
26
Nevada Cons Copper
New River Co common_
Nipissing
North Butte
Pond Creek Pocahontas
Quincy Mining
Utah Apex Mining
5
Utah Metal Sc Tunnel.---1
BondsEastern Mass St Ry1948
Series A 434s
New Eng Tel & Tel 55_1932
•No par value.
734
434
1334
134
70c
9
231
131
55c
23
23
100
Lew.
High.
45
197
Jan
5034 July 130
59 June 7634 Jan
100
40
12
26
6
3
534
12
July
July
June
June
75
25
200
95
20
989
10
5
2,233
72
70
131
934
27
6
60
45
634
June 92
Sept 70
July
6
July 14
Aug 29
June 3134
75
July
June 100
June 2334
375
420
5
50
5,183
305
315
70
50
131
34
4
114
704
13.4
6
2
1
934 Sept
Apr
1
Feb
Feb
May 1434 Aug
334 Aug
June
July 135% Feb
May
7
Aug
June 22
Mar
9% Jan
June
May
534 July
1734 Sept
26
Jan
50
Jan
62
Jan
Mar
Sept
Jan
Sept
July
Jan
Sept
Jan
Jan
234
559
81 35
249 28
5
1,456
235 18
5 79
575 1434
443 119
3
810
160 10
1,970 1034
10 35
50 10
234
340
May 10
June 87
June 70
May 10
June 3634
July 8534
Apr 21%
June 205
June 11
June 21
Jan 2434
Sept81
June 2434
June 1034
Feb
Sept
Jan
Feb
Jan
Jan
Sept
Mar
Jan
Sept
Mar
Mar
Jan
Mar
20c
134
1934
1
6534
3
4
331
434
7
22
754
2
34
34
2234
2334
20o
8
134
June
134
June
351
July 53
9
Apr
July 116
May 1454
June
934
June
8
July
1534
June 20
June 36
May 13
June
334
334
July
231
Apr
June 4051
June 32
July
I
June 1234
May
834
Jan
Aug
Jan
Jan
Jan
Aug
Jan
Sept
Aug
Apr
Aug
Jan
Sept
Aug
Sept
Mar
Feb
Aug
Feb
Sept
37c Sept
40c
8
134 May
4%
134 Apr
234
35 July
60c
30c Apr
May
18%
9
Apr
10
3
34 Sept34
34 Apr
134
150 June 750
June
9
4
3
May
34
Apr13/
40c
200 June 650
Aug
Sept
Sept
Aug
Aug
Feb
Sept
Sept
Sept
Sept
Aug
Sept
Sept
Aug
100
320
10
20
246
565
17
1,060
4,816
1,038
145
90
116
1,847
1,315
100
160
15
200
3,857
100
37c
37c
650
634 8
1,815
331
4%
234
130
234
170
35c
60c
1234 1334 2,255
85
934 10
91
34
%
131
134
78
55c
75c 13,110
9
9
120
3
1,635
234
3,245
80c
134
450
50c
55c
23
100
Range-Since Jan. 1.
84,000
2,000
1734
9954
Jan 31% Mar
Jan 10031 June
Chicago Stock Exchange.-Rocord of transactions at
Chicago Stock Exchange, Sept. 3 to Sept. 9, both inelusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Abbott Laboratories, corn*
25
Acme Steel Co
Adams (J 1)) Mfg coin_ _•
Ainsworth Mfg Corp comb°
•
Allied Motor Ind coin_
Allied Products class A. *
Amer Sc Dom Corp com - -3
Art Metal Works corn_ ___•
Assoc Tel Util common_*
•
$6 cony pre( A_
•
87 cum prior pref
Bendix Aviation corn_ _-_*
Blake Mfg cl A cony pfd _ _•
•
Mums Inc cony prof
Borg-Warner Corp com_10
Brown Fence Jr Wire*
Class A
•
Bruce Co (E 1.1 corn
Burnham Trading corn...*
Convertible preferred..
•
20
Butler Brothers
Canal Construe cony pf__•
Cent Illinois Sec Co•
Common
*
Central 111 PS pref
Central Ind Pow pref__ 100
Cent Pub Serv class A---_•
Cent SW Util corn new- •
•
Preferred
•
Prior lien preferred_
Chicago Investors corn.._•
Convertible preferred..*
Chi Sc N W RI' corn. _100
6
234
334
1434
434
234
1234
834
6
34
54
354
1
52
134
18%
1234
2434
18
6
6
%
9
%
254
334
754
934
13
394
234
1034
300
25
150
1834
150
6
50
6
300
%
9
50
234
400
360
334
4
2,200
50
834
40
15
1634 38,000
900
434
240
334
1434 62,800
Range Since Jan. 1.
Low.
High.
1831
9
534
3
34
334
34
134
1
4
7
434
154
234
334
June
May
June
July
Feb
June
June
July
June
June
Aug
May
July
Sept
May
3154
1834
12
6
54
9
234
33.4
1234
35
43
1834
554
435
1134
Jan
Sept
Jan
Feb
Jan
Sept
Sept
Aug
Jan
Feb
Jan
Jan
Jan
Feb
Sept
31
%
354
234
834
731
34
54
4
3
300
1,150
1,25(1
1,450
3,400
120
534
2
35
34
1
31
June
June
Sept
Feb
May
Apr
834Sept
14
Jan
% Sept
% Jan
4
Aug
3
Sept
1
50
37
154
254
1834
30
13
1
20
12%
134
59
37
131
234
20
32
234
20
14
450
400
10
650
%
15
1931
34
700
120
100
2,450
100
2,750
4%
8
94
934
834
June
May
Aug
May
May
May
June
June
July
Aug
154
6954
50
334
6%
44
55
254
21
1454
8
6
Sales
Friday
Last Veers Range for
'Veek.
Sale
ofPrices.
stocks (Concluded) Par. Price. Low. High. Shares
Chicago Yellow Cab cap_ •
Cities Service Co com__--*
Commonwealth Edison 1•11
Consumers Co 6% pref_100
Continental Chicago Corp
•
Common
Preferred
•
.
Continental Steel com _ _ _•
5
Cord Corp
25
Crane Co common
100
Preferred
*
Curtis Lighting corn
5
Curtis Mfg Co corn
Deep Rock Oil cony pf__ •
El Household Util Corp_10
Fitz Simons Sc Connell
•
13 & D common
Gardner-Denver Co corn*
Godchaux Sugars class B_*
Goldblatt Bros Inc com*
Great Lakes Aircraft A_*
*
Great Lakes D & D
Grigsby Grunow Co com.•
Hall Printing Co corn- _10
Houdaille-Hershey Corp
Class A
•
•
Class B
25
Illinois Brick Co
Illinois Nor Utll pref__ _100
Kalamazoo Stove corn--•
1
Katz Drug corn
'Kellogg Switchboard com10
Keystone Steel & W corn_*
100
Preferred
554
3
Mar
July 13
May
654 Jan
Jan
June 122
Aug
1434 Jan
334 74,800
2534 4,950
250
634
834 69,200
3,150
10
130
50
100
434
120
6
20
15
200
6
%
734
134
2
234
15
2
234
7
234
June
June
June
June
June
June
June
May
Aug
May
354
23
534
654
9
534
234
20
534
431
731
45
434
6
15
554
8
9
1334
134
1134
254
834
4
5
1934
1931
434
7
13
10
10
300
180
Sept
Jan
16
15
Feb
Jan
Aug
Aug
July
June
Apr
July
234 Sept
Jan
19
234 Jan
1334 Jan
231 Sept
1134 JEW
7
354
5
75
12
19
334
8
33
10
434
534
75
13
1954
4
8
35
1,500
3.400
300
20
200
350
650
50
50
331
I
334
50
534
10
34
3
2434
July
May
Aug
Apr
May
July
Apr
Apr
Aug
1134
434
6
95
13
2234
5
834
5
0
Mar
Sept
Aug
Jan
Sent
Mar
Aug
Aug
Jan
234
334
234
334
1134
331
28
954
434
2854
734
3
534
34
3
131
334 3.000
400
4
390
3
100
334
1334 3,400
500
334
10
28
1331 15,000
300
434
50
2834
150
8
2,100
5
850
7
54 18,200
500
334
134 1,200
%
2
154
1
10
2
28
3
234
2054
3
134
3
34
1
34
May
May
July
June
Aug
July
Aug
July
June
June
May
May
July
Apr
Aug
J1119
431
14
1034
334
1834
434
37
1334
534
35
1035
6
7
7
54
634
Jan
Jan
Jan
Aug
Feb
Jan
Mar
Sept
Jan
Feb
Jan
Jan
Sept
Jan
Jan
Jan
30
40
10
50
10
200
2
3
2
334
234
34
May
Apr
June
Aug
Aug
Apr
Jan
45
Jan
50
4834 Jan
15
Sept
5034 Jan
2
Jan
351
134
134
31
250
250
300
50
1
July
54 June
34 Mar
31 Mar
434 Feb
134 Jan
Feb
2
154 Aug
634
8
220
20
34
A
1%
33
13
1834
434
2
7
1254
20
34
44
154
33
14
2031
534
2
12
13
100
550
100
800
50
900
2,750
600
100
1,100
200
731
1954
534
134
234
934 1334
1034 12
8
8
15
15
5
5
%
%
3
134
134
34
0
Feb
34
34
34
23
734
10
234
34
434
9
June
June
Sept
July
July
June
Mar
Apr
Aug
Apr
July
20
4 .34
.
4
2
45
2034
2031
6
534
24
2151
Aug
Sept
Jan
Jan
Jan
Jan
Sept
Jan
Jan
Jan
Jan
150
150
1,400
150
100
434
13
1
1
234
June
June
May
June
Aug
734 Mar
2734 Mar
634 Jan
134 Feb
434 Jan
22
27
55
July 125
July 115
July 114
Jan
Feb
5031
95
%
34
34
5
534
June 103
June 10734
154
June
3
Apr
June
234
June 10
May 11
Mar
Mar
Aug
Aug
Sept
Aug
Sept
97
107
131
254
231
10
11
120
60
250
100
100
100
150
13.4
2
1
154
2
131
1,600
60
790
134
Sept
Sept
Aug
Jan
Jan
Jan
Jan
June
1
9
31
534
34
334
2,000
300
40
1
7
Aug
834 June
334
2534
734
831
13
64
5
0
15
8
350
234
134
400
1534
12
4,700
131 2
1134 1334 3,910
231 23,200
234
6
6%
350
58
55
9234
354 May
11
% May
34 Apr
31 May
Jan
134 Jan
Sept
2
234 Mar
250
4
2354 11,600
1134 11,500
100
25
450
1551
200
1
1
931
7
2234
831
34
Apr
May
May
July
July
June
1
2534
19
95
11134
134
Sept
Mar
Mar
Jan
Aug
Jan
Union Carbide & Carbon.• 2834 2834 3134 11,200
100
2
2
unit Amer UM class A_ •
100
434
•
434
United Gas Corp corn
20 2534 2434 2631 4,250
U S Gypsum
100 10034 10034 10034
200
Preferred
8,800
1231 16
U 0 Radio Sc Telev com__• 1234
131
151 2.200
134
Utah Radio Prod corn ___ _•
1,550
•
254. 234
254
Utill Sc Ind Corp corn--7
5,550
731
Convertible preferred._•
7
•
350
834 954
Vortex Cup common
* 20%
400
1934 2031
Class A
14
Walereen Co common_ _ _ _• 14
1734 8,550
310
5531 5634
Ward (Monte) & Co A_ *
70
24
24
Waukesha Motor corn_ _ _•
350
234
234
234
williams011-0-Matic com *
Wisconsin Bank She corn 10
331
354
354 1,050
.
1,200
234
154
134
Zenith Radio common_ _ •
2054
%
51
1034
85
5
31
34
2
554
14
834
22
20
254
2
31
Aug 32
Apr
3
June
434
June 2131
June 114
Mar 16
June
134
Jan
234
July
1154
June 143.4
June 2354
Apr 19
July 73
Apr 34
Sept
354
4
Apr
234
May
Jan
June
Aug
Sept
Feb
Sept
Jan
Aug
Feb
Jan
Jan
Aug
Jan
Jan
Feb
Jan
Sept
211
1054
Bonds
Chicago Rye let 5s_ ..1927 52
.
Certificates of deposit_ __ __ _
18
1927
Jan
5s series A
Jan Commonwealth Edison
Feb
let mtge 5345 G...1962
.
Jan Insult Util Inv 6s_ __ _1940
Jan Iowa Elec Lt Sc Pr 7s..1935
Jan Pub Service 6345 G..1937
Sept
Aug
• No par value. z Ex-dividend.
Jan
Jae
High.
634
131
4834
2
734
Penn Gas Sc Elec A corn__'
19
Perfect Circle (The) com..•
354
451
Pines Winterfront com___5
134
potter Co (The)common_*
234
254
Process Corp common- _ _•
public Service of Nor Ill
53
* 53
Common
54
Common
100
90
7% preferred
100
Quaker Oats Co
90
•
Common
preferred
105
100 107
13.4
134
Railroad Snares common.
134
Raytheon Mfg corn v t c_•
231
234
Reliance International A.•
10
Reliance Mte Co cam_ _100
10
Ryerson Sc Son Inc com_ •
•
Seaboard Util Shares_-Signode Steel Strap com__•
Southern Union Gas com.•
Standard Dredge
Convertible preferred- •
15
Swift International
25
Swift Sc Co
Tel Bd & Sh 7% 1st pf_ 100
Thompson (J R) corn.-_25
Transformer Corp com.__•
Low.
400
1231
12
53.4 5% 15,500
8934 1.600
87
3
334 11,400
334
Libby McN & Libby com10
4
Lincoln Printing corn_ __ _*
234
Lindsay Light common__10
Lion 011 Refining com____*
Lynch Corp common_ _ __• 1234
Manhattan-Dearborn tom'
Mapes Cons Mfg cap stk_•
Marshall Field common.._• 12
434
McGraw Electric corn- _ _ _•
meQuay-Norris Mfg
•
McWilliams Dredg com •
Mer & Mfrs bee A com •
Mickeiberry's Food Prod_l
63.4
%
Middle West Util new_ __ _*
3
•
$6 cony pref A
Midland United common_•
Midland Utilities Go6% prior lien
100
100
7% prior lien
100
7% preferred A
Miller & Hart cony pf____* __15
Miss Vali Util Inv $6 prl_*
Mo-Kan Pipe Line corn._5
Monroe Chemical
354
•
Common
•
Morgan Lithograph corn.
134
•
Muncie Gear Co el A
Common
54
•
Muskegon Motor Spec
Convertible A
•
National Battery pref____*
National Leather cone_ _10
Natl Rep Inv Tr cony pref•
Nat Secur Inv Co nom_ _1
i00
6% preferred
National Standard com_ •
Noblitt-Sparks Ind com__•
North American Car com..•
North Amer Gas & El A__•
No Amer Lt Sc Pr coin__ _•
Northwest Bancorp com_50
Range Since Jan. 1.
334
20
1034
25
1434
1
.52
52 810.000
5034 5154 8.000
1,000
18
IS
85
35
354
10,000 95
102 102
31
354 24,000
334
5,000 100
100 100
9834 9854 11.000 98
y Ex-rights
Apr
Apr
Apr
Aug
51
5134 Sept
15
Sept
Sept
Aug 102
May 3834 Jan
Aug 100
Aug
Aug
Aug 91
1806
Sept. 10 1932
Financial Chronicle
of transactions at
Philadelphia Stock Exchange.—Record of transactions
the Toronto Stock Exchange, Sept. 3 to Sept. 9, both inclu- at Philadelphia Stock Exchange, Sept. 3 to Sept. 9, both
sive, compiled from official sales lists:
inclusive, compiled from official sales lists:
Toronto Stock Exchange.—Record
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Abitibi Pow & Paper core_•
6% preferred
100
Alberta Pacific Grain p1100
Beatty Bros corn
•
Preferred
100
Bell Telephone
100
Blue Ribbon Corp
631% preferred
50
Brantford Cordage 1st p125
Brazilian T L & Pr com__•
B C Packers corn
•
B C Power A
•
Building Products A-- •
Burt F N Co com
25
Canada Bread COM
•
B preferred
100
Canada Cement com- *
Preferred
•
Canada SS pref
100
Can Wire & Cable B
•
Canadian Canners com_ •
Can Canners cony pref....'
1st preferred
100
Can Car & Fdry com
•
Preferred
25
Can Dredg & Dock corn_.*
Can General Elec pref.. 50
Can Indus Alcohol A_ ___*
Canadian Oil corn
•
Canadian Pacific Ry......25
Cockshutt Plow corn_ •
Consolidated Bakeries *
Consolidated Industries_ _*
Cons Mining & Smelt_ _ _25
Consumers Gas
100
Cosmos Imp Mills pref_100
Crows Nest Pass Coal_100
Dominion Stores corn......'
Economic Invest com___50
Ford Co of Canada A- _•
General Steel Wares corn..'
Goodyear T & R pref....i00
Gypsum Lime & ahltas__•
Hind.& Dandle PaperInternet Milling 1st 01_100
Internal Nickel corn
•
Internal Utilities A
•
Relvinator of Can coro_ •
Laura Secord Candy corn..•
Loblaw Groceterias A_ •
1%
7
45
57
103
18
18
12%
1% 2%
5% 7
45
45
9
9%
57
57
102 106
1,270
245
94
50
100
184
Range Since Jan. 1.
Low.
34
2
15
3%
41
75
High.
3%
July
June 10
Jan 45
July 1014
June 60
June 119
Mar
Mar
Sept
Apr
Apr
Feb
Stocks—
Friday
bam8
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
American Stores
•
Bell Tel Co of Pa pref__100 110
Budd (E G) Mfg Co
•
Preferred
100
Budd Wheel Co
*
Cambria Iron
50
Camden Fire Insurance_50
Consol Traction of N J_100
Electric Storage Battery100
Fire Association
10
New
Horn & Hardart(NY)corn'
Insurance Co of N A_ _10
Lehigh Coal& Navigation• 1314
Lehigh Valley
50
Mitten Bank Sec Corp_ _25
Preferred
25
Minehill
Pennroad Corp v t c
•
Pennsylvania RR
50
Penn Salt Mfg
gp
Phila Dairy Prod pref. __25 6831
Phila Electric of Pa $5 PL"
Phila Elec Power pref___25 30
Phil& Insulated Wire
•
Phila Rapid Transit_ __ _ 50
431
7% Preferred
50 1114
PhHa & Rd Coal & Iron_ •
Philadelphia Traction_ 50
Ctfs of deposit
Railroad Shares Corp_ •
Reading RR
se
Reliance Insurance
10
Scott Paper
•
Seaboard Utilities Corp__
Shreve El Dorado Pipe L 25
Tacony-Palmyra Bridge- •
TonoBelmont Devel. -1
Tonopah Mining
1
Union Traction
50 15%
United Gas Imptcom new•
Victory Insurance Co_ _10
Warner Co
•
WJerseY & Seashore RR 50
York Rye preferred
Range
Sirif4
Low.
35
35
500 20 June
10934 11014
150 9631 May
214 214 1,600
34 Apr
431 June
208
10
1031
3
334 2,100
1 June
3131 3231
110 3114 Aug
14
600
8 July
1531
10 18 June
2731 2731
3234
341 1331 June
30
600
831 914
34 June
100 1431 July
254 2534
100 15 June
2534 2594
300 19 June
36
3831
13
14
4,700
534 June
289
2631 2831
534 JUJU)
1
1
100
% Aug
131 2
aoo
31 June
46
46
10 46 Sept
3
414 91,000
1 June
2131 2314 11,600
634 June
3831 3831
25 1931 June
6831 6831
40 55 June
98
98%
40 86 June
30
31
800 2231 June
22
25
56 2131 Aug
200
134 Apr
434 434
11% 12
350
434 June
575
634 714
134 June
28
2911
400 13 June
2831 2816
50 25
Mar
% Apr
100
134 1%
10 10 June
4934 4974
534 7
800
2
Apr
33
10 19 June
33
1% 134
625
34 July
% Apr
600
134 254
3334 3334
35 25 June
al. N
700
hi Jan
34
14
400
116 May
14
16% 2,200
7% Ally
2034 22
17,300
954 June
53.4 7
600
134 July
334 4
131 June
200
42
45
Aug
118 42
29
29
July
30 20
Jan. 1.
High.
3631 Feb
Mar
113
2% Jan
Jan
15
434 Jan
Feb
38
1431 Aug
2731 Sept
3334 Feb
934 Jan
2531 Sept
Aug
26
40
Apr
1414 Jan
2831 Sept
231 Jan
33.4 Jan
46 Sept
434 Sept
2331 Sept
3831 Sent
Mar
72
99
Aug
3831 Feb
Jan
28
631 Jan
Jan
18
7% Aug
2931 Sept
2816 Sept
034 Apr
4934 Sept
7 Sept
4231 Mar
3% Jan
Jan
3
3531 Apr
% Feb
54 Jan
1731 Jan
22 Sept
531 Aug
5% Mar
Jan
55
Aug
29
..
...ra
WM.00,00NNW.-..00M4.4.00.0110.4.
0.0
.4,41.NCOCMNONwow..Ncov:momoNi.
N
.. ................
§§§§§§§§§§§§§§§§§§§
....w. ......M.-...1.04.4.4..040.4.WWW
1
16
831 July 25
Jan
16
5
18
18%
110 1714 Jan 20
Mar
7% May 14% Mar
11% 13% 45,734
2
May
2
1
2 Sept
165
26
25% 27
180 15% June 28
Aug
1536 17
Mar
50 10
July 20
30
32
30
195 17 May 32 Sept
3
3
3
114 July
4
150
Aug
24
25
25 Sept
40 20
Aug
5
534
234 July
305
7
Mar
35
33% 36
130 20% June 66
Jan
10
11
60
134 Jan 11% Aug
15
15
65
Aug 15 Sept
5
4
434
85
1% June
5% May
6% 6%
645
3% July
9
Apr
70
70
10 40 June 80
Jan
7% 834
135
2% May
8% Sent
16% 16% 18%
25 10% June 18% Sept
11% 133.4
13
415
Mar
7 June 17
54
54
54
3 50
Mar
Aug 59
2% 231
465
34 May
234 Sept
12M
10% 13
835
7 June 13 Sept
20% 19M 22% 27,662
8% May 2214 Mar
8
834
335
3% June
8% Sept
5
6% 1.370
6.14
314 July
Jan
8
4
4
4
25
1
July
Jan
5
89
84 101
3,883 25 June 101
Sent
167 170
26 142 May 170
Sept
43
43
25 40 June 68
Jan
20
20
8 May 20 Sept
5
18% 18
20%
508 13 June 20% Sept
711
25
734 734
Aug
5
9 May
11% 11
12% 8,239
5% June 16% Mar
1% 1%
1%
415
34 July
231 Aug
92
92
10 70 June 93% Mar
4% 4%
41(
600
2 June
5
Feb
2
2
10
1 May
2 Sept
88% 90%
13 88% Sept 97
Mar
12
11% 13% 41,263
4 June 13% Sent
10
40
10
2
Aug 16 Sept
Bonds-3
3
35
2% Aug
4 June Elec & Peoples tr etts 4s'45
23
Feb
26 511,500 16 June 29
38% 38% 39
85 36
Aug 40
Aug Lehigh Valley annuity 414s
Sept
76
76
1,000 7031 July 76
11% 11% 12
653
9 June 12 Sept Phila Electric 1st 5s_ 1966
10434 10534 7,900 100
Feb 10514 Sept
11
129
11
1131
8 June 11% Sept Phila Elec Pr Co 5348_1972
10431 10434
Aug
500 98 June 106
Maple Leaf Milling corn_•
4
4
4
2
5
Feb
Mar Virginia RR & Pwr Ss_1943
5
10014 10034 1,000 10034 Sept 10014 Sept
Massey-Harris corn
•
5
5
5% 2,200
2% May
5% Aug
•No par value.
Moore Corp corn
10
10
11
295
4% June 11
Sent
100
85
1 89
85
July 97
Jan
Mulrheads Cafeterias corn*
1
1
125
Baltimore Stock Exchange.—Record of transactions at
34 Aug
Feb
2
Orange Crush corn
•
5
14 Sept
%
M
14 Sept Baltimore Stock
Exchange, Sept. 3 to Sept. 9, both in2d preferred
•
10
31
M
34 Sept
Sept
M
Page-Hersey Tubes com_• 82% 62
69
2,362 35 June 69 Sept clusive, compiled from official sales lists:
Photo Engravers & Elec' 11
11
11
so 9 June 1914 Mar
Pressed Metals corn
• 9
9
11
rrway
185
oases
5 July 11
for
Sent
Simpsons Ltd pref_
25
100
25
Lt Week's Range
Last
10 12
Range Since Jan. 1.
July 5534 Jan
Stand Steel Cons corn _ ..•
334 5%
5
Sale
575
ofPrices.
114 May
Week.
5% Sept
Stocks—
Steel Co of Can corn
Par. Price. Low. High. Shares.
24
• 2234 21
1,288 1034 June 24
High.
Low,
Sent
Preferred
25
30
30
20 June 30 Sent Arundel
Tip Top Tailors pret___100
Corporation- _ - _* 2231 9134 2234
55
55
50 June 67
14
July 2634 mar
Apr Atl Coast
Line (Conn)—50
Traymore Ltd pre:
20
2
2
214
20
38
2 Sept
May 38
Sept
11
2M Sept Black &
38
Decker corn_ _•
Walkers Hiram corn
•
6
7
3,712
434
434 431
634
2% Apr
Mar
1
8
034 Aug
Aug Ches& Pt T
Preferred
9% 9% 3,160
9%
113 1133.4
9 June 12
10934 July 1163.4 Feb
Feb Commercial of Balt pret100 113
Cr pref B__25
Western Can Flour WILL.*
8
8
25
18
18
Jan
11 June 20
5% June
8 Sept
7% preferred
Weston Ltd Geo
21
23
1834 1834
• 23
65 16% May 23 Sept Consol
1234 July 1834 Aug
Gas E L & Pow..' 67
Preferred
100
67
67
67 34 69
2 65 June 70 May
39 June 70
Aug
6% prfser D
Winnipeg Electric com___•
Sept 11134 Jan
100 102
102 107
6% 7
15
102
2 May
631
7 Sept
531% pre! w 1 ser E_ -100
101 101
97 May 107
Jan
5% preferred
Banks—
100
9214 June 10034 Sept
9931 10034
Eastern
Commerce
1
may
100 168
4% 4%
165 168
35 121
July 191
431 Feb
Jan Emerson Rolling Mill----*
Imperial
100 170
170 170
23 130
22
22
Aug 2934 Feb
22
July 193
Feb Fid & Bromo Sell A WI..
Guar
Montreal
100 202
200 202
11
Jan
37 160 June 225
13
7 June 15
Jan Fidelity & Fire Corp__10 13
Nova Scotia
Deposit
100
267 275
50
16 238 June 275 Sep
4934 53
2834 May 8534 Jan
Finance Co ot Am el A _ ___ 5234
Revel
100 171
168 171
4
4
45 120 May 171
3
Apr
434
714 Mar
Sept Maryland
Toronto
100 177
175 180
214 June
35 125 June 193
7%
73.4 83.4
814 Jan
Feb Merch & Cu Co
Miners Transp..• 20
20
Aug
2114
17
Aug 23
Monon W Penn PS pfd_25 18
Loan and Trust—
18
13
July 20
Mar
1811
Mt Vern-Woodb Mills pfd_
Huron & Erie Mtge___100
108 108
25
25
12
July 26
93
Sept
July 108
2514
Sept New
Amsterdam Cas Ins
22
21
22
Apr 22
Sept
12
Penns Water & Power.. •
•No par value.
57
57
34 June 57 Sept
Silica Gel common
114 134
134 Sept
Feb
1
United Rys & Electric- -50
Toronto Curb.—Record of transactions at the Toronto
1
1%
13.4 Mar
309 May
U 8 Fid
_10
731 83.4
231 May
834 Aug
Curb, Sept. 3 to Sept. 9, both inclusive, compiled from Western& Guar new___pfd• 7% 76 76
Md Dairy Inc
Jan
60 June 90
official sales lists:
Bonds
-Baltimore City
Friday
sates
45 Jones Falls
Last Week's Range for
Range Since Jan. 1.
1961
9914 9934
9014 Feb 9934 Sept
45 school house_ __1961
Sale
ofPrices.
Week.
9914 Sept 9914 Sept
9914 993
4s water loan
Stocks—
Par. Price. Low. High. Slaves.
High.
1958
90
Feb 993.4 Aug
9934 9931
Low.
48 Paving loan
1951
Jan 9934 Sept
993.4 9914
93
Brewing Corp, common_ •
1
1
Sept Consol GEL & P 4,'e '35
1
40
10131 101%
9734 Feb 10131 Sept
14 July
Canada Bud Brew corn.. •
7% 8
Jan Lexington Ry let 5%____ __ ____ 98
140
9
Aug
631 Apr
98
Aug 98
98
Canada Malting Co
• 15
1431 15
700
931 July 1514 Aug Maryland Elec Ry 6145 '57 2031 2031 2034
Aug
July 21
12
Canada Vinegars com • 1631 15
634s
Sept
17
82
1962 2014 2014 2014
931 May 17
2034 Sept 2014 Sept
6s
Canadian Wineries
•
234 234
May
2% Sept
5
1
1949 24
23
24
Sept
23 Sept24
1st 4e
Consolidated Press A_ _ __•
6
10
6
21
234 Aug 15
2134
21
21
Sept2134 Sept
Jan
Distillers Corp Seagrams_•
Income
634
634 631
255
334 Apr
731 Aug Monon 46
am asi 33.4
334 Sept331 Sept
Dominion Bridge
Vail Tr 1st 58_11142
* 2131 21
2231 1,015
9 June 2231 Sept
48
6734 6734
May 6714 Selg
Dom Motors of Canada_10
234 3
Feb North Ave Market 6e '40
134 July
5
105
55
55
55 Sept55 Sept
Dom Power &Trani'Stubs*
Wash Bait & Anap
6
6
60
Mar
4
5
3
58-1041
73 Jan
414 June
7
API
Eng Elec of Canada B.......•
Maryland Trust ctts 5s.
2
2
2
5
5
5
231 Jan
Mar
5
131 June
034 ma)
Goodyear T & R com____* 80
80
84
161 38 June 84 Sept United Ry & El fund 158 le
9
10
3 June 12
Aug
Hamilton Bridge corn. •
lst Os
631
5
611
Feb
1949 24
460
23
2
Apr
26
7
1214 Aug 30
Jail
ist 48
Preferred
ioo
4431 45
20 4436 Sept 52
1949 21
July
21
23
10
Aug 23 Sept
Honey Dew pref
Income flat
•
10
Jan
10
10 10
Sept 40
334 5
154 June
5 SePi
Imperial Tobacco ord. _5
834 831
834 Jan
30
6 June
•No par value.
Montreal L H & P Cons__• 38
37
3914 5,445 21 June 3931 Sept
National Breweries com_ •
19. 19%
200 12% Aug 1934 sent
Milwaukee Grain & Stock Exchange.—Following is
'
National Steel Car Corp_ •
1231 1231
250
July 1231 Sept the
6
Power Corp of Can coin...* 17
record of transactions at the Milwaukee Grain & Stook
16
18
166
6 June 18 Sept
Rogers Majwile
*
331
3
331
Mar Exchange, Sept. 3 to Sept. 9, both inclusive, compiled from
135
4
134 June
Robert Simpson pref_ _100
82
82
1 62 May 82 Sept official
sales lists:
Service Stations corn - •
A_
6
531 634 1,110
Jan
3 July
7
Preferred
loo
25
30
Aug 46
Feb
30 20
Friday
Sales
Shawinigan Water & Pow • 2031 19
23
1,073
Feb
714 May 33
Last Week's Range for
Range Since Jan. 1.
Stand Pay & Mat com___•
234
2
3
340
1% Aug
3 Sept
Sale
ofPrices.
Week,
Oil—
Stocks—.
Par. Price. Low. High. Shares.
Britten American Oil_ __ _. 1031 1031 1131 6.587
Low.
High.
8% June 1131 Sept
Crown Dominion 011 Co..'
214 234
Jan Briggs Stratton
35
Aug
2
3
• 10%
9% 10%
Imperial 011 Ltd
• 11
150
5% Aug 1034 Jan
1031 1131 17,611
734 Aug 1131 Sept Firemens Insurance
5
9%
International Petroleum....' 1331 1231 1331 5,525
434 July 11% Jan
100
931 June 1331 Sept Heels Mining
43.4 4%
Jan
McColl Frontenac °Hoorn* 1034 1031 1131
450
July
5
2
535
7
Apr 1131 Sept Insurance Securities_ 268
2% 2%
231
300
34 May
Preferred
68
2% Jan
100
68
1
59 June 68 Sept NW Natl Insurance_ ---10
_25
8214 82%
North Star Oil com
10 55 June 82% Sent
2.00 2.00
5
500 1.50 Mar 2.50 Jan Old Line Life
Insurance_10
1334 13%
Supertest Petroleum ord_ •
50 10% July 20 Mar
17
18
350
9% June 1831 Jan Outboard Motors A
•
2
2
2% Jan
134 July
Common
200
•
1631 1614
10 16
Mar 1831 Mar United Investment A__50c 880
Feb
880 88c
Preferred A
100 820 Atilt 1.38
100
9034 9031
10 90 June 98
Jan Wisconsin Bankshares_
T1...1..... 14,......ir,..n.-.
•
Jan
A
_10
4
314
A
314 3% 2,125
7
2 June
1977
It? inna
7
Root
Wisconsin Investment B..'
Jan
34 July
1
100
1
134
• No par value.
•No Par value.
Volume 135
1807
Financial Chronicle
-Record of transactions
St. Louis Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Sept. 3 to Sept. 9, both St. Louis Stock Exchange, Sept. 3 to Sept. 9, both inelusive, compiled from official sales lists:
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High. Shares.
*
Allegheny Steel
Arkansas Natl Gas Corp_*
•
Armstrong Cork Co
*
Blaw-Knox Co
10
Carnegie Metals Co
•
Clark(DL)Candy
Columbia Gas & Elee_
*
10
Devonian Oil
Independent Brewing_ 50
50
Preferred
851
734
1934
83.4
3
4
15
15
3% 354
834 934
851 931
1
1
734 754
1834 21
834 9
3
3%
4
454
Range Since Jan. 1.
Low.
High.
200
105
685
1,772
400
65
2,999
855
230
70
6
1
3
334
30e
534
434
4
2
2
June 15
May - 354
June 10
June 10
Aug
2
Apr
834
June 21
Mar
9
Jan
3%,
Jan
454
30
334
1
6
551
Sc
Sept
Sept
Jan
Aug
Jan
Mar
Sept
Aug
July
Sept
Koppers Gas& Coke pf 100
* 10
Lone Star Gas
*
McKinney Mfg
Mesta Machine
5 14
Nat Fireproofing Pref. -50
Phoenix 011com
25c
Pittsburgh Brewing
50
Preferred
50 1034
•
Pittsburgh Forging
Pittsburgh Plate Glass_ _25
Pitts Screw & Bolt Corn- *
Plymouth Oil Co
25 240
*
Ruud Manufacturing.
62
934
134
14
6
9c
5
10
214
1951
4
1051
631
42
62
26,517
11
100
134
65
15
100
6
500
9c
385
6
165
1034
45
3
745
2034
790
5
1,890
13
300
7
June
June
Jan
May
Aug
Aug
34 Jan
6
Feb
2
July
1251 June
234 June
6
Apr
651 Sept
69
11
134
1934
9
9c
7
1151
314
2
034
55-4
13
934
Aug
Aug
Jan
Sept
Aug
Sept
Apr
Shamrock Oil & Gas
•
Standard Steel Spring....'
United Engine & FdY*
Westinghouse Air Brake_ _*
Westinghouse El & Mfg...50
2
1051
16
1614
3834
23-4
1051
17
1751
4314
1,745
10
210
889
1,027
1
Mar
551 Apr
12
May
934 Jan
16
Jan
234
1934
2334
1751
4314
Sept
Jan
Jan
Sept
Sept
931
7
1754
82
77
2134
4
3534
4954
751
93.
7
20
82
77
2334
434
3
754
5251
934
75
30
3,506
35
70
777
305
547
1,910
8.263
954
5
734
42
70
634
14
2251
2154
254
1051
10
20
82
78
2334
434
3754
5251
954
Jan
Feb
Aug
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Unlisted*
Central Tube Co
*
Copperweld Steel
General Motors Corp_ _10
Lone Star Gas6% pref_100
100
654% preferred
Pennsylvania RR
50
•
Pennroad Co v t c
Standard Oil of N J.__ _25
United States Steel__ _100
Western Pub Service v t c_•
• No par value.
2
1634
3834
451
36
734
Sept
Mar
July
July
May
June
June
June
July
June
Aug
Sept
Sept
Mar
Jan
Aug
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Brown Shoe common__*
Preferred
foe
Coca-Cola Bottling com__1
Corno Mills common
•
Emerson Electric pref__100
Ham-Brown Shoe com__25
Internat Shoe common_._*
Preferred
e
Key Boiler Equip com___*
Laclede-Christy Clay
•
Products corn
McQuay-Norris common_*
Nat Bearing Metals corn.'
Nat Candy common
*
RIce-Stix D Gds com_
*
So'westem Bell Tel pfd 100
Stix, Baer & Fuller com__*
St Louis Pub Sore com___•
Wagner Electric com____15
Stocks-
5
5
*
Apex Electrical Mfg
* 15
15
City Ice & Fuel
1534
3151 3151
*
Cleve-Cliffs Iron pref.
10154 102
Cleve Mee III 6% pref _100 102
43
43
Cleve Railway eta dep_ 100
6
6
Cleve Worsted Mille com *
Cleve di Sandusky Brew100
634
654 654
Preferred
7
7
100
15
15
Cliffs Corp v t c
*
3531 36 ,
Dow Chemical corn
*
9154 9154
Preferred
100
Federal Knitt Mills com_ *
Ferry Cap de Set Screw- •
Foote-Burt corn
*
Gen Tire & Rubb com_ _25
6% pref ser A
100
Geometric Stamping
•
Glidden prior prof
100
Goodyear T & Bubb cont.*
Halle Bros prof
100
Indla Tire & Rubb com__*
Interlake Steamship corn.*
Kelley Island L & Tr corn'
Mohawk Rubber corn....'
Myers FE & Bros
•
National Acme com_ _ _10
National Carbon prof_ _100
National Refining coin_ _25
Preferred
100
*
National Tile corn
Nestle-LeMur class A. •
•
Ohio Brass B
Republic Stamp dr Env..'
Selberling Rubber corn_ _ _'
•
Selby Shoe COM
.4
.
Sheriff Street Mkt cora .
Sherwin-Williams AA pf100
Stand Textile Prod corn_ •
•
Stouffer class A
Thompson Aeronaut Corp*
Thompson Products Inc..'
Union Metal Manfg corn.'
*
Weinberger Drug
* No par value.
834
2
2434
21
25
236
7
40
44
13-4
76
2434
50
731
2
034
1134
4
1334
2534
234
834
40
4554
2
77
28
50
8
21
12
4
1334
5
434 554
112 112
554 554
60
60
354 334
34
%
854
834 954
28
28
3054
334 434
334
1234 1234
1234
28
27
28
89
89
%
%
13
15
7
8
834 854
454
434
8
8
Range Since Jan, 1,
Low.
High.
100
167
15
120
33
41
25
20
100
198
82
4
1251
25
9134
35
3
254
3
4
2134
88
Sept
63-4 Apr
July 28
Feb
Sept 2151 Sept
Apr 10334 Jan
Apr 45
Aug
May
Sept
6
Jan
734 Aug
Jan
7
Aug
Sept
July 15
July 3634 Sept
June 100
Jan
145
10
255
10
65
188
590
797
225
170
260
90
502
10
1814
154
554
18
30
I
38
7
5%
4914
134
934
8
1
73-4
June
June
Jan
July
July
Aug
July
May
Mar
July
May
May
Jan
June
3,625
154
15 100
%
20
37
10 60
154
100
150
%
447
554
903 14
287
I
27
7
275 1954
75 75
300
%
100 13
400
4
30
23-1
100
33-4
18
5
28
234
854
4954
60
334
78
2851
50
8
26
15
4
1934
Aug
Sept
Mar
Jan
Jan
Mar
Aug
Aug
Jan
Sept
Jan
Jan
Sept
Jan
July
534
June 120
July
834
Sept 100
June
354
1
Aug
July 13
July 31
may 434
June 1234
July 35
July 10054
Sept
54
Sept 25
June
834
June
931
July
7
July 10
Sept
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Sept
Jan
Jan
Sept
Jan
Aug
Feb
Aug
Jan
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, Sept. 3 to Sept. 9, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High Shares.
Aluminum Industries_ _.*
Am Laundry Mach com_20
•
Amer Products prof
AM& Rolling Mill com _ _25
A..*
Amer Thermos Bottle
•
Churngold Corp
100
CNO&TPpref
Cin Gas dr Elec pref__ _ _100
Cincinnati Street RY__.._50
Cincinnati & Sub Tel--50
•
City Ice & Fuel
•
Crosby Radio A
*
Dow Drug corn
Eagle-Picher Lead corn_ _20
•
Insulation
Formica
•
Gibson Art corn
•
ManIschewitz corn
Procter & Gamble new_ _.*
100
preferred
5%
*
Richardson corn
•
United Milk Crate A
10
Card
II S Playing
* No par value.
-
6
17.54
6
1754
4
954
5Si
4
16
6
1434
5
1634
4
134
80
82
834
132
1554
534
254
5
10
15
14
34
97
4
15
1534
6
1734
534
1734
4
154
80
86
93-4
6354
1534
53
4
534
10
18
15
35
99
4
15
1651
185
605
300
172
200
10
10
80
470
101
55
185
705
74
11
115
55
686
17
25
50
288
Range Since Jan. 1.
Low.
334
854
4
334
1
14
80
62
4
49
12
2.54
23-4
3
5
11
14
20
90
4
12
10
High.
July
1034 Jan
May 1734 Sept
Aug
554 Sept
May 1734 Sept
June
4
Sept
Aug
2
Jan
Sept 80
Sept
July 9034 Jan
July 1751 Jan
Jan
June 69
mar
July 23
Apr
634 Aug
June
5
Feb
June
6
Aug
Jan
June 12
Jan
Aug 30
Sept 20 June
June 4254 Jan
May 1023/ Jan
s
June
7
Jan
Jan 15
Sept
June 24
Jan
29
3434
103
15
12
45
414 5
29
29
1014 1014 10134
634
3
28
634
6
634
3
3
2734 28
6
6
634 63-4
534 6
11034112
734 734
500 50c
834 87
%
Low.
70 24
5 102
5 10
100 11
10 45
High.
July 3651
Aug 120
July 20
Aug 1634
Sept 70
Mar
Jan
Jan
Mar
Feb
125
65
41
450
2
2034
9954
5
June
534 Aug
July 43% Jan
Mar
July 105
854 Jan
Aug
100
130
3
21
Sept
Aug
514
25
356
590
2
600
24 100
434
5
244 50c
431
305
58
35
Aug 12
9
May
6
July
June 115
934
July
13-4
Sept
916
,
July
Apr
Feb
Feb
Mar
Sept
Mar
Jan
Feb
Feb
* NO Par value.
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Sept. 3 to Sept. 8
both inclusive (Friday, Sept. 9, being a holiday) compiled
from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Associated Gas dr Elec A.*
10
BoLsa Chios 011 A
25
California Bank
*
Chrysler Corp
Claude Neon Elec Prod_.'
Douglas Aircraft Co Inc..'
Goodyear Tex Mills p1_100
-Record of transactions at Hal Roach Studios8% pf25
Cleveland Stock Exchange.
tn k e_ cour
Cleveland Stock Exchange, Sept. 3 to Sept. 9, both in- neeeeet ::iiii.rn torp_10
Los Ang Gas & Elec pf_100
elusive, compiled from official sales lists.
Los Angeles Invest Co__10
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
45
33
103
15
1154
45
Range Since Jan. 1.
454
55
19
934
334
1?
3
434
334
55
1734
9
1351
76
454
534
5554
19
934
1351
76
331
3
Apr
4
Aug
Sept
Mar
Sept
Mar
Feb
Jan
Jan
Sept
590
8
4 July 295;i
66
Apr 100
3
7
Aug
2734
7
3334
2334
4554
9134
3534
6
134
1
354
25
100
200
100
200
100
1,350
2,600
600
700
4,200
10
33-4
17
20
2154
9134
25
3
54
Jan
Aug
Feb
Jan
Sept
Sept
Mar
Jan
Aug
July
Aug
10254
6234
854
334
30
3834
2631
2334
2134
32
3131
162
2,700
400
300
1,500
160
500
400
400
400
5,100
64
3634
254
154
1654
31
2154
Jan
Mar
Sept
Mar
Feb
Jan
Jan
Mar
Jan
Jan
Sept
San Joaquin L ,k P
7% Prior preferred_ _100
Sec First Nat Bk of L A_25
Shell Union 011 Corp corn *
•
Signal Oil& Gas A
So Calif Erns Ltd cons_ _ _25
Original preferred____25
25
7% preferred A
25
6% preferred B
25
534% Preferred C
Southern Pacific Co_ __100
*
Stand Oil of Calif
5934
854
334
29
3854
2
651
2334
213-4
3154
3054
102
59
63-4
334
29
3834
2
631
2 4
352114
29
30
3
454
53-4
61
19
1054
1334
77
3'6
42
70
100
9134
3554
534
134
1
334
63-4
1314
%
147
High.
July
Apr
June
May
June
June
Apr
354
25
7
3234
2
354
45
9134
3234
531
I%
kt
3
Title Ins & Trust Co_ _ _25
Transamerica Corp
•
Union Oil Associates_ __ _25
Union Oil of Calif
25
Weber Showcase & Fix
•
1st preferred
Low.
1
134
3834
6
351
53-4
62
11% li i
r
93
94
3
3
Mortgage Guarantee Co100
Pacific Fin Corp com__10
Pacific Gas& Eiec com _ _ 25
25
6% 1st preferred
*
Pacific Lighting com
•
6% preferred
Pacific Mutual Life Ins_10
Pacific Western Oil Corp_*
Republican Pet Co Ltd_ 10
*
Richfield Oil Co corn
*
Rio Grande 011 com
3234
100
3,300
150
200
1.100
100
10
Range Since Jan. 1.
June 115
June
8
June 37
May 26
May 4551
Sept 9134
May 39
June
63-4
Jan
13-4
14
Vg June
354
I% May
June 108
June 65
Apr
836
Apr
534
June 3231
June 43
May 2734
184 May 25
17% June 23
654 June 37
1534 June 3131
Jan
Feb
10
30
30
19,100
634 7
1334 1334 3,600
1434 1554
7,000
2131 July
23-4 Jan
7
July
734 July
55
Jan
7
Sept
135-4 Sept
1534 Sept
330
254 July
536 Mar
3
354
• No par value.
New York Produce Exchange Securities Market.Following is the record of transactions at the New York
Produce Exchange Securities Market, Sept. 3 to Sept. 9,
both inclusive, compiled from sales lists:
Stocks-
Friday
Sales
Last lVeek's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Admiralty Alaska Gold_ -_1
Andes Petroleum
5
Bagdad Copper
1
Bancamerica Blair
1
Continental Shares
•
Fada Radio
1
Fuel 011 Motors
10
•
H Rubinstein pref
Hendrick Ranch Royal
*
Huron Holding ctfs of dep1
Intl Rustless Iron
1
InternationalVitamins_ •
Jenkins Television
•
1
Kildun Mining
1
klacassa Mines
Nati Bellas Hess new- _1
Petroleum Conversion_ _5
25e
Phoenix Oil
•
Hallways
5
Radio Securities A
1
Reno Gold
Rhodesian Selec Tr__5 sh
Sherritt Gordon
1
Shortwave & Television._1
•
Sky Specialties
Swedish Ball Bearing 100 kr
Torn Reed Gold
Van Sweringen
Venezuelan Holding
Western Television
Zenda Gold Mines
• No par value.
1
•
*
1
1
12e
500
234
50c
331
131
6
131
36c
234
434
2
75c
%
Si
54
25c
Sc 15c
6,500
3,000
10c 12c
1,500
45e 50e
800
254 27
%
5,500
1
38c
25,100
3
4
1
134 13,800
Range Since Jan. 1.
Low.
6c
3c
20c
%
38c
2
Si
July
Jan
Apr
June
Sept
Aug
June
High.
23c
12c
70c
234
1
4
4
Feb
Sept
Jan
Snit
Sept
Sept
Feb
100
3 June 1054
6
6
Si Jan
154
I% 3,600
134
1
400
134
Si May
1%
31e 40e 10,500 15e June 420
.1 1
,
100
.54 Aug
13-4
54
54
100 45c May
156
Si
234
254
400 1.30
July 3.40
19c 20c
7,000 12e May 37e
2
%
17 Aug
234
234 38,400
2
231
600
1
June
334
8e
80
8c
Sc Sept
500
Mar
Sept
Mar
Feb
July
Jan
Mar
Sept
Feb
Sept
Apr
Sept
Sept
Sept
Sept
Jan
Sept
Sept
Aug
340
200
500
300
1,500
3,000
150
100
2
13-4
25c
14
25c
Si
2
12
June
Jan
Feb
May
Apr
May
Sept
May
856
2
75c
134
63c
2
2
22
28c 30c
1,000
34
%
200
14
100
14
%
14 10,400
18c 25c
9,000
14c
10c
,i
34
Sc
May
Mar
Sept
June
Feb
48c
Jan
50c Sept
134 Aug
254 Jan
25c Sept
334
43-4
1/4 2
75c 75e
134
134
58e 63e
Si
54
2
2
22
22
-See page 1782.
San Francisco Stock Exchange.
Sept.
Financial Chronicle
1808
10 1932
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 (Sept. 3 1932) and ending the present Friday (Sept.9 1932). It is co TB piled 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
I
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Week Ended Sept. 9.
Stocks-
Range Since Jan. 1.
Low.
High.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Elect Power Assoc corn_ _ _•
834
734' 9
(
ilas t
HiSi Sept
150
•
834 June
1854'1834
734
734 9
Apr
1034
200
2
6
1034 Sept Elec Prod (Colo) com
•
414
1034
434
474
Liectrii Shareholding
% May
134
100
234 Feb
134
Common
634 Jan
July
55.4
3
200
8
934 63.4
754 834
26 pref. with warrants.•
543.4
234 Aug
% 154
1,200 •
% Jan
134
5434
234 May
334 354
500
434 63.4
034 Sept Ex-Cell-0 Alrer dr Tool_ •
X
July 2534 Feb Fageol Motors corn
si
100 10
10
18
18
20
X
Sept Fairchild Aviation A __ •
2% 234
5
2%
5
5
600 234 Apr
Sept Falardo Sugar Co
90
49
5134
Ma) 07100
11,900 22
7134 7134 90
65•
ja,, Fedders Mfg CIA
4
4
65
700 33% Jill)
6234
Sept Federated Capital Corp_ •
134 2
2,400
834 June 42
3234 42
Sept Federated Metals
• 1534 1534 1534
5
Aug 10
5
10
2
738
Sept Fire Assoc of Phila
474
134 Apr 11
934 11
New capital stock_ __10
Sept
26
26
37
37
200 23 June 39
39
14 Sept First Nat Stores
400
% Jan
Si
Si
7% 1st pref
100 10834 10834 10834
734 Sept
2% Jan
754
734 734 5,000
Fisk Rubber new w 1
254 3
•
234
Pref new w 1
20
20
234 Apr
100 20
% Jan
2
2
100
4
4
4
z% Jan
1
I
1,200
154 Aug Flintokote Co cl A com___•
I
234 May
834 Mar Ford Motor Co I.td100
8
8
Amer dep rcts ordreg_.£1
4 3.4
53.4
5114 Feb
July
100 27
434
3134 3134
1.4 Jan Ford Motor of Can el A...5 1034
974 12
600
% Mar
34
14
•
Class B
1934 20
June
834 Sept
22,000
634 834
73.4
134
534 534
% Mar Ford of France receipts.4 Jan
900
Si
Si
%
Foremost Dairy Prod*
%
14
•
434 434
200 2234 Sept 2334 Sent Foundation Co new
2234 23
234
•
234
23.4
334
800
354 Aug Franklin (H H) Mfg
134 June
274 334
Preferred
7
7
100
23.4 Aug
234
234 234 6,200
34 June
411 Aug
4
134 June
374 434 4,700
834 834
•
174 Aug Garlock Packing com_
134
134 134 1,000
34 Feb
•
134
Jan General Alloys Co
134 134
400
1434 1734
834 May 18
4
334 534
334 Sept General Aviation Corp....
234
234 3
500
134 July
Si Aug Gen Elec Co (Gt Britain)
hi Mar
%
900
34
Am dep rots ord reg_ _£1
200
1
Aug
734 734
13.4 Sept
134 I%
5
534
134 Fen General Fireproofing com •
34
1
Si May
700
454 Sept Gen Theatres Equipment1
Feb
3
334
434 6,800
•
is
$3 cony preferred
14
% Aug
1,900
% June
14
14
• 1934 1834 2314
14 Sept Glen Alden Coal
7
800
1
Aug
154 134
13.4
334 5
8
934 Sept Globe Und'write Ex new.2
8
950
3 May
934
434 434
434
334 Aug Goldman-Sachs Trading__•
354 354
200
134 Aug
1
%
i14
14
Gold Seal Elea new
• 1334 1354 1314
Mar Gorham Mfg v t c
4
334
254 May
334 334 1,500
• 2134 2134 22
1,100
% Apr
3
43.4 Sept Gray Telephonecom
434
% Jan Gt All & Pao Tea
Yi June
100
16
%
145 159
Non vot corn stock__ ..• 159
Sept
3
July
100
1
3
3
7% 1st preferred_ _ _100 11954 11714 1I934
Jan
1134 Sept
1154 75,500
1034 10
454
300 32 June 40
Aug Greenfield Tap & Die_
234 234
•
40
40
40
134 134
134
434 Sept Grocery Stores Prod v t c_•
June
1
334 434 16,000
334
%
%
Si
354 Sept Happiness Candy Stores__•
I% May
3
3
200
3
14
%
Mar Helena Rubenstein com_ •
9
73.4
200
634 May
731
Horn de Harden
• 2534 2511 25%
951i 9534
100 9534
7% preferred cons-Mar
41
July 45
Babcock & Wilcox Co__100
45
475 20
834 83-4
83-4
Aug Hydro-Electric Secur_ ___•
12
Beneficial Industrial Loan• 1154 1134 1134
July
700 8
334 434
•
434
Jan HYgrade Food Prod
May 10
200
Bickford's common
8
*
734 734
734
17
17
HYgrade Sylvania Corp •
Blue Ridge Corp14
%
%
% May
43.4 Aug Insull CBI Investment...'
334
•
334 43.4 10,000
Common
383.1
50 33
6% opt cony pre(
31
3334 6,000 163.4 July 3334 Sept Insurance Co of No Am10 3734 3734
234
234
Insurance Sector
10
234
Boston & Maine RR2314
Jan Internet Cigar Mach_ _'• 2334 23
Apr 59
100 3734 3714 3734
10 33
Prior prof
134 134
43.4
•
300
434 Sept Internet Hold &Invest- •
Bour1ols, Inc
134 May
334 434
334 334
134 Feb Internatl Safety Razor B •
% Aug
500
1
•
Machine
16
Bridgeport
134
1
134
1
834 Sept Interstate Equities Corp_•
434 June
900
•
Brill° Mfg Co com
834
73.4 834
• 1434 1434 1434
33cony preferred
British Amer Tobacco•
714 9
Sept Interstate HesierY
1634
Ordinary bearer
£1 1634 1534 1634 1,300 1234 Jan
•
534 634
Irving Air Chute
634
British Celanese Ltd1
•
134
134
234 Sept Jonas & Naumburg
2
2
234
900
Am dep rcts ord reg els_
% June
334 43-4
Kelly Springfield Tire_ _ 5
354
Burco, Ino•
1034 1034
Jan 2034 May Klein(D Emil) corn
1814 1834
100 18
50
6% cony pref
•
234
234 2%
% Aug Knott Corp com
A Feb
% 1,300
Warrants
%
%
Holster Brandes Ltd
Burma Corp£1
Amer shares
134
13.4
214 Sept
2,100
I
June
2
Am den recta reg
234
13.4
136
13.4
334 Aug Lakey Foundry & Mach_ _•
200
% Apr
33.4 336
20
Butler Bros
•
3
Lercourt Realty corn
3
•
4
Preferred
754 8
13.4 Mar
1,900
Cable Radio Tube v t c___•
Si
14
X
14 June
• 13
Lehigh Coal & Nay
13
143.4
Canadian Indus Alcohol
ni Sept Lerner Stores
234 23.4 234
100
*
class B non voting
234 Sept
•
.
Common
334 314
1234 Aug
Carrier Corporation
11
200
234 Juni
1134
334 4
Sept Libby McNeil & Libby-10
July 48
1,200 17
Celanese Corp 7% or pf 100 47
3934 48
Sept Louisiana Land & Expl___•
134 234
134
July 42
8
42
850
31
100 42
7% partici pref
,.
234 214
534 Sept Marion Steam Shovel__ •
Celluloid Corn
33.4
334 554 2,500
134 A ug
14
%
•
Si
Jan 3134 Sept Mavis Bottling ci Acorn-_S
150 20
1st preferred
29
3134
47
51
•
434 Feb Mead Johnson & Co
400
Centrifugal Pipe Corp._.
334
134 July
334 334
•
%
%
•
Chais Corporation
814 834
100
514 June 1234 Jan Mesabi Iron Co
Jan Midland Steel Products_.•
6
734
6
July 30
5
130
Childs Co. pref.
14
14
100 14
674 Feb Minneapolis-Honeywell
Cities Service common_ _.•
154 May
531 53.4 99,500
534
200
10 m ay
6234 6234
535 Mar
8
Regulator 6% pref_100
29
32
• 29
Preferred
July e434 Feb
Preferred B
1
3
300
•
334
X
x
%
Mar National Amer. Co
•
*
July 45
9
40
Preferred BB
22
23
•
6
National Aviation
6
134 Jan
654
Claude Neon Lights
% Juni
I
134
134
154 3,000
30
Nat Bond & Share Corp_.• 30
28
Aug
4
Cleveland 'Tractor com_ *
111 June
100
21i 234
9734 9734
814 Sept Nat Dairy Prod pref A_111111
25
5
Aug
Clinchfleld Coal Corp_ _100
834
83.4
% Sept Nat Food Prod class A___•
13-4
t,. Jan
174
13-4
Colombia Syndicate
% 17,200
114
I
he
43.4
1
334
33.4
43.1 Sept Nat Investors com
Conan!Aircraft common_ _•
July
1
2
454
400
434
30
30
514% preferred
100
Consol Automatic
2
236
Warrants
14 Sept
462 Feb
Merchandising v t c
•
%
Its
% 4,100
%
%
Mar Nat Leather Co
•
2
Consul Retail Stores
34 Feb
100
114
134
*
134
234 234
334 Sept Nat Rubber Mach com__•
214
Continental Chicago com •
3
I% Feb
234 33-4 4,000
•
12
12
Nat Screen Service
Continental Shares Incli
Si
%
43.4 Aug National Service Cos
*
14 July
500
Converted preferred_100
314
315 4
354 Aug National Sugar Refining • 2314 2334 2474
Preferred 13
100
100
% July
334 334
12
1334
434 Sept Neisner Bros pref- _100
Cooper-Bessemer Corp- •
100
13.4 June
414 43.4
•
Mar Newberry(JJ Co
13
1334
*
Copeland Products
434
474 474
200
3% Aug 14
1
114
83.4 Sept New Mex & Arizona Land 1
Cord Corp
5
May
434 774 80,100
2
13.4
07%
9
9
234 Mar New York Merchandise_*
June
Corroon & Reynolds
2
1
2
2
100
Mar New York Shipbuilding•
26 preferred A
300
7 Rine 18
1934 1934
•
Founders shares
334 33.4
Courtauids Ltd
1134
10
63-4 Sent Niagara Share of ISld c11).5 10
6
500
Am dep rots ord regshs£1
474 June
634
*
1034 1134
73.4 814 2,600
Crocker Wheeler Elec._ _ _•
734
114 June 1034 Aug N11.19-11etrieln-POrld
331 Aug Nitrate Corp of Chile-214
214 214 1,000
Crown Cork Internal A--•
134 Jan
Ctfa for ord B shares-34
31
•
214 Sept
Mar
100
1
34
214 234
Cuban Tobacco v t c_
2% 214
Mar Noma Electric Corp
•
•
634
14 June 13
10,200
Curtis Mfg class A
634 7
33
33
I
1
Airports_ •
g mar 1 Sept Northam Warren pref._..'
too
Curtiss-Wright
534 534
Northwest Engineering_ •
Jan
•
834
100
Davenport Hosiery
834 834
536 July 14
931 93-4
• 1634 16
•
Deere & Company
334 June 1734 Sept Ohio Brass Co class B_
1834 45,400
134 Jan 011stoclus Ltd new
v. June
5
54
434
44
434 5
De Forest Radio corn _ _ .
H 0,700
14 Feb Pan Amer Airways, new 10
2534 30
h. Aug
54
% 7,800
Detroit Aircraft Corp----•
%
134 134
434 734
134 Sept Paramount Motors
100
•
1
734
Apr
•
Dictograph ProductsJan Parke, Davis & Co.__ ...•
34
183,4 1834
3834
40 22
July 66
Dixon (Jos) Crucible_ _100
2f111 36
2
2
33.4 Feb Parker Rust-Proof corn...* 34
100
1 May
•
Doehler Die Casting
•
Aug Patterson-Sargent
10
33
16
36
•
213July
300
36
Dow Chemical Co
334 43.4
4
113.4 Sept Pennroad Corp corn v t 0..•
800
134 Jan
10 11 3.4 11
Driver-li surfs Co
1134
134 Sept Pepperell Mfg Co
154 134 1,100
% July
3734 3734
134
100
Dublier Condenser new_ _1
10
33.4
10
374
354
Aug Philip Morris Inc new--10
Durham Dup Razor pfd. •
Aug 10
100 10
25
Sept
19
1
Class A
1
I
200
Si May
25
1
Duval Texas Sulphur__ _•
Aug Phoenix Securities
2
100
lit July
13,4 I%
East Utli Invest. Cl. A_ •
1
134
Common new
13-4
234 23.4
Aug
1
3
300
2
Aug
Easy Washing Mach Cl B •
2
2
4
Feb Pierce Governor
•
4
100
3
Jan
Edison BrosStores*4
3
334
3
3
Sept Pilot Radio & Tube class A•
9,100
134 3
54 June
Eisler Electric Corn
234
Indus. & Miscellaneous.
.,.._.25
Acme Steel
25
Acme Wire v t c
Aero Supply Mfg class B__*
Ainsworth Mfg Corp_ __ _10
Air Investors Inc v t e_ - -•
Convertible preferred_ •
Alabama Gt Sou RR_ _ _ _50
•
Allied 3111s, Inc
Aluminum Co common. _•
100
6''', preierence
•
Aluminum Ltd corn
Class C warrants
Class D warrants
100
6% preferred
•
Amer Austin Car
•
Amer Beverage Corp
Amer Capital Corp•
Common Class A
•
Common class B
•
$3 preferred
$5 50 prior preferred. •
American Corporation_ 'I.
Amer Cyanamid coin i3.°
Amer Dept Stores Corp..*
Amer Elec Secure Corp.\ ey $1.50 partic pref__5
•
Amer Equities Co
Amer Founders Corp
•
Amer Investors new corn..!
Class B option warrants
Amer Laundry Mach_ _20
Amer Thread, pref
5
Amer Utll & Gen el B vtc •
•
$3 preferred
•
Amer Yvette Co corn_
Anchor Post Fenee tom...*
Anglo Chilean Nitrate.
..5
Arcturus Radio Tube new 1
Armstrong Cork com____•
Art Metal Works new_ _5
Assoc Elee Industries
Am dep rats ord ehs.-£1
•
Associated Rayon
Associated Laundries_
*
•
Atlas Plywood
Atlas Utilities Corp com__•
$3 preferred A
•
Warrants
Auto Voting Mach com__•
Aviation Secur Corp
•
1,500
2,900
200
2,300
100
400
900
100
1 0
100
300
400
100
Range Since Jan. 1.
Low.
234 June
234 June
Aug
3
134
19
234
I,i
%
9%
2
%
4
May
Mar
Aug
Feb
June
June
Apr
Feb
June
834
5434
334
34
234
5134
5
3
16 16
Sept
Aug
Sept
Sept
Sept
Sept
Aug
Jan
Sept
10
June
26
Sept
10 100
5,200
211
100 20
100
1%
14,800
11,200
150
100
500
400
600
25
High.
Aug
9
9
Aug
434 Sept
234
5
834
334
%
334
34
6
May 10'34 Sept
Sept
Sept
3
Sept
Sept 23
May
4
Mar
NI as
Nla,
June
June
Jan
June
July
Mar
(43.
II
25
1634
pi ti
534
254
73.4
Jun
Mar
Mar
Mar
Sept
Aug
Sept
Mar
100
3.500
9,000
454 July
11 Jan
154 June
874 Jan
3
Apr
534 Sept
200
200
534 June
234 June
834 Mar
714 Jan
300
6,000
1,400
27,800
4,500
200
200
H
6
3
1
34
8
20
June
June
June
June
July
July
May
134
2334
5
5
Si
1334
40
Jan
Sept
Sept
Aug
July
Sept
1Jan
530 10334 May 159
Sept
June 120
50 108
July
200
1
Aug
234 Sept
14 May
300
I% Pan
% May
2,400
14 !Jan
% Apr
300
14 Feb
200 1514 May 29 ?Jan
Mar 993i:Sept
25 95
1,500
414 June 1114 Mar
1,300
434 Sept
154 Julie
100 1034 Apr 21
Feb
2,200
% May
il
Jan
600 1834 May
40
Mar
23.4 Sept
900
74 May
300 12 June 30
Jan
100
134 Sept
14 May
100
2% Apr
534 Feb
as,. Apr
2,000
134 Feb
100
5 June 1634 Aug
5
July
9
Sept
600
2 June
ii% Sept
3,000
6,400
34 Aug
13.4 Sept
434 Aug
1,400
236 Aug
May 15
Jan
100 10
900
111 July
534 Jan
3,800
500
300
1,100
1,000
%
%
1
5
55-4
June
May
May
July
Islay
134
234
0
1834
1434
Mar
Aug
Feb
Feb
Sept
100
700
5,900
100
3,200
800
1,000
500
2
I
%
11
Si
29%
H
134
July
May
Mar
Jan
July
July
Mar
May
734
4
234
254
11
61
14
834
Feb
Jan
Sept
Sept
Aug
Mar
Sept
Feb
50
June
7134 Mar
20
yi
1,600
5,900
23-4
900 18
100 8034
11
100
1
7,200
100 1534
Si
2,500
%
600
200
134
200 12
X
700
200 110
654
50
400 10
3,000
14
100
8
300
1,600
800
Aug
334 July
Jae
634 Sept
Sept
June 30
Apr
July 101
Apr
I% Sept
June
0§ Sept
Sept
Apr 30
June
23.4 Sept
June
14 Sept
July
33-4 Mar
Jan
Aug
18
H Sept
Jan
June 2534 Aug
Slay 2234 Mar
July
1774 Feb
May
13-4 Sept
Sept
May
9
M July
June
4
June
4
93i Feb
124 Aug
1134 Sept
300
100
200
100
he
2
26
214
May
Apr
June
May
34 Jan
3% Jan
3334 Apr
634 Jan
200
300
1,100
3,100
400
1,350
25
23,500
30
2,100
500
454
2
1334
2
1134
ii
10
1
1734
July
June
July
Jure
Apr
Aug
May
June
1334
5
30
714
19
55
1834
43-4
3754
434
25
3,200
100
4,900
2
14
July
June
May
1,0 July
Mar
1
34 June
Jan
Sept
Sept
Sept
Jan
Mar
Jan
Sept
Sept
Mar
Sept
111 Sept
2
Sept
334 Jan
Sales
Friday
Last Week's Range for
Week.
Sale
ofPr•ces.
Stocks (Concluded) Par. Price. Low. High. Shares.
Pitney-Bowes Postage
434 535 13,500
535
•
Meter__
250
48% 50
Pittsburgh & Lake Erte.50 50
100
1935 1935
.26
Pittsburgh I'late Glass.
300
13
14
•
Pratt & Lambert
5% 735 4,200
635
•
Prudential Investors
Pub Util Holding corn
13.4
134 13,900
X
Without warrants._ _ •
X
'16 9,200
34
Warrants
5% 8% 2,300
•
$3 cum preferred
Quaker Oats
60
88
97
• 93
Common
10
105 105
100
6% preferred
2% 2% 1,700
235
Rainbow Lumin Prod CIA •
% 135
1,700
•
74
Class 13
400
2% 2%
235
•
Reliable Stores corn
2
2% 1,300
235
Reliance Internst corn A _•
•
1,300
Si
Si
Class 13
100
Reliance Management__ •
•
'IC
Republic Gas Co
34 4,600
34
1,700
231
2
10
2
Reyborn Co Inc
6,500
%
1
•
35
Reynolds Investing
200
28% 2834
Richman Bros Co
•
10
7
7
Rike-Kumler Co
1
1
•
80
Russia Internet Corp_
•
60
9
9%
Royal Typewriter
22
22%
60
Ruberold Co
• 22
Safety Car Heat & Lt--100 20
7
St. Regis Paper
7% pref
100 47
Schulte Real Estate Co__•
34
Seaboard Util Shares._ _.*
Securities Allied Corp_ ___•
Securities Corp Gen com_•
•
Seeman Bros corn
134
Segal Lock & Hardware__•
Selberling Rubber com_ *
•
Selby Shoe corn
Selected Industries Inc
234
New common
5 57
New $5.50 prior stk_21
57
New allotment czfe_
35
Sentry Safety Control.__•
• 10%
Sheaffer Pen Co
Shenandoah Corp
•
41.5
Common
50 24%
6% cony pref
Sherwin-Williams com..25
Preferred ser AA__ _100
135
•
Silica Gel Corp v t c
Singer Manufacturing_ _100 133
• 3934
Smith (A 0) Corp
•
Southern Corp
Spanish & General Corp
Amer dep rcts bearer she
Standard Investing Corp
$535 cum cony pref____• 15%
•
Stein Cosmetics
• 23%
Stilts Motor Car
•
Sullivan Mach
3
Sun Investing Co
•
Swift & Cu
25 10%
Swift Internacional. _15 2035
Taggart Corp common •
•
Tastyeast class A
Technicolor Inc, corn__ ...•
Thermoid Co 7% nref__100
Tobacco & Allied Stock_ *
Tobacco Prod of Del
Si
Tobacco Prod Exports. __•
Tobacco Securities Trust
Amer dep rcts ord reg.-- -----Amer dep rcts del
Transcont Air
•
Trans Lux Daylight
Picture Screen com_...._•
3%
TM-Continental Corp
Warrants
2%
Triplex Safety Glass_ ___£1
7
Tubize Chatilloncom____I
731
Class A
1 1631
Union Amer Invest
•
•
Union Tobacco Co
Its
United Aircraft Transp 6%
pref without warrants.50
United Chemicals $3 Of..*
•
United Dry Docks
31
235
United Founders com..._•
•
United Milk Prod
United Profit Share pfd _10
25
United Shoe Mach
United Stores Corp v t c__•
34
3
•
U S Finishing Co
•
4%
U S Foil Mass B
US & Intl Securities
•
1%
Common
• 3235
let pref with warr
U S Lines pref
10 15
US Playing Card
•
Universal Pictures
•
Utility Equities eom
334
Utility & Indus Corp
234
•
Common
•
Preferred
734
Van Camp Milk 7% p1.100
•
Van Camp Pack corn
Si
1%
25
7% preferred
Vick Financial
4)4
•
Waltt & Bond class B_
•
Walgreen Co corn
Walker (H) Gooderham &
Worts common new...•
•
New cum met
834
Western Auto SupplyCommon class A vtc _•
Westvaco Chlorine Prod
100 61%
$7 preferred
•
135
Wil-low Cafeterias
•
Preferred
•
Williams(R C)
Woolworth (F W) Ltd
Amer dep rcts for ord she 10
Public Utilities
Alabama Power Si pref_ •
Am Cities l'ow & Lt New Cony class A. .25
1
New class B
Amer Cordwealth Power
•
Class A common
•
Class B common
Am Die Tel NJ 7% p1.100
Amer & Foreign Pow wart.
Amer Gas & Elec corn__..•
•
Preferred
25
Amer L & Tr com
,
Am Sts Pub Sam corn A.
Am Superpower Corp corn •
•
First preferred
•
• $6 ,11111 la Pref.._
1809
Financial Chronicle
Volume 135
10
21%
8% 91,20
320
50
34 3,500
1%
1,500
500
834
500
9
200
26)5
1% 1,800
434
300
10%
200
20
6%
4431
%
1%
8
531
26%
135
4
10%
2% 2%
55
57
55
57
)1
Si
10
10%
4%
23%
28
90
1)1
121)5
39%
2
54
38%
23
66
Range Since Jan. 1.
Low.
134
18
12%
9
2
High.
June
May
June
June
July
Si July
3/ra Apr
1% June
5%
51
1935
19
7%
1% Sept
135 Aug
8% Sept
55 June 102
99
July 105
35 Apr
234
135
% June
2
334
Feb
2%
35 June
A June
%
2%
% June
% Apr
%
234
Si Jan
I
'16 Jan
19
Apr 28%
July r1335
5
y. Apr 134
235 May 10
14
May 38
12%
135
1434
34
431
02
21%
%
Si
7%
June
Jun
July
Apr
May
Jun
Apr
July
Jun
June
June
Sept
Aug
Sept
Jan
Sept
Mar
Sept
Sept
Sept
Jan
Sept
Sept
Aug
Jan
Sept
Sept
Sept
Mar
Aug
Sept
Feb
31% Feb
8% Sept
Apr
50
1 34 Jan
Aug
10
Aug
11
Aug
29
Jan
2
Jan
434 Aug
1(fli Sept
Aug
Sept
Sept
Jan
Jan
7,300
600
700
700
200
Si
28%
28
34
9
Jun
Jun
Jun
July
July
4% 6,800
24% 3,400
28
25
90
50
2% 15,200
138
320
48% 7,700
200
2.
Si
434
20
90
34
75
11
1
Jun
June 24%
July 34%
Aug 100
Apr
3
May 138
July 59
2
Mar
Sept
Sept
Jan
Jan
Sept
Sept
Jan
Aug
34
Jan
Its
15
%
19%
634
3
10
20
3%
16
4
14%
26
Si
Si
)4 Feb
150
1534
500
34
24
9,300
400
7
334
600
1135 11,600
23% 6,300
3%
100
1,
200
435 5,600
1435 3,50
10
26
Si 3.100
1
300
3 June
% Mar
8% June
6% Sept
1
May
May
7
10
May
1
May
Si June
34 June
14
Aug
15% June
34 May
% Apr
1535 Sept
1% Mar
24
Sept
Aug
3% Sept
22
Mar
26
Mar
3% Feb
35 Feb
535 Aug
15
Aug
26
Sent
Si Jan
1
Sept
7% June
134 June
1% Jun
11
Sept
2% Sept
435 Sept
34 Jun
3% Sept
11
11
235 2%
4
4%
2
3
57
57
1
20
100
sus
30
400
2,700
3% 10,300
2%
2%
7)6
73.4 12%
16% 18
2,500
1.000
1,300
300
34 May
435 Jan
SI Jun
1
Jun
3
% Sept
735 Jan
14
Sept
19% Aug
13
13
'Is
It
200
2,500
6
Jun
lis Jan
13
Sent
he Jan
40
100
40
100
11% 11%
A
Si 2,200
2% 3% 48,200
1
1
400
5% 5%
100
3734 39%
125
1,800
9-4
3.4
1,200
3% 4% 1,600
37%
10
)1
5-16
31
5
21%
%
1
2%
Aug
Aug
May
May
May
Jan
June
June
June
Apr
4135
16%
35
335
1
6
40%
31
535
4%
Aug
Mar
Jan
Aug
Jan
Jan
mar
Jan
Sept
Sept
% 134
30
32%
%
15
16
3
3%
3% 434
2.700
2,800
500
350
900
4,200
%
9%
%
10
1
34
Jan
June
June
June
July
July
I%
3234
I%
23
5
434
Sept
Sept
Aug
Jan
Jan
Aug
211 3
7% 7%
25
3434
1
34
134 1%
431 4*4
2
15% 16%
2,100
700
250
5,200
1,400
40
100
600
1
2%
25
34
35
335
Si
8%
June
July
Aug
June
May
May
June
Apr
3%
1134
34%
2
235
5
4%
1834
Aug
Feb
Sept
Jan
Jan
Aug
Mar
Aug
534
8%
6
8%
731 10
60
40
300
61% 61%
si 1%
11% 11%
6
634
3
1,100
100
400
10
10%
2% May
8 June
5% July
42
Si
10
434
834 Aug
8% Aug
15
Mar
Aug
Jun
May
July
66% Mar
235 Jan
20
Feb
1034 Mar
5,800
734 Jan
1035 Aug
30
51% July
93
700
34
35)4
6% 8% 29,600
19% July
1% July
3934 Aug
835 Sept
S4 2,200
1,200
Si
92
75
10
19.300
41% 31,400
100
9035
24% 6,600
435
100
8% 93,300
300
68
4.100
44
% May
31 Mar
7234 May
Apr
1434 Jun
60
July
May
10
234 Fe
1% June
28% June
0
bine
Si
%
92
10
4114
91%
24%
4%
10%
7234
43
1
85% 88
731
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Public UtilitiesPar. Price. Low. High. Shares.
(Colbaueled)
Si
Si
91
8%
38%
9
0%
2035
435
734
66
40
Jan
Jan
Jan
Sept
Sept
Sept
Aug
Aug
Sept
Aug
Aug
Ant
80
80
ArkansasP & L $7 Pret__ •
53.5
535
531
Assoc Gas & Elec com..._.•
4
4%
4
Class A
•
28
3335
$5 preferred
• 31
31.
34
Warrants
34
3% 3%
3)4
ASSOC Tel Utilities
•
94
94
Bell Telep of Can
100
Brazilian Tr L & P ord...• 1134 10% 1235
Buff Nina & East Pr p1.
223-4
.25 22% 22
88
88
•
$5 let preferred
Canadian Marconi-See M arconi Wireless Tel.
Cables & Wireless Ltd"15
36
Am dep rots A ord she £1
35
Si
Am dep rem B ord shs.51
234 235
Am dep rcts pref shs...£1
70% 7034
Carolina P & L $7 pref. •
134 135
Cent Pub Serv corn
135 1%
•
Class A
134
6
634
•
6
$4 preferred
•
635 634
$6 preferred
1234 12%
27 preferred
4
634
5%
Cent States Flee corn.3535
7% preferred
160 35% 32
35
35
Cons' preferred
100
25
25
Cities Serv P & L $6 pref_•
3035 31
•
$7 preferred
Cleve Elec Ilium com____• 32% 32% 35
Columbia Gas & ElecCony 5% pref
100 101% 10034 108%
87
89
Commonwealth Edlson.100 88
Common & SouthernCorp74
warrants
%
34
21
21
Community P&L let pf.•
134 235
2
Community Water Serv__•
67% 6934
Consol G E L&P 13alt com•
99
99
Pref class A
100
2% 2%
•
Consol Gas 11tH cl A_
10
Duke Power Co
East Gas & Fuel Assoc__ .•
East States Pow corn B. •
•
$7 pre( series A
•
$6 preferred 13
East UM' Associates corn •
Cony stock
•
Elec Bond &Share new corns
•
$5 cumul pref
•
$6 preferred
Elec Pow & Lt 2d pt A...*
Warrants
Empire Ges & Fuel
6% preferred
100
100
7% preferred
Empire Power part stk_ *
Empire Pub Serv corn A*
10
European Mee el A
Optional warrants
834
28
4%
39%
56
65
---73.4
Florida P & L $7 pref_ ___•
Gen O& E $6 pref B.
Gen Pub Serv $6 pref__ •
Hamilton Gas corn v t c-- I
Illinois P & 1.16 pre(
•
Internet Hydro-Elec•
$3.50 cony prof
Internet Superpower
New corn stock
Internet Util class A
Class 13
•
Italian Superpower A
Warrants
•
Long island Ltg com
__100
6% preferred
100
7% preferred
Marconi Wirel T of Can_ _1
MassP & L Assn corn_ _ _ _•
Mass GUI Assoc corn v t e.•
Memphis Nat Gas Co-____
•
Met Edison $6 pref
Middle West Util corn._ _•
•
$6 preferred ser A
Mohawk & Flud Pow Wig*
2d preferred
•
•
Montreal L H &Pow
National P & L $6 pfd_ __•
New England Pow Agana% preferred
100
NY Steam Corp Com
•
NY Telep 634% pref__100
N Y Water Serv 6% P1-100
Niagara Bud Pow
New corn w I
15
CI A opt wart new
Cl B Opt wart new
No Amer Lt & Pow Com.•
Nor States Pow corn A.100
7% preferred
100
20
25
3.1
334
54
Log.
10 50
600
35
I
10,400
6
80
9,600
ire
I
2,000
25 6835
7
18,300
900 15%
100 71
of Am er.
600
2,100
100
50
1,000
3,600
125
25
71
83,700
175
75
50
150
200
2,000
2,000
High.
July 87%
7
June
July
534
Aug 59
Mar
11%
July
July 100
13%
May
May 23%
June 88
'II June
,
1 May
1% June
62
Aug
34 Feb
34 July
6
Sept
635 Sept
11% Sept
s% May
May
8
4% May
14
June
11
May
19
June
Si
35
235
8134
4
335
635
1935
1235
6%
3534
35
50
56
35
Jan
Feb
Aug
Jan
Aug
Jan
Mar
Mar
Aug
Sept
Sent
Sept
Sept
Mar
Jan
Jan
Sept
Jan
Sept
Sept
Sept
Sept
Jan
Jan
Aug
40
May 108% Sept
Jan
4935 July 122
22,900
25
1,200
2,400
50
100
z.,i
7
35
3734
93
%
June
Aug
May
June
June
Aug
1
25
2%
6991
99
3%
Aug
Aug
Sept
Sept
Sept
Aug
66
150
835
1,600
6
11,500
31
150
30
100
27
200
5
400
46% 341,500
56%
800
65
4,600
32
650
3,800
31
235
35
17%
534
1434
134
5
1635
19
635
134
July
June
June
Jan
July
Julie
May
June
July
May
June
May
7335
834
6
3134
30
27
535
48
5934
67
45
734
Jan
Mar
Sept
Aug
Sept
Sept
Aug
Aug
Aug
Aug
Mar
Aug
50
250
100
300
2,600
2,100
8
6
734
35
I
Si
June
May
May
Jan
May
Apr
38
46%
18
%
434
%
Jan
Jan'
Mar
Aug
Sept
Aug
25
335
1034
;4
21
July
July
May
May
June
7954 Jan
25
Jan
50
Feb
1
Jan
6335 Mar
1235 June
2734 Aug
20
20
23
25
11
11
31
34
3% 434
55
35
55
55
14
44
34
5135
57
14
44
35
5436
175
50
10
400
250
27%
27% 27%
75
1535
14%
6
3
234
1
18)4
73
8335
1535 1,200
500
735
335 12,100
335 5,50
1
10
20% 1,400
100
73
87
7
49-4
234
34
%
34
13
45
50
159.4
July
May 1034
334
July
454
June
131
July
July 2094
July 86
July 101
Sept
Aug
Aug
Aug
Aug
Sept
Mar
Mar
174
235 34,80
2%
100
200
3
435 1,500
50
70
% 11,400
4
400
250
8735
85
75
700
3434
8034 1,100
4
234
134
134
35
34
1
5634
48
2034
85
May
Sept
May
July
June
Apr
Aug
June
June
June
June
23.4
234
334
531
80.
7
5135
9335
86
3434
8035
Sept
Sept
Bent
Jan
Aug
Jan
Jan
Mar
Aug
Sept
Sept
12
28
98
29
June 5934 Jan
Mar
July 55
June 11494 Sept
Sept
Aug 36
774
%
19-4
5
39
46
July
June
July
July
July
June
20
134
5
11
83
9435
Aug
Aug
Aug
Sept
Jan
Jan
3
1
234
2%
79%
2%
374
6934
9-6
235
86
85
34
79
54%
54
113%
32% 3235
1834
1%
9
72
78
Okla Nat Gas 631% Pf 100
Pacific (1 & E
1st p125 24%
•
Pa Gas &Elec cl A
Pa Pow & Lt $7 pref
•
Pa Water & Power Co...'
•
Philadelphia Co corn
Pub Serv of No III corn *
Puget Sound P & L $5 pt._• 51%
• 39
$6 preferred
Shawinigan NV & P Co_ •
Sou Calif Edison
7% pref. series A.._.25
25
6% pref series B
535% pref class C. _25
Southern Cob Pow cl A.25
Southern Nat Gas corn...*
Si
•
Southern Union Gas
So'west G & E 7% Dref_100
So'west Gas Util com_ ___•
54
Standard Pow & Lt corn..* 12%
•
Common class B
Stand Pub Serv corn
94
2%
•
Participating A
43
Swiss Amer Elec pref
_• 2935
Tampa Electric com.
Toledo Edison 7%P F A100
•
Union Gas of Can__
United El Serv Am shs__
United Corp warrants
United Gas Corp corn...'
Pref non-voting
Option warrants------United Lt & Pow corn A..'
•
Com class B
•
$6 cony 1st pref
US Elec Pow with wart..'
Utah Pow & Lt prof.....*
•
Uti I Pow & Lt corn
ClassIlvtc
•
100
7% preferred
West Massachusetts Co's*
Winnipeg Fier Co
66
735
5
28
29
27
4%
3934
55
6234
30
634
Range Since Jan. 1,
535
435
4535
135
834
12
36%
134
4
5735
54
11435
36
500
100
175
125
17% 19% 23.166
134 5.900
134
200
5
11
250
9
700
71
74
20
78
8035
1034
24
735
96%
56%
15
573.6
50
35
18
11
2435
735
9635
58%
1535
5736
51%
40%
20%
20
900
100
50
500
200
50
400
450
1,800
234
1994
435
65
35
6
27
31
35
634
June 11
July 26%
735
June
June 9934
JUne 587-4
June 17
July 120
July 5534
Aug 4035
May 2074
Sept
Jan
Sept
Jan
Sept
Jan
Jan
Apr
Sept
Sept
2634
2335
22
435
fi
134
65
35
12
1335
34
2%
40
2835
70
27
23%
22
434
14
134
65
34
1234
14
%
335
45
29%
70
400
200
100
100
2,300
100
10
400
200
200
1,200
2.100
1,650
500
10
2134
1731
1735
2
11
35
2734
%
6
634
%
34
26
18
60
May
June
June
Apr
Jun
May
June
May
Apr
Apr
Sept
May
July
June
June
27%
25
2234
15
34
2
70
34
20
20
I%
354
5435
32
70
Jan
Jan
Jan
Jan
Sept
Mar
Jan
Jan
Jan
Jan
Apr
Aug
Mar
Jan
Sept
535
335
534
435
4534
1
735
12
34
1%
6135
335
12%
4235
3436
3)4
1,100
6
100
335
5,400
6
4 00
4
49 % 71 :2400
135
235
134
35
835
1,6
I%
4
834
'It
35
%
17-4
12
19
I
June
Mar
June
May
June
May
May
July
June
June
July
May
July
June
July
May
6
334
6
434
55
135
93-4
14
5334
235
85
434
15
6134
3535
334
Sept
Feb
Sept
Aug
Jan
Aug
Aug
Aug
Jan
Aug
Jan
Sept
Aug
Jan
Sept
Mar
135 16.400
00
6
8
914 51, 0,
12
0
7 0
8
3 34 9:9200
2
25
6135
435 24,300
200
1235
15
43
45
35%
100
334
1810
Financial Chronicle
Sales
Friday
Last Week's Range for
Former Standard Oil
of Prices.
Week.
Sate
Subsidiaries
Par. Price. Low. High. Shares.
Buckeye Pipe Line
50
Eureka Pipe Line
100
Humble Oil& Refining- _25
Imperial 011 (Can) cour --•
,
Registered
•
Indiana Pipe Line
10
National Transit__ __ _12.50
New York Transit
5
Northern Pipe Line__ _10
Penn Mexico Fuel
25
South Penn 011
25
Southern Pipe Line
10
So West Pipe Line
50
Standard 011 (Indiana)...25
Standard 011(Ky)
10
Standard Oil(Neb)
25
Standard 011 (Ohio)__ _25
Other Oil Stocks
Amer Maracaibo Co
1
Arkansas Nat Gas corn...
•
Corn class A
100
Preferred
25c
Carib Syndicate
Columbia Oil& Gas v t O.
•
Colon 011 Corp Corn
Cosden 011 Co common_ •
Certificates of deposit.-•
100
Preferred
Creole Petroleum Corp. •
Crown Cent Petroleum__•
•
Darby Petroluem corn_
Gulf Oil Corp of Penna. 25
Indian Terr Ilium Oil
•
Non vot class A
Class B
5
Intercont Petroleum
International Petroleum_ •
Registered
•
Kirby Petroleum
244
3055
51
9%
655
955
551
35
24%
14
•16
355
3
Si
255
255
34
40
3:5
1135
Leonard Oil Develop_ _ _ _25
3-4
• 10
Lone Star Gas Corp
Magdalena Syndicate- _ I
Yi
Margay 011Corp
•
Mexico Ohio 011 Co
Michigan Cask 011
15.4
Middle States Petrol
Class A v tc
ClassI3 vtc
Mo-Kansas Pipe Line __ .5
114
Mountain Producers_ _.10
455
National Fuel (1as _
_ 1355
New Bradford 011 Co_
1
North European 011
34
•
Pacific Western 011
615
Pantepec 011 of Venez_ •
Petrolum Corp of Amer
Stock Purch Warr
Plymouth 011C0
5 1115
Producers Royalty Corp.._
Pure 011 Co 6% pref....100 -•
Reiter Foster OP
Richfield 011 preferred__25
Root Refining prior pref..
Salt Creek Consol Oil_ .10
Salt Creek Prod Assn_ _._10
.5
Southland Royalty new.
Sunray Oil Corp..5
Teton 011& Land__ _ _•
Union 011Associates____25
5
Venezuelan Petrol
1
Woodley Petroleum
Mining Stocks
Bunker 11111 dr Sullivan_10
Wwana M'Kubwa Copper
American shares
Comstock Tun & Drain. l
Consol Copper Mines_ _ _ _5
...25
Consol Min & Smelt.
Cresson Consol G M & M _1
Cusi Mexican Mining-50e
Evans Wallower Lead_ _ _•
Goldfield Consol Mines _10
25e
Ilecla Mining Co
Hollinger Consol G M....5
Bud Bay Min & Smelt
4
Kerr Lake Mines
Lake Shore Mines Ltd...
•
MiningCorp of Can
Mohawk Mining Co__ _25
Newmont Nflning Corp_ 10
25
New Jersey Zinc Co
5
Nipissing Mines
.I
Ohio Copper Co
Pioneer Gold alines Ltd __I
Premier Gold 511rib:ie.__ _1
Roan Antelope Copper
American shares
__I
St Anthony Gold.
Shattuck Dann Mining...•
Standard Silver Lend..._1
Tack Hughes Mines
Tonopah Mining (Nev)...
UnitedVerde Extensir,n :de
5
Utah Apex Mining
Wenden Copper Nflning_ _1
5
Yukon Gold Co
Bonds
Alabama Power Co
1946
1st dr ref 5s
1951
lot & ref 55
.1956
lot & ref 55
1967
14t & ref 455s
1968
lot dr rel be
la Water Service 5s...1957
Aluminum Cos f deb 55 1952
A:uminum Ltd deb 55_1948
m !r Com'Ith Pr 8s..194e
Debenture 54s
1953
Mn Community P 5%81953
ths & Continental 53.1943
Am El Pow Corp deb 65.'57
Amer G A El deb 5s_.2028
Am Gas & Pow deb 60_1939
3
Secured deb 5s. -.195
xm Pow & Lt deb Rs_ _2016
Am. Radiat deb. 4451947
Amer Roll Miii deb 15_1948
454% notes._ _Nov 1933
Amer Seating cony 65.1936
Amer. Thread 53.45.A938
Appalachian El Pr 55..1956
Appalachian Gas 65_1945
1945
Cony deb (is B
Appalachian Pow 55_.1941
Arkansas Pr ds Lt 55_195a
Arnold Print Works fie 1941
E-9%3-4
5
Jan
Mar
Sept
Sept
Sept
Feb
Feb
Sent
Sent
Sept
Aug
Feb
Feb
Sept
Mar
Jan
Aug
2,600
34
355 334 2,300
234 355 26,700
200
455 455
%
5.1 3,200
1% 2% 10,400
155 14 1,100
255 2% 3,500
2% 2% 1,800
400
8
8
2,200
234 3
100
54
55
100
655 635
40
444 10,000
54 Jan
55 May
34 May
134 July
11 Jan
55 May
34 June
55 May
54 May
Mar
2
155 Jan
34 Apr
155 Jan
June
23
55
34
3%
5%
51
254
154
2%
25-4
S
355
34
734
444
Apr
Aug
Sept
Aug
July
Aug
Aug
Sept
Sept
Sept
Aug
July
Aug
Sept
100
100
66,600
10% 1217 15,000
11
11
100
200
3-4
14
255
1,6
fi
1054
55
June
May
Mar
June
Aug
Jan
4%
455
34
1235
11
1
Jan
Jan
Jan
Sept
Sept
Aug
55 2,300
94 11
8,500
Si
Si 19,900
755
300
75i
355 3%
300
154
134
400
54
3%
,
is
354
155
55'
May
Apr
Jan
Jan
Juoe
Jan
36
31
634
15
800
800
3,900
2,000
1,900
600
5,000
3,000
1,300
55
55
55
2%
8
54
lrp
3
,
rp
Apr
Jan
Apr
Apr
June
Jan
June
June
June
4
15
10% 124
11
'is
5855 .594
100
4,200
1,000
20
3.4
600
300
300
300
1,500
1,900
1,200
1,000
300
1,700
100
455
365
135
55
3-4
455
1355
55
555
55
15
11
5
5
10
15
555
35
25%
1455
15
28%
115
15
55
455
14
5
3-4
54
4
34
515
28
30
254
155
2255
35%
155
726
355
11,,
June
June
Apr
JaD
June
June
Feb
May
July
June
Jan
July
May
Aug
June
May
Jan
June
Apr
Jan
July
June
May
June
June
1% 14
100
13
13
200
2255 2855 17,700
34% 3555 1,200
155
155 2,700
3-4 44,500
355
1,800
111
,
sip
900
4
954
455
14%
Tie
'14
265
4
Apr
June
May
Apr
June
Jan
Apr
May
.
36
4% 454
475 5
4
5
II,
Tie
25% 25%
35-4
354
135
1
751
36
9155
50
lip
4
14
34
2%
354
54
455
715
3-4
115
34
55
4
29
55
55
55
•
2
354
34
sip
214
24
4
3
98%
75
5
5
11
67
45
854
3955
3355
7155
9454
574
7255
38
94
91%
7%
55 Aug
6
Apr
June
40
.11111'
15
74
34
255
34
355
91
125
17%
18
3555
64
6%
255
6
254
334
4
955
5
27
1355
84
1034
1555
400
500
3,000
359
1,200
4,100
1,800
6,600
1,000
300
15,800
500
500
14
431
100
300
3,200
8,500
700
300
800
2,900
400
400
400
100
100
35,500
4.600
100
550
455
3%
34
954
1355 1355 1355
111
,
716 "ns
2
2
4%
High.
35
35
55
1055
1055
755
104
6
5
10
164
10
37
2554
15%
19
304
24%
3055
55
1035
10%
615
434
01,
9% 10%
31
716
Si
Low.
July
June
June
June
May
June
June
June
May
Apr
Jan
July
June
Apr
June
July
Apr
24%
29%
51
955
10
5
8%
54
455
9
1454
555
32
24
14
15
27
34
555
Range Since Jan. 1.
1,600
834
5i 2,200
255 1,300
114 13,700
354 16,200
200
3.4
455 4,500
115
500
ste 14,400
2,500
355 May
I., Jan
Si June
Iip Mar
251 May
4 Mar
155 Apr
7i.s Mar
sip Jan
14 5tay
9455 9455 70,000 84
June
90
93
24,000 75
June
9055 9234 2,900 78
June
794 8055 77,000 70
May
8755 8815 12,000 75
May
72
72
1.000 53
July
9755 9855 48,000 81
Nlay
70
75
17,000 45
July
5
555 26,000
14 may
18,000
351 5
• Apr
11
1155 5,000
254 May
60
70
6,000 47
Jan
39
4555 51,000 18
July
84% 86
98,000 62% May
38
40
20,000 1354 July
32
3355 80,000 1134 July
71% 74 163,000 38
May
94
95
23,000 79
July
5755 5955 86,000 30
Ally
72
73
33,000 46
Apr
38
39
18,000 17
July
94
9455 4,000 94
Sept
91
924 50,000 724 May
755 8
10,000
2
July
8
84 8,000
34 Apr
102 102
7,000 96% Apr
884 9155 59,000 67
May
46
50
7,000 39
Aug
Bonds (Continued)
-
Sept. 10 1932
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
$
Price. Low. H Loh.
Range Since Jan. 1.
Low.
High.
92,000 17
June 67
Aug
Associated Flee 1348..1953 .514 504 53
Associated Gas& Elec CoConv deb 5'4*
9
July 45
3554 37,000
Aug
1938 334 33
1,000
38
(7onv deb 455s
955 July 45
38
Aug
1948
July
3455 263,000
43
Cony deb 4,55
9
31
Aug
1949 31
49
Cons deb 55
,
34
37 199,000 .10
Aug
July
1950 34
834 July
46
Aug
Deb 55
3315 35% 538,000
1968 34
Feb
Registered
33% 33% 33% 2,000 1355 July 35
94 July
414 27,000
Cony (tell 5554
40
51
Aug
1977 40
44
30,000 19 June 44
Sept
42
Assoc. Rayon deb. 501950
44
Jan
85
5,000 7455 June 88
Assoc. Tel. Ltd 5s.....1965
85
Feb
414 42% 41,000 14% July
Assoc T & aeb 555s A '55 42
72
Jan
Assoc Telep Util 5(0_1944 29% 29% 32 113,000 1'2
July 14
49
34,000 25 June 71(4 Feb
6% notes
44
1933 49
Atlas Plywood 545..1943 35
35
35
7,000 29
Aug 3755 Jan
Baldwin Loco Wks 531s_'33 86
8555 8755 46,000 45
Aug
Judy 93
Aug
97
Bell Tel of Canada 53.1957 964 95% 96% 34,000 8355 Jan
let M 59 ser A
Jan 97, Sept
4
9655 9754 57,000 44
1955 97
lot 51 55 ser C_ _
95, 9615 78,000 8355 Jan 9654 Sept
4
1960
_
Binghamton L H & P 5s'46
88
Apr 894 Sept
894 3,000 75
June 8154 May
Birmingham Elect 455s '8. so% 8031 804 1,000 85
Birmingham Gas Es_ _1959 63
12,000 39% July 75% Jan
132% 63
Birmingham Water Wks
89
4,000 84
555s series A
87
Sept
1954
Aug 89
Blackstone Valley 0 & E
5s ser B
99
1952
Apr 994 Sept
9934 5,000 92
Boston Consol Gas 55.1947
101% 10154 13,000 91% June 1014 Sept
10055 10055 6,000 80 June 10055 Sept
Boston & Main RR 65_1933
Broad River Pow 5s_ _1954 5631 5054 564 20,000 38% July 68
Mar
1,000 9855 Feb 10155 Aug
Buffalo Gen El 65._ 19517 1044 10454 1044
1.000 5954 July 73% Jan
Burmeister & Wain 65 1940 64% 6455 6455
Canada Nat fly ea 75_1935 1014
Canada Nor Power 53.1953 74
Capital Admin 55_ _ _ _1953
With warrants
Without warrants
80
Carolina Pr & Lt 53 _ 1956 80
Caterpillar Tractor 55.1936
Cent Arizona I. & P 55.1960
Central III Pub Service
1st mtge 55 ser E..1956 8265
July
54
1st dr ref 455s ser F_1967 75%
11
Aug
let mtge 5s ser G__1968 81
54 Sept
455s series II
1981
8
Aug
355 Sept Central Maine Power
Jan
55 series A
1955 924
2
Cent Ohio I.& P 5s
11110 7655
14 Aug Central Pow 555er D.1057
55 Aug Cent Pow & Lt tat 55_1956 69%
234 Jan Cent Pub Serv 634*..1949
13
With warrants
4 55 Aug
14% Aug
13
Without warrants
Aug Cent Plates Elee 5*.. _1948 5254
Deb 555s Sept 15, 1954
55 Jan
655 Sept
with warrants
5254
Without warrants_ _ _ _
55 Aug
Cent States P & LI546 53 -55 Aug Chic Dist Elec Gen 455s 70
Deb 5(4,u Oct. 1. 1935 8355
1254 Sept
34 Jan Chic Pneurnat Tool 5558'41
59% Sept Chic Ity5 ctl's of deps.1927 52
Cigar Stores Realty Holding
55 Jan
Deb 555s series A._ _ 1949 23
Feb Cincinnati St By 555s A '52 57
1
1966 4635
534 Aug (Arles Service .53
Cony deb 5s
1950 46
74 Aug
555 Sept Citiel Service Gas 5555 '42 61
July Cities Sery Gas Pipe L '43
5
,
65 Aug Clties Sera P & L 55.55 '52 51%
554s
1949 51
935 Sept
1355 Sept Cleve Eke 111 lot So..1939 um%
Gen be series A
11“ Sept
1954
1981
55 serles B
255 Sept
Colorado l'ower .5s
1953
Cornmerz und Priv/a
Bank 54s
3255 Aug
1937 5435
Commonwealth Edison
Aug
1st 51 55 series A...1953 994
1
55 Jan
1st !al 59 serles B...1954 100
1st 445 series C
14 Aug
1956
Sept
1st NI 455s series D_1957 9331
89
4555 series
55 July
1960 92%
lot M 44 series F__ _1981
55 Aug
85
5555 series CI
Sept
1962 102%
31 Aug Com'wealth Subsid 5559 '48 7755
555 Jan Community Pr & Lt 55 1957 6155
Jan Connecticut i.ight & Power
5
4555 series C
5
Sept
1956 98
59 series D
Ire Sept
1962 1024
2615 Mar Consol GEL&P 4555 1935
Consol Gas El Lt.& P(Bart)
1st ref f 43
155 Aug
1981
9431
let dr ref. 5555 ser E 1952
1855 Feb
455s series It
2455 Sept
1970
35% Sept Consol Gas 1.7111 Co
1st & coil 65 Per A_ _1913 304
155 Sept
Deb 631a with warr 1943 24
35 Sept
4
Mar Como! Textile lot 85_1941
54 Aug Consumers l'ow 4555_1958 9855
1936 1034
1st & ref 53
1958 6255
855 Aug Cont'i 0 & El 55
sip Jan Continental Oil 5555_1937 9455
Sept Cont'l Securities boner A'42
3
34 Jan Crane Co 55....Aug 111440 76
1940 65
454 Jan Crucible Steel 5s
1991
54 Jan Cuban Tel 7555
455 Jan Cudahy Pack deb 545 1937 90
Sinking fund 55.. .1946
14 sem
54 Jan Cumberland CoP&L.435556 85
55 Mar
Dallas Pow & Lt 65_1949 106
Dayton Pow & Lt 55 1941 1004
1941 100
.5s new
9955 Jan Del Elcc Pow 5%a_ _1959
954 Mar Denver Gas & El 58 _1949
724
9655 Jan Derby Gas & Elec 59_1946
8455 Jan Del City Gas 6a ser A 1947 96
as 1st series B
1950 90
91
Jan
75
Aug flat & Int Bridge 7s.._1952
9935 Aug Dixie Gulf Gas 6555 _1937
With warrants
75 Sept
1945
ii
Jau Duquesne Gas 6s
Jan East Utilities Invest
8
Jan
5s with warrants
1954 28
19
70 Sept Edison Elee III (Boston)...
434s
96
Oct. 11932
Aug
5% notes
8835 Mar
1933 1014
2 year 55
Aug
47
1934 102
% notes
374 Jail
1935 10254
82% Jan El Paso Electrie
1950
Aug El Pas() Nat Gas 645 1943
95
67
Mar
with warrants
76
deb 655s
Mar
1938 59
Mar Elec Power & Light 55.2030 581.4
47
9454 Sept Empire Dist El 55_ ...11152 54
Aug Empire Oil& Refg 5491942 54%
93
Jan Ercole !quoin Elec Mfg
16
6555 with warrants.1953
1355 Jan
102% Aug Erie Lighting 5s
1967 97
9155 Sept European Elec 6345_1985
Without warrants
Mar
60
57
101
73
102% 16,000
r7555 10,000
94
54
Apr 10255 Sept
July r;55i Sept
75
80
7755
9055
9055
75
5,000
80
.5,000
80
53,000
91
2,000
9015 1,000
6154
64
58
794
74
July
June
July
May
June
76
80
8655
91
91
81
7515
80
76
8254 4,000
53,000
77
15,000
82
76
1,000
6255
53
57
55
July
June
July
June
8234 Sept
Aug
79
Jan
85
79
Aug
914
7615
74
68
9254 6,000
3,000
77
9,000
75
704 57,000
74
54
5155
42
May
July
MAY
June
94
78
76
76
13
13
50
15 273,000
13,000
15
5355 134,000
35 June
135 July
17
June
273.4 Ja n
20
Aug
56% Aug
50
50
4455
79
83%
43
504
5354
50
4855
82
84
44
52
18
37
20
5455
42
1855
34
57
50
59
82
8555
5054
534
219,000
1,000
3.5,000
20,000
18,000
4.000
11,000
84,000 1055
23
5,000 3955
57
23,000 16
48
4854 617,000 all
46,000 33
62
6634 7,000 4934
50% 53% 95,000 2655
9,000 5054
5054 51
104 10454 12,000 994
103% 10355 13,000 99
10355 104
4,000 99
90
3.000 82
90
21
55
4535
454
604
66
May
Aug
July
Apr
July
July
Apr
99
93
924
92
8435
102
7634
5955
1004 8,000
36,000
100
94
3,000
94
2,000
93
27,000
86 104,000
103 359,000
79 121,000
63
49,000
86
8255
78
78
78
694
94
40
38
Aug
Sept
Aug
Aug
Aug
Sept
Feb
Aug
Aug
Jan
Aug
June 40
Mar
June 62
Mar
May 4955 Aug
May 5255 Jan
May 62% Aug
Aug
May 68
July 5851 Jan
Sept 51
Sept
Jan 10455 Sept
Feb 105
Aug
Feb 104
Sept
Aug 00
Sept
5255 56% 160,000 12955 June
99%
Jan
Apr
Aug
Mar
Aug
June
June
June
June
May
May
Aug
May
June
57
Aug
101
10054
9455
95
z9454
89
103
83
69
Aug
Aug
Aug
Aug
Aug
Aug
Sept
Aug
Aug
98
98
Sept
7,000 90
July e98
10155 10255 29,000 95% July 1024 Aug
1024 10255 5,000 10055 Aug 10254 Sept
94
944 23,000 82
10555 10655 8,000 102
10255 10215 16,000 94
Jan 9454 Sept
June 108
May
Feb 10235 Sept
30
a2355
18
9854
102%
61
a9455
50
74
65
78
89
9934
84
34, 45,000 1655 May 40
4
Aug
25
31,000
4
May 29
Aug
18
4,000 1854 Aug 20
Jan
99
38,000 87% Feb 99
Sent
103% 37,000 10054 Mar 1004 Aug
6255 182,000 35
May 68% Aug
9455 37,000 8054 Apr 14534 Aug
50
1,000 32
July 52
Aug
7854 17,000 5154 July 89
Jan
65
28,000 39
June 77
Mar
6,000 55 June 83
79
Jan
90
28,000 59
June 97
Mar
100
13,000 95
Sept
June 100
85
9,000 71
June 86
May
10554
100
99%
75
96
72
95%
88
1
106
36,000
1004 26,000
10055 185,000
75
1,000
96% 5,000
7355 3,000
7,000
96
90
6,000
155 8,000
83
83
13% 1354
4,000
1,000
2755 304 32,000
97
95
9854
55
92
53
704
6455
36
June 106
Jan 10134
Aug 10055
June 8054
Apr 9654
June 7355
May 9755
May 90
Feb
2
46
June
334 May
8
July
Sept
May
Sept
Aug
Sept
Sept
Feb
Sept
Aug
85
Aug
13%
Sept
35
Aug
100% 100%
1,000 10054 Apr .101
10155 10155 27,000 9855 Jan 10255
10135 1024 22,000 9954 July 10254
97,000 98
101% 103
May 103
854 85% 1,000 61
July
8655
May
May
Sept
Sept
Aug
1,100
a6115 65
58
6,000
59
58% 62 443,000
54 a5555 14,000
533.4 553-4 44,000
Apr
Mar
Aug
Jan
Aug
58
43
21)
36
26
June
June
June
July
May
June 63% Mar
Aug
June 100
60
95
6255 15.000
97
6,000
42
90
53
57
35,000
38
Apr
70
60
6754
654
5955
57
Sept
Bonds (Continued)
Friday
Sales
Last IWeek's Range for
ofPrices.
Sale
Week.
Price. Low. High.
3144 62,000
66
11,000
414 6,000
5044 36,000
European Mtge Inc 75 C'67 3044
Fairbanks Morse deb 55.'42 64
4%
1933
Fed Sugar Ref 63
Federal Water Serv 515554 49
Finland Residential Mtge
.1961
Banks 65
Firestone Cot Mills 55_'48
Firestone T & Rub 55 1942
First Bohemian Glass
Works 7s_ ___Jan 1 1957
Fisk Rubber 5458.-- -1931 42
Certificates of deposit__. 42
Fla Power Corp 5455 _1979 65
Florida Power & Lt 55_1954 7644
1939
FoltIs Fisher 6.15s
30
64
4
48
45
41
41
65
754
64
Gary El & Gas 55 ser A 1934
Gatineau Power 1st 55195C,
Deb gold 65 June 15 1941
Deb Os see B.._ _ _ 1941
Cell Motrim Accept Corp% serial notes.. _ _ 1933
1934
5% serial notes
.1935
5% serial notes
1936
serial notes
5%
Gen Pub Utll 6455 A _1956
1933
644a
1948
Gen Rayon as A
Gen Refractories 5s...1933
Gen Vending Corp 65_1937
Without warrants
Gen \Vat Wks & El .58 1943
1944
6s series B
Georgia-Carol Pow 55_'52
Georgia Power ref 5s_1967
Georgia Pow & Lt 55..1978
1953
Gesture'deb (Is
Without warrants
Gillette Safety Razor 55 '40
Glen Alden Coal 4s___ .1965
1935
Glidden Co 5)45
Gobel (Adolph) 645_1935
With warrants
Grand (F W) Prop 63_1948
Grand Trunk Ity 6%5.1936
Grand Trunk \Vest 45.1950
Great Nor l'ower Ss. _1935
Great Western Pow bs 1946
Guantanamo West 65_1958
1937
Gulf 011of Pa 55
Sinking fund deb 59.1947
1956
Gulf States ULU 53
1st & ref 4455 ser B.1961
9,000
48% 51
10,000
8045 81
8431 844
1,000
Range Since Jan. I.
Low.
Bonds (Continued)
High.
194 Apr
July
34
Jan
2
21
July
35
68
5
50
Jan
Aug
Star
Aug
26
62
68
Jan
Jan
July
Sept
51
81
Aug
844 Sept
45
1,000
75,000
42
42 172,000
2,000
67
77% 145,000
6%
1,000
32
1034
8
45
50
69.4
June
Apr
Apr
July
May
Sep
60
43
4241
68
78
64
77
72
64%
64%
78
73%
66
66
15,000
82,000
36,000
12,000
49
5441
3741
37
July
Mar
June
June
85
7545
70
68
Feb
Aug
Mar
Mar
101
10114 100%
100
1004
39
3611
43
43
21%
20
61% 60
10115
10144
10014
10044
39
45
2144
6145
5,000
13,000
15,000
24,000
23,000
7,000
10,000
5,000
98
964
94
934
19
24
17
29
Jan
Jan
May
Jan
May
Jun
Au
Jul
101%
1014
100%
100%
44
52
26%
70
Aug
Sept
Aug
Aug
Aug
Aug
June
Jan
8
43
114
80
8641
a6144
841
45%
17
80
8741
64
10,000
20,000
99,000
10,000
59,000
9,000
1
2241
z644
71
634
45%
Apr
May
Jun
Jul
May
Jun
8)4
484
24
86
90
654
Sept
Aug
Aug
Mar
Jan
Mar
77
72%
654
65
4434
124
87
61
5144
98
a97
574 57
87% 8744
5114
5,000
80,000
98
90,000
58
8845 20,000
23
77
4244
62
Jun
Ma
Jul
May
514
94
60%
8845
Sept
Sept
Aug
Sept
58
2
87
45
904
914
13
90
83
56
5534
May
June
Jan
June
July
Feb
Apr
June
June
July
July
7615
29
101
69
100%
100
34
1004
0
.334
84
75
Sept
Jan
Aug
Mar
mar
Sept
Aug
Aug
Aug
Jan
Jan
70
5641
384
47
70
3,00
May
34
64
40,000 z2334 May
41
9,00
35
Jan
504 8,00
43
Apr
80%
64
60
71
1947
Idaho Power 5s
Illinois Central RR 4455'34
III Nor Utilities 55-1957
III Pow 5c 1. 1st 6s ser A '53
lot & ref 5455 ser B_1954
1st & ref bs ser C.._1956
S t deb 545s.May 1957
Independent0& C 65_1939
Indiana Electric Com1947
es series A
1957
55 series C
Indiana Ilydro Elec Ss 1958
Indiana & Mich Elec1955
1st & ref 55
...1063
Indiana Service Ss.
1950
1st & ref Ss
Indianapolis Gas 55 A..1952
Ind'polis P & L 5s ser A '57
Inland Pow & Lt 6s_ _1957
Insull URI Invest 68.-1940
With warrants
1949
Deb 5s ser A
Intercontinents Pow6s19111
Internal Pow See 645513 '54
Secured 634s ser C_I955
1957
7s series E
1952
78 series F
International Salt 55_ _1951
Internet Securities 58.1947
Interstate Power 55_..i957
1952
Debenture 65
Interstate Public Service
1949
53series D
1958
4455 series F
Invest Coot Amer 55_1947
With warrant
Without warrants
lowa-Neb I. & P 5s...1057
1st & ref 5s series B 1961
Iowa Pow & Lt 445s_ _1958
Iowa Pub Service Ss _.1957
Immo Hydro-Elec 78_1952
Botta Fraschini 7s___1942
With warrants
Italian Superpower of Del
Debs 65 without war '63
Jacksonville Gas 5s....1942
Jer C P & L 1st 5513_ _ 1947
1st 445s series C___ 1961
Jones & Laugh'n Steel 55'39
Kansas City Gas 65_ _ _ 1942
Kansas Else Pow (is A1937
Kansas Gas & El 63_ _2022
1947
Kansas Power Ss
Kansas Power & Light
1st intim 5s ser B._ _1957
Kelly Springfield Tire 6542
Kentucky Utilities Co
1961
1st M 5s
1st m 61.55 ser D_ _ _1948
1955
515s series Ir
1969
bs series I
Koppers 0 & C deb 55 1947
Sink fund deb 545s 1950
Kresge (55) Co bs._- _1945
Ctts of deposit
.'
Laclede Gas Light 5155 35
Larutan Gas Corp 6455.'35
Lehigh Pow Secur 6e.2026
Lexington Utilities 55_1952
61)4
47
44%
5244
87
89
96%
77
3831
46
53%
8944
90
98
78
38%
50
58%
9145
91%
98
79%
484
53%
8744
9741
Jan
Aug
Aug
Sept
Sept
Aug
Feb
40
40
5134
92
8245
80
7441
674
97
5144
92
814
7831
7215
67
a82
33,000
3,000
13,000
5,000
2,000
9,000
1,000
21,000
20,000
6,000
15,000
5,000
12,000
102,000
15.000
10,000
3,000
1,000
103 103
43
39
394 40
8,000
17,000
3,000
97% 15,000
5634 143,000
93
3,000
83
38,000
8545 31,000
7545 67,000
67% 31,000
1,00
a82
79%
72
7845
7845 80
5,000
72
7541 25,000
7311 7845 14,000
95
3934
3941
8245
94%
93
36%
3944
8245
93%
27
3
315
4
101
7845 75%
87
70
7045
54
55
67% 64
50
4931
3
334
69
78
79
86
64
Manitoba Power 5345_1951
Mansfield Min & Sm 7s '41
With warrants
Mass Gas Co 5455_1946
Sink fund deb 5s__1955
Mass Util Assoc 5s__.1940
McCord Rad dc Mfg 6s '43
With warrants
Melbourne El Sup 71451946
Metropolitan Edison 48 '71
1962
5s series F
1961
Mich Assoc Tel 5
9
Middle West Utilities
Cony 5% notes_ _1932
Cony 5% notes_ _ _ _1933
.1934
Cony 5% notes..
Cony 5% notes. _1935
Milw Gas Lt 445s._ _ _1967
Minneap Gas Lt 4455_1950
Minn General Elec 55_1934
Minn P sic List 5s....1955
1978
1st & ref 44s
Mississippi Power 5s_ _1955
Miss Power & Light 55 '57
Miss River Fuel (is_ _1944
With warrants
Without warrants
Miss Rly Power 1st 5s 1951
Missouri Pr & Lt 5445_1955
Missouri Public Serv 5s '47
Monon West Penn Pub Ser
1st lien & ref 515s B 1953
Montreal L H & P Con
1st & ref 5s ser A. _1951
1970
53 series B
Morris Plan Shares 6s_1947
Munson S S Lines 6458 37
'
With warrants
Aug
Sept
Aug
Aug
72
76%
10
10
10 4 a10031 10044
05
6435 6545
1004 10044 1004
9915 100
30
30
1004 994 10014
98
97% 98
79
78% 77
70
71
70
75
75
067
780
75
79
r79
86
77%
62
95
6,000
3934 18,000
4135 9,000
8245
1,000
94% 49,000
27
5,000
4
344
4
103%
80
87
704
72
564
6744
51
50,000
9,000
3,000
18,000
23,000
12,000
2,000
3,000
22,000
165,000
60,000
75
69
1,000
28,000
r80
2,000
7941 6,000
79% 3.000
80
7,000
86
1,000
7941 12,000
38,000
64
174
21
73
75
8541
5534
26
June
May
May
May
June
May
Mar
984 Feb 103
Aug
2134 May 4934 Jan
254 June 46
Jan
884
5045
724
56
50
4844
3034
64
Feb
Aug
Apr
June
June
June
June
Jan
98
61
93
91%
88
83
74%
88
63
55
57
June
Jan
June
Mar
90
Mar
79
7634 Sept
82
16
16%
71
72
10
June
July
July
July
May
May
95
62
63
86
96
364
Sept
Feb
Feb
May
Jan
Jan
44
35
245
77
52
62
5245
57%
36
4641
19
May 38%
May 27
Aug
6
June 104
June 80
June 87
Jan 74
June 77
July 60
July z6945
May 52
Jan
Jan
Jan
Aug
Sept
Jan
Apr
Aug
Aug
Mar
Aug
57
July
51% Apr
Aug
Aug
Sept
Jan
Jan
Jan
Feb
Aug
80
75
Aug
Feb
58%
4715
64%
66
75
61
48
Apr r8
0
Apr 79%
June 82
June (0
June 86
May 82%
June 64
44
July
67
Feb
214 May
45
Sept
Sept
Sept
Aug
Aug
Sept
Jan
Sept
50
50
2,000
44
44
45
29,000
64
634
9634
8645
99
90
85
90
80
65% 32,000
9945 3,000
884 60,000
994 2,000
90
1,000
85
8,000
9015
7,000
80
3,000
40
7945
74%
9244
80
75
64
61
82
45
82
40
3,000
54,000
6315 July
40
Aug
84
49
Jan
Sept
16,000
13,000
1,000
4,000
53,000
53,000
3,000
5,000
1,000
2,000
75,000
3,000
60
664
62
68%
46
52
80
70%
38
32
4831
54%
82
964
84
82
88
90%
95
95
77
.50
8744
78
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Aug
Aug
Aug
Jan
88
85
90
82
45
764 7744
8645 88
87
a8341 a833.1
77
77
83
83
80
87%
87% 86
91
91
87
84
67% 67%
49
4914
85% 8544 86
75
75
77
July 66
May 9944
May 9044
June el01
June e96
May 90
June 90 i5
July 90
June
June
June
June
June
June
May
July
June
Feb
June
June
Sales
Friday
I.asi Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
48,000
Libby MeN & Libby 5s '42 61% 60% 62
Long Island Ltg 65._ _1945 100% 100 100% 28,000
1,000
1952
7911 7941
534s series A
Los Angeles Gas & Elec974 10044 5,000
1st & general 5s_ _ _ _1961
100% 10045 2,000
.7.
4
Gen. ref 515s ser I 1949
2,000
91
91
Louisville G & E 4355_1961 91
Louisiana Pow & Lt 581957 91% 89% 914 54,000
Jan
Aug
Aug
Aug
Feb
Sept
1935
hamburg Flee 7s
Hamburg El & Cad 515s'38
Hood Rubber 10-yr 5 As'36
1936
7s
Houston Gulf Gas6481943
With warrants
1st mtge & coil(ls_. _1943
nous L & P 1st 415s E.1981
lot & ref 445s ser D_1978
1953
1st 55 series A
Hudson Bay Si & S 65_1935
Hungarlan-Ral Bk 7455 '63
hydraulic Power (Niagara
1st & ret 55
1950
Ilygrade Food es ser A 1949
series B
1949
1811
Financial Chronicle
Volume 135
Feb
Sept
Aug
Mar
Jan
Mar
Sept
Jan
Range Since Jan. 1.
Low.
High,
4241 May 81
Mar
7345 June 10011 Sept
July 85
68
Mar
June 10014 Sept
June 1003.4 Mar
May 9135 Aug
Mar
May 93
82
93
90
68
65
65
67% 21,000
36% June
6745 Sept
924
914
80%
30
9145
8945
80
2,000
30
9244 48,000
9141 59,000
8045 2,000
15
65
64
65
May
June
June
June
33
Jan
9745 Jan
914 Sept
Jan
90
a30
8445
7945
934 9145
68
4,000
31
8544 6,00
794 7,000
94 204,000
8,000
68
54
60
65
85
50
June
Feb
June
Aug
June
33
8534
80
9435
70
31
134
10,000
2
22,000
1,000 z2
44,000 z2
6.000 88
24,000 62
10,000 100
8,000 70
10,000 67
39,000 5015
8,000 5615
Aug
Sept
Jan
Aug
Aug
May 8945 Jan
Jan
May 69
Jan
May 65
May 6234 Jan
June 96
Mar
Aug
June 89
May 1024 Aug
June 9044 Apr
June 83
Aug
July 7745 Mar
Aug
84
May
8%
834
9
845
94
83
10144
89
90
8145 8145
69% 69
7731
79
9%
9%
9
944
94%
84
102
90
82%
6945
80
63
8245
81
99
9045
63
8645
Si
99%
91
65
76%
76
774 17,000
544 may
8035 Mar
94
94
42
9245 94
94
94
42
42
71,000
5,00
2,00
82% Feb
8145 Feb
41
Aug
91% Aug
Sept
91
Mar
65
84 24
72,000
435 June
9
934
94%
83
Narragansett Elec .5s A '57
1957
55 series B
Nat'l Elec Power 5s_ _ _1978
1944
Nat Food Prod 65
Nat Pow & Lt Os A-2026
2030
Deb 55 series B
Nat Public Service 58 1978
Certificates of deposit__ _
1935
Nat Tea Co 5s
Nebraska Power 4%5_1981
2022
Deb 60 series A
Nevada-Calif Elec 55.1956
New Amsterdam Gas 55'48
N E Gas & El Assn 55_1947
1948
Cony deb 55
1950
Cony deb 5s
New Eng Pow Assn 55.1948
1954
Deb 545s
New On Pub Serv Os A '49
1935
Gen lien 43-45
N Y & Foreign Invest
54s with warrants.1948
NY Pa & Ohio R4345.1935
NYP&L Corp 1st 440'67
N Y State G & E 4%8_1980
Registered
1962
5455
NY & Westch Ltg 45_2004
Niagara Falls Pow 65_1950
1959
55 series A
Nippon El Pow 6(4s_ _1953
No American Lt & l'ow1934
5% note.
1935
5% notes
1936
5% notes
1956
5455 series A
1956
515s series 13
4s... _1948
Nor Cont Utll 51
Nor Ind Gas k. El 6s_ _1952
-Northern Indiana P S
..1066
let & ref 58 ser C.
1969
5s series I)
let & ref 445s ser E 1970
Nor Ohio Pr Lt 53.0 1951
Nor Ohio Tmc & Lt 55 1956
No States Pr 5 %notes'40
1961
Ref 4 sis
Nor Texas URI 7s_ _ _ _1935
N'western Elect 6s1935
N-western Pow 68 A ...19611
8636
9945
20
9845
98%
53.4
29%
89
77
23%
21%
94%
9145
7245
6345
61
6331
67
74
59
71%
97
9635
544
2945
8734
77
2244
21%
a8431
93
91%
72
9245
63%
61
6231
63%
67
59
7144
9,000
8,000
14,000
4,000
3.000
66
66
89% 8944
89% a9144
87%
86
85
85
98
95
88
87
104% 10.534
99% 99% 10041
3845 3645 38%
97
91
9014
7544
84
974
9445
24
Sept
99
98%
4645
3445
90
80
45
2445
9535
95
98
77
92).i
7044
70
72
6731
7555
8034
77
Aug
Sept
Jan
Jan
Sept
Jan
Jan
Sept
Sept
Sept
Mar
Jan
Sept
Aug
Aug
Aug
Jan
Aug
Jan
Aug
1,000
91
4,000
81
1,000
7944
29,000
54
1,000
52
4951 62,000
2,000
9634
604
55
4744
5244
52
21
9014
Feb
July
July
Sept
Sept
May
July
92
85
8644
54
52
49%
96%
Aug
Aug
Aug
Sept
Sept
Sept
Sept
86
85
80
954
8935
91
90
84
8934
22
2000,
86
8535 6,000
2,000
80
14,000
97
6,000
97
17,000
92
36,000
91
5,000
85
1,000
89%
6,000
25
62
644
6235
85
79
75
79
54
81
8
Jun
Jun
May
Jun
Jan
May
Apr
June
Aug
May
87)4
88
(2)4
97
97
9345
91
85
9345
4344
Jan
Jan
Aug
Sept
Sept
Aug
Mar
Mar
May
Mar
5.000
6,000
22,000
7,000
95
80
83
74
Sept
May
June
June
95
95%
954./
9314
Sept
Aug
Sept
Aug
2,000
19,000
63,000
18,000
3,000
18,000
65
70
67
60
43
35
June
June
May
June
June
June
88%
87%
90
83
6944
60
Jan
Aug
Sept
Aug
Aug
Sept
June
June
May
Islay
May
June
June
10734
10414
100
9544
9354
1034
85
Aug
Aug
Aug
Sept
Sept
Aug
May
75
7845
8334
964
934
8945
86
98%
9941
5
10554 10545
10534 105
52% 51
96%
10031
Mar
Mar
Aug
Aug
Sept
June 66
6,000 38
1,000 894 Sept 89% Sept
May 924 Aug
71,000 73
73,000 664 June 87% Sept
Sept
Sept 85
1.000 85
Aug
Aug 100
7,000 84
, Sept
.5,000 7845 Apr 81
15,003 10144 Mar 105% Aug
9545 Apr 1004 Aug
4,00
Feb
June 59
24,000 30
7644
79%
844
984
95
90
38,000 100
1,000 944
91
48,00
55,000 8241
27,000 82
1,000 100
66.000 5044
June 7145 Mar
15.000 887
Aug
27,000 6145 July 85
Jan
June e86
7.000 68
87,000
8,000
24,000
60,000
40,000
7.000
6445
41
55
84
81%
85%
10244 10234 10245 11,000 100
9941
90
84
99%
92
ee3.5
91
81
794
524
52
44
9615
95
95
1945
Ogden Gas Co 5s
95
95
1960 95
Ohio Edison 1st 5s
Ohio Power 1st 5s B..I952 984 9734 98ti
9244
1st & ret 445sser D.1956 9245 92
Ohio Public Service Co85%
85
1st & ret 5s tee D...1954
87
let & ref 544s ser E.1961 86% 86
Okla Ga.s k Flee 55_ _ _1950 8844 884 90
80
81%
Os deb series A
1940 81
64% 64%
Okla P & \vat 54ser A_194$1
.5444 60
1941 60
Oswego Falls 65
mac Gas & El Colin Ss penes 11
... 1941 107% 10645 107%
ist & ref as see C....1952 10235 10245 102%
1955 9945 9844 100
5s serlea I)
Ist & ref 440 E. _1957 944 944 9541
1st & ref 434s F- _ _ 1960 954 9415 95%
102% 102'
Par 1.tg & Power 55..1942
Pac Pow R. Light 5, _ _1955 7414 72% 75
Pacific Western 011640'43
66
6534 a65
with warrants
81
79
Penn Cent L& P 448_1977 80
854
1979 8514 84
58
Penn Flee 45 see F. _1971
Penn Ohio Ed 5448 8-1959
.1950
Deb 6s series A
.54
Penn-Ohio P & 1.5 i.55
.1956
Penn Power Ss
Penn Telep Corp 55_ _ _ 1969
Penn Wat & Pow
1940
1st 'mortgage 55
Peoples Gas Lt & Coke
1981
4s series B
445% serial notes. _1935
1957
Os series C
Peoples Lt & Pow 5s_ _ 1979
Phil& Electric Co 5s_. _1966
Phila Flee Pow 54s_ _1972
Phlla Rapid Trans 65_1962
Phila. Suburb Water 551955
Phila Suburban G & E
1957
1st & ret 414s_
July
June
June
July
Juiy
89% June
9844 54,00
9845 42,000 9631 Aug
45 June
634 36,000
May
30% 4,000 20
9,000 5244 June
90
78% 36,000 4044 Jun
54 Jun
25 395,000
Aug
18,000 17
24
8534 10,000 6041 Jun
Feb
22,000 88
95
May
91% 4,000 75
73% 53,000 5545 Jun
July
1.000 90
9235
28,000 4041 Apr
66
Apr
65% 43,000 40
Apr
66% 91,000 41
6734 226,000 2941 Jun
Jun
74 107,000 30
604 5,000 3545 July
June
14,000 36
73
66
89%
90%
87
85
54
52
44%
62
61
86%
68
50
764 Sept
July
Slay 8345 Apr
June 84% Mar
May 1004 Mar
Sept
June 95
95
Aug
July
Apr 102% Aug
May 8715 Aug
86% 9,000 68
July 9845 Sept
9814 2,000 76
10045 593,000 97.% Aug 100% Aug
Jun
635 Aug
1
544 9,000
105% 7,000 101% Apr 10534 Aug
Jun 10534 Apr
35,000 98
10534
Aug 6845 Jan
17,000 38
.56
June 9611 Sept
964 2.000 90
10 01 101
2,000
94
Jan 103% Sept
1812
Bonds(Continued)-
Financial Chronicle
Sales
Friday
La of Peek's Range for
of Prices.
Sale
Week.
Price. Low
High.
$
Range Since Jan. 1.
Low.
High
Piedmont Hydro El Co
69.000 34% May 65
1st & ref 6545 Cl A._19110 65
60
65
Pittsburgh Coal Is....i949
87
June 90
90
7.000 68
Pittsburgh Steel Os_ .1948
64
2,000 55
July 85
70
Portland G & E .5s_ _1940
Aug 92%
924 924 3,000 90
July 90
Potomac Edison 5s E.1956 87
87
8854 11,000 70
June 65
Power CorpiCan 45013'59
65
1,000 37
65
Power Corp(NY)5343.'47 77.4
7754 7831 9,000 4254 July 80
Procter & Gamble 4548 '47 101
14,000 9634 Feb 1044
10031 101
Prussian Eller deb 85_ _1654 5051 4434 504 37,000 154 June 5034
Pub Serv of NH 4548 13'57 8534 854 86
3,000 704 July 86
Pub Serv or N J
Ws
109 109% 10,000 10034 Apr r1.1254
Pub Sera of Nor Illinoislst & ref 58
1,000 704 June e9014
1956 894 8931 8954
June 904
lot & ref 58 ser C. _1966
87
89
6,000 70
82
July
1st & ref 445 ser 0.1978 8031 804 801%
1,000 60
let & ref 4 Sis ser E_11180 82
82
82
8,000 60 June 84
July 834
1st & ref 4 48 ser F.1981
82
80
8234 66,000 58
634sseriesfl
1957 984 98% 99% 892,000 98
Aug 99%
Pub Serv of Oklahoma
75
1961
5s series C
May 754
75
1,000 56
74
76
55 series D
24,000 5554 May 8051
1957 75
June 78
Pub Seri" Sub 5 Sis A _1949 72% 7154 7334 34,000 38
7751 7954 55,000 5651 June 82
Puget Sound P & L f Sis '49 77.4
72
1st & ref 58 ser C_ _ _1950 74
7634 5,000 5314 July 7754
1st & ret 448 ser 0.1950 66% 66 a68 34 64,000 52% June 73
Queensborough Gas & El
1958
Ref 4 Sis
Radio-Keith-Orpheum
1941
Cis full paid
Reliance Managem't 58 '54
With warrants
Remington Arms5 348 1933
Republic Gas 68 June 1545
Ctfs of deposit
Rochester('cut Pow 551953
Rochester 0 & E 55 E.1962
Rochester RI'& Lt Is.1954
Ruhr G88 Corp 650..1953
Ruhr Housing C 30 A.1958
Ryerson (Jos T) 55_ _1943
St. Louis0& Coke 65_1947
1944
St Paul Gas Lt 5.3
Safe Harbor Wat Pr 4 Sis'7.
(
Salmon River Pow 55_1952
San Antonio Pub Seri/
lat m & ref 5s ser B.1958
San Joaquin L & Pow
1957
55 series D
Sauda Falls 5s ser A1955
Saxon Pub Works 5s_.1932
68
1937
Schulte Real Estate 68_1935
Without warrants
Scrim)
(E W) deb 553s 1943
Seattle Lighting 5s. .1949
Servel Inc 55
1948
Shawinigan W & P 430 '67
lot 450 series B_ _1968
1st 5s series C
1970
lot 430 series D _1970
Sheridan Wyo Coa 68 '47
61808 Gel Corr. 63432
with wa,'ants
Sioux City G& E 6s B__'49
Southeast P & L (Is...2025
Without warrants
Sou Calif Edison 58___1951
1952
Refunding 5s
RefundLig Is June 1 1954
193o
Gen & ref 58
Sou Carolina Pow 58_1957
Southern Calif Gas Co
1961
1st & ref 450
lot ref 55
1957
Sou ("sill Gas core 5a..1937
Southern Gas Co 650_1935
Without warrants
Sou Counties Gas 4501968
Sou Indiana G & E 550 57
Southern Natural Gas 654,
With privliege Without privilege
Southwest Assoc Telp 5861
Southwest G & E 59 A.1951
1st mtge.58 ser B._ _1957
Sou'west Li & Pow 53_1917
So'west Nat Gas 68... 1915
So'west Pow& Lt 6s..2022
Springfield G & E 58..1957
Sept
Jan
Jan
Aug
Mar
Aug
Aug
May
Sept
Sept
Aug
Sept
Aug
Aug
Jan
Aug
Aug
Aug
Aug
Aug
Aug
Mar
Mar
9234 Sent
3,000
82
May
98
23,000
40
May 106
67
94
90
22
22
20
20
52
5034
97% 964
1004
431% 384
38
38
81
67
94
24
221%
524
98
102
4331
40
81
1,000
52,000
33,000
3,000
93,000
171,000
14,000
115,000
37,000
1,000
48
53
7
7
134
9414
92
13
15
584
July 88%
94
May
May 254
June 24
June 64
Aug 98
Aug 103
4354
May
4()
May
June 844
Jan
Sept
Aug
Aug
Aug
Sept
Aug
Sept
Sept
Jan
2154
100
9651 96
1024
254 50,000
100
3,000
9651 32,000
1024
1,000
5
95
87%
95
254
May
July 100
June 9731
Feb 1024
Sept
Sept
Aug
Sept
9254 924
98
85
2254
614 Aug
85
8254
82
8251 14,000
69
6254
93
98
59
60
934 11,000
100
5,000
69
35,000
63% 27,000
8134 July 9351
844 May 100
2531 Jan 69
3754 July 6334
13%
65
62
65
15
6654
6234
65
3,000
4,000
9,000
3.000
10
5254
54
50
69%
6954
814
67%
68
80
69
35
694
6954
814
70
35
414
4454 62
90
90
7854
101%
101%
101%
1044
684
7834
1014
101
100%
104%
684
Jan
Apr
Sept
Sept
Sept
Sept
42
70%
CO%
75
Feb
Mar
Aug
Feb
76,000
15,000
21,000
11,000
1,000
Aug 75
55
55
Aug 576
61
Aug 86
June 75
52
374
1334 July
Mar
Mar
Mar
Mar
Aug
58,000
3,000
24
90
June
Sept
115
90
Sept
Sept
44
94
93%
93
98%
47
June
Yeb
Feb
Feb
Feb
June
8614
1024
r102
102
105
70
Aug
Aug
Aug
Aug
Aug
Mar
July
Julie
Aug
May
80
101%
1014
101%
104%
69
135,000
38,000
52,000
23,000
7,000
2,000
874
9334
87
87
8734
9354 9334
87
87
8,000
3,000
2,000
98
91
91
1,000
90
90
2,000
9651 9811 130,000
Aug
62 June z93
Sept
854 Aug 90
9354 Aug 0834 Sept
46
51
5954
79
7614
754
29
7254
784
109,000
1.000
1,000
26,000
7,000
18,000
34,000
4,000
1,000
'254
2654
30
58
734
4754
11%
354
72.4
July
July
June
Apr
Aug
June
May
June
July
52
CO
9134
7854
79
39
81
7854
Aug
Aug
Sept
Aug
Aug
Aug
Jan
Sept
65
66
9,000
Staley (A E) Mfg 6s._1942 66
73
75
Stand Gas & Dec 65_ _1935 73
33.000
74
75% 20,000
1935
Cony 6s
62
66
1951 62
Debenture 68
79,000
63
65
Debenture (is _Dec 1 1966 63
30,000
73
1937
Stand Invest 5
75
6,000
.
61
64
Stand Pow & Lt 8s.....1957 62
81,000
38% 40
Stand Telephone 5545 1943 39
12,000
Stinnes (Hugo) Corp
78 without warr Oct 1 1936 4454 384 47
41,000
46
.1946 43% 42
79 without ware
21,000
9934 100
Sun Oil deb 535s.....1939
7.000
9914 15102
1934
5% notes
3,000
Sun Pipe Line 58
9351 934 2,000
1940
Super Pow of 111 454s. '68 7711 74% 78
23,000
1st M
77
1970 7554 75
8.000
Swift & Co 1st in s f 58 1944 101% 1014 102
27,000
5% notes
9331 25,000
1940 934 92
9954 100
Syracuse Lt Is ser B 1957
32,000
45
32%
35
30
30
50
26
27
July
Jun
Jun
June
May
JUDC
June
May
0
11334
83
7734
73
75
70
51
Jan
Aug
Aug
Aug
Aug
Sept
Aug
Jan
22
1734
86
86
80
544
62
921
4
67
84
Mar 47
46
Jun
Jan
101
Feb 01
July 9434
JUIY 80
79
AP
June 103
May 95
AP 100
Sept
Sept
4934
801%
7751
7534
304
73
504
51
5954
814
78
77
38%
73
784
90
Tenn Elec Power 58_1958
86
Tenn Power Co 55_ _1962
80
,
Tenn Pub Ser. 5s___ _1970
Terni Hydro Elec 6501953 65% 624
51
Texas Cities Gas fis._ _1948 51
Texas Nice Service 58.1960 86% 8654
Texas G38 Util 68..._ .1945 144 13
Texas Power & Lt 53_ _1958 8951 8834
1937 10051 100
58
1934
Thermold Co 68
48
a44
' With warrants_
Tide Water Power 53 1979 654 64
1
Tr -Utilities deb 55 ___1979
Twin City Rap Tr 548 '52 374 36
90
86
80%
67
51
874
19
89%
10031
1944 25
Glen Co deb 68
Union El I.& P 1140)58 1957 100
Union Gas Util 6348..1937
Without warrants
Un Gulf Corp 58 July I '60 98%
Un Terminal (Deli 5s_1942
United Rice(N J) 48..1949
United Elec Service 75 1956
45
United Industrial 6545 1941
__1945 4734
1st 133
United Lt & Pow 6s__ _1975 614
lot 5548.......April 1 1959 77
1974
Deb g 64
32% 202,000
100 166,000
24
99
3,000
2,000
4,000
23.000
3,000
46,000
34,000
29,000
14,000
48
18,000
6634 30,000
1
7,000
3754 32,000
44 4%
98
98%
88
90
97
97
66
67
45
4954
46 1.484
61 , 63
764 77
62
64
4.000
48,000
3,000
2.000
10.000
37.000
46,000
20,000
12,000
4,000
May
70
July
82
7134 June
8754 Aug
9354 Sept
8834 Mar
gog Aug
A ug
Au
Aug
Aug
Aug
Aug
Mar
Sept
June
Feb
NIai.
is,ieb
F ar
Feb '22
July
May
June
May
Aug
AP
June
June 189256 29857 4.444
00
ggbgt
4Sept
A
Seug
Jul) (38
22
Jul)
46
4 Apr 2334 Jan
Aug
244 Slay 41
78
83
67
42
324
63
8
67
90
10
94
37
Jun
Aug 100
Aug
Aug
2%
84
75
91%
32
1454
19
30
52
34
434
Sept
s
4)8
May e97
Jun
June
724
Jun
May 494
May 4851
70
MOS
July 85
7-33.4
Jun
Sept
Augep
Sept
Aug
Sept
Sept
Aug
Jan
Aug
Bonds (Concluded)Un Lt & fly 548
1952
68 series A
1952
fls serles A
1973
United Pub Serv lis___1942
U d Rubber
3
-year 6% notes___ _1933
64% serial notes._ _1933
634% serial notes__1934
654% serial notes...1935
655% serial notes___1936
04% serial notes .... _1937
654% serial notes...1938
64% serial notes_ _1939
634% serial notes __ _1940
Utah Power & Lt 443_1944
2022
6s ser A
Utica Gas & Elm 5s_ _ _ 1952
Va Elec & Power 5s_ _ _1955
Va Public Seco 554s A 1946
1st ref 55 ser B
1950
20 year deb 69
1946
Waldorf-Astoria Corp
_1954
1st 78 with warr
Ward Baking Co 68_ ....1937
Wash Water Power 53.1960
Wen Penn Elec 59__ _2030
1Vest Penn Pow 4s..._1961
West Texas Util 5s A__19,57
Western Newspaper Union1944
Cony deb 68
Western United Gas & Elec
1st 54s ser A
1955
Westvaco Chlorine Prod10-yr deb 53.4s
1037
Wlse Elec Power 5s...1954
1Vise-MInn L & P 58...1944
W Is Pow & Lt 5a F ...1958
,
lot & ref 55 ser E___1956
his Pub Seri 554s serB '5
Yadkin My Pow 5s___1942
Sept. 10 1932
Sales
Friday
Last Week's Range for
1Veek.
ofPrices.
Sale
Price. Low. High.
$
Range Since Jan. 1.
Low.
Price.
63
8331
6034
11
644 57,00
8 , 51 17,000
604
1,000
13
11,000
3234
1934
34
2
June
July
July
Apr
67
654
6354
62
(12
59
72
70
974
9231
9851
78
63
65
62
60
58
58
72
66
9734
94
9934
78
6934
65.4
6354
62
62
5951
74
70
974
5954
66
35
274
2554
214
24
21
2251
65
46
88
Jan
Jan
May
May
July
June
Apr
Apr
Apr
Aug
June
June
95
774
71
62
95
74
70
62
95
1,000
774 22,000
714 29,000
634 8,000
79 . Jul)
5254 Jul)
50
July
3454 June
Jan
97
80
Aug
76
Aug
7034 Feb
5454
9
90
9754
62
921%
5454
104 17,000
93
7,000
984 17,000
8,000
63
93
5.000
5,000
55
334
73
83
3554
84
25
2054
93
9 14
,
6454
93
65
26
313
14,000
1434 Apr
35
85
83
85
8,000
6254 May
8734
Aug
1,000
7,000
1,000
2,000
5,000
5,000
3,000
99
90
75
694
71 Si
73
78
Feb 103
June 964
July 81
June 91
June 89
June 91
June Oh
Aug
Sent
Sept
Jan
Jan
Jan
Sept
64
834
1254
94
99%
93
981%
102341021%
96
9654
84
84
85
86
86
864 8634 8631
87
87
93
91
94
Foreign Government
and Munirip•Mies
Baden (Consol) 7s____1951 404
Buenos Alres(Prov)750 47 35
Ext 78
April 1952
ent Bk of German State &
Prov Banks 6s B___1951 a42
6s series A
1952 36
Danish 514s
1955 77
Danzig Port & Waterways650
July 1 1952
.3erman Cons Muni° 7s,'47 434
Secured 6s
1947 434
Hanover(City)78....._ 1939 42
Hanover(Prov)645..1949 394
Bolus Af tge Bk (Finland)
let mtge colt a f 7a_ _1944 74
Slendoza (('rov) Argentina
External 748 a t g._1951
28
'torteage Bk of Chile 65'31
Vitae Ilk of Denmark 55'72
Ru.elan OovtCertificates 6548_1919
14
1921
534o
154
Rio de Janeiro 6140_ _1959 al051
Saar [Main Counties 78 1935
3antlago (Chile) 78.._1949
35
34
29
168,000
26,000
6,000
23,000
5,000
8,000
12,000
15.000
8.000
4.000
11.000
4,000
4051 21,000
36
75.000
334 15,000
May
June
July
May
June
July
1654 Slay
2651 June
244 June
684 Jan
Mar
88
68
Aug
29
Jan
94
9934
78
70
6554
65
62
62
60
83
76
99
Sept
Sept
Sept
Aug
Sept
Aug
Sept
Aug
Aug
Jan
Aug
Aug
Jan
Sept
Sept
Aug
Sept
Feb
Aug
4051 Sept
44
Apr
4351 Jan
9,000
39 a42
3351 3634 18.000
7,000
77
75
May zil
23
Sept
1154 May 364 Feb
July
Jan 77
53
44
10.000
44
3754 4 1 4 102,000
3734 4534 106,000
213-4 June
May
15
1351 May
4454 Jan
444 Sept
4554 Sept
4231 21,000
16,000
40
1631 June
June
14
4254 Sept
40
Sept
34
32
June
75
Sept
26
281% 19,000
104 II% 28,000
3,000
69
69
204 May
9 June
Slay
51
41
16
70
Apr
Feb
Aug
151 5,000
134
14
151 2(1,001
854 1154 18,000
3,000
9651 98
1,000
951 954
A
54
3
83
34
694 75
35,000
49
Apr
3
May
ass
June el6
Jan 9854
Apr 13
Aug
Aug
Jan
Aug
Feb
• No par value. a Deterred delivery. I Correction. n Sold under the rule.
r Sold for cash. WI When Issued. z Ex-dividend. c-o-d Certificates of deposit.
cum Cumulative. cons Consolidated. vto Voting trust certificates. cony convertible w, w, with warrants.
the See alphabetical list below for "Under the Rule" sales affecting the range for
e
Blackstone Valley Gas & Elec. 58, 1939, Slay 19. $1,000 at 10234.
Cities Service, pref. B, Jan. 11, 10 at 5.
Connecticut Light & Power 450, series C, 1956, Aug. 30, $3,000 at 105.
Interstate Telephone 5s, series A, 1961, May 9, 52.000 at 63.
Jones & Laughlin Steel 5s, 1939, March 31. 53,000 at 10354•
Kansas City Gas 68, 1942, March 1, 84,000 at 98.
Niplasing Mines, March 23, 100 at 14.
Penn Central Light & Power 58, 1919, Aug. 24, $2,000 at 89.
Public Service Co. of No. Illinois 450. 1978, Feb. 8, $1,000 at 85.
Public Service Co. of No. Illinois 5s, 1956, Aug. 24, 51,000 at 92.
Rio de Janeiro 630, 1959, Jan. 18, $12.000 at 1654.
Shawinigan Water & Power 434s, series 13. 1968, March 10, 82.000 at 78.
Sun Oil 5s, 1934, Sept. 7, 51,000 at 102.
Sylvanite Gold Mines, Jan. 2/, 100 at Si.
Toledo Edison 5e, 1947. April 26, $1,000 at 94.
United Light & RYs. deb. 65, 1973, March 9.52.000 at 6551•
Welch Grape Julce common, Jan. 27, 25 at 3751.
Wheeling Electric 5s, 1941, May 18, $1,000 at 101.
z See alphabetical list below for 'Deferred Delivery" sales affecting the range
for the year.
American Capital Corp. common C18.49 B, June 14, 700 at Si.
American Solvents & Chemical 6345, W. w., 1936. March 17, $1,000 at 1414.
Associated Gas & Electric 5s, 1950, July 14, 83.000 at 8.
Bell Telephone of Canada 55, 1957, March 7. $9,000 at 9414.
Central German Bank 68, 13 1951, Sept. 9, 1,000 at 42.
Central States Electric common, June 1, 100 at 54.
Cities Service deb. 5s. 1950, May 28. $1,000 at 1654.
Commerz-and-Privat
530, 1937. May 28, $1,000 at 29.
Commonwealth-Edisi
,s. series E, 1960, Sept. 1, 54,000 at 95.
Commonwealth &
:CU warrants, June 15, 500 at A.
Continental Gas & Electric 7% prior pref.. July 22, 25 at 42
Edison Elec. Ill. (Boston) 44%, 1932. July 5, $2,000 at 1014.
Employers Reinsurance Corp., June 28. 100 at 14.
General Water Works & Elec. 68, series B, 1944, June 6, $10,000 at 6.
Hamburg Elev., Underground & St Ry. 5348, 1938, May 25. $5,000 at 2334 •
Interstate Power 58, 1957, March 10. 85,00001 70.
Interstate Equities Corp., May 21, 200 at 34.
lowa Public Service 550, 1959, Feb. 1. $1,000 at 84.
Middle West Utilities 5s, 1934, May 28, $1,000 at 15.4.
Middle West Utilities Is, 1935, May 28, $5,000 at 14.
New Bradford Oil, Feb. 8, 500 at 4.
Pacific Western 011 6548, w. w., 1943. June 7, 51.000 at 464.
Public Service of Northern Illinois 7% pref.. April 5. 75 at 88.
Securities Corp. General, April 9, 300 at 2
Southern Gas Co., 6145, 1935, Aug. 30, $1,000 at 94.
Super Power Co. 60. 1961, June 7, $1,000 at 77.
Tr -Utilities Corp. deb. Is, 1979, Feb. 1. $2,000 at 351.
Union Terminal (Dallas) 58, 1942, June 14. 82.000 at 75.
1813
Financial Chronicle
Volume 135
Quotations for Unlisted Securities
Investment Trusts (Concluded).
Public Utility Bonds.
Ask
Par Bid
Bid
Ask
Ask
Bid
Par
31
_
27s
7
11 Trust Shares ot
80
Newp N & Ham 55 '44_J&J 70
Petrol & Trad'g Corp cl A 25
Am Com'th PSAs'53_M&N
America__50 2 2
0
33 Trustee Stand InvestmentC 2 05 2 15
4
82
NY Wat Ser 5s 1951..M&N SO
314
Public Service Trust Shares
534s 1948_M&N
Amer S PS
4
38
89
N Y & Wes L 4s 2004 _ _J&J 86
,
8
Representative Trust Shares 7 69 8.19
Appalach Pow 5s 1941-1&D
Trustee Standard 011 Silo A
i
3
4
52
1512 Royalties Management....
N Am L&Psfdeb5 As'56J&J
ppalaeh I' deb Os 2024_J&J
A
B
Okla G & E 5.9 1940_ _M&S 80 82
Atlanta G L 58 1947 __J&D
3
: -4(4
7
3 Trustee AN er Ctank khare i
2
my B ty ilS shs
Old Don Pow 5s_May 15'51 7214 75
Second Internet Sec Corp A
Broad Riv P 5s 1954__M&S
30 Trusries A
31,
Se teed
022
20
Parr Shoals P 581952_ _A &CI 1812 7312
4
33
s 73
6% preferred
E Ss 1933_ _ F&A
Cen G &
4 8 512
,
4212 45
Peoples L & P 514s 1941 J&J
$6 pref
'46J&D
Securities Corp Gen
1st lien coil tr 5;is
2
23
••
98
Pow Corp NY 6 As'42 M&N 94
Selected American Shares.. 2 25 2 35 20th Century brig series...
lot lieu coil tr Os '46_M&S
2.25 2 55
Series B
Pow Sec coil tr 65 1949_F&A 6812 74
(1I612
SelectedCumulative Shs _
Cen Ohio L Sr P55'50_A&O
IC3 121 1
Two-year Trust Shares
9212
Queens G & E 414s'58_M&S 89
Derby 0 & E 58 1946_F&A
31_ 37
8
8
Roanoke W W 5s 1950_J&J 6812 73
314 33 Trust Fund Shares
Selected Income Shares_ __ _
Fed P S 181 6s 1947___J&D
43
51 , United Bank Trust
88
45
4
Sierra & S F 5s 1949_ _J&J 85
Selected Man Trustees Silo..
Federated Util 510'57 M&S
7(3 77 United Fixed Shares ser Y
23
8 __.
Tide Water Pow 5s'795&A 6412 67
8
Shawmut Association corn..
Gen Pub URI 6 As'56 _A&O
43
8
2 ___
United Ins Trust
65
United L & Sty 65 1973_J&J 60
Shawmut Bk Inv Trust____
Houston Gas & Fuel 58_1952
United Wat Gas & E 551941 80
,
• 128 13 4 U S & British International
Spencer Trask Fund
10
15
9812 Standard All Amer Corp__ 3 £0 _
Preferred
96
III Wat Ser lot 5's 1952-J&I 7212 78 Virginia Power 581942_J&D
18
0
108.34
/(3
Wash Ry & E 45 195I_J&D 80
71
Standard Amer Trust Shares 335 ___ U S Elec Lt & Pow Stutres A 3.2i54 318154
Iowa So Util 5145 1950_J&J 68
75
B
Jamaica W S 53.0 1955_J&J 9512 9812 Western PS 534s 1960_ F&A 70
41
54
74
76 Wheeling Elm 53 '41_M&N 96
,
Voting trust ctfs
98
Standard Collet Trust Shs_
Lexington URI 58 1952_ F&A
4
43
4
9412
Wichita Sty & L 55 1932_ _ _ _
15
_ Un N Y Bank Trust C 3...
Standard Invest 594% Pf-Louis G & N 414s 1961_ F&A 004
412
98
414 ___ Un Ins Tr Shs ser F
98
. Wise Elec Pow 5s 1954 _ F&A 95
A&
Standard Oil Trust Shares A
Deb S f 6s 1937
414
US Shares ser H
34
3
Class B
Louis Light 1st 55 1953_A&O 9712 104 Wise Minn L&P 5s'44_M&N 8112 #7
331
87
45
47 T.Jn Com Tr Shs A 2
Wise Pow & Lt 5.1 '56_ NI&N £12
State Street Inv Corp
New On P S 6s 1949_ _ _J&D 5812 Cl
'.
Universal Trust Shares._.. 2.49
Super Corp of Am Tr Sim A 3 0
I 80 1 95
AA
Bonds
3 18 _ _
Public Uti ity Stocks.
I h 1 95 Shawmut Bank Invest Trust
BB
Par Bid Ask
1942
Ask
Par Bid
4 As
5 35 5 85
,
1952
87 Memphis Pow & Lt $7 pt_ _• 2 212
Alabama Power $7 pref.100 85
55
5.05
40 Metro Edison $7 pref B...• 70
Arizona Power 7% pref _100 30
• 70
75
$6 preferred C
82
• 78
Ark l'ow & let $7 pref
..5 59
61
15 Mississippi P & L56 pref
Assoc Gas & El orig pref. • 13
Industrial Stocks.
___ Miss River Power pref_ _100 84 88
• 24
56.50 preferred
___ Mo Public Serv 7% pref.
_100
25
7
15
$7 preferred
Par Bid Ask
Par Bid Ask
___ Mountain States Power_ _ _*
5
Atlantic Ulty Elea $6 pref _5 94
•
Liberty Baking corn
Adams Millis $7 pref
• 67
7% preferred
100 44
3
412
100
25
Preferred
100 20
Aeolian Co $7 pref
_._ Nassau dr Suffolk Ltg pref_ _ (18
76 Bangor Hydro-El 7% pf.100 09
512
4
.
3 Locomotive Firebox Co.. 5
Aeolian Weber P & P Co.100
.Nat Pub Serv 7% pref A 100
312 6
Binghamton 1, H Sr P56 pt• 110..
3
100
Preferred
_100 94
77
Nebraska Pow 7% pref.
Birminghani Elm 7% Pre-• 74
212 4
85 Macfadden Public'ns com.5
Alpha Porti Cement 1)1_100
90
Broad River Pow 7% p1.100 30Newark Consol Gas_ __ _100 ,(7
16
$6 preferred
100 "6i 63
• 13
American Book 87
75
Buff Niag & E pr pref___25 2214 ig- New Jersey Pow & Lt $6 pf • 70
64
1
212 Merck Corp $8 pref
100 59
Amer Canadian Properties_•
New Orleans P 8 7% 0_100 69
7112
American Cigar pref..
..100 100
70
73 N Y &Queens E L & P pf100 97
Carolina Pow & Lt $7 pref.
• 35
40
if National Casket $3
7
100
Amer Hard Rubber
65 Nor States Pow (Del) cornA
71
743
4
Cent Ark Pub Serv pref.100
80
32
$7 preferred
25 20
American Hardware
Preferred
80
gf
85
Cent Maine Pow 6% pf _100 - - £ 4
24
15 National Licorice cora__ _100 18
9
Amer Manufacturing com10
90
preferred
100 86
7%
20
55 National Paper Sr Type Co
Preferred
100 45
84
8612
Cent l'ow & Lt 7% pref _100 63 65 Ohio Edison $6 pref
30
New Haven Clock pref__100
15
American Meteor new
* 12
37 preferred
7
9
91
95
Cent Pub Serv Corp pref._•
g5
New Jersey Worsted pref... 70
Cleve El Illum 6% pref.100 100 IC012 Ohio Pub Serv 6% pret_ _ _ _ 65
41
Northwestern Yeast__..l00 106 10612
GparselerEred,
78
100 75
. Babcock de Wilcox 2%..l00 39
Col Ely & L 6% 1st p1.100 81
12
8
Baker (J T) Chemical corn_
... Okla
7%
7% pref..100 75
preferred B__ _ _100 72
_
894%
14
11
7 Ohio Leather
3
..5
Pac Ga8 & El $1.50 pref _ _85 2314 2414 Bancroft(J)& Sons corn.
100 25
Consol Traction N J
70
80
1st preferred
50
io0 30
7502 7712 Pacific Northwest Pub Serv
10
Consumers Pow 5% pref__
50 60
2d preferred
20
Bliss(E W)1st pref
50
lb
_
0
6
6% preferred
6% preferred
100 94
41
100
712 Okonite Co $7 pref
10
2d preferred B
98
Prior preferred
27
100 91
6.60% preferred
30
55
Bohn Refrigerator 8% p1100
71 Pac Pow & Lt 7% pref _100 71
76
(bull Gas & Elec 7% p1.100 68
1
4
30 Petroleum Derivatives
25
Bon Ami COB com
Pa Power & Light 7% pref._
96
98
12 Publication Corp $3.20 com•
9
15
94
Philadelphia Co $5 pref._ _. 58
- -. Bowman-Blitmore Hotels..
Dallas Pow dr Lt 7% pref 10
_ _
100 80
$7 1st preferred
106
1st preferred
94
96 Piedmont Northern Ry_100 19
24
Dayton Pow & Lt6% pf _10
1
100
2d preferred
40
Pub Serv Co of Col 7% pf100 65
Derby Gas & Elec $7 pref._
Brunsw-Balke-Col pref....• 24
Puget Sound Pow & Lt pr pf 49
52
if Riverside Silk Mills
Bunker Hill AC Sull corn_ _10 27
13f1
Essex-Hudson Gas
Rochester G & E 7% pf B100 90
100
93
25
35 Rockwood & Co
Burden Iron pref
Foreign I.t & Pow units._ _
321
26% preferred C
100 811 85
Preferred
100
Gas & Flee of Bergen __.100 90
gg- Sioux City G & E 7% 0.100 73
76
8
11
Rolls-Royce of America....
Canadian Celanese corn....
Hudson County Gas
___ Somerset Un Md Lt_ _ _ _100 72
100 130
79
65
Preferred
100
Preferred
160 55
Idaho Power 6% pref
70
South Calif El $1.50 pref 25 2434 2534
814 10 Roxy Theatres unit
7% preferred
90
100 Sti
$1.75 preferred
25 2314 2414 Carnation Co $1.50 corn...
Common
83
Preferred
100 78
Illinois Pow & Lt 6% p1.100 53
4
6
54 So Colo Power corn A....25
2
Preferred A
Chestnut Smith corn
Inland Pow & Lt 7% p1.100 __.
_ 75
6
7% preferred
100
5
4
10 Rubel Corp corn
Preferred
South Jersey Gas SE Elec_100 135 142
17
15
Preferred
Childs Co pref
100 11
Interstate Power $7 pref.
__• 4112 43 Tenn Elec Pow 6% pref.
.100 76
5
_._ Ruberoid Co $1
100 2012 23
Clinchfield Coal Corp__ _100
Jamaica Water Supply p1.50 47
49
7% preferred
100 86
Preferred
100 29
95
Jersey Cent P & L 7% p1100 84
___ Texas Pow & Lt 7% pref 100 92
25
Safety Car Heat & Ltg_100 20
Color Pictures Inc
Toledo Edison pref A _ _ _100 80 83
17
Scovill Manufacturing___25 15
1
Columbia Baking coin_ _•
Kansas City Public Service•
55
an United G & E (Conn) pt 100 51
1
3 Singer Manufacturing-- _100 132 136
1st preferred
•
4 3 United G & E(N J) pref 100 47
Preferred
• --__
14 1 Solid Carbonic Ltd
1
2
2d preferred
212
Kansas Gas & El 7% pf _100 8512
United Public Service pref._
Elm
812 10
2g- Utah Power Sr Lt $7 pref._ --g 6112 Colts Pat Fire Arms Mfg.25 98 101 Splitdort Beth& Seal---2.40 22 29
Kentucky See Corp com_100
g
Standard Cap
Congoleum-Nairn $7 p1.100
6% preferred
96
55 Utica Gas & El 7% pref.10
100
91
33 '
2 Standard Screw Co
100 27
Util Pow & Lt 7% met_ _100 42
Kings County Ltg 7% p1100 45
. Crosse & Blackwell cora_ _
gg1
25 Standard Textile Pro-100
Crowell Pub Co $1 corn new 21
Virginian Sty corn
100 43
6
100
95
Class A
$7 preferred
85
Long Island Lt 6% pret_100 73
Wash Sty & Elec corn__ _100 250 325
7412
100
Class B
Preferred A
100 84
88
5% preferred
100 8212 8613
5
8
3
8 Pe Stetson (J B) Co corn
De Forest Phonofilm Corp_ _
Los Aug Gas & El 6% p1100 90
_ _ Western Power 7% pref.
_100 68
13
25
8
$2 preferred
Dictaphone Corp corn
•
512 712
65
$8 preferred
100 57
5
8
43 Taylor Mill Corp coin
Dixon (Jos) Crucible 54.100 37
Investment Trusts.
414
- Taylor Wharton Ir&St coin•
Doehler Die Cast pref.. 50
5
100
312 6
Preferred
Preferred
•
9
Par Bid Ask
Par Bid Ask
10
12 Tenn Products Corp pref _50
Douglas Shoe pref
7
100
Amer Bank Stock Corp_ _ _
215 238 Dividend Shares
1.27 1.35
28 TubizeChatillon 7% Cu p1100 ig 50
Draper Corp
100 26
Amer Brit & Coot $6 pre _•
8
12 Equity Corp corn stamped..
114 54
48 Unexcelled Mfg Co 40c..10
314 334 Equity Trust Shares A
Amer Composite Tr Shares_
2.45 2.75 Driver Harris $7 pref. 100 38
15
30 United 13uslness Pub pret100
___ Federated Capital Corp corn
Amer & Continental Corp..
912 --- Dry-Ice Holding Corp
.100 14
United Publishers pref.
Five-year Fixed Tr Shares_ _
AmerFounders Corp
312
fi"
100 12
Eisemann Magneto coin_
5 U S Finishing pref
18
22 Fixed Trust Shares A
6% preferred
8
Preferred
100 ---- 50
II
22
•
7% preferred
18
612
212 41g
Walker Dishwasher corn...*
1112
Franklin Sty Supply
Fundamental Tr Shares A__
6
Amer & General Sec corn A.
35
8
85
Welch Grape Juice pref _100 70
Gen Fireprooflug $7 pf__100 42
Shares B
32
6% preferred
318 4
14 --- W Va Pulp & Pap $1 corn_.* 1212 1412
114
•
112 212 Guardian Invest coin
Amer Insuranstocks Corp..•
___ Craton & Knight corn
78
100 74
2
6
$6 preferred
Preferred
414 43
4
Preferred with warrants
100
Assoc Standard 011 Shares._
4
26 White Rock Min Spring
Gt Northern Paper 52.40_25 24
All & Pac Interi Corp units
Gude-Winmill Trad Corp__• 25
58
100 78
17 1st preferred
Common with warrants_ _
dis ___ Huron Holding Cons
I
114
100 75
$10 2d pref
20
-Mary Safe_100 15
Preferred with warrants_ _
12
--. Incorporated Investors_ _ _ ..• 16
16 4 Herring-Hail
3
30
Howe Scale
__ Incorporated Invest Equity.
6 • Willcox & Gibbs corn
Atlantic Securities pref _ _ _• 28
3
2
5
100
252 318 Independence Trust Shares. 2.10 235
15 Woodward Iron
Bancamerica-Blair Corp
10
Preferred
100
30 Worcester Salt
100 35 •5
Bankers Nat Invest'g Corp• 1012 1414 Internet Security Corp(Am)
4
Industrial Accept corn
• ii_
Banesiellia Corp
Preferred
3
3 12
jilt,
894% preferred
22
30
100 hir
Basle Industry ShareS
212
6% preferred
2
4 Young (JS) Co com
Internal Textbook
100
22
30
100 SO
1.25 I 55 Investment Co of America_ _
Preferred
16
Lawrence Portl Cem 84.100 12
British Type Invest
2
1334 14 4
3
Bullock
7% preferred
7
22
16 Investment Fund of NJ...
Central Nat Corp class A__
3
Telephone and Telegraph Stocks.
Class B
3 Investment Trust of N Y.
41
418 412
177 Investors Trustee Shares...
2
Century Trust Shares
16s
454
jl Leaders of Industry A
Chain & Gen'l Equities Inc•
die
Par Bid
Par Bid Ask
Ask
314
B
3
41
Chartered Investors com
_
• 45
2,38 2.48 Am Dist Tel ot N J $4
New York Mutual Tel..100 16
C
Preferred
50
55
-7% preferred
100 92
if Northw Bell Tel pf 6 A% 100 105 107
2.52 2.62
Low Priced Shares
44 1
Chelsea Exchange Corp A..
Bell Tel(Can)7% pref..100 94
334
9612 Pac & Atl Teleg US 1% _ _25 12
it
41-16 3-16 Major Shares Corp
11;Class
4218 /
3- Bell Tel of Pa 694% pref.100 10912 111 12 Peninsular Teleph $1.40.--• 54
4
11. 2 MRS9 Investors Trust
Consolidated Equities Inc_
80
100 74
• Ili
7% preferred A
173
4 Cm & Sub Bell Telep_ _50 6212 6412
7
___ Mohawk Investment Corp__
Continental Securities Ora_
100
40 Porto Rico Telephone
29
2912 Cuban Telephone
2.22 -__ Mutual Invest Trust class A
Corporate Trust Shares_ _
40
Roth Telep $6.50 1st pf_100 100
4
43
4
7% Preferred
1.99 2.23 Mutual Management corn_• a..
ff
25 13
Series AA
40 So & All Teleg $1.25
23
4 Empire & Bay State Te1.100 30
Accumulative series
1.99 2.25 Nat Industries Shares A _ _ _ 2.50
4
Franklin Teleg $2.50._ _ _100 25
32 So & NE Telephone 8% _100 118 121
National Re-Investing Corp.
Crum & Foster Ins Shares
75 S W Bell Tel 7% pref...l00 11012
112 , Int Ocean Teleg 6%_ -100 70
14 National Shawmut Bank... 3212 34
10 10
Common 11
95
Lincoln Tel & Tel 8%
TM States Tel Sr Tel U..... 95
812
National Trust Shares
10
100 70
30 7% preferred
$0.60 preferred
Ms 63
s Mountain States Tel dr Tel. 101 I e5
12
16 Nation Wide Securities Co.. 3.10 3.20 New England Tel & Te1.100 2105 10712 Wisconsin Telep 7% pref 100 100 102
Crum & Foster Ins cora_ __
80
Voting trust certificates_
8% preferred
3
9 4 1014
N Y Bank Trust Shares_ _
Cumulative Trust Shares_ _ _ 3.34
432 478
Sugar Stocks.
No Amer Trust Shares
Deposited Bank Shs ser N Y 3.40
214 _
352
Series 1955
31
Deposited Bank Shs ser A _
221 2.35
Par Bid Ask
Par Bid
Ask
318 319
Series 1956
Deposited Insur Shs A
2.21 2 35
100 50
Fajardo Sugar
60 Sugar Estates Oriente p1100
Northern Securities
Diversified Trustee Shs A_
35
40
United Porto Rican com___
5
2
Ilaytian Corp Amer
011 Shares Inc units
714
6
4
corn
Preferred
8
• 15 55
2.70 3.00 Old Colony Inv Trust corn.
312 Savannah Sugar
2
100 75
85
7% preferred
412 5 Old Colony Trust Assoc Sh • 11
Bid
Ask
112 012
6012 (1312
102 10212
8012 8412
95
54
1612
33
3612
49
5212
5112 15
76
78
7112 74
2112 2412
5112 1414
37
38
4612 52
•
• No par value. 4 Last reported market. x Ex-stock dividend.
Ex-dividend. 11 Ex-riffbia•
1814
Financial Chronicle
Sept. 10 1932
Quotations for Unlisted Securities-Concluded-Page 2
Chain Store Stocks.
Par Bid
Ask
Bohack (H C) Inc com___• 31
37
7% 1st preferred
100 70
Butler (James) common__
2
Preferred
312 7
100
Diamond Shoe pref with war 42
52
Edison Bros Stores pref_100
35
Fan Farmer Candy Sh pf__• 15
20
Fishman (II M)Stores com_
16
Preferred
90
Gt AU & Pee Tea pref_ _100 116 120
Kobacker Stores pret-100
LA
Kress(S H)6% pref
9 4 1012
5
Lerner Stores pref w w
40
Lord & Tylor
100
105
1st preferred 6%
100 15
80
Sec preferred 8%
80
100 55
Chicago Bank Stocks.
Par
Melville Shoe Corp
1st p ref6% with warr_100
Miller (I) di Sons pret__100
MockJuds&Voehringerpf100
Murphy (S C) 8% pref _100
Nat Shirt Shops corn
*
Preferred
100
Newberry (J) CO 7% pf _10
N Y Merchandise 1st pt-l00
Piggly-Wiggly Corp
Reeves (Daniel) pref. _100
Rogers Peet Co corn_ _ 100
Schiff Co pref
100
Sliver (Issac) & Bros pf_100
U S Stores let pref
100
Bid
Ask
50
60
15
35
90
• __
Par
Central Republic
100,
Chic Bk of Commerce
1
Continental III 13k & Tr.100
First National
100
1
3
35
76
69
75
4
95
Insurance Companies.
49
60
15
31
45
Federal Land Bank Bonds.
Bid
48 1957 optional 1937.M&N
873
4
48 1958 optional 1938.M&N 873
4
412s 1956 opt 1936____J&J 843
8
qs 1957 opt 37
J&J 8858
432s 1958 opt 1938___M&N 8858
Ss 1941 optional 1931_M&N
973
4
J&D 10(114
43213 1933 opt 1932
Ask
8814
8814
8918
8918
g918
9814
1(1034
412s
4)2s
432s
43s
4328
4%8
4Hs
1942 opt 1932__M&N
1943 opt 1933____Jda
1953 opt 1933____J&J
1955 opt 1935___J&J
1956 opt 1936_ _ _ _J&J
1953 opt 1933____J&J
1954 opt 1934_ _ _ _J&J
Bid
9412
9412
9134
913
4
913
4
913
4
413
4
Ask
95
95
92'4
9214
92'4
95'4
9514
Bid
38
Ask
40
70
48
New York Bank Stocks.
Par
Bank of Yorktown
100
20
Chase
20
City (National)
Comm'l Nat Bank & Tr _100
Fifth Avenue
100
First National of N Y 100
Fiatbush National
100
Grace National Bank__ _100
25
Harbor State Bank
Harriman Nat Bk dr Tr _100
Kingsboro Nat Bank __ _100
25
Lafayette National
Ask
35
49
631 1
193
1310
1910
60
500
•
MI
•
_
49
51;
712 1012
Bid
47
61 14
188
1210
1810
Par
Manhattan Company_ __ _20
Merchants
100
Nat Bronx Bank
50
National Exchange
Nat Safety Bank & Tr_ _ _25
Penn Exchange
25
Peoples National
100
Public Nat Bank & Tr __ _25
Sterling Nat Bank & Tr_ _25
Textile Bank
Trade Bank
100
Washington Nat Bank. 100
Yorkville(Nat Bank of)_100
42
1812
5
9
5
_ 200
34
36
012 1212
31
38
35
30
12 5
30
20
Trust Companies.
Par
Bence Comm Italians. Tr100
Bank of Sicily Trust_ _ _20
Bank of New York &Tr.100
Bankers
10
Bronx County
20
Brooklyn
100
Central Hanover
20
Chemical Bank & Trust_ _10
Clinton Trust
100
Colonial Trust
100
Cont Bk & Trust
10
Corn Exch Bk & Trust_20
County
25
Bid
Ask
146 151
17
15
365 385
7212 74)2
20
15
202 217
150 154
42
44
39
24
30
21
23
7312 7612
1912 2)12
Par Bid
Ask
Empire
20 31
33
Fulton
100 250
Guaranty
100 318 353
Irving Trust
10 2878 307
s
Kings County
100 2000 2100
Lawyers Title & Guar_ _100 70
75
Manufacturers (new)___ _25 33
Mercantile Bank &Tr w 1 _ _
3
5
New York
25 99 102
Title Guarantee dr Trust_20 53
53
Trust Co of N A
100
75
Underwriters Trust
20
7
9
United States
100 1555 1655
Adams Express 4s '47_1503
American Meter Os 1946...
AmerTobacco 48 1951 F&A
Am Type Fdrs 6s 1937 M&N
Debenture 13s 1939_M&N
Am Wire Fab 78 '42__M&S
Bear Mountain-Hudson
River Bridge 76 1953 A&O
Chicago Stock Yds 55 1961
Consol Coal 4328 1934 M&N
Consol Mach Tool 78 1942
Consul Tobacco 4s 1951_ _
Equit Office Bldg Ess 1952..
Fisk Tire Fabric 6328 1935
Haytian Corp 8.5 1938
Hoboken Ferry 56 '46 M&N
Internet Salt 58 1951_A&O
Journal of Comm 6328 1937
Kane City Pub Serv 6s 1951
Bid
55
1;1
69
6812
41
75
62
812
1412
90
5912
7
601 1
75
45
2512
Par Bid
Ask
Par Bid Ask
Aetna Casualty & Surety_10 40
42 Kansas City Life
_100 350 450
Aetna Fire
10 3012 3212 Knickerbocker (new)
5
41) 714
Aetna Life
10 203 223
4
4
Agricultural
25 3812 4512 Lincoln Fire(new)
5
51: 714
American Alliance
10 13
16
Lloyds Casualty
312 412
5
American Colony
10
. 6
Voting trust certlfs
5
314 412
American Constitution__ _20 ..7
9
American Equitable (new)_ 5
734 103 Majestic Fire
4
5
2
5
American Home
20
7
9 Maryland Casualty
5
73
4 93
4
American of Newark__ 234
914 1014 Mass Bonding dr Ins
25 28
32
American Re-Insurance_ _10 23
28 Merchants Fire Assur comb° 25
30
American Reserve
1112 Merch & Mfrs Fire Newark 5
9
10
43
5
73
9
American Surety
25 191) 2114 Missouri States Life
10
91 t 1014
Automobile
19 Morris Plan Insurance-- AO •
10 17
BaltimoreAmerInsurance2 32
418 518 National Casualty
512 712
10
Bankers & Shippers
_ • 45 National Fire
39
10 37
Boston
25100 360 385 National Liberty
2
478 63
8
National Union Fire
45
5 40
Carolina
14 New Amsterdam Casual__10 2114 2314
10 12
City of New York
100 110 120 New Brunswick
13
10 11
Colonial States Fire
8 New England Fire
6
10
13
8
10
Columbia National Life_100 110 135 New Hampshire Fire
10 41
44
Connecticut General Life.10 40
43 New Jersey
20 1118 1318
Consolidated Indemnity__ _5
312 412 New York Fire corn
10
7
10
Constitution
9 North River
Mt
10
5 11
13
Continental Casualty_ _ __10 10
Northern
12
25 32
39
Cosmopolitan Insurance__10 15
___ Northwestern National 25 80 90
Eagle
5
5
Excess Insurance
Federal Insurance
10
Fidelity & Deposit of Md_20
Firemen's
20
Franklin Fire
5
3eneral Alliance
•
Mena Falls Fire
10
3Iob7 & Republic
10
31obe & Rutgers Fire new.
3rent American
10
3reat Amer Indemnity._ _ _5
lailfax Insurance
10
Tamilton Fire
50
lanover
10
larmonla
10
lartford Fire
10
lartf St'm Boller Ins&Ins 10
Some
5
Some Fire Security
Iomestead
10
ludson Insurance
10
:mporters & Exp of N Y 25
'ndependence Indemnity-10
Industrial and Railroad Bonds.
Ask
Bid
_ _ Loew's New Brd Prop
68 1945
J&D 7614
---_-_ Merchants Refrig 6.9 I937__ 89
N 0 Gr No RR 86 '55_F&A
1614
NY & Hob Ferry 5s'46 J&D 5812
60 NY Shipbldg 5s 1940 _M&N 65
Piedmont & No Ry 58'54J&J 67
80 Pierce Butler & P 612s 1942
512
Realty Assoc Sec Os '37..J&J
45
13 Securities Cool N Y 48_- 40
61 Broadway 532s '50_A&O
512
So Indiana Ry 45 1951_ F&A 52
8212 Stand Text Pr 632s '42 M&S 20
20 Struthers Wells Titusville
13325 1943
10
4612
Tol Term RR 4345'57 M&N 89
So U S Steel 59 1951
114
55 Ward Bak 13s '37.
.J&D 15 86
27 Witherbee Sherman 6s 1944
5
Woodward Iron 58 1952.J&J 39
Bid , Ask 1;
Par Bid
Ask
1
812 9.:Harris Trust & Savings__100 320 340
113 115 -11Northern Trust Co
100 400 425
119 112112 :Peoples Tr & Sav Bank_ _100
218 1223 i Strauss Nat Bank &Tr..100 BO
65
iI
312 412 Pacific Fire
40
25 15
71, 81i Phoenix
42
10 40
13
___ Preferred Accident
11
9
5
51 Providence-Washington _10 193 213
51
4
4
4
91 i 102 Public Fire
5
112 312
141 1 161 1 Public Indemnity (formerly
Hudson Casualty)
5
7
s
17
3
6
8
3112 3312 Reliance Insur of Phila.10
4
6
1014 Rhode Island
714
4
10
6
125 145 Rochester American
25___ 30
1413 16 St Paul Fire & Marine_ _ __25 103 108
512 712 Security New Haven
10 28
30
Springfield Fire & Marine 25 68
73
1212 1412 Standard Accident
60 15
45
80 Stuyvesant
1212
9
25
29 Sun Life Assurance
27
100 325 375
1114 1314
39 Travelers Fire
37
100 410 125
39
43
1712 183 U S Fidelity & Guar Co.._ _2
8
734 9
54
218 318 U S Fire
10 173 193
4
4
912 1112 Westchester Fire new____10 1312 151z
17
10
273
- 8
47-
Ask
81
ifs;
71
10
Realty, Surety and Mortgage Companies.
Par Bid Ask I
Bond & Mortgage Guar__ 20 3314 363
4
Empire Title & Guar_ ---100 - -. 40
Guaranty Title & Mortgage_
150
Home Title Insurance__ __25 15
20
Par Bid
International Germanic Ltd
15
Lawyers Mortgage
20 1414
National Title Guaranty 100
612
State Title Mtge (new).-100 15 I
Ask
20
1614
912
23
1
50
60
55
Aeronauttcal Stocks.
91
42
Alexander Indus 8% pref_.
American Airports Corp...
Aviation Sec of New Engl'dCentral Airport
Cessna Aircraft common__.
Curtiss Reid Aircraft coin_ _
Bid
1
2
Ask
40
Khmer Airplane & Mot new
Sky Specialties
3 Southern Air Transport_
4 Swallow Airplane
112 Warner Aircraft Engine._
112 Whittelsey Manufacturing
Bid
1
Ask
2
3
2
5
2
55 118
14
Quotations for Other Over-the-Counter Securities
Railroad Equipments (Concluded).
Short Term Securities.
Ask
101 10112
10012 101
10014 1003
4
100 10038
81.12 82
10014 --9112 9213
100 101
4
9214 933
9712 9812
100 10034
Railroad Equipments.
Atlantic Coast Line 6s
Equipment 0948
Baltimore & Onio Os
Equipment 434s & 55
Buff Roch & Pitts equip 139_
Canadian Pacific 432s & 6s
Central RR of N J 63
Chesapeake & Ohio 6s
Equipment 6328
Equipment Is
Chicago & North West 6s
Equipment 634s
• No par value.
Hitt
6.50
6.50
8.25
8.25
7.50
7 50
5 50
550
600
5.50
900
9130
Ast
5.75
5.75
6 75
6 75
8.50
6)0
4.75
4 75
5.00
4.75
800
8.00
Chic RI & Pac 4128 & Ss-Equipment Os
Colorado & Southern 6s _
Delaware & Hudson 6s.Erie 434s 511
Equipment 65
Great Northern fls
Equipment Is
Hocking Valley 511
Equipment 139
IllinoIs Central 4145 & 5s._
Equipmentas
Equipment 7s &
Bid
9.50
950
6.50
6.50
950
9.50
6 50
13.50
6 00
6.00
9.50
9.50
950
Ask
8 50
860
5.50
5.50
8.50
8 SO
5 25
5.25
5 00
5 00
6.00
8.00
s 00
Ask
6.00
7 50
5.75
5 25
8513
8 50
8 5()
850
51.0
560
6.50
5.50
Norfolk & Western 494s._
Northern Pacific 78
Pacific Fruit Express 76.-Pennsylvania RR equip 5s..
Pittsburgh & Lake Erie 6Hs
Reading Co 432s & 58
St Louis & San Fran 55
Southern Pacific Co 4 Hs...
Equipment 78
Southern Ry 412s & 56
Equipment Ils
Toledo & Ohio Central 69._ _
Union Pacific 718
Bid
4.75
6.50
500
5.25
7.50
5.25
9.50
675
6.50
950
050
700
5 00
Bid
93
84
80
72
74
78
80
78
91
Ask
Water Bonds.
Alton Water 5s 1956_ _A&O
Ark Wet 1st 58 A 1956_A&O,
Ashtabula W W 5s '58.A&01
Atlantic Co Wet 5:4'58_1915uS
Birm W W 1st 5HsA'54A5t0,
1st m 58 1954 ser B__J&D
1st 55 1957 series C__FdiAl
Butler Water 58 1957-Adc0,
City W (Chat) 55 B '54 J&D
1st 55 1957 series C_M&N
Commonwealth Water
1st Is 1956 B
F&A
1st m 581957 ser C._ F&A
Davenport W 5.1 1961..J&J
E S L & Int W 53'42_J&J
1st m Os 1942 ser 13 J&J
1st Ss 1960 ser D
F&A
a And dividend. d Last reported market. •Flat price. z Ex-dividend. y Ex-right°.
Bid
7.25
9.00
6.50
6 50
10 00
1090
10 00
10 00
10 0(1
7.00
7 00
7.00
.q.diui•i4tom.x.o.nmooco.
Bid
General Motors Accept
5% ser notee___Mar 1933
5% ser notes___Mar 1934
5% ser notes.- Mar 1935
5% ser notes.-Mar 1936
Koppers Gas & Coke
Debenture 58__June 1947
Mag Pet 4345 Feb 15'30-35
Mass Gas Cos 594s Jan 1946
Proc & Gamb 434s July 1947
Swift & Co
5% notes 1940
M&S
Union 011 58 1935._ F&A
United Drug deb 58'33 A&O
,040.0.n.040.100C40
Bid Ask
Allis-Chal Mfg 56 May 1937 8512 89
Alum Co of Amer 5s May'52 973 943
8
4
Amer Metal 5325 1934 A&O 7818 798
2
Amer Rad deb 432s May'47 93 4 9412
3
59
Am Roll Mill deb Is Jan '48 58
432% notes 1933.__NI&N 7112 7212
Amer Thread 532s'38_M&N 94
___
Amer Wat Wks 861034 A&O 9218 93
Bell Tel of Can 56 A Mar '55 963 9714
4
Baldwin Loco 534s '33 NI&S 8512 8612
4
Cud Pkg deb 532s Oct 1937 893 90
Edison Eiec Ill Boston4% notes Nov I '32 M&N 10018 -__
5% notes Jan 15'33_ _J&J 101 1 4 -__
Gulf 011 Corp of Pa
Debenture Ss.._.Dec 1937 993 100
4
TIAttanthret rea _Feb 1947 9712 98
Kanawha & Michigan (ie.__
Kansas City Southern 5325.
Louisville dr Nashville Os__
Equipment 6328
14110
1StP5389M4548d:5s
Equipment 694s & 7s
ldissouri Pacific 02s
Equipment 6s
ldobile & Ohio 58
STew York Central 4329 & 58
Equipment 5s
Equipment 78
Ask
-- Hunt'ton W 1st (Ss '54.111&S
1st m 55 1954 ser 13...M&S
83
5s 1962
80
I
Joplin W WIs '57 scr AM&S
Kokomo W W 59 1958 J&D
Monm Con W 1st 55'56 JeeD:
Monon Val W 5328 '50 _Mull
Richm W W1st 50'57 111&N
St Joseph Wat 5s 1941.AM0
South Pitts Water Co
1st 5s 1955
F&A
33
lst & ref 5s'60 ser A_ J&J
84
1st it ref 5s '60 ser 1:IA50
80
80 Terre H'te WW Os'49A .1&13
1
8012 83
Ist m 5s 1956 ser 11_ &D
89
Texarkana W 1st Is '58 F&A
76
80 Wichita Wet 1st 13s '4911
/I&S
let m 58 '56 ser B...F&A
1st m 58 1960 ser C_Mdrbl'
Bid
75 j
8312
76
73
fig
85
83
70
81
84
93
89
86
90
80
71
92
81
MI
80
78
82
Lurrent CarnIng5
fliontblp,
uartertp alto Vatt peartk.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quarterly or half-yearly,that have appeared the present week. It covers all classes of corporate entities, whether railroads, public utilities,industrial concerns or any other class and character of enterprise or undertaking. It is all
inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however,is not confined to the returns which have come to hand the present week.
It includes those given in our issue of Sept. 3, Aug. 27 and some of those given in our issue of Aug. 20. 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, Aug. 19, embracing every monthly, semiannual and quarterly report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The figures in most cases are merely for a month later, but there are also not a few instances of additions to the list, representing companies which had not yet made up their returns when the Aug. number of the "Monthly Earnings
Record" was issued.
Issue of Chronicle
Name of CompanyVhers Published. Page.
Adams Millis Corp
Sept. 3-1647
Adams Royalty Co
Sept. 3-1655
Addressograph Multigraph Corp.
Sept. 3--1647
Sept. 3_1656
Aetna Rubber Co
Agnew Surpass Shoe Stores Ltd_ _Sept. 3..1656
Airway Electric Appliance Corp___Sept. 3_1647
Aug. 27_1474
Akron Canton & Youngstown
Sept. 3_1645
Alabama Great Southern
Alabama Power Co
Aug. 27.-1477
Sept. 9 _ _1817
Alaska Juneau Gold Mining Co
Sept. 9 _1826
Algoma Consolidated Corp
Sept. 3I656
Algonquin Printing Co
Aug. 27..1494
Allied Mills, Inc
Sept. 3.-1641
Alton R.R
Aug. 20_1318
Alton & Southern
Aug. 20..1318
Aluminum Industries Inc
American Agricultural Chemical Co_Sept. 3_ _1650
Aug. 20..1319
American Capital Corp
American Furniture Mart imdg.Corp_Aug. 27..1494
Sept. 9 _ _1822
American Gas & Power Co.
Aug. 20.-1332
American Hide & Leather Co
Sept. 3_ _1647
American Home Products Corp
American Power & Light Co
Sept. 9..1817
Aug. 27_ _1477
American Safety Razor Corp
American Thermos Bottle Co
Aug. 20-1319
American Toll Bridge Co
Sept. 3..1656
American Water W'ks & EL Co.,Inc. Sept. 9..1816
oolen
American Woolen Co
Aug. 20-1319
Arbor
Sept. 3.-1641
Apponang Co
Sept. 9..1826
-Midland
Archer-Daniels
Sept. 3_1657
Arcturus Radio Tube Co
Sept. 3..1657
Argo Oil Co
Sept. 3..1657
Art Metal Construction Co
Aug. 20-1319
Associated Co
Aug. 27_1494
Associated Gas & Electric
Aug. 27-1477
Atch. Topeka & Santa Fe Ry. SystemSept. 3.1646
Atchison Topeka & Santa Fe
Sept. 3.-1641
Atlanta & West Point
Sept. 3..1641
Atlanta Birmingham & Coast
Sept. 3__1641
Atlantic City
Sept. 3-1641
Atlantic Coast Lino
Sept. 3__1641
Atl. Gulf & West Indies S. S. Lines_Sept. 3-.1647
Atlantic Refining Co
Aug. 27.-1477
Atlas Plywood Corp
Sept. 3_11658
Aviation Corp., Delaware
Aug. 27..1477
Backstay Welt Co
Aug. 27 _1495
Baldwin Rubber Co
Aug. 27 _1495
Baltimore & Ohio
Sept. 3_ _1641
Baltimore & Ohio. Chicago TerrninalSept. 3_ _1641
Bangor & Aroostook R.R
Sept. 3..1646
Barcelona Trac.. Lt. Sc Pr. Co. Ltd_Sept. 3_ .1647
Barnet Leather Co
Aug. 27_1477
Baton Rouge Electric Co
Sept. 9 _ _1817
(Ludwig) Bauman & Co
Aug. 27-1495
Dearing. Co. of America
Aug. 27-1495
tteaumont Sour Lake & Western..._Sept. S. _1644
t 'ding Heminway Corp
Aug. 27.-1477
Sept. 91819
_
eigian National Ry. Co
Sept. 3-1641
Belt Ry of Chicago
Sept. 3.-1641
Bessemer & Lake Erie
Sept. 3_1658
Birtman Electric Co
Sept. 9..1817
Boston Elevated Ry.
Sept. 3-1641
Boston & Maine
Bost, n Worcester & N y St Ry Co_ _ Sept, 3_ _1617
Sept. 3_1658
BourilriS Inc
Brandram-Henderson Ltd
Sept. 3.1658
Sept. 3.l659
Brighton Mills.
Sr pt. 3..1617
Brillo Mfg Co Inc
Brooklyn Eastern Dist Terminal____Sept. 3_ _1642
Brooklyn.Manhattan-Transit Sys .Aug. 27_1477
Brooklyn 8r Queens Transit System_ Aug. 27__1477
Sept. 9_ _1817
Brazilian Trac. L. & P. Co., Ltd
Bulova Watch, Co
Aug. 20-1320
Burlington-Rock Island
Sept. 3_ _1642
Burnham Trading Corp
Sept. 3..l659
Burroughs Adding Machine Co
Sept 9_1817
Butterick Co
Sept. 3_1648
_
Bkr Hill & Sullivan M & Concent CoSept. 3..1648
Cabot mtg. Co
Aug. 27-.1495
California Oregon Power Co
Sept. 3-1648
Cambria & Indiana
Sept. 3__1642
Canadian Eagle 011 Co Ltd
Sept. 3__I659
Canadian Hydro-Electric Corp Ltd_Sept. 3_ _ 1648
Sept. 3..1647
Canadian National Rys
_
Canadian Natl Lines in New EnglandSept. 31642
Sept. 3..1647
Canadian Pacific Ry Co
Canadian Pacific Lines in Maine.._ _Sept. 3.1642
Canadian Pacific Lines in Vermont.Sept. 3..1642
Sept. 3-1642
Central of Georgia
Sept. 9 _ _1817
Central Indiana Gas Co.
Sept. 3- _1642
Central RIt of New Jersey
Aug. 201318
Central Vermont Ry. Inc
Sept. 3..1659
Channon (H) Co
Sept. 3-1642
Charleston & West Carolina
Aug. 20-1320
Checker Cab Mfg. Corp
Aug. 20- 1318
Chesapeake 8c Ohio Lines
Sept. 3_1642
Chicago & Eastern Illinois
Sept. 31642
Chicago & Erie
Sept. 3-1643
Chicago & Illinois Midland
Sept. 3-.1662
Chicago Nipple mg Co
Sept. 3..1640
Chicago 8c Northwestern
Sept. 3__1642
Chicago Burlington & Quincy
Sept. 3_ 1642
Chicago Great Western
.Chicago IndlanaP°11s & Louisville--Sept. 3..1642
Issue of C)hronicle
Issue of Chronicle
Name of Company
Name of CompanyWhen Published. Page.
When Published. Page.
Chicago Milw St Paul & Pacific_ _Sept. 3-1642 General Asphalt Co
Aug. 27-1478
Sept. 3 -1642 General Candy Corp
Chicago River & Indiana RR
Sept. 3-.1664
Sept. 3 1642 General Gas & Electric Corp
Aug. 20-.1321
Chicago Rock Island & Gulf
Sept. 3-1642 General Motors Corp
Aug. 27-.1479
Chicago Rock Island & Pacific
Sept. 9 _ _1823
Chicago St Paul Minn & Omaha____Sept. 3__1642 General Public Utilities Co
Aug. 27..1496 General Rayon Co., Ltd
Aug. 27-1501
Chickasha Cotton Oil Co
Cincin New Orleans Texas & Pacific_Sept. 3._1642 General Realty & Utilities Corp.._ - _Sept. 3__1648
Sept. 3__1644
City Stoves Co
Sept. 9_1817 Georgia
Sept. 3-1647
(D. L.) Clark Co
Aug. 27-1496 Georgia & Florida R. R
Aug. 27-.1478
Claude Neon Elec Products Corp. DelSept. 3- -1645 Georgia Power Co
Sept. 3-1645
Aug. 27..1496 Georgia Southern & Florida
Cleveland Worsted Mills Co
Sept. 9_1820
.
Sept. 3-1648 German National R. R.Co
Clinchfield
Sept. 3. 1665
Aug. 27..1496 Gilbert (A. C.) Co.
.
Clorox Chemical Co
Sept. 3_ -1665
Sept. 9 __1817 Godman (H. C.) Co
(Dan) Cohen Co.
Aug. 27..1501
Aug. 27.-1496 Golden State Co. Ltd
Cohn & Rosenberger, Inc
Aug. 27-1479
Sept. 3-1648 (13. F.) Goodrich Co
Colonial Beacon 011 Co
Aug. 20-1321
Colon 011 Corp
Aug. 20..1320 Gotham Silk Hosiery Co. Inc
Sept. 3..1643
Sept. 3-1642 Grand Trunk Western
Colorado & Southern
Sept. 3_1648
Sept. 3.1642 W. T. Grant Co
Columbus & Greenville
Sept. 3.-1643
Commonwealth & Southern Corp.-Aug. 27.-1477 Great Northern
Sept. 3__I643
Sept. 9..1823 Green Bay & Western
Community Power & Light Co.
Sept. 3--1649
Aug. 20-1318 Greif Bros. Cooperage Corp.
Conemaugh & Black Lick RR
Sept. 3__I643
Consolidated Rock Products Co_ _Aug. 27.-1497 Gulf & Ship Island
Sept. 3-.1647
Sept. 9..1827 Gulf Coast Lines
Consolidated Steel Corp.,Ltd.
Sept. 3_1641
Sept. 3_1648 Gulf Colorado & Santa Fe
Consolidated Textile Corp
Gulf Mobile & Northern
Sept 3-1643
Consumers Power Co. (The ComSept. 9..1818
monw'th & Southern Corp. Sys.)Aug. 27..1477 Gulf States Utilities Co
Sept. 9...1829
Continental Roll & Steel Fdry Co--Aug. 27..1497 (Charles) Gurd & Co., Ltd
Sept. 9_ _1817 Gypsum Lime & Alabastine
Sept. 3..T 8 9
.
211665
Continental Steel Corp.
Sept.
Sept. 9..1827 Hachimeister.Lind Co
Courtaulds Ltd.
5
3..13111
9
.
Sept. 3_ 1648 Haiku Pineapple Co., Ltd
Sept.Se p
Coty Incorporated
Aug. 27-1477 Hall (C. M.) Lamp Co
Crown Willamette Paper Co
Sept. 3..1666
Aug. 27..1478 Halle Bros. Co.
Crown Zellerbach Corp
Aug. 20_ 1321 Hamilton Bridge Co., Ltd
Sept 9 1830
Crows Nest Pass Coal Co
Sept. 9_1828 Hamilton Cotton Co., Ltd.
Crystalite Products Corp
27.. 80
9
3
Sept. 3 _1660 Hancock Oil Co. of Cal
Aug. 27:1502
Cunard Steamship Co Ltd
Sept. 3..1666
Aug. 27_ _1478 Harnischfeger Corp
Dayton Power Sr Light Co
Aug. 27-.1478 Hatfield-Campbell Creek Coal Co._ _Sept. 3--1666
Deep Rock+011 Corp
Aug. 20_ _1321
Aug. 20..1321 Haverhill Gas Light Co
Delsel-Wemmer-Gilbert Corp
Sept. 9_ _18316
Aug. 27-1475 Hawaiian Comm.Sugar Co.,Ltd
Delaware & Hudson
Aug. 27.1479
Delaware Lackawanna & Western- _Sept. 3_ _1642 Hayes Body Corp
Aug. 27-.1479
Denver & Rio Grande & Western RRSept. 3--1646 Heels Mining Co
Sept. 3__I642 Medley Gold Mining Co., Ltd
Sept. 9_1830
Denver & Salt Lake
Aug. 27-1498 Hobart Mfg. Co
Sept. 9..1817
Detroit Gray Iron Foundry Co
Sept. 3__I649
Sept. 3..1642 Holland Furnace Co.
Detroit & Mackinac Ry
Aug. 27_ _1498 Hollingsworth & Whitney Co
Sept. 3--1666
Detroit Steel Products Co
Aug. 27-.1502
Sept. 3-1648 Holly 011 Co
Detroit Street Rys
Detroit Terminal RR
Sept. 3__I642 Holt Renfrew & Co., Ltd.
Sept 9.1830
Sept. 9..1830
Sept. 3- -1642 Honey Dew,Ltd
Detroit Toledo Sc Ironton RR
Sept 9 1831
Detroit Toledo Shore Line
Sept. 3..1643 Honokaa Sugar Co.
Sept. 9..1831
Devonian Oil Co
Aug. 27-1499 Honomu Sugar Co.
Sept. 9..1831
Diamond Electrical mtg. Co.,Ltd._ -.Sept. 3_1661 Honolulu Plantation Co
Diamond Match Co
Sept. 3_ _1648 Honolulu Rapid Transit Co. Ltd __ _Aug. 27-.1479
Sept. 3_ -1666
Dinkier Hotels Co.,Inc
Aug. 27._1499 Hoover Steel Ball Co
Aug. 27-1479
Dodge Manufacturing Co
Sept. 3 1661 Hudson & Manhattan RR. Co
.Doles° & Shepard Co
Sept. 9_ _1831
Aug. 27-1499 Hunts, Ltd
Sept. 3--1667
Dolphin Paint & Varnish Co
Aug. 27_ _1499 Hussmann-Ligonier Co
.. Co.
Dominion Gas & Electric Co
-Sept. 9.1831
Sept. 9 .1823 Hutchison Sugar Plantation
Driver-Harris Co
Sept. 3__1667
Aug. 27Hygrade Sylvania Corp149
Drug Inc
Sept. 9..1818
Aug. 27-.1478 Illinois Bell Telephone Co
Duluth Missabe & Northern
Sept. 3_ _1643 Illinois Commercial Telephone Co--Aug. 27.-1488
Duluth South Shore & Atlantic____Sept. 3..1643 Illinois Central R. R
Sept. 3.1643
Duluth Winnipeg & pacific
Sept. 3__1643
Sept. 3..l643 Illinois Central System
Duplan Silk Corp
Sept. 3.-1643
Aug. 20.-1335 Illinois Terminal
Eastern Massachusetts Street Ry.-.Sept. 3__1648 Indiana Associated Telephone Corp_Aug. 27-1489
Inc.Sept.
Eastern Steamship Lines
3-1644
Sept. 9..1817 Indiana Harbor Belt
Eastern Texas Electric Co
Aug. 20.-1322
Sept. 9..1817 Industrial Rayon Corp
Eastern Utilities Associates
Aug. 27__1479
Aug. 20..1321 Insuranshares Certificates Inc
Eddy Paper Corp
Sept. 3_ -1649
Aug. 27_1499 Insuranshares Corp. of Del
Edmonton Radial Ry
Sept. 9__1831
Aug. 27..1478 Inter City Baking Co., Ltd.
Engineers Public Service Co
Aug. 27._1478 Interborough Rapid Transit Co.- Sept. 9 _.1818
80 John Street Corp
Sept. 9 1832
8
3
. :12
Aug. 27..1900 Interlake Steamship Co
Electric Controller & mfg. Co
Sept. 3_1651 Intercolonial Coal Co., LtdSept.
Electric Power & Light Corp
Sept. 3.-1643
Aug. 27..1478 International Great Northern
Eiectrographic Corp
Aug. 27_ -1479
Sept. 3..1661 Inter. Hydro Electric System
Elgin. Joliet & Eastern
Sept. 3-1647
Sept. 3-1643 Inter. Rys. of Central America
El Paso Electric Co.
2
. ::183
sept 9 1669
Sep . 3
Sept. 9.-1817 Interprovincial Brick Co., Ltd
Evans Pr
Products Co
Aug. 20...1341 Interstate Equities Corp
Erie System
Sept. 3..1643 Irving Air Chute Co., Inc
Sept. 3- -1649
Erie R. It.
Sept. 3 1643 Jefferson Electric Co.
::
Aug.St. 274 1872
9 3 9
Ewa Plantation Co.
.1828 Jewel Tea Co. Inc
Sept. 9.
Exchange Buffet Corp
Sept. 3..1648 Kalamazoo Stove Co.
Sept. 9..1832
Exeter 011 Co
Aug. 20_ _ 1321
Kansas City Southern System
Sept. 3.-1643
Fall River Gas Works Co
Aug. 20-1321 K eases City Southern
Sept. 3_ _ 1647
Fansteel Products Co. Inc
Aug. 20_1321 ,
Sept. 3-_1643
1 ansas. Oklahoma & Gulf Ry
Federal Electric Co., Inc
Sept. 3..1661 Kayser (Julius) & Co
Aug. 20-1325
Federal Knitting Mills Co
Sept. 3-1662 Keith-Albee-Orpheum Corp
Aug. 27..1479
Federal-Mogul Corp., Detroit
Sept. 3-1662 (B. F.) Keith Corp
Aug. 27-.1480
Federal Screw Works
Aug. 27.-1478 Kekaha Sugar Co., Ltd
Sept. 9-1832
Federal Water Service Corp
Aug. 27_ -1478 t en-Rad Tube & Lamp Corp.
Sept. 3..1669
Ferro Enamel Corp
Sept. 3.-1661 (The) Key West Electric Co.
Sept. 9-.1818
Fiberlold Corp
Sept. 3 1662 Kilauea Sugar Plantation Co
Sept. 9_1832
First National Stores, Inc
Aug. 27..1478 King Royalty Co
Sept. 9..1832
Florence Stove Co
Sept. 3 _1663 Kirsch Company
Sept. 9.1833
.
Florida East Coast
Sept. 3.-1643 Koloa Sugar Co
Sept. 9.-1833
Fonda Johnstown & Gloversville RRAug. 27-.1475 Lane Bryant Inc
Aug. 27-.1503
Ft. Smith & Western
Sept. 3.-1643 Lake Superior & Ishpeming
Sept. 3-1643
Ft. Worth & Denver City Ry
Sept. 3-_1642 Lake Terminal
Sept. 3- -1643
Ft. Worth & Rio Grand Ry
Sept. 31645 La Salle Extension University
Granite
Sept. 9 __1833
Foundation Co., New York
Aug. 20_1321 Leath & Co
Sept. 9_1833
Fox Film Corp._
Sept. 9-1818 P. T. Legere, Ltd
Sept. 9_1833
Gabriel Co
Aug. 20..1321 Lehigh & Hudson River Ry
Sept. 3--1643
Galveston Wharf
Aug. 27-1475 Lehigh & New England
Sept. 3-_1644
Garlock Packing Co
Sept. 3-_1664 Lehigh Valley
Aug. 27-.1475
Gemmer mtg. Co.
Sept. 3.-1664
Financial Chronicle
1816
Sept. 10 1932
Issue of Chronicle
Issue of Chronicle
Issue of Chronicle
When Published. Page.
Name of ComPartyWhen Published. Page.
Name of CompanyName of CornPalea When Published. Page.
Sept. 3-_1655
(Fred T.) Ley & Co., Inc.
Sept. 9_1834 New York,Susquehanna & Western _Sept. 3_ _ 1644 Saxon Public Works
Sept. 3-1650
Sept. 9_1816 Schulco Co Inc
Long Island
Sept. 3_ _1645 Norfolk Southern
Sept. 3-1650
Schulte Retail Stores
Sept. 3..1649
Los Angeles & Salt Lake
Sept. 3_.1644 Norfolk & Western Ry
Aug. 27-.1506
Aug. 27.-1480 Schumacher Wall Board Corp
Louisiana & Arkansas
Sept. 3-1644 North American Aviation, Inc
Sept. 3_ -1645
Louisiana Arkansas & Texas
Sept. 3__1644 North American Light & Power Co._Sept. 9..1818 Seaboard Air Line
Aug. 20..1324
Aug. 27-.1480 Sears, Roebuck & Co
Louisville & Nashville R. R
Sept. 3__I644 North Central Texas Oil Co
Sept. 3-A650
Aug. 27..1505 Servel Inc
Ludlum Steel Co
Aug. 20..1322 Northam Warren Corp
Aug. 20-.1324
Sierra Pacific Electric Co
Sept. 3__I645
Lunkeelheimer Co
Sept. 9..1833 Northern Alabama
Sept. 3-.1645
Sept. 3_1644 Soo Line System
McAleer Mfg. Co.
Sept. 9._1834 Northern Pacific
Sept. 3..1644 Southern Bell Tel. & Tel. Co. Inc_Aug. 20-.1324
Northwestern Pacific
McKesson & Robbins,Inc
Sept. 9..1818
.Aug. 27-1481
Aug. 27-1505 Southern Calif. Edison Co., Ltd...
McLellan Stores Co
Aug. 20- _1322 Norwich Pharmacal Co
Sept. 3.-1645
Sept. 9..l835 Southern Ry
(R.C.) Mahon Co.
Sept. 9_1834 Oahu Sugar Co., Ltd
Sept. 3-1645
Aug. 27..1480 Southern Pacific System
Manitoba Power Co., Ltd
Aug. 27__1480 Ohio Edison Co
Sept. 3..1645
Sept. 3...1644 Southern Pacific Co
Maine Central
Sept. 3__1644 Oklahoma City Ada Atoka
Aug. 27--1476
Aug. 27..1505 Southern Pacific Lines
Olga Sugar Co , Ltd
Mallinson (H. R.) & Co. Inc
Aug. 20.-1322
Sept. 3.-1645
Lines
Market Street Ry. Co
Sept. 3.-1649 Onomea Sugar Co., Honolulu, Haw_Aug. 27..1505 Southern Pacific S S
Aug. 27._1475
Sept. 3..167i Southern Ry System
Marmon Motor Car Co.
Sept. 3-1649 Ontario Mfg Co
Sept. 3.-1650
Sept. 3_1671 Spang Chalfant & Co
Master Tire & Rubber Corp
Sept. 9__I834 Ontario Steel Products Co Ltd
Sept. 3.-1645
27_1481 Spokane International
Maverick Mills
Sept. 9..1834 Orange & Rockland Electric Co...
Sept. 3-1646
Spokane Portland & Seattle Ry-___Sept. 3..1646
Mayflower Associates, Inc
Aug. 27-1480 Oregon Short Line
Aug. 27-1481
Sept. 3__1646 Standard Gas & Electric
Mead Corp
Aug. 27-.1480 Oregon Wash RR & Navigation
Aug. 27..1493
Aug. 27..1481 Standard Telephone Co
Melchers Distilleries, Ltd
Sept. 9..1834 Orpheum Circuit, Inc
Sept. 3.-1673
Sept. 9_1836 Starrett (L S) Co
Corp
Melville Shoe Corp
Sept. 3-1649 Oswego Rayon
Sept. 3-.1646
Sept. 3_1649 Staten Island Rapid Transit
Merchants & Miners Transpor. Co._ _Sept. 9_ _1835 Pacific Finance Corp of Calif
Aug. 20.-1324
Sept. 3_1649 Sun Investing Co
Sept. 9..1818 Pacific Gas & Electric Co
Metropolitan Edison Co
Aug. 27-1482
Sept. 3..1671 Sweets Co. of America
Mexican Light & Power Co
Sept. 3-_1649 Paraffine Companies Inc
Aug. 20..1324
Sept. 3..1649 Tampa Electric Co
Mexico Tramways Co
Sept. 3..1649 Park & Tilford Inc
Sept. 3-1 46
Aug. 27..1481 Tennessee Central
Sept. 9 _ _1835 Parmelee Transportation Co
Mickelberry's Food Products Co.
.Aug. 27-1482
Consol_Sept. 3-1649 (The) Tennessee Electric Power Co.
Sept. 3-_1644 Patin° Mines & Enterprises
Midland Valley
Sept. 3..1646
Aug. 27_ _1475 Pennsylvania Gas & Electric Co..._Aug. 27..1481 Terminal RR Assn of St Louis
Minneapolis & St Louis
Sept. 3..1643
Sept. 3-1645 Texarkana & Ft Smith
Sept. 3__1644 Pennsylvania RR
Minn., St. Paul & S. S. Marie
Sept. 3_1645
Sept. 3_ _1644 Pennsylvania RR. Regional System_Aug. 27_1476 Texas & New Orleans
Mississippi Central
Sept. 3__I646
Sept. 3..1645 Texas Mexican Ry
Sept. 3..1644 Pennsylvania System
Missouri & North Arkansas
Sept. 3-1650
Sept. 9-.1825 Third Avenue Ry System
Sept. 3..1644 Pennsylvania Telephone Corp.
Missouri Illinois
Sept. 3-1650
Sept. 3_1645 Thompson Starrett Co Inc
Sept. 3 _1644 Peoria Pekin Union
Missouri-Kansas
-Texas Lines
Aug. 20..1324
Sept. 9_ -1836 Timken-Detroit Axle Co
Mfg. Co
Sept. 3__I644 Pepperell
Missouri Pacific R. R
Sept. 3-.1646
Sept. 3.1645 Toledo Peoria & Western
Sept. 3...1644 Pere Marquette
Mobile & Ohio
Sept. 3..1646
Aug. 27..1481 Toledo Terminal
Sept. 3__1644 Pet Milk Co
Monongahela
Sept. 9..1819
Company
Sept. 9..1816 Truax Tract Coal Co
Aug. 20..1322 (The)Philippine Ry.
Mother Lode Coalition Mines Co
Sept. 9_1819
Aug. 27-1481 Tung Sol Lamp Works
Moto Meter Gauge & Equip. Co.__Aug. 27- -1480 Phillips-Jones Corp
Sept. 3..1646
Sept. 3..1672 Union RR
Sept. 9..1818 Pillsbury Flour Mills Inc
Motor Wheel Corp.
cot. 3.-1646
Sept. 3_1614 Union Pacific System
Sept. 3_1644 Pittsburgh & Lake Erie
Nashville. Chatt. & St. Louis
Sept. 3_-I646
Sept. 3-1645 Union Pacific
Aug. 27..1503 Pittsburgh & Shawmut
National Battery Corp
Aug. 27-.1482
Sept. 3_1649 Union Tank Car Co
United Corp
Sept. 3...1649 Pittsburgh
National Candy Co
Sept. 3..1645 United Aircraft & Transport Corp_Aug. 27_1482
Sept. 9_1825 Pittsburgh & West Virginia
National Gas & Electric Corp
Aug. 27_1504 Pittsburgh Shawmut & Northern_ _ Sept. 3__1645 United Business Publishers Inc- -..Sept. 3-.1650
National Grocers Co.. Ltd
Aug. 27-1482
Sept. 9..1818 United Gas Corp
Aug. 27..1430 Ponce Electric Co.
National Power & Light Co
Aug. 20..1324
Sept. 3_1649 Universal Pipe & Radiator Co
Aug. 27..1476 Poor & Co Inc
National Railways of Mexico
Sept. 3..1646
-American Tobacco Co_Aug. 20..1323 Utah RR
Sept. 9._1835 Porto Rican
National Rubber Machinery Co._
Aug. 20-1324
Aug. 20_1323 Utility & Industrial Corp
Sept. 3-1670 Public Utilities Securities Corp
National Steel Car Corp., Ltd.
Aug. 27_1508
Sept. 9_ _1818 Vanadium-Alloys Steel Co
Sept. 3.1649 Puget Sound Power & Light
National Supply Co. of Del
Aug. 27..1482
Vanadium Corp
Sept. 9..1S18
Sept. 9..1835 (The) Pullman Company
National Tile Co
Aug. 20-1325
Aug. 20..1323 Van Raalte Co. Inc
Aug. 27_ _1480 Radio-Keith-Orpheum Corp
Neisner Bros
Sept. 9..1819
Sept. 3...1649 Virginia Electric & Power Co.
(The) Nevada-California Elec. Corp_Aug. 27..1480 Railway Express Agency
Sept. 3-1646
Sept. 3..1650 Virginian RR
Sept. 3..A644 Raybestos Manhattan Inc
Nevada Northern
Sept. 9..1816
Aug. 27_1441 Wabash RY
Aug. 27..1475 Reliance International Corp
Newburgh & South Shore
Sept. 3-1650
Aug. 27..1481 Waco Aircraft Co
Sept. 3__1643 Remington Rand Inc
New Jersey & New York
Aug. 20.-1342
Walalua Agricultural Co
Aug. 27..1481
Aug. 27_1480 Reynolds Metals Co
New Jersey Power & Light Co
Aug. 27.-1509
Sept. 3_1645 Richmond Fredericksb'g & Potomac_Aug. 27_1475 Wailuku Sugar Co
New Orleans & Northeastern
Sept. 9..1819
Aug. 27...1481 Western Dairy Products Co
Sept. 3-1644 Rochester Gas & Electric Corp
New Orleans Great Northern
Sept. 3..1647
Sept. 3..1645 Western Maryland Ry Co
Sept. 3.-1645 Rutland
New Orleans Terminal
Sept. 3.-1646
Sept. 3_1646 Western Pacific
Sept. 3__1644 St Joseph & Grand Island
New Orleans, Texas & Mexico
New York Air Brake Co
Aug. 27-.1480 St Louis Brownsville & Mexico....Sept. 3__1644 (The) Western Public Service Co.. _Sept. 9_ _1819
Sept. 3__1646
Sept. 3_1645 Western Ry of Alabama
Sept. 3..1644 St Louis San Francisco System
New York Central R. R
Sept. 3..1645 Weston Electrical Instrument Corp_Aug. 27- _1482
Aug. 27..1475 St Louis San Francisco Ry
New York Chicago & St Louis
Sept. 3- _1646
Sept. 3__1644 St Louis San Francisco & Texas_ -.Sept. 3_1645 Wheeling & Lake Erie
New York Connecting
Aug. 27-1482
Sept. 3..1647 White Motor Co
St Louis Southwestern Lines
N. Y., Westchester & Boston Ry. Co_Aug. 27-_1480
Sept. 3--1646
Sept. 3_1645 Wichita Falls & Southern RR
Aug. 27_1480 San Antonio Uvalde & Gulf
New York Telephone Co
Aug. 27-1489
Sept. 3..1645 Winnipeg Electric Co
(The) N. Y., N. H. & Hartford RR-Aug. 27..1476 San Diego & Arizona
Aug. 27-.1502
New York. Ontario & Western Ry.__Sent. 3..1647 San Diego Consol Gas &Electric Co_Sept. 3..1649 Wolverine Tube Co
Sept. 3.-1643
Sept. 9..1819 Yazoo & Mississippi Valley
Sept. 3-1649 Savannah Electric & Power Co.
New York Railways
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Period
Covered.
4th week August
4th week August
3rd week August
4th week August
4th week August
4th week August
4th week August
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Southern
St Louis Southwestern
Western Maryland
Current
Year
Previous
Year
Inc. (-I-) or
Dec.(-).
4,693,620 -678,981
+19,000
3,711,000
39,425
-26,425
-25,835
234,388
3,321,436 -1,031,325
549,515 -228,115
414,347
-97,161
4,016,639
3,730,000
13,000
208,553
2,290,111
321,400
317,186
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.
$
365.522,091 -90.545.842
336.182,295 -69.289,775
375.617,147 -85.983.406
369.123.100 -101.649,162
388.417,Ihn -114,031.479
369.133.884 -123.273,269
274,976,249
266,892,520
289,833,741
267.473.938
254,3112,711
245.860,615
January...
February
March
April
May
June
Inc. (+) Or
Dee.(-).
1931.
1932.
Net Earnings.
1932.
1931.
Miles.
244,243
242,312
241,996
251.376
241.mr,
242.179
Miles.
242,365
210.943
241,974
241,992
242,183
242.527
Inc.(+1 or Dec.(-).
Month.
1932.
January
February
March
April
May
June
1931.
$
45,940.685
57,375,537
67,670,702
56,263,320
47,429,249
47,008.035
$
72,023.230
66.078,525
84,706,410
79,185,676
91,0S2,5111
89,688,856
Month of JuneGross operating revenue
Operating expenses and taxes
Net revenue
Deductions from Income
Interest on furded debt
Net deficit
Income appropriated for investmert
in physical property
1932.
$33.335
30,609
1931.
$38,989
34,474
1930.
$43,710
44.109
$2.726
$4,515
def$398
28,496
28,496
28,496
$25,770
$23,981
$28,895
37,197
def2,310
14,591
$23,460
$38.572
$66,091
$502.505
419,945
$627,903
463,846
$768.383
555,127
Net revenue
Deductions from Income
Interest on funded debt
$172,559
$164,056
$213,255
341,960
341,960
341,960
Net deficit
Income appropriated for investment
in physical property
$169,400
$177,903
$128.704
24,953
53,687
58,699
Balarce, deficit
12 Months Ended June 30
Gross operating revenue
operating expenses and taxes
$231.590
$194,354
$187,403
Balance, deficit
ItarLast complete annual report in Financial Chronicle April 2?'32, p. 3092
Per Cent.
Amount.
INDUSTRIAL AND MISCELLANEOVS CO'S.
i
-26,082.545
-8.702,988
-17,035,708
-22.922,356
-,4)3 ...8
-42,680,821
-36.21
-13.17
-20.11
-28.94
-41,411
-47.58
Net Earnings Monthly to Latest Dates.
Norfolk SouthernJuly
Gross from railway_ __
Net from railway__ _ _
Net after rents
From Jan. 1
Gross from railway...
Net from railway_ _ _ _
Net after rents
WabashJulyGross from railway_ _ _
Net from railway..
Net after rents
From Jan. 1
Gross from railway
Net from railway_ _ _ _
Net after rents
-In the folOther 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 Railway Co.
1932.
$297,065
63,718
3,611
1931.
$521,925
91,941
27,006
1930.
$556,762
110,101
52.212
1929.
$657,430
163,625
104,225
2,557,685
264.713
-141,785
3,762,466
752,309
277,520
4,154,094
887,917
400,394
4,906,630
1,273.945
758,889
1932.
$3,003,806
460,569
-103,096
1931.
14,650,087
797,590
94,952
1930.
15.039,615
1.165,208
697,513
1929.
$7,025,554
1,760,603
1,152,755
22.331.526
3,343,060
-624,712
30,422,136
5,756,462
1 ,460,058
37.397,871
8,159,368
4,038,591
44,076,036
11,187,522
6,904.667
American Water Works & Electric Co., Inc.
(And Subsidiary Companies)
-Month of July-- -7 Mos. End. July 311931.
1932.
1932.
1931.
$3,507,991 $4,173.996 P6,346,182 152,003.765
Gross earnings
Oper. exps., maintenance
1,793,088
and taxes
2,142.916 23,128,794 26,871.936
$1.714.902 $2.0,11,009 $23,217,387 $25,131,824
Gross income
Less: Int. & amortiz. of disc. of subsidiaries
$8,697,071 $8,801,898
Preferred dividends of subsidiaries
5,634,505
5,640,370
Interest and amortization of discount of American
Water Works & Electric Co., Inc
1,304,843
1,315,767
Reserved for renewals, retirements and depletion
3,414,247
2,707.086
Net income
Preferred dividends
14,857,091
1,200,000
$5.976,330
1,200.000
Available for common stock
Non-recurring Income
$3,657,091
294,972
$4,776,330
Total available for common stock
$3,952,063
1,750.888
Shares of common stock outstanding
1,750,888
$2.73
Earrings per share
$2.09
la"Last complete annual report in Financial Chronicle Mar. 12 '32 p, 1942.
Financial Chronicle
Volume 135
Alaska Juneau Gold Mining Co.
-Month-1931.
1932-8 Mos.-1•932.
Period End. Aug. 31- 1932
Net profit after oper.exp.
and develop, charges,
but before deprec.,
$145,800
$759.500 $1,124,850
deplet. & Fed. taxes__ $101,700
V'Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2340
American Power & Light Co.
(And Subsidiaries)
(Inter-company items eliminated)
1932.
1931.
12 Months Ended July 31Subsidiares278,203,865 885.107,735
Operating revenues
36,710,189 40,700,088
Operating expenses, including taxes
Net revenues from operation
Other income
$41.493,676 $44.407,647
1,318,621
2.325,753
Gross corporate income
$42,812,297 $46,733,400
16.624,484 16,523.413
Interest to public and other deductions
Preferred dividends to public
7.111,279 6,419.850
Retirement (depreciation) reserve appropriations
4,509,855 5.266,721
128.817
Portion applicable to minority interests
159,623
Balance applicable to Amer.Power & L ght Co-414.437.862 $18,363,793
American Pow,' & Light Co.
Balance ofsubsidiaries'income applicable to Ameri$14,437,862 $18,363.793
can Power & Light Co.(as shown above)
Other income
954,199
855,236
Total income
$15,392,061 $19,219,029
Expenses, including taxes
247,609
481.749
Interest to public and other deductions
3.108,817 3,104,343
Balance applicable to preferred stocks
$12,035,635 $15,632,937
Dividends on preferred stocks
9,235,279 8,460,314
Regular dividends on common stock:
Paid in cash
2,974,852 2.732,213
Paid in common stock
734,410
1,362.809
Balance
def$908,906 $3,077.601
orLast complete annual report in Financial Chronicle Mar. 12 '32, p.1027
Baton Rouge Electric Co.
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Inc. from other sources'
Balance
Interest and amortization
Month of July--12 Mos.End. July 311932.
1931.
1932.
1931.
$108.783
$106.609 $1,429,299 $1,411.575
56,464
57.722
705,611
736.199
6,473
5,635
59,623
56,889
12,269
12,222
137.663
138,732
$33.575
$31,029
2526,400
$479,754
14,520
13,843
10,190
$19,054
$17,185
2528,400
$489.945
170,180
164.499
Balance
Reserve for retirements (accrued)
$356.220
115,000
$325,445
115,000
Balance
Dividends on preferred stock
2241.220
37,280
$210.445
31,288
Balance for common stock divs, and surplus..$203,940
$179,156
* 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.
larLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1021
Boston Elevated Ry.
Month of July1932.
1931.
Receipts
From fares
81,765,533.93 $2,108.333.89
From operation of special cars, special buses
2,975.12
3,859.57
From advertising in cars, on transfers,
privileges at stations, &c
40,852.96
60,282.80
From rent of equipment tracks and facilities..
3,389.16
3,693.49
From rent of buildings and other property__
5,651.80
6.222.46
From sale of power and other revenue
3.055.88
6.550.22
Total receipts from direct oper. of the road$1,821,458.85 $2,188,942.43
Interest on deposits, income from secur., ac_
9,414.75
9,338.19
Total receipts
$1.830,873.60 $2,198,280.62
Cost of Service
Maintaining track, line equip, and buildings_ $223,665.33
$287.410.37
Maintainirg cars, shop equipment, &c
283,705.29
319,605.45
Power
122,615.13
185,880.04
Transportation expenses (incl. wages of car
service men)
744.573.86
876.673.52
Salaries and expenses of general officers....
6,944.54
7,616.55
Law exps., injuries and damages,and insur_- 104.033.12
104,019.58
Other general operating expenses
103,942.99
120.875.18
Federal, State and municipal tax accruals... _
116.447.30
119,225.19
Rent for leased roads
103,363.16
103,363.13
Subway, tunnel and rapid transit line rentals 232,867.93
231,707.93
Interest on bonds and notes
325.664.50
204.182.93
Miscellaneous items
6,798.55
8,935.38
Total cost of service
$2,374,621.70 $2,569,555.25
Excess of cost of service over receipts
$543,748.10
2371,274.63
.'Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1946
Brazilian Traction, Light & Power Co., Ltd.
-Month of July- -7 Mos. End. July 311932.
1931.
1932.
1931.
Gross earns,from oper__ $2,695,141 $3,075,485 $18.118,899 $21.842.358
Operating expenses_ ___ 1.079,050
1.192,423 7.577.162 8,647.985
$1,016,091 21.883,062 810.541,737 813,194.373
Net earninm
The operating results as shown in dollars are taken at average rates of
exchange. They have been approximated as closely as possible, but will
be subject to final adjustment when the annual accounts are made up.
The above figures are also subject to provision for depreciation and
amortization.
Last complete annual report in Financial Chronicle June 25'92, p. 4653
Central Indiana Gas Co.
(Controlled by Central Public Service Corp.)
Period End. June 30- 1932-3 Mos.-1931.
1932-12 Mos.-1931.
$356,706
$470,798 81.565.521 21,718.447
Operating revenuee
Non-operating revenues_
200
Total revenues.- -Operating expenses
Maintenance
Uncollectible accounts
General taxes
$356.706
211,373
8,280
3,598
27.144
$470,798 81.565,721 $1.718,447
314,286
980,014
1.129,807
9.816
45.642
42,435
2,359
12.669
19,487
28,675
102,794
103,513
$106,311
$115,663
2424,600
Net earnings
$423.205
64,050
Annual interest requirements on funded debt.- _
Remainder
$360.550
1817
Burroughs Adding Machine Co.
(And Subsidiary Companies).
6 Afos. End. June 30-1932.
1931.
1930.
1929.
Gross profits on sales__ $4,539,130 28,969.700 213,683.942 29,592,195
Other income
479.331
392.755
530.882
139,580
Total
$4,931.886 $9,449 031814.214.824 89,731,775
Sales, gen.& misc. exp.... 4,136,329 6,253,712 9,267.807 3.543.444
Estimated income tax
131,200
412.739
924.640
953.299
Depreciation
261,209
280.360
Net profit
2403,148 22.502.220 $4,022.37 25,235,032
,
8
Dividends
1,946,680 2,457,558
2,464.458 4.462,875
Balance, surplus_ __def$1,543,532
$44,662 $1,557,920
$772.157
Shares com. stock outstanding (no par)
5,000,000 5,000,000
5,000.000 1.000.000
Earnings per share
$0.50
$0.08
$0.80
$5.24
rirLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1961
City Stores Co.
Period End. July 31- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net loss after reserve for
deprec., canting. and
deduct.of minority int $382,365
$226,193
$780,159
1325.268
10
-Last complete annual report in Financial Chronicle June 4 '32, p. 4162
(Dan) Cohen Co.
6 Months Ended July 311932.
1931.
Net income after taxes & other charges
815.826
259.579
Earns, per share on 38.000 shares capital stock
$1.57
$0.42
lat"Last complete annual report in Financial Chronicle Aug.27'32, p.1496
Continental Steel Corp.
(And Subsidiaries).
6 Months Ended June 30Operating profit
Depreciation
Additional assessment in report of prior years local
taxes, &c
Interest and discount on bonds
Interest on loans
1932.
1931.
2
113,12 n.,12.1S
1,128
54,303
241
Net loss
$198,619
Dividends paid on subs, preferred stock appertaining to minority stockholders
6.707
Proportion of loss appertaining to minority stockholders in subsidiaries common stock
59.361
6,665
$99,647
6,902
Crib
Net kW for six months
$205.326
$106.533
x Exclusive of extraordinary collections effected during the period
aggregating $101.277 which were credited to contingent reserve.
a Last complete annual report in Financial Chronicle Feb. 13 '32, p. 1200
f
Eastern Steamship Lines, Inc.
Month of July- -7 Mos. End. July 311932.
1931.
1932.
1931.
$1.166.450 $1,421,760 $5,306,571 26.148,968
766,225
922,697 4,883,411
5,346,130
400,225
499,063
423,160
802,838
8,571
4.011
51,471
37,799
74,221
55.233
459,064
395,545
Operating revenue
Operating expense
Operating income
Other income
Other expense
Net income
2334,575
$447,841
$15.567
$445,092
la'Last complete annual report in Financial Chronicle Apr.30'32, p.3281.
Eastern Texas Electric Co. (Del.)
(And Constituent Companies).
Month of July- 12 Mos.End.July 311932.
1931.
1932.
1931.
Gross earnings
$728,209
8912,052 88,298,606 29,777.148
Operation
324,785
385,627 3,961,300 4,862.345
Maintenance
29,681
30,839
375,580
446,977
53,922
62,208
Taxes
576,998
727.994
Net operating revenue
Inc. from other sources*
$319.820
$433,376 $3,384.727 $3,739,831
5,522
435
11,167
Balance
Interest and amortiz_
$319,820
158,930
$433.812 $3,390,249 $3,750,998
154.550
1.889.316
1.749,070
Balance
$160,890
Reserve for retirements (accrued)
$279,261 21,500,932 $2.001,928
733,000
732.787
Balance
Divs,on preferred stock of constituent companies
$767,932 81,269.141
578,874
573.470
Balance
Divs,on pref,stk.of Eastern Tex.Elec. Co.
(Del.)
$189,058
$695,670
84,896
Balance for common stock dividends and surplus
$189,058
$610,774
* Interest on funds for construction purposes.
The company and its predecessor companies have expended for maintenance a total of 6.50% of its entire gross earnings and in addition have set
aside for reserves or retained as surplus 10.01% of these gross earnings.
This applies to the major portion of the property for the last 20 years and
on new properties since their acquisition.
farLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1022
El Paso Electric Co. (Del.).
Gross earnings
Operation
Maintenance
Taxes
(And Constituent Companies)
Month of July-- -12Mos.End. July311932.
1931.
1932.
1931.
2278.835 $3,018,166 23.585,683
$217,235
1,278,175
97,084
1,463,125
115,343
166,098
14,628
11,516
196.835
316,291
26,904
297.865
27,728
Net operating revenue
Inc. from other sources*
$80,905
37,405
$121,957 31,257,600 31,627.856
37.222
2,202
Balance
Interest and amortization
843.500
384.734 81,257,600 81,630.058
447,099
450,345
Balance
Reserve for retirements (accrued)
8810.500 31,179,712
230,000
272.500
Balance
Dividends on preferred stock of constituent co
1580,500
46.771
3907,212
41,842
Balance
Dividends on pref.stk. of El Paso Elec. Co.(Del.)
2533,729
194,852
8865.370
191,648
Balance for common stock dividends and surplus
$670,722
2338,877
* Interest on funds for construction purposes.
During the last 30 years, the Company and its predecessor companies
have expended for maintenance a total of 6.96% of the entire gross earnings
over this period, and in addition during this period have set aside for
reserves or retained as surplus a total of 10.40% of these gross earnings.
w-Last complete annual report in Financial Chronicle Feb. 6
p. 1022
Hobart Manufacturing Co.
6 Months Ended June 301932.
19'11.
Netsales
$1.695,702 $2,860,663
Net profit after charges.taxes,&c
9,209
259,615
Earns. per sh.on 200,000 no par shares
$0.04
81.30
"Lost complete annual report in Financial Chronicle Mar. 12 '32, p. 1967
Financial Chronicle
1818
Fox Film Co.
(Incl. Wholly Owned Subsidiary, Controlled and Affiliated Cos.)
26 Weeks EndedJune 25'32. June 27'31. June 28'30.
Gross income from sales
$33,636,666 $45,749.867 $50,937,848
1,041,336
781,599 1.059,884
Rentals
495,675
495,675
Dividendsfrom Loew's•
374,114
564.946
410,402
Other income
$34,828,667 $47,870,373 $52,848,975
Total income
22,425.935 28,058.113 27,264,247
Operating expense
12,149,087 14,532,825 14,552,354
Amortization
1,969,466
2,047,366
1.963.633
Depreciation
1,640,772
1,963,725 2,344.659
Interest
660,252
497,908
Amortization of discount & expense
636,235
107,003
Cr.168.345
Minority interests
Y712.860
Other charges
49.547
12,192
Federal taxes
$70,605 46,785.897
Netincome
_loss$4.728,328
x Before Federal income tax. y Settlement of contracts entered into
In prior years, $753,688, less $40,828 adjustment for unrealized profit on
foreign exchange.
airLast complete annual report in Financial Chronicle Apr. 9 '32, p. 2707
Gulf States Utilities Co.
Month ofJuly- -12 Mos.End.July 311931.
1932.
1932.
1931.
$658,170 $5,653,758 $6,746,777
$530,092
247,452 2,521,490 3,191,969
213,297
247,736
214,496
16,186
17,041
539,283
412,976
38.759
44,789
Gross earnings
Operation
Maintenance
Taxes
Net oper. revenue..._
Inc. from other sourcesx
5261.849
Balance
Int. & amort. (public)- -
$261.849
90.879
$348,886 $2,504,795 $2,767,789
7,963
3,765
2,626
$351,513 52.508.561 $2,775,752
991,898
1,091,360
90,910
Balance
$260,602 $1,417,200 $1,783,854
$170.970
62.690
Interest (Eastern Texas Electric Co., Del.)
$1,417,200 $1,721,163
454,666
458,000
Balance
Reserve for retirements (accrued)
$959,200 $1.266,496
563.643
567,140
Balance
Dividends on preferred stock
$702,852
$392,060
Balance for common stock diva, and surplus- x Principally interest on funds for construction purposes.
-L
129 ast complete annual report in Financial Chronicle Feb. 6 '32, p. 1022
Illinois Bell Telephone Co.
ifonth of July- -7 Mos. End. July 311931.
1932.
1932.
1931.
Telep. oper. revenues__ $6,228,335 $7,331,744 $47,394,457 552,904,610
Telep. oper. expenses_ _- 4,687,609 5,164,074 33,507,651 36.318.460
Net telep. op. revs__ $1,540,726 $2,167,670 $13,886,806 $16,586,150
346,890
477,387
Uncollec. oper. revenues
49,589
78,958
Taxes assign, to oper_827,762
882,202 5,956,430 6,561,810
Operating income._ _
$634,006 $1,235,879 $7.452,989 $9,677,450
tarLast complete annual report in Financial Chronicle Feb. 13 '32, p. 1194
Interborough Rapid Transit Co.
(Net Earnings of the Interborough System Under the "Plan.")
Minith of July- -12 Mos. End. June 301931.
1932.
1932.
1931.
Gross operating revenue $4,539,318 $5,140,337 $66,320,859 $70,758,024
42,829,187 45,436.507
Operating expenses
3,389,333 3.659,210
Net operating revenue $1,149,984 $1,481,126 $23,491,681 225,321,517
2,892,228
Taxes
197,668
200.553 2,377,443
Income from operation-Current rent deductions_
Balance
Used for purchase of assets of enterprise
$952,315 $1,280,573 $21,114,238 $22,429,288
418,699 5.022,535 5,027,933
417,566
$534.749
$861,874 $16,091,702 $17,401,355
42.883
4,705
354,367
$491,866
$857,169 $15,737,335 $17,302,282
2,685,388 3,827,838
Gross inc. from oper'n
Fixed charges
$491.866
1.161,086
Net Inc.from oper,Dr.
Non-operating income_ _
$669,219
3,122
$857,169 $13,051,946 $13,474,443
1,173,706 13.955,576 14,102,224
$627,780
$903,629
$316,537
94,296
71,880
7,007
Bal. before deducting
5% Man.div. rental Dr$666.097 Dr.S309,529 Dr.S831.749 Dr.$533,484
Amtrequired forfull div.
rental at5% on Manh.
By.Co. modified guar.
stock, pay. if earned...231,870
231,870 2,782,450 2,782,450
Amt. by which the full
5% Manh.div.rental
was not earned-Dr. $897,967
$541,400. $3,614,199 $3,315,934
-The "subway" and "system" balance as shown herein, fell short
Note.
by $511,762.76 of the full amount of the subway preferential which the
company is entitled to collect from future subway earnings: similar figure
for previous year was $229,779.03.
EarLast complete annual report in Financial Chronicle Oct. 10 '31, p. 2429
Month of July- -12 Mos.End.Julu311931.
1932.
$217,146
$197,305
$14.608
$17,196
88,339
80,999
6,557
7.135
17,243
19,868
1.839
1,680
20,615
19.348
1.669
1,648
$4.541
2,264
$6,731
2,306
$77,089
27,530
590,947
28,042
$2,277
Balance
Reserve for retirements (accrued)
$4,425
$49,559
11,666
$62,904
12,500
$37,893
24,500
$50.404
24.500
Net oper.revenue_ _ _
Int. & amortization_ __ _
Balance __________________________________
Dividends on preferred stock
$25,904
Balance for common stock diva and surplus_ - $13,393
During the last 25 years the company has expended for maintenance a
addition
total of 9.25% of the entire gross earnings over this period, and in
during this period has set aside for reserves or retained as surplus a total of
15.81% of these gross earnings.
larLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1022
Metropolitan Edison Co.
(And Subsidiary)
1932.
12 Months Ended June 304
1.7 31 45
Net income after taxes, deprec.,int., amortiz., &c.. $2.071.956 $3,191,.
ta"Last complete annual report in Financial Chronicle Apr. 23 '32, p. 3091
Profit on sales
Other income
$360,224 $1,724,655 $1,775,998
565,377
554,979
495,376
Total income
Minority interest
Other charges
Interest
Federal taxes,&c
5855,600 52,279,634 $2,341,375
48,599
44,858
38,096
99,707
109,859
95,558
783,953
706,092
720,513
118,445
xCr.44,547
545.979 $1,300,380 51,409.116
Net profit
$0.61
Nil.
$0.51
Earnings per share on common stock_
x Excess provision of Federal income taxes of prior periods less current
provision for Federal and foreign income taxes.
p.2353.
ItarLast complete annual report in Financial Chronicle Mar.26
Motor Wheel Corp.
(And Subsidiaries)
Period End. June30- 1932-3 Mos.-1931.
$70,281prof$393,377
Loss from sales, &c
234,542
192,804
Expenses, Fed. tax,&c
1932-6 Mos.-1931.
$53,263prof$648,298
456,428
427,789
Net operating loss_ _ _ _
Other income
$263,085prof$158,835
51,435
35,082
$481,053prof$191,870
107,398
73,956
Total loss
Non-oper.deductions.. _ _
$228,003prof$210,270
43,931
44.685
$407,097prof3299,268
94,201
88,136
Net loss
Dividend
$272,688 sur$166.339
210,207
$501,297 surS211,131
525.562
5314,431
$501,297
$43,868
Deficit
$272,688
850,000
Com.she, out.(no par)_
850,000
850,000
850,000
$0.25
Nil
Earnings per share
Nil
$0.19
rat Last complee annual report in Financial Chronicle Mar. 12 '32, p. 1971
North American Light & Power Co.
(And Subsidiaries)
1930.
12 Mos. End. June 301931.
1932.
Gross earnings
$43,911,966 $47,135,532 $46,714,276
Balance after taxes
20.065,997 21,697,582 21,142,460
Totalincome
21,289,210 23,133,874 22,121,142
Net income after taxes, int., deprec.,
sub. pref. diva., min.int.,&c
2,512.447 5,217,269 5,605,807
1.146,000
1,189,500
Preferred dividends
1,218,000
Surplus
$1,294.447 $4,027,769 54,459,807
tai'Last complete annual report in Financial Chronicle Apr. 18 '32, p. 2907
Ponce Electric Co.
Month ofJuly- -12 Mos. End...114 311931.
1932.
1932.
1931.
$385.627
$326,704
$24,167
$24,979
169,289
125,554
10,242
10,824
22,688
19.536
1.262
1,199
42,764
35,802
3,808
3.563
Gross earnings
Operation
Mairtenance
Taxes
$9,910
75
$8,333
76
5145,812
1.028
$150,884
918
Balance
59,835
Reserve for retirements (accrued)
$8,256
$144,783
40,000
$149,966
40,000
$104,783
26,185
$109,966
26,477
Net oper. revenue....
Interest charges
Balance
Dividends on preferred stock
$83.488
$78,597
Balance for common stock diva, and surplus_ _ _
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.
"Last complete annual report in Financial Chronicle Feb. 8 '32, p. 1023
Puget Sound Power & Light Co.
Gross earnings
aperation
intenance
Taxes
(And Subsidiary Companies)
VIonth of July- 12 Mos.End.July 311932.
1932.
1931.
1931.
$1.051,704 51,299,611 514.470.503 $16,425.388
571.887 5,747,632 7,122,794
418.176
55.967
82,029
756,149 1,039,267
96,425
84,549 1,023,739
943,164
Net oper. revenue_ _ _ _
Inc. from other sources_
$481,135
110.037
$561,145 $6,942,981 57.320,161
91,091
1,284,589
869,121
Balance
Int. and amortization
$591,173
341.169
$652,236 58,227,570 38.189,282
388,653 4,078,840 3.919,216
5250.003
Balaz ce
Reserve for retirements (accrued)
$263,582 $4,148,729 54,270,066
1.276,583
1.316,610
52.872.146 $2,953,455
2,130,346
2,404.224
Balance
Dividends on preferred stock
$741.799
$549.231
Balance for common stock dive, and surplus_ __
During the last 32 years the company and its predecessor companies have
for maintenance a total of 10.12% of the entire gross earnings
expended
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.
pa"Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1023
The Pullman Company.
(The)Key West Electric Co.
Gross earnings
Operation
Maintenance
Taxes
McKesson & Robbins, Inc.
(And Subsidiaries)
1930.
1931.
1932.
6 Months Ended June 30$53,132,329 $60,996,637 $67,419,293
Net sales
52.443,063 58,948,622 65,312,451
Costs and expenses
330,844
323,360
329,042
Depreciation
99,072
Balance, City and coPayable to City under
contract No.3
Sept. 10 1932
Revenues and Expenses of Car and Auxiliary Operations.
Vionth of July- 7 Mos. End. Julg 311932.
Sleeping Car °peens$3,127.290 $4.79(),139 $22,923.297 $33,751,440
.
Berth revenue
337,948
572,067 2.788.279 4,156,498
Seat revenue
83.996
125,617
Charter of cars
788,177
518,457
695
201
7,019
Miscellaneous revenue...
5.190
196.488
.
997.649
187,166
Car mileage revenue _ _ _
1,423,591
138,052
1.706,119
262,640
Contract revenue-Dr...
739,152
Total revenues
$3,608,336 55.412,552 $26,919.663 537,994.666
51,468.525 $1,965,367 $12,606,662 $16,087,734
Maintenance of cars
36.021
271,223
39,605
All other maintenance246,385
.
2,372,294 12.128,699 16,912,023
Conducting car °per_ _ _ 1.568,491
234.943
1,839,400
188,873
General expenses
1.675,171
Total expenses
53.307.982 $4,588,140 $26,656,918 $35,110,381
Net revenue (or def.). def$3,506
35,049
5262.745 $2,884,284
$727,032
5516,0149
639,308
480,918
$87,724
$35,171
Total not rev.(or deficit)
Taxes accrued
$296,847
186,301
$851,460
261,787
$297,916 $2,972,009
1,549.777
1,324.767
Oper. Income (or loss)
$110.546
$589,672df$1,026,850 51,422,231
Net revenue (or def.).. $300,354
Auxiliary Operations
$62,603
Total revenues
66,110
Total expenses
5846,411
590.428
85,379
Financial Chronicle
Volume 135
Savannah Electric & Power Co.
Month of July- -12 Mos. End.July 311932.
1932.
1931.
1931.
$163,678 $1,999,546 $2,110.392
$150.409
Gross earnings
58,554
56.768
Operation
668,801
765.596
9.508
Maintenance
9,317
118,453
125,839
17,399
17,300
214,539
Taxes
215,041
Net oper. revenue_ _ _
Int. and amortization
$66,832
34.129
$78,405
34,983
$43,442
2584,969
87,500
$578.162
104,166
$497.469
208,875
$473.995
204,833
(And Subsidiaries)
1932.
1931.
3 Months Ended July 31Net loss after deprec., depIttion, int., taxes, &c_....
$96,056xprof$51,433
Earns, per sh. on 276.325 shs. cap. stk.(no par)___
Nil
$0.18
x Including $47,411 discount realized on debentures retired.
larLast complete annual report in Financial Chronicle June 25'32, p.4676
2997.952 $1,003,915
412,983
425,753
$32,702
Balance
Reserves for retirements (accrued)
Balance
Dividends on preferred and debenture stock
Balance for common stock diva. and surplus_ _ _
$288,594
2269,161
During the last 30 years the company ard 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.
a'Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1024
Tung-Sol Lamp Works.
1819
Truax Traer Coal Co.
Western Dairy Products Co.
(Including Western Dairy Products, Inc.)
1931.
1932.
1930.
6 Mos. End. June 301929.
$7,171,281 $9,583.985 $12,041,330 910,950,119
Net sales
Cost of goods sold, incl.
sell., del.& admin.exp 6,680,036 8,250,921 11,012,978 9,828,869
275.983
343,776
Depreciation
324,598
350.721
Operating income_ _-Other income
$215,262 $1,008,466
7,017
9.915
$684,576
10,283
$770,529
72,903
Total
Interest charges
Prey. for Fed. inc. tax
$225.177 $1,015,483
199,663
181,421
97,898
6,345
$694,859
200,372
54.393
$843,432
353.480
82,646
6 Vionths Ended June 30-1932.
1931.
Net income after charges
$34.399
2221,367
Earns, per sh. on 228,510 shs. corn, stock
Nil
$0.57
UP Last complete annual report in Financial Chronicle April 23'32, p.3112
-
$440,094
Net Income
1717.921
$37,411
$607.306
For the quarter ended June 30 1932 net profit was $142,600 before subsidiary preferred dividends, comparing with net profit of $512,489 in the
June quarter of 1931.
tarLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2170
Virginia Electric & Power Co.
(The) Western Public Service Co.
(And Subsidiary Companies)
Month of July- -12 mos.End.Juiv 311932.
1931.
1932.
1931.
Gross earrings
$1,218,952 $1,374.172 $16,149,350 $17.091,791
Operation
460.881
563,948 6,019.006 6,667,020
Maintenance
83,898
107,356
1.135.275
1.227.781
Taxes
128,476
125.059 1,492.107
1,401.050
Net oper. revenue_ _ _
$545.697
$577,809 $7,502.961 $7,795,937
Inc.from other sources x
2,948
3,532
35,048
66,939
Balance
2548,645
$581.341 $7,538.009 $7,862.876
Int. aid amortization
161,827
153.005
1,905.085
1,803.194
Balance
$386,817
$428,336 $5,632,924 $6,059.682
Reserve for retirements (accrued)
1,925,000 2,100.000
Balance
$3.707,924 $3,959,682
Dividends on preferred stock
1,171.346
1,169,235
Balance for common stock divs. and surplus_ -- $2,536,577 $2,790,447
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 earnitgs.
WLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1025
IT; enerat
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Companies)
Month of July
-12 mos.End..ruly 311932.
1932.
1931.
1931.
$217.954 $2,295.661 $2,501,114
$176.841
113,669 1,196.184
1,339,987
93.585
7.029
8,132
89.436
104.397
12,018
119,135
13.483
137,444
Net oper. revenue
Inc.from other sources x
$63,104
$83,772
435
$890.906
5.692
$919.286
7,097
Balance
Int. & amort. (public)
$63,104
23,952
$84.207
23,832
$896.598
287,429
$926,384
286,144
Balance .
Int. (East. Texas Elec.
Co., Del.)
239,151
260,375
$609.168
$640,239
19,523
17,806
231.990
183.559
Balance
$19,628
Reserve for retirements (accrued)
$42,568
$377.177
220.000
$456.679
219,643
$157,177
59.246
$237,036
60.001
Balance
Dividends on preferred stock
Balance for common stock divs. and surplus__ $177,035
$97,931
x Interest on funds for construction purposes.
rZPLast complete annual report in Financial Chronicle May?'32, p.9460
Corporate anti 3inbeantent get/35.
STEAM RAILROADS.
Surplus Freight Cars -Class I railroads on Aug. 14 had 742,928
freight cars in good repair and immediately available for service, surplus
the car
service division of the American Railway Association announced. This
was a reduction of 20,632 cars compared with July 31, at which time
there were 763,560 surplus freight cars. Surplus coal cars on Aug. 14
totaled 284,384, a decrease of 19,216 cars below the previous period,
while surplus box cars totaled 387,734. an increase of 286 cars compared
with July 31. Reports also showed 28,993 surplus stock cars, a decrease
of 1,628 cars below the number on July 31, while surplus refrigerator cars
totaled 13,066, a decrease of 727 for the same period.
Matters Covered in the "Chronicle" Of Sept. 3.-(a)Railroads plan notice
for 20% wage cut
-Will accompany with an offer of arbitration-Action
In view about Oct. 1. p. 1600.
Aroostook Valley RR.
--Bonds Authorized.
The I.
-S. C. Commission on Sept. 2 authorized the company to issue
not exceeding 2500.000 1st & ref. mtge. 534% 25
-year gold bonds.
the bonds to be sold or otherwise disposed of at not less than 94 series A,
and int.
and the proceeds or the bonds used to retire certain bonds and to reimburse
company for expenditures heretofore made in retiring bonds and for other
capital purposes.
The order of May 9 1930, authorizing the company to issue not exceeding
$1,000,000 1st & ref. mtge. 5Y% 25
-year gold bonds, series A, is vacated
and set aside.
-V. 134. p. 671.
to pledge the series E bonds as part of the collateral security for the loan
from the Finance Corporation, it may pledge them as required without
our authority under section 20a of the inter-state commerce Act. Our
authorization as to those bonds will be limited to the procurement of their
-V. 135, p. 1651.
authentication and delivery.
Belgian National Railways.-Earnings.IIn Belgian Francs.]
Calendar YearsIncome from traffic
Income from various sources
1930.
1931.
3,023,531,183 3,457,400,850
67,198,764
71,139,456
Total receipts
General service, general expenses
Maintenance of way, structures
Maintenance of equipment
Transportation expenses
Renewals
Kstablish. & renewal accts.--Cr
3 090,729,947 3,528,540,306
474,127,842 468,921,955
424,435,490 443,912,556
1,197,867.456 1,324,644,301
593,234,424 636,042.763
362,265,000 362.265,000
27.986,012
27.428,674
66,785,747
16,372.520
34,211,945
Net operating income
Surplus from 1930
Income from deposits & investments
320.182.405
117,370,212
22,224,380
37,341.285
29,855.088
23,750.000
669,063
Int. to fund of regulariz. of annuities & indem947,200
Allotment of interest to the amortization fund_
Total
Interest to reserve fund
6% interest to the renewal fund
Baltimore & Ohio RR.
-$63,250,000 Bonds Authorized
- Interest on loans received
To Be Used to Refund Outstanding Bonds.
Interest on bond issue of 1931
The I.
-S. C. Commission on Aug. 31 authorized the company
the authentication and delivery of not exceeding $31.625.000 to procure
& general mortgage bonds, series E. and to issue not exceedingof refunding
$31,625,001)
of refunding & general mortgage bonds, series F: all to be used in retiring
$63,250,000 of 20-year 4si T convertible gold bonds maturing Marchl,1933.
o
The report of the Commission says in part.
There are now outstanding $63,250,000 20
-year 4t4%
bonds. These bonds mature March 1 1933, and there isconvertible gold
no provision in
the indenture for extending their maturity date or postponing the payment
of the principal thereof. The applicant covenanted in the indenture that
it would not make, or suffer to be made, any new mortgage constituting
a
lien upon any of the lines of railroad directly owned by it. or upon any of
the lines of railroad covered by any of the applicant's mortgages
at the date of the indenture without making effective provision existing
new mortgage or other instrument whereby all the bonds then in such
outstanding under the indenture would be secured, pani passu, with the obligations
issued under such new mortgage or instrument. On Dec. 1 1915 the
applicant created its refunding & general mortgage, in which it fulfilled
the covenant expressed in the indenture. In addition. it provided that
$63,250,000 of bonds humble under the new mortgage shoal be reserved
for the purpose of exchanging, redeeming, purchasing, retiring, refunding,
or paying before, at, or after maturity the convertible gold bonds.
The applicant proposes to offer to pay to the holders of the convertible
gold bonds at or before maturity, and upon the surrender thereof, 50%
of the principal amount of their holdings in cash. For the remaining 50%
of the principal amount of bonds surrendered, it proposes to deliver to
the holders thereof an equal principal amount of its refunding & general
mortgage bonds. It has applied to the Reconstruction Finance Corporation for a loan of 231,625,000 to be used in making the cash payment. A
loan of that amount from the Finance Corporation was approved by our
certificate of Aug. 19 19:12. our approval being subject to the condition,
among others, that the applicant should pledge as collateral for the loan
certain securities, including $31.625,000 of refunding & general mortgage
bonds. series E.
In furtherance of its plan the applicant proposes to issue under the
provisions of its refunding & general mortgage made under date of Dec. 1
1915, not exceeding $63.250,000 of its refunding & general mortgage bonds.
One-half of these bonds will be designated as series E. All will bear interest
at 6% per annum, will mature April 1 2000 and will be deliveraed to the
Finance Corporation as part of the collateral security required for the loan
of $31,625,000. The remaining 211.625,000 of refunding & general mortgage bonds will be designated as series F. The coupon bonds of this series
will be dated March 1 1932. All will bear interest at the rate of 5% per
annum, will mature March 1 1996, and will be delivered to the holders of
the convertible gold bonds in payment of 50% of the principal amount
thereof.
As the applicant is required by our certificate of Aug. 19 1932, supra.
Credit balance
2,583.197
Balance Sheet Dec. 31 1931.
[In Belgian Francs.]
LiabilitiesAssets10,000,000,000
Contrib. to Belgian Gov_11,000,000,000 Preferred stock
1,000,000.000
Additions & Impts
1,426,608,935 Common stock
404.511,203
Reserve fund
DM.over par val. of 1931
852,690,558
bonds & exp. of issue__
48,207,087 Renewal fund
Materials & supplies
611,769,892 Fund for rehabilitation of
643,737,504
work shops
Surplus rolling stock to be
retired
1,8.4,000
25,229,569 Amortization fund
Public funds invest. In
Loans of funds for redemp.
497.584,800
reserve fund
404,480,242 of public debts
Public funds invest. In
600,000.000
Bond Issue of 1931
renewal fund
42,906,853 Fund of regulariz. of anParnell,. in & loans to Co.
16.928,907
nuities & indemnities__
formed for erection of
6,185.651
Unpaid diva, of prior yrs_
employ. dwelling
201,176.487
16,487,328 Accounts payable
Cash
560,486,564 Profit & loss surplus
2.583,197
Accounts receivable
91,165.866
Total
-V. 135, p. 1651.
14,227,342,337
Total
14,227,342,337
Canadian National Rys.-Ends 14 Posts.
Retirement of 11 officers of this company and abolition of 14 offices
were announced on Sept. 7. This brings the total of offices abolished in
interests of economy to 50.
Among the officers retiring are C.Price Green, Commissioner of National
Resources; R. C. W. Lett. Superintendent of National Resources for
Alberta and British Columbia, and Henry Phillips, Assistant Secretary
to the Chairman.
D. McKay Ford, former Assistant to the Vice-President. has been
appointed Purchasing Agent at Montreal. Among agents retired was
T. Duff Smith, Forwarding Agent at Cleveland, Ohio.
Consolidation of two divisions was also announced, with the Eastern
division to include the city of Montreal,formerly under separate Jurisdiction.
The Canadian National Steamships office announced the retirement of
Colonel J. Carleton Brown, Pacific Coast Manager, and abolition of that
office. Direction of the steamships on the West Coast will be in the
charge of Thomas Louden, General Superintendent, with headquarters
-V.135, p. 1651.
at Vancouver, B. C.
1820
Financial Chronicle
Central Vermont Ry., Inc.
-Resignation.
John W. Redmond, senior Legal Adviser, has resigned and the office
has been abolished, effective Sept. 1, it is announced.
1, Mr. Redmond will continue to serve as corporate Vice-President and
as a member of the board of directors.
-V. 135, p. 1651.
"That the proposed plan subordinates the prior lien and consolidated
mortgage bonds to a new $25,000,000 mortgage, which ir effect amounts
to raisirg new capital for stockholders at the expense of said bondholders."
Committee's Position as to Receivership Proceedings.
-
Chicago & Alton RR.
-Final Valuation.
-
The I.
-S. C. Commission has placed a so-called final valuation upon
the common carrier properties of the old Chicago & Alton RE. of $76,636.966, as of June 30 1919.
The appraisal of the properties (which are now controlled by the Baltimore & Ohio RR. through the Alton Ry.) included 853,954,000 for properties owned and used, and $22,682,966 for its leased properties.
-V. 134.
p. 2141.
Genesee & Wyoming RR.
-Bonds Authorized.
The I.
-S. C. Commission on Aug. 30 authorized the company (1) to
issue a promissory note for $275,000 in part renewal of an outstanding note,
and (2) to pledge as collateral security therefor $400,000 of 5% 1st mtge.
gold bonds.
-V. 132, p. 2577.
German National Railroad.-Earnings.1In millions of Reichsmarks.1
Calendar yearsPassenger traffic
Goods traffic
Various receipts
1931.
1,150.4
2,307.5
390.8
1930.
1,345.5
2,839.2
385.6
Total receipts
1929.
1,423.2
3,485.4
445.2
1928.
1,443.3
3,276.4
439.5
3,848.7
4,570.3
5,353.8
5,159.2
Payments to staff_
Payments for materials_
Payments for renewals_ _
2,236.1
906.5
479.9
2,406.2
1,089.7
594.4
2,418.3
1,415.4
659.5
2,364.9
1,281.3
648.1
'Grand tot, of op. pay_
Operating surplus
3,622.5
226.2
4,090.3
480.0
4,493.2
860.6
4,294.3
864.9
Operating co-efficient_
83 %
.93
83
.24%
94.12%
89.50%
Balance Sheet Dec. 31 1931.
[In Reichsmarks.]
Assets
By. prop.seq.from Relch.24,500,000,000 Common stock
13,000,000,000
Additions 4c betterments_ 1,741,082,197 Preferred stock
1,081,000,000
Invest. in affiliated cos_
21,000.000 Res. on acct, of deprec. of
Materials & supplies
168,582,003 ry. prop. acq. from the
Cash
11.000.000,000
Reich
13,163,294
Bank balances
443,771,844 Res. on acct. of deprec. of
Checks in course of °ohm_
9,330,275
addit. & better, of ry.
421,200,000
Marketable securities_ _
124,453,156
property
766,942,068
Traffic balances receivable
16,471,965 General reserves
801,193,234
Other debtors
62,275,498 Loans
132,266,446
Long-term receivables__
109,500,355 Other liabilities
Disc.upon the iss. of loans
38,662,490 Accts. In process of settle_ 133,034,554
75,670,000
Accts. in process of settle_ 163,013,225 Surplus
Total
-V.131, p.931.
27,411,306,302
Total
27,411,306,302
Gulf Mobile & Northern RR.
-To Lease Properties.
The stockholders will vote Sept. 19 on approving a proposal that this
company lease the properties owned by New Orleans Great Northern RR.
and Gulf Mobile & Northern RR. of Louisiana.
-V. 135, p. 981.
Walter E. Ernst of McManus, Ernst, Ernst &
Counsel for the
protective committee for holders of prior lien & consol. mtge. gold bonds
(Harold H, Mellon, Chairman), issued the following statement:as to the
committee's position in regard to the pending receivership proceedings:
"The protective committee is not a party to, and never has been a party
to, the proceedings heretofore commenced in St. Louis having for their purpose the appointment of a receiver. It was because of the institution of
those proceedings that this committee was formed.
"It is our information that the motion for receivership, as well as the moOm to dismiss the bill praying for the appointment of a receiver, will be
argued within the next fortnight. However, regardless of the outcome
of those proceedings, or either of those motions, the committee will continue to function and will use its best endeavors to protect those holders
of prior lien & consol. bonds who have not assented to the plan proposed
by the adjustment managers, and who do not intend to so assent.
,
'We believe that unless a more equitable plan is proposed, or unless the
adjustment managers accept sufficient modifications of their plan to make
it more equitable, the intervention of the court will be necessary to remove
the inequties, or to assist in the creation and the making effective of an
equitable plan. Whether the court should use for that purpose a receiver
is a matter upon which we do not at present comment; but we do believe
that if the court cannot, without the aid of a receiver, accomplish and make
effective an equitable plan, then the court may, in its discretion and in its
effort to do equity, exercise its equitable jurisdiction and exercise some
supervision over the railway or over the adjustment managers for the railway. What we desire is the greatest good for the greatest number, with
the minimum cost and expense.
"But the avoidance of cost does not mean that litigation will be unavoidable, and the committee will sponsor any litigation which will bring the
desired results."
In a letter to bondholders in which the committee terms
the proposed plan and agreement of readjustment as discriminatory and inequitable from the standpoint of the bondholders, Mr. Mellon says in part:
The proposed readjustment plan might have been presented with better
grace to the prior nen & consol, mtge. bondholders who are called upon to
make the major sacrifices thereunder if approximately $12,500,000 of dividend disbursements on junior securities had not been voted during the past
two years of financial deficits by the management.
Among the outstanding discriminations and inequities of the proposed
plan ofreadjustment to which the committee calls attention are thefollowing:
Under the plan the bank creditors receive interest on their loans during
the period when the prior lien & consol. mtge. bondholders do not.
Fort Scott and prior lien bonds pledged under the consol, mtge. receive
no compensation for their sacrifices, so that the consol. mtge. bondholders
do not benefit to the same extent as the other holders of Fort Scott and prior
lien bonds although the concessions required of these pleged securities
raeid
As compensation for a ten-year extension of maturity date, the holders
of outstanding Fort Scott bonds are to receive a disproportionate reward.
By virtue of alteration of capital stock issues, safeguards originally created for the protection of consol. mtge. bondholders may be destroyed under
ealanof neou ge y ues of these bonds expanded without corresponding
iie oe a od t t iss
.
increase
Provision is made for a new prior mortgage which may amount to $25$
7
- ,.0035, phalve 2
00v '
0 10 to
65 precedence over the prior lien & consol. mtge. bonds.
Illinois Terminal Co.
-Excess Income.
The I.
-S. C. Commission has issued a final report holding that company
had $1,350,899 excess net railway operating income in the period March 1
1920 to Feb. 31 1924, of which one-half or $675,450 in recapturable by the
Government.
The carrier is ordered to make payment of the amount ascertained
within 90 days. Otherwise the Commission may sell $1,800,000 of the road's
securities which have been lodged with the Commission to secure the payment of the recapturable amount.
The Commission over-ruled the carrier's contention for a valuation of
$10,000,000 for its property. The final conclusions ascertained the value
for rate-making purposes ranging from $1,980,000 in 1920 to $2,210,000
in 1922, and a maximum of $2,250,000 in 1924.
The Commission also rejected the company's claims as to working capital.
holding that $25,000 for materials and supplies was enough and that
$750,000 in cash as claimed was not necessary.
-V. 134, p. 323.
Pittsburgh Cincinnati Chicago & St. Louis RR.Tenders.Geo. H. Pabst Jr., Treas, of the Pennsylvania RR., 380 Seventh Ave..
N. Y. City, will until Sept. 30. receive bids for sale to it of consol. mtge.
bonds at a price not exceeding par and int., to an amount sufficient to
exhaust $1.560,171.-V. 134, p. 673.
-San Francisco Ry.-54% of Bonds Deposited
St. Louis
Under Readjustment Plan.
Holders of 54% of the bonds affected by the readjustment plan have been
deposited under the plan. The management expects at least two-thirds
of the affected bonds will have been deposited by Sept. 26, the present
time limit for deposits.
Suit Instituted to Enjoin Making Effective Readjustment
Plan.
-
The protective committee for holders of prior lien and consolidated mortgage gold bonds, of which Harold E. Mellon of Boston is Chairman, while
taking a neutral position regarding the application for appointment of receivers, feels that the discriminations and inequalities of the proposed plan
of readjustment issued by the readjustment managers makes necessary
the intervention of the court to protect such holders, and has advised a
proceeding to enjoin the making effective of the adjustment managers'
proposed plan and a bill of complaint was filed Thursday in the New York
Supreme Court. The suit is being instituted by Cornelius A. Sullivan on
behalf of himself and all other prior lien and consolidated mortgage bondholders who desire to join in this action and contribute to the expense
thereof against the company, its directors and readjustment managers.
McManus, Ernst. Ernst & Lynch are attorneys for the plaintiff.
Among the outstanding discriminations and inequities alleged in the bill
of complaint are the following:
"That it imposes upon the preferred and common stockholders no sacrifice
•commensurate with that imposed upon the prior lien and consolidated
mortgage bondholders.
"That the prior lien and Fort Scott bonds pledged to secure the consolidated mortgage are arbitrarily excluded from the stock participation benefits to accrue under the plan to other holders of prior lien and Fort Scott
bonds.
"That the bank creditors are to receive interest payments on their loans
during the period when the prior lien and consolidated mortgage bondholders
are to forego such payments.
"On information and belief, that the readjustment plan was conceived
and is now advanced and supported by the board of directors of the defendant railway company in the interest ofthe classes of security holders favored
thereby: that such classes are represented upon the board of directors and
are influential therein and also in the membership of the readjustment
managers, and that the prior lien and consolidated mortgage bondholders
generally are without said representation.
"That the defendants have set forth said readjustment plan with a subtlety
of advocacy, slurring over many relevant facts, omitting disclosure of their
special and personal interests therein and in the various classes of securities
affected thereby, concealing by a veil of language the true effect of said
plan and presenting it with statements so far incomplete, misleading and
deceptive as to win the support of many prior lien and consolidated mortgage bondholders who are unaware of the actual inequities and discriminatory nature of the plan and imperfectly informed regarding the facts heroin
set forth.
By virtue of alteration of capital stock issues, safeguards originally
created for the protection of consolidated mortgage bondholders may be
destroyed under the plan and the issues of these bonds expanded without
corresponding increase of security.
Sept. 16 1932
Seaboard Air Line Ry.-Interest on Underlies.
-
The Maryland Trust Co. announced Aug. 30 that payment will be made
through that bank of the 2ji
coupons due July 1 1931 on Seaboard &
Roanoke RR. and Raleigh & Augusta RR. first mortgage bonds.
The receivers were authorized under court order to make these payments
at the rate of 5% per annum, and funds have been provided for the disbursements through the trust company. In each instance a record Of
Payments is to be stamped on the bonds.
Most of the bonds of the two issues have been deposited with the Seaboard underlying bondholders committee which is headed by Edwin J.
Baetjer as Chairman.- V. 135. p. 1161.
Uvalde & Northern RR.
-Loan Denied.
The I.
-S. C. Commission has denied this company's application for a
loan of $50,000 from the Reconstruction Finance Corporation.
-V. 134,
P. 3820.
-Asks Bond Extension.
Wilmington & Northern RR.
The company,a subsidiary of the Reading Co. has applied to the I.
-S. 0.
Commission for authority to extend the time for payment of the principal
of $462,000 59' general mortgage bonds, maturing Aug. 1 1932 until
Aug. 11982, The interest would remain at 5%.-V. 125, P. 1705.
Woodstock Ry.-Asks Authority to Abandon Line.
The company, operating for many years between White River Junction,
Vt., where it connects with
By. and the Boston
tt Maine and Woodstock. Vt. the Central Vermont than 14 miles, asks
a distance of a little leas
authority to abandon its entire line of railroad in an application made
Public Sept. 3, by the I.
-S. C. Commission. The application says that in
recent years truck competition has reduced the traffic handled by the road
"to a point below what is sufficient to support railroad transportation
facilities." Passenger traffic has almost ceased and the carrying of the
United States mails was taken away from it two years ago,the railroad says.
The road has been operating at a loss for the last five years and has been
compelled to borrow money from time to time in order to continue operation.
PUBLIC UTILITIES.
r" Matters Covered in the "Chronicle" of Sept. 3.-(a) Electric production
higher than in precing week but is 12.3% below corresponding period a
ed
year ago, p. 1554; (b) Electric output in July 1932 off 16% as compared
with corresopnding month last year. p. 1554.
".' "American Commonwealths Power Corp.
-Receivers'
Report.
J. K. Garrigues, H. W. Briggs and H. L. Nichols, receivers, have sub
mitted a report to the Court on the affairs of the receivership and of the
corporation and the subsidiary and affiliated companies as of June 301932.
-On Dec. 31 1931 the Court
Appointment and Qualification of Receivers.
of Chancery of Delaware appointed receivers in- equity for American
Commonwealths Power Corp. The appointment of the receivers was
consented to by the corporation for the protection of its creditors and
security holders because of its inability to pay or refinance a secured loan
of approximately $3000,000, due Jan. 2 1932. and because of pending
receivership proceedings against American Community Power Co., a
subsidiary, on account of a secured note issue of $1,800,000, due Nov. 1
1931, which that company was not able to pay or refinance.
Following their appointment, the receivers qualified on Jan. 4 1932 and
proceeded to take possession of the assets, property and records of the
corporation and to acquaint themselves with its affairs.
On Jan. 16 1932 J. K. Garrigues, H. W. Brigg and H. L. Nichols were
appointed ancillary receivers for American Commonwealths Power Corp.
by the U. S. District Court for the Southern District of New York in order
to preserve the assets of the corporation in that jurisdiction. The ap).
s:•Astment was made permanent by an order of the Court dated June 14
t
r
Formation of Protective Committees.
Soon after the receivers were appointed, protective committees were
organized for the various classes of securities of American Commonwealths
Power Corp. The personnel of these committees is as follows
Debentures.
-Thomas J. Walsh, Chairman; William Buchsbaum, E. G.
Diefenbach,Stanton Griffis, William P.Spratt,Jr. and L. E. Yeager. George
DeB. Greene, Sec'y, 44 Wall St., N. Y. City. Chase National Bank,
New York, Continental Illinois Bank & Trust Co., Chicago, and Wells
Fargo Bank & Union Trust Co., San Francisco, depositaries.
Volume 135
Financial Chronicle
P First Preferred Stocks.-Frederick Peirce, Chairman, Philadelphia, Pa.;
.
Hamilton Pell, Henry G. Lambert, John I. London and C. Hoogesteger:
George E. Kilpatrick, Jr., Sec'y, 225 South 15th St., Philadelphia. be.
positary, Manufacturers Trust Co., New York.
-Charles Scudder, Chairman, St. Louis, Mo.Second Preferred Stock.
Samuel C. Davis, P. S. Dickinson. T. 0. Moloney and Hugo Wurdack.
•No depositary as yet designated.
-C. P. Billings, Chairman, 50 Pine
Common Stock-Classes A and B.
t., New York; L. A. Eddy, E. J. Costigan, H. M. Pleune and Harold
Wood. C. H. Coughlin, Sec'y, 50 Pine St., N. Y. City. No depositary
as yet designated.
Payment of Note to United States Re International Securities Corp. and ConditionalSale of Control of American Gas & Power Co. to A.E.Fitkin.
to the receivership, American Commonwealths Power Corp. had
secured demand loans at Bankers Trust Co., Guaranty Trust Co. and
Central Hanover Bank & Trust Co., New York.
The rate of liquidation of these loans was not satisfactory to the bankand on Nov. 18 1931 the banks called the loans. A six weeks' loan, maturing Jan. 2 1932. was then negotiated with United States & International
Securities Corp. in an aggregate amount of $2,963.598, which amount was
sufficient to liquidate these bank loans in full.
The collateral thus released, consisting of the following, was pledged as
security for the new loan:
$35400 American Gas & Power Co. 5% debs., 1953.
$1,758,000 American Gas & Power CO. 6% debs., 1939.
25.000 shs. $6 pref. stock, American Gas & Power Co.
$58,000 Community Power & Light Co. 5% bonds, 1957.
28.243 shs. Dominion Gas & Electric Co.$7 2d pref.stock.
8,800 shs. Eastern Gas & Fuel Associates common stock.
$20,000 General Public Utilities Co. 644% bonds, 1956.
$520,000 Jacksonville Gas Co. 5% bonds, 1942.
110,000 shs. United Light & Power Co. class B common stock.
$120,000 Vermont Lighting Corp. 5% bonds, 1944.
•
As further collateral, American Commonwealths Power Corp. pledged
25.000 additional shares of American Gas & Power Co. $6 preference stock.
Upon maturity of the note, Jan. 2 1932, United States & International
Securities Corp. demanded payment and refused the receivers any extension of the maturity date. The receivers not being able on such short
notice to make arrangements for the payment of the note, United States &
International Securities Corp. advertised the sale ofthe collateral at auction.
This sacrifice sale of the collateral would have crippled the receivership
to such an extent as to preclude reorganization by depriving the receivers
of income and sources of cash with which to administer the estate. The
receivers were successful, however, in arranging with United States &
• International Securities Corp. to postpone, from time to time, the sale
of this collateral. Meanwhile, the note had been reduced $1,650,000
by the sale to United States & International Securities Corp. of 110,000
shares of class B common stock of United Light & Power Co. at $15 a share,
the note having provided that at the option of American Commonwealths
Power Corp. this stock could be 'Iput" to the United States & International
Securities Corp. at this price. The principal amount of the note was further reduced by the application of the proceeds of sale of certain small
lots of other securities pledged thereunder.
The receivers in the meantime were negotiating with A. E. Fitkin for
the sale to him of $1,767,000 of 6% debentures and 50.000 shares (out of
an issue of 85,000 shares) of preference stock. $6 series, of American Gas
& Power Co. being part of the collateral pledged under the note held
by United Stales & International Securities Corp., and in addition 105,000
shares of common stock of American Gas & Power Co. (being all of the
outstanding shares of stock), for a total cash consideration equal to the
balance due on the note held by United States & International Securities
Corp., to wit: $1,287,681. An agreement was entered into with Mr.
Fitkin on Jan. 18 1932, covering the sale of the securities to him. The
receivers also arranged for the resale of the $1,707,000 of debentures by
Mr. Fitkin to United States & International Securities Corp. for a consideration of $537,966.
1111The sale of the securities to Mr. Fitkin and the resale of the debentures •
by Mr. Fitkin to United States & International Securities Corp. was
consummated on Jan. 20 1932. The note of American Commonwealths
Power Corp. was thereupon paid and canceled. By the terms of the abovementioned agreement, the receivers have the right to repurchase the
preference and common stock of American Gas & Power Co. for $999,716
plus expenses incident to the transfer of the shares, at any time within one
year from the date of the agreement, I. e. on or before Jan. 17 1933.
At the final settlement, United States & International Securities Corp.
'
delivered to the receivers the balance of the collateral remaining under the
note, viz.
$507,000 Jacksonville Gas Co. 1st mtge. .55.
$105,000 Vermont Lighting Corp. 1st mtge. 5s.
$4.500 General Public Utilities Co. 6.4s.
8,800 shares Eastern Gas & Fuel Associates common stock.
28,243 shares Dominion Gas & Electric Co. $7 2d preferred stock.
The entire transaction was made the subject matter of a petition by the
receivers to the Court of Chancery, and was in accordance with the order
granted by the Chancellor after a hearing on the petition.
r Prior
•
.l•
Reduction of Expenses.
Prior to the appointment of receivers, salaries paid to the officers and
employees of the corporation were at the rate of $149,870 per annum and
the rental paid for the Grand Rapids and New York offices was at the annual
rate of $49,500 per annum, and other expenses, including stock transfer
agents and registrars in three cities, were at the rate of approximately
$290,000 per annum, making a total overhead cost of about $500,000
per annum.
Following a comprehensive survey, the receivers took steps to reduce the
personnel of the New York office and to institute certain other substantial
economies,including the discontinuance of all transfer agencies, the eliminaion of toe office in Grand Rapids, Mich., a substant al reduction in the
rental paid for the New York office and the elimination of all executive
salaries except that of a junior officer of the corporation who now acts as
secretary to the receivers.
The result of these economies is that the receivership is now being operated at a total overhead cost not in excess of $50,000 per annum,including
all costs of administration of the receivership estate with the exception of
fees for receivers and their counsel.
Operating Budget of Receivership Estate.
The total operating expense of the receivership estate is at present approximately $50,000 per annum. Income froin securities in custody of
the receivers is at the rate of approximately $58,000 per annum, so that
the receivership estate is being operated within its cash income.
From time to time the receivers have disposed of certain miscellaneous
assets and the proceeds, together with the excess of cash income over cash
outgo, have improved the cash position of the receivership estate with the
result that as of July 30 1932 the cash balance amounted to $42,920.
Agentfor Stock Transfers.
Having discontinued transfer agencies in the interest of economy, the
receivers have installed a transfer clerk in the New York office. Any
persons desiring to transfer stock may do so by presenting their certificates
In proper form for transfer at the office of the receivers at Suite 3003. 120
Broadway, N. Y. City.
Payment to Dominion Gas & Electric Co.
One of the important public utility systems controlled by American ComPower Corp. is the system headed by Dominion Gas & Electric
monwealths
Co., a direct subsidiary, which has a number of operating subsidiaries
engaged in the Production, transportation and distribution of electric
light and power and natural gas in the Provinces of Alberta, Saskatchewan
and British Columbia, Canada.
On the date of receivership, American Commonwealths Power Corn
was indebted to Dominion Gas & Electric Co. in the amount of $396,006
for advances, a portion of which indebtedness was represented by notes
and the balance by open accounts. As security for such indebtedness,
American Commonwealths Power Corp. had deposited with Dominion
Gas & Electric Co.10,000 shares of American Gas & Power Co. pref.stock.
pa On Jan. 11932,six months' interest on $8,000,000 Dominion Gas & Elec-year 6% notes became due.
tric Co.'s 6 % bonds and on $3,000,000 of its 3
As a result of the above-mentioned advances to American Commonwealths
Power Corp., Dominion Gas & Electric Co. was without sufficient funds to
pay this interest and was obliged to borrow $98,127 from outside sources
in order to pay the interest on the bonds and was forced to avail itself of
the period of grace provided for in the agreement under which the notes
were issued.
1821
On the maturity of the loan, about April 1 1932. Dominion Gas & Electric Co. was called upon to make arrangements not only for the payment
of this note but also for the payment of $90.000 interest on the $3,000,000
of 6% notes.
The only avenue of relief open to Dominion Gas & Electric Co. was
through the receivers. After reviewing the situation it was evident that
unless this relief were given, the equity held by the receivers would be
placed in great jeopardy. The receivers therefore determined that it was
in the best interest of the estate that a payment be made on account of
the indebtedness to Dominion Gas & Electric Co.. in an amount equivalent
to these two obligations.
Accordingly, a petition for such authority was presented to the Chancellor. The petition sought authority to make the payment with securities
rather than with cash. This procedure being satisfactory to all parties,
and having been approved by the Chancellor, the receivers delivered
$212,000 Jacksonville Gas Co. 5% bonds and 8,800 shares of Eastern Gas
& Fuel Associates common stock to Dominion Gas & Electric Co. and the
account between American Commonwealths Power Corp. and Dominion
Gas & Electric Co. was credited with $190,362. leaving an indebtedness of
$212,036 still owing.
The order of the Chancellor also authorized American Commonwealths
Power Corp. to give to Dominion Gas & Electric Co. for the balance of the
account a 6% note dated April 11 1932 for $212.036, due Dec. 31 1932.
In consideration of the payment. Dominion Gas & Electric Co. returned to
the receivers 5,000 shares of American Gas & Power Co. preference stock,
leaving a balance of 5,000 shares as collateral to said note, which has been
deposited, together with other collateral, by Dominion Gas & Electric Co.
as security to its guaranty of loans of Canadian Utilities, Ltd., with the
Royal Bank of Canada.
Sale of Miscellaneous Securities.
Miscellaneous securities disposed of by the receivers at various times are
sits. Central Public Service Co. class A common stock:
as follows: 191
2,000 shs. Continental Shares, Inc., common stock; 55 shs. Michigan Trust
Co. common stock; $5,500 Gulf Public Service Co.6% bonds, due Oct. 1
1945; and $105,000 Vermont Lighting Corp. 5% bonds, due Oct. 1 1944.
The sale of these securities netted $47,012 and was effected with the
approval of the Chancellor.
Indebtedness to Banks and Others by Subsidiary and Associated Companies.
The indebtedness to banks on account of loans of subsidiary and associated companies, including American Gas & Power Co. and its subsidiary and associated companies, at Dec. 31 1931, was $4,868,526, and at
June 30 1932 was $3,541,191. or a reduction for the first six months of
1932 of $1,327,335. In addition to making this substantial reduction in
bank loans, the companies have also made material reductions in accounts
payable. The larger part of these reductions has been accomplished out
of current earnings and other current resources.
The following table shows the progress made by the several companies
in the reduction of bank indebtedness:
-Bank Indebtedness at
- 6 Months
Dec. 31 1931. June 30 1932. Reduction. •
American Gas & Power Group--$1,350,000.00 $886.200.00 $463,800.00
Amer. Community Pow. Group 1.904,341.26 1,700,000.00
204,341.26
Dominion Gas & El. Group_ --886,500.00
127,325.00
759,175.00
National Gas & Electric Group.. 525.185.09
5,500.00
519,685.09
Interstate Fuel & Light Group_
202.500.00
190.316.34
12,183.66
Total
$4,868,526.35 $3,541,191.34 $1,327,335.01
American Gas & Power System.
Following the sale of American Gas & Power Co. to A. E. Fitkiia, and
in accordance with the terms of the contract of sale, one of the receivers
has acted as a director of American Gas & Power Co. and the receivers
have been informed of all important matters affecting the company.
Following the sale of American Gas & Power Co. to A. E. Fitkin, serious
situations developed in respect to Minneapolis Gas Light Co., Birmingham
Gas Co. and Lowell Gas Light Co., the three principal operating companies
In the American Gas & Power group, having to do with alleged defaults
under franchises, inter-company indebtedness, maturing short-term obllgations and other liabilities of such operating companies.
Each of these situations has been met by Mr. Fitkin as the owner of the
parent company, and although the problems presented were both serious
In character and substantial in amount, arrangements and compromises
were effected, with the knowledge of the receivers, and which were satisfactory to all interests concerned. Steps are now being taken to refund
the $1,500,000 of 1-year 3% notes of Lowell Gas Light Co. which matured
on June 15 1932, through the sale of $950,000 of 1st mtge. bonds and $550,-year notes. It is also confidently expected by the receivers that
000 of 3
the $1,250,000 of 454% notes of Birmingham Gas Co., which will mature
on Oct. I 1932, will be refunded or extended.
The receivers have encountered many difficulties due to the loaning of
funds ofsubsidiaries to corporations which control them. They are strongly
opposed to financial transactions of this character and are doing and propose to do everything possible to untangle inter-company relations of
this nature.
Litigation by American Gas & Power Co.
On or about June 20 1932, American Gas & Power Co. filed a petition in
Chancery Court, alleging that American Gas & Power Co. had wrongthe
fully delivered certain assets to American Commonwealths Power Corp.
as a result of certain transactions between the two corporations which
took place on or about March 31 1931, and that certain of such assets or
their proceeds now form part of the receivership estate, and seeking to
recover such assets or their proceeds and to restrain the receivers from disposing of them until the rights of American Gas & Power Co. were determined and seeking other relief. The assets on which American Gas &
Power Co. asserts an equitable lien constitute substantially all of the liquid
assets in the receivership estate.
It so happened that on June 10 1932 the receivers had petitioned the Chancellor for partial compensation to themselves and their counsel to be provided out of cash on hand in the receivership estate and (or) the sale of
certain marketable securities.
Pursuant to agreement of counsel, it was determined to obtain a ruling
by the Chancellor on the question of the payment of allowances to the
receivers and compensation to their counsel even conceding that the contentions of American Gas & Power Co. were correct and that such payments would be made in whole or in part out of assets on which American
Gas & Power Co. had an equitable lien. The Chancellor rendered an
opinion on July 6, holding that assets on which an equitable lien exists are
subject to the payment of their fair proportion of the cost of the receivership where the lienor has benefited by the receivership; that the activities
of the receivers of American Commonwealths Power Corp. were of great
benefit to the alleged lienor; that the Court was unable to determine at
that stage what the value of the receivers' services to the supposed lienor
was, but that it was within the limits of reasonable safety to authorize
a partial payment. An order was accordingly entered on July 13, approving such partial payment and also providing that the balance be deferred until further order of the Chancellor or until counsel for American
Gas & Power Co. should file a stipulation consenting to further payment.
Dominion Gas & Electric Co.
The receivership estate owns the following equity stocks of Dominion
Gas & Electric Co.: 28,243 shs. 2d preferred stock (or 67% of total):
346.800 shs. common stock (or 58% of total), and an undetermined interest
with an affiliate, American Commonwealths Power Associates, in 18.000
shares first preferred stock (of a total of 25,000 shares) and 23,750 additional shares of common stock (4%).
American Community Power Co.
American Commonwealths Power Corp. OW1315 the entire capital stock of
American Community Power Co. with the exception of 30,000 shares of
first preferred stock.
American Community Power Co. was placed in receivership on Dec. 31
1931 on account of inability to pay or refinance $1800,000 notes due Nov. 1
1931. An attempt was made, with the co-operation of the banking houses
which originally distributed these notes, to have the noteholders accept
new two-year notes for the maturing notes and although in excess of 75%
of the notes were deposited, it was impossible to declare the plan operative
because, in view of the restrictions in the agreement under which the maturing notes were issued, the consent of all of the holders of the maturing
notes was required.
Subsequent to their appointment as receivers for American Community
Power Co. by the Chancery Court of Delaware, J. K. Garrigues and H. W.
Briggs were appointed ancillary receivers for the company by the U. 8.
District Court for the Southern District of New York-to wit, on Jan. 16
1932. The appointment was made permanent by an order of the Court
1822
Financial Chronicle
dated June 14 1932. Promptly after the appointment of the receivers
for American Community Power Co.,a protective committee for the abovementioned notes was organized and in excess of 85% of the notes have been
deposited with the committee. The personnel of the protective committee is as follows: Paul M. Strickler. Chairman (Halsey, Stuart & Co.,
Inc.), New York; H. G. Lambert. Kenneth Keefe, E. E. Cattail and P. D.
Crockett. Warner Marshall, Sec'y,35 Wall St.. N. Y. City. Depositary,
Central Hanover Bank & Trust Co. N. Y. City.
The only other funded debt of American Community Power Co. outstanding consists of 85.000,000 secured gold debentures, 5%% series due
1953. These debentures are secured by all of the common stock of Community Power & Light Co. and 506,400 shares (out of 506,500) of common
stock of General Public Utilities Co.
A protective committee has likewise been organized for these debentures
and has requested the debenture holders to deposit their debentures under
a deposit agreement. The members of this committee are: A. C. Allyn.
Chairman, Chicago; A. H. Gilbert, E. A. Hardin, C. W. Yant and James
T. Woodward. L. H. Plumb, Sec'y, 43 Exchange Place, N. Y. City.
Depositary, Bankers Trust Co., N. Y. City.
At the date of the appointment of the receivers, American Community
Power Co. was indebted to Chase National Bank, New York,for $1,500.000
secured, among other things. by 50,000 shares ofcommon stock of American
Community Power Co. (property of American Commonwealths Power
Corp.), and a note of Community Power & Light Co. to American Community Power Co. for $1,500,000. Among the other collateral deposited
were notes of General Public Utilities Co. to Community Power & Light
Co. In the amount of $1,800,000. Upon the appointment of the receivers
the note of American Community Power Co. became due and payable.
Community Power & Light Co.thereupon negotiated a renewal of its note.
Payments totaling $200,000 and interest to July 31 1932 have been made
by Community Power & Light Co. on account of its note, which payments
have been applied by the bank on the note of American Community Power
Co. The budget of Community Power & Light Co. contemplates further
reductions in this loan during the remaining months of this year.
National Gas & Electric Corp.
On Dec. 31 1931 National Gas & Electric Corp. owed banks and trade
creditors $527.185 on notes. On June 30 1932 this indebtedness had been
reduced to $5,500, largely through the sale of.small isolated subsidiary
properties to adjacent utility interests.
As a result of the payment of these notes, $100,000 American Commonwealths Power Corp. 6% convertible debentures of 1940 were released and
delivered to the receivership estate.
These sales were advantageous as the proceeds were applied to the acquisition and retirement of the company's first mortgage collateral
bonds at a sufficient discount so that the savings in interest charges largely
offset the loss of net earnings. Meanwhile, the cash position is being improved by the omission of dividends on the first preferred and the preference
stock.
The receivers own in excess of 20% of the first preferred stock and 100%
of the preference stock, but none of the common stock. The passing of
dividends on the preference stock has vested that stock with voting power,
80 that the receivers now hold a voting control of National Gas & Electric Corp.
In addition, the receivers own $341,600 National Gas & Electric Corp.
notes due Feb. 1 1933 and $325,165 principal amount of demand notes.
Interstate Fuel & Light Co. and Michigan Fuel & Light Co.
Interstate Fuel & Light Co. is a holding company owning 100% of the
common stock of Michigan Fuel & Light Co., which in turn owns 100%
of the common stock of Wisconsin Fuel & Light Co. and 99% of the common stock of Northern Indiana Fuel & Light Co.
The receivers do not own the common stock of Interstate Fuel & Light
Co., but are substantial creditors by the ownership of notes given by Interstate Fuel & Light Co. and Michigan Fuel & Light Co. for substantial
advances made by American Commonwealths Power Corp.
The marked decline in the earnings of the companies brought about by
unsatisfactory business conditions resulted in the non-payment of dividends
on Interstate Fuel & Light Co. preferred stock and bond interest and pre-.
(erred stock dividends by Michigan Fuel & Light Co. and Northern Indiana
Fuel & Light Co.
Representatives of security houses from whom most of the bonds and
stocks had been purchased have evolved a plan of reorganization designed
to permit the system to continue operations as a going concern and to
protect, in so far as possible, the investments in all classes of securities.
The receivers have been consulted by members of the reorganization committee and are in general sympathy with the plan and in due course expect
to petition the Chancery Court for authority to participate. By accepting
stock of a new Michigan Fuel & Light Co.in exchange for all obligations due
from the system, the receivership estate will own substantial control of the
new company.
The receivers are advised that the reorganization committee has presented the plan to the security holders, that it has been favorably received
and that to date the deposits of securities under the plan have been satisfactory. [See details under Michigan Fuel & Light Co. below.)
Union Gas Utilities, Inc., and Union Gas Corp.
The Union Gas system is headed by Union Gas Utilities, Inc., hich
owns a group of companies operating in Kansas and Oklahoma in ihe production and sale of natural gas, oil and gasoline. Service is rendered to
industrial, commercial and domestic consumers.
In common with other similar companies, the revenues of the system
have shown large decreases, making it impossible for either Union Gas
Utilities, Inc., or Union Gas Corp. to pay bond interest. The result was
receivership for both companies.
The receivership estate has an interest in the system on account of notes
for advances made by American Commonwealths Power Corp.
American Commonwealths Power Associates.
American Commonwealths Power Associates, a voluntary association
organized in Massachusetts.owns 59.959 shares(out of 60.962 shares issued)
of the capital stock of Lowell Gas Light Co. Of the shares so issued. 58.199
shares of this stock are pledged under notes totaling 84,950,000 to American
Gas & Power Co., which company in turn has pledged and deposited the
note and the collateral under the indenture securing the debentures of
American Gas & Power Co.
The current earnings of American Gas & Power Co. do not include any
of the earnings of Lowell Gas Light Co., which were as follows:
12 Mos.End. 6 Mos.End. 6 Mos.End.
Dec.31 '31. June 30 '31. June 30'32.
Total gross revenues
$455.530
$444,045
$929,754
Operating expenses, maint. & taxes
254,035
248,166
493,875
Net income
$201,495
$195,879
$435.879
American Commonwealths Securities Corp.
American Commonwealths Securities Corp. was a direct subsidiary of
American Commonwealths Power Corp. and all of the capital stock is in
the custody of the receivers.
The purpose of American Commonwealths Securities Corp. was to assist
the parent corporation in the sale of securities of both the parent company
and its subsidiaries
Following the appointment of receivers for American Commonwealths
Power Corp. (Del.), petition was filed for the appointment of receivers for
American Commonwealths Securities Corp. and H. L. Nichols and J. K.
Garrigues were appointed as receivers on Jan. 15 1932.
The time for creditors to file claims with the Register in Chancery at
Wilmington. Del., in this receivership is now fixed at Sept. 14 1932.
Inter-Company Accounts.
Amounts Due Receivership Estate as Per Audit Dec. 31 1931from:
American Community Power Co.(in receivership)
$840,790
GeneralPublic
I Co146,531
264,691
American Gas & Power Co
American Corporation
208,651
American Commonwealths Power Corp.(Md.)
9,377,466
566.336
Interstate Fuel & Light Co
Michigan Fuel & Light Co
1,358,124
Union Gas Utilities, Inc
590,866
Union Gas Corp
1,780,194
276.885
Southwestern Gas Co
National Gas & Electric Corp
*554,200
Total
$15,954,739
* Since increased to $666,765, as of June 30 1932, all classified as follows:
$175,165 demand notes; 8341,600 notes due Feb. 1 1933; $150,000 demand notes, convertible into $7 preference stock of National Gas & Electric Corp. at its option.
Sept. 10 1932
Amounts Due by American Commonwealths Power Corp.as Per Audit
Dec. 31 1931 to:
American Commonwealths Power Corp. (N. J.)
86,792,267
American Commonwealths Securities Corp
34.933
Community Power & Light Co
31,717
Minneapolis Gas Light Co
27,633
Birmingham Gas Co
4,094
Gulf Public Service Co
183
Dominion Gas & Electric Co
*396,132
American Commonwealths Power Associates
348,272
Lowell Gas Light Co
2,480
Insurance Fund Trustees
88,745
Commonwealths Collieries, Inc
1,489
Total
* Amount since reduced.
$7,727,951
Statement of earnings of (1) American Gas & Power Co.,
• (2) Dominion Gas & Electric Co., (3) General Public Utilities Co., (4) Community Power & Light Co., (5) and National Gas & Electric Corp. are given under these companies, respectively.
-V. 134, P. 4487.
American Gas & Power Co.(& Subs.).-Earnings.Year Ended -6 Mos. End. June 301931.
1932.
PeriodDec. 31 '31.
Gross operating revenue
$8,514,952 $4,670,781 $4,288,987
1.873,976
Operating expenses
3.963,359 2,091,834
149,379
150,905
295,986
Maintenance
Taxes, other than Federal inc. tax_ _ _
399,250
395,250
767,910
Net operating income
Non-operating income*
$3,487,695 $2,030,316 81.868,855
426,264
213,505
Dr32,661
Gross corporate income
$3,913,959 $2,243,822 $1,836,194
Prior charges of subsidiaries:
Interest on funded debt
548,066
589,353
1,138.591
Interest on unfunded debt
36,810
66,262
39,251
Amortization
85,275
103,311
185,166
Depreciation
210,139
429,347
235,319
Preferred stock dividends
126.714
201,985
407,145
Participation unit income payments
31,250
Net avail. to Amer. Gas & Pow.Co. 81,687,446 $1,133,923
American Gas & Power Co.:
Interest on funded debt
8304,850
8632,050
Interest on unfunded debt
24.559
35.695
Amortization
44,462
93,382
Balance
Preferred dividends paid
$926,318
692,250
$760,051
411,000
$738,614
$327,200
13.452
48,920
$349,041
Net before undeclared preferred
dividends, Fed, income tax and
divs. on common stock
$349,041
$349,051
$234,068
* Includes interest on the indebtedness of American Commonwealths
Power Associates to American Gas & Power Co. of $373,417 for the year
1931 and $183,398 for the six months to June 30 1931. None included
for the six months to June 30 1932.'
Note.
-No provision made for Birmingham Gas Co. preferred dividends
subsequent to Jan. 31 1932 or for American Gas & Power Co. preferred
and preference dividends subsequent to Nov. 15 1931.-V. 135. p. 460.
American Power & Light Co.
-Earnings.
-
For income statement for 12 months ended July 31 see'
'Earnings Department" on a preceding page.
-V. 135, D• 1161.
-Revises Stock
American Telephone 8c Telegraph Co.
Sales Plan.
The purchase plan under which investors may acquire shares of the
above company's capital stock from the Bell Securities Co. was revised on
Sept. 1 so as to make the investor pay transfer taxes and registered mail
delivery fees when receiving their certificates. This action is In line with
the policy in many industries of passing along to the public the various
taxes imposed by the Federal Revenue Act of 1932.
Other provisions of the contract are practically unchanged from those in
effect since July 1931. The monthly payment plan continues to call for
$50 a share with the application and subsequent monthly payments of $10
a share. Interest on monthly unpaid balances is charged at the rate of'
6% annually, dividends are credited to accounts and rights are also credited
at the average price for which all rights are sold by the Bell Securities Co.
An extension of monthly payments of not more than two months is
granted on request, provided that not less than two monthly payments have
been made. Previously It was specified that no extension of payment
would be allowed until after $90 had been paid.
-V. 135, p. 1652.
-Sale.
Annapolis & Chesapeake Bay Power Co.
Albert G. Towers, receiver, will sell at public auction at the Court House
In Annapolis, Md., on Sept. 30, all the property, franchises and business.
both gas and electric of the company.
-V. 135. p. 1484.
Associated Gas 8c Electric Co.
-Demands for Electricity
ed
Increasing,The highest net output of electricity for nearly five morths was reported
exeluded by the Associated System, the total for the week erded Sept. 3
on Sept..8
being 48,271,749 units (kwh.). Sales of current to other utilities are
The past week's story of electricity generated by power plants in the
Associated Syste,m was one of continued improvement. The net output
of 48.271.749 units was only 7.8% below the corresponding period of 1931,
Including sales in the Philippine Islands and the Maritime Provinces.
wededhA prp
e as t e s lart percentage decline within the System since the
week
eecent progressive improvement of Associated's production record
r etlieed belew:
Is best
Week EndedDeclinefrom Last Year.
Net Cutout, Units.
7.8
45...71.749
46.370,943
9.3
11.1
46,537.886
y 3073
t 10
223
12.3
46.271,420
Aug. 6
11.2
.46,252,087
July
11.9 0
45.040,041
The System output, excluding sales outside of the United States, showed
a decrease of 8.4% for the week ended Sept. 3 when compared with last
ae s T le- mpares p. ‘11 84 decrease of 10.4% reported for the country
Year.wbehis co . l3 . wl 4 a .
v
5
-The directors
Capital Traction Co.
-Omits Dividend.
on Sept. 8 voted to omit the dividend ordinarily payable
about Oct. 1 on the outstanding $12,000,000 capital stock,
Par $100. A distribution of 25 cents per share was made on
July 1 last as compared with 50 cents per share on Jan. 1
an April 1 1932, $1 per share each quarter from July 1
1930 to and incl. Oct. 1 1931 and $1.75 per share
previously.
President J. H. Hanna, Sept. 8 states:
Because or continued shrinkage in earnings, the directors at their regular
meeting decided not to declare any dividend payable on the company's
stock as of Oct. 1.
Reductions in salaries made effective April 1 and again on Aug. 1,coupled
with other economies have been effective in counteracting in part the loss
in revenue. Although the savings in total wages paid have been material,
they have been accomplished without the necessity of laying off any men.
The economies are reflected in the report for the month of August which,
while showing a sharp falling off in revenue as compared with August 1931,
shows an improvement in net results from operations.
-V. 134. p. 4490.
1823
Financial Chronicle
Volume 135
April 1, 40 cents per share on Jan. 2 1932 and Oct. 1 1931,
50 cents per share on July 1 1931 and 60 cents per share
each quarter from July 1 1930 to and including April 1
-Definitive Bonds.
- 1931.-V. 135, p. 1328.
Columbus Ry., Power & Light Co.
St., N. Y.
The Chase National Bank of the City of New lark, 11 Broad
-Usual Stock Dividend
Federal Light & Traction Co.
City, announces that it is prepared to deliver definitive 5 % secured
•convertible gold bonds due April 1 1942.in exchange for temporary bonds.
Reduces Cash Payment.
V. 135. p. 1162.
deferred meeting held on Sept. 7 declared a quarterly
The directors at a
in common stock
-Initial Dividend.
- dividend of 25c. per share in cash and 1% record Sept. 20. on the common
.\Commonwealth Water & Light Co.
s
holders of
In
-Earnings.
Central Indiana Gas Co.
For income statement for three and 12 months ended June 30. see "Earn-V. 133, p. 1767.
ings Department" on a preceding page.
each of the
stock, both payable Oct. 1 to
14 preceding quarters a dividend of 37gc. per share in cash and.1% IA
stock was paid.
The Irving Trust Co., 1 Wall St., N. Y. City, has notified holders of
1st lien sinking fund gold bonds, due March 1 1942, that it will receive
tenders for the sale of these bonds to the sinking fund to the extent of
8119,904 no later than noon Oct. 17 1932.-V. 135, p. 985.
The directors have declared an initial quarterly dividend of $1.50 per
share on the $6 series pref. stock, no par value, and the regular quarterly
dividend of $1.75 per share on the 7% cum. 1st pref. stock, par $100, both
payable Oct. 1 to holders of record Sept. 20.-V. 129, p. 3472.
-Earnings.
Community Power & Light Co.(& Subs.).
Year Ended -6 Mos. End. June 30Dec. 31 31.
1931.
1932.
Period$4,224,094 $1,979.636 $1,831.112
Gross operating revenue
2,073.941
1,017,569
929.717
Operating expenses
187.206
99,645
83.281
Maintenance
297,583
144.685
146,872
Taxes,other than Federal income tax
Net operating income
Non-operating income
$1,665,362
211,579
$717.736
112.045
$671.241
106,934
Gross corporate income
Prior charges of subsidiaries:
Interest on funded debt
Interest on unfunded debt
Amortization
Depreciation
Preferred stock dividends
$1,876,942
$829,782
$778,175
6,900
20,550
20.854
349,666
75,412
3,450
9,566
10.427
151,085
39.345
3.450
18,262
10,102
151,520
37,198
$615,906
$557,642
344,375
13,701
25,311
350.000
43.425
25.980
$232,M8
206,893
-Earnings.
General Public Utilities Co.(& Subs.).
Year Ended -6 Mos. End. June 30Dec. 31 '31.
1931.
Period1932.
$44,731,481 82,243,527 $2,095,945
Gross operating revenue
2,052.847
985.081
937.297
Operating expenses
261,869
134.889
114,733
Maintenance
307,933
162,554
165,468
Taxes, other than Federal income tax
$138.235
Net avail. to Community Power &
Light Co. before Federal tax-$1,403,558
Community Power & Light Co.:
694,375
Interest on funded debt
39,014
Interest on unfunded debt
Amortization
51,292
Balance
Dividends paid on preferred stock- _
8618,876
344,818
Net operating income
Non-operating deficit
$2,108,831
20.272
8961,002
9.520
8878,445
2,919
Gross corporate income
Prior charges of subsidiaries:
Interest on funded debt
Interest on unfunded debt
Amortization
Depreciation
$2,088,558
8951,481
$875,526
358,090
7,167
9,935
324,580
179,695
2,469
3,600
145,723
176.780
3,638
5,108
146,387
$619,991
$543.611
415,750
61.985
9,370
22,183
420.858
75,224
8,246
25,419
8110,701
118,524
$13,862
Net avail. to General Public Utilities
Co. before Federal tax
$1,388,784
General Public Utilities Co.:
831,292
Interest on funded debt
131,833
Interest on unfunded debt
Depreciation
22,835
Amortization
44,993
Net before Federal income tax, undeclared pref. dive. & dive. on
common stock
$274,058
$25,624
$138,235
Nole.-Dividends on preferred stock from Nov. 1 1931 have not been
declared.
-V. 135. p. 817.
Balance
Dividends paid on preferred stock.._
$357,828
177,583
Net before Federal tax, undeclared
pref. dive.& diva. on corn. stock- $180,245
$7,822
813.826
Note.-Dividerds on preferred stock from Oct. 1 1931 have not been
declared.
-V. 135, n• 1653.
',...Continental Gas & Electric Corp.
-Extra Dividends.
-
The directors have declared an extra cash dividend of $1.80 per share
addition to the regular quarterly cash dividend of $1.10 per share on the ••••. German-Atlantic Cable Co. (Traut-sehe-AtiantbrER"E"
common stock, no par value. both payable Oct. 1 to holders of record
Telegritpbengaaeltachaft)
.-Bonds Called.
Sept. 12. An extra cash distribution of 83.60 per share and a special dividend
of 1-5th of a share ofcommon stock were made on this issue on Jan. 2 last.
The company has called for redemption on April 1 1933 by operation of
134, p. 2903.
sinking fund. at 1073. and int. thereon, $159,500 of its 1st mtge.
the
7% sinking fund gold dollar bonds due April 1 1945.
-Dividend Rate Decreased.
Detroit Edison Co.
-The 20-yearmade at the office of Brown Brothers Harriman & Co., 59 Payment
Wall St.,
will be
-V. 133, p. 2104.
directors on Sept. 9 declared a quarterly dividend of $1.50 N. Y. City.
in
per share on the capital stock, par $100, payable Oct. 15 to. '`Hamburg Electric Co. (IbrurburgtigERB Eltretricitarts,
--holders of record Sept. 20. This compares with $2 per share .sverk. Aktiengesellschaft>, Germany.
-Smaller Div.
The directors have declared a dividend of 8g% on the American deposipaid each quarter from 1916 to and incl. July 15 1932.
tory receipts for ordinary shares, less tax and expenses of depository, and
President Alex. Dow made the following statement:
upon bearer receipts. The first is payable Oct. 15. and the second is payable
At the time the board declared the July 15 dividend it was announced
that unless there should be a substantial improvement in the company's
business by the time action was required on the October 15 dividend,
reduction to a quarterly rate of not more than $1.50 per share might be
then deemed advisable. At the meeting of the board held on Sept. 9 a
dividend was declared at the quarterly rate of $1.50 per share.
-V. 135,
p. 1328.
on surrender of new coupon No. 1 at the office of the New York & Hanseatic
Corp. of New York on or after Oct. 6.-V. 133, p. 2266: V. 131. p. 3708.
-Pays Sept. 1 Interest.
Inland Power & Light Corp.
Funds have been deposited with trustee to meet the Sept. 1 interest on
-V.135, p.629.
$651.900 collateral trust sinking fund 6% bonds, series A.
-Hayden Protective
Dominion Gas & Electric Co.(& Subs.).-Earningo.---,Interborough Rapid Transit Co.
Year Ended -6 As. End. June 30Committee Given Permission to Intervene in Receivership Case.-
Dec. 31 '31.
Period1931.
1932.
$4,139,185 $2,316,532 $2,619,162
Gross operating revenue
1,717,971
Operating expenses
863,291
1,003,418
163,741
Maintenance
122,444
101.354
256,487
Taxes,other than Dominion inc. taxes
132.894
163,290
116,105
Dominion income taxes
42,302
75 000
.
Net operating income
$1,884.879 $1,155,600 $1,276.099
67,475
Non-operating income
30.873
44.548
Gross corporate income
$1,952,355 81.186,474 $1.320.647
Prior charges of subsidiaries:
Interest on funded debt
247,114
125,503
119,321
Interest on unfunded debt
67,876
25,847
33,018
Premium on U. S. exchange
37.168
21,980
Dividends on preferred stocks
248,840
125,262
121.354
Depreciation
497,324
240,135
248,573
Amortization
1,662
1,927
Min.interest in earnings of subsidiary
348
19,721
25,052
Balance avail, for int., dividends,
amortiz.and Dominion & Federal
Income taxes of Domion Gas &
Electric Co
Dominion Gas & Electric Co.:
Interest on funded debt
Interest on unfunded debt
Amortization
8853,682
350,000
121,013
59,337
Balance
Divs. on 1st pref. stock paid & accr--
$32,668
175.000
$239,004
87,500
Plain and Stamped First and Refunding Mtge. 5% Bonds,
Due 1966.toThe 1st & ref. mtge.5% bonds, due 1966,stamped as to assention to the
Ian dated May 11922. are in all respects identical now with the unstamped
so that there is no distinction whatsoever in rights or of value as
between the two.
-V. 135, p. 1653.
-Initial Dividend.
----Lone Star Gas Corp.
$648,341
700,000
Judge Martin T. Manton has granted a motion of Root, Clark & Buckner
-year 6% gold notesdue Oct. 1.
representing a committee for holders of 10
to intervene in the American Brake Shoe & Foundry Co.'s suit against
the I. R. T. wherein equity receivers were appointed. The committee Is
headed by Charles Hayden of Hayden, Stone & Co. Depository for the
committee is the Chase National Bank.
The intervention was consented to by Chadbourne, Stanchfield & Levy,
attorneys for Victor J. Dowling and Thomas E. Murray. Jr., receivers:
Breed. Abbott & Morgan, attorneys for the American Brake Shoe & Foundry Co.. and by J. L. Quackenbush,general counsel for the I. R. T.
An initial quarterly dividend of 114% has been declared on the 6% cum.
cony. pref. stock, par $100, payable-Sept. 30 to holders of record Sept. 15.
-V.135, p. 1328.
Manhattan (Elevated) Ry.-Receivership.350,000
3.078
61,400
$334,939
Net income for period
loss$142,331
$151.504
$334,939
Note.
-Dividends on Dominion Gas & Electric Co. 1st pref, stock from
Oct. 1 1931 have not been declared. Dividends on this stock for year
1931 include accrued dividends in the amount of $43,750 which have not
been declared. No dividends have been declared on the second pref.
stock since date of issue Dec. 6 1930.
Canadian dollars included in above at par of exchange.
-V.134, P. 3635.
Duke-Price Power Co., Ltd.
-Tenders.
-
The Union Trust Co. of Pittsburgh. trustee, will until noon Sept. 16
receive bids for the sale to it of 1st mtge. 6% s. f. gold bonds, series A.
due May 1 1966, to an amount sufficient to exhaust $212,119 at prices
not exceeding 105g and int. Payment will be made on Sept. 20.-V. 134,
p. 3635.
Engineers Public Service Co.
-Omits Common Dividend.
-The directors on Sept. 8 took no action on the quarterly
normally payable about Oct. 1 on the common
dividend
stock, no par value, but declared the regular quarterly dividends of $1.25 per share on the $5 cony. pref. stock, $1.37%
per share on the $5.50 cum. pref. stock and $1.50 per share
on the $6 cum. pref. stock, all of no par value, payable
Oct. 1 to holders of record Sept. 19.
The company announced that "no action was taken on
the common dividend normally payable on October 1,
consideration of future common dividends during the current
year being deferred for the time being."
A distribution of 25 cents per share was made on the
common stock on July 1 last as compared with 35 cents on
Judge Martin 'I'. Manton in the U. S. Circuit Court, New York, Sept. 5.
appointed William Roberts, President of the company, a temporary receiver in equity. Two applications were made for a receiver, one by an
independent group of stockholders and another by the company.
Judge Manton denied the application of the stockholders for the time
being, but said if there should be a severance of relations of the Manhattan
By. from the Interborough Rapid Transit Co. he would consider appointing other receivers to act with Mr. Roberts.
Judge Manton also granted the petition of Manhattan bondholders,
which was filed Sept. 2,to intervene in the I. R.T.receivership proceedings.
Duane R. Dills, counsel for Manhattan Ry. Co.. stated that the object
of the receivership was to keep matters in status quo and thus prevent a
multiplicity of law suits that would naturally arise had not the present
action been taken.
A show-cause order was signed returnable Sept. 22 for all persons interested to show cause why the Manhattan Ry. receivership should not be
continued during the receivership for the 1. R. T.
Commenting upon the appointment of a receiver for the Manhattan Ry.
Nathan L. Amster, Chairman of the Manhattan stockholders' protective;
committee, declared that the position of the company's security holders
had in no way been impaired or changed thereby.
The appointment of a receiver for the Manhattan, he said, was in line
with bringing the affairs of the company under the guardianship of the Federal Court in order to prevent confusion that might arise out of a division of
responsibilities in event some unforeseen conditions brought the Manhattan
Into the State courts.
Independent Consolidated Mortgage Bondholders Organize
for Them Protection-Have Order from Court to Intervene for
Bondholders.
Announcement was made Sept. 6 of the formation of an independent
committee for the purpose of protecting the interests of the holders of the
consolidated mortgage 4% gold bonds, due April 1 1940. The position of
the 1st mtge. bondholders is complicated at the present time because of
the extension to the Manhattan properties of the receivership of the Interborough Rapid Transit Co. which holds a 999
-year lease on the Manhattan
By. lines, and because in the Interborough receivership efforts may be made
to reject the Manhattan lease and to sever the two properties.
The object of the committee will be to protect the rights of the holders
cf the 1st mtge. bonds of the Manhattan company. The committee has
already obtained an order from the court granting leave to appear for and
represent all holders of the consolidated bonds who deposit them with the
1824
Financial Chronicle
ommittee. Because of the present financial status of the Manhattan Ry.
lines the committee emphasizes the need for immediate action on the part
of bondholders. The personnel of the committee consists of the vollowing:
Van S. Merle-Smith (of Roosevelt & Son), Chairman; Walter H. Bennett
(Pres. of Emigrant Industrial Savings Bank), Philip A. Benson (Pres. of
Dime Savings Bank of Brooklyn), F. J. Fuller (Vice-Pres. Central Hanover
Bank & Trust Co.), Jame Lee Loomis (Pres. Connecticut Mutual Life Insurance Co.). The Central Hanover Bank & Trust Co. is depositary for
the committee. C. E. Sigler. 70 Broadway, N. Y. City, is Secretary, and
Cotton, Franklin, Wright & Gordon are counsel.
.1. Le official statement issued by the committee Sept. 6
follows;
The extension Sept. 6 of the receivership of the Interborough Rapid
Transit Co. to include the properties of the Manhattan Ry. is of vital importance to the holders of Manhattan Ry. consol. mtge. 4% gold bonds.
The situation now confronting the holders of the Manhattan consol.
bonds renders it imperative that they should immediately unite for the
protection of their own interests through an entirely independent committee
formed to act in their behalf.
All of the railway lines of the Manhattan Ry. are under a 999
-year lease
to the Interborough company, but efforts may be made in the Interborough
receivership to reject this lease and to sever the operation of the two properties. On Oct. 1 next an installment of interest is payable on the Manhattan consolidated bonds. No assurance of any kind has been given by
the officials of the Interborough company or its receivers that this interest
will be paid. Certain taxes on the Manhattan properties are now in default. The Manhattan company has no resources with which to meet its
interest charges and taxes other than the rentals payable by the Interborough
company under the Manhattan lease. Many complicated questions of
law and policy affecting the rights and interests of the holders of the Manhattan consolidated bonds will arise relative to the status of this lease and
the problem of the unification of rapid transit facilities of the City of
New York.
The undersigned, themselves representing large holdings of the Manhattan consolidated bonds, and at the request of other holders of large amounts
of the bonds, have organized to act as a committee for the protection of the
rights of the bondholders. In view of the necessity for prompt action, the
committee has already obtained an order of the court in the Interborough
receivership cause granting the committee leave to intervene and to appear
for and represent all holders of Manhattan consolidated bonds who may
deposit their bonds with the committee.
The committee urges all holders of Manhattan consolidated bonds to
deposit their bonds with Central Hanover Bank St Trust Co., depositary,
70 Broadway, New York, N. Y. Such bonds must be deposited in negotiable form and, unless fully registered, accompanied by interest coupons
maturing on and after Oct. 1 1932. Upon such deposits certificates of deposit will be issued. It is planned to make application to list the certificates of deposit on the New York Stock Exchange.
The committee believes that it is important that bondholders promptly
deposit their bonds.—V. 135. p. 1491, 1654.
Massachusetts Gas Companies.— Tenders.-- The Union Trust Co. of Pittsburgh, trustee, will until noon. Sept. 20,
receive bids for the sale to it of sinking fund 5% debenture gold bonds.
due May 1 1955, to an amount sufficient to absorb $375,449 at prices not
exceeding 103 and interest.—V. 134, p. 2905.
Metropolitan Edison Co.—Earnings.--For income statement for 12 months ended June 30 see "Earnings•Department" on a preceding page.—V. 135, p. 1163.
Michigan Fuel & Light Co.—AMtnded ReOrganization
Plan.—An amended reorganization plan dated as of Aug. 17
1932 (amendment to plan dated May 25 1932—V. 135,
p. 126) for Michigan Fuel & Light Co. and its subsidiaries,
Northern Indiana Fuel & Light Co. and Wisconsin Fuel &
Light Co., has been adopted by the reorganization committee.
The committee in a statement to the holders of securities
concerned and to holders of certificates of deposit therefor
states:
Early in May the Michigan Fuel & Light Co. advised us that it could not
pay the June 1 1932 interest coupon on its first mortgage 6% gold bonds.
due June 1 1950, witaout seriously depleting its working capital. It further advised us that its suosidiary, Northern Indiana Fuel & Light Co..
would be unable to pay the coupons due July 1 1932 on its first !mortgage
gold bonds due July 1 1949, and that its subsidiary, Wisconsin Fuel &
i
Light Co., would presumably be unable to pay the coupons due Nov. 1
19 on its first mortgage 6h% gold bonds due Nov. 1 1948 and on Its
7% convertible debenture notes due Nov. 1 1933.
The defaults anticipated for June 1 1932 and July 1 1932 have since
occurred.
In view of the situation, and at the suggestion of holders of substantial
amounts of various classes of securities, a reorganization committee was
organized in May, 1932, consisting of M. H. Grossman, formerly President
of Grossman-Lewis & Co. of Milwaukee; John C. Meiners, Vice-Pros, of
A. C. Allyn & Co. oi Chicago, and Arthur C. Best, Pres. of A. C. Best &
Co. of Milwaukee. Each member of the committee is or was actively associated with an investment house which distributed one or more classes of
the securities of Michigan Fuel & Light Co. and its sul sidiaries. This
committee formulated a reorganization plan and agreement dated as of
May 25 1932 and published it. Since its publication a considerable number
of security holders deposited their securities under the plan. Several
suggestions for changes in the plan were made and after full consideration
the committee decided that the plan should be amended. The amendments adopted by the committee come under three general headings:
(a) Holders of the Michigan Fuel & Light Co. bonds are to receive in
exchange for each El.000 bond deposited $1,000 of new bonds instead of
$800 of new bonds and two shares of preferred stock, as provided in the
original plan.
(b) The new first lien 5% collateral trust bonds are to be modified so as
to receive an additional 1% annual interest under certain conditions and
are to have a modified initial interest rate up to Dec. 1 1934 over the
schedule heretofore published.
(c) The present Wisconsin Fuel & Light Co. first mortgage 6 % gold
bonds are not to be disturbed as to lien or maturity but are to be modified
with respect to interest rate and sinking fund provisions.
[A statement of the operations of the companies concerned, statement of
securities outstanding and committees' conclusions on problems involved
were given in V. 135. p. 126.1
Digest of Amended Reorganization Plan.
General Plan of Issuing New Securities.
All of the deposited securities except the first mortgage 6h
gold bonds
of Wisconsin Fuel & Light Co. will be exchanged for securities of a new
corporation.
The committee reserves the right to provide for the organization of one
or more corporations and the acquisition by a new corporation or corporations of any securities and (or) any property or assets of the Michigan
Fuel & Light Co. and (or) any of its subsidiaries, or any of their respective
shares of stock and the issuance by corporations of its or their securities,
always provided that such substituted securities will give to the depositing
security holders (directly or indirectly) substantially equivalent interests
in the reorganized structure as hereinafter set forth.
Description of New Securities to Be Issued.
(a) Bonds.—The new bonds will be first lien 5% collateral trust bonds,
ones A,secured by all of the bonds deposited for exchange for new bonds
and by the preferred and common stock deposited under the plan and it is
estimated that upon deposit of all the outstanding securities which are to
receive new bonds in exchange, $2,730,250 of such bonds will be issued.
The bonds are to mature Dec. 1 1952 and are to pay 1% interest on Dec. 1
1932, 1
on June 1 1933, 2% on Dec. 11933, 2% on June 11934. 2i.%
on Dec. 11934,and semi-annually thereafter. The bonds are to be entitled
to receive an additional 1% interest annually in those years in which
dividends are paid on the common stock of the new corporation for each of
the first five years up to and including June 1 1937. This 1% payment is
to be paid only if dividends are in fact declared and paid during such year
on the common stock. After June 1 1937 the additional 1% is to be actually
paid if such dividends are paid in such particular year, but if such dividend'
Sept. la 1#32
are not paid then the additional 1% is to be cumulative, and if not paid
prior to the maturity of the bonds, any unpaid accumulations are to be
added to the principal due at the maturity of the bonds or on redemption.
The bonds will be callable at 102 plus int. A total of $3,000,000 of '
series A bonds will be initially authorized by the indenture and issued.
The excess over the amount required by the plan shall be held in the company's treasury for disposition for cash or its equivalent in order to provide ,
a medium for raising additional working capital as the needs of the company or subsidiaries from time to time require.
Additional bonds may be issued in series, varying with respect to rates
of interest, dates, maturities, redemption privileges and other distinguishing features not inconsistent with the trust agreement as shall be
provided in an agreement supplemental thereto with respect to each series
of securities as created. Additional bonds may be issued in amounts not
exceeding 75% of the cost or fair value, whichever is lower, of securities of
corporations subsequently deposited and pledged; or not exceeding 75%
of the cost or fair value, determined as provided by the trust agreement, of
the properties of such corporations. Additional bonds may also be issued
without the deposit of securities in amounts not exceeding 75% of the cost
or fair value, whichever is lower, of additions, extensions, betterments
and permanent improvements to the properties of subsidiaries. No such
additional bonds may be issued unless the consolidated net earnings for
a period of 12 consecutive months within the next preceding 15 months
shall be at least 1 h times the annual interest on all bonds outstanding under
the trust agreement,including those about to be issued. Additional bonds
may also be Issued to refund bonds theretofore outstanding under the trust
agreement.
(b) Debentures.—The new debentures to be issued by the company shall
bear interest at the rate of 4h % per annum, payable semi-annually and
accruing from and after Dec. 1 1932. These debentures shall be callableat par and shall be due as follows: Dec. 1 1935, $11,450; June 1 1936.
$334.350; Dec. 1 1936. $334,350; June 11937. /34,350.
(c) Preferred.Stock.—New preferred stock will be $100 par value and entitlel to a quarterly dividend at the rate of 7% per annum,to be cumulative.
only from and after June 11936. This stock shall be callable at
$103 Plus
diva., and in the event of any dissolution or liquidation of the company.
voluntary or involuntary, shall be entitled to receive $100 plus dive. beforeany distribution shall be made on the common stock. The preferred stock
shall be non-voting except in event of default of four quarterly cumulative
dividends.
(d) Common Stock.—The common stock to be issued under the plan shall
be without par value, be voting and non-assessable.
Treatment of Presently Outstanding Securities Under the Plan'
Michigan Fuel & Light Co. Securities.
(1) First Mtge. 6% Gold Bonds Due June 1 1950.—There will be issued
in exchange for each $1,000 of principal ol these bonds deposited $1,000
of the new bonds.
The company has agreed with the committee to pay to each depositor of
Michigan Fuel & Light Co. first mortgage 6% gold bonds promptly upon
such deposit an amount equal to 1% of the principal amount of the bonds
so deposited ($10 per $1.000 bond).
(2) Demand Notee.—The demand notes of the Michigan Fuel & Light
Co. are to be exchanged at the rate of three shares of new common stock
for each $100 in amount of the demand notes deposited.
(3) Preferred Stock.—The preferred shares deposited under the plan areto be exchanged for new common stock at the rate of 1 h shares of new
common stock for each share of preferred stock so deposited.
(4) Common Stock.—Conunon stock deposited under the plan is to be
exchanged for new common stock at the rate of h share of the new common stock for each share of common stock so deposited.
Northern Indiana Fuel v% Light Co. Securities.
(1) First Mtge, Gold Bands, Series A and Series B.—There will be issued
In exchange for each $1,000 principal of these bonds deposited under the
ohm $500 of new bonds p us three shares of new preferred and one share
of new common stock.
The company has agreed with the committee to pay to each depositor
of Northern Indiana Fuel & Light Co. first mortgage gold bonds, series A
and series B, promptly upon such deposit an amount equal to 1% of the
principal amount of the bonds so deposited ($10 per $1,000 bond).
(2) Demand Notes.—These notes are to be exchanged at the rate of twoshares of new common stock for each $100 in amount of the said demand
notes.
(3) 7% Preferred Stock—This stock is to be exchanged under the plan
at the rate of one share of the new common stock for each share of preferred
stock deposited.
(4) Common Stock—The common stock of this company (except for 15
shares) is now held by the Michigan Fuel & Light Co. and therefore no
change is to be made.
Wisconsin Fuel & Light Co. Securities.
(1) First Mtge. BA% Gold Bonds.—These bonds, when deposited,
not to be disturbed as to lien, amount or maturity. The interest rateare
on
the bonds, payable effective Nov. 1 1932, is to be reduced to 2h% semiannually, the Nov. 1 1932 coupons, however, to have applied against them.
the 1% payment which may have been paid upon deposit of such bonds
with the depositary. The trust indenture is lobe amended by the execution
of a proper amendment or supplemental indenture so as to provide that
from and after Nov. 1 1937 a sinking fund payment of $15,000 per year for
each of the succeeding 10 years is to be made and applied to the purchase
of such bonds at the lowest available price, or if such price shall exceed thecall price then for the redemption thereof, which said purchased or redeemed
bonds are to be canceled and retired. This supplemental provision is to
be in lieu of the present sinking fund provisions of the trust indenture.
The company has agreed with the committee to pay to each
of Wisconsin Fuel & Light Co. first mortgage 6,441% gold bonds depositor
promptly
upon such deposit an amount equal to 1% of the principal amount of the
bonds so deposited ($10 per $1,000 bond).
(2) Ten-Year 7% Convertible Debentures.—These debentures are to be
exchanged par for par for the new debentures. Each depositor of debentures is to receive new debentures of the four maturities In equal proportions.
(3) Bank Loans.—The present bank loans of the company, which are now
past due, bear an interest rate of 6%. The banks holding these obligations
are to receive new 43j% notes, the interest at the new rate to accrue from
and after Dec. 1 1932; these notes shall be payable as to principal as follows: $50,000 on Dec. 1 1933: 337,500 on June 11034; $37,500 on Dec. 1
1934; $37,500 on June 1 1935: $26.500 on Dec. 11935.
(4) 7% Preferred Stock.—All but 25 shares of the preferred stock of the
company is held by the Michigan Fuel & Light Co. The 25 shares are to
be exchanged for new preferred stock par for par.
(5) Common Stock.—The common stock of this company is now held
the Michigan Fuel & Light Co. and therefore no change is to be made. by
(6) Inter-Company Obligations of Wisconsin Fuel ct Light Co.—The obligations of the Wisconsin Fuel & Light Co. to the new company, growing
of the acquisition by the new company of the debentures and bank out
deposited, are to be paid to the new company from time to time as the debt
consin Fuel & Light Co. Is able. Failure of the Wisconsin Fuel & WisCo. to meet these obligations when due shall not be treated by the newLight
company as a default unless there shall be a default in the first mchtgage bond
of the Wisconsin Fuel & Light Co. or in the event of receivership
ruptcy of the said company. The present inter-company debt, or bankapproximating 3300.000, now owed by the Wisconsin Fuel & Light Co. to the
Michigan Fuel & Light Co. is to be converted into such form of non-interestbearing security as the committee may determine.
Current liabilities of the companies will be paid in the
regular course of
business.—V. 135, p. 126.
Montana Cities Gas Co.—Change in Sinking Fund.—
The holders of the 1st mtge. 7% sinking fund gold bonds, series A, due
Nov. 1 1937, are asked to consent to a change In the sinking fund requirements under the mortgage so that the company shall be obligated to retirebonds through the operation of the fixed sinking fund only in a principal
amount equal to its net earnings. At present company is obligated throughthe operation of a fixed sinking fund to retire bonds at the following rate
$13,000 per month until Oct. 1932.
$14,000 per month from Nov. 1932 to Oct. 1933.
$15,000 per month from Nov. 1933 to Oct. 1934.
$16,000 per month from Nov. 1934 to Oct. 1935,
$17.000 per month from Nov. 1935 to Oct. 1936.
$18,000 per month from Nov. 1936 to Sept. 1937.
Bondholders consenting to the plan are asked to deposit their bonds
with Manufacturers Trust Co., 149 Broadway, N. Y. City.
Volume 135
Financzal Chromcle
A circular letter sent to the bondholders states in part:
-The two principal customers of the company are
Decline in Revenues.
Great Falls Gas Co.,, which -distributes gas at retail in Great Falls, and an
industrial consumer, which uses large quantities of gas for fuel at its Great
Falls plant. During the past two years industrial consumption has steadily
.
declined.
The sales to Great Falls Gaa Co. have not declined, but on the contrary
have shown a satisfactory increase, having been $196,433 for 1931 as compared with $179,849 for 1930. Reduced industrial activity may be expected
to react unfavorably upon domestic consumption in Great Falls and no
further increase may reasonably be expected.
The situation has become serious only with the very marked decline in
industrial consumption in the last few months. In previous years industrial revenues have tended to offset the seasonal decline in domestic
consumption during Bummer months. The importance of this customer
is indicated by the fact that it furnished over 67% of the company's gross
revenues in 1930 and over 58% in 1931. As compared with 1931, a loss
in gross revenues from that source must be anticipated at the rate of
approximately 215,000 a month. It is uncertain when gas sales will be
materially increased-probably not until a general business revival.
-The company's net earnings for 1931 were $94,426.
Effect on Earnings.
At the present rate of gas consumption it is estimated that the company
will have very small net earnings during 1932 and will do well to earn its
interest charges. All possible economies in operation have been effected
and substantial reductions in operating expenses have been made, but
these are insufficient to offset the decline in gas consumption.
It is anticipated that the earnings of the company will be sufficient to
pay all operating expenses, taxes and interest charges, but with the continued decline in gross earnings the company will be unable to most sinking
fund. payments from earnings. Company's current liabilities are very
small and if the decline in gross revenues were temporary or seasonal,
sinking fund payments might be continued by resorting to current loans.
However, we believe it inadvisable to adopt a policy which contemplates
increased reliance on current loans which may not be available and which
would result in an indefinite increase in current liabilities. We therefore
propose a change in the sinking fund requirements which we believe will
operate to the best interests of the company and the bondholders.
Unless the holders of in excess of 75% in principal amount of the outstanding bonds have consented to the change before Nov. 1 1932, all
deposited bonds will be returned to the depositors or their transferees upon
surrender of their certificates of deposit properly endorsed. No expenses
will be charged to bondholders.
Condensed Balance Sheet June 30 1932.
LiabIiUiesFixed capital, less reserves.....12,676,954 7% preferred stock
$335,000
Cash
1,626 Common stock
1865,226
Agents cash advances
350 7% 1st mtge. bonds
993,200
Accts. rec., customers
16,703 7% debentures
280,000
Accts. rec., general
580 Accounts payable
11,116
Material & supplies
24,237 Advances from affiliated cos__
43,286
Prepayments
17,929 Accrued liabilities
26,440
Miscellaneous assets
4,531 Reserves
11,930
Suspense
40,881 Profit & loss, surplus
230,099
Reacquired securities
13,500
Total
$2,796,298
Total
33.796,298
x Represented by 227,549% shares (no par value).
-V.134. p. 2906.
\ Middle Western Telephone Co.
N
-Omits Class A Div.
The directors have decided to omit the quarterly dividend usually payable
about Sept. 15 on the no par class A common stock. The last quarterly
distribution of 43(c, per share was made on this issue on June 15.-V. 133.
p. 2104.
National Gas & Electric Corp.
(& Subs.).
-Earnings.
Year Ended -6 Mos. End. June 30PeriodDec. 31 '31.
1931.
1932.
Gross operating revenue
$1.561,710
$766,214
$631,145
Operating expenses
958,022
480,385
377,651
Maintenance
75,303
35,526
27,651
Taxes, other than Federal income tax
105.197
55,237
50,288
Net operating income
8423.188
$195,065
$175.55.3
Non-operating income
24,187
17,984
4,807
Gross corporate income
$447,375
$213.050
$180.360
Deductions-Subsidiaries:
Interest on funded debt
2,700
1,350
1.350
Interest on unfunded debt
6,382
3,535
1.395
Depreciation
92,271
43,025
38,557
Depletion
90,507
42,440
36,861
Amortiz.of undeveloped leaseholds,
non-productive drilling costs,
debt discount, &c
41,586
30,100
53,686
Deduct.
-Nat. Gas & Elec. Corp.:
Interest on funded debt
278,043
146,235
143,469
Interest on unfunded debt
80,760
34,721
30,297
Depreciation
2,062
1.020
951
Amortiz.of debt discount & expense
36,380
14,021
17,853
Preferred diva. paid-Nat. Gas &
Elec. Corp
58,500
39,000
1825
Balance Sheet Dec. 31 1931.
AssetsLtabiltittaTelep. plant, equipment, &c_$11,739,500 6% preferred stook
$1,739,700'
Investments in other cos---93,752 Common stock
2,500,000
Cash sinking funds & other
Funded debt
5,191,000
special deposits
2,145 Due to affiliated cos
46.447
Unamorthed debt disc.& exp
400,635 Mlscell. deferred liabilities
2,613
Prepaid accts. & def. charges
51.215 Accounts payable
57,323
Due from attn. cos
320,798 Accrued interest
35.720
Cash
130,379 Accrued taxes
96,141
Employees' working funds
2.945 Common stock dirs. payable_
115
Accounts receivable
61,494 Reserves
1,466,468
Rec.from s ubscrip.to pref.stk
28,114 Capital surplus
47,917
Materials & supplies
173,690 Surplus
1,821,223
Total
-V. 133, p. 643.
$13,004,671
Total
$13,004.671
Pennsylvania Electric Co.
-Pennsylvania P. S. Centmission to Seek Court Authority to Prevent Issuance of Bonds.
A press dispatch from Harrisburg Sept. 2 states:
The Permsylvania P. S. Commission has ordered its law bureau to institute suit in the Dauphin County courts to restrain the company from Laming
certain mortgage bonds or notes in Pennsylvania.
At the same time the Commission will investigate the use of proceeds of
certain financing and the authority for other financing of the Pennsylvania
Electric Co.
The Pennsylvania Securities Commission has issued another order forbidding the sale in Pennsylvania of Pennsylvania Electric Co. 1st & ref.
mtge. bonds, series H 54, due 1962.
This is the second order in a little more than a week issued by the Commission against the bonds of the company.
The new order, the Commission said, is based on information that earnings of the Pennsylvania Electric Co. as set forth in a circular, both as
originally submitted and as revised, were stated so as to include earnings
of the Clarion River Power Co., a subsidiary. See also V. 135, p. 1492.
Rapid Transit in N. Y. City.
-City
Subway Line Opened
to Public.
After more than seven years of construction and delay that section of
underground rapid transit which is officially a part of the so-called Independent System, but is popularly known as the Eighth Avenue subway,
opened to the New York public this morning at 12:01 a. m. The city owns
it
--at a cost so far of more than 6191,000,000
-and the city is operating
-cent fare.
it on the basis of a 5
The Eighth Avenue subway extends 12.3 miles in Manhattan, from the
Chambers Street-Hudson Terminal Station to 207th Street. There are 28
stations on the new line, 10 of them express stops.
Operating schedules call for a total of 482 trains daily. Of these 230 are
express trains running between Chambers Street and 207th Street: 228
are local trains, stopping at all stations between Chambers Street and
168th Street, and 24 are locals, operating in the early morning hours between
Chambers Street and 207th Street.
-V. 135, p. 630.
San Diego Consolidated Gas & Electric Co.
-Bonds
-Financing for the company, consisting of an addiOffered.
tional issue of $2,000,000 1st and ref. mtge. 5%% gold
bonds, series D, due March 1 1960, is announced by a group
,
headed by Chase Harris Forbes Corp. and including i• -•
L
Byllesby & Co., Inc., W. C. Langley & Co., A. C. Allyn
& Co., Inc., J. Henry Shroder Banking Corp., and N. W.
Harris Co., Inc. The issue is priced at 96 and interest to
yield 5.79%.
Oklahoma Gas & Elec. Co.
-Offering Soon -Chase,
Harris Forbes Corp. probably will offer soon 81,000,000
1st mtge. 5% bonds, due 1950, at about 87 or 88.-V. 135,
p. 1163.
Bonds are dated March 1 1921 and mature March 1 1960. Harria
Trust & Savings Bank, Chicago, and Bank of California National Asso
ciation. San Francisco, trustee. Issuance authorized by Railroad Commission of California. Interest payable without deduction for any normal
Federal income tax not exceeding 2% per annum of such interest. Company will agree to refund, as provided in a supplemental indenture, upon
proper and timely application, the Penna. and Conn. personal property
taxes at a rate not exceeding 4 mills, the Maryland securities tax at a rate
not exceeding 4% mills, or the Mass, income tax at a rate not exceeding
6% per annum of interest. Bonds are exempt from the present personal
property tax in California.
Data from Letter of B. W. Lynch, Vice-President, Sept. 8.
-Company furnishes without competition electricity for power
Business.
and light and manufactured gas in San Diego Calif., and vicinity, serving
an estimated population of over 217,000. It is now commencing the distribution of natural gas purchased from a producing company which has
built a pipe line from the Los Angeles Basin to San Diego. During the
last ten calendar years gross earnings of the company have increased over
96%.net earnings over 247% and the population of the territory served over
86%.
The consistent growth of the business f the company is further indicated
by the tabulation below:
Customers Connected
-End of Period
-Gas Output
Electric Output
Calendar 1
Electric
Gas
(Kilowatt Hours) (Cubic Feet)
Years36,145
32.559
1,581,406,000
73,358,090
1922
46,595
135,127,040
1924
1,931,980,000
59,560
48 686
,
2,161,594,000
123,369,160
1926
67.874
53,257
2,552,639.000
153,825,600
1928
72,223
56.939
1930
179,709,699
2,762,530,000
58.302
73,658
2,727,276,000
198,800,090
1931
58,106
74,003
2,958,865,000
189,854,200
1932*
* Year ended July 31.
Properties.
-The electric properties include two steam electric generating
stations of an aggregate installed capacity of 74,000 kilowatts and a comprehensive distributing system embracing over 1,808 miles of transmission
and distribution pole and underground lines. The generating stations,
both located in the City of San Diego. are Station B of 64,000 kilowatts
capacity, leased by the company from the San Diego Gas & Electric Co..
a wholly-owned subsidiary, and Station A. of 10,000 kilowatts capacity.
owned by the company. The gas properties include approximately 15
miles of high-pressure gas transmission mains and a comprehesnive distribution system embracing 903 miles of mains as well as modern efficient
gas manufacturing plants having a daily generating capacity of 18.400,000
cubic feet and gas holder capacity of 9.230.000 cubic feet. After the complete introduction of natural gas into the company's system this manufacturing capacity will be utilized as reserve capacity for standby purposes in
generating a substitute for natural gas through a new process which has
been fully demonstrated on a commercial basis.
Capitalization Outstanding as of July 311932, After Giving Effect to Present
Pennsylvania Telephone Corp.
-Earnings.
-Income Account for Year Ended Dec. 31 1931.
Operating revenue
82.496,600
Non-operating revenue
9,216
earnings
Total gross
$2,505,816
Operation expense
694,514
Maintenance expense
335.920
Taxes
83.566
earnings before depreciation
Net
$1,391.815
Interest & other deductions
272,405
Surplus net income before depreciation
$1,119,409
Provision for depreciation as determined by the co
244,627
Balance of income after depreciation
$874.782
Surplus balance, Jan. 1 1931
1,195,872
Total surplus
$2,070,654
dividends
Preferred Ate&
99,477
Common stock dividends
149,954
Surplus balance, Dec. 31 1931
$1,821,223
Common stocks ($100 par)
$10,032,500
Preferred stock, 7% cumulative ($100 par)
6,292.500
-Serbe A 6% due 1939
1st & ref. mtge. gold bonds
2,750,000
Series B 5%,due 1947
4,000,000
Series C 6%,due 1947
1.438,000
Series D 534%, due 1960 (this issue)
2,000,000
First (closed) mortgage 5% gold bands, due 1939
-Proceeds will be used in the redemption of 31.500,06)
Purpose.
“e%
gold notes due Dec. 1 1932 and for other corporate purposes.
-The net earnings as shown below for the year ended July 31
Earnings.
1932 were more than 4.66 times the annual interest requirements of $845,280
on the total funded debt to be presently outstanding, including this issue.
After deducting retirement (depreciation) reserve of $1,290,000. net earnings were 3.14 times such annual interest requirements. The earnings for
the past were as follows:
Gross Earnings and Oper. Exp., Maint. Net Earnings
Calendar
Before Dep'n.
Other Income.
Years.
and All Taxes.
13.791,888
$1,274,675
$2,517.213
1922
2,784,961
.27
1924
4,716.235
3,150.931
2.608,62c
1926
5,759.556
3,632.989
3.204,651
1928
6,837,640
3,710,1ort
3,691,194
7,401,384
1930
3,653.945
7.517,727
3,863,78'
1931
3,765.162
7,709,458
3,944,296
1932*
• Year ended July 31.
Net deficit
$241,819
$142,400
$144,063
Note.
-No provision made for dividends on National Gas & Electric
Corp. preferred stock, $6.50 series after Sept. 30 1931. No dividends declared or paid on $7 preference stock since date of issue, June 30 1931.V. 134, p. 2337.
North American Light & Power Co.
-Defers Dividend.
The directors on Sept. 9 decided to suspend payment of the dividend
due Oct. 1 on the $6 cum. pref. stock, no par value. The last quarterly
distribution of $1.50 per share was made on July 1.
Earnings.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
-V. 135. p. 1329.
. Northern Indiana Fuel & Light Co.
-Amended Reorganization Plan.
-See Michigan Fuel & Light Co. above.
V. 135, p. 128.
1826
Financial Chronicle
Sept. 10 1932
Special Trust Fund.
-The indenture provides that the company will
deposit annually with the trustee cash equal to 2% of the total principal
amount of bonds outstanding under the indenture and of underlying bonds.
which amount may be withdrawn for extensions and additions as defined
in the indenture for which no bonds may be issued or for the redemption
or purchase of 1st & ref. mtge. bonds. Credit will be allowed for expenditures for permanent extensions and additions for which cash has been withdrawn under the depreciation and renewal fund of the first mortgage.
Management.
-Company is an important unit in the Standard Gas &
Electric Co. System.
-V. 135. p. 1493.
An account of what is due by the defendant to the bondholders is asked
by the plaintiffs, Who want also the undertaking, property and assets
comprised In or subject to the security of the indenture and mortage sold
under direction of the Court. Plaintiffs ask also for the appointment of a
receiver and manager.
The action lathe result of numerousconferences held recently in Montreal.
Under a receivership, it is contended, new financing may be arranged
and new plans made. L. R. Wilson, General Manager of the Abitibi
company, is expected to continue in that position if a receiver is appointed.
-V. 135, p. 1166.
Shawinigan Water & Power Co.
-To Supply
H.P.for Electric Boilers.•
Adams Express Co.
-The
-Resumes Preferred Dividend.
directors have declared a dividend of 134% on account of
accumulations in addition to a regular quarterly dividend
of 13% on the 5% cum. pref. stock, par $100, both payable
Sept. 30 to holders of record Sept. 16. The previous quarterly payment was made on this issue on March 31 1932,
the June 30 dividend having been deferred.
-V. 134, p.4494
.
Administrative & Research Corp.
-Defers Class A Div.
525;000
The capacity of electric boilers installed by the Shawinigan company
for industrial consumers will be increased by 143,000 h.p. to a total of
525,000 h.p. through the operation of three additional units, one of which
was completed yesterday. Two others will be ready for operation between
now and Nov. 1.
The 55.000 h.p. electric boiler recently installed at the Wyagamack mill
of the Consolidated Paper Corp., Ltd., at Three Rivers, was put into full
operation on Sept. 6. This huge electric unit, operated by power from the
Shawinigan company, will supply up to 120.000 pounds of steam per hour.
which is nearly sufficient to operate the entire mill.
About Sept. 15 a 55,000 h.p. electric boiler will be put Into operat'on
at the paper mill of the Anglo Canadian Pulp & Paper Mills, Ltd., at
Limoilou, Que. This will be the second unit of this size in operation in
this mill, and the two electric boilers together will supply up to 240,000
pounds of steam per hour. When the second electric boiler comes into
operation, the full requirements for steam will be supplied electrically.
Another electric boiler of 33.000 h.p. capacity is being installed in the
plant of the St. Lawrence Paper Mills Co., Ltd. at Three Rivers, and will
be put in operation about Nov. 1.-V. 135, p. 467.
Southern California Edison Co., Ltd.
-Financial
Position Strong.
The directors, after a special meeting held on Sept. 2, issued the following statement:
"R. H. Ballard has left the company in a strong financial position, with
no bank loans outstanding, with its physical property in splendid operating
condition, and its force, both executive and operating, so organized that
Its work can be carried on unfalteringly.
"Any adjustment in the management which may become necessary by
reason of the death (on Aug. 24) of Mr. Ballard will be deferred for the
present and the business will go forward under the direction of the Senior
Vice-President, George C. Ward. with the advice and counsel of the enlarged executive committee of the board, which was created after the
death of Mr. Miller."
Mr. Ballard has been the company's chief executive since the death of
'John B. Miller. Chairman, on April 1.-V. 135, p. 1165.
'
''--Staten Island Edison Corp.
-Defers Bond Hearing.
The rehearing on the corporation's application for authority to issue
$8.500.000 first & refunding-mortgage gold bonds was adjourned without
date Sept. 8 by Milo R. Maltble, Chairman of the Public Service Commission, to give the company an opportunity to amend its petition.
-V. 135.
P. 1331.
Vamma Water Power Co. (Aktieselskabet Vamma
Fossekompagnil, Oslo, Norway.
-Bonds Called.
-
A total of $47,000 of 1st & gen. mtge. 535% gold bonds, due Oct. 1
1957, have been called for payment Oct. 1 next at par and int. at the office
of Lee, Higginson & Co., paying agent, 37 Broad St., N. Y. City.
-V.
125, p. 3200.
The directors have voted to defer the dividend due Oct. 1 on the $1
cum. class A stock, no par value. The last regular quarterly dividend of
25 cents per share was paid on this issue on July 1 1932.-V. 135. p. 1332.
Alaska Juneau Gold Mining Co.-garaings.-
For income statement for month and eight months ended Aug. 31. see
"Earnings Department" on a preceding page.
-V. 135. P. 1166.
Algoma Consolidated Corp.
-Earnings.
Earnings from the Incorporation of the Company to March 31 1932.
Interest on investments
$11,679
Profit from sale of investments
1,218
Total income
$12,897
General expenses
27.265
Expenses of incorporation and reorganization
21,993
Deficit
$36,361'
Balance Sheet March 311932.
Assets
Liabilntes:Stocks and bonds of subsidi5% cumul. income debenture
ary and Assoc. Cos
$16„325,180 stock and (or) bonds
$3,092,550
Investments in government &
Preferred stock
1.904.795
municipal bonds
272,178 Common stock
11,645,503
Accrued interest thereon
5,559 Accounts payable
2,882
Cash
5,450
Deficit
36.361
Total
816.645.731
$16,645,731
Total
x Comprised as follows: Algoma Central & Hudson Bay Ry. Co. 5%
1st mtge. income debenture stock and (or) bonds, S3.092.550; 67 2d mtge.
0
bonds, $1: voting trust ctfs. for 214.585 shares common stock, of $10 each.
$1: Algoma Steel Corp., Ltd., stock, S3,819.653; Northern Ontario Lands
Corp., Ltd., capital stock, Si; Lake Superior corp., capital stock, 88.997.308; balances due by subsidiary companies, 3416.660.-V. 133. p. 2930.
American Agricultural Chemical Co. (Del.).
-
The stockholders will vote Sept. 21 on reducing the authorized capital
stock (no par value) from 2,000,000 shares to 500.000 shares.
-V. 135.
p. 1656.
Washington Baltimore & Annapolis Electric RR.
To Continue in Operation at Annapolis Pending Negotiations
-.-American Car & Foundry Co.
-No Preferred Dividend.
The directors on Sept. 8 took no action on the quarterly
Condemnation proceedings to insure the right of the company to operate
dividend due Oct. 1 on the 7% non-cum. pref. stock, par
cars through Annapolis, Md., pending further negotiations between officials
$100. The last regular quarterly distribution of 13 %
4
of the line and that City for an amicable settlement of right-of-way diffiwas made on this issue on July 1.-V. 135, p. 285.
culties were filed by the former in the U. S. District Court on Aug. 30.
Judge William C. Coleman signed an order giving the company the right
to operate over its present tracks through Annapolis pending the result of '"American Equities Co.-Stoclv..-Esetisted.the litigation. The City of Annapolis was given until Sept. 10 to answer
the sult.-V. 134, p. 2722.
Washington Water Power Co.
-Tenders.
-
The City Bank Farmers Trust Co., as trustee, has notified holders of
1st ref. mtge. 5% bonds of 1909, due 1939. that $60.192 is available for the
quarterly purchase of bonds for the sinking fund. Tenders will be received
up to noon, Sept. 12, at the trust company, 22 William St., N. Y. city.
v 135, p. 298.
-- .Wisconsin Fuel & Light Co.
"*"
*
-Amended Reorganization
Plan.
-See Michigan Fuel & Light Co. above.
-V. 135. 13.
129.
INDUSTRIAL AND MISCELLANEOUS.
.
Price of Copper Six Cents Abroad -Foreign price of copper is at levels
corresponding with six cents c. I. f. Hamburg, tiavre and London. Domestic
price is uncharged at six cents a pound delivered until the end of 1932.
"Wall Street Journal," Sept. 3. p. 1.
Punishers Accept Arbitration on Pay.
-The Publishers Association of
New York agreed to arbitrate the question of wages and hours with Typographical Union No.6. N. Y."Times," Sept. 8, p. 11.
Dock Union Faces Wage'Cut Demand.
-Steamship owners and longshoremen prepared for their conference at which they will seek an agreement
on wages and working conditions for the coming year. Committees of the
two groups met, but refused to announce the programs they will submit.
Ir. Y."Times," Sept. 9. p. 41.
Petroleum Group Asks 40
-Hour Week.
-The directors of the American
Petroleum Institute at their regular meeting recommended to its members
companies, which constitute virtually the entire oil industry in the United
States, that as an emergency action working schedules be reduced to a
maximum of 40 hours a week or an equivalent. N. Y. "Times," Sept. 9,
p. 27.
Anthracite Miners Resist Wage Cut.
-The anthracite miners stoutly
resisted the cut at their meeting with the operators. They contended that
economies could be effected in many directions before touching wages.
The operators maintained just as vigorously that a substantial wage reduction was necessary to stablize the industry. N. Y. "Times," Sept. 9.
p. 36.
Matters Covered in the "Chronicle" of Sept. 3.-(a) Revised tire price lists
sent by Sears, Roebuck & Co. to its retail stores; advance will not go into
effect until further notice. Prices include Federal Excise Tax. p._1560:
(b) Viscose company announces advance in rayon prices, p. 1563: (e)
du Pont raises rayon prices. p. 1564: (d) American Woolen advances prices,
p. 1564:(a) Percales prices advances. p. 1565;(f) International Paper Co. to
resume full operations, p. 1565;(g) Lawton Manufacturing Co.to operate at
full capacity because of Increased orders, p. 1565; (h) Truscon Steel Co.
cuts wages 10%; executives also affected; Republic's employees asked to
quit by outside union. p. 1569; (i) New York Stock Exchange enjoined in
"Package" sales case; injunction granted to Pirnie. Simons & Co., nonmembers, p. 1584: (j) New York Stock Exchange suspends dealings in
Crex Carpet Co. stock, p. 1585; (k) New York Stock Exchange to remove
matured bonds from list, beginning November; loss of negotiability of
matured obligations, p. 1585; (I) Standard Oil Group dividends total
$43.868.468 for third quarter of 1932 according to Carl FL Pforzheimer &
Co.; compares with $16.308.873 for second quarter, p. 1586; (m) Nine
Issues "flat.'' default interest; New York Stock Exchange announces failure
to meet Sept. 1 payments, p. 1586: (n) Reconstruction Finance Corp.
authorizes $50.000,000 loan to Cotton Co-operative and stabilization corporations; action halts dumping of surplus cotton; reversal of Federal
Farm Board's sales policy, p. 1597.
'Abitibi Power & Paper Co., Ltd.
-Suit Asks Receiver.
The Montreal Trust Co. in a writ issued Sept. 8 at Toronto against the
company, asked for administration and execution by the Court of mortgage
trusts made on June 1 1928 with the Montreal Trust Co. and the National
City Bank of New York. The plaintiffs ask payment of principal and
interest. It is sought to declare that the mortgage is a first charge on
all property and assets of Abitibi.
The Governing Committee of the Chicago Stock Exchange, Aug. 31,
a proved the debating of 1,537,632 shares common stock (no par) -V.
1.15. p. 468.
American Trustee Share Corp.
-Sales of Trust Shares.
Sales of diversified trustee shares throughout the United States, Canada
and several European countries increased 450% In August over July and
during August more series D shares were issued than in any month since
the initial offering in April 1931.-V. 134, P. 4663.
Apponaug (R. I.) Co.
-Earnings.
-
Years End. June 30Gross profit
Gen. adm.& sell. exps
Net oper.
Other income
1932.
8265.797
188.938
$76.859
49,620
Total income
$126,479
Other charges
13.031
Prov. for Fed. inc. taxes
16.045
Net profit
$97,402
Preferred dividends_.
31,812
Common dividends
180,000
Added to surplus
Previous surplus
Adjustments
df$114.410
2,055,947
7.457
1931.
1930.
$915,795 $1,202,346
242,613
265.817
1929.
$987,915
219,232
$673.182
81,627
$936,529
78,134
$768,686
45,719
8754.809 81.014.663
54,R04
51.016
83.218
109,056
$814,405
20,779
92,550
$616.786
48.599
180,000
3854,590
55.161
180.000
$701,076
69,063
$388,187
1,596.702
76.506
$619.429
1,461.892
19,936
8632.013
2,315,362
15,000
Total surplus
$1,948,994 82,061.395 82,101,257 82,962,375
Prem.on purch.of pf.stk
6.563
Prov. for contingencies_
500.000
Miscell. surplus adjust
5.403
5.447
4,556
483
Surplus, June 30
$1.937,027 $2,055,947 $1,596.702 52,961.892
Less-Capitalization of
stock dividends:
12.000 shs.6)4% cum.
stock (par 5100)1,200.000
60.000 shs. corn, stock
(no par)
300,000
Surplus, June 30
81.937.027 32.055.947 81,596.702 81,461.892
Shs. corn, stk. (no par).
90.000
90,000
90.000
90.000
Earnings per share
$0.73
$6.31
$8.88
$7.02
Balame Sheet June 30.
1932.
Assets
1931.
LiabitUtes1932.
1931.
Cash
$283.080 $218,062 Accounts payable_ $17.090
$18.794
Ctfs. of deposit &
Accured accounts_
8.754
51.956
accrued interest 1.000.000 1,500 000 Res've for Federal
2.110
Misc. notes reeel v.
7,846
income taxes_ .._
22.590
89,784
79,257
115.381 Pref, dive. payable
A eels receivable._
6.371
11,194
Inventories
115,081
94,110 Reseve for conting. 500.000
500.000
Land. bidgs..mach.
8)4% cum. pref.
& equipment x1,607,101 1,661.372 stock
370.500
663.000
153,178 Common stock... 900.000 y900.000
Copper rolls
138.987
Improvement and
Surplus
1,937,027 2,055,947
500.000
contingent fund 500.000
38.718
40.707
Deferred charges__
83.762,334 $4,290,657 Total
Total63,762,334 64,210,657
x After allowance for depreciation of $1.380,599, y Represented by
-V. 133, p. 1619.
90.000 shares of no par value.
Arlington Apartments, Inc.
-Final Call for Deposits.
-
The committee for the protection of the holders of bonds sold through
the F. H. Smith Co. (George E. Roosevelt, Chairman) states that on
Sept. 21 1932 the Arlington Apartments property will be sold at foreclosure
sale. Bondholders who wish to have the committee represent them at
the foreclosure sale should deposit their bonds prior to the time of such sale
Co., 1 Wall St., New
with the depositary of the committee, Irving Trust the deposit of bonds
for
York. The committee will issue no further calls
of this Issue -V. 135, p.989.
-Registrar.Manufacturing Co.
Asbestos
of New York has been
• The Commercial National Bank & Trust Co. stock.
-V. 135, p. 1495.
appointed registrar in New York for the common
-2% Stock
Co.
"
% ----Auburn Automobile a 2% stock dividendDividend.
and the regular quardeclared
The directors have
payable Oct. 1 to holders of record
terly cash dividend of $1 per share, botheach of the 19 preceding quarters.
Sept. 21. Like amounts were paid in
each were made on Aug. 1 and Nov. 1 1926.Stock distributions of 5%
V. 135. p. 469.
Aviation Corp. (Del.).-Record Number of Passengers.
of the Aviation Corp.,
American Airways, Inc., an operating division L. B. Manning, director
new record,
carried 10,537 passengers in August, a 7. It was, he said, the second conof the company, announced on Sept.
secutive month in which the company had surpassed the 10.000 figure,
having carried 10,026 passengers in July.in all divisions of American AirMr. Manning said passenger business
since May. The
a
ways' nation-wide system had shown0 steady Increase
y, connecting 63 major
4 da.
2
tit s n 2 states ar a planes
gseenii now operati d b7 nT
1495.
-August Sales.
Bickford's, Inc.
-1931.
-Aug.
1932
$627,874
$549,811
135 p.300.
-V.
1827
Financial Chronicle
Volume 135
Decreased
$780631
1932-8 Mos.-1931.
$4,690,427 $5,205,127
Decrease.
$514,700
noteholders
ments exceed the total of toe sum ot be received from the
amount
depositing with the committee at the rate of $5 per $1,000 principal
of notes deposited.
protective
-Noteholders who have not become parties to the be entitled
Deposits.
agreement may become parties thereto and to the plan and may in negonotes
depositing
to the benefits thereof and of the plan by York Trust their 100 Broadway,
Co.,
tiable form on or before Sept. 28, with New
N. Y. City.
an opportunity
The committee desires that all noteholders may have and the plan
to participate in the benefits of the protective agreement
a limited period the requirement that
and has determined to waive for
each $1,000
of
notes deposited shall be accompanied by the paymentbe $5 for prior to the
made
to
note. This payment will, however, be required same at the time of his
the
delivery to any depositor not having paid
After Sept. 28 notes will
deposit, of the preferred and common stock. as the committee may fix
be received only upon payment of such sum
failure to deposit
unless in the discretion of the committee the reason for the
-V. 135. p. 1660.
the notes earlier justifies the waiver of such payment.
-Dodge Bros. Deliveries Up.
Corp.
Chrysler
8.3% in total passenger
The Dodge Bros. Corp. reports an increase of week ended
20 over
car and truck deliveries by Dodge dealers for the were the bestAug. July 2.
since
week. Total deliveries for the period
the previous
deliveries was 13.1%, in Plymouth
The increase in Dodge passenger car
deliveries 9.3%.
deliveries by Dodge dealers 7.6% and in total passenger car
Truck deliveries increased 0.8%.-V. 135. p. 1334.
-Earnings.
Stores Co.
City
"Earnings
For income statement for 3 and 6 months ended July 31 see
-V. 135. p. 471.
Department" on a preceding page.
-Plan
'`.-.Clarksburg-Columbus Short Route Bridge Co.
-Time Extended.
Botany Consolidated Mills, Inc.
Operative.
in the U. S. District Court at Newark, has
Federal Judge Guy L. Fake,
extended the time for filing of claims of crdeitors until Oct. 22.-V. 135,
P. 300.
-Earnings.
Burroughs Adding Machine Co.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
In the report to shareholders President Standish Backus calls attention
the dividend for
to the statement made at the time of declaringsufficient to meet the third
dividend
quarter, stating that current earnings were not
requirements, and that unless a substantial increase in sales and earnings
take place within the next 90 days, the shareholders might expect
should
a change in dividend policy.
"Up to the present time, no such substantial increases are apparent.
although a more optimistic feeling is reported from many quarters,"
Backus says.
Balance Sheet June 30.
1932.
1931.
1931.
1932.
$
$
$
AssetsPlant, equip., &c.x4,571,151 4.657.433 Capital stock_ _ __x25.000.000 25,000.000
396.330
3,569,117 5.902.227 Accounts payable_ 278.217
Cash
345,602
Govt.securities_ _ _12,399,787 12,808,528 Wages& corn. pay. 289%750
inc. tax..
Notes & accts. ree-y3,104,632 4,340,998 Prov. forto mach. 433,687 1,015,654
8,388,416 8,812.760 Repairs
Inventories
89,157
241,093
Misc. investments 3,372.212 2,786,272 under guaranty_
916,616 Deferred credits__ 1,872,301 1,851,251
792,486
Deferred charges
Res. for conting__ 2,204,853 2,199,734
6,029,836 9,175,170
Surplus
Total
36,197,801 40,224,834
36,197,801 40,224,834
Total
x After deducting 58.202,565 reserve for depreciation. y After deducting
-V. 135. p. 990.
reserves. z Represented by 5,000,000 shares of no par.
-Pays $114,000
Campbell's Distillery (Canada), Ltd.
of Debts.
1932, this company paid
off
In the eighth month period ended June 30
Federal
8114.000 of liabilities assumed with the purchase of are now Distillery
practically
taken over in Nov. 1931. Current liabilities
which was
negligible.
It was stated by President Samuel Rosenbloom that heavy expenditures
for capital and maintenance had been made in the period under review
and that the plan was now modern and highly efficient. Annual capacity
had been enlarged to enable it to compete for a satisfactory share of the
available industrial alcohol business.
Prospects for next year were held to be moderately encouraging. Mr.
Rosenbloom believed there would be considerable business offering but that
prices would be keenly competitive. (Toronto "Financial Post,")
• 133. p. 3261.
-Resumes Dividend.
Capital Administration Co., Ltd.
The directors have declared two dividends of 75 cents each on the 6%
emu!. pref. stock, series A. both payable Oct. 1 to holders of record Sept.
19. One dividend is the regular third quarter disbursement; the other is
the second quarter disbursement, action on which had previously been
deferred.
lit"Due to increased demand for Celanese yarns and fabrics, approximately
.1 000 additional employees have been added to staffs at our Cumberland,
,
Md., plants as full-time workers and that many more will be added forth-V. 134, p. 4328.
with, states the company.
-Plan of Readjustment ApChicago Artificial Ice Co.
proved.-
bonds
The bondholders' protective committee for the 1st mtge. 6%
plan and agreement
(G. W. Kepler, Chairman) has announced that the protective committee
formulated by the bondholders'
dated May 9 1932,
effective.
for the adjustment of interest on these herds has been declared in scrip:
coupon
This plan provides for the payment of the Dec. 31 1931 one-half in cash
1934 are to be paid
coupons for the years 1932. 1933 and
and one-half in scrip.
may do
Non-depositing bondholders who wish to participate in this plan Lives
on
so by sending their bonds to the Pennsylvania Co. for Insurance;
& Granting Annuities, Philadelphia.
under
Over 80% of the amount of tends outstanding have been deposited
intention
s
the plan and holde- of additional amounts have Indicated their
-V. 134, p. 3828.
their bonds.
of depositing
-Earnings.
(Dan) Cohen Co.
For income statement for 6 months ended July 31 see "Earnings De-V. 135, p. 1496.
partment" on a preceding page.
-Reduction
Commercial National Corp., N. Y. City.
Approved.
The stockholders of this corporation, the securities affiliate of the Comthe
mercial National Bank & Trust Co., have approved the proposal of
directors to effect a partial liquidation of the corporation over a reasonable
period of time.
The plan reduces the authorized capital to 70.000 shares from 210,000,
from no par, thus making
and changes the par value of the shares to $1The corporation previously
the total outstanding capital Stock $70,000.
capital of 81,400,000. comprising 70.000 shares with a stated value of
had a
$20 a share. The new stock will be issued for the old on a share-for-share
basis.
It is planned to purchase from time to time units, each consistirg of one
bank, at
of stock of
share of stock of the corporation and one share and as soon thethe direcas
prices held by the directors to be advantageous,
among stockholders, according to the
tors deem it practicable, distribute
respective number of shares owned by them, all such stock units now owned
or hereafter acquired and available for distribution, together with any other
securities or cash so available.
The assets of the corporation, after ample reserves for taros and contingencies, have at. present an estimated realizable value of $1,039.654.
are under
including 2.658 units as above defined, of which 1,500 units bank.
option to the executive management of the corporation and the
Consolidated Aircraft Corp. of Buffalo.-Contract.
Three hundred employees will be called back to work this week to begin
construction of 23 navy planes costing $2,000,000, officials announced.
-V. 134. P. 4499
.
-Earnings.
Consolidated Steel Corp., Ltd.
Earnings for the Year Ended Dec. 31 1931.
$4,129,412
Completed work
ofcompleted work incl. ofselling & administrative expense_ 4,265,911
Cost
40.282
Other expenses, net
194,977
Depreciation provision for year 1931
• -24,992
net ofsundry gains($54,753)
Non-recurring losses
5396,749
Operating loss for Year 1931
66,004
Operating surplus Dec.311930
$330.745
Dec.31 1931
Operating deficit
Deficit created during 1931 by loss on sale or diminution in
525,091
value of properties
Cr143,069
Surplus resulting during 1931 from reduction of stated capital
$712.767
Combined deficiency Dec.31 1931
A basis of exchange of company's notes for the company's preferred and
common stocks has been announced by the readjustment committee which
Condensed Balance Sheet Dec. 31 1931.
approved the readjustment plan and is seeking additional deposits.
has
Liabilities
Assets
An introductory statement to the plan says in part:
$724,182 Accts, pay., trade, incl. accr.
Cash
-year 6% gold notes which matured
$203,351
Company has outstanding $850,000 3
Accts. & notes receivable.... 445,983 items other than taxes
first mortgage bonds maturing May 1 1938.
21,507
May 1 1931 and $1,147,000
1,168,611 Accrued taxes
Inventories
Company defaulted in the payment of the interest which became due on
Est, cost to complete erecting
59,185
Prepaid items
66,199
the notes on Nov. 1 1930, and in view of such default and in anticipation
1,909,693 & moving to new plant
Land
the notes, Howard
of the inability of the company to meet the principal of
2,609,813 Commitments, pay. in 1932 or
Plant & equipment
34.693
Morris, Edmund Seymour and Arthur L. Jelley were constituted a com171,759 subsequent
Patents
mittee for the protection of the interests of the holders of notes by a pro16,425 Convertible gold notes, 6%..._ 1,375,000
Def. accts. rec., install. contr_
x4,758.075
tective agreement dated March 2 1931. Subsequently B. N. Traban
Preferred stock
96,768
Def. charges & other assets_
r1,456,362
became a member of the committee. $414,500 of notes have been deposited
Common stock
with the committee.
712,767
Deficit
Under date of Feb. 29 1932 the committee requested the Central Republic
Bank & Trust Co. trustee, to commence suit against the company for
$7,202,418
Total
$7,202,418
Total
unpaid installments
'
the payment of the principal of the notes and of the
x 190.323 no par shares. y Represented by 241,617 no par shares.
of interest. The trustee commenced suit shortly thereafter. At the
-V. 132, p. 2397.
request of the committee the trustee has granted to the company several
extensions of time to answer the bill of complaint, pending negotiations
-Earnings.
Courtaulds, Ltd.
with the company respecting the offer contained in the plan. If the
1928.
1929.
1930.
1931.
Calendar Yearsoffer is accepted by 75% of the noteholders the committee contemplates
y Profit
a£1,551,587 £2,274,408 £3,743,827 £5,171.996
equesting the trustee to consent to the dismissal of the suit.
z925,339 z1,651,856
.
write-off
Digest of Plan of Readjustment
Exchange Offer -Company has offered to exchange the notes held by
Net income
£1,551.587 £1,349,069 £2,091,971 £5,171,996
preferred
400,000
400.000
the committee as agent for the depositors for common and note with stock
400.000
_
400,000
Preferred dividends_
basis: For each $1,000
2,400,000 3.600,000
of the company upon the following attached, the company will issueNov.
1,440,000
x Ordinary dividends_ _ 1,200,000
and
1.000.000
1 1930 and subsequent coupons committee five shares of $6 preferred
General reserve
deliver to or upon the order of the
(no par).
£708.029 slut 171.996
stock (no par) and five shares of common stock to dividends out of the
£190.931
Deficit
£48,413
-Entitled
Description of $6 Preferred Stock.
x Includes interim and final dividend for year, the latter being paid
available for dividends at rate of$6 per share per annum cumulative,
surplus
in March of following year. y After depreciation, taxes and directors'
shall be paid on common stock. In
payable Q-J before any dividends
fees and management expenses. z Written off on continental investments.
liquidation, dissolution or winding up, whether voluntary or involuntary,
a Includes E•150,000 transferred fron contingencies reserve account.
share and dividends
holders shall be entitled to receive $105 percommon stock. Red.before
V. 135, p. 1335.
all or
of
any distribution shall be made to holders on 30 days' notice at 110 and
lot or pro rata, on any div. date,
by
--15c. Common Dividend.
of preferred stock voting 'Creameries of America, Inc.
diva. At all elections of directors the holders
S
The directors have declared the regular quarterly dividend of 15 cents
two directors, and the
separately as a class, shall have the right to elect
pe• share on the common stock, no par, payable Oct. 1 to holders of record
stock voting separately as a class, shall have the right
holders of common
Sept. 10. Three months ago, the dividend was reduced from 25 cents to
of preferred stock shall possess no voting
to elect throe directors. Holders shall exclusively possess voting power.
15 cents per share. •
stock
power and holders of commonbut unissued 5,000 shares of $6 preferred
D. M. Forman, Chairman of the board, stated: "Earnings for the comCompany has authorized
mon stock in the current year to Aug. 31 amounted to more than the full
deposit under this plan, 4,250
stock (no par) and if holders of all the notes noteholders.
year's dividend requirements of 60 cents a share. While earnings and
stock will be issued to the
shares of preferred
business are still below last year there has been a relative improvement In
and compensaCompany has undertaken to defray the disbursementsthe trustee and
each month since March of the current year, reflecting a progressive imits counsel, its depositary, and
--V. 134. p. 4666.
tion of the committee,to the extent that the compensation and disburseprovement in business and in operating conditions."
counsel for the trustee,
1828
Financial Chronicle
Sept. 10 1932
Continental Steel Corp.
-Earnings.
-
Each note will have attached to it
warrant entitling the
For income statement for 6 months ended June 30 see "Earnings Departholder thereof at any time on or beforea detachable to
Oct. 1937,
ment" on a preceding page.
share, 40 shares of the common stock of the1Chemical purchase, at $15 a
company for each
Si.000 principal amount of notes.
Balance Sheet June 30.
The Davison Chemical Co. reserves
1932.
1931.
exchange, in its absolute discretion, in the right to withdraw the offer of
1932.
1931.
Assets
LIaII2ULeo
$
will he returned' if the exchange is made,which event, the deposited notes
it will pay
interest due
Cash & U.S. Govt.
Accounts payable_ 107,916
1932. on the outstanding notes of Silica Gel Corp. theis planned Oct. 1
267.647
It
to place
securities
593,675
308,831 Payrolls payable_ _
with the Chemical company's bank creditors 81,700.00
35,557
79,296
Life insur. policies.
0 of
proposed
1,472 Accrued int., gen.
issue of notes, the bank creditors to take these notes at par thelieu
Notes & accts. rec_ 815,336 1,249,016 taxes, &c
of an
equal principal amount of the present obligations to said banks in
112,911
134438
,
respectively;
Ctfs. of deposit100,000
and the plan of exchange will not be declared effective unless
Dividends declared
53,051
such bank
Inventories
2,044,028 2,593,489 6% ser. bds.(cum)
creditors accept this arrangement, which would fund a substantia
32,500
32,500
l portion
Bonds held for
of the Chemical company's present bank debt.
let & gen. mtge.
sinking fund_ _ _
55,133 bonds (cum.)_
Holders are urged to deposit promptly.
24,000
-V. 133 p. 3261.
Land contr. rec. &
Prov. for Fed. tax
Unsold land_ _ _ .
76,367
69,750
prior years
12,423 -%•••••• Dempster Mill Mfg. Co.
-Omits Preferred Dividend.
Frac, shares pref.
The directors recently decided to suspend the payment
Funded debt
1,357,500 1,605,000
of the dividend
& corn, stock in
due Sept. 1 on the 7% pref. stock, par
Operating reserves 312.749
199,034
$100. A distribution of 14% was
treasury
416 e on June 1 last as against 1.s/i
mad .
16,240 Min. stockholders'
3
% previously each quarter.
Invest, in bds. &
--V. 134. p.
Int. In subs. cos_ 190,783
199,305
stks.of parent co.
19,655
7% cum. pref.stk. 2,862,000 3,031,500
Pref. stock held for
Dome Mines, Ltd.
Common stock _ _y6,081,838 5,991,727
-Value of Output.sinking fund_ _ _
29,711 Earned surplus_ _ _ 1,134,124 1,617,667.
Period Ended Aug. 311932
-Month-1931. 1932-8 Mos.-1931.
Invest. in outside
Production (value of)
3317,788 $302,719 $2,736,822 $2.358,330
companies, &c__
66,668
6,655
-V. 135, p. 992.
Ld., bides., mach.
& equipment--.x8.404.908 8,708,756
Dominion Stores, Ltd.
-Sales.
-Patents
1
1
Period End. Aug.271932-4 Wks.
-1931.
Deferred charges
1932-35 Wks.
-1931.
131.237
184.536
Sales
91,540,981 $1,796,187 $15,359,652 $17,056,310
-V. 135, p. 304, 1169.
Total
12,251,878 13,223,590 Total
12,251,878 13,223.590
x After deducting reserve for depreciation of 84,530,147. y Represent
Donner Steel Co., Inc.-Tenders.
ed
by 175,648 shares no par value.
The Marine Trust Co., trustee, Buffalo, N. Y., will
---V. 134, p. 1200.
until Oct. 10 receive
bids for the sale to it of 1st ref. mtge. s. gold
bonds, series AA and series
Crex Carpet Co.
A to an amount sufficient to exhaust f.
-Statement by Company.
975.224 and 828,305, respectively.
at prices not exceeding 10334 and int. and
President W. H. Redmond issued the following statement in connection
1025i and int.-V. 134. p. 1963.
with the suspension of trading by the New York Stock Exchange
in the ---Eastern Steamship Lines, Inc.
company's stock:
-Omits Dividend.
-The
"'The company has offered to co-operate fully with the New York Stock
directors on Sept. 6 voted to omit the dividend normall
Exchange in connection with the investigat
y
payable about Oct. 1 on the no par value common
led to the suspension of its stock. In that ion by the Exchange which
connection it has requested
a hearing at the next meeting of the committee.
A distribution of 123 cents per share was made stock.
"These transactions have no relationship to the financial
issue on July 1 as compared with 25 cents per share on this
company, which was substantially improved by the sale ofcondition of
on Jan. 2
plant early this year and the elimination of operating lossesthe Wilton
and April 1 last, 373.. cents per share on Oct. 1
from
end of the business. The annual audit of the books for the fiscal that
year
cents per share each quarter from April 1 1930 1931 and 50
ended June 30 1932 is now being made by Price, Waterhouse & Co.
to and incl.
As
promptly as possible after completion of this audit the results thereof will
July 1 1931.-V. 134, p. 4330.
be_published."
The statement issued by Richard Whitney. President of the Exchange
Ewa Plantation Co.
-Earnings.
,
in regard to the action of the Governing Committee in suspendin
g dealings
Calendar Yearsin the stock was as follows:
1931.
1930.
1929.
Gross receipts from sugar & molasses- $3,405,13
"Certain unusual transactions which recently occurred in the Crex
0 $3,584,667 $3,927,450
Cost of producing & marketing
Carpet Co. stock have been under investigation by the Committee on
3,282.940 3,063,798 3,242,868
Business Conduct, and this inquiry disclosed a
Gross profit on sugar
It necessary to suspend further dealings, pending condition which made
8520,869
$684,581
the completion of the
Other operating income & molasses__ 8123,190
investigation. The Attorney-General of the State Of New York has
113,424
50,784
47,238
requested and received the information collected by the Exchange
Total income
."
V. 135, p. 1660; V. 134. p. 2155.
$235,614
8571,653
$731,820
Operating charges
1,791
1,440
977
Crystalite Products Corp.
-Earnings.
Gross operating profit
Years Ended June 308570.213
$730,842
Financial income (dividends, &c.)__ - $233,822
1932.
1931.
Sales
310,559
304,107
320,754
Premium on sale of securities
$52,553
$89,416
Cost of sales
23,891
24,184
2,753
36,817
62,817
Selling and delivery
Total income
6,041
7,567
8568,273
General and administrative
$898,504 81,054,350
Income charges
8,785
9,722
Non-operating expenses and losses-net
1,489
911
424
Cr.894
4,563
Federal income tax fiscal year 1931
Profit for year
591
$566,784
Expense due to unused plant capacity
$897,593 $1,053,925
Income taxes (estimated)
10,670
53,322
72.069
117,785
Net loss
Net profit
$8,867 prof.$4,154
$513,461
8825,523
$936,140
Dividends
Comparative Balance Sheet June 30.
600,000
600,000
900,000
Assets
1932.
1931.
Liabilities1932.
1931.
Balance, deficit
Cash
$5,499
$6,045 Accr. wages, trade
$86,539 sur$225,523 sur$36,140
Cust. accts.. notes &
accts. nay. & Fed.
Comparative Balance Sheet Dec. 31.
trade accept, rec.,
inc. tax payable__
$651
$3,525
1931.
after prov, for un1930.
1931.
St. assess. bds. pay__
1930.
Assets
235
274
$
collectible accts.._ _ 13,215
Liabilities
18,353 Preferred stock
Cash
90,900
98,500
36,172
34,153 Payrolls
Inventory
58,410
33,025
57,491 Common stock
44,870
Due from agents
109,138 109,139
309,961 Long-term contr.. 124,535
Investments
29,882
29.871 Sur. arising fr. dtsct.
168,443
Accts., notes &
Land
Personal & trade
28,057
28,057 on repurch. of cap.
other accts. re& 105,205
123,555 accounts
Buildings & equip... 47,311 x56,917 stock
33,923
36,542
4,312
Materials & suppl- 277,408
615
288.623 Reserves
Def.charges & dep- 394,155
390,093
1,900
1,618 Deficit
11,922
Growing crops....1.217,843 1,246,902 Due agents
3,659
Pats., develop &
153,828
Investments
6,008,120 6,178,006 Outstanding drafts
organization exp__
16,000
9,040
10,040
Bides., mach.. eq.,
Common stock
5,000,000 5,000,000
&e
x2,650,202 2,885.470 Surplus.
Total
4,605,631 5,426,119
$193,315 $208,394 Total
Campbell est. lease
$193,315 $208,394
66,147
Leasehold valuat'n
z After reserve for depreciation of $51,809.-V„ 133,
Leasehold valua'n_ 560,000
p. 1131.
630,000 surplus
560,000
630,000
Davison Chemical Co.
-Proposes Note Issue in Exchange
Total
10,921 099 11.696,670 Total
10,921,099 11,696.669
for Silica Gel Corp. Notes Due Oct. 1.
x Less reserve for depreciation
-The company, as
of 83,395,807.-V. 133, p. 4165.
guarantor of the five-year 6%%
gold notes of Silica Gel
Corp., due Oct. 1 1932, is notifying holders of these notes
that payment will not be made either by the corporation or
the guarantor in cash on that date, and in lieu thereof the
Davison company proposes to authorize the issue of $3,400,000 five-year 6%% gold notes to be dated Oct. 1 1932 and
to be exchanged, par for par, for these outstanding notes.
This offer of exchange has the approval of Stein Bros. &
Boyce, who participated in the offering of these notes, who
state that they feel that by assenting to the plan and making
the exchange the holders are, improving the position which
they now have and that the exchange will give them better
results than could be had through any other method.
The circular letter sent to the holders of the Silica Gel Corp. five-year
% gold notes states:
Silica Gel will not pay the above notes on Oct. 1 1932; and Davison
Chemical Co., guarantor of the notes, will not pay them,in cash. Davison
Chemical Co. proposes to authorize the issue of $3.400,000 five-year
635%
,
gold notes, to be dated Oct. 11932, and to exchange, par for par,
so to be issued for the outstanding notes of Silica Gel Corporation.the notes
The interest will be payable free of normal Federal income taxes not
exceeding 2% per annum, and the Chemical company will refund to the
holders of the notes all State, county and municipal income, securities or
Personal property taxes not exceeding in the aggregate, 5 mills per annum
on each dollar of the principal amount of the notes, provided due
and
prompt application for the refund is made.
The notes will be redeemable at any time on 30 days' notice, by the
company or by the trustee under the indenture, out of market fund moneys,
at par and accrued interest, plus an amount equal to; of 1 % of the principal
,
1
amount of the notes, for each period of six months or fraction thereof, of
the unexpired time thereof.
The notes will be issued pursuant to the terms of an Indenture to be made
by the Chemical company with Equitable Trust
The indenture will be in a customary form of Co. (Baltimore) as trustee.
issues of notes, but will expressly provide, interindentures securing similar
alto- ,
(a) That the Chemical company will place no mortgage, lien, deed
of
trust, pledge or other encumbrance (except purchase money mortgags
and pledges of its inventory, notes, investments and (or)
accounts
able) upon or of any of its property, unless it secures the outstandi receivng notes
proposed to be issued equally with any other indebtedn
mortgage, lien, deed of trust, pledge or other encumbra ess secured by such
ncer
(h) That the Chemical company will pay to the trustee for
the market
fund aforesaid,for the retirement of the notes, by purchase
and(or) redemption, an amount equal to 25% of its net earnings derived
through operations
subsequent to Jan. 1 1933, after interest, depreciation and taxes,
all as is
to be defined or provided in the indenture.
Fidelity Fund, Inc.-Portfolio.-
Tanaferro, Millett & Co..
Fund, Inc., announces that asInc.. sponsors and distributors of Fidelity
of Aug. 31
87.2% stocks 11.7%, and cash, accruals, the portfolio consisted of bonds,
&c. 1.1%. Only interest
-bearing
or dividend-paying securities are
represented in the portfolio.
-V. 135.
P. 1169.
(Marshall) Field & Co.
-Transfer Agent, &c.
The Guaranty Trust Co. of New
York has been appointed as transfer
agent for the common stock, effective
The Bankers Trust Co. has been as of Sept. 1 1932.
appointed registrar for the common
stock.
-V. 135, p. 473.
(M. H.) Fishthan Co., Inc.
-August Sales.
Decrease.
1932
-Aug.
-1931.
4215,469
$254,030
-v.135. p. 993.
$38,5611
1932-8 Mos.-1931.
$1,526,068 81,514,556
Increase.
811,512
Fisk Rubber Co.
-New Stock Listed.
The New York Produce Exchange
issued" the following issues of the Fisk has admitted to trading on a "when
Rubber Co., proposed new company:
new 96 preferred stock. 9100 par value;
new
scription receipts for new common stock, common stock; part paid sub50% paid; full paid subscription
receipts for new common stock.
Contracts Voided by Curb.
-
The New York Curb Exchange announce
a change In the plan for reorganization the d Sept. 2 that as a result of
company, dated Jan, 25, contracts made on a when,as and if issued basis In the
proposed 7% cumulative
preferred stock ($100 par) and voting trust
mon stock (no par) in accordance with thatcertificates representing complan and agreement are null
and void.
The Exchange has admitted to unlisted trading
provileges approximately
40,000 shares 6% (8100 par) preferred and
of new common stock of a par value to be approximately 700,000 shares
determined later. Both will
be traded on a when, as and if issued basis.
-V. 135, p. 1662.
Food Machinery Corp.
-Status
President J. D. Crummey, Aug.29,ins , &c.
letter to the stockholders, states:
Our annual statement as of
three months, but the close of Sept. 30 cannot be completed for nearly
gives us a fair picture of thethe 10th month of this risco, year on July 31
year's operations. Business has fallen off
almost 50% from the previous
less than any year since 1912. year, averaging for our various divisions
However,
we have been able to reduce expenses by through splendid co-operation
over 41
expect to continue our record of going through % so that we not only
this
loss, but to at least earn dividends on our preferred, depression without
thus maintaining
unbroken record for 18 years. The preferred dividend checks mailed an
out
on Aug. 15 covered the 215th consecutive monthly dividend.
.
Earlier in the year there was prospect for considerably better earnings,
but the unprecedentedly low prices for most fresh and canned fruits and
166
Volume us
Financial Chronicle -
vegetables have forced our trade to again delay much needed machinery
purchases for another wear. The general condition of equipment now in
use is far below normal.
We are in excellent financial condition and will close the year with the
highest :ratio of liquid assets to current liabilities in our history. Our
usual depreciation charges have been maintained and a maximum outlay
expended for research and development of new machinery and processes
with patents on same.
'Thus•wears'prepared to advance upon the first improvement in any of
the many industries we serve which include equipment used in growing,
packing,,canning or drying all verities of deciduous frutis and vegetables
the world over; also for growing, processing and packing citrus fruits;
also for 'processing condensed milk and the canning of meat,fish and many
other products. 'We cannot expect the return of our volume of business
and profits until these basic producing industries show improvement, but,
meantime, our house is in order with new machinery and equipment and
processes constantly being developed for further improving quality and
reducing • costs.
The directors,themselves heavy owners of our common stock, feel that
we are thus acting in the best interest of our common stockholders as well
-V. 135, p. 1170.
as all other investors in our corporation.
-Listhrrp"--T
- rote-Burt Co.--.
' he company has Withdrawn the listing of its shares from the Chicago
exchanges cause of the small turnover of the stock on
an Detroit-stock
those markets. Listing wil e continued on the Cleveland exchange.
George E. Bandies, President, says that operations in the second quarter
were quite-profitable and that at end of the first halfcurrent assets amounted
to $665:592 and current liabilities $35,435.
In the first quarter company earned $70,049, equal to 71c. a share on
97.11574thares•of.capitaastock.-V. 134. p. 3467.
Fox Film Corp.-Earninqs.1For income'statement for 26 weeks ended June 25 see "Earnings Department" on a preceding page.
-V. 135. p. 1664.
Fox Metropolitan Playhouses, Inc.
-Filing of Claims.
.All persons, firms, associations and corporations having any claims
and demands against the company are required to present to the Irving
Trust Co., receiver, on or before Nov. 1, written proof of their claims
and demands.
-T. 134, p. 2529, 4330.
---- roattenac Brick Co.-BowlItokterstrTlettrke.i
ondholders ot-the..Exontesec-Brick-co....will meet in Montr
shortly to
upon certain proposed changes respecting the trust deed.l Approval
of the 'bondholders will be asked to cover the following chan
• Creation
of a bond issue of $80,000, maturing in 15 years, interest at 6% with priority
over present bond issue; (2) exchange of present bonds for income bonds
redeemable in 10 years with Interest at 6%;(3) cancellation of the by-law
requiring life insuranceen the life of the manager and reduction in amount
of fire insurance. Other changes, bearing upon those outlined, are to be
voted upon by the .bondholders.
1829
Frigidaire Corp. Reduces Prices.Frigidaire Corp., a subsidiary, on Aug. 31 announced reductions in prices
on its commercial cooling coils ranging from 5 to 20%. The reductions are
made, according to H. W. Newell, Vice President in charge of sales, to
encourage grocers, butchers, store owners and other retail merchandisers:
to take advantage of present low building costs for modernization of their
•
properties.
-V. 135, p. 1664, 1482.
Gillette Safety Razor Co.
-Patent Decision Appealed.
An appeal has been filed by Hawley Hardware Co. against the decision'
of the District Court of Connecticut, handed down on July 211932. holding
that the company was infringing patents of Gillette Safety Razor Co. in
selling blades manufactured by Clark, Razor & Blade Co., of'Newark,•
N. J., and enjoining the company from selling blades to fit the new Gillette
,
'
razor.
-V. 135, P. 1665.
Gimbel Brothers, Inc.
-Obituary.
Charles Gimbel, Chairman of the board, 'Vice-President and a founder'
of this corporation, died suddenly from a heart attack at his summer home
at Lake Placid, N. Y., on Sept. 9.-V. 134, p. 3104.
Graham-Paige Motors Corp.
-Orders Up 67% in August..
Orders received at the factory for Graham sixes and eights during August.
were 67% ahead of those for July, and August 1932 orders exceeded those
of the same.month a year ago by 47%, according to Robert C. Graham,
Executive Vice-President.
"Retail deliveries by our distributors and dealers show a corresponding
increase, the deliveries for the first three weeks of August being greater
than for all of July," he said. "All this is particularly significant, because
the history of the automobile industry shows that August sales normally
run considerably less than those of July.
"We have scheduled a volume of production for the first two weeks off
September equal to the entire output originally planned for the whole
month. There is every indication that our manufacturing activity for the
balance of the year will be considerably greater than anticipated, wilcs.
means more work, more jobs and more encouragement for everybodY2
V. 135, p. 1665. 1501.
(F. & W.) Grand 5-10-25 Cent Stores, Inc.-Schedula
Filed.
Schedules in bankruptcy filed lists liabilities at $4,131,138'and: assets,
at book value of 39,709,999.-V. 134, p. 2732.
-Sales.
Grand Union Co.
1932.
Four Weeks Ended Aug. 271931.Decrease.
Store sales
$2,275.562 $2,742,248
3468.686
-V. 135, p. 994, 1337.
-August Sales.
(W. T.) Grant Co.
1932
-Aug.
-1931.
Decrease.
1932-8 Mos.-1931.
S340,5041342,987,623 $43,707,057
15.054,598 $5,395.102
-V. 135, P. 994, 1665.
Decrease.
$719,434
General Baking Co.
-Regular Dividends, &c.
-Extra Dividend.
- Group Number One Oil Corp.
The directors have declared the regular quarterly dividends of 50c. per '' The directors have declared an extra dividend of $150 per share in addithe common and $2 per share on the pref. stock, both payable
share on
tion to the regular quarterly dividend of $100 per share, both payable
Oct. I to holders of record Sept. 19.
Sept. 30 to holders of record Sept. 12.-V. 132, p. 3351. .
Chairman F. H. Frazier states that the company has over $5,500,000 on
hand after purchasing sufficient of the 5}4% debentures of 1940 to meet
--.(Charles) Curd & Co., Ltd.
-Reduces Dividend.
--sinking fund requirements up to October 1934.-V. 135, p.635.
A quarterly dividend of 25c. per share has been declared on the no par
common stock, payable Oct. 1 to holders of record Sept. 15. This compares
General Candy Corp.
-Accumulated Dividend.
with 40c. per share paid on April 1 and July 1 last and 50c. per share preThe directors have declared a dividend of 25c. per share on the class A
viously each quarter.
stock, payable Oct. 1 to holders of record Sept. 20, to applk on account of
accumulations on that issue. In 1931 the company paid a total of 50c.
1931.
Calendar Years
1930.
1929.
1928:
per share on the class A accumulations.
-V. 135, p. 1664.
Net profit after deprec,
and income taxes__-- $136,550
$196,837
$207,01T
3207.645
'General Capital Corp.
-Liquidating Value.
18,550
Preferred dividends_ _
19,950
27.959'
21,000
Based on prevailing security prices, the liquidating value of the corporaCommon dividends
120,000
120,000
120.250
72.375
tion's stock is about $28 a share on the 170,568 shares. against $26.64 a
share on Dec. 31 last. Cash and bond holdings are equal to something less
Surplus
df.$2,000
$56,637
$66.645
$106,683
than $9 a share. A dividet d of $1.50 a share was paid in January of this
Previous surplus
280,723
224,087
157,442
50,759
,
year.
Inc. in income tax
Dr4,604
ir the past eight months few changes have taken place in the portfolio.
Holdings of American Gas & Electric have been increased moderately and
Profit & loss, balance_ $274,119
3280,724
$224,087
$157.442
commitments have been made in Central Aguirre Associates and Atchison
Earns, per sh. on 60,000
abs. com.stk.(no par)
$1.97
preferred.
.
$2.95
$3.11
$2.99.
Elimination or reductions of holdings occurred with respect to Baltimore
Balance Sheet December 31.
•
& Ohio, Chicago & North Western, American Telephone, Air Reduction,
1931.
1931.
Liabilities
1930.
Assets
1930. 14
1
Radio"B" and United States Steel.
$10,200
$10,334 Accounts payable_ $18,972
Cash
414,0281
Income from dividends and interest, after expenses, is running at the
50,000 Tax reserve
35,000
21,177
Call loan
18,911"
annual rate of approximately $1.25 a share. ("Boston News Bureau.")
145,412 Deprec. reserve_ __
179,313
Accts. receivable_ _ 135,580
149,027'
-V. 134, p. 4668.
164,408
136,541 Preferred stock
Inventories
260.000
270,009 •
870.234
862,608 Common stock_
875.,112 x875,300 •
Properties
General Motors Corp.
-August Sales Lower.
108,867
-An official Equipment
101,800 Surplus_____
288,723'
274,120
48,924
45,291
Investments
statement Says:
250,000
250,000
Good-will
August sales of General Motors cars to consumers in the United States
5,480
Deferred charges.._
totaled 37,230 as against 32,849 in July and 69,876 in August a year ago.
August sales of General Motors'cars to dealers in the United States
Total
81,828,894 81,601,989
Total
$1,628,694 51,601.989
24,151 as against 31,096 in July and 62,667 in August a year ago.
totaled
August sales of General Motors cars to dealers in the United States and
x Represented by 60,000 no par shares.
-V. 134, p. 1966.
Canada, together with shipments overseas, totaled 30,419 as against 36,872
in July and 70,078 in August a year ago.
Gypsum, Lime & Alabastine, Canada, Ltd.-Earningsr..
Sales to Consumers in United States.
Calendar Years1931.9.
1932.
1931.
Net profits for year
1930.
$551.605
1929.
$798,383 $1.315,316
January
47,942
61.566
Interest on funded debt
74.167
247,581
185,594
160,61
February
46,855
68,976
88.742
Interest on bank loan
17 111
38,070
10.,1
13,417
March
48,717
101.339
Depreciation
123.781
195,913
238,870
166.942
274,516
April
81,573
135,663
142,004
Depletion
13,473
17.958
173.201
16,149
May
63,500
122.717
131,817
169.034
June
56,987
103,303
97,318
Net profit
894.637
$317.890
154.437
$850.623
32.849 •
July
85.054
80,147
Surplus Jan. 1
244,094
530,034
147,079
239.173
37,230
August
69,876
86,426
151,722
September
51,740
75,805
Total surplus
$3338,731
124,723
8847.924 81.089,801
October
49,042
Dividends paid
57,757
225,396
114,408
594,303
450,547
November
34,673
41.757
Provision for Dominion income tax
4,500
68.893
9.525
63,600
December
53,588
57,989
Miscellaneous charges
44,216
45,621
Prov, for poss. loss in for exchange &
Total
937,537
1,057,710
bad debt and doubt. accounts
1,498,792
50.900
Sales to Dealers in United States,
1932.
Surplus, Dec. 31
1931.
1930.
357.936
$244,094
$539.034
1929.
January
65,382
Earns, per. sh. on 450,876 shs. corn.
76,681
94,458
95.441
February
52,539
stock outstanding (no par)
80.373
110,904
$0.21
$0.70
$1.89
141.222
March
48,383
98,943
118,081
Consolidated Balance Sheet Dec. 31.
176.510
April
69.029
132,629
132,365
176,634
1931,
1930,
1931.
1930.1
May
60.270
136.778
136,169
175,873
Assets
$
$
Liabilities$
June
46,148
100.270
87,595
163,704
86,425
Cash
335,601 Accounts payable.. 194,670
200,371
July
31,096
78,723
70,716
187,111
Call loan
150,000 Dividends payable
____
90,158
August
24,151
62,667
76,140
147,351
Receivables
538,243
686,262 Accrued interest__
83,38l
83,196
September
47,895
69.901
127,220
Advances
80,978
13,168 Tax reserve__ --__
15,660
October
21,305
22,924
98,559
35,025
Investments
60,400 Conting. reserve__
15,790
30,982
November
23,716
48,155
39.745
99,596
Bonds purchased_
8,328 Common stock___ 6,183,393 M3,183.390
December
68,650
68.252
36,482
769,873
Inventories
775,834 Surplus
57,939
244,394
21,773
Lite Insurance__ _ _
17,416 Bonds
4,338,843 4,489.827
Total
928,630
1.035,660
1,535.852
Land, plants, &c,.. 5,932,037 3,729,541 Mtges. payable
68,600
82,000
Total Sales to Dealers in U. S. and Canada Plus Overseas Shipments,
,829,939 5,829,869 Deferred liabils
Mines, do
3
25,290
1932.
1931.
1930.
Invest.in and adv.
1929.
Bank loans
35,000
35,000
74,710
January
89,349
133,687
106,509
to subsidiaries_
128,301 Reserves
127,580
959,213
775,30962,850
February
96,003
126,196
60,387
Sundry assets_
59,819
175,148
59,696
March
119.195
79,328
135.930
Deferred charges_ _
81,059
220,391
78,359
April
154.252
150.661
Bonds, debenture
227,718
66,739
May
153,730
147,483
discount, &c_ _ _ 314,824
334,382
220.277
52,561
June
111,668
97.440
200,754
36.872
87,449
July
Total
11,982,117 12,209,980
79.976
Total
189,428
11,982,117 12,209,989
30,419
August
70,078
85,610
168,185
a Represented by 450,876 no Par shares.
-V.133, P. 4337.
September
58.122
78.792
146.483
October
25,975
28.253
(The) Halle Bros. Co. Dividend-Tenders.
122.104
November
29,359
57.257
60.977
The directors on Sept. 6 declared the regular quarterly dividendof
December
79.529
80,008
40,222
31.6234 per share on the preferred stock and notified the Union Trust Co.,
Cleveland. registrar, that the company has $78,506 to be used for the
1,074,709
Total
1.174,115
1,899.267
purchase and retirement of preferred stock at not to exceed $105 and diva..
Unit sales of Chevrolet,Pontiac, Oldsmobile, Buick, LaSalle and Cadillac
The Union Trust Co. will receive sealed proposals of offers:of shares
passenger and commercial cars are included in the above figures,
for retirement up to Sept. 15.
1830
Financial Chronicle
In connection with the annual retirement of preferred stock.
Samuel H. Halle calls attention to the fact that the company's President
first issue
of preferred has a record of uninterrupted dividends. He
year was the first in which the company suffered a loss. also says that last
"Indications, however, point to further losses unless the decline in
commodity prices is arrested and an increased public interest
in buying takes
place," Presider t Halle states. "The directors have declared
the regular
quarterly dividing" payable Oct. 31 out of earned surplus in the
hope that
the turn in the depression has come and an upward trend
is In sight."
--V. 135, p. 1666.
Haiku Pineapple Co., Ltd
flings.
Calendar Years1931.
1930.
1929.
Operating profit
loss$271,707
$298,200
$205,867
Raps.,incl. liana losses _
64,481
116,918
Deprec. In val of invest _
392,307
Net profit
loss$664,814
Balance,Jan. 1
110,103
rap.surp. aris. from appraisal of land values_
$233.719
207.507
Total
def$553.911
ort. of deferred chgs
itttm off Growers'
accounts
Extraord.exp. accts_ _ - _
61.471
Capital assets
Cancellation of leases_ _ _
Other charges
Loss on liana assets sold
Divs. on pref.stock_ - - 30,625
Amort. of abandonments
of prior years
$441,226
O
$88,949
202.236
1928.
$130,336
50,867
$79,469
330,924
150,284
124.210
79,060
75,354
52,500
$441,469
$410,393
5,000
81,462
75.361
52,500
32,050
43.245
52,500
100,000
Surplus Dec.31
def$646.006
8110,103
$207,507
$202,236
Earns, per sh. on 75.000
shares stock (par $20)Nil
$2.42
$0.48
$0.36
Comparative Balance Sheet Dec. 31.
Assets
1931.
1930.
Liabilities1931.
,
1930.
Cash
$87.527 $116,476 Notes payable__
3703,992 1251,483
Accts. receivable
224.031
221,630 Accts. pay., accr.
Inventorim
907,652
862,400
payrolls, dm_ ___ 350,868
292,194
Investments (cost)
81,495
81,496 Special loan
100,000
100,000
Growers' advances 195,101
300,804 Pref, inc. credits
10,182
49,771
Growing crops_ __ _ 444.102
560,080 Suspense credits
4,525
6,068
Deferred
14,395
81,853 Res. for Inc. taxes_
26,200
Real estate, plant
Preferred stook _ 750,000
750,000
dk equipment_ _ _ 820,797
859,538 Common stock_ _ 1,500,000 1,500,000
Surplus
def646.006
110,103
Total
$2,775,103 83.084,276
Total
$2,775,103 13,084,276
-V.133, p. 2770.
Haloid Co.
--25c. Extra Dividend.
An extra dividend of 25c. per share has been declared on the common
stock in addition to the regular quarterly dividend of 25c. per share, both
payable Oct. 1 to holders of record Sept. 15. Like amounts were paid on
March 31 and July 1 last. An extra payment of 50c. per share was made
this issue on Dec. 31 1931 and one of 25c. per share on Oct. 1 1931.
The usual quarterly dividend of $1.75 per share has been declared on
on the preferred stock. Payable on the same date.
-V. 134, p. 3988.
'Hamilton Bridge Co., Ltd. (& Sub.).
-Earnings.
Calendar Years1931.
1930.
1929.
1928.
Net profit after deprec.
& income tax
a$144,727
8303,340
$553,273
$408,690
Preferred dividends- _
143,553
146.250
162,468
201,375
Common dividends
25,000
150,000
Surplus
def$23,826
Previous surplus
b544,258
Profit on pref,shs. red..13,130
$7,090
598.129
$390.805
207,324
$207,324
Profit & loss surplus
$533,562
$605,219
$598,129
$207,324
a After deducting $6,905 loss of Western Bridge Co. b After adjust-ments amounting to $60,961.
Consolidated Balance Sheet Dec. 31.
Assets1931.
Liabilities1930.
1931.
1930.
Plant, .ke
x$3,558,693 $3,488,442 1st pref. stock-32,200,000 $2,250,000
Inventories
246,624 Common stock--.y1,895,549 1,895,549
225,403
Investments
614,183
344,750 Reserves
103,819
110,266
Accts.receivable_ _ 476,698
794.935 Bank laon
49,555
Due by sharehldrs30,000
Accounts payable_ 310,322
274,814
Workmen's cornDividends payable
35,750
36,563
pens. overpay._
17,805
Surplus
533,562
605,218
Outlay on contract 117,302
89,184
Cash
72,031
200,758
Deferred charges
16,443
7,715
Total
$5,128,557 85,172,412
Total
$5,128,557 $5,172,412
x After reserve for depreciation of $345,165. y Represented by 100,000
no par shares.
-V. 135, p. 1502.
Hamilton Cotton Co., Ltd.
-Earnings.
-Calendar Years1931.
1930.
1929.
Operating profit
$54,797
$97,942
$137,450
Bond interest
51,493
52,552
55,000
Net profit
Preferred dividends
Income tax (previous year)
Balance,surplus
Previous surplus
Total surplus
$3.304
29,267
1,093
$45.390
39,151
3,138
def$27,056
320,114
$3,101
317,013
8293,056
$320,114
Balance Sheet Dec. 31.
Assets1931.
Liabilities1930.
1931.
Receivables
$169,732 $200,457 Payables
$40,133
Cash
135,881
103,125 Accr, wages, eets.
10,266
Investments
43,214
32,867 Bond int. accrued_
13,406
Stock on hand_ _
413,957
483,335 1st mtge bonds_ _ _
930,000
Dep. with fire ins.
Cony. pref. shares 584,910
cos
17,003
17,382 Common shares_
600,000
Real estate, dro x1,691,990 1,707,205 Surplus
293,056
ComparatieetBalance SheellDec. 31.
1931.
1930.
Asse• ts
$ • I Liabilities
Stock accounts_ _13,121,852 13,445,793 Capital stock
10,000,000 10,000,000
Cash
2,370,552 2426.808 Payroll
107,869
112,037
East Maul IrrigaNet sales sugar_
187,683
tion Co., Ltd
530,763
552,921 Territorial inc. tax
Pers. it trade sects 164,181
200,366
1930 accrued__ _
39,145
35,802
Sugar suspense__ Reserve! Federal
837
or
taxes year
108,030
103,000
Pers. dr trade accts
19,695
25,075
Unpaid drafts_
110,000
Surplus
5,913,447 6,152,291
Total
16,188,185 16,725.890
Total
16,188,185 16,725,890
-V.132, p.4599.
Hedley Gold Mining Co., Ltd.
-Earnings.
Earningsfor Year Ended Dec.31 1931.
Miscellaneous income
Interest received
Total income
Exploration
Shut
-down
General expense
Taxes
$753
164
$917
13,092
16,336
1.794
1,003
Loss
$31,307
J. W. Allen, Vice-President says:
No work was done on the property during 1931. There have been severe,/
inquiries from reliable mining interests regarding the dispoasl of the property. The directors have, therefore, recommended that the property,
both real and personal, be optioned, sold or leased. in whole or in part,
upon such terms as in their judgment may be deemed equitable.
Balance Sheet Dec. 31 1931.
AssetsLiabilities
Mines and raining claims
330,000 Capital stock
x$120,000
Buildings, mach. & plant
89,400 Accounts payable
374
Cap. stk. of Similkameen Water
Surplus
20,866
Works Co., Ltd
600
Insurance unexpired
477
Supplies on hand
8,944
Accounts receivable
600
Cash
11,219
Total
$141,240 Total
$141,240
x Represented by 480,000 shares of 25 cents par value.
-V. 132. p 3352.
.
Hobart Mfg. Co.
-Earnings.For income statement for six months ended June 30 see "Earnings Department" on a preceding page.
Current assets June 30 1932, amounted to $5.603.174, Including $1,449,415 cash and United States Government securities and current liabilities
were $368.257. On June 30 1931. current assets were $5,841,417 and
current liabilities 8442,139.-V. 135. IL 1337.
Holt, Renfrew & Co., Ltd. Earnings.
Years End. Jan, 311932.
1931.
1930.
Profits
loss$89.082
$134,864
8256,466
Interest
•
36,2.52
39,878
42,860
Depreciation
10,203
52,851
Bond disc, written off.._ 3,000
Prov. for contingencies3.277
1929.
$387,467
39,331
32,555
Net profits
Preferred dividend
Common dividend
1oss$141,815
70,000
$94.988
70,000
22.500
8160,754
70,000
30,000
$265,601
70,000
22,500
Surplus
Previous surplus
def$211,815
882,252
$2,488
879,763
$60,754
819,009
$173.101
645,909
$882,251
$879,763
3819,010
Balance,surplus
Earn, per share on 10,000
shares common stock
(Par $100)
$670,436
1419.58
$2.50
$9.07
Balance Sheet Jan, 31.
Assets
1931.
1932.
Liabilities1931.
1932.
Property, dm
$1,275,387 $1,280,439 Preferred stock_ - _$1,000,000 $1,000,000
Good-will
772,453Common stock- 1,000,000 1,000.000
772,454
Inventories
485,000
465,000
797,611 Bonds
727.175
Accts. receivable_
299,205 Bal. of purchase
260,874
Other receivables
consideration._ _ 303,750
303,750
78,976
50,456
Cash
876
4,173
392,760 Accounts payable_
284,956
Cash deposit
15,437
16.071
66,739 Accrued interest..
77.064
Investments
9,761
74,105 Prepaid storage...
10,034
:69,605
Deferred charges._
14,503
34,641 Tax reserves
25,649
31,792
Deprec'n reserves_
70,000
70,000
Surplus
670,436
882,251
Total
Total
$3,549,765 83,796,930
$3,549,765 $3,796,930
x Including company's own bonds for 869.000.-V. 132, P. 4071.
-Extra Dividend of $1.
Homestake Mining Co.
The directors have declared an extra dividend of $1 per share in addition
to the regular monthly dividend of 75c, per share, both payable Sept. 26
$82,450
39,360 • to holders of record Sept. 20. The company paid a similar extra dividend
In January of each year from 1925 to and including 1930. and on Oct. 25
8,864
1930, April 25 1931. Sept. 25 1931 and Feb. 25 1932.
From May 25 1932 to and including Aug. 25 1932 monthly distributions
$34,226
of 75c, per share were made as compared with 65c. per share each month
282,787
from Oct. 26 1931 to and includingjApril 25 1932 and 50c. previously.V. 134, p.3468.s
$317,013
f!"
- litearadL.....iii...aisua......
1930.
$50,522
18,757
13,750
955,000
586,230
y600,000
320,113
Total
12.471,777 $2,544,373
Total
$2,471,777 $2,544,373
x After reserve for depreciation of $672,319. y Represented by 20.000
no par shares.
-V. 133, p. 4166.
-Omits Class B Dividend.
-. - "--.1 leath Aircraft Co.
The directors recently voted to omit the dividend ordinarily payable
payable about Aug. 15 on the class B stock, no par value, A semi-annual
distribution of 25 cents per share was made on this issue on Feb. 15 1932
as against 1234 cents per share previously paid each quarter.
-V. 134,
p.684.
Hawaiian Commercial & Sugar Co., Ltd.
-Earnings.1931.
Calendar Years1930.
1929.
1928.
Gross receipts from sales $4.599,860 $4,683,936 $5,295,284 $5,919,092
3,823.780
Cost of production
3,808,947
3,840,501
3,754,281
$776,080
Operating profit
8874,989 31,454,782 $2,194,811
332,250
Other income
248.335
256,104
149,754
Total income
31,108,330 $1,123,324 81.710,886 32,344,565
Federal Inc. tax (est.) _
108,029
98.663
177,062
260,000
Acced territorial inc. tax
39,145
35,802
62,554
95,518
Net profit
$961.154
$988,859 $1,471,270 81.989.046
Dividends
1.200,000
1.200,000
1,400.000
1,500,000
Balance, deficit
$238,846
$211,141 sur$71,270 sur$489,048
Sept. 10 1932
Honey Dew, Ltd.
-Earnings.
Calendar Years1931.'"'N
1929.
1930.
Sales
31,312,827 $1,479,989 $1,470,596
Prof. before int. paid on U. S. rights,
depreciation and interest earned.._
236,160
212,415
256,654
Depreciation
70,302
73,853
76,517
Interest U.S.rights
19,672
Operating profit
Interest earned
3162,307
1.726
$160,465
11,913
$142,113
18,757
Net profit
Federal taxes
Dividends on preferred stock
$164,033
16,250
105,000
$172,377
13,700
105,000
8160.870
x12,000
105,000
Balance
$43,870
$53,677
$42,783
Earnings Per share on 108.500 common shares
$0.39
$0.49
$0.40
x Estimated; amount not available.
Comparative Balance Sheet Dec. 31.
Asstes-1931.
Liabilities1930.
1930.
1931.
Cash
$86,998 Accts. payable OC
$76,149
Accts.receivable
accrued ex pa.- _ $52,283
$59,518
2,500
3.560
Dividends payable
Investments
26,250
26,250
23.605
Inventories
56,015 Resrve for Federal
45,058
Fixed assets
16,250
income tax
:
367,068
346,594
13,700
Itivestrn'ts In subs. 272.854
223.943 Bid, owing on purDeferred charges__
chase of U.S.rts. 200,000
200,000
13,759
11,683
Other assets
Preferred stock- 1,500,000 1.500,000
1,323.693 1,318,112
Common stock-- 108,500 7108.5011
Surplus
199,914
160,463
Total
Total
$2,103,197 $2,068,435
$2,103,197 $2,068,435
x After deducting for depreciation of 3254.574. y Represented by 108.500 shares of no par value.
-V. 134 P. 2350•
Volume 135
Financial Chronicle
Honokaa Sugar Co.
-Earnings.
--Calendar Years
1931 •
Total income for year
$200,349
Net loss on sugar
4,981
Depreciation charges
94,866
Interest charges (net)
79,692
H.S. P. A. assessments
29,948
Taxes
28,294
Sinkingfund
1930.
$105,095
40,105
92.137
63,772
32.059
20,834
1929.
$319,751
88,471
57,251
30,499
7,990
13,554
Netincome
1oss$37,433 1os4143,811
$121,985
Comparative Balance Sheet Dec. 31
Assets
1931.
1930.
Liabilities1931.1- Ta.
"
"
Plantation
9375,000 $375,000 Capital stock
92.000,000 $2.000.000
Property account_ 1,305,977 1,261,824 Bonds
600.000
600,000
Jobalunder constr.
3,483
31,900 Bills payable
250,000
250,000
Growing crops954,224 Mortgage Mrs. E.
997,551
Inv. In other cos
800,618
785.140
Schaefer
110,000
110,297
supplies._
Store &
109,920
114,216 Draft outstanding
59,851
52,860
Sundry debtors
789
887 Workmen's cornAdv. to planters
7.115
15,567
peasation res've
6,000
6,000
Bank of Bishop &
Sinking fund
246,332
230.853
Co., Ltd
11 Sundry creditors
9
16,626
19,345
Mortgage, J. B.
Sugar sales
770
Kukona
5,000 F. A. Schaefer &
Sugar In transit...
110,141
Co.. Ltd
105,090
140,192
Cash
4,254
4,687 Surplus
210,819
248,282
Total
$3,604,720 $3,658,598
- 132, p. 4774.
V.
Total
$3,604,720 53,658.598
Honolulu Plantation Co.
-Earnings.
-
Calendar Yearsproceeds
Cost, depreciation, &c
1931.
1930.
1929.
1928.
$3,465,953 $3,882,153 $3,238,809 $3,739.075
3,356,076
3,435,902
2.931,967 .2.780,408
Gross
Net profit
Other income
$109,877
109,874
$446,251
111,691
$306,841
89.881
Total income
Other deduct.(inel. tax)
$219,751
51,272
$557,942
117,116
$396,722 $1,030.899
117,422
312,358
Net prof. to surp.acct.
Dividends paid
$168,479
500,000
$440,826
500,000
$279,300
500,000
$958,667
72.232
$718,541
500,000
Balance, deficit
$331.521
$59,174
$220,700 Erur$218,541
Comparative Balance Sheet Dec. 31.
Assets
1931.
1930.
Liabilities1931.
19
- .
Z7
Cash
$381,428 $903,729 Honolulu drits.outCM.of deposit__
100.000
standing
$425
$335
Accts,receivable..
92,155
58,073 Notes payable-- _
185,000
Salesin suspense.. 461,535
176,486 Tool deposits
62
Inventories
159,317
179.273 Accrued wages
51,097
53,452
Accrued interest
4,724
78 Accounts payable_
32,960
35,101
Investments
442,170
63,220 Market. chgs. on
Growing crops.... 836,929
877,845
sales in suspense
34,040
9,024
Land, buildings &
Unsettled labor... 104,282
107,666
equipment, &c_ 3,995,972 4,056,810 Bango deposits
2,566
2.473
Federal inc. tax._
23,257
59,677
Terr. Income tax_
11,046
12.559
Capital stock
5,000,000 5,000,000
Surplus
929,492 1,135,224
Tot.1
$6,374,230 $6,415,512
Total
$6,374.230 $6,415,512
- 133. p. 3637.
V.
1831
Balance Sheet Dec.131.
Liabilities1930.
1931.
1931.
941,543 Accounts payable_ $37.650
$2.600
Dividend payable_
11,780
65.238 Accrued expenses_
69,348
10,678
10,191
13,213 Prov. for Federal
income taxes...
54,198
36,193
4.437
Capital stock
x608,337
12,329
10,561 Surplus
172,691
Assets
-Cash
Cailloans&Domln.
Govt. bonds....
Accta.receivable..
Merchandise invet.
Prepaid expenses &
accrued revenue
Life insur., cash
surrender value_
5,800
Invest. in and adv.
31,161
to subsidiary co_
Ltuid.bldgs.,mach.,
equipment,&c.._ 677.950
Leasehold & bldg.
improvements..
Goodwill
1
1930.
937,798
25.242
10,935
6.220
608.337
251,072
4,664
28,221
654,182
67.784
.
1
Total
$845,573 $939,605
Total
5845,573 5939.605x Represented by 18,656 no par class A shares and 15,000 no par class B
shares.
-V. 134, p. 4504.
Hutchinson Sugar Plantation Co.
-Earnings.
Calendar Years1931.
1930.
1929.
1928.
Gross profits
$1.046.373
$989,587 $1,084,433
3958.740'
Sundry other profits_ _ _ _
43,364
45.306
53,126
63,879
Total profits
$1,089,737
Cost of prod.,dep.&depl- 1,024,497
Other expenses, &c
50,844
Net Income
AssetsCash
Accts.raceivable.Sales in suspense
Advances
Store account_ _ -Inventories
Mortgage receiv
Investments
Growing cropsLand, bldgs. & eq.
Deferred assets...
$1,034,893 $1,137,559 51.022.619
1,011,082
980.325
867,026
32,600
42,420
46.554
$14,396 loss$8,790
$114,812
$109,039
Comparative Balance Sheet Dec. 31.
1931.
1930.
Liabilities
1931.
1930.
$175,678
956,596 Notes payable- $350.000
21,887
'703 Sundry creditors_
17,988
92,473
76,126 Federal income
42,709
56.149
taxes
257
60,626
59,845 Territorial Income
63.882
63,478
tax
641
300
300 Bonded indebted29,797
29,797
ness
600,000
412.919
512,259 Accounts payable_
227,599
1,985,454 1,999,107 Capital stock
1.500,000 1,500.000
28,734
4,441 Surplus
795,572
781,202 .
Total
$2.914,459 $2,858,801
-V. 132, p. 4774.
Total
52,914,459 $2,858,801
Incorporated Investors.
-23.% Stock Dividend.
-
The directors have declared a 234% stock dividend and the regular
quarterly dividend of 25c. per share in cash,both payable Oct. 15 to holders
of record Sept. 20. Stock distributions of 2)4% each were made on April
15 1932 and on April 15 and Oct. 15 1931.
Vice President William A. Parker says: "In view of the marked improvement in general conditions, the directors have declared the regular cash and
stock dividend at this time. In previous recovery periods the weakened
financial condition of companies has resulted in a lag between dividend
increases and the actu I pick-up In business and in earnings. To-day,
however. the financial condition of our leading companies is such that an
early increase in dividends may be expected with a recovery in earning
power."
1931.
$687,845
709,786
1930.
$696,224
704,456
1929.
$755.520
708,158
1928.
5906,743
728,534
Incorporated Investors has an outstanding record of sustained income,
the same cash and stock dividends having been maintained since October
1929. During the past three years shareholders of this mutual investment
fund have received the following dividends in cash and stock:
Year1932.
1931.
1930.
Cash
$1.00
$1.10
61.00Stock
5%
5%
5%
-V. 135. p. 1502.
loss$21,940
42,164
loss38,232
35.874
$47,362
39.692
$178.210
30,812
Insull Utility Investments, Inc.
-Collateral Sale Adjourned.-
Total income
Taxes
Other income charges__ _
$20,224
3,861
1,408
$27,643
2.244
2.553
$87,054
11,131
756
$209,022
33.389
69
Net income
Dividends paid
314,953
322.842
$75,165
3175.561
(445 %)56,250 (9)112.500 (9)112,500
Honomu Sugar Co.
-Earnings.-
. Calendar YearsOperating income
Oper.& marketing exp..
Gross income
Other income
Balance, surplus
$14,953 def$33,408 def$37.335
563,061
Comparative Balance Sheet Dec. 31.
Assets
1931.
Liabilities1930.
1931.
1939'7
properties (net)- - $881,830 $888,171 Unsettl.labor acct.
$1,422
2872
Crops
311,920
327,834 Payroll
14,569
19,026
Adv. to planters..
68,269
65,275 Personal and-trade
Inventories
36,290
50,318
accounts
7,370
7,356
Miscell. accts., &O.
10,863
49,237 Unpaid checks....
728
774
Stocks
174,200
174,200 Capitalstock
1,250,000 1,250,000
C. Brewer & Co..
Deferred Items...
310
Ltd., agents_ -141,937
84,125 Res. for Fed. taxes
502
1.548
Cash
140,613
Territorial income
Store account-..-29,868
tax accrued- 609
609
Other assets
1,239
146.919 Surplus account521,520
505,896
Total
$1,797,032 $1,786,081
Total
51.797,032 51,786,081
V.132. p. 4774.
th
ood Rubber Co., Inc. Meryier-tCae,-
e New York Stock Exchange has received notice that this company,
alya ani aid,
.
arY
-11,___X,Stoutirlolx.-Co,, has been merged
Superior Footwear Co a corporation organized by employees of with
Hood
Rubber Co., Inc. Under the terms of the mwrger agreement the 13.
Goodrich Co. receives 120,000 shares of $6 curtml. pref. stock of the F.
par
value of $50 each and 2,700 shares of common stock of the par
each of the merged corporation, Hood Rubber Co.,Inc.,and the value of $1
stockholders
of Superior Footwear Co.receive 3,300 shares ofcommon stock of the merged
corporation.
-V. 135. p. 1666.
----Hoskins Manufacturing Co.
-Again Reduces Div.
A quarterly
dividend of 25c. per share has been declared on the common
stock, no par value, payable Sept. 26 to holders of record Sept.
11. A
distribution of 50c. per share was made on June 26 last, as
against 75c.
per share previously earn quarter.
-V. 134, p. 4166.
Net profit
Preferred dividends....
Commondividends
Class A dividends
Class B dividends
Surplus for year
Previous surplus
Adjustments,&c
Balance
Earns, per share on cornin bined cl. A & B stock_
1929.
$1,149,501
102.763
6,650
200
1928.
31.025,000
75,482
5.814
869,668
27,869
15,000
$57,167
$87,179
595,913
5,193
26,118
21,000
27,984
22.500
25,901
22.500
310,049
251,072
Dr88,430
$36,695
216,515
Dr2,136
542,319
171,234
Cr2,960
826,799
144,435
$172,691
$251,072
$216,513
$171,234
$1.69
$4.12
L$3.05
12.06
.
Inter-City Baking Co, Ltd.
-Earnings.Years Ended Jan. 31:Net earnings
Bond interest
Depreciatiot
1931
5331.644
87,133
100.000
1931.
$316,254
88,000
100,000
1930.
5287,574
88,000
100,000
1929.
$317,495
100,000
82.535
Net profit
Common dividend
5144,511
85,180
5128,254
8.5.180
399.574
85,180
8134.960
70,000
$59.331
122.429
Dr.56.546
$43,074
79,354
314,394
64.960
$64,960
Surplus
Previous surplus
Invest, written down_
379,354
Profit and loss Burp__. $125.212
864.960
$122,428
Earns, on corn.(par $100)
$4.62
$7.71
56.83
56.02
x After all expenses, doubtful accounts and income tax.
Comparative Balance Sheet Jan. 31.
Amu1931.
1932.
1932.
Liabilities-1931.
Property, &ta
51,572,800 51,600,000
$2,540,952 $2,550,397 Bonds
Good-will
1,075,224 1,075,396 Common stock___ 2,114,500 2,114,500
114,637
Cash
169,806
107,864 Accounts payable. 184,287
Inv. in other cos42,590
61,369
42,590 •
51.581 Dividends payable
Investments
125,213
25,057
122,429
26,638 Surplus
Accts. receivable_
113,932
110,876
Inventories
94,392
117,569
13,826
Deferred charges
9,001
Total
54,039,390 $4.049,325
-V.135. p. 1667.
Hudson Motor Car Co.
-Increases Sales.
--
As a result of the introduction of new Essex models, sales of
Essex cars in August were 151% greater than in July. R. B. HudsonPresident and general manager,announced on Sept. 2.-V. 135.Cole, Vice
P. 1667.
Hunt's Limited.
-Earnings.
Calendar Years---.
1931.
1930.
Sales
$991.146 $1,130,425
Net earnings
57,167
95,839
Income tax
5,829
Loss on fixtures
2.831
Sale at auction of securities held by New York City banks as collateral
for loans made to company and Corporation Securities Co. was again postpostponed Sept. Sand is now scheduled to be held Sept. 12.
The auctioneers read a notice relative to deposits to be required from
prospective purchasers before the sales begin and providing for their
Immediate return in the event of further adjournment, OS follows:
"The deposit made to qualify intending bidders in the form and amount
prescribed in paragraph 3 of notice of sale dated May 3 1932, may be made
with Adrian H. Miller & Son at 18 Vesey St. New York City, on or before
the commencement of bidding at any time to which said sale may hereafter
be adjourned. If. after any deposit has been made,the sale shall be further
adjourned, any such deposit will be returned promplty after the announcement of such adjournment; except as hereby affected all the terms and
conditions set forth in the said notice of sale will apply."
-V.135, P. 1667.
Total
54,039.390 54,049.325
International Match Co.
-Court Lets City Bank Farmers
Trust File Claim of 898,000,000-To Protect Bondholders.
The following is taken from the New York "Times," Sept. 9:
Reversing the general practice of the Federal Court in such cases, Judge
Julian W. Mack ruled yesterday that the City Bank Farmers Trust Co.
may file a claim for $98,000,000 in the bankruptcy proceedings against the
International Match.
The bank, in seeking permission to file such a claim, acted as trustee for
two defadlted issues of international Match debentures, both of which
were bearer bonds. Judge Mack ruled that the bank, although holding
none of the debentures, might file the claim to protect actual holders who
had not yet entered claims and were thus in danger of losing their rights
through the six-month limitation common in bankruptcy cases. This
six-month period will expire on Oct. 19. A great proportion of the holders
have made no claims whatever, possibly because they are not aware of the
circumstances, the trust company said in making its application.
Those who have not filed are not completely protected by Judge Mack's
decision, attorneys said since the likelihood was that an appeal would be
taken by the Independent Protective Committee, for which David L.
Podell is counsel. Should the higher courts reverse yesterday s decision,
those who had not filed would be unable to do so after the time limit expired.
Should the opinion stand however, it might establish a precedent of considerable importance in dealing with defaults of bearer bonds by virtually
eliminating the six month rule.
agreer Judge Mack in his opinion pointed out that the bank held a trustee of the
ment authorizing it to act in case of default without possession
which are the International Match issues of 1927 and 1931. He
debentures,
monetary
declared that there might be two separate written evidences of a
clauses
obligation, and held that the trustee's agreement, with its specific In the
constituted acceptable evidence of obligation
dealing with default,
absence of the debentures themselves.
the City Bank
In reaching this consiusion, he was aided by the fact that claims for any
Farmers Trust Co. stipulated that it did not desire to file
forward his
debenture holder who already had, or might in the future, put protective
a
claim individually or through deposit of his bonds with
Committee.
At the end of the ruling the court said:
the rights of
"Ordinarily, both in bankruptcy and equity receiverships,
illusory. To share
creditors who do not share in the estate are purelyshort time; in bankthe claim must be filed within an extremely
therein,
even within
ruptcy, within six months after adjudication; in equity, oftimes
shorter period,fixed by the court.
deemed to be necessary for speedy liquidation; they
"Such limitations are
involving large
may, however involve serious injustice. Especially in casesto reach even a
bearer bond issues, notice of the proceedings may well fail as such, from
they may thus be preclusded,
majority of the bondholders;
participation in the estate.
their pro"What appears to be an entirely proper and legal device for A contemtection ought. in my judgment, to be looked upon with favor.
corporation which
poraneous obligation running to the express trustee, a
and obtainwould have very much better facilities for obtaining knowledge
bondholders, would
ing notice of the proceedings than would the individual
binding
to be such a measure. In any event, in the absence of any
-seem
the express obligation
Authority that such a trustee may not Lle its claim on be allowed."
running to it, I am of the opinion that its claim must order made by Oscar
In making the ruling, the court reversed a previous
Trust
W. Ehrhorn, Federal referee, under which the City Bank Farmers
-Co. had been barred from filing its claim.
the decision was withheld for the most part.
Opinion of counsel on
committee said
Herman Shulman of counsel for the independent protective whether there
-he would confer with Samuel Untermyer before diciding
Goldmark & Colin, counsel for the
-should be an appeal. Rosenberg,
comment, nor did
Irving Trust Co., trustee in the bankruptcy, made no
Bank Farmers
'Capron, Blanc, Capron & Marsh, attorneys for the City Kreuger & Toll
creditors of the
-Trust Co. Jacob K. Javits, attorney for
but witheld
-Co., said that the decision "sets a very important precedent,"
-V.135, p. 1667.
'further comment until he had studied it.
-Earnings.
Intercolonial Coal Co.
1931.
losa$4,998
21,150
1930.
$18,704
21,299
1929.
$30.852
19,929
Total income
Income tax
$16,151
1,140
$40,002
2,777
$50,782
3,667
Net profit
Preferred dividend
Common dividend
*15,011
16,512
15,000
$37,224
17,128
30,000
$47.114
17,432
40,000
Deficit
Previous surplus
$16,501
423,286
$9,904
433.884
$10,318
444,201
Calendar Years•Operating profit
-Other income
$433,884
$423,980
$406,785
Balance Sheet Dec. 31.
1930.
1931.
Liabilities1930.
1931.
Assets$25,978
$1,228,358 $1,257,041 Accounts payable_ $18,492
Property
2,777
1,140
24,415 Tax reserve
35,119
• Cash
210,300
205,900
417,680 Preferred stock_ _ _
417,680
Bonds
82,728 Common stock_ _ _ 1,000,000 1,000,000
76,677
Accounts receivbie
182,600
181,080
59,845 Reserves
51,701
Inventories
423,981
406,785
3,926 Surplus
3,861
Deferred charges
Profit & loss surplus
$1,813,399 $1,845,637
Total
• -V.133. p. 4166.
Sept. 10 1932
Financial Chronicle
1832
Total
$1,813,399 $1,845,637
-Earnings.
Interlake Steamship Co.
1931.
1930.
1929.
Calendar YearsEarnings from operation after deduc21,035,256 $2,359,833 $3,350,085
tion of all expenses
442,704
383,205
427,597
Miscellaneous income
81,462,853 $2,743,038 $3,792,789
Total income
864,950
661,471
817,956
,Provision for depreciation
314,964
222,175
95,595
'Provision for Federal income tax- _ _
Condensed Balance Sheet Dec. 31.
1930.
1931.
Assets
3549,814
Cash.lib. bds., &o. $698,800 $549,814 Notes payable..___ $21,794
82,209 $104,244
Accts. receivable.. 1,237,280 1,426,585 Accts. payable, &e
92,258
491,245 Dividends payable
311,892
Inventories
8,917
7,204
354,824 Customers adv___
Fixed assets
y331,548
26,809.
59,579 Federal taxes
50,058
Sundry assets_ 29,001 Cap. stock & surp.x2.543,132 2,678.806
24,962
Deferred charges._
$2,654,339 $2,911,028.
Total
Total
$2,654,339 $2,911,028
x Represented by 82,008 shares (no par). y Less allowance for depreciaon of 5340,561.-V. 133, p. 1774.
--Earnings.
Jefferson Electric Co.
Calendar YearsGross profit on sales
Selling and administrative expense
Other income and expense (net) incl.
Federal income taxes
1931,
$734,139
465,729
29,601
1929.
1930.
$900,187 $1,350,330
660.454
615.049
83,517
35,631
$249,507
$238,810
Net income and profits
527.411
406.508
Previous surplus
$776,91
$645,318
Total surplus
360,000
150,000
Dividends paid and provided for- --60.696
Reserve for invest. fluctuations
13,699
Reserve for assets of doubtful value
10,410
2.091
Miscell. charges and credits (net)- $406,508
$4/M3
Surplus, Dec. 31
Earns, per sh. on 120,000 shs, com.
$2.07
$1.99
stock (no par)
Balance Sheet Dec. 31.
1931.
Liabilities1930,
Assets
1931.
Cash
$213,355 $186,817 Accounts payable_ $54,777
338,479 Aecr.exp.Fed.Inc.
Marketable secure. 204.675
65,013
tax & dive. pay.
4,523
5,522
Accrued int. reo
Notes & accts. rec. 189,209
285,881 Construe, and mov171,861
ing expense_ ___
Inv. in & adv, to
39,945 Common stock-y1,500,000
subs
34,268
418,833
563,911 Surplus
442,960
Inventories
Bldg. under constr. 408,459
681
Patents
573,333
Fixed assets
x593,236
Other assets
48.947
46,393
28,504
72.406
Deferred charges
Total
$2,210,483 $2,071,021
x After depreciation of $303,887.
(no par).
-V. 133, p. 4167.
8606,359
339.172
$945,532
416,017
2,103
$527,411
$5.06
1930.
$42,011
122,501
1.500,000
406,508
$2,210,483 $2.071.021
Total
y Represented by 120.000 shares
--Earnings.
Kekaha Sugar Co., Ltd.
Earnings for Year Ended Dec. 31 1931.
Gross profit
Depreciation
Interest
Other charges
Accrued territorial income taxes
Reserve for Fed. inc. tax
$786,632
1.00,595
12,114
804
27,332
67,682
Net profit
Previous surplus
Surplus adjustment prior years
$518,104
1,059,086
85,639
Total surplus
Dividends paid
Additional Federal inc. taxes--prior years
81,662.829
360.000
1,491
$1,301,331
Balance surplus
Balance Sheet Dec. 31 1931.
Liabilities
Assets
Real estate, plant, etc.
x$1,749,416 Capital stock
Growing crops
1,228,805 Wages due laborers
Invest. in other cos
411,190 Accounts payable
210.344 Rental accrued
Miscellaneous assets
814,252 Res. for Fed. inc. tax
fund invest.
Sinking
20.403 Territorial inc. tax accr
Sink, fund current acct
27.719 Drafts outstanding
Amer.Factors Ltd.cum.acct
85,000 Tool deposits
Amer.Factors Ltd.spec. sect
Undivided profits
$3.000,000
63,868
13,203
71,362
67,683
27,332
649
1,694
1,301.337
$4,547,129
Total
$4,547,129
Total
$705,786 $1,702,907 $2,612,874
2,089,550x After reserve for depreciation of 81,076,014.-V. 135, p. 140.
2,208,800
1.103,293
............
-Proposed ConsolidationKelly-Springfield Tire Co.
$523,324
$397,507 df.S505,893
Balance, surplus
ew Note Issue.
Earns, per share on 552,200 shares
$4.73
The stockholder swill vote Oweran-appreeing 4lueconeolidation of this
$3.08
$1.28
Capital stock (no par)
an y and the Kelspring Corp and the issuance of 32,950,000 unsecured
c
Balance Sheet December 31.
10
-year 6% notes.
•
-V. 135, p. 8.
1930.
1931.
1930.
1931.
Kilauea Sugar Plantation Co.-Farnings.Liabilities-Assets
1028.
1929.
1930.
1931.
Calendar YearAccts. payable and
582,560
Cash
351,098
Revenue from operations..--- 8574.737 8519.147 $543,121 $600,245
Fed. income tax 210,678
Notes receivable_ _ 219,186
31,127
30,998
30,189
Other revenue
70,272
28.810
42,760
235,643 Prov, for storage313,637
Accounts receiv
2.783,121 2.721,547
Reserves
Total Income
2603.547 8549,336 $574,119 $631,37§
U. S. bonds and
585,334
569,342
528,018
Cost of operations
securities_ 2,469.750 4,913,519 Capital stoth-___x15,000,000 16,803,620
547,751
other
5,863
3,353,609 1,947.495
2,222
18,449 Surplus
1,128
14,178
Other expenses
13,823
Dew. claims, &e_
5.363
45
92,552
1.590
Taxes
65,075
6.305
Inventories
3,803,047
5,587.386
$34,813
82.509
Investments
318.606
Net profit
$35,867
Property aceounts12,097.477 12,757,393
Comparative Balance Sheet Dec. 31.
75,430
60,918
Deferred charges
1930.
1931.
Liabilities-Assets
1930.
1931.
$1,000,000 $1,000,000
21,390,167 21,894,032
Cash
Total
817.142 Capital stock
$110,166
21,390,167 21,894,032
Total
Lib. loan bonds181.507 J. D. & A. B.
-V.135, p. 636.
x Represented by 552,200 shares (no par).
SpreckelsInv.Co
Accts. receivable. _
11,134
9.721
$4.177
fiscal agent.Sales in suspense._
117,750
117,117
-Earnings.
Interprovincial Brick Co., Ltd.
Inventories
23,524 C. Brewer & Co..
24,787
1928.
1929.
1930.
1931.
Calendar Years6,837
Ltd
Accrued Interest,...
1,556
166
$3,989
$41,583
$5,308
loss$9,748
Profit for year
16,710 San Francisco dfts.
Investments16,710
29,033
29,005
28,412
Depreciation for year.
1.000
outstanding._
144,654
192,463
Growingcrops.drafts
Honolulu
Land, buildings,
$25,044
$23,104 prof$12,578
39,748
Net loss
921
14.729
outstanding.....
804,673
equipment,,to... 787.836
46,797
71,841
59,263
82,367
Previous deficit
8.127
2.957
Sundry creditors
1.337
2,464
Hoe deposits
$71,841
$59.263
882.367
$92.115
Total deficit
36
71
Unred. coupons.-1,051
Balance Sheet Dec. 31.
4,551
Federal Inc. tax_ _ _
477
1930.
1,695
1931.
Territorial Inc. tax
Liabilities
1930.
1931.
Assets
Charges on sugar
$1,591 Aceta. pay.& neer.
$10,335
Cask
18,392
$11,861
18,540
$10,696
sales in suspense
barges
28,131
Caliloans
277,292
212,959
Surplus
86,366 Montreal Life In67,627
Amts.receivable.._
85.000
65,000
urance Co
35,793
38,121
Inventories
147,900
31,258,967 $1,318,653
147,900
Total
2,809
Total
1,909 Pret.stock,el. A._
$1,258.967 $1.318,653
Prepaid charges..300,300
Pref.stock, cl. B__ 300,300
4,094
Investments
-V. 132. p. 4775.
250,000
7250,000
Common stock.
property,
House
82,367
92,115
1,732
1,728 Deficit
-Earnings.
(Toronto)
King Royalty Co.
1930.
1931.
Real estate, bides..
Calendar Years$573.345
557,176
1557,061
8346.200
math.,k equip
011 earnings
2.003
514
Gas sales
$681,781 $712,894
14.965
Total
$681,781 $712,694
11,257
Total
Miscellaneous income
depreciation of $313,521. y Represented by 10,000 shares
x After
$590,312
$357,971
Total income from operations
-V.132. p.4600.
(no par).
140,581
93,071
Production expense
41,658
31,856
General and administrative expense
Stove Co.
-Earnings.
Kalamazoo
1929.
1930.
1931.
r Years Ended Dec. 31$408,074
$233.044
Net income from operations
all charges. incl.
Net Income after
5,641
6.669
Other income
$687,463
8208,426
$29,437
depreciation and Federal taxes-26.797
$413,714
2nd mtge. notes charged off
$239,713
Gross income
10,300
Reserve for bond loss
13.679
8,996
Deductions from income
25,500
Reserve for note loss '
175.915
120.778
Depl.& depr. of producing properties Ss equipment
345,167
364,963
102,508
Dividends for year
4.146
88,173
Depreciation-Other fixed assets
8,422
, 9,965
$342,206
Amortization of inactive leasehold costs
def$135,667 deft156,537
Surplus for year
78.425
82.008
82,008
outstand.(no par)
Shares corn, stock
$211,552
$11,802
Net profit before Federal income taxes
$8.76
$2.54
$0.35
Earnings per share
Net income
Dividends paid
•
Volume 135
Financial Chronicle
Balance Sheet Dec. 31.
Assets
1931.
1930.
Liabilities
'Cash
$17,223 $112,643 Current Hahne_ _
Notes & accts. rec.
89,255
88,386 Contr. °Mtg. pay.
Call loans
14,300
out of oil
Inventories
698
4,633 Preferred stock_ -Special deposits_
232
Common stock..__
Accr. int. rec
1,845
2,597 Earned surplus....
437
Prepaid expenses_
422 Res. for redempt.
Investments
6,876
of pref. stock_ -6,251
•Claim for refund of
Cap.(paid-in)sur_
Fed.inc. taxes_
7,117 Res.for depl., depr.
Deferred charges
2,500
25,000
and amort.of in2,503,995 2,051,299
Fixed assets
active leaseholds
$2,823,062 $2,312,648
Total
-V. 132. 13. 335 .
3
Total
1931.
$186,693
1930.
$62,656
162,868
827,100
31,344
277,416
93,296
900,400
33,342
310,590
464,940
11,441
448,950
672,703
451,974
52,623,062 82,312,648
Kelvinator Corp.
-New Line of-Equipment.
-
The corporation is completing plans for the manufacture of a line of
air conditioning equipment, according to President George W. Mason.
"Students of thermodynamics agree that air conditioning as a modern
•convenience is rapidly assuming greater importance and the potential
market for such equipment is almost unlimited," Mr. Mason said.
"After
nearly 20 years in the manufacture of electric refrigeration, Kelvinator
feels that the time is ripe to enter this field with a product comparable
to its refrigeration line. Merchandising plans are now under way,....._
V. 135. p. 997.
Kingsport Press, Inc.
-Balance Sheet, Dec. 31 1931.-
AssetsLiabilities
Cash
$5,396 Cash-overdrafts in banks_
$8,057
Customers notes & accts. sec_ 230,753 Notes, trade accept. & accts.
Inventories
578,951
payable
205,307
Deferred charges
19,635 Accrued expenses, taxes, &c__
43,405
Sink,fund for bond redemp'n_
8,075 Notes pay, on mach., porch.,
Plant, land, bldgs. & mach-. 1.358,522
mtgs. on dwellings
39,604
Settlement note
60,573 Dsbenture bonds
483,000
Adv. on empl. dwellings, to
Capital stock
1,750,000
employees & officers
19,741 Surplus
168,824
Cash surr, value life ins.& ins.
deposits
10,947
•Organiz., develop. & good-will 387,603
Total
-V. 133, p. 1461.
12,678,197
Total
32,878.197
Kirsch Company.
-Earnings.
Year Ended June 30-.1932.
1931.
1930.
1929.
Net sales
$1,100,786 $1,598,118 12,189,078 $2,380,003
Cost of goods sold
650,362
848,385
1,098,928
1,217.051
Sell., gen. & adminis.exp.
512,597
611.991
836.233
834.373
Net profitfrom opera_ loss$62,174
$137,743
1253.017
1328,580
Non-operating income..
7,523
10,133
13,814
18,198
Totalincome
loss$54,651
$147,876
$267,731
1346,778
Non-oper. expenses_ ...._
24,103
32,850
20,136
15.715
Federal taxes
25,426
39.750
Net protavall.for div. loss$78,754
$115,026
$222,168
$291.313
Earn. per sh. on 108,090
shs. corn. stock (no
par)
Nil
$0.36
11.36
$1.99
Comparative Balance Sheet June 30.
Assets1932
1931
Liabilities1932.
1931.
-Cash
$80,772
$93,499 Accts. payable_
$1,785
$13,755
Aisne. & notes reo. 150,808
197,100 Notes payable_
55,000
Inventories
418,119
512,451 Accruals
3,455
7,358
Stocks & bonds_ _
622
341 Divs. payable_ _
18,860
Improv. real estate
8,388
8,285 Cony. pref. stock_ 1,223,100 1,257,300
Bldg. de loan stock
2,700
5,200 Common stock
x108,0911
108,090
Mtge. notes, sea.
Capital surplus_ _ _ 813,084
893,310
by impr. real eat
8,116
6,551 Earned surplus_
32,681
Land,bidgs.,mach,
'
dr equip., &c__ _ 1,275,305 1,331,275
Patents
42,929
46,698
'Good-will
1
1
Deferred charges
183,735
184.951
Total
$2,149,494 $2,386,353
Total
0,149,494 $2,386,353
x Represented by 108,090 no par shares.
-V. 135. p. 474.
(G. R.) Kinney & Co., Inc.
-Tenders.
-
The Chase National Bank of the City of New York, as
has notified holders of 15-year 714% secured gold notes, successor trustee,
due Dec.
that $55,092 in cash is available in the sinking fund for the purchase 1 1936.
of such
bonds as shall be tendered and accepted for purchase at the
lowest prices
not exceeding 105 and int. to Oct. 1 1932. Tenders will be
received up
to noon on Oct. 1 at the Chase National Bank, 11 Broad
St.,
The notes selected by the trustee for purchase must be delivered N. Y, City.
on or before
Oct. 15. Interest accrues on notes so purchased only to
Oct. 1.-V. 135,
p. 1503.
Koloa Sugar Co.
-Earnings.
--
Calendar Years
Total income
Operating expenses
Depreciation .
1197,143
58,627
61,415
1275,678
48,726
60,998
1929.
1140,328
52,891
62,790
1928.
1140,583
65,881
44,832
Net profit
$77,101
$165,354
$24.647
329.870
Earnings per sh.on cap.stk.$7.71
$16.53
$2.46
$2.99
Comparative Balance Sheet Dec. 31.
Assets1931.
1930.
Liabilities1931.
1930.
Real est., plant &
Outstd'g drafts_ - _
$8,303
$4,083
perm. Mots._ _x$1,283,171 $1,269,835 Accts. payable_ _ _
3,508
2.848
Growing crops-- 637,337
683,570 Amer.Factors,Ltd.
Stock & secure_ -- _ 200,440
200,440
mdse. dept._ _ -2,134
3,186
Mlscell. assets_ .... 273,373
281.233 13ango deposits...
520
2,039
Bond disc. & exp__
5,817
6,398 Meter deposits_ _ _
172
181
Molasses outaid'g_
414
1,560 Strar sold
18,200
261
Sugar afloat
8,299
4,109 A ccr.waves.int.&e.
41,575
41,485
Amer.Factors,Ltd. 297,444
245,377 Territorial inc. tax
accrued.
3,042
Res. for Fed. taxes
9,082
17,784
Bonds outstanding 626,000
642,000
Capital stock
1,000,000 1,000,000
Undivided profits_ 995,758
978,658
Total
$2,708,295 $2,692,523
Total
$2.706.295 82,692,523
Less reserves for depreciation of $1,061,974.-V. 132, p. 4775.
(S. S.) Kresge Co.
-August Sales.
-August
-1931.
1932
Decrease., 1932-8 Mos.-1931.
Decrease.
$8,804,746 110,976.121 $2,171.3751176,592,777 $88.936,613
$12,343,836
On Aug. 31 last the company had in operation 677 American stores
and 42 Canadian stores.
-V. 135. p. 997, 308.
(S. H.) Kress & Co.
-August Sales.
-
-1931.
-Aug.
1932
$4 861.610 15.285.506
-V. 135, p. 308. 997.
Decrease.I 1932-8 Mos.-1931.
Decrease.
3423.896 1 E38,530.094 $41.232,793 52.702,699
Lambert Co.
-To Pay Quarterly Dividend of $1.
-
The directors on Sept. 7 declared a quarterly dividend of 81 per share
the common stock, no par value. payable Oct. 1 to holders of record Sept. on
A quarterly cash dividend of $1 per share and an extra dividend of17.
$1
per share were paid on July 1 last, while from April 1 1929 to and incl.
April 1 1932 regular quarterly payments of $2 per share were made.
-V. 135.0. 1670.
-August Sales.
Lane Bryant, Inc.
-August-1931.
1932
$926,483
$723,625
. 135, p. 1503, 1172.
Decrease.' 1932-8 Mos.-1931.
S202.858117.838.641 110.562.097
Decrease.
32,723,456
11.833
La Salle Extension University, Chicago.
-Earnings.
-
Calendar Years1931.
1930.
Total enrollment fees,
less refunds
13,542,278 $3,850,891
Res. for cancell. & losses 1,285,247
1,370,522
1929.
1928
14.371.150 $4,046,298
1,551,648
1,416,653
Netincome
$2,257,031 $2,480,369 $2,819,502 $2,629.645
Enroll, sales to corp_ _
308,526
421,881
202.661
44,767
Sales of books, &c
14,859
19,002
46,294
32,626
Miscellaneous income- _ - _
374
548
Total
$2,580.791 $2,921,800 $3,054,791 $2,720,707
Expenses
2,461,739
2,727,966
2.689,572
2,560.981
Int. and exchange, &c_ _ _
43,965
26,438
30,497
23,302
Netincome
175.087
$167,396
$341.916
$129,228
Preferred dividends
(y)
(x)
70,000
70,000
Totalsurplus
884,784
1,089,183
956,791
684,621
x Preferred dividends were paid in full at rate of 7% during 1930 but
amount not reported. y Preferred dividends were omitted for final quarter
of 1931.
Balance Sheet Dec. 31.
Assets1931.
1930.
1931.
1930.
Cash
,,
$53,075
$50,108 Notes payable_ _-- $403.041 $183,650
Corp. ser., stenoTrade acceptances
71,625
85,939
type. &c. accts.
Pay. on subscrip.
& notes roeeiv__
95,584
159,236
for gold notes_ _ _
18,441
16,442
Notes receiv. for
Accounts payable_
51,546
65,017
training service_ 2,489,380 2,378,634 Accr. wages, salaValue of life Maur.
5,730
4,583
ries and expenses
22,052
24,097
Inventories
173,949
204,394 Accrued int. &
Invest. in LaSalle
taxes not due__ _
20,000
Bldg.Corp
155,739
150,278 Pref. div. declared,
Fixed assets
x1,609,599 1,630,183
not due
16,625
Insur. and interest
3,627
13,275 Corn.dly.declared,
Advertising
28,003
35,637
not due
176
Employ.fund,&a.
1,121
495
Ptef stock
913,700
.
944,700
Common stock_ _ _ 2,200,000 2,200,000
Res. for retirement
of pref stock_
28,375
.
Surplus
884.784 1,089,183
Total
$4,614,686 $4,626,328
Total
x After depreciation.
-V. 133, p. 4167.
$4,614,686 $4.626.326
Lawton Mills Corp.
-Balance Sheet Nov. 30 1931.AssetsCash & accounts receivable__ $208,947
Inventory
449,921
Prepaid insurance
47,749
Investments
38,489
Plant account
x2,844.113
Liabilities.
Accounts payable
Accrued Pay-roll
Accrued property tax
Capital stock
Surplus
$34,360
8,130
24,019
2,000,000
1,520,709
Total
$3,587,219
Total
0,587.219
x Less reserve for depreciation of 11,811.137.-V 128, p. 2279.
Leath & Co.
-Earnings.
Calendar Years1931.
1930.
Total income
loss$362,161loss$259,982
Other charges
27.533
Depreciation
43,811
Federal taxes
Interest, bad debts, &c_
61,914
Precautionary reserves
80,000
1929.
$626,985
1928.
$678,961
33.516
54,285
62,443
30.755
63,000
93,554
Net income
loss$389,693 loss$445,707
Preferred dividends__ _ _
42,738
177.796
Common dividends
$476,737
177,803
105.646
$491.653
139.140
Balance
loss$432,431 def$623,503
$193,287
1352,513
Shs. com. stk. outstanding (no par)
88.288
95,346
105,646
99,833
Nil
Earns. per share
Nil
$3.53
$2.83
Balance Sheet Dec. 31.
Assets
1931.
1930. , Liabilities1931.
1930.
$226,637 $264,444 i Accounts payable- $105,535
Cash
$86.984
Accts.receivable_ _ 983,428 1,499,232 Accruals
19,269
23,078
Inventories
439,421
446,162 Divs. payable44.451
142,439
Fixed assets
378,187 Reserves
71,757
93.000
Sundry receipts_
9,393 Capital stock
x885,c05 1,081,644
Good-will
1
625,000 Surplus
708,205 1,904,705
Prepayments
8,745
13,485
Total
$1,800,670 $3,233,862
Total
$1,800,670 83,233.862
x Represented by 88,288 shares (no par).
-V. 134, p. 1591.
(P. T.) Legare Co., Ltd.
-Earnings.
Calendar YearsProfits for year
Interest on bonds
Interest on debentures
Reserves for depreciation
1931.
$214,483
61,222
42,000
65,000
1930.
$368,884
63,976
42,000
138,170
1929.
$463,006
58,389
42.000
113,410
1928.
$457,632
59,400
42,000
112.389
Net income
Preferred dividends_ _ _ _
146.261
43,148
1124.737
43,148
3249,207
43.134
1243,844
42.000
$3,113
1.175,369
181,589
1,093,780
$206,072
887.707
$201,844
685,863
Balance, surplus
Previous surplus
Total surplus
$1,178,482 31.175.369 11,093,780
1887,706
Balance Sheet Dec. 31.
Assets1931.
1930.
Liabilities1930.
1931.
Land, bldgs. and
Bonds6% let mtg. 8993,100.51,034,000
equipment
$2,771,212 $2,723,686 Deb.6% due 1977 700.000
700,000
Cash in bank _
121,525
137,638 Acc'ts & bills pay_ 1,023,441 1,317,272
Acets & bills rec._ 3,279,170 3,317,709 Dep.by officers &c 259,201
278,737
Merchandise
1,109,310 1,397,795 Interest accrued on
Investments
137,985
136,872
bonds & debens_
31.141
32,836
Deposit at Royal
Reserve for deprec.
Trust (bonds).10,065
10,065
& provision for
Prepaid expenses_
56,883
49,795
eventual loss_ _ 1,017,544
952,544
Good-will
1
1 7% cum.pref. shs_ 616,400
616,400
Common shares_ _x1,666,400 1,666,400
Surplus
1,175,4112 1,175,369
Total
87,486,131 $7,773,558
Total
$7,436,121 $7,773,558
x Represented by 100,000 shares (no par).
-V.134, p. 4334.
Lunkenheimer Co.
-Earnings.
Income Account for Year Ended Dec. 31 1931.
Net loss from operation, after providing for proper depreciatisn
on plant and equipment investment
Write-down of market. secUrs. to market value at Dec. 31 1E31-
$668.561
93,281
Net loss for year ended Dec.31 1931
8761.843
Balance Sheet Dec. 31 1931.
Assets-LiabilItiesCash, notes & accts. recelv- - 8370,529 Accounts payable
01,003
U. S. Treasury bonds
508,062 Preferred dividends
38,863
Other marketable securities
40,843 Res. for county taxes & misc.
Inventories
2,214,183
items
41,885
Other assets
50,838 Preferred stock
597.900
Plant & equipment
13,302,750 Common stock
1,000,000
Deferred & miscellaneous_ _ _
.
153,202 Surplus
4.910,758
Good-will, pats., trade-mks.,
copyrights. dtb
1
Total
18.640.388
Total
$6.840.388
x Less reserve for depreciation of 12.639,438.-V. 134. p. 4167.
-Earnings.....(Fred T.) Ley & Co., Inc.
The figures relative to new business secured and executed during the
year are as follows;
1931.
1932.
$3,967,871 $10,550,400
Unfinished business Feb.28
6,964,635
3,351,141
New business secured during year
$7,319,012 817,515,035
6,829,048 13,547,164
Business executed during year
$489,964 $3,967,871
Unfinished business Feb.28 1931
Consolidated Income Account for Year Ended Feb. 28.
1931.
1932.
loss$105,174 4174,153
Net income from all contracting operations
165,943
loss14,288
Real estate rentals (net)
129,219
Net profitfrom other transactions
168,644
103,881
Interest & dividends received
Consolidated Income Account for Year Ended Dec. 31 1931.
Gross profit from compl. contracts & whse. sales before deprec- $295,627
252,483
Selling & administrative expenses
$443,144
Operating profit before depreciation
25,244
Other income
$68,388
55,26820,000
35,000
105,414
Total income
Other deductions
Provision for possible loss on notes & accounts receivable
Provision for contingencies on work in process
Provision for depreciation
$637,960
75,677
15,000
Net loss
Preferred dividends
Common dividends
$147,294
38,390
28,500
$547,283
Deficit
Balance Jan. 1 1931
$214,184
2,448,937
45,358
10E4.3,427,138
628.467
Net profit for year
Earned surplus, Feb.28 1930
$501,925
572,984
Total surplus
Dividends paid
def$2,798,671 31.074,909
55,552 (33)446,441
Balance earned surplus
Capital stock & paid-in surplus Feb.28 1930
Loss on sales of treasury stock
def$2,854,224
7,821,045
$628,467
7,822,425
Dr.1,380
Total capital stock & surplus
$4,966,821 $8,449,512
148,137
147,621
Shs. of capital stock outstanding (no Par)
$3.39
Nil
Earnings per share on 148.137 shares(no par) stock
x Including dividends received from South American affiliated:companies
not consolidated.
Consolidated Balance Sheet Feb. 28.
1931.
1932.
1932.
1931.
MaiBites
Assets
425,000
40,976
Cash
286,009 Notes payable_ 183,949
Accts.receivable
632,510 Notes payable on
278,041
leasehold agreeNotes receivable
698,321
135,504
428,700
ment & to others
lJnbilled work-in129.620 Other notes pay.
procees
27,466
914,401
secured
Inventoriee
23,028
27,657
Cash & bds.dep'd. 2,658,037
819,481 Real estate int. 4
all accruals &
Accts.& notes rec.,
138,133
not current
250,164
37,894
mtge. principal_
Mtges. receivable_
210,013 Accts. & liability
71.565
770.119
Inv. in AL advances
reserves
to other cos_ __ 799.840 2,138,674 Accts. pay., incl.
Fed.Inc. taxes &
Equities in real est. 2,809,995 5,135,520
483.214
244,519
Contract., building
accruals
& office equip__
134.317
188,790 Ser. 6% notes due
513,500
Real estate option
413,500
1931-1935
319,476
contract
175,000 Res. & rental dep.
Prepaid expenses
21,843
70,045 Cap.stk..4 surplusx 4,877,102 8,377,645
Good-will
1
1
7,398.750 10,547,535
Total
7,398,750 10.547,535
Total
3t Represented by 147.621 shares (no par).
-V.132, P. 477 .
6
McAleer Manufacturing Co.
-Earnings.
Income Account for Year Ended Dec. 31 1931.
Profits from operations after deducting costs, selling dr gen. exp-$108,171
16,730
Other deductions
Net income before Federal Income tax
Provision for Federal income tax
$91,440
11,519
Net income
Surplus, Jan. 1 1931
Surplus credits
$79,921
162,982
2,171
$245,074
74,999
7,172
Total surplus
Dividends paid-cash
Adjustments
$162,903
Surplus Dec. 31 1931
Consolidated Balance Sheet Dec.31 1931.
AssetsLiabilities
$12,246
Cash
$47,247 Accounts payable
3,283
Inventories
60,289 Accr. salaries int.& commissions
11,518
Accts.. notes & other receivables 105,415 Federal income tax
234
Municipal & industrial bonds__ 30,775 Suspense items
29.271
Cash surrender val.-life Maur_
3.893 Deferred liabilities
269,382
Fixed assets
x158,859 Common stock
162,903
Deferred charges
82,338 Surplus
Total
Total
3488,820
X Less reserve for depreciation of $30,653.
shares of no par value.
-V.134, p. 4671.
$488,320
y Represented by 50.000
McCrory Stores Corp.
-August Sales.1932
Decrease.'1932-8 Mos.-1931.
-August
-1931.
•
Decrease.
600
$586,361 424,411,551 $25,803,051 $1.391.
McKesson & Robbins, Inc.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30.
1931.
1932.
1932.
1931.
$
Assets$
$
8
Liabilities-xProperty acct.-- _10,630.454 11,204.048 7% Pref.stock----21,402,250 21,409,000
Cash
2,382,088 3,504,734 Com stk & init sury25,238,619 27,408.227
20,848.000 21.355,000
Bankers' accept
51.870
32,956 Cony. debe
Notes & accts. reo_24.021,215 25,180,208 Pref. stk. of subs. 1,000,000 1 000,000
.
Inventories
26.751,796 28.091,978 Min. int, sub, cos.
129,473
135,568
Adv.4 mIsc.invest-12,734,214 12,368,087
corn.stock
4,581,299
Deterred charges-- 2,644,831 2,936,210 Note & accept. pay 3,917,614
Goodwill,tradem'k
Accounts payable_ 5,399,574 5,237,508
692.828
4c
1
1 Aecr, accts. pay-- 670,933
496,907
Fed.& for. tax__ -- 334,008
Guar. deposits to
481,082
former stockhds.
115.815
115,000
Res. for conting__
411,285
154,882
Earned surplus_ _ _
79,216,449 83,318,222
79,218,449 83,318,222
Total
Total
z After depreciation of $4,074.149. y Represented by 1,074,734 shares
(no par), excluding treasury shares.
-V.135, p. 828.
-August Sales.
McLellan Stores Co.
Decrease.
Decrease.
1932-8 Mos.-1931.
$251,9901311,773,355 312,796,460 $1,023,105
..." ---.Margay Oil Corp.
-Regular Qqarterly Dividend.
The directors, on Sept. 1, declared a quarterly dividend of 25c. a share on
the outstanding 160,000 shares provided by amendment to the certificate
Or incorporation of April 27 1926, payable Oct. 10 1932, to holders of record
Sept. 20 1932. A like amount was paid on April 11 and July 11 last.
The officers of the corporation are authorized to withhold payment of
this dividend upon stock of the issue of 800,000 shares until exchanged for
-Earnings.
(R. C.) Mahon Co., Detroit, Mich.
loss$120,305
2,817.132
394,906
94,795
Net profit from regular operations
Loss on sales of real estate, &c
Securities, accts. & notes written off
Other expenses & losses
2d mortgage written off
-A ugust-1931.
1932
$1,448,946 81,700.936
-V. 135. p. 998, 1339.
the new stock. Stockholders who have not exchanged their certificates
should do so at the New York Trust Co., 100 Broadway, N. Y. City,
V. 134, p. 3287.
loss315,581
104,724
Total income
Interest paid
Reserve for Federal taxes
$2,627,253 33.213.614
-V. 135, p. 308. 1172.
Sept. 10 1932
Financial Chronicle
1834
Balance surplus, Dec. 31 1931
Consolidated Balance Sheet Dec. 31 1931.
Liabilities
Assets
$49,187 Accounts payable
Cash
Accrued expenses
U. S. Gov. bonds & other
274,933 Reserves
marketable securities
312,492 1st mtge. 634% bonds
_
Notes & accts. receivable
387,624 Capital stock
Inventories
189.572 Surplus
Cost of uncompleted contracts
195,663
Other assets
x1,308.892
Permanent assets
31,092
Deferred assets
32,234,753
$233,107
5,240
39,354
217,000
y1,900,000
5334.753
$2,729,455
Total
$2.729,455
Total
x Less allowance for depreciation of $412,364. y Represented by nono-par value common stock
par convertible preference stock, 35,000 shares;
authorized, 160.000 shares; reserved for conversion of ipreference stock
of 35,000 shares; outstanding, 95,000 shares. z Consisting of capital
surplus, $78,595; earned surplus, $50,377; appreciation surplus, 3205,781.
-V. 133, p. 2275.
-Increase in Sales.
Marmon Motor Car Co.
of
President G. M. Williams states that shipments and registrationsthe
Marmon cars have jumped materially during the past month. During
for any similar period
last three weeks of August shipments exceeded those
-cylinder models.
since May of this year. The largest gain was in the 16
-V. 135, p. 1670.
Mr. Williams stated.
.-Earnings.
Master Tire & Rubber Corp.(& Subs.)
Income Account for Year Ended Dec. 31 1931.
Incomefrom sales
Cost of sales and expenses
$3,749,128
3,387,401
$361,727
114.995
48,338
42,181
11,279
34,514
Net income from operation
Depreciation
Provision for bad debts
Interest paid
Miscellaneous
Write-down ofinventory to cost or market
$110,420
Net profit for year
Consolidated Balance Sheet Dec. 311931.
Liabilities
Assets
$120.918
$127,836 Notes payable-banks
Cash
259,171
Accts. payable-trade cred'rs
Accounts receivable, notes &
.L 10,540
trade acceptances reedy_ :514,608 Accounts payable-other
"4
6,787 Accrued 'wages, taxes, interAccounts receivable-other
42,681
cat and other expenses_ __ _
413,401
Inventories
181,155
155,810 Long-time indebtedness
Investments
25,000
y1,509,094 Reserves
Permanent assets
1,244,500
Preferred stock
Deferred assets
w ...41
130,764 Pref. stock•reservedifor exch.
45good-w.
Patents, copyrights
149,300
by min.stkhlrs. of subside_
x919,527
Common stock andtsurplus4
Corn. stk. reserved for exch.
by min.stkhlrs. otsubalds_ , Pr I 780
$2,938,554
Total
32,938,554
Total
reserve for deprex Less reserve for loss in collection of 394.273. y Less 131. p. 2907
-V.
shares.
ciation of 8981,692. z Represented by 89,147
-Earnings.
Maverick Mills.
Calendar YearsGross sales
Cost ofsales
Depreciation
Operating profit
Other income
Total Income
Int. and other charges..Reserve for taxes
1928.
1929.
1930.
1931.
$1,516,128 $1,924,339 $2,360,305 32,512,054
2,260,817
2,089,015
1,808,848
1,297,864
100,000
100,000
100,000
100,000
$151,237
3171,290
815.491
$118,464
37,437
54,434
49,354
54,903
$173.367
115.305
15.637
$64,845
57.014
2,638
$225,724
131.908
22,479
$188,674
65,646
30,867
$92 161
371.337
$5.193
$442.425
313.36
$14.20
$0.97
$8.47
Balance Sheet Dec. 31.
1930.
Liabilities1931.
1930.
1931.
Assets$5,860
3600
$1,757,621 31,757.597 Preferred stock_ _ _
Plant
Common stock_ _ _ 500,000
500.000
acCash and
Bonds
1,050,000 1,050,000
counts receiv45,373
87,438
249,826;I:305,979 Accounts payable_
able
113,809 Doreen reserve
1,310,359 1,211,000
298,042
Inventories
x Investmenta_ __ _11,403,1421 1,222,547 Special reserve__ - 150,000
Surplus
587,759
630,184
Net income
Earns.per sh.on com.stk.
Total
33.708,631 $3.399,932
$3,708,631 83,399,932
Total
-V. 132, p. 4253.
x Includes treasury bonds and sinking fund.
•
-Earnings.Melchers Distillers, Ltd.
Calendar YearsNet profit
Miscellaneous income
1931.
$495
1930.
1os42,897
1929.
$390,101
7.125
$397.227
$495 loss$2,897
Total income
200,000
150,000
Class A dividends
8197.227
$495 def3152,897
Surplus
z Subject to income taxes.
Comparative Balance Sheet Dec. 31.
1930.
1931.
Liabilities1931.
,
f1930.'"
Assets$19,627 Bank loan
834,859
$250,000 3390,000
Cash
51,363
119,429 Bills & accts. pay..
i73,110
17,155
receivable
Accts.
3.584
783,4971 1,549,617 Accrued liabilities99
Inventories
Land.bldg.4 equip 1,437,409 1,543,957 Deposit under contract
10,000
Trade marks, good1,655,200 1,555,200 Provielon for est
will, 4c
66,581
losses, 4c
5,607
16,178
Deferred charges
4,825
Mortgage payable
4,000
Class A stock
3,500,000 3,500.000
877,048
Class B stock
877.048
8.054
Prof. & loss sect„df.826,744
$3,847,738 $4,854,421
Total
-V. 132, p. 4602.
Total
33,847,736 34,854.421
Financial Chronicle
Volume 135
-August Sales.
Melville Shoe Corp.
-August-1931.
1932
$1,143,243 31,826,085
-V. 135, p. 1670, 1173.
Decrease. 1932-8 Mos.-1931.
Decrease.
5682,8421513.608.847 $17,770,027 $4,161,180
Merchants & Miners Transportation Co.-Earninos.1931.
Calendar Years1930.
1929.
1928.
Oper. revenue (transp.)- $6,304,680 $7,206,062 58.330,478 $8,052,336
50,810
145,275
Other income
170,525
136,089
$6,364,490 $7,351,338 $8,501.003 58.188,427
Total income
1,151,750
923,134
Maint. (incl. deprec.)
1,119,475
1,183,697
4,732,619 5,373,298 5,725,683 5.589,534
Other expenses
211,644
204,905
Rentals
196.333
192.655
338
269
Interest
252
242
182,102
199,127
Taxes (incl.Fed.tax res.)
282,710
260,843
$314,721
$421,921 $1,176,551
Net income
$961.454
4118,998
Dividends paid
x614,785
8614,785
8614,785
Balance, surplus
def$174.277 def$192,864
$561,766
5346.669
244,499
Shs.of cap. stk. outstdg_
245,914
245.914
245,914
Earnings per share
$1.29
$1.72
$4.78
$3.91
Approximate: inserted by Editor.
x
Condensed Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
Assets$
Liabilities$
$
$
Real prop. & equip:7,810,445 8,106,605 Capitalstock
y6,112,475 6,147,850
Other investments 366,962
367,621 Audited vouchers
Cash
1,616,900
298,303 & wages unpaid.. 394,225
570.028
Accts.receivable 1,109,030
808,467 Misc. accts. pay
17,562
2,762
Materials & suppl_
94,565
109,206 Unmatured int. &
Unmet.Int. rec_
1,018
156 rents payable
20
104
Def, debit items_ 113,830 1,554,585 Taxes accrued..__ _
63,295
66,903
Passenger accts,do
20,875
24.838
Profit and loss...... 4,504,298 4,432,460
Total
.11,112,750 11,244,947 Total
11,112,750 11,244,947
x Less reser* for accrued depreciation of $4,333,387. y 244,499 shares
(no par).
-V. 133, p. 1936.
Mickelberry's Food Products Co.(at Subs.).
-Earnings.
Year EndedGross profits on sales
Operating expenses
Depreciation
Dec. 26 '31. Dec. 27 '30.
$1.042.142 4911,354
836.974
660,028
48.805
38.938
Net profit from operations
Other income
$156.362
15,970
$212,388
49,957
Total net profit
Federal income taxes & miscellaneous expenses....
Interest and discount on bonds, notes. &c
$172,332
20.751
1,208
$262,345
37,463
1,995
Net profit
Previous surplus
$130,373
302,334
$222,888
196,546
Total surplus
Preferred dividends
Common dividends
Common dividends (stock)
$452,707
27,983
61,983
13,614
$419.433
27,999
89,099
1835
Motor Improvements, Inc.
-Seeks $1,000,000 Damages
on Purolator Sale.
The company has filed suit in Federal Court at Detroit against the
A. C. Spark Plug Co. a subsidiary of General Motors
seeking
damages estimated at about 51,000,000. The action is based on the sale
Corp..
and manufacture by A. C. Spark Plug Co. of the Purolator oil filter, which,
the plaintiff contends, is misrepresented and jeopardizes its business.
The Motor Improvements, Inc., also is asking for a permanent injunction prohibiting the manufacture of the Purolator as an oil filter, and
its advertisement and sale in that capacity. (Wall Street Journal).
-V.
134, p. 144.
National Radiator Corp.
-Sale Approved.
The receivership of the corporation reached its final stage. Sept. 8, when
Judge Robert M. Gibson in Federal District Court at Pittsburgh approved
the sale of the company's properties to a reorganization committee representing a new company which will operate under the same name and
management as the former concern -V. 135, p. 1504, 1173.
National Rubber Machinery Co.
-Earnings.
Calendar Years
xOperating profit
Depreciation
Interest and other deductions
Federal income tax
Non-operating charges
1931.
$301:741
148.940
92,100
5,404
17.456
Total surplus
Dividends.
Unamortized disct. & prem. paid on
bonds retired
Federal tax paid at source
Organization expenses charged off_ _
1929.
$777.392
142,558
120,022
54.098
$37,839 1088333,524
241,859
428,561
Net profit
Previous surplus
1930.
$284,019
146.990
108,093
11.844
51,516
$460,715
276,620
$279,698
5395.037
141.775
1737.335
220.330
15.172
11,404
79.347
217
8.881
Surplus Dec.31
$264.526
$241,859
$428.561
Earns, per share on 113,420 shares
capital stock
Nil
$0.33
$4.06
x Alter deducting cost of goods sold, selling and administrative expenses.
Consolidated Balance Sheet Dec. 31.
1931.
1930.
AssetsLiabilities1931.
1930.
Cash & liberty bds. $160,553 $173,069 Notes payable-. $125,000 $175,000
295,018 Accounts payable_
Accts. rec. (net)....410,195
30,132
58,341
164,918
220,809 Aocr.taxes. wages,
Inventories
Investments
64,394 &c
96,460
43,074
39.882
Capital stock
Land. bldg. mach.
x2,389.253 2,389,253
&equipment
1,985,032 2,094,794 Surplus
264,526
241.858
34.827
Deferred charges...
56,252
$2,351,085 $2,904,336
Total
Total
$2,851,985 $2.904,336
x Represented by 113,420 shares (no par).
-V.132, p. 4779.
National Tile Co.
-Earnings.
-Calendar YearsGross profit from oper. before providing for deprec.
Selling. general & administrative expenses
Depreciation
Other deductions
1931.
$310,779
262.262
62.559
49.285
1930.
$396,657
324,937
59,618
Balance
Total
$349,126
108463,328
512.102
$302.334
Earnings per share, common stock
Other income
$0.84
9,713
x Includes operating accounts and profits of subsidiary company$1.48
only
for the period from date of acquisition (as of May 1 1930) to Dec. 27 1930.
Net merit
loss$63.328
$21,815
Earns, per sh. on 120,000 slur. of corn stock outConsolidated Balance Sheet.
.
standing (no par)
Nil
$0.18
AssetsDec. 26'31. Dec.27'30. LiabilitiesDec. 26'31. Dec. 27'30.
Balance Sheet Dec. 31.
Cash
$97,881
979,006 Bank loans
$50,000
Accts.receivable._
61,318
73,380 Accounts payable_ 341,160
1931.
Assets1931.
1930.
42,624
Notes receivable._
630
1,118 Pref. stk.div. pay.
$196,459
$39,t96 Actts.& wages pay $27,203
:
Cash
6,991
$37,178
7.000
Inventories
93,967
131,795 Corn.stk. div. pay
179,885 Accrued State &
65,528
U. S. Gov. bonds_
19,702
Prep'd ins. rentals,
183,039 local taxes
Accrued expenses.
22.881
Accts.receivable.. 104,419
26,022
10,871
19,016
taxes, Scc
9,944
9,303 Provision for Fed.
5,350 Res,for replace_
Traveling advances
379.477
393,688
Employ. & agents'
income taxes__
Capital stock
Cash surr. value of
x1.200,000 1.200.000
20,655
37,027
accounts
17,531
12,144 Preferred stock__ 319,600
3,359 Surplus
life ins. Policy796.463
886,483
320,000
Investment secur_
22,013
11,875 Common stock_ __ 144,963
422.688
Inventories
446.593
131,349
Plant & eguipml,
Capital surplus_ _
25,752
Other assets
.
3,332
3,332
buildings
x143,272
148,017 Earned surplus_ _
. 349,126
302,334 ,Due fr. employees
Land
42,453
42,453
12,163
.
for cap.stock_ _
Mach. & equip
y144,557
163,168
Capital assets_ __. 1,595,054 1,639,622
Deferred charges
15,718
12,729
1
1
Patents
Distribution routes
15,124
33,558
Deferred charges
at book value_
247,417
247,417
52,42.5,024 $2,543,371 Total
Total
52,425.024 52.543,370
Total
$896,899 $932,385 Total
$896,699 $932,385
x Represented by 120.000 shares of no par value.
-V.134. P• 3108.
x After depreciation of $26,337. y After depreciation of $150,537.
-V.134, p. 1038.
Neisner Brothers, Inc.
-August Sales.
-August-1931.
Decrease.f 1932-8 Mos.-1931.
1932
Decrease.
$1,026,699 51.208,951
$182,252159,070,626 59.860,119
Factors Corp..-Omits Dividends.
$789,493
-V. 135, P. 1504.
The directors have decided to omit the dividends ordinarily
payable
•
about Oct. 1 on the class A and class B stocks, par $50. Quarterly distri(J. J.) Newberry Co.-August Sales.butions of 50 cents per share were made on both issues on
Increase.
Decrease. 1932-8 Mos.-1931.
1932-A ttgust-1931.
last as against 75 cents per share previously -V.134, p.April 1 and July 1
2353.
561.272 519,400.209 517,888,705 81.511.504
52,548,413 52,609,685
-V. 135. p. 474, 1000.
^
--Minneapolis-Honeywell Regulator Co.
-Stock Delisted.
The Governing Committee of the Chicago Stock Exchange,
North & South American Corp.
-Stock Delisted.
approved the delisting of 195,000 shares common stock (no par). Aug. 31.
-:-V. 135,
The Governing Committee of the Chicago Stock Exchange. Aug. 31,
p.641.
the delisting of 206,000 shares class "A"common stock (no par).
approved
. "-Mock, Judson, Voehringer Co., Inc.
---V. 135. p. 1671.
-Defers
The directors have decided to defer the dividend due Oct. 1Dividend.
on the
Novadel-Agene Corp.
cum. pref.stock, par $100. The last regular quarterly distribution of 7%
-Regular Dividends, &c.
141%
was made on this issue on July 1 1932.-V. 133, p. 969.
The directors have declared the regular quarterly dividend of El per
share on the common and $1.75 per share on the pref. stocks, both payable
Montgomery Ward & Co.
Oct. 1 to holders of record Sept. 21. President M. F. Tiernan stated
-August Sales.
the company's earnings were substantially in excess of the dividend rePeriod End. Aug. 31- 1932-Month-1931.
1932-8 Mos.-1931.
outremente.-V. 134, p. 4169.
Sales
$12,988,264 516,407,426 5108,018,764 9139,519,264
-V. 135, p. 829, 1173.
Oahu Sugar Co., Ltd.
-Earnings.
-
Morris Consolidated, Inc.
-Accumulated
Div.
The directors on Sept. 8 declared the regular quarterly
dividend of
1 % and a further dividend of 141% on account of accumulations
7% cum. class A stock, par $25, both payable Oct. 1 to holders of on the
Sept. 20. Following the above payment, accruals will amount to record
28% or
$7 per share.
-V. 134, p. 2737.
Motor Wheel Corp.
-Earnings.
-
For income statement for three and six months ended June 30 see
"Earnings Department" on a preceding page.
Balance Sheet June 30.
1932.
1931.
1932.
1931.
AssetsxLand, buildings.
Common stock- y8,500,000 8,500,000
n2achinery,ik0-- 6,492,297 6,807,081 Notes payable-- 1.000,000
Patents
131,495 Accounts payable_ 186,766
258.929
Cash
1,217,734 1,017,990 Accrued taxes, dre.
38,542
116,815
Certificates of deFederal taxes
55,097
50,461 Federal tax reserve
posits, Ate
28,790
Inv. in corn. & pt.
Contingent reserve
87,366
302,506
stocks of Cleve.
P.& L. surplus__ 2,026,288 4,630,294
Welding Co_
715,632
Marketable secure. 1,039,055 1,644,231
804,783
Notes & accts. rec. 415,556
1.313,608 1,553,058
Inventories
595,072 1,743,272
Other assets
50,005
138,057
Deferred assets_
11,838,962 13,890,430 Total
Total
11,838,962 13,890,430
x After depreciation of $4,382,267. y Represented by 850,000 no par
-V. 134. p. 4168.
hares.
Calendar Years-_ _ _ _
Total income
Operating expenses
Depreciation
Income taxes
1931.
$745,387
81,424
353,778
36,589
1929.
1928.
1930.
$984,550 $1,137,674 $1,989.637
40,371
34.561
34,774
344233
350.758
350.486
93,709
86.243
255,108
Net income
Dividends paid
$273,595
360.000
$513,045
540,000
Balance deficit
$658.646 $1,344,915
720,000
900,000
586,405
561,354 sur$444,910
526,955
Comparative Balance Sheet Dec. 31.
1931.
1930.
1930.
1931.
Assets$
Liabilities
Permanent Improvx5.705.563 5,920,883 Accounts payable_ 146.848
156,324
Growing crops__ 2,838,244 2,758,433 Drafts outstanding
6,989
5,208
Investments
3,793,469 3.784.773 Accrued wages__ 106.229
91,6,
z8
Inventories
293,471
275,101 Unclaimed wages..
495
685
Miscell. assets..... 246,303
199,448 Unclaimeddiva__
1,055
1,036
Moser & molasses '
Deferred income....
61,493
outstanding_ _ -5,694
14,925 Accrued territorial
American Factors,
Income taxes-9,350
28.243
Ltd., curr. acct_ 759,735
569,239 Reserve for Federal
American Factors.
income taxes....
27,239
58,001
Ltd., special deGeneral Ins. res.... 316,394
299,514
posit account... 150,000
350,000 General reserve_ -- 117,369
76,007
Capital stock
6.000,000 6,000,000
General surplus.-- 1,750,255 1,750,255
Undivided profits_ 5,248,780 5,405,843
Total
13,792,479 13,872.804
Total
13,792,479 13,872,804
Less reserve for depreciation of $5,553,069 and appreciation in
leaseholds of 5459,260.-V. 134, p. 4335. sigingb
1836
Financial Chronicle
Orpheum Theatre & Realty Co.
-Defaults:
-
The company defaulted on the semi-annual interest payment due Sept. 1,
on first mortgage sinking fund 6% bonds, due 1946. A letter is being
mailed to bondholders by trustees, stating the company's inability to meet
the interest requirement. There is $1,516.000 principal amount of bonds
outstanding, of an original issue of $2,500,000, the remainder having been
retired by sinking fund. The company has 90 days' grace period in which
to lift the default.
Oswego Rayon Corp.
-Earningsfor Year 1931.
Net sales
Cost of manufacture,selling & adminis. expenses
$449,823
655.930
Loss from operations
Loss on investments in subsidiaries
Discounts allowed
Interest expense
Uncollectible accounts written-off
$206,108
16,231
10,113
8,897
4,574
Gross loss
Cash discounts earned
Miscellaneous
$245,922
2,987
48
$242,886
Net loss
Asset
Land,buildings, &c
Cash
Accounts receivable
Inventories
Value of life insurance
Deferred debit items
Balance Sheet Dec. 31 1931.
J4abitfflea
4564,394 Stockholders' equity
25,842 Notes payable
50,050 Accounts payable
67,506 Accrued accounts
5,200 Reserve for taxes
56,039
14437,888
120,000
9,448
1,120
575
$569,031
Total
$569,031
Total
a After depreciation of $235,441. b Represented by 6,000 shares (no
-V.132, p. 1107.
par) preferred and 30.000 shares (no par) common stock.
AssetsxLand, bldg,.. mschin.,equip., &c.16,577,046
Patents, patterns.
1
goodwill, &c___
Secures.. Incl. real
estate mortgages 264,837
Invest, in foreign
8,597,997
subs
4,285,627
Cash
U. S. Gov. secure_ 7,200,000
Notes & accts. rec. 4,595.016
Install. cost in prog 1,442,411
4,887.403
Inventories
13,530
Treasury stock...
Def. assets & exp. 572,298
16.964,756
1
238,317
8,728,906
7,444,964
7,200.000
5.581,689
Cr.43,386
5,389,496
Juiy 31'32. Jan. 1'32.
Liabilities
6% pref. stock_ 6,500,000
Common stock _ _y25,000.000
Accounts payable.. 328,153
Fed, tax accrued,
Sre
288 536
,
Accrued dividends
Pension reserve_ 2,374,529
Other reserves.... _ 1,395,270
12,549.678
Surplus
•
0,500,000
25,000,000
667,464
210,619
Pan American Airways Corp.
-Buys Alaska Airlines.
With the purchase of the Pacific International Airways in Alaska,
consolidation was completed on Sept. 7 of all the American airlines operating outside the borders of the Continental United States under the
control of Pan American Airways. The mileage of this system, which
rims South America and serves 32 Latin-American countries, is thus increased to more than 25,000 miles.
The addition of the lines in Alaska, formerly operated by Edward H.
Lowe, Jr., of Grand Rapids, Mich., and San -Francisco, combined with
the 2,500 miles recently purchased from the Aviation Corp. of Delaware,
will provide a unified system to serve the territory. The newly acquired
lines have been in operation for two years, carrying mail on "star" mail
contracts and doing a substantial business in fur transport and special
charter flights. They join the inland cities of Tanana and Nenana with
the seacoast at Nome and Kuskokwin Bay,respectively.
-V. 135, p. 1339.
Paramount Publix Corp.
-Subsidiary Sells Leases of. 14
Theatres in the South.
The sale of a group of 14 Publa theatres in the South, all formerly operated
by Publix Theatres Corp., a wholly owned subsidiary, to a new company
now being formed by R.B. Wilby of.Atlanta, and IL F. Klncey of Charlotte
N. C., was announced on Sept. 5.
The deal concerns the operation leases of the theatres, many of which are
extremely valuable theatrical properties, but does not involve the actual
real estate. The change will become effective Sept. 17, it was said.
Theatres involved in the sale include the Paramount of Atlanta; Tivoli,
Rialto and Bijou in Knoxville; the Paramount in Nashville; the Paramount
and Strand in Bristol. Va.•, the Paramount in Charlottesville, Va.; the
Paramount and Strand in Lynchburg. and the Paramount in Newport
News,and three other minor houses. (New York "Times".)
Reduces Bands.
The corporation has delivered to the Chase National Bank, as trustee,
-year sinking fund bonds in com$800.000 principal amount of its 6% 20
pliance with the sinking fund requirements for Oct. 1 1932.
There is now $12.000,000 face amount of these bonds in the hands of the
public, out of an original issue of $16,000,000.-V. 135, p. 1506.
Park Crescent(Rector Realty Corp.)'.-Protective Comm.
A protective committee has been formed for holders of first mortgage
6% sinking fund (cold bond certificates cl Rector Realty Corp. representing
the mortgage on 'The Park Crescent,' at apartment hotel at Riverside
Drive at 87th St., N. Y. City. The announcement to holders states that
interest due Sept. 1 1932 on the certificates has not been paid, taxes are in
arrears for more than two years, atd payments on account of amortization
have not been fulfilled. This committee has no connection with the owner
of the quity or with the guarantor of the certificates. The committee is
composed of Edward K. Dunn. Baltimore: Stephen G. Duncan, Philadelphia: and Joseph C. Hoagland, Don M. Kelley and Arthur B. Walsh
of Nee York. H. R. Powell, 52 Broadway. is Secretary and Edwin C.
Gibbons, Garrett Building. Baltimore, Assistant Secretary. Shearman &
Sterling are Counsel. Holders of undeposited certificates are urged to
deposit with Bark of Manhattan Trust Co., depositary. A substantial
amount of the certificates has already been deposited with the committee.
at assignment of rents to the trustee has been arranged and considerable
progress made, accorditg to the announcement.
(J. C.) Penney Co., Inc.
-Red- es Dividend.
,
The directors on Sept. 2 declared a quarterly dividend of 45 cents Per
share on the common stock, no par value, payable Sept. 30 to holders of
record Sept. 20. This compares with 60 cents per share paid each quarter
from March 31 1931 to and incl. June 30 1932.
Sales for Month and Eight Months Ended Avg. 31.
Decrease.
Decrease, I 1932-8 Mos.-1931,
1932
-Month-1931.
810.752.213 813,254.990 $2,502,777 j891,484.215 8103,392.023 811907808
company had 1,472 stores in operation in August 1932 as compared
The
-Y. 135. p. 1174. 1001.
with 1,456 a year previous.
Pepperell Manufacturing Co.
-Earnings.
1929.
1932.
Years Ended June 301931.
1930.
$14,919,000 $17.128,803 $18,246,089 $16,762,107
Sales
Operating expenses, &c_ 16,118,559 17,711,244 17,586,087 15,647.827
$660,002 $1.114,280
loss11.199,559aloss$582441
863.200
296,404
757.637 b1,079,000
$1.495.9 3 $1.340,078
6
Balance, deficit
8418,998 sur$251.080
107.930
Shy.cap.stk. outstand_ _
100,000
100,271
107.930
Nil
$10.32
Earnings per share
Nil
6.11
a Does not include non-manufacturing profit of 8981,000 from sale of
power properties. b Includes 2% dividend ($215,800) paid July 1, due to
change in dividend payments from semi-annual to a quarterly basis.
Total
17,357.703 19,803,543
17,357,703 19,803,543
Total
x After depreciation reserve of 85,197,265.-V. 135, p. 1340.
Pilgrim Mills.
-Balance Sheet Dec. 31 1931.Assets
Liabilities
Land, buildings, machinery--_ x$698,400 Capital stock
Cotton-cloth-stock in process &
Accounts payable
supplies
260,420 Surplus
Cash and accounts receivable_
94,307
Prepaid insurance
13,505
Miscellaneous securities
5,360
•$1,050,000.
4,363
17.629.
Total
$1.071,992•
$1,071,992
Total
a After reserve for depreciation of8723,630.-V. 134. p. 1972.
---Pitney-Bowes Postage Meter Co.
-Stock Dividend.
-
The directors have declared a semi-annual dividend of2% on the common
stock, no par value, payable Oct. 1 to holders of record Sept. 15. A like
amount was paid 6 and 12 months ago.
The notes payable item on Sept. 1 was only $80.000, representing a
reduction of$205,940 from Jan. 1 1932,according to Pres. Walter H.Bowes.
Funded debt on Sept. 1 was $240,000, a decrease of $45,596 from Jan. 1
last. Indenture requirements call for the retirement of $63,000 bonds ofduring 1932.-V. 135, p. 643.
The Governing Committee of the Chicago Stock Exchange, Aug. 31,
approved the delisting of 307,909 shares common stock (no par).
-V. 134.
P. 4508.
Price Bros. & Co., Ltd.
-Removes Peg for Stock.
-
The Montreal Stock Exchange announced Sept. 3 that on Sept. 6 the
minimum prices for the common and preferred shares would be removed.
The prices then in effect were $25 and $70 for the common and preferred.
respectively.
-V. 135, p. 1672.
470,
949
1,347,327
2,441,504
1,387,245R. S. De Vry Corp.
-Stock Delisted.13,900.873
The Governing Committee of the Chicago Stock Exchange, Aug. 31,
approved the deflating of 319,000 shares common stock (no par)
.-V . 135.
•
P. 1340.
Total
48.436,166 51,715,362
Total
48,436,166 51,715,362
a After depreciation. y Represented by 2,000,000 no par shares.
V. 135, P. 1173.
Net income
Dividends
Comparative Balance Sheet June 30.
1932.
1931.
1932.
1931.
Assets$
Liabilities$
$
$
Plant accounts.._ _x7,831,983 7,826,449 Capital stock
10,000,000 10,027,100,
Inventories
111,954
90,942
5,252,461 7,551,733 Accrued items_ _
Accts.receivable._ 1,642,556 2,539,319 Dividends payable
150,363
Cash
750,000 •
2,187,529 1,605,015 Reserves
City of Biddeford
Profit and loss..._ 7.266,761 8,704,125.
note
125,000
Peperell Mfg. she_
89,308
Prepaid Items
228,867
281,026
-----.Polymet Manufacturing Co.
-Stock Delisted.
-
-Comparative Balance Sheet.
Otis Elevator Co.
3132. Jan. 132.
$
$
Sept; 10 1932
Queens Place Realty Co., Inc.
-Bonds Called.
-
All of the outstanding 2nd mtge. 6% 25
-year gold bonds, due March 1
1938, have been called for redemption March 1 1933, at 105 and interest
at the Chemical Bank & Trust Co., trustee, 165 Broadway, N. Y. City.
Remington Rand, Inc.
-Balance Sheet June 30.1932.
Assets
'Land,bldes..mach.
and equip
12,358,635
Goodwill, patents,
Az°
17,818,886
xRental machines_ 1,770,768
Cash
6,087,661
Market. securities 999.490
Notes reedy, and
foreign drafts... 724.851
Accounts receiv___ 6,496,389
Inventories
10.854,595
Other assets
1,414,878
Subserip. due from
employees
Deferred charges.. 1,191,867
1931.
$
I3,003,428
17,818.586
1,608,867
7,342,416
1,082,147
8.411,785
12,776,989
1,026,706
118,781
1,367,944
Total
59,718,023 64,557,949
After depreciation.
1931.
1932.
Liabilities-$
$
7% 1st pref. stock15,695,100 15,805,100
8% 2nd pref. stock 1,855,400 1,855,400
Common stock
17,132,978 17,241.702
Funded debt
19,171.000 20,529,000
Minority Interest_
5.094
1,826
Accounts payable. 747,547
568.563
Accrued exp., dtc_ 635,592
738,260
Accrued interest._
175,734
188,183
Accrued tax
203,529
210,495
313,697
Dividends payable
Federal tax reserve
126,700
Sundry reserves__ _ 2.264,108 2,384,260
Initial surplus__ 1,855,606 1,855,606
Earned deficit__
20,3978102735,889 •
Total
59,718,023 64,557,94g
Business Increases 25%.
Business of this corporation is running 26% ahead of a month ago, James
R. Rand Jr., President and Chairman of the board, announced on Sept.8.V. 135, p. 1506.
Rio Grande Oil Co.
-Actions of Keller Group Criticized.
In a letter sent to stockholders, Charles S. Jones, Executive
Vice-President, says:
Our attention has been called to a letter (dated Aug. 17 1932). Proxy
and agreement now being circulated among stockholders by a self-styled
"Rio Grande Oil Co. Stockholders' Committee" for the purpose of opposing
the offer of Consolidated 011 Corp. and to solicit from you funds and proxies
to further the ends of the committee.
This group (referred to as the Keller group), consisting of five individuals,
four of whom are stockholders holding of record approximately 17,600
shares, or less than 136% of the stock of the company, do not in any way
represent the company or its management. The proxy which they are
asking stockholders to sign is very similar in appearance to that sent out
by the company, and stockholders should not be confused either by that
or by the use by the group of the worth;"Rio Grande Oil Co. Stockholders'
Committee" on their letterheads and return envelopes. Although the
proxy is worded so that it might be voted in favor of accepting the offer
of Consolidated Oil Corp., it is the avowed purpose oi the Keller group to
oppose such acceptance, and stockholders favorable to acceptance should
not give them a proxy.
We have sought to give the stockholders all pertinent information in
respect of Consolidated's offer, but it is impossible to anticipate questions.
based on misinformation. In order that you may be correctly advised
regarding the matters set forth in the circular letter of the Keller group, weare forwarding this communication to you.
The argument made in such letter is unsound, unfair and misleading,
in that Rio Grande stock is evaluated on the basis of "book value" of the
company's properties, whereas the stock of Consolidated is treated as cash
and is considered by the group as though it were equivalent to no more than
its present market price. If market price is to be the measure of fairness
of the offer and the 492.329.2 shares of Consolidated are to be taken as
worth only $4.000,000, as was done by the Keller group, then all of the outstanding shares of Itio Grande are worth but approximately $3.600,000.
But the offer of Consolidated should not be considered merely from the•
standpoint of the market price of the two stocks. To accept the offer of •
Consolidated is not at all to take $5.20 per share for your Rio Grande stock,
as stated by the group. On the contrary, it is to retain your interest and
investment in the oil business and to have an opportunity to realize upon it.
The question for you to decide is whether you think you will have a better
opportunity to do this through the ownership of shares in Consolidated
Oil Corp., which is a larger, more diversified, better balanced and more strongly financed enterprise than your present company. It is not a question of market price under present depressed stock market conditions;
It is not a question of "book values" since those of Consolidated and Rio
Grande are not on a comparable basis; but it is a question of actual value
and earning power, because those factors, more than "book value," will
determine the market price upon a return to normal conditions.
The decision is for you to make. but your directors would not have sub'
mitted to you the offer of Cons ,Whited if they had not believe it equitable
and to your best interests, and the Keller group has undertaken a serious
responsibility in advising you to reject it.
The "book value" •I' a company's capital omits is ordinarily their cost.
law depreciation-the company's investment upon which it seeks to earn
a fair return. Consolidated Oil Corp. wrote down the book values of Its
capital assets drastically because vets of prior years were out of line with
present ec nomic conditions. Refineries, pipe lines, producing acreage
and all other fixed assets may be purchased to-day for far less than at any
time in the last 15 years. As a result of the write-down, Consolldated's
Volume 135
•
r6
•
Financial Chronicle
1837
properties are capitalized on a basis which will enable it to
enjoy an advan"Monthly orders began to show an increased ratio
tage in earning power over a company which is carrying its
in June as compared
with tee same month last
at an excessive valuation. While book values are ordinarily capital assets
on that basis since.
based on cost,
We have made a substantiyear and have continued inventory purposel
they are subject to appreciation as well as depreciation, based
al reduction in a heavy
y
upon surpiled up in order to keep our force at work during the
rounding conditions and circumstances. In 1928, when
winter months."
-V. 135. p. 1174.
vailed, our company believed that we were justified in high values preappreciating or
writing up the book valuation ofour interests in the Elwood
field
Savoy-Plaza Corp.
-Another Offer Made to Holders of
although the company had but a nominal actual investme properties,
nt therein.
Greatly reduced nroduction, both through proration and
Debentures.
the natural depletion of the field, and low prices for crude oil, as well as the
See United States Realty & Improvement Co. below.
general busi-V. 135. p. 830.
ness depression, have proved that we were wrong in making
But regardless of that, it must be remembered that the such a write-up.
-Senior Securities, Inc.
-Dividend Decreased.
$30.000,000 was
merely a book entry. It did not represent money actually
A quarterly dividend of 25c. per share has been declared invested in the
properties. Consolidated did not merely eliminate
value capital stock, payable Sept. 10 to holders of record on the no par
write-ups, it wrote
down values by 3256,000,000
Aug. 31. In
-money that had actually been invested
each of the three preceding quarters a distribution of
in
35c. per share was
properties. To fairly compare "book values" of
made.
-V. 134, p. 2740.
Grande, not only must the $30,000,000 write-up beConsolidated and Rio
eliminated, but writeoffs must be made. If written down on anything like
Service Stations, Ltd.(& Subs.).
the
-Earnings.
-solidated used, the offer of Consolidated would appear scale that ConEarnings for the Year Ended Dec. 31 1931.
tageous from the standpoint of relative book values. decidedly advanGross operating profits for year
Returning to the more important question of relative
$333,475
actual values and
Provision for depreciation
potential future earning power of Consolidated and
277,307
Rio Grande, the folProvision for income tax
lowing comparisons should prove of interest:
54,682
Consolidated's "fixed assets" accounts as of
Net income
Jan.
11,508
balance sheet), after the drastic write-offs 31 1932 (the date of
the last
Balance Jan. 1 1931
above mentioned, were
2,156,395
$214,444,000. The property accounts of Rio
Total surplus
Grande, merely eliminating
write-ups and not writing such accounts
$2,157,901
Reserve to adjust book value of securities to
to a
those of Consolidated, were $10,403,000 down the comparable basis with
118,569
Loss on sale and written off capital assets market value
as of
June 30 balance sheet.
Consolidated's investments in and advances
60,239
Settlement re-patents
$20,500,000, and Rio Grande's investments to other companies totaled
45,000
Dividends paid-Preference
in and advances to other
companies totaled $563,000. Consolidated had
195,688
Preference series"A"
cash of $44,000,000; Rio
Grande had cash of $694.000.
89.700
Class"A"
had
and other marketable securities Consolidated 00; Government securities
197,728
of $12,000,0
Class"B"
Rio Grande had none.
Consolidated had receivables of $13,914,0
52,500
00;
Balance Dec. 31 1931
of $2,264,000. Consolidated had inventori Rio Grande had receivables
$1,398,499
and supplies of $64,790,000; Rio Grande es of crude and refined oils
Consolidated Balance Sheet Dec. 311931.
had $1,198,000. Consolidated
had insurance funds, cash and
Assets
Liabilities
none. Consolidated had other securities of $3.605,000; Rio Grande had
Cash
miscellan
$1,042,162 Accts. payable& accrued chgs.
Rio Grande had $134,000. Consolidated eous assets totaling $2,700,000;
3119,786
Marketable securities
669,864 Reserve for Dominion and
assets to pay off all its current liabilities Oil Corp. had sufficient current
Bills and accounts receivable 1,273,117
, bonded indebtedness and preFederal income taxes
ferred stock and still have a remainder of current
36,268
Inventories
1,920,570 Contingent reserve
assets in excess of $41,000,000.
46,130
Employees, stock subscripCapital stock
Consolidated has 8,800 producing oil wells with
tions & other advances__ _
54,226 Surplus by appraisal of fixed612,427,558
a potential production
of 1,000,000 barrels daily and actual
Mortgage receivable
36,000 assets
rels daily; Rio Grande has 79 producinnet present production of 70,000 barPrepaid expenses
oil wells
52,088 Surplus earned,including sur- 1,402,378
of 9,400 barrels daily and actual netgpresent with a potential production
Other assets
25,344
production of 4.450 barrels
plus of subsidiaries
daily. Consolidated has several million acres
1,398.499
Land, bldgs., plant & equip.a3,707,760
of undeveloped oil and gas
leases; Rio Grande has 77,000 acres.
Premium paid for ells. of subConsolidated has approximately
7.000 miles of trunk pipe lines; Rio Grande
Wary co's acquired
6,078,086
has 57 miles. Consolidated
has nine water terminals; Rio Grande has two.
Investment in affiliated co's
851,400
Consolidated has approximately 8.500 tank cars; Rio Grande has 97.
Patent rights and licenses
1
cipal and a number of small refineries, with a Consolidated has seven prinrels, with 115.000 barrels of pressure still daily capacity of 137.500 barTotal
$15,710,618
capacity; Rio Grande has two
Total
refineries, with a daily capacity of 12,000 barrels
$15,710,618
and a pressure still capacity
a After reserve for depreciation of $2,217,724. b Represented
al 2,000 barrels. Consolidated's distributing and marketin
shares 6% cum, cony, preference stock (par $100); 14,645 shares by 31,796g facilities cover
practically all of the territory east of the Rocky
cony, preference shares, series "A" (par $100); 188,312 no par 6% cum,
States, as well as being in Cuba, Mexico, Great Mountains in the United
shares classBritain, Holland, Belgium,
"A" common stock, and 50,000 shares no par class "B" common
Germany and other foreign countries; Rio Grande
shares.
has marketing facilities
-V. 135, p. 312.
in west Texas, New Mexico, Arizona and southern
California. Consolidated owns approximately 2.100 bulk stations
721 Fifth Avenue Corp.
-Foreclosure Suit.
in the United States; Rio
Grande owns 45. Consolidated has
The City Bank Farmers Trust Co. has filed a suit in the
approximately 12,000 owned and
leased service stations in the United States, with
Supreme Court to foreclose a $4,950,000 mortgage it holds on New York.
more
outlets, Making a total of 33.000 points of distribut than 21,000 other
at 721 Fifth Avenue. at the northeast corner of 56th St. New the building
ion; Rio Grande has
York. The'
52 owned and leased service stations and 1,001 other
complaint asks that a receiver be appointed and the property
outlets, making a
be sold.
total of 1.053 Dainty; of diatribution,
The Keller group in their circular paint an
Sharp & Dohme, Inc.
-Sales Increase.
picture of many of the company's affairs, using exaggerated and erroneous
Sales in June were better than in May and since that time
as an
lack of definite information. Their circular suggestsexcuse to do so their
been a marked upturn in sales, a Philadelphia dispatch states. there has
that Harry F. SinEarnings
clair and other representatives of Consolidated
since June have exceeded the company's expectations, it was added.
Oil
to the board of directors of Rio Grande. Such is Corp. have been elected
V. 135. p. 1006.
not
at the suggestion of our bankers and for the purpose the case. In 1931,
clair's assistance in financing the company, he was of securing Mr. SinShell Union Oil Coro.-Subsidary Reduces Wages.
director and Chairman of the board, but he declined invited to become a
A 10% reduction in wages became effective Sept. 1 for all employees of
not been a director and Consolidated Oil Corp. has the invitation and has
the Shell Oil Co., a subsidiary, according to a dispatch from Los Angeles_
no other representative
on company's board. If the members of the
The Shell Oil Co. has started construction work on its new refinery at.
group
sired any of this ihformation, it would gladlyKeller been had really dehave
Montreal East. The plant will have five tanks of 4,130,000 gallons. ox ide
upon their request and it would have been unnecessary furnished them
are believed to be the largest ever built in Canada. The Foster Wheelerto circularize the
stockholders with any inferences regarding the matter.
Co. is suoplying the furnaces and refinery equipment and Page-Hersher
The Keller group refers to and makes capital of Mr.
Tubes, Ltd.,is supplying all line pipe. 'Oil, Paint and Drug Reporter.")Morgan's personal
opinion, expressed
nrg.n o
in
he futve of thne Elwood
han nt
V. 135, p. 1341.
pini
11:iyncherinel
11)13aNtifnte
rne outty
f 3 d.subsequent developments and some members of the
Silica Gel Corp.
-Plan to Exchange Davison Chemical Co.
Keller group were informed of the farts and invitel to go into the matter as
thoroughly as they
Notesfor Notes Maturing Oct. 1.
-See Davison Chemical
wished, but they ignored the facts given them regarding
the field and preferred to draw inferences based on opinions given in
Co. above.
-V. 133, p. 2115.
The circular states that they have been unable to 1930.
regarding the company's leases in Gate Ridge, Calif. get any information
Silverwood's Dairies, Ltd.
-Earnings.
for any, but it would have been gladly furnished if They have not asked
they had. The cornEarnings for the Year Ended April 2 1932.
rlY owns a one-half interest
. 0 acres in the Gate Ridge with the Barnsdall Corp. in leases of about
0
Sales, including inter-company sales
$8,640,722
area. On one of
Cost of materials
this area, with an estimated production of 1,200 the tracts under lease in
3,659,838
barrels daily,
Productive wages & direct expenses
quent production test over a 30
1.722.309
-day period the well produced in a subseby pumping
approximately 700 barrels daily. The oil is of
Gross profit on sales
$1,258,575
low gravity with high sulphur content and there is no present market for
Iceless cabinet rentals & other revenue
100.135
oil of this character and
quality in California on a basis that would
Gross trading profit
$1,358,710
attempt has been made to further develop justify its production. No
Administrative & indirect expenses
693,570
attempt can be made until such time as the field and economically no
Amortization of patent license & organization expenses
sufficient supply of refinable
18,078
crudes no longer exists.
Provision for depreciation
326,8.56
Neither does the company own any production
Provision for Dominion income tax
or producing properties
20.166
in Santa Fe Springs or Iloward County, Texas,
as indicated in the circular
Net profit
letter, these properties having been abandone
3300.040
d.
Surplus at April 4 1931 (after applying $153,816 excess of net
The Keller group refers to a contract which
this company jointly with
in nog
assets of certain subsidiaries over their purchase price)
Barnsdall had with the Southern Counties
from the Elwood field, and states "we are Gas Co. for the sale of dry gas
Total surplus
$.51 .u625
unable to determine whether or
not it was taken into consideration in
Preference dividends
233.124
determining the value of the company's assets." While, because of competiti
Class A dividends
ve business reasons, this con52,365
tract was confidential in its nature. if the
Common dividends
9,375
to know whether or not It was taken into Keller group had really wanted
Dividends paid to minority shareholders by subsidiary cos
consideration in determining the
62
value of the compan'ys assets, they would
Payments in lieu of dividends to employees & milk producers on
have made inquiry and found
that the operation of the contract has long
subscriptiohs for class A stock
since been suspended for the
14.752
reason that the amount of dry gas in the
Elwood field became so depleted
Surplus at April 2 1932
that not only did the company have none
31.359
Consolidated Balance Sheet April 2 1932.
to purchase for its own requirements in the to sell but it became necessary
The Keller group states "that during the operation of the Elwood field.
Assets
Liabilities
was expended for new construction in the last four years over $13.194.855
Cash on hand and in transit..
$4,815 Bank overdrafts (secured).,.
$15,357
bor sites, tank cars, gasoline tanks, &c." way of refineries, pipe lines, harCash in hands of buyers &
Bank loans (secured)
184,400
Such a statement is misleading.
branches
Of the $13,000,000 of capital expenditures during
11,674 Lien notes payable
49,164
the four-year period,
approximately $5,000,000 were for improvem
Cash in bank
25,264 Notes payable
24,0915
ents such as
Notes & accounts receivable_ 8235:295 Accounts payable & accrued
and $8,000,0W consisted of expenditures in the developm mentioned above
19 307
8
ent and attempted
development of production.
Inventories
charges
306,353
Life Ins -cash surr. value
The circular also states "there have been
335
564 Dividends payable
58,871
Mortgages receivable
members of the committee that better offers for indications in the past to
373:100 Res. for Dominion inc. taxes.
10,
49,012
the assets
Sundry investments
could be received from ether sources than the one now of your company
Bond & mtge, int. accrued_
7,119
proposed by the
management.
Due from assoc. coo
res.
Land
285 254 Deferred lien notes payable..
- If the Keller group were sincere in making that
34:49
2
9,802
then they have certainly departed from their announced policy statement
Deferred accounts payable- _ _•
17.770
of "protectBldgs.. mach.& equip., &c_ _ b3,455 722 Mortgages payable
12 64
:2
ing stockholders" by not bringing to the notice of the
171,700
'
Prepaid expense
company or its directors any information whatsoever management of the
Bonds outstanding
238,650
in respect of such
Milk routes, porch.& expan.of
offers. The offer of Consolidated is the only firm offer that
439,807 Amount owing on purchase
we have reCream top bottle patent
ceived.
agreements
257.055
license less written off
90.000 Amounts rec, from employees
The Keller group is circulating a form of agreement requesting
the conOrganization expo., incl. distribution from stockholders of 10 cents per share on their
& milk producers on el. A
holdings. They
count on ohs. less written off
39,229 stock subscriptions
state that the purpose of requesting the contribution is "to
103,4831
defray its
Cost of shares in certain subactual and necessary expenses In investigating and acting upon
Min.shareholders'int. in subthe offer."
sidiary companies
452,994
Suffice it to say that it is not necessary for the stockholders of this
sidiary companies
2,180
com7% cum. pre•erence shares- _ 3,332,500
pany to contribute to a fund to secure all pertinent information in respect
Non-votin- fully participatin
of the proposed transaction. The company's management invites
all
c507,245
class A shares
of the company's stockholders who wish to do so to call at the
Common shares
offices and discuss any phase of the Consolidated offer. To the company's
Sun). (a'tcr applyin.; $153,era whose residence makes it Inconvenient to call any additionaatockholdl Informa816 excess of net assets of
tion will lie furnished on request.---V. 135, p. 1506.
certain subsidiaries over
their purchase price)
1,359
Ritter Dental Mfg. Co., Inc.
-To Resume.
Total
55.336,115 Total
$5.336,115
The company will resume operations Oct. 1 after haying been idle since
a After reserve for bad debts of $78,058. b After reserve for depreciaMarch 1. About 500 will be employed.
tion of $1,491,044. c Represented by 147,T65 no par shares. d ReprePresident Edwin L. Wayman says:
sented by 25,000 no par shares.
-V. 135, p. 146.
'While the shareholders have at their credit in shareholders' account a
substantial amount accrued from the profits of previous years, the directors
considered it advisable to pursue a conservative course. Policy holders'
-V. 134. p. 4509.
dividends are unaffected by this action."
-Earnings.
Sivyer Steel Casting Co.
Earnings for Year Ended Dec. 311931.
Gross profit
Selling, administrative and general expenses
$94,931
166.918
Interest and other income
$71,987
15,632
Sundry charges
$56,355
17,609
-Balance Sheet June 30.Sun Oil Co. (& Subs.).
1931.
1932.
1931.
1932.
$
Assets.$
i
Property, plant dr
equipment---x60,316,737 59,529.033
Cash
2,775,177 1,337,336
Marketable secure 479,163
Accounts receiv_ 4.035,679 5,035,366
Bills receivable.- 551,239
562,046
Oil inventories_ __ _13,578.146 13,720,560
Mat'ls & supplies. 2,903,118 3,507,121
Investments
9,593,122 8,644,017
Deferred charges 2,138,650 2,059,319
$73,964
Netloss for year ended Dec.31 1931
Balance Sheet, Dec. 311931.
Liabilities
Assets
$17,259
Cash on hand and in banks_ __ $48,716 Accounts payable
4,802
Bonds & U. B. Treas. notes.... 231,764 Accrued salaries & wages
20,693
3,019 Accrued taxes
Accrued int, on securities
1,022
39,710 Res. for State Inc. tax & surtax
Surrender value of life Boum_
x1,200,000
63,563 Common stock
Accts. & notes receivable
187,365
103,357 Earned surplus
Inventories
1,492,054 Surplus arising from appraisal
Properties
561,208
valuations
10,163
Deferred charges to operations
$1.992,348
$1,992,347 Total
Total
-Y. 132. P. 1825; V.
x Represented by 80.000 shares (no par) stock.
130. P. 3732.
-Dividend Omitted. Sept.
-** •.-Sunset.McKee Salesbook Co.
‘
about
The company, reported to be one of the largest and oldest
ment stores in Cincinnati, went into the hands ofa receiver Sept.8. Charles
E. Brooks, President of the company, was appointed receiver by Judge
Strubel in Common Pleas Court.
The receivership action was taken on the petition of Lee B. Kaason,
Vice-President, who said he had given securities to the company and that
his collateral has a market value of $4,560. The petition says the company
listed at
is solvent, with assets far in excess of liabilities. Assets are
$2,750,000 and liabilities not exceeding $1.200,000.
Mr. Kaason said the firm has been handicapped by the depression and
shrinking of inventory values in the last two years.
--New President.
Southern Grocery Stores, Inc.
Scott W. Allen of Atlanta.,Ga., Chairman of the board, has been elected
President to succeed Arthur S. Bird, resigned. Mr. Allen's place as Chairman will be filled by Hunter Phelan of New York. President of the National
-V.133, p. 138.
Food Products Corp.
-New Subsidiary.
Standard Brands, Inc.
Pan American Standard Brands, Inc., with a capitalization of $50,000,
has been formed by Standard Brands. Inc., to take care of the latter
-V. 135, p. 1007.
company's South American business.
-Will Fight Receivership.
-----7---Standard Slag Co.(of Ohio).
receivership proceedings
Officials of the company have decided to fight
instituted last week. L. A. Beeghly. President, says the company is in
sound financial condition and calls the receivership action unwarranted.
The company operates slag-reducing plants in connection with blast
furnaces, and sells most of its output to railroads for ballast, and to contractors for concrete construction work. The company and affiliates
control 22 such properties in various parts of the country, besides the
Bessemer Limestone & Cement Co.. the Cold Metal Process Co. and
-V. 125, p. 258.
several other concerns.
-Earnings.
Standard Steel Construction Co., Ltd.
1932.
1930.
S
LiabilitiesPreferred stock_ _.10.000,000 10.000,000
.
Common stock_ _52,021,744 52,020,504
11,997,500 8,264,500
Funded debt
Accounts payable.. 4,968,052 4,682,793
1,030,484 4,706,000
Bills payable
1,580,488 1,443,929
Accrd.Int. & tax
. 145,036
Other curr. nab_ 480,626
Federal tax reserve 291,027
50,000
50,000
Pref. div. reserve..
578.109
&o__ 582,186
Conting.roe.,
Other reserves_ _-_ 1,482,865 1,572,866
8.347
2.200
Minority interest_
12,219,449 10.587.126
Surplus
96,371,031 94,394,800
Total
Total
96,371,031 94,394,800
x After depreciation, depletion and amortization of $35,645.090.
-V.135. p. 831.
-Receiver Named.
----- Smith Kasson Co., Cincinnati.
retail depart-
1929.
Calendar Years
Net earnings after operating costs,
depreciation, 8‘c
Income tax
Profit on securities sold
Fire loss
Life insurance premium
$38,359...396,830
3,284
4,090
1,793
1,790
$303,954
27,500
Net profit
Preferred dividends
Income tax for 1930 '
Provision corporation tax 1931
Reserve for investment
$42,448
29,370
2,678
891
22,593
$89.9e3
29.370
$276,454
29,842
Surplus for year
Previous surplus
Life insurance value
$13,084
314.115
$60,593
246,612
6,910
$246,612
_
$24C,612
$314,116
$301,032
Balance carried forward
Comparative Balance Sheet Dec. 31.
1931.
1932.
51Mo/ditties1931.
1932.
Assets
$33,617
$84,567 $149,631 Accounts payable,. $22,831
Accounts receiv_ _
5,099
5,824
Accrued payrolls__
and
Stock on hand
365
205,763 Accrued sales tax_
work in progress 157,797
579
83,017 Workmen's comp_
Marketable secur_ 100,301
5,953
Res.for income tax
7,710
Investments
7,343
7,342
31,465 Pref. dive. payable
71,609
Cash
411.180
2,128 Class A pref. stock y411.180
Depositson tenders
165,602
Common stock__ x165,602
Cash BUIT. val. Of
314,115
301,032
6,910 Surplus
8,125
life policy
16,708
7,132
Deferred charges_ _
476,568 x448,231
Fixed assets
$913,812 $943,853
Total
$913,812 $943,853
Total
it Less reserve for depreciation $163,103. y Represented by 9.790 no
-V. 132, p. 4782
ar shares. a Represented by 120,525 no par shares.
Stock Exchange Building Corp., Ltd., Vancouver.
Defaults-Protective Committee Formed.
Default on its first mortgage bond interest due Aug. 1 by the corporation
has resulted in formation of a bondholders' protective committee taking
over of the building by Toronto General Trusts Corp., trustee for the
bondholder. Brigadier-General J. G. Clark is acting as receiver.
The protective committee consists of L. A. Winter, Manufacturers'
Life, Chairman; D. I. McLeod, McLeod, Young, Weir & Co.; G. J. McKie.
Simcoe, Ont.; H. T. Roesler, and F. L. Whittaker.
Recent reports indicated that the building was 85% rented and that
gross earnings in 1931 amounted to $98,300 and operating expenses to
$59.000. This would leave $39.400 available for bond interest and depreciation and would cover interest requirements on the 6% first (closed)
mortgage sinking fund bonds, of which there remains sonic $533,000 outstanding. It is understood that holders of the equity in the building
borrowed cash from the company and reduced working capital.
• The property of the company consists of an 11-story building in Vancouver which was completed in June 1929. Public financing was undertaken early in 1929 with the issue of 8550,000 6% first mortgage bonds.
The buildlug was then appraised at $1,045,200 and net revenue was estimated at $68,344, or equivalent to 2.07 times bond interest. Chief
tenant of the building is the Vancouver Stock Exchange, which occupies
-V. 128. p. 3532.
-year lease.
space on a 15
-Sales Higher.
Studebaker Corp.
Deliveries of Studebaker cars to consumers by dealers and retail branches
during August were 30.8% greater than during July. August retail deliveries
of Studebaker and Rockne cars, combined, were 117.6% larger than in July
and 21.9% larger than the number of Studebakers delivered at retail in
-V. 135. P.
August 1931. when the Rockne had not yet been introduced.
1673.
-Defers Action on
r Sun Life Assurance Co. of Canada.
Dividend.
The directors on Sept.6 decided to defer action on the quarterly dividend
ordinarily payable about Oct. 1 on the capital stock. Three months ago,
the quarterly payment was decreased to 34% from 6 %•
An official statement made after the directors' meetings said consideration
of the quarterly dividend had been deferred "until business recovery shall
be more fully established," and added:
Sept. 10 1932
Financial Chronicle
1838
The directors have voted to omit the dividend usually payable
15 on the class B stock, no par value. l'reviously, the company paid quar-V.130, p. 304.
terly dividends of 25e, per share on this issue.
-Earnings.
Sylvestre Oil Co., Inc.
Income Account for Year Ended Dec. 31 1931.
$1,805,862
Gross sales
1,264.637
Cost ofsales
400,087
Operating expenses
11,793
Interest
2,631
Miscellaneous charges
$126,714
Net income
Balance Sheet Dec. 311931.
LfabUftiesAssets
$115,000
Cash
$19,080 Notes payable
Notes receivable
3,559 Accts, Pay., Colonial Beacon
141,124
Oil Co
273,126
Accounts receivable
18,687
58,615 Accounts payable, others."...
Inventories
10,800
In 1932__
16,445 Mtge. payments due
Due from affiliated cos
5,083
Fixed assets
577,288 Accrued liabilities
46,880
1 Due to affiliated companies._
Good-will
30,400
6,577 Mortgage payable
Prepaid and deferred charges_
108,969
Reserves
x202,980
Common stock
144,200
Prepared stock
112,712
Capital surplus
17,856
Earned surplus
$954,691
Total
Total
$954,691
-V. 134, p. 1780.
x Represented by 120,377 shares (no par) stock.
-Earnings
Sylvestre Utilities Co., Inc (& Subs)
Income Account for Year Ended Dec. 31. 1931. $1.823.598
Total income
1,2M,637
Cost ofsales
$558,961
Gross profit
410,445
Operating expenses
- 13020
Interest paid
2.616
Miscellaneous charges
$131.981
Netincome
Consolidated Balance Sheet Dec. 311931.
w
Assets
$115.000
Cash
$19,114 Notes payable
3,559 Accts. pay., Colonial Beacon
Notes receivable
141,124
011 Co
273,181
Accounts receivable
19,487
58,615 Accounts payable, others_ _
Inventories
13,050
677,305 Mtge. payments due In 1932_
Fixed assets
6,854
liabilities
1 Accrued
Good-will
63,650
6,500 Mortgage payable
Treasury stock
121,411
6.577 Reserves
Prepaid charges
Minority int. In Sylvestre Oil
55,192
Oil Co., Inc
x509,085
Capital stock and surplus_
$1,044,853
Total
$1,044,853
Total
x Represented by 85,328 shares class A and 113,342 shares class B no
Par common outstanding.
-V. 134, p. 1780.
Triplex Safety Glass Co. of North America, Inc.
President's Report.
The sale of certain assets of the company, approved at a special stock
holders meeting on Jan. 16 1932, was effected as of Jan. 30 1932.
As virtually all the details connected with the sale have been completed
and sucn inventories as by agreement with the purchaser were to be retallied by company have been liquidated, the consolidated balance sheet
reflects the consolidated position of company and its subsidiary, Triplex
Products Corp., as of June 30 1932.
The officers feel very much pleased at the final results of the liquidation
of company's glass business, which results exceeded their most sanguine
stockexpectations and are considerably responsible for the rather large
of
holders' equity ($233,044). The question of the amount the damages
Duplate
infringement by
and profits arising through the adjudicated
Corp. of one of company's patents is still before the court for determination
but satusfactory progress is being made.
The business of Triplex Products Corp.. a wholly-owned subsidiary,
switches,
engaged in the manufacture and(or) sale of electric time products, electric
is proflashers, electric hot water heaters and other kindred
satisfactorily as can be expected under existing conditions.
gressing
Consolidated Balance Sheet June 30 1932.
Liabilities
Assets
$230.785 Accounts payable to trade &
Cash
14,040 sundry creditors & prey.
receivable.
Notes & accounts
$47,816
for claim in dispute
9,673
Merchandise Inventories
x233,045
77 Stockholders' equitr
Investment
6,150
Machinery, equipment &I
:
20,135
Deferred charges$280,861
Total
$280,861
Total
x Represented by 1,431 shares of $7 dividend convertible preferred
stock of no par value outstanding (after deducting 40 shares in treasury)
common
of an authorized issue of 50,000 shares, and 182.265 shares ofshares.
stock of no par value outstanding of an authorized issue of 250,100
V. 134, p. 691.
-Earnings.
Trunx-Traer Coal Co.
For income statement for three months ended July 31 see "Earnings
-V. 134. p. 4676.
Department" on a preceding page.
-Earnings.
Tung-Sol Lamp Works.
For income statement for 6 months ended June 30 see "Earnings De-V. 135. p. 477.
partment" on a preceding page.
-Initial Dividend.
Century Depositor Corp.
20th
of
The full coupon rate of 10c. per share will be paid to shareholders
20th Century Fixed Trust, series B on Sept. 15 1932, it was announced by
the 20th Century Depositor Corp.
The distribution consists of 7Sic. regular and extra cash with the balance
of the distribution withdrawn from the reserve fund. The shares sold
ex-coupon Sept. 1 1932.
Rights have been granted to the shareholders to purchase similar shares
to the full extent of the distribution at 3% under the offering price current
When such rights are exercised.
The rights privilege extends from Sept. 15 to Oct. 15 1932.-V.!135,
P. 1341.
•
Volume 135
Financial Chronicle
Underwood Elliott Fisher Co.
-August Sales.
Sales in August were 32% above those for July, the company announced
on Sept. 9. This increase compared with a drop of 17% in orders received
in August 1931, compared with the preceding month.
In addition to the increase in machine sales, there has been an appreciable
increase in sales of supplies, indicative, the company states, of renewed
activity on the part of users of office equipment.-V. 135. p. 1176.
United Aircraft & Transport Corp.-Bal. Sheet.xJune 30'32.Dec.31'31
x./una 30'32. Dec.31'31
AssetsLiabilities-$
y Land, buildings,
Preferred stock- 9,000,000 12,000,000
tools, equip., 4+c:13.771.182 14,843,393 Common stock-z20,938,437 20,938,407
Cash
4,398.084 4,420,623 Mortgages payable
64,200
136,650
U. S. Treasury
Min. Int. in stocks
bonds and bllis.12,495,862 12,623,039 & surplus of subs 221,895
228.680
U. S. muffle. &
Accounts payable_ 380,148
761,952
Canadian bonds 877,298
747,864 Accrued wages,
Accts.receivable_ 2,563,674 2,987,848
taxes, &c
604,003
502,145
Sundry accts. rec.,
Federal taxes
225,430
227,192
accrued int., Ace.
85.878
261,616 Adv. on contracts_
93,825
151,228
Inventories
3,677,220 3,964,016 Contingent res've. 192,747
78,579
Invest, Pan Amer.
Paid-in surplus_ __ 1.722.490 1,312,500
Airways stock.. 1,437,500 1,437,500 Earned surplus.... 6,764,066 6,182,128
Miami!.invest... _ 402,727
908,149
Deferred charges-. 407,816
325,413
40,207,241 42,519,461
Total
Total
40,207 241 42,519,461
x After giving effect to the contemplated retirement of 60,000
of pref. stock, of which 6.340 shares were purchased after June 30shares
1932.
the cash shares shown in the balance sheet of that date having been
reduced
by an amount equal to the cost thereof. y After depreciation. z
Represented by 2,084.393 no pars ores and fractional scrip.
-V. 135. p. 1508.
'
-United Cigar Stores Co. of America.
-Ancillary Re-
ceivers Appointed at Philadelphia.
-
The U.S. District Court at Philadelphia has appointed
for the company over the opposition of the Irving Trust ancillary receivers
which was appointed main receiver last week by the Co. of New York,
after the company went into voluntary bankruptcy. New York Court
The receivers for
the company in the Philadelphia district are Ruby
and William White, former Deputy Commissioner of Vale, an attorney,
R. Banking.-V. 135.
p.1674.
nited Dry Docks Inc.-8tal:E=DETMIet7The Governing Committee of the Chicago Stock Exchangey
ap Jed the delisting of 799,125 shares common stock (no
ov
par) V. 134,
p. 3999.
-1
United
States
Realty & Improvement Co.
-
Again
Offers to Purchase Debentures of Savoy-Plaza Corp.
-The company has offered to purchase up to $975,000 par value of
the
outstanding 10-year 53 % sinking fund gold debentures
of the SavoyPlaza Corp., duo Feb. I 1938, that may be offered to it on
Sept. 23, at $1.000 and interest for each $1,000 principal or before
debentures. Holders desiring to avail themselves of this amount of
offer should
present their debentures, with the Feb. 1 1933 and all
attached to the United States Realty & Improvement subsequent coupons
Co., Ill Broadway,
N. Y. City, on or before said date.
This is the fifth offer that has been made by United
States Realty in an
effort to retire the Savoy-Plaza 5
debentures. On Nov. 1 1931 the
company announced that it would purchase the debentures
up to Dec. 1
1931, at $500 per $1,000 debenture (see V. 133, p. 3104).
the company made another offer-namely the payment of On April 1 1932
$450 per $1.000
debenture until April 25 (see V. 134, p. 2545,3111).A
third offer of $1,000
6% debenture note of the U. S. Realty Co. and $8.33
a 534% debentures of Savoy-Plaza Corp. was made in cash per 111,000
134, p. 3471). The fourth offer of $500 in cash and a in May 1932 (V.
$500 6% debenture
note per $1,000 of debentures was made in
The total amount of debentures surrenderedJuly 1932 (V. 135, p. 830).
under these offers has not
yet been made known.
The Realty company owns all the common stock
of the Savoy-Plaza
Corp.
-V. 135, p. 831.
United Verde Extension Mining Co.
Production.Copper Output(Lbs.)1932.
1931.
1930.
1929.
January
3,043,930
2,824,6964,446,000
4,675.640
February
3,031,459
3.221,000 3,738,000 4,047,610
March
3,049,976 3 23+3,000 3,362,000
5,207,946
April
3,019,072
3,074,000
4,094,000
5,365,570
May
3,020.100
3,370,000 4,014.000
5,464,000
June
3,007,702
3,284,000
3,580,000
5,020,000
July
3,038.902
a
3,898,000
4,470,000
August
3,038,998
4,208,000 4,592,000
a Operations suspended.
-V. 135. D. 1171.
Walgreen Co.
-August Sales.
-August-1931.
1932
Decrease.' 1932-8 Mos.-1931.
Decrease.
$3,663,330 $4,626,601
5963.2711530,950,803 $36,710,137 $5,759,334
At the end of August the company had
466 a month earlier and 462 a year ago. 469 stores in operation, against
-V. 135, D. 1177.
Warren Tool 8c Forge Co. Bondholder
Seek Plant.:
A reorganization of the company is proposed bysa
bondholders' protective committee composed of D. M. Bell, John Stewart
Frum, under which the property would be purchased when and Paul M.
it is offered for
the sale on Sept.30 and operation continued under the
present
C. L. Schoonover has been acting as agent for the Midland management.
Bank of Cleveland, the trustee.
To terminate the receivership and provide working capital,
holders' committee plans the sale of $100,000 of new bonds. Inthe bondthe company will be authorized to issue 1,000 shares of common addition,
stock of $1
par to bondholders. Although in receivership, the
company has been
able to show a modest profit for the last year.
-V. 133. p. 3478.
--Waterbury (Conn.) Clock Co.
--Proposed Plan.
The stockholders at the adjourned special meeting on Sept. 7
a special committee to study the offer of James R. Sheldon appointed
to acquire
$500,000 of preferred stock and will receive the report at
the meeting to
be held Sept. 15. In the meantime a petition of the
permission to borrow $200,000 is held in abeyance. receivers in court for
The committee which will study the plan incidental
issue of $500.000 6% cumulative preferred stock (par to the proposed
$25) consists of
John Goss, Bennett Bronson and Walter Holmes.
James It. Sheldon has stipulated eight conditions incidental
posal to acquire $500.000 worth of the preferred stock. They to his proare:
That $500,000 worth of preferred stock be authorized
and to be sold
net to the company.
That the stock be 6% cumulative preferred, retirable at
par,
sole voting power until retired, and no dividends to be voted on to carry
common
stock until the preferred is retired.
That the preferred shall contain a conversion privilege into
common,
share for share.
That no dividends shall be paid on the preferred until bank
loans are
liquidated or at least are made safe for normal bank borrowings,
That banks agree that loans shall be reduced 20% annually until
liquidated. If possible they will be reduced more rapidly.
That the receivership be lifted and the preferred stock take entire
control
upon immediate sale of 2200,000 worth of the preferred.
That capital be reduced from $4,000,000 to $1,000.000 by changing el
par
value from $100 to $25. Capital will then be increased by issuing
20,000
shares of $25 par preferred and by issue of 30.000 shares of $25 par
common,of which 20,000 shares will be set aside for conversion.
That present directors resign in favor of a new board to be elected
by
the holders of the preferred stock and that the present voting trust agree-V. 135, p. 1342; V. 115, P. 318.
ment be dissolved.
"'Wesson Oil & Snowdrift Co., Inc.
-Dividends Covered.
President A. D. Geohegan states that earnings in the fiscal year
Aug. 31 were sufficient to cover dividends on both common and ended
pref.
stock. The company closed the year with the largest inventories in its
history acquired at the lowest cost price on record. The recent advance
in cottonseed oil has more than covered inventory write-downs made
during the last three quarterly periods.
1839
The directors have authorized the retirement of 100,000 shares of cony.
pref. stock which has been acquired over the last two years at
cost of slightly less than $51 a share. This leaves the total an average
number of
shares of cony. pref. stock now outstanding at 300,000, and has provided
a substantial credit to surplus account.
-V. 135. P. 148.
Western Auto Supply Co.
-August Sales.1932
-Aug.-1931.
Increase.I 1932-8 Mos.-1931.
Decrease.
$1,336,800 $1.268,900
$67.900127,391,000 $8,297,000
$906.000
-V. 135, p. 315, 1177.
Western Dairy Products Co.
-Earnings.
For income statement for six months ended June 31 see "Earnings
Department" on a preceding page.
S. H.Burch, President. said in part: "Only because operating economies
totaling more than 5500,000 were effected in the first half
company able to show a profit on operations after bondof 1932 was the
and debenture
interest. During this period ice cream business was adversely affected by
lower temperatures than in the first half of 1931.
"Unstabilized conditions in the milk industry prevented profitable
operation in that department of the business."
-V. 134,.p. 3838.
White Motor Co.
-Balance Sheet June 30.1932.
1931.
• •
1932.
1931.: '
Assets
LiattUilies$
$
.
Land, buildings,
Capital stock
32,500,000. 40,000,000
equipment, aec_x8.225,601 8,838,706 Accts. pay., &c...._ 1,041,792. 1.550,482%
Cash
5,444,092 4,469.660 Purch. money obitU. S. Govt. scour. 3,467,838 3,483,229
gatton
' . 36,825 .
Notes receivable._ 1,509,154 3,780,201 Accrued State and
.
Cust.accts.reedy. 1,463,063 2,569,018 . county taxes
289,538
Miscell. accts. rec. 125,961
145,406 White Motor R'Ity
.
White Motor SeCo
141,037
647,368
curities Corp.._ 829,583
502,419 Contingent reserve,
Inventories
8,660,597 11,452,289
eic
955,797
159,443
Inv.instill. cos.__ 3,720,078 3,308,128 Accr'd Fed'i tax_
724,336 '
Stock in other cos_ 1,842,164 1,380.575 Surplus •
6,551,531 5,631,421
Insur.fund invest_ 159,437
141,495
Good-will, patents,
&a
5,388,910 5,388,910
Treasury stock
239,464
Empl. stock acc't_
2,814,136
Deferred charges._ 403,751
475,703
Total
41,479,694 48.749,875
Total
41,479,594 48.749,875
se After depreciation of $7,820,383.-V. 135, p. 1509.
(F. W.) Woolworth Co.
-August Sales.
Period End. Aug. 31- 1932
-Month-1931. 1932-8 Mos.-1931.
Sales
$18,244,094 521.710,705 5154637.320 2173062,546
-V. 135, p. 315. 1009.
CURRENT NOTICES.
-In connection with the opening of a new office in New York City
located at44 Wall Street, Associated American Distributors,Inc.,announces
the appointment of sales representatives for New York State. Philadelphia,
Pittsburgh and the Boston districts. The New York office will be headquarters for the organization for eastern territory under the supervision of
Horace Gear,formerly a partner of August Belmont & Co. Associated with
Mr. Gear will be Bernard Fischer, also previously with the same firm.
William T. Higgins, also recently associated with August Belmont
&
Co., is the newly appointed sales representative for the New York State
territory; James B. Lyon Jr., formerly with Goddard & Co., is in charge
or the Philadelphia and Pittsburgh territories, and Jefferson Barn3kov, .
formerly with British Type Securities Corp., will have charge of the Boston
territory.
-Robert Glendinning & Co., Philadelphia, announce the opening of a
trading department under the supervision of Conyers Button and Ferree •
Brinton, Jr., who have become associated with them. The firm will be ,
connected by private wires to leading markets of the principal cities of the
country and will be equipped to give service in all listed and 'unlisted
securities.
-Hemphill, Noyes & Co., members of the New York Stock Exchange,
.
have opened an office in Plattsburg. N. Y.,located in the Hotel Witherill,
under the management of Charles Goodwin. The fin n also announces the
removal of their Pottsville office to new quarters in the Schuylkill Trust
--G. P. Turner, for nine years manager of the Hartford office of Whitel •
Mansfield, for 11 years manager of Halsey, Stuart.
Weld & Co., and W. W.
& Co.'s Hartford office, have formed the firm of Turner, Mansfield & Co.,
conducts general investment business at 75 Pearl St.. Hartford, Conn.
to
-Edwin A. Harden, formerly Vice-President in charge of sales of G. E.
Barrett & Co.. announces the formation of the firm of E. A. Harden it Co.,
Inc., to conduct a general business in investment securities at 70 Pine
Street, New York City.
-A. Mitchell Hall, formerly Vice-President of the Liberty National
Bank, and Clarence J. Griffin, formerly with W. E. Hutton & Co.. have
become associated with the New York office of Stein Bros. & Boyce in their
Investment Department.
-Holt, Rose & Troster. 71 Trinity Place, N. Y., announce the opening
of a special department to handle textile mill securities. Orders will be
executed on all cotton, woolen, rayon and other mill stocks and bonds.
-Arthur Lipper & Co., have opened a branch office to-day at 353 Fifth
Avenue, with John Timmins as Manager. Mr. Timmins has been with the .
firm since 1902. Prior to that time he was with Theodore Myers & Co.
-James Talcott, Inc.. has been appointed factors for the Pilgrim Mills.
Fall River, Mass., manufacturers of fine cotton textiles, and for Friedman
Knitwear Corp., N. Y., manufacturers of childrens knitwear.
-Roy S. Monger has become President of Participating Securities Corp..
which he organized under the sponsorship of Meeks, Burhans & Wlepert.
Inc., to manage a bond trust.
-James B. Jones, Jr., formerly of Mackay & Co., is now associated with
Hendrickson & Co., members of New York Stock Exchange, in
charge of
their investment department.
-Irvir.g Williams Jr.. formerly of Williams & Vogel', has formed the
firm of Irving Williams Jr. & Co., and will conduct an unlisted business at
60 Wall Tower. New York.
-oraigmyle, Alarache & Co., Inc., New York, announce that Mark
A.
Borgatta and Elvin H. Church have become associated with the firm in
its trading department.
-Jacob J. Jacoby and Bernard Renick have become associated with
D.M.Minton & Co.in their branch office at 18 East 44th Street.
-Wm. C. Orton & Co., 43 Exchange Place, N. Y. City, announce that
Harry hi. Reed is in charge of their real estate bond department.
-Joseph Walker & Sons, 61 Broadway, N. Y., have prepared a list
of
guaranteed railroad stocks yielding from 5.19 to 9.09%.
-William L. Divver has joined the Sales Department of Van Alstyne,
Noel & Co., 52 Broadway.
-H. D. Knox & Co., 11 Broadway, N. Y., have prepared a circular on
Lincoln Fire Insurance Co.
-Charles H. Platt is now associated with W. D. Yergason & Co.. 30
Broad St., New York.
Financial Chronicle
J840
Sept. 10 1932
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-DRY GOODS-WOOL
PETROLEUM-RUBBER-HIDES-METALS
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.
pares with 57,047,158 bags or 2,546,748 tons delivered during the corresponding period of last year,. a reduction of
40,123 tons or approximately 1.6%. Consumption in. the.
United States last year amounted to about 4,400,000 tons
more than half of which came from Cuba. The remainder
was from the Philippines, Hawaii and Puerto Rico, says a
Texas & Pacific Railway bulletin. On the 7th inst. futures
closed unchanged to 2 points lower. Thirty-two Sept. notices.
were issued. Sales to outport refiners were 1.18e.c.&f Some
10,000 bags of Cubas for prompt shipment by sea train and
5,000 bags to others were confirmed, but seine believed that
the total sales to outports on the 1.180. basis were 40,000,
to 50,000 bags. The New York market was. slow at Id&
to 3.18c. Refined 4.25c.
On the 8th inst. futures fell 1 to 3 points and spot raws 3
points now being 3.15c. September and May acted the best;
26 notices were issued and had no effect. The sales of futures.
were 19,900 tons. Cuban interests bought. Some 18,000,
bags of Cuba mostly prompt sold at 3.15c. To-day futures,
closed 1 to 3 points lower with sales of 21,700 tons. Final
prices are 3 to 4 points lower than a week ago.
Closing quotations follow:
Friday Night, Sept. 9 1932.
COFFEE on the spot was strong. Offerings were small
and prices were as difficult as ever to quote. Santos 4s
were nominally 143/20. to 14%c.; Rio 7s 9 to 934c.; Victoria
A
A
7-8s 90.; Parana 113 c. Maracaibo, Trujillo 123/2 to 123 c.;
fair to good Cucuta 135-i to 13Mc.• prime to choice 13% to
A
1330.; washed 13M to 133c.; Colombian, Ocana 123 c.;
/
%
Bucaramanga, natural 13 to 1330.; washed 13 to 133(c.;
Honda, Tolima, Giradot and Armenia 133/2 to 13%c.; Medellin 14 to 143c.; Manizales 133 to 133/2c. Mexican washed
133/2 to 153/2e. East India, Ankola 26 to 350. Mendheling 26 to 33c. Genuine Java 233/2 to 24c. Robusta
A
%
washed 113 to 120.; Mocha 133 to 143 c.; Barrer 133/2 to
4
140. and Abyssinian 12% to 13c. On the 6th inst. cost and
freight offers from Brazil were limited and included 3-4s at
14.500.; 3-5s at 14.00; 4-5s and 5s at 10.75c. to 10.950. Spot
318 were available at 15.00c. while Santos 4s were quoted
-nominally Mc. lower at 133c. to 14c., Rio 7s 93c. and Spot unofficial
1.051
March
1.15
1.09'
1.08
1.071 1.09 May
Victoria 7-8s 9c. There was said to be a moderately active September
1.14
1.13
July
December
1.09
-spot demand and a fair amount of spot coffee was reported January
1.06
1.05
to have changed hands. On the 7th inst. cost and freight
-On the 3rd inst. futures closed 2 points lower to
-.offers from Brazil were scarce and were generally unchanged. 5 LARD.
points higher. On the 6th inst.futures were quiet and closed
For prompt shipment Sul de Minas 3s were offered at 13.00
unchanged to 2 points higher. Hogs were steady, with the
.and 3-5s at 12.500. Victoria 7-8s were offered at 8.250. top
price $4.65 at Chicago. Western receipts were 88,700
.Spot coffee was quiet and quoted nominally unchanged at
4
133 to 14c. for Santos 4s, 93.c. for Rio 7s and 9c. for Vic- against 63,500 last week and 100,900 last year. Liverpool
lard was unchanged to 6d. higher. September contract detoria 7-8s.
York
On the 6th inst. futures advanced 12 to 77 points, the liveries included 200,000 of bellies. Exports from New week
were 665,000 lbs. of lard over the week-end. For the
latter for Dec. Santos, which Wall Street was buying.
previous.
The strong spot situation was the sheet anchor of the market. 2,528,000 lbs. cleared against 4,498,000 in theto 5.85e.;
week.
prime 5.7S
were
The big prices obtained recently for Farm Board coffee refined Cash markets 634c.; steady; America 63/2c.; Brazil
South
to
which were 1 Mc. above the spot price then ruling have made 73c. On Continent
the 7th inst. futures declined 5 to 10 points. Hogs.
a profound impression. The sales of futures on the 6th advanced 10 to 150. with the high $4.70. Prime cash lard
inst. were 61,000 bags of Santos and 16,000 of Rio, showing was off to 5.65 to 5.75c. On the 8th inst. futures closed 2
.
much greater activity in the speculation than recently. points off to 3 up; cash unchanged. To-day futures closed
on in Brazil. Santos was still closed and the 2 to 3
The war goes
2 to 12 points lower than a week
statistical position is increasingly strong. About a third of ago. points lower and are
in Dec. Santos. Europe was covering.
the business was
ELT CHICAGO.
On the 7th inst. futures declined 5 to 32 points on reports DAILY CLOSING PRICES OF' LARD FUTURES. Thurs. Fri,
.
Wed.
Mon. Tues.
Sat.
5.10
5.12
that the rebellion in Brazil was dying out as the government September
5,12
5.22
5.20
5.10
5.12
5.15
5.22
sales were 47,500 bags of Santos October
5.22
gained successes. The
5.10
5.12
5.10
5.17
5.15
and 9,500 of Rio. Dec. early in the day advanced 20 points January High and When Made- I Season's Low andt When Made
Season's
Europe and shorts bought. September
3.72 June 2 1932
but it was only temporarily.
5.90 June 11 1932 September
3.77 June 2 1932
June 17 1932 October
On the 8th inst. futures ad- October
5.42
Brazil and the trade sold.
vanced 8 to 22 points on trade and European buying and
family, $20.25; fat backs, $14
dull;
less active. Spot coffee toPORK Ribs,mess, $19.25; 6.75c., basis 50 to 60 lbs.
the belief that trading was much
cash,
$15.
17 to 27 points lower average. Beef Chicago, mess, nominal; packet, nominal;
was strong. To-day futures closed
steady;
on Rio with sales of 3,000 bags and 7 to 24 points lower family, $13.50 to $14; extra India mess, nominal; No. 1
on Santos with sales of 29,000 bags. Final prices for the canned corned beef, $1.97; No. 2, $3.90; six pounds, South
week are unchanged to 7 points lower on Rio futures but America, $12; pickled tongues, $33 to $40. Cut meats
unchanged to 47 points higher on Santos.
steady; pickled hams, 16 to 18 lbs., 93/2e.; 14 to 16 lbs.,
/
Kic.; 10 to 12 lbs., 93 0.; pickled bellies, 10 to 12 lbs.,
Rio coffee prices closed as follows:
6.00§ nom
March
83ic.; 6 to 10 lbs., 8%c.; bellies, clear, dry salted, boxed,
91(
Spot unofficial
nom
5.85
7.181 nom I May
September
18 to 20 lbs., 8313.; 14 to 16 lbs., 834e. Butter, lower
5.75 nom
6.18 nom July
December
grades to higher than extra, 17 to 22c. Cheese, Wisconsin
Santos coffee prices closed as follows:
fresh flats, 14c.; young America, 133 to 173,c. Eggs,
%
§
8.78 --March
1414
Spot unofficial
mediums to special packs, 14 to 26c.
8.52 nom
.50IMay
13.15§13
September
8.38 ---nom July
9.91
December
OILS.
-Linseed was weaker of late with leading crushers
COCOA to-day ended 3 points lower to 3 points higher on making concessions of 1 to 2 points. Car lots were quoted
197 lots. Sept. closed at 4.86c.; Dec. at 6.1c. The weakness of grains and flaxseed had'a depresfutures with sales of
at 5.03c.; Jan. at 5.07c.; Mar. at 5.18 to 5.19c.; May at sing effect. Cocoanut, Manila coast tanks 354c.; tanks,
5.29c. and July at 5.42. Final prices show a rise since New York, 3%o. Corn, crude, tanks, f.o.b. Western mills,
45% to 43 0. Olive Denatured spot,52 to 570.;shipment,500.
last Friday of 1 to 4 points.
/
A
-On the 6th inst. futures closed 2 points lower China wood, N. Y. drums, carlots, 53 to 6o.; tanks, 53' to
SUGAR.
5
%
%
4
,
to 1 point higher with sales of 73 lots. Spot raws were 53 0.; Pacific Coast tanks, 4 to 43 c.; Soya Bean, tank
quiet at 1.18 to 3.180. Havana cabled: "Viriato Gutierrez ears, f.o.b. Western mills, 3.40 to 3.50c.; carlot delivered,
45% to 43 c.; L.C.L., 53/2 to 53443. Edible,
A
announced yesterday possibilities of conferences will take drs., N. Y.,
place in Have a in Nov. by Puerto Rico, Hawaii, possibly olive, 1.25 to 1.400. Lard, prime, 9c.; extra strained winter,
/
Philippines and Cuba in order to establish something like N. Y., 73 0. Cod, Newfoundland, 21 to 260. Turpentine,
raws." 473 to 523 c. Rosin, $3.70 to $7.
A
A
a raw sugar institute so as to benefit in the selling of
Arrivals:
The figures on the Cuba sugar were as follows: 23,176;
COTTONSEED OIL sales to-day including switches,
28,755: exports, 61,628; stocks, 859,672; New York,
10 contracts. Crude, S. E., 4o. Prices closed as follows:
Philadelphia, 730; Boston, 1,989; Baltimore, 4,513; New Spot
4.75
bid January
5.041 5.08
5.20
5.09 February
5.05
4.85
Savannah, 5,019; Galveston, 3,192; Norfolk, September
Orleans, 1,833;
5.21
4.06
October
5.05 March
5.18
Interior United States, 145; United King- November
713; Miami, 168;
5.30
4.95 5.10 April
5.18
5.04
dom, 14,187; France, 5,963; Mills grinding 2. The London December
•
terme market was steady with prices being fully maintained.
PETROLEUM.
-Gasoline tank ear market was weaker
Sellers quoted 6s. 43/2d. on 500 tons, but mostly the offerings and many of the large buyers who are not covered by standing
4
were held at 6s. 53/d. Refiners were not interested. Home contracts are not inclined to purchase very far ahead at this
trade was reported slow. Refined in New York, 4.25o. time. United States Motor below 65 octane was 63 to
,
During the first six months of 1932 (Jan. to June, inclusive, 63/2c.; above 65 octane.) 63 to 7o. Refiners' posted prices,
%
deliveries of refined sugar in the United States according to however, are considerably above these levels. Kerosene
100
the Sugar Institute, Inc. totaled 56,148,403 bags ofcom- was in better demand owing to cooler weather. Prices were
lbe. each or 2,506,625 long tons refined sugar. This
Volume 135
Financial Chronicle
firmer at 63/ie. for 41-43 water white in tank cars f.o.b.
Domestic heating oils were somewhat unsettled with the
tank wagon price rather easier. Industrial heating oil was
a little more active. Consumption of fuel oils has been
stimulated of late by the drop in temperatures. Grace C
bunker fuel oil was in fair demand at 85e. Diesel oil was in
moderate demand at $1.65.
Tables of prices formerly 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 6th inst. futures jumped 51 to 84
points with decreased Malayan shipments and good buying.
The decrease was not so much but might mean the turning
•of the tide. London since Friday had advanced 9-32d. and
Singapore X to 9-32d. The sales here on the 6th inst.
were 2,040 tons of No. 1 standard and 1,280 of No. 1 "B."
No. 1 Standard September ended at 4.400.; Dec. at 4.60c.;
Jan. at 4.68c.; March at 4.84 to 4.85e. and Apr. at 4.90e.
No. 1 "B" Sept. 4.400.; Dec. 4.60c.; May 4.95 to 4.97c.;
July, 5.05 to 5.07c., and August at 5.10e. Outside prices
up; spot, Sept. and Oct., 4 11-16c.; Nov.
-Dec., 44c.; Jan.
March, 470.; spot, first latex thick, 53./i to 510.; thin pale
/
latex 53./i to 53.c.; clean thin brown, 45-160.; rolled brown
-crepe, 3Xe.; No.2 amber, 43% to 4 7-16c.; No. 3, 4 5-16c. to
43/c.; No. 4, 4Xe.; Paras, upriver fine spot, 7c.; Acre, fine
8
•spot, 73/ic.; Caucho Ball-upper, 3e. The Department of
Commerce reports a steady shrinkage in stocks from the
peak of 644,000 tons in May to 592,000 tons at the end of
July. There is a proposed 11% rise in tires. The detailed
figures on Malayan shipments for Aug. showed clearances to
the U. S. of 21,362 tons or a decrease of 2,216 tons compared
with the 23,578 tons cleared in July and was 6,272 tons
low shipments of 27,634 tons made in Aug. last year. beOn
the 6th inst. London opened firm, 7-32 to Xd. higher than
Friday's close and at 2.35 p. m. was firm X to 9-32d. higher;
Sept., 33-32d.; Oct.
-Dec., 33-16d.; Jan.
-March, 3Xel.;
Apr.
-June, 3 11-32d. and July-Sept., 3 7-16d. Singapore
closed 3-32d. to %d. higher than Friday's close; Sept.,
227-32d.; Oct.
-Dec., 2Xd.; Jan.
-March, 2 15-16d. On the
7th inst. futures declined 5 to 10 points. London fell 3-32d.
with sales of 3,129 tons, including 2,480 tons of No. 1 stand.ard and 640 of No. 1 "B" closing with No. 1 standard Sept.
at 4.30e.; Oct., 4.37e.; Dec., 4.50e.; Jan., 4.59c.; March,
4.75 to 4.77e.; No. 1 "B" Sept., 4.360.; Oct., 4.37c.; Nov.,
4.440.; Dec., 4.50c. Outside prices: Spot, Sept. and Oct.,
4Me.; Nov.
-Dee., 458c.; Jan.
/
-March, 43 c.; Apr.
-June, 5e;
%
spot first latex thick and thin pale latex, 5 1-160. On the
7th inst. London closed quiet, 1-32 to 3-32d. decline; Sept.,
3d.; Oct.
-Dec., 3 1-16d.; Jan.
-March, 3 5-32d.; Apr.
-June,
334d., July-Sept., 3 11-32d. Singapore closed 5-32d. lower;
Sept. 2 11-16d.; Oct.
-Dec., 2 23-32d.; Jan.
-March, 2 25-32d.
On the 8th inst. prices ended 18 to 30 points off, with
sales of 1,530 tons of No. 1 standard and 420 of No. 1 "B,"
'closing with Sept. No. 1 standard, 4.12e.; Dec., 4.16e.;
Dec. No. 1 "B," 4.25e.; Jan., 4.400.; spot prices 3-16e. off,
-at 45-16e. London was weaker. On the 8th inst. London
'closed easy, unchanged to 3-32d. net lower and was 1-32d.
to Md. below the early highs. Sept. closed 215-16d.;
Oct.
-Dee. 3d.; Jan.
-Mar., 35-32d.; April-June, 37-32d.;
July-Sept., 33cl. Singapore closed, 1-32d. to 1-16d. de-cline; Sept., 221-32d.; Oct.
-Dec., 211-16d.; Jan.
-Mar.,
223-32d. To-day futures closed 13 to 20 points lower on
No. 1 standard, with sales of 167 lots. Final prices are
23
to 25 points lower than a week ago.
HIDES.
-On the 6th inst. futures advanced 15 to 45
points with sales of 2,200,000 lbs., closing with old Sept.,
8.25 to 6.750.; Dec., 7.80o.; March, 8.560.; new Sept.,
6.25e.; Dec., 7.65 to 7.75e.; March, 8.80 to 8.85e.; June,
9.45o. The firmness of spot hides braced futures. Spot
hides were active. In the Argentine, 8,000 August frigorifico steers sold at 7e. and 4,000 August frigorifico steers at
7Mc. Exports of cattle hides in July exceeded imports by
56,000 pieces, according to the New York Hide Exchange.
The United States is commonly an importer of hides rather
than an exporter. The turn is partly attributed to the
abnormally low prices that prevailed in the domestic market
at that time, which encouraged foreign buying. The
imports of cattle hides during the first seven monthsnet
of
this year were 20% less than in the same period in 1931.
On the 7th inst. prices advanced 15 to 40 points with sales
of 3,080,000 lbs., closing with old Sept., 6.65 to 7c.; Dec.,
8c.; March, 8.760.; new Sept., 6.50c.; Dec., 7.960.; March,
9e., and June, 9.60e. Outside prices: packer native steers
and butt brands, 7 Mc.; Colorados, 7c.; Chicago light native
cows, Aug., 73./ie.; frigorifico steers, Aug., 73/8c.; light steers,
Aug.,7 9-160.; cows, Aug., 7%c. New York City calfskins,
9-12s, 1.20; 7.9s, 90; 5.7s, 75. On the 8th inst. prices closed
20 points off to 15 up with sales of 3,800,000 lbs., ending
with old Sept., 7.800.; March, 8.560.; new Dec., 7.75c.
Sales at Chicago, group sale: 2,200 light native cows, Aug.
Sept., 8c.; branded cows, Aug.
-Sept., 73/ie.; extra light
-Sept., 8c.; butt branded steers, Aug.
native steers, Aug.
Sept., 8c.; Colorado steers, Aug.
-Sept., 7 Mc.; at New York:
1,100 butt branded steers, Aug., 8c.; 2,800 Colorado steers,
Aug., 7Me. To-day futures closed unchanged to 3 points
off with sales of 52 lots; Sept., 6.75e.; Oct., 7.10c.; Dee.,
7.75 to 7.85o.; March, 8.77o. and June, 9.40 to 9.50e.
Final prices are 37 to 75 points higher than a week ago.
1841
OCEAN FREIGHTS.
-Trading became more active.
Grain trading w s better later on. Some rates advanced.
CHARTERS included: 28,000 qrs. grain 10% Montreal, Sept.
20-30
Antwerp-Rotterdam. 6c.; 25,000 qrs. Montreal, second half Sept. AntwerpRotterdam, 64,c.; west coast United Kingdom, Is. 10%d.; London-Hull.
is.: 15 loads New York-Antwerp, 434c., spot, a few Montreal. Marseilles
and West Italy. 93c.; Montreal second half Sept., United Kingdom, is.
9d.:
picked ports, is. 2d.; A. R., 6c.; Hamburg. 7c.: 33,000 qrs. 10. prompt
Montreal, basis, 6c.; A. R., with options; Gulf, Pacific U. S. ports,
$3.50; grain, 35,000 qrs.,.Montreal, Sept., A. R., °Sic.; Hamburg, Sept.,
73c.;
picked United Kingdom ports, Is. 10d.;36,000 qrs., 10 prompt Montreal,
A. R.,63c.; Hamburg, 7%c.; picked United Kingdom. is. 1034d.; 25.000
qrs. 10, Sept. Montreal picked United Kingdom, 25.: 23.000 qrs. 10,
Montreal, October, picked United Kingdom, 25.: 25,000 qrs. 10. Montreal.
Sept. picked United Kingdom, is.; grain, 34,000 qrs. 10. Montreal, Sept.
12-26 A. R., 6Hc.: Hamburg. 7Mc.; picked United Kingdom, is. 103d.;
30.000 qrs. 10, prompt Montreal, picked United Kingdom ports. is.
Grain booked included: 10 loads Antwerp from New York, 5c., and from
Montreal, 10 loads, Oct.. Hamburg, 8c.: 10 loads Rotterdam. Sept., 634c.,
and 10 loads Rotterdam, Oct., 7c. Coal: Hampton Roads, prompt
Havana, 50c. Trips: prompt, delivery Gulf. re-delivery Continent,
Mediterranean at 50c.: prompt South Atlantic. re-delivery United KingdomContinent at 65c. Sugar: 38,800 ton steamer, second half Sept.. Cuba,
United Kingdom-Continent, 14s. 6d.
TOBACCO has been quiet here as usual at this time of
the year. As regards the crop the "U. S.Tobacco Journal"
said: Sampling of the 1931 Connecticut Broadleaf is just
about completed. It is reported that no damage has been
found, and the tobacco has every characteristic that is sought
in fine quality binders. Exceptional progress is being made
in the harvest of the Shade wrappers, and from present indications they will be very attractive.. The weather has been
ideal for curing. From most of the other tobacco growing
sections, reports are not so favorable. La,cke of rain has
cut down both the yield and quality of the 1932 Pennsylvania
crop. More or less the same conditions exist in Ohio and
Wisconsin. In each of these States except Pennsylvania
the cigar lead acreage is substantially smaller than last year's
and the poor yield will mean a very small production this
year. In Puerto Rico the next crop will be extremely small.
Preparations for the new crop should have been under way
at this time, but comparatively few -farmers are showing
any sings of an intention to plant. This year's crop was
very small also, probably not above 10% of an average crop.
"The Connecticut Valley production of tobacco this year
is expected to total only 11 million pounds compared with
19 millio , harvested in 1931 and 17 million the five-year
average for 1926-30. The outlook for Havana seed tobacco
production of 14 million pounds compares with 15 million
pounds a year ago and 17 million the five-year average.
Acreage reduction is responsible for the smaller crop outlook
for these types of tobacco. Only a small crop of Connecticut
Valley Shade tobacco is in prospect with production expected
to total 4,299,000 pounds compared with 5,295,000 pounds
in 1931." Tampa, Fla.,"Tampa cigar factories turned out
a total of 26,847,862 cigars during the month of Aug., according to figures released by the local Federal revenue
office. Revenue stamp collections for the month amounted
to $104,800.10. The Aug. production exceeded that of the
previous month by 500,000 cigars, but ran some 8,000,000
behind Aug. 1931, when Tampa plants manufactured 35041,490 cigars." Tobacco stocks have an average advance
in Aug. of 19%. The United and Acker Merrall & Condit
attribute their receiverships largely if not wholly to high
rents. A well known brand of cigars formerly sold, at Sc.
now sells at two for five. That might be called a sign of
the times.
SILVER.
-On the 6th inst., futures were active and
65 to 75 points higher, but reacted sharply later, closing
12 to 21 points net higher with sales of 2,725,000 ounces.
On the 7th inst., futures ended 3 to 8 points higher, with
sales of 1,525,000 ounces; Oct., 29.05c.; Dec., 29.25 to
29.30e.; Jan., 29.37c.; March, 29.65c. On the 8th inst.
there was a decline of 25 to 32 points with sales of 1,025,000
ounces; Sept., 28.70e.• Oct., 28.80c.; Dec., 29e.; Jan.,
29.11c.; March, 29.40c. To-day prices declined 26 to 35
'
points with sales of 775,000 ounces; Sept. 28.40c.; Oct.,
28.50!_.; Dec., 251.70c.; Jan., 28.85c., and'
March, 29.06e.
wiarMirdy
at the recent advance in prices.
The domestic price was 634c., while the official price of
Copper Exporters, Inc., was the same. Foreign prices
ranged from 6.20 to 6.32Y
2c. London on the 8th inst.,
advanced on spot standard Os. 3d. to £38; futures up 7s. 6d.
to £38 is. 3d.• sales 1,400 tons of futures; electrolytic unchanged at .£40 bid and £40 10s. asked; at the second session
'
spot standard dropped 7s. 6d. and futures 8s. 9d. on sales
of 350 tons. On the 6th inst., standard copper ended 18
points higher with no sales. American standard up 25 to 30
points; sales 300 tons; Dec., 5.70c.; March, 5.90e. On the
7th inst., American advanced 10 to 13 points with sales
of 300 tons; Sept. 5.65c.; Dec., 5.82c.; March, 6c., and
:
May, 6.10c.• American standard 10 points up; sales 75 tons;
Sept., 5.50C.; Dec., 5.62c. On the 8th inst., American
dropped 2 to 13 points with sales of 175 tons; Dec., 5.80c.;
March, 5.90e.; May, 5.97c.; Standard. 8 to 13c. up; sales
25 tons; Dec., 5.73c. To-day American closed with Sept.,
5.25e.; Oct., 5.29c.• Nov., 5.33c.; Dec., 5.33c.; Jan., 5.41e.;
Feb.,5.45e.; March,5.50 to 5.60e.;April, 5.55c.; May,5.60e.
'
June, 5.65e.; July, 5.70e., and Aug., 5.75c.; sales 150 tons.
TIN advanced to 25%c. for spot Straits. London on the
8th inst. was unchanged to 2s. 6d. higher at the first session,
but at the second session declined 5s. to 10s. On the 6th inst.
futures closed 45 points higher with sales of 10 tons; January,
25.05e. On the 7th inst. prices were 10 points lower with
sales of 5 tons; Jan., 24.95c. On the 8th inst. the market was
10 points higher with sales of 35 tons; Sept., 24.45c.; Oct.,
24.60c., and Dec., 24.900. To-day September ended at
• 24.20c.; Dec. at 24.45c., and March at 24.90c. with sales
of 30 tons.
LEAD was in good demand and steady at 3.60c. New York
and 3.45c. East St. Louis. In London, prices fell 6s. 3d. to
£14 Is. 3d. for spot; futures dropped 5s. to £14 7s. 6d.;
sales 200 tons spot and 800 tons of futures; at the second
session spot declined is. 3d. and futures 2s. 6d. on sales
of 50 tons of spot and 150 tons of futures.
ZINC advanced to 3.50c., East St. Louis. Second-hand
metal was available at the old price of 3.40c., but quantities
were limited. Demand was moderate. August statistics
were favorable. Stocks declined 4,704 tons to 131,203 tons
the lowest surplus since March. London on the 6th inst.
declined on the spot 3s. to £16 6s 3d; futures off 2s. 6d. to
•£16 us.3d.; sales 100 tons spot and 1,000 tons of futures;
at the second session prices dropped 2s. 6d. on sales of 200
tons of futures.
COAL was quiet in the hot weather and not much better
when it grew cooler. Prices have been generally steady
Production of soft coal last week is said to have increased
300,000 tons. Later anthracite was rather firmer.
STEEL remained quiet. Youngstown production was
reported to have moved up from 12% to 20%. The automobile outlook is better. The average production of steel
taking the trade as a whole is now estimated at 143-'%.
The automobile outlook is better.
PIG IRON was as quiet as ever and without features of
interest.
-Boston wired Sept. 7: "The volume of trading
WOOL.
in the wool market is not quite as large as it was during the
past few weeks, but manufacturers continue to take over
fairly large quantities at current quotations. French combing 64s and finer territory wools are selling at 42 to 44c.
scoured basis and strictly combing 56s bring- prices in the
r. nge of 38 to 42c. scoured basis. Strictly combing 56s
and 48s, 50s Ohio and similar fleeces are quoted firm at
19 to 20c. in the grease, with the bulk of the available offerings held at the higher figures."
WOOL TOPS futures closed 50 to 100 points higher with
sales reported of Jan. and Feb. at 62.50; closing quotations
follow: Sept. and Oct., 61.50 c.; Nov. 62.00 c.• Dec. 62.30;
'
Feb. 63.00 c.; Mar., 63.50-64.00; April, 64.00 o., May,
64.00 c.; June and July, 64.00 o.
SILK on the 3rd inst. closed 1 to 4 points higher on futures
with sales of 1,390 bales. September ended at $1.90; Oct.
at $1.88 to $1.92; Nov. at $1.88 to $1.90; Dec., $1.89 to
$1.90; Jan. and Feb.,$1.91; Mar.,$1.94, and April, $1.91 to
$1.92. On the 6th inst. futures ended 11 to 15 points lower
with sales of 1,820 bales and Sept. at $1.75 to $1.80; Oct.,
$1.76 to $1.78; Dec., $1.77 to $1.80; Jan., $1.76 to $1.80;
Feb. and Mar. at $1.79 to $1.80, and April at $1.79. On
the 7th inst. prices rose 1 to 7 points with sales ot900 bales.
On the 8th inst. futures closed 8 to 11 points lower with sales
of 2,800 bales and Sept. at $1.68 to $1.70; Oct., $1.70 to
$1.72; Nov. and Dec., $1.70; Jan., $1.73; Feb., $1.72 to
$1.73; Mar., $1.73, and April $1.72 to $1.73. To-day
futures ended 3 points lower to 1 point higher with sales of
-Nov.,
3,160 bales. Sept. closed at $1.69 to $1.75; Oct.
$1.70; Dec., $1.70 to $1.71; Jan., Feb. and Mar.,$1.70, and
April, $1.70 to $1.71.
COTTON
Friday Night, Sept. 9 1932.
MOVEMENT OF THE CROP,as indicated by our
THE
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
183,676 bales, against 154,553 bales last week and 111,142
bales the previous week, making the total receipts since
the
Aug. 1 1932, 645,737 bales, against 461,627 bales for1932
same period of 1931, showing an increase since Aug. 1
of 184,110 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
The following table shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with
•
last year:
Stock.
1931.
1932.
Receipts to
Sept. 9.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
Galveston
Texas City
Houston_
Corpus Cliiiiti
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_ -- Wilmington
Norfolk
N'port News, &c.
New York
Boston
Baltimore
Philadelphia
Totals
49,755 20,383
403
6,574
193,311 78,751
174,845 37,643
15,458
2,005
63,378
17,737
4,213
86,655
29,452
707
11,700
3,742
12,714
15,394
1,033
446
396,506
8.084
739,229
117,514
240
517,115
154,878
12,887
18,639
207,137
201,157
16,600
5,375
356,816
95,393
65,030
8,606
42,723
6
1750,94
3,552
3,026
46,106
203,087
12,251
1,250
5,389
228,695
2,593
500
5,293
16,203
554
845.737 167.441
183.675
4,215
42,977
4,541
222
1,233
2,379
217
2,633
1931.
1932.
31,920 433,935
12,118
404
177,591 1,021,527
163,612 131,853
16,008
16,330 885,569
28,755 4,044
1,292
1,756 1,373
37,454 17,019
7,692
24,413 3,045
26,127
137
2,408
213
2,067
9,556
461.627 3.328.2802,799.341
In,order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1932.
1930.
1931.
1927.
1928.
1929.
49,078
86,875
44.959
12,086
43,706
92,916
94,696
17,353
1,342
8.004
61,415
113,569
40,347
14,102
46,810
7,144
958
459
30,848
129,801
27,444
34,624
52.480
12,926
14,190
392
1,459
1,929
14,859
1,079
1,062
Galveston_ _- _
Houston
New Orleans_
Mobile
Savannah_
Brunswick_ _ _
Charleston_ _ _
Wilmington_ _
Norfolk
N'port News_
All others- ---
36.397
39,636
58,383
36,314
25,274
26,702
Totalthisweek
183,676
167,441
362,547
281,579
242,040
319,946
Since Aug. 1....
645,737
461,627 1.274.440
946.087
705,234 1,198,347
20,383
78,751
4,213
4,044
17.019
15.458
63,378
29.452
9,356
11,700
3,742
12,714
1,033
446
3,045
137
213
526
The exports for the week ending this evening reach a total
of 153,095 bales, of which 12,353 were to Great Britain,
20,335 to France 38,908 to Germany, 24,851 to Italy, nil
to Russia, 37,426 to Japan and China and 19,222 to other
destinations. In the corresponding week last year total
exports were 83,116 bales. For the season to date aggregate
exports have been 650,052 bales, against 358,869 bales in
the same period of the previous season. Below are the
exports for the week.
Exported to
Week Ended
Japan&
Sept. 9 1932. Great
Ger- BrUain. France. many. Italy. Russia. CMnil. Other.
Exports from
Galveston
Houston..... Corpus Christi-.
New Orleans_
Mobile
Pensacola
Savannah
Brunswick
Charleston
Norfolk
Los Angeles
Lake Charles- - -
2,154
375
3,601
6,164
1,050
3,200
5,455
5,189
650
387
5,461
Total
12,831
39,901
31,937
26,284
13,424
4,118
7,459
350 3,742
642
817
650
3,650
725 8,457
37,426 19,222 153,095
3,410
5,892
49,534 9,041 83,118
39,259 15.186 200,854
455 4,388 16,288
13,326 54,141 73,050
From
Aug 1 1932 to
GerSept. 9 1932. Great
Exports from- Britain. Francel many.
Total 1931-Total 1930_ -
3,5513
1,56.5
Total.
5,877
4,158
3,765
2,541
955
234
12,353 20,335 33,908 24,851
Total
Total 1931
Total 1930
Galveston--Houston-- Texas City CorpusChrlst
Panama Cit
. New Orleans_
Mobile
Jacksonville.
PensacolaSavannah__ _
Brunswick Charleston. _
Norfolk
Los Angeles.
San Francslc
Lake Charles
2,095
15,149
9,025
7,507
1,655
6,545 10,849
4,000 9,317
7,466
778
5,527
402
3,482
7,459
3,392
25
5.3471 8,67
12,07 59,486
154
5,489 25,013
18,2911 8,29
10,668 1,6
--28
15.8
10,1
10,1861
2,28
241
88
34 5,481
81,55,5108.72
14,42
54,921
1,220
20,453
1,292
15,3
9,166
86
7,8
14,1
6,992
12,351
764
Exported to
Italy. Rue
Japan &
China. Other.
6,039
17,444
24,66
43,658
12,867
42,752
31,301
1,728
24,224
5,88
402
-
3,6
1,20
1,850
159,993 71,631
42,91
11,378 14.6
85,288131,31'219,75
----
26,842 _
31,847 15,95
148,43
Total.
30,024
209.520
1,838
124,678
1,292
110,182
31,813
111
8,274
32,494
7,692
25,901
3,029
418
3,838
9,468
650.052
209,062 53,981 358,869
98,212 81,88 644,265
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard. Not Cleared for
-
Total.
--- 8.730 3,060 2,001 15,458
925
742
Galveston
2,005
-------------------- -2,005 63.378
Texas City
8
3066 7,347 2,998 7,600
4.
Houston
2,127 17,737
4,829 2,513 4,328 1,319 2,621
Corpus Christi
154 14,416 2,718 3,310 29,452
4,253 4,601
New Orleans_ _ _ _
234 1,033 2,860 1,063 9,356
4,166
Mobile
707
-- --707 11,700
--- Jacksonville -------------- ,342
F.6.1
---- 2r.
7,
1lil
Savannah
3,742
--_ ...., 3,742
---Brunswick---- 1,069 4,048 1,501 4,316 12,714
1,50
Charleston
15,394 15,394
_
_
__
---Lake Charles_
224 1,033
554
55i
.i.5
154 ____
Wilmington
446
36
97
70
126
---117
Norfolk
Baltimore
Totals this week_ 22,048 16.369 11,516 40,135 21,929 71.679 183,676
Sept. 10 1932
Financial Chronicle
1842
Sept. 9 al
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Other ports"-
GerGreat
Other CoastBritain. France. many. Foreign wise.
2,500
6,230
3,000
1.500
4,023
----
3.517
::::
2:666
-866 4:666 31:666
4,000 10.000
6.095 1,371
---- -3,000
------- 8.131.6
17,247 6,023 14,095 60.381
Total 1932
3,122 1,608 5,933 55.828
Total 1931
Total 1930_ 12.950 11,345 26.815 48.897
•Estimated.
Total.
Leaving
Stock.
415,435
855,300
201,137
95.393
87,60 146.351
42,723
887.666 1,470,645
500 18.500
2,550 30.269
6,000
-goo
3,550 101,296 3,226,984
1,299 67,790 2.731,551
3,751 103,758 1.999.473
COTTON has declined sharply on a Government crop
estimate of 11,310,000 bales and heavy liquidation in what
looked like an overbought market. On the 3rd inst. prime
advanced 15 to 23 points on the old bullish factors, closing
(.1
Volume 135
Financial Chronicle
1843
against 11,306,000 on Aug. 1 and 17,095,000 the crop last year.
at a net rise of 14 to 17 points. Very general and unwanted
was fully half a million
in Texas and 14 inches reported at The estimate of 11,310,000 bales
rains fell, with floods
i.e., 10,750,000 bales.
there was no knowing how wide- bales larger than some had expected, bales against 565,753
Mexia, in that State, and
865,232
were. Also stocks advanced 1 to 5 The ginning up to Sept. 1 was
spread the cloudbursts
up to the same date last year and 1,879,919 two years ago,
/
points, and wheat 114c. Hedge selling was smaller. The
better. A private crop but, of course, this had little, if any, influence. Nor would
technical position was considered
increase in the crop estimate in a month of 4,000 bales
estimate was 11,100,000 bales against 11,306,000 the Govern- an itself have mattered. It was the keen disappointment
about 17,000,000 last year. of
ment estimate In August and
of those who expect an estimate well under 11,000,000 bales
Exports were 47,000 bales. The total thus far was stated
or 266,000 bales larger than that told. Also the technical position had been weakened.
in one instance at 554,000 bales,
The market was plainly overbought. Prices closed 97 to 104
a year ago. Spot markets were 10 to 20 points higher. The points net lower. A rally at one time of nearly 40 points
trade was still a good buyer. Next to the bad crop outlook
did not hold. The abandonment of acreage was reported
the determined trade buying was the biggest factor in the
Aug. 1 as 3.1%, but this was reduced in the report of
rise. Worth Street was firm, with an excellent demand for on
Sept. 8 to only 1.8%. It was all a big surprise. Liquidagoods at a better margin of profit for the mills. Montand irresistible, partly on stop orders and
gomery, Ala., semi-monthly advices said: "The crop in the tion was large
often came in big blocks. And the closing prices were at or
Eastern belt, handicapped throughout the growing season
very close to the lowest of the day. Hedging sales were
by the heavily curtailed use of fertilizer, is continuing to larger. Before the report was received prices advanced 15
meet with setbacks. During the third week of August conbut later this quickly disappeared. Yet on the
tinuous showers and rains, cloudy weather and lower tem- to 25 points, was big outside buying, and much trade fixing
peratures than usual, contributed to boll weevil activity. decline there
After all, the crop was put at only 11,310,000
Its ravages are increasing. Much of the young fruit has of prices.
bales against 17,095,000 bales last year, a decrease of some
been destroyed, and many grown and half-grown bolls have
bales, and the consumption is believed to be steadily
been punctured; boll rot is also reported. In many sections 5,800,000
The technical position was naturally improved
a significant feature of the crop is the smallness of the Increasing.
enormous liquidation which might almost be called
bolls. Picking and ginning are being delayed on account by the
blood-letting. Textile news, including mill reports, was
of wet weather. Fields are grassy, and with much cotton
favorable. Margin of profit is increasing, and
open in the Southern sections, indications point to a lower- generally
time.
ing of the grades. On the whole, the Eastern belt crop has also working
To-day prices closed 16 to 19 points higher on a sharp
gone backward since Aug. 1, whereas in Texas and Oklaincrease in trade demand together with buying by New
homa the crop has about held its own."
Orleans and considerable covering. The Dallas "News"
the 6th inst. prices advanced 35 to 40 points on bullish
On
-8 to 12 said that there was further deterioration in all portions of
co-operative news, floods and cloudbursts in Texas
-a sharp advance in wheat and Texas and Oklahoma, except in the more westerly sections.
inches of rain In parts
The stock and grain markets were steady. And there was
trade buying as well as a broader outside speculation
heavy
Final prices show a decline for the
estimates fell off. Later most of the rise was lost, less hedge pressure.
as crop
week of 60 to 64 points. Spot cotton ended at 8.10c, for
1 to 5 points net higher. Procter & Gamble esticlosing
middling, a decline for the week of 65 points.
mated the crop at 10,750,000 bales against their estimate a
Differences between grades established
of 12.500,000 bales and the Government total then Staple Premiums
month ago
130% of average of
of 11,306,000 bales. The average crop guess of members of mix markets quoting for deliveries on contract Sept. 15 1932
for deliveries on
are the average quotations of the ten marthe Cotton Exchange was 10,731,000, or 1,575,000 under the
Sept. 15 1932.
kets designated by the Secretary of Agri
last Government estimate, or some 6,200,000 under the crop
1-luch &
1546
culture.
longer.
of last year. The Cotton Co-operative said its present stocks,
loth,
approximately 2,000,000 bales, will not be sold before July 31
64 on Mid.
White
Middling Fair
.og
.20
do
Strict Good Middling_
do
1933, except where there are existing foreign consignments
.41
.20
.09
do
do
Good Middling
.31
.29
based on the near month of the New
.os
or where a 12c. price,
do
do
Strict Middling
19
.20
.09
The Cotton Stabilization
York Exchange, can be obtained.
Middling
do
Bards
.20
.09
do
25 off Mid.
.17
Strict Low Middling
.05
not sell before March 1 1933,
Corporation announced it would
do
.15
Low Middling
51
de
of
with the same exceptions noted by the co-operatives. On
81
do
*Strict Good Ordinary- do
do
do
1 10
*Good Ordinary
July 1 this corporation held 1,300,000 bales of cotton. ConExtra White
.31 on
do
• Good Middling
gress allotted 500,000 bales for relief distribution, and the
do
do
de
.19
Strict Middling
do
do
do
Even
Middling
Corporation designated 650,000 bales for marketing during
do
.25 off
do
Strict Low Middling.-- do
the rest of the fiscal year. Of the 650,000 bales, more than
do
do
.51
do
Low Middling
do•
Spotted
18 on
Good Middling
.20
300,000 bales have been sold, it said. The Corporation imme.09
do
do
01 off
Strict Middling
20
.09
diately will withdraw its remaining stocks from sale until
do
23 off
do
.17
Middling
.08
48
do
*Strict Low Middling__ do
March 1 1933. The Cotton Exchange Service said: "Mill
do
do
80
*Low Middling
activity continues to expand at a rapid rate. Many mills
02 on
do
Strict Good MiddlIng_Yellow Tinged
.18
.09
do
do
24 off
do
which have been curtailing heavily are back again on fullGood Middling
.18
.09
its
do
do
do
Strict Middling
.18
.09
day runs, and some are resuming day and night operations.
do
do
51
do
*Middling
Sentiment in manufacturing circles has greatly improved,
do
85
do
*Strict Low Middling__ do
do
do
1 21
do
*Low Middling
as it has been found possible to cut prices of goods more
Light Yellow Stained__ .38 off
do
Good Middling
.17
os
nearly onto a break-even or profitable basis and to secure
do
do
do -- .59
do
*Strict Middling
do
do -- .90
do
do
*Middling
orders sufficient to permit the planning of production for a
480(1
do
Yellow Stained
Good Middling
.17
.os
few months ahead. The response of finished goods has
do
95
do
do
*Strict Middling
do
1 20
do
do
created the belief that the current movement is not of a
*Middling
17 off
de
Gray
Good Middling
.18
At
transient, speculative character, but has some solid founda87
do
do
Strict Middling
.18
.os
do
tion of consumer demand beneath it. Retail buyers have
do
00
*Middling
56 011 do
Blue Stained
*Good Middling
shown a desire to make commitments 60 days ahead. This
86
do
do
do
*Strict Middling
situation has not been seen heretofore for three or four
1 13
do
do
do
*Middling
years. It is believed that many more goods must be bought
*Not deliverable on future contracts.
full provision has been made for even a subnormal
before
The official quotation for middling upland cotton in the
consumer demand. While the domestic spinning industry
for the past week has been:
Is thus showing marked improvement the English cotton New York market each day
Sat. Mon. Tues. Wed. Thurs. Frt.
Sept. 3 to Sept. 9disorganized by one of the worst strikes in the
trade is
9.00
8.95
7.95 8.10
8.90 1,101.
Middling upland
history of Lancashire. The weaving section of the English
NEW YORK QUOTATIONS FOR 32 YEARS:
entirely stopped, and it is feared that
industry is almost
The quotations for middling upland at New York on
the strike will extend to the spinning section. Cloth
have been as
Inquiry at Manchester was better last week. but mills Sept.9 for each of the past 32 years 15.35c. 1908 follows:
24.50c. 1916
8.10c. 1924
32
were unable to contract to make the required deliveries. 11199933290
13 49•
10.20c. 1907
.
9,
25g.
28.95c. 1915
1923
.9
1
1906
22.00c. 1914
11.20c. 1922
The outlook for English trade with India has been improved
13.25c. 1905
.
0 00c
11. :
85c
19.80c. 1913
19.35c. 1921
by the greatly increased Indian tariff against Japanese
11.75c. 1904
31.75c. 1912
19.50c. 1920
98 c
12..20ci
5
12.00c. 1903
29.10c. 1911
goods, and Indian dealers have been showing more interest 192
23.60c. 1919
7
2
98
14.00c. 1902
36.45c. 1910
18.60c. 1918
in Manchester. Germany and France report that individual 1926
. .
8 c
8. c*
62
88
12.65c. 1901
21.20c. 1909
23.55c. 1917
1925
spinners have moderately increased their activity and
MARKET AND SALES AT NEW YORK.
Italy cables that an improvement may become evident
The total sales of cotton on the spot each day during the
later this month. Gray goods in New York were active
statement.
on the 6th for a time but became less so as raw cotton week at New York are indicated in the following
reacted; 38%-inch 64x60s were still selling at 4%c. and For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
39 inch 80 squares at 5%c.
days.
On the 7th inst. prices were irregular, alternately higher closed on same
and lower, on the eve of the Government report of the 8th.
Sales.
Futures
Much evening up was done on both sides of the market.
Market
Spot Market
Spot. Contr'cl Total.
Closed.
Closed.
Undesirable rains fell in Texas. The weekly report was
considered rather bad. The close here was unchanged to Saturday- __ Quiet, 15 pta. adv_ _ Steady
HOLI DAY.
8 points higher. The bad weather and crop reports and a Monday __ _
Barely steady _ _
Quiet, 5 pta. adv_
600
600
rise in stocks were offset by the precautionary liquidation Tuesday
Wednesday.. Quiet. 5 pts. adv.. _ _ Steady
a Government report and also by more or less hedge Thursday __ Quiet, 10a pts. dec... Barely steady.. _
before
Quiet, 15 pts. adv _ Steady
Friday
-&545 -166
selling.
Total week_
1.100 1,100
On the 8th inst prices suddenly slumped 100 points when
Rine.* Ana, 1
1.000 2,734
the Government estimated the crop at 11.310.000 bales
1844
Financial Chronicle
Sept. 10 1932
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Sept. 3.
Monday,
Sept. 5.
Sept.
Range..
Closing- 8.75 ---Oct.Range-- 8.68- 8.92
Closing_ 8.83- 8.86
Tuesday. Wednesday
Sept. 6.
Sept. 7.
Thursday,
Sept. 8.
Movement to Sept. 9 1932.
Towns.
Friday.
Sept. 9.
Ala.,Birminfem
Eufaula
Montgomery.
8.85- 9.20 8.79- 8.95 7.85- 9.15 7.90- 8.11
8.86- 8.87 8.92- 7.88- 7.90 8.05 ---8.94 ---- 8.99 ---- 7.96 ---- 8.13 ---9.02- 9.39 8.93- 9.11 8.00- 9.30 8.07- 8.30
9.03- 9.04 9.07- 9.08 8.05- 8.07 8.21- 8.22
9.08- 9.44 9.00- 9.17 8.08- 9.34 8.15- 8.35
9.11 ---- 9.14 ---- 8.14 ---- 8.30 ---9.16 ---- 9.18 ---- 8.19 ---- 8.36 ---9.21- 9.56 9.12- 9.28 8.23- 9.50 8.25- 8.49
9.21- 9.22 9.22- 9.23 8.25- 8.28 8.42- 8.43
9.27- 9.28- 8.30
-
8.48-
9.34- 9.70 9.25- 9.41 8.35- 9.55 8.35- 8.59
9.34- 9.34- 9.37 8.35- 8.36 8.54- 8.55
9.38 ---- 9.39 ---- 8.39 ---- 8.58 ---9.42- 9.75 9.34- 9.47 8.40- 9.61 8.44- 8.66
9.42- 9.43 9.44- 8.44- 8.45 8.62- 8.65
Range of future prices at New York for week ending
Sept. 9 1932 and since trading began on each option:
Option for
Sept.1932..
Oct. 1932__
Nov. 1932_Dec. 1932_
Jan. 1933__
Feb. 1933..
Mar. 1933._
April 1933
May 1933__
June 1933
fuly 1933._
Range for Week.
Range Since Beginning of Option.
5.32
7.85 Sept. 8 8.92 Sept. 7 5.15
5.35
8.00 Sept. 8 9.39 Sept. 6 5.30
8.08 Sept. 8 9.44 Sept. 6 5.36
June
June
June
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
8.23 Sept. 8 9.56 Sept. 6 5.54 June 8 1932 9.84 Aug. 29 1932
8.35 Sept. 8 9.70 Sept. 6 5.69 June 8 1932 9.93 Aug. 29 1932
8.40 Sept. 8 9.75 Sept. 6 6.32 July 25 1932 10.00 Aug. 29 1932
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.
Sept. 9Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
bales
1932.
651,000
141,000
1931.
715.000
1930.
624.000
1929.
692.000
156,000
107.000
792,000
871.000
731,000
273,000
244.000
6.000
69.000
34,000
187.000
125,000
13,000
71.000
10.000
164,000
101.000
6.000
50.000
25.000
Total Continental stocks
572,000 626,000 406.000 346,000
Total European stocks
1,364.000 1,497.000 1,137,000 1,099,000
India cotton afloat for Europe
27.000
37.000 105.000
78.000
American cotton afloat for Europe 294,000 106.000 355,000 329.000
Egypt,Brazil,Stc..afloat for Europe 112.000 102,000
78.000 130.000
Stock in Alexandria. Egypt
431.000 540.000 465.000 152.000
Stock In Bombay.India
758.000 534.000 643.000 797.000
Stock in U. S. porta
3.328.280 2,799,341 2,103.231 847,997
Stock in U. S. Interior towns1,271,735 728.548 648.873 312.297
U.S. exports to-day
31,921
25,052
Total visible supply
7,617,936 6.368.941 5,535.104 2.745,294
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
298.000 289,000 198.000 266.000
Manchester stock
75.000
47.000
36,000
35,000
.Continental stock
515.000 522.000 283.000 250.000
American afloat for Europe
294.000 106.000 355.000 329.000
U.S. port stocks
3.328.280 2.799,341 2,103.231 847.997
U. S. interior stocks
1,271,735 728.548 648.873 312.297
U. S. exports to-day
31,921
25.052
Total American
5,813,936 4,516.941 3.624,104 2,040.294
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, Stc.. afloat
Steele in Alexandria. Egypt
Stock In Bombay,India
.Total East India, &c
Total American
353.000
426,000
426.000
426.000
66.000
57.000
109.000
104 000
71,000
123,000
105.000
78.000
465,000
643,000
26,000
96.000
78.000
130.000
352.000
797,000
27.000
112.000
431.000
758.000
37.000
102.000
540.000
534.000
1,804.000 1.852,000 1.911.000 1,705.000
5.813.936 4.516.941 3.624,104 2.040.294
Total visible supply
7,617,936 6,368.941 5,535.104 3,745,294
Middling uplands. Liverpool
6.356.
3.706.
6.30d. 10.32d.
Middling uplands, New York
8.10c.
6.75c.
19.00c.
11.05c.
lEgypt. good Sakel, Liverpool
9.90d.
6.70d. 11.400. 18.65d.
Peruvian, rough good. Liverpool14.506.
Broach, fine, Liverpool
6.07d.
3.056.
8.606.
4.558.
Tinnevelly. good. Liverpool
6.600.
3.53d.
5.800.
9.758.
Continental imports for past week have been 97,000 bales.
The above figures for 1932 show an increase over last
week of 15,621 bales, a gain of 1,248,995 over 1931, an
increase of 2,082,832 bales over 1930, and a gain of
3,872.642 bales over 1929.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year, is sot out in
.detail below:
CALM
AA *nom.
CO moo
Inn nel
•
on nnoioolone
•
•
Ship- 1Stocks
malts. Sept.
Week. 11.
711
580
1,105
1,450
811
......1
3
235
___
4
129
662
40
181
7,205
300
189
-___
--127
4
298
118
28
198
67
916
337
363
1.709
3,898
114
1,458'
1,400
5,8371
182,
3,106
1,152
942
313
7.989 3,003
24,528 5,428
114
153
2,247
949'
3,469
942
7,713 3,392
203
62'
14,238 1,667,
3,604 1.0941
14.__.
9.866 3.098
4'
5.923
on A.rn
•
802 24,665
338 6.901
25 46,644
154 34,288
1811 9,070
20, . 1,865
175' 7,015
533
20
9;
754
375 9,812
_1 1,965
468
326 6,888
29; 1,199
152 1,985
1,347
496
300 22,262
3,545 4.973153,445
25,0 0 2,755 70.753
,
100 5,400
700
731 26,191
1,519
1
___ 3,653
____ 56,060
101
286, 6,965
414
111 2,631
9
397
333 14,406
170
473 15,368
87
49; 4,287
222
228' 2.501
115' 2,322
83
6,415
921 2,057
6.232
671 35,629
394
1,140
2,011
2,308
87
7
9
259
1
108
16,287
24,372
78,696
85
1.195
4,664
8,898
368
4,600
2,333
1,450
8.086
lno el.' OA AC0100 CAR
•
*Includes the combined totals of 15 towns In Oklahoma.
The above totals show that the interior stocks have
Increased during the week 10,240 bales and are to-night
543,187 bales more than at the same period last year. The
receipts at all towns have been 44,100 bales more 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 as follows:
1931
932
Since
Sept. 2ShippedVia St. Louis
Via Mounds, &c
Week.
Aug. 1.
Week.
Since
Aug. 1.
2,972
54
8,343
304
1,912
226
8,951
969
277
3.554
3.000
590
18.672
13.000
64
3,295
2,600
462
21,571
16,132
9.857
Overland to N. Y. Boston,Sec- 554
Between interior towns
207
Inland, &c.,from South
1.955
Total to be deducted
2,716
Leaving total net overland*
7.141
40.909
8,097
48,085
2.633
942
11.067
217
223
4,434
2,379
1,365
31,512
753,000
289.000
133.000
16,000
62.000
72.000
61.000
Receipts,
Week.. Season.
64
1,826
190 8,343
697
1,367
582 5,994
1,594
2,879
877 43.396
Selma
1,616
4,133 1,783 38.521
Ark.,Blytheville 5,574
7,596
808 31.888
Forest City.118
142
186 13.790
Helena
1,191
1,822
311 22.877
Hope
3,382
5,03
134 12.926
Jonesboro.,..
73
24
101 1.129
Little Rock
384
811
396 40.744
Newport....
153
265
267 10 017
Pine Bluff
1,100
1,76
1.3.0 33 627
Walnut Ridge
23
146; 4,192
77
Ga., Albany
124
249
466 2.588
Athens
615
1,980
350 41 545
Atlanta
191
3,290 3,264137,343
Augusta
7,075 15,61. 3,372 94,690
Columbus
500
550
500 20.700
Macon
1,818
4,449
962 37,669
Rome
25
136
200 8.337
La., Shreveport 5,084 10,590 3,294 67.925
Miss.,Clarksciale 4,156
6,376 4.675 58.207
Columbus...
59
154
___1 5,268
Greenwood
6,142
9,344 2:285 63.655
Merldian
3.000
4.664 2,000 20.467
Natchez
146
333
8 4 060
Jackson
1,238
1,361 1,075' 9 082
Yazoo City
1,335
1,953
162 15.319
Mo., St. Louis_ 2,824
7.858 2,972
306
N.C.,Greensb'ro
39
440 1,160 17,909
Oklahoma1
1
15 towns*
2,269
7,543 2,984 26.779
8.C.,Greenville 1,068
4.320 4.314 68.505
Tenn.,Memphis 19,834 57.376 20,977262.715
Texas, Abilene_
131
1,200
183
119
Austin
932
4,118 1.535 3.396
Brenham
1,631
3,954 1,263' 5,063
Dallas
2,706
3,97
2,844' 9.225
Paris
1,891
2.836
712' 4,892
Robstown_
245
5,89
1,102 3,496
San Antonio_
344
5,756
880
825
Texarkana_ _
1,255
1.80
1441 9,316
Waco
926
2,564 1,248 4,850
8.78 ---- 8.84 ---- 7.80 ---- 7.97 ----
Range__
Closing_ 8.91 ---Dec.Range__ 8.84- 9.06
Closing_ 8.99- 9.00
Jan.
-1933
Range__ 8.94- 9.13
Closing_ 9.06Feb.HOLIRange__- DAY.
Closing_ 9.12biarchRange__ 9.06- 9.26
Closing.. 9.18- 9.21
April
Range__Closh1g- 9.25 ---/fay
Range__ 9.20- 9.38
Closing_ 9.32- 9.33
June,
Range.. ---- ---Closing_ 9.37JulyRange__ 9.30- 9.45
Closing_ 9.42Litgl.Range__Closing_-
Movement to Sept. 11 1931.
Ship- Storks
meats. Sept.
Week. Season. Week.
9.
Receipts.
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Stc
Total gross overland
Deduct Shipments
-
14,662
4.874
35,256
26,247
3,223
12,829
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 7,141 bales, against 3,223 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 13,418 bales.
1932-
In Sight and Spinners'
Takings.
Week.
Since
Aug. 1.
1931
Since
Week.
Aug. 1.
Receipts at ports to Sept.9
183.676
645.737 167.441
461.627
Net overland to Sept. 9
7.141
26.247
3.223
12,829
Southern consumption to Sept. 9- 65.000
370.000 90.000
540,000
Total marketed
255.817 1.041.984 260.664 1,014.456
Interior stocks in excess
10.240
*76.970
3,118
62,339
Came into sight during week
266.057
263.782
Total in sight Sept. 9
965.014
952.117
North. spinn's's takings to Sept.9 12,147
82,651
13,130
74,187
•Decrease.
Movement into sight in previous years:
Week-
Bales. I
-Sept. 13
1930
1929-Sept. 14
1928-Sept. 15
Since Aug. 1-
Bales.
1.912.925
1,839,488
1,316,279
508.95011930
480,98211929
367,32011928
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
144.
Week Ended
Sept. 9.
Galveston
New Orleans..
Mobile
Savannah
Norfolk
Montgomery...
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth- _
Closing Quo ations for Middling Cotton on
Saturday. Monday. Tuesday. tVecrday. Thursd'y. Friday.
8.75
8.69
8.55
8.75
8.79
8 40
8.85
8.25
8.70
8.23
8.35
8.35
FIOLIDAY.
8.80
8.82
8 60
8.81
8.85
8 50
8 86
8.25
8.75
8.28
8.35
8.35
8.80
8.88
8.56
8.92
8.92
8.55
892
8.30
8.80
8.32
8.40
8.40
7.80
7.92
7.70
7.89
7.89
7.55
7.89
7.40
7.80
7.28 •
7.40
7.40
8.00
.8.09
7.90
8.05
8.05
7.70
8.05
7.55
7.95
7.88
;.80
.
I
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday.
Sept. 3.
Tuesday, Wednesday. Thursday,
Selig. 8.
•Sept. 6. 'Sept. 7.
Monday,
Sept. 5.
September-October _- 8.79- 8.80
November-December_ 8.95- 8.98
Jan.(1933) 9.02 Bid.
- HOLI
February March____ 9.18- DAY.
April
9.27MaY
-June
9.36 Bid.
July
AugustSeptember-Tone
Steady,
Spot
Options- Very st'dy.
Friday,
Sept. 9.
8.87- 8.88 8.93- 7.90- 8.099.03- 9.04 9.09- 9.11 8.05- 8.07 8.23- 8.26
9.10- 9.14- 9.15 8.13- 8.349.20- 9.27- 9.28 8.24- 8.42- 8.43
9.31 - 9.37- 8.35- 8.53 Bid
9.41 - 9.41 - 8.42 Bid. 8.63-
Steady.
Steady.
Steady.
Steady.
Steady.
Easy-
Steady.
Steasy.
AGRICULTURAL DEPARTMENT ESTIMATE OF
-The Agricultural Department at WashSIZE OF CROP.
ington on Thursday of this week (Sept. 8) issued its report
on cotton production and condition as of Sept. 1. It puts
the abandonment of acreage at only 1.8%,leaving 36,611,000
acres for harvest, as compared with 40,889,000 acres on
Sept. 1 1931, 44,791,000 acres on Sept. 1 1930 and with
46,594,000 acres on Sept. 1 1928. The probable yield is
now placed at 11,310,000 500-1b. bales, as against 17,096,000
bales harvested a year ago and 13,932,000 bales harvested
two years ago. The condition of the crop on Sept. 1 was
.56.6% of normal, which compares with 68% a year ago and
-year average.
55.1% the 10
A cotton crop of 11,310,000 bales is forecast for the United States by the
United States Department of Agriculture, based upon conditions as of
Sept. 1. This represents practically no change from the United States
total as forecast on Aug. 1.
The condition of the crop on Sept. 1 was reported at 56.6% of normal.
-year average condition (1921compared with 68% on Sept. 1 1931 and a 10
1930) of 55.1%. The yield per acre indicated by condition, with allowance
for prospective weevil damage, was 147.8 lbs., compared with 149.6 lbs.
indicated on Aug. 1. The decline in prospective yield per acre during the
month was entirely offset by the fact that abandonment of acreage is estimated to be somewhat below average. In the Aug. 1 report the Crop
-year average of 3.1% abandonment; in the
Reporting Board used the 10
Sept. 1 report the Board used the abandonment of 1.8% indicated by the
reports made by crop correspondents as of Sept. 1. The acreage remaining
for harvest is estimated at 36,011,000 compared with 40,693,000 acres
harvested in 1931.
The indicated crop is 5,786,000 bales less than the 1931 crop and 3,348,000
bales less than the average production of the last five years.
During August prospects declined in practically all States in the eastern
and central portions of the belt, where weevils have been quite active and
weather conditions were mostly unfavorable to the crop. The forecasts
for Texas and Oklahoma are considerably above the forecasts of Aug. 1.
due largely to favorable moisture conditions in the western portions of
these States.
The Crop Reporting Board of the United States Department of Agriculture, from the reports and data furnished by crop correspondents, field
statisticians, co-operating State Boards (or Departments) of Agriculture
and agricultural colleges, makes the following estimates:
1932
Acreage.
State.
Sept. 1
Condition.
10Total For
Aban- Her- Year
donut't vest An.
After (Frei.) 1921- 1931. 1932.
July 1 /n 1930
(Frei.) Thous (a)
Acres
P. C.
P. C.P. C P. C
Virginia
1.0
No. Carolina. 0.8
So. Carolina_ 1.0
1.5
Georgia_
Florida
5.0
Missouri
1.7
Tennessee-- 2.0
Alabama
1.6
Mississippi- 1.5
Louisiana
1.0
Texas
2.0
Oklahoma.... 3.0
Arkansas.,
2.0
New Mexico. 1.0
Arizona
0.5
0.5
California
2.3
Other
76 70
1,251 65
1,755 52
2,924 53
91 81
344 65
1,042 62
3.030 58
3.687 58
1.753 53
13,908 52
2.960 52
3,424 57
113 86
6113 84
123 d88
17 --
83
77
70
83
69
85
76
66
59
67
67
68
75
91
90
85
79
Yield
per Acre.
Production
(Ginn ?Ids).*
101932
Year
Crop
An.
/ndi- 1931 /ndi1921- 1931. Gated Crop cated
1932. (c) Sept.1.
1930.
(5)
In
In
Thous. Thoue.
Lbs. Lbs. Lbs. Bales. Bales.
60
246
61
242
52
165
49
142
46
124
246
66
180
61
158
51
51
184
164
50
126
61
133
60
180
54
83 d302
308
88
329
90
80 d190
289
271
245
194
175
397
255
200
209
220
165
178
256
412
313
440
363
190
196
163
130
85
280
180
132
138
140
141
150
148
385
355
445
278
42
30
514
756
1,005
599
1,393
795
16
43
187
289
392
594
1.420
836
1.761 1,084
513
900
5,320 4,092
1.281
928
1,907 1,045
101
91
115
e84
114
177
12
10
U. S. total_ 1.8 36,611 55.1 68.0 56.6 151.4 201.2 147.8 17,096 11,310
27 ...
82 89 d244
182
Lower Calif./. 0.0
205
26
11
•500-lb. gross weight bales. a Prior to 1924 interpolated from Aug. 25 and
Sept. 25 reports. b Indicated Sept. 1, on area left for harvest. c Allowances made
for Inter-State movement of seed cotton for ginning. d Less than a 10-year average.
e Including Pima Egyptian long staple cotton, 22.000 acres and 13.000 bales. f Not
Included in California figures nor in United States total.
FOREIGN COTTON CROP PROSPECTS AS OF
-The Department of Agriculture at WashSEPT.'1 1932.
ington, in giving out its cotton crop report on Sept. 8, also
issued the following comments regarding foreign cotton
crop prospects:
--Up to Aug. 1 there were 13.485,000 acres of cotton planted to
INDIA.
Caton in India, which was 453,000 acres or 3.3% less than plantings to
the same date last year, according to estimates of the Department of
Statistics of India. This year and last are the only two years since 1924
In which the area planted to Aug. 1 was less than 14.700,000 acres. Plantings to Aug. 1 1925. the year of largest acreage, amounted to 10,134,000
acres which was 20% greater than plantings to that date this year.
During
the five years 1926 to 1930 the area planted to Aug. 1 averaged about
80% and ranged between 56 and 63% of the final estimates. The first
estimate of Indian production is expected about Dec. 15. It should
official
be remembered, however, that last season the yields of lint cotton Per acre
averaged only about 69 lbs., which VMS approximately 21% less than
1930-31 and 22% less than the average from 1921-22 to 1930-31. Last
season was the only year since 1920-21 in which average yields dropped
below 79 lbs. It is hardly to be expected, therefore, that Indian production
in 1932-33 will be as low as last year's crop.
-In Egypt low cotton prices, a cotton acreage restriction law,
EGYPT.
the removal of the restriction on rice growing and the encouragement of
wheat growing by a higher tariff have resulted in a marked reduction in
cotton acreage. The Egyptian Government has estimated the 1932-33
cotton acreage at 1.135,000 acres, which is 35% less than 1931-32, 48%
less than 1930-31 and is the smallest estimate since the 1896-97 season.
It has been reported that members of the cotton trade feel that the official
acreage estimate is somewhat too low. The estimated acreage with a yield
-year average would give a decrease this year of about
equivalent to the 10
1845
Financial Chronicle
Volume 135
350,000 bales of 478 lbs. Yields in Egypt, however, vary considerably,
and the reduction in production might be materially more or less than this
amount.
-On the basis of estimates of the Chinese Mill Owners AssoCHINA.
ciation, the 1932-33 Chinese cotton crop is now expected by this Bureau
to be about 2,500,000 bales of 478 lbs. net compared with 1,700,000 bales
In 1931-32 and 2,250,000 bales in 1930-31. The estimates released by the
mill owners placed the new crop at 3.021.000 bales compared with 1,785,000
bales in 1931-32, or an increase of 1,236.000 bales or 69%. However, they
estimte yields per acre nearly 25% above average, and it is felt that this is
higher than is likely to be realized. In addition, this estimate is not exactly
comparable with former estimates, inasmuch as changes and improvements
in methods of crop reporting have been undertaken in the last two or three
seasons. It is thought, trierefore, that on areas comparable with those of
earlier years the crop will not greatly exceed 2,500.000 bales, which is 47%
greater than the revised figure for 1931-32 and would give a yield per acre
about 10% above average.
-Little information is now available on the new crop in Russia,
RUSSIA.
but should the area planned have been planted the acreage would exceed
that of 1931-32 by only 14%, which is a decided slowing up in the rate of
expansion. July and August reports stated that the 1932-33 crop had gotten
off to an even poorer start than last year's crop, and numerous complaints
of unsatisfactory cultivation have been observed.in the Russian press.
These complaints are particularly true of the so-called "new cotton regions-North Caucasus, Daghestan, Ukraine, Crimea.
-The Bureau of the
COTTON GINNING REPORT.
Census on Sept. 8 issued the following report showing the
number of bales of cotton ginned in each of the cottongrowing States the present season up to Sept. 1, in comparison with corresponding figures for the two preceding
seasons. It appears that up to Sept. 1 1932 only 865,232
bales of cotton were ginned, against 565,753 bales for the
corresponding period a year ago and comparing with 1,879,919 bales two years ago. We give below the report in full:
NUMBER OF BALES OF COTTON GINNED FROM THE GROWTH OF
1932 PRIOR TO SEPT. 1 932, AND COMPARATIVE STATISTICS
TO THE CORRESPONDING DATE IN 1931 AND 1930.
State.
Running Bales (Counting Round as Half
Bales and Excluding Linters).
1932.
Alabama
Arkansas
Florida
Georgia
Louisiana
Mississippi
South Carolina
Texas
AU other States
1931.
34.970
27.421
2.669
84.612
78.935
58.914
19.819
551.997
5,895
48.426
263
10,556
118.519
10.565
6.562
15.799
352.930
2.133
1930.
146,983
8,992
19,225
303,297
138,532
83,098
50,496
1,120,125
9,171
•1.879,919
'565,753
'865.232
United States
'Includes 71,063 bales of the crop of 1932 ginned prior to Aug. 1 which was
counted In the supply for the season of 1931-32, compared with 7,307 and 78,188
bales of the crops of 1931 and 1930.
The statistics in this report include 16.179 round bales for 1932; 10.130
for 1931. and 43,391 for 1930. Included in the above are "none" bales of
American-Egyptian for 1932; 19 for 1931, and 57 for 1930.
The statistics for 1932 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
-UNITED
CONSUMPTION, STOCKS, IMPORTS, AND EXPORTS
STATES.
consumed during the month of July 1932 amounted to 278,656
Cotton
bales. Cotton on hand in consuming establishments on July 31 was 1,218,863 bales, and in public storages and at compresses 6.703,453 bales. The
number of active consuming cotton spindles for the month was 19,758,252.
The total imports for the month of July 1932 were 8,284 bales and the
exports of domestic cotton, excluding linters, were 449.476 bales.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of
linters, grown in 1931, as compiled from various sources, was 26.398.000
bales, counting American in running bales and foreign In bales of 478 pounds
lint, while the consumption of cotton (exclusive of linters in the United
States) for the year ended July 31 1931 was approximately 22.402.000
bales. The total number of spinning cotton spindles, both active and
idle, is about 162.000.000.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that temperatures were
high the early part of the week, but unseasonably low the
latter half. Rainfall has been scattered and in some localities precipitation has been very heavy.
-Heavy to excessive rains in some parts of the
Texas.
State damaged open cotton and lowered weevil activity.
Progress of the crop during the week has been generally poor.
-Cotton picking is active.
Memphis, Tenn.
Thermometer
Rain. Rainfall.
1 day 0.03 In. high 93 low 68 mean 81
Galveston, Tex
Tex
4 days 6.23 in. high 84 low 58 mean 71
Abilene,
5 days 1.08 in. high 98 low 02 mean 80
Brenham, Tex
6 days 4.82 in. high 110 low 68 mean 79
Brownsville. Tex
2 days 0.72 in high 92 low 68 mean 80
Corpus Christi. Tex
4 days 6.16 in. high 92 low 66 mean 79
Dallas, Tex
2 days 0.54 in. high 92 low 62 mean 77
Henrietta Tex
3 days 0.31 in. high 88 low 66 IIIRall 72
Kerrville. Tex
5 days 1.54 in. high 90 low 64 mean 77
Lampasaa, Tex
3 days 0.80 in. high 98 low 58 mean 78
Longview. Tex
4 days 1 An in. high 90 low 62 mean 76
Luling, Tex
2 days 0.50 in. high 96 low 58 mean 76
Nacogdoches. Tex
3 days 7.07 in, high 98 low 62 mean 80
Palestine. Tex
3 days 0.74 in. high 98 low 60 mean 79
Paris. Tex
3 days 0.86 in. high 90 low 66 mean 78
Sun Antonio,Tex
2 days 1.86 in. high 92 low 62 mean 77
Taylor. Tex
3 days 2.94 in. high 92 low 64 mean 78
Weatherford. Tex
high 91 low 58 mean 74
dry
Ada, Okla
high 89 low 55 mean 72
dry
Hollis. Okla
high 05 low 55 mean 75
dry
Okmulgee, Okla
high 90 low 64 mean 77
dry
Oklahoma City. Okla
1 day 0.52 in. high 90 low 52 mean 71
Ark
Helena.
1 day 0.06 in. high 99 low 57 mean 78
Eldorado. Ark
2 days 0.24 in. high 94 low 60 mean 77
Little Rock, Ark
.
2 days 0.32 ir. high 100 low 59 mean 79
Pine Bluff, Ark
Alexandria, La
1 day 0.77 in. high 96 low 58 mean 77
h
1 day 0.10 in. .hirt 98 low 52 mean 75
Amite. La
1 day 0.67 in. hi 91 low 66 mean 83
New Orleans. La
1 day 0.04 in. high 98 low 58 mean 78
Shreveport, La
2 days 4.22 in. high 01 low 56 mean 75
Columbus. Miss
1 day 0.11 in. high 97 low 58 mean 77
Greenville. Miss
2 days 0.03'n. high 92 low 55 mean 73
Vicksburg. Miss
high 94 low 62 mean 81
dry
Mobile. Ala
2 days 1.18 in. high 92 low 54 mean 73
Birmingham. Ala
1 day 0.25 in. high 95 low 59 mean 77
Montgomery, Ala
2 days 0.79 in. high 92 low 67 mean 79
Gairesville. Fla
2 days 1.62 in. high 93 low 63 mean 78
Madison. Fla
Savannah , Ga
1 day 0.07 in. high 93 low 60 mean 78
2 days 0.07 in. high 98 low 54 mean 76
Athens. Ga
0.26 in. high 97 low 56 mean 76
Ga
1 day
Augusta.
1 day 0.07 in. high 013 low sg mean 78
Columbus. Oa
Charleston. S.
0high 91 low Si mean 78
1 day drg.11 in. high 96 low 51 mean 73
Greenwood, 8.0
1846
Financial Chronicle
Rain. Rainfall.
1 day 0.52 in.
dry
2 days 0.38 in.
2 days 0.99 In.
2 days 0.59 in.
1 day 1.26 in.
Columbia.S.C
Conway, S. C
Charlotte, N. C
Nevrbern. N.C
Weldon. N.0
Memphis. Tenn
Thermometer
high 96 low 54 mean 75
high 97 low 50 mean 73
high 99 low 55 mean 77
high 98 low 54 mean 76
high 99 low 53 meal. 76
high 89 low 59 mean 74
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Sept. 9 1932. Sept. 11 1931.
Feet.
Feet.
Above zero of gauge.
• 2.7
2.0
Above zero of gauge_
6.5
9.7
Above zero of gauge..
8.7
6.9
Above zero of gauge..
3.9
5.8
Above zero of gauge..
8.8
0.0
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
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
Ende
Receipts at Ports.
1932. 1931.
I
Stocks at Interior Towns. !ReceiptsfromPlantations.
1930.
1932.
1931. 1 1930. 1 1932.
30,591 18,6001 31,419 1,497,915 973,071 714,8601 2,326
____
24.7831 16.977 36,511 1.476,605 943,151 687.981 3,473 ___ 6,277
9.632
40,793 21,134 32.659 1,450.054 910.874 665,467 14,242
10.145
44.758 l7,60 19.256 1 430 583i 877.603] 644.225 25,367
34.435 13,152, 10,899 1.409,172 854,340 619,981 13,044
31,295 16,170, 13.998 1.388.864 833,586 599,179 10,987 _
31,530 16.304 12,2971,361.854 818.425 579,770 4,520 1,143
62,468 40,9271 34,308 1,352,270 798,241 560,254 52,884 20,743 14.792
1
98,638 12,9861 62.5091,332,994 776,015 548.784 79,362 --- 51,039
12_ 75,602 24,023117,847 1.313,48: 755,510 541,959 56,070 3.518111.022
19__ 85,716 49,406 203,157 1,293,783 743.005 543.948 66,032 36,901 205,146
26__ 111,142 80.809250.2991.269,523 734,805 559,024 86,882 72,600265.375
Sept.
2-- 154.553126.962 277.852 1.261.498 725.430, 591,795140,.25 117.587 310,623
9.. 83,676 167,441 362.547 1.271.73 728,548' 648,873193.016 170.559419.625
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 568,767 bales;
in 1931 were 401,174 bales, and in 1930 were 1,362,830
bales. (2) That, although the receipts at the outports the
past week were 183,676 bales, the actual movement from
plantations was 193,916 bales, stock at interior towns
having increased 10,240 bales during the week. Last year
receipts from the plantations for the week were 170,559
bales and for 1930 they were 419,625 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1932.
Week.
1931.
Season.
Week.
Season.
Visible supply Sept. 2
7,602,315
6,407,916
Visible supply Aug. 1
7.791,048
6,892,094
American Insight to Sept.9_-__ 266,057
965,014 263,782
952,117
Bombay receipts to Sept.8
32.000
136.000
4,000
87.000
Other India ship'ts to Sept.8
6,000
31,000
3,000
49.000
Alexandria receipts to Sept. 7
600
3.600
12,000
83,000
Other supply to Sept. 7_ *b
10,000
51.000
13,000
79.000
Total supply
7,916,972 8,977,662 6,703,698 8,142,211
Deduct
Visible supply Sept. 9
7.617,936 7,617,936 6,368,941 6,368.941
Total takings to Sept. 10a
299,036 1.359,726 334,757 1,773,270
Of which American
203,436 1,049,126 244,757 1.203,270
Of which other
95.600
310.600
90.000
570.000
* Embraces receipts in Europe from Brazil Smyrna. West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 370,000 bales in 1932 and 540.000 bales in 1931-takings
not being available-and the aggregate amounts taken by northern and
foreign spinners, 989,726 bales in 1932 and 1,233,270 bales In 1931, of
which 679,126 bales and 663.270 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1932.
Bombay
•
Exports
fromBombay
1932
1931
1930
Other India:
1932
1931
1930
Total all
1932
1931
1930
1931.
1930.
Since
Week.' Aug. 1.
Sept. 8.
Receipts at
-
Since
Week.lAug. 1.
Wed.! Aug. 1.
32.000
136,000
4,000
For the Week.
3.0001 32.
35.
8,000 12.000 20,000
15.000, 10.000 27
•
6,
3,000:
3.000
16,000
16,000:
2,
2,
12,
11,
19,
3
-------------------32,000 41.000 13.
0
6.0001
63,000
Since Aug. 1.
Great Conti- 'Japan&
Great
main. nent. China. Total. Britain.
2:500 11,.°80
0
SOWS
87.000
.088
17.
Contineat.
Jopanclt
China.
Total.
11,0001 69,000 82.000
,
25,000 190,000 217,000
99,000, 178,000 289,000
!
20,000
31,000
30.000i
40,000
52,000,
57.000
31,000 69,000 113.000
65,000 190,000 266.000
151,000 178,000 346,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
28,000 bales. Exports for all India ports record an increase
of 18,000 bales during the week, and since Aug. 1 show a
decrease of 153,000 bales.
Alexandria, Egypt,
Sept. 7.
1932.
1931.
Receipts (cantars)This week
Since Aug. 1
•
Exports (bales)-
This Since
Week. Aug. 1
1932
3,000
21.977
1930.
60,000
415.000
50,000
77.900
This Since
This Since
Week. Aug. 1. Week. AugAl.
To Liverpool
9,250
To Manchester, &a__ _ _ - ____ 5.035 --__ 12,250 --_- 1.024
- -- - 8,650 ---To Continent and India_ 11,000 41,008 13,000 72,300 4,000 2,711
21,699
To America
1,000 3.300 ---- 3,000 ---40
Total exports
12,000 58,593 13.000 96,200 4,000 25,474
Note.
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week
3,000 cantars and the foreign shipments 12,000 bales. ending Sept. 7 were
MANCHESTER MARKET.
-Our report received
cable to-night from Manchester states that the market by
in
yarns is quiet and in cloths is steady. Demand for cloth is
improving. We give prices to-day below and leave those
of previous weeks of this and last year for comparison.
1931. 1 1930.
June
10-17-24-July
1-8...
15-22_
29-Aug.
Sept. 10
ALEXANDRIA RECEIPTS AND SHIPMENTS.
1932.
32s Cop
Twist.
lune-
July1
29
Aug.-
Sept.
-
d.
1931.
8ti Lbs. Skirt- Cotton
ings, Common Marti 32s Cop
to Finest.
Weis. Twist.
d. s. d.
s. d.
d.
d.
sm Lbs. Shirt-
Cotton
trigs, Common Middr0
to Finest.
UpPds.
d. s. d.
734(4 8% 80 0 8 3
80 @ 8 3
734@
75.1@ 934 so O 8 3
4.09
4.31
4.41
7%0 9%
7%0 9%
844010%
7%09 9%
8;4(4 9%
8 @ 9te
7%0 94
7%0 9%
1
1
1
s. d.
d.
85
85
85
4 75
4.75
9,48
81
81
81
8!
81
@ 84
08 4
O 84
t
@84
4.65
4.87
4,66
4.58
4.67
8'4@10%
834 @1014
854@ 934
814 10 9 4
,
7340 9%
o
o
85
85
84
84
00 84
5.48
5.05
6.17
4.98
4.62-
81
82
83
87
@84
@ 85
@ 86
@ 90
4.69 7940 9
5.51 7 @
5.76 6%0 834
6.45 7
834
a 08 2
4 @ 80
2 @ 74
2 @74
4.29
3.80
3.70
3.83
6.57
6.38
2 @74
2 074
3.71
3.70
991(411% 87 0 9 2
10%011% 85 0 9 0
7 0891
7%0 894
SHIPPING NEWS.
-Shipments in detail:
Bales.
CORPUS CHRISTI
-To Havre-Aug. 31-Nishmaha, 5,380-- 5,380
To Dunkirk-Aug.31-Nishmaha.75
75
To Ghent-Aug. 31-Nishmaha, 150
150
To Antwerp-Aug. 31-Nishmaha,
300
300
To Naples
-Aug. 31-Labette,
100
To Genoa-Aug. 31-Labette,100
1.092.. Sept. 1-Monrosa,
6,975
8,067
To Venice-Aug. 31-Labette, 450
450
To Mestre-Aug. 31-Labette,
200
To Fiume-Aug. 31-Labette, 200
500
500.
To Barcelona-Sept. 1-Lecomo, 3,315
3,315
To Japan-Sept. 2-Akaoka Meru, 8.825
8,825
To China-Sept. 2-Akaoka Mans. 200
200
To Liverpool-Sept. 2-Edgehill, 175
175
To Manchester-Sept. 2-Edgehill, 200
200
To Bremen-Sept. 7
-Iserlohn, 4,000
4,000
GALVESTON-To Liverpool-Aug. 31-Edgehill, 1,034
1,034
To Manchester-Aug 31-Edgehill. 1,120
To Barcelona-Sept. 1-Aldecoa, 1,792._ _Sept. 3-Lalcomo. 1.120
715
3,507
To Havre-Sept. 6-Nishmaha.
1,050
To Lisbon-Sept, 1--Sahale, 56 1,050
To Ghent
-Sept. 6-Nishmaha, 453
453
To Oporto-Sept. 1-Sahale, 1,849
1.849
To Genoa-Sept. 2-Labette 340
340
To Naples
-Sept. 3
200
To Venice-Sept.3 -Ida, 206
-Ida,592
592
To Trieste-Sept, 3
-Ida, 523
523
To Fiume-Sept. 3
-Ida, 12
12
To Japan-Sept, 1-France Mara, 2,095
2.095
HOUSTON-To Marseilles
-Aug. 31-Ida, 300
300
To Bremen-Sept. 8-Bockenh
5,677
To Venice-Aug 31-Ida,858 elm, 5,677
858.
To Hamburg-Sept. 8-Bockenheim, 868
86
To Trieste-Aug.31-Ida,700
700
To Gydnia-Sept. 8-Bockenhelm,
550
5
To Fiume
-Aug
28
To Japan-Sept, 31-Ida 288
1-Slemmestad. 6,549__ _Sept. 7-Takoaka
,
Meru. 3,825_ --Sept. 6-Katsuragi Mull,
14,949
4,575
To Dunkirk-Sept. 2
-Tripp 2,900
2,900
To Genoa-Sept. 3-Labette, 6,091__ _Sept.
e-monnore,
2,587
8,678
To Naples
-Sept. 3-Labette, 200
200
To Venice-Sept.
125
To porto-Sept.3-Labette, 125
3-Sahale, 1.204
1,204
To Lisbon-Sept. 3-Sahale, 369
369
To Gijon-Sept. 3-Sahale, 100
100
To Corunna-Sept..3-Sahale, 50
50
To China-Sept. 2
-Point Caleta, 200
200
To Barcelona-Sept.6-Lafcomo, 1.885
1,885
NEW ORLEANS
-To Bremen-Aug. 30
-West Quechee, 2,578
-_Sept. 1-Ingram, 4,813
7,391
To Hamburg-Sept. 1-Ingram,75
75
To Gdynia-Sept. 1-Ingram,561
561
To Japan-Aug. 30-Silverteak, 5.300
5,300
To China
-Aug. 30-Silverteak, 2,207
2,207
To Dunkirk-Aug.31-Duqueene. 1,084_--Sept.7
-Tortugas,
150
1,234
To Gothenburg-Sept. 7
-Tortugas, 250
250
To Havre-Aug. 31-Duquesne, 3,935
3,935
To Gdynia
-Sept.7
-Tortugas,400
400
To Ghent
-Aug.31-Duquesne, 150
150
To Antwerp-Sent. 2-13Innendijk, 850
850
To Rotterdam-Sept.2-Binnendijk,200
200
To Liverpool
-Sept. 3
-Mercian. 3,374
3.374
To Manctester-Sept. 3
-Mercian, 227
227
To Colon-Sept.3-Tela,30
30
To Guayaqull-Sept. 3-Tela, 100
100
PENSACOLA-To Genoa
-Aug 31-Monrosa, 402
402
To Bremen-Sept. 2-Delfshaven, 3,482
3,482
To Rotterdam-Sept. 2-Delfshaven. 84
84
To Ghent
-Sept. 2-Delfshaven, 150
150
LOS ANGELES
-Bordeaux Mani, 3,450
-To Japan-Aug. 30
Sept.3
-President Wilson, 200
3,650
LAKE CHARLES
-Sept. 7-ICnut Hamsum,34-To Liverpool
34
To Havre-Sept. 1-Bolton Castle. 200---Sept. 7-1{nut
Hamsum, 5.261
5,461
To Bremen-Sept. 1-Bockenhelm, 387
387
To Abo-Sept.1-Bochenhelm,100
100
To Ghent.
-Sept. 1-Bolton Castle, 625
625
To Naples
-Sept. 5-Monroea,800
800
To Genoa-Sept.5-Monrosa,1.050
1.050
se
.,e
8,,res.
SAVANNAH-To Bremen-Sept. 3-Reedpool, 6.333
3-Reedpoo
To Hamburg-Sept.-Sept.8 l,1,126Norfolk,650
--City of
-To Bremen
NORFOLK
-To Bremen-Sept. 6-Schoharie, 3,392
BRUNSWICK
6-Schoharie, 350
To Rotterdam--Sept.-Aug. 31-Afoundria, 539
-To Manchester
MOBILE
-AU . 24-Rancher, 5,500
To Liverpool
London-Aug. 1-Topa Topa, 125
To
g, 31-Topa
To Bremen-Aug. 30-Delfshaven, 4,327---Au
Topa,1,200
Rotterdam-Aug. 30-Delfshaven, 355,-.Aug. 31-Topa
To
Topa,600
To Genoa-Aug.24-Monrosa,778
CHARLESTON-To London-Sept. 8-Sanilby, 25
To Antwerp--Sept. 8-Sanilby, 573
To Rotterdam--Sept.8-Sanllby,44
6,333
1,126
650
3,392
350
539
5,500
125
5,527
955
778
25
573
44
153,095
Total
-By cable from Liverpool we have the folLIVERPOOL.
port:
lowing statement of the week's sales, stocks, &c., at that 9.
Aug. 19. Aug. 26. Sept. 2. Sept.
31,000
30,000
37,000
37,000
630,000 642,000 645,000 651.000
294.000 299,000 300,000 298,000
42,000
26,000
46,000
66,000
13,000
13,000
25,000
39,000
140,000 132,000 141,000 124,000
47,000
49,000
52,000
63,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
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:
Spat.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Frtday.
Quiet
Market, 1 A fair
Quiet. Moderate Moderate Moderate
and
business
12:15
demand, demand. demand.
doing. unchanged.
P.M.
6.38
7.10d.
7.00d.
7.20d.
6.856.
6.856.
Mid.UpPds
__
------- _ ----Sales
Steady. Steady. Steady at
1 Firm, Quiet but Firm,
Futures.
17 to 21 pte st'dy, 1 pt. 25 to 29 pts 8 toll pte. 10 to 13 pts 30 to 33
Market
to
opened advance. adv. dec. 1 advance, decline, advance. pts. decline
Pt.
Barely stdy Quiet but Quiet but Quiet at
Market, { Firm, Quiet but 17 to 23 pts st'dy, 13 to st'dy, 36 to 26 to 28
19 to 22 pts st'dy, 15 to
4
adv. advance. 14 ots. dec. 40 ota. dec. ota. decline
advance. 20ins.
P. M.
Prices of futures at Liverpool for each day are given below:
Wed. I Thurs. I Fri.
Sat. I Mon. I 'Tues.
Sept. 3
2.154,0012,15 4.01 12.15 4.00 12,15i 4.00112.15 4.00
12.1512.301
to
m.p.in.
Sept. 9. p. m.p. m.p. m.p. m.p. m.p. m p, m.p. rn.P.in.P.
d. d. djd.Id. d. d.
New Contract.' S. S. Id. d. d. '
__ 6.63_. _ 6.66 6-95 6.86 6.75 6.72 6.85 6.36 6.13 6.08
September_ _
6.67 6.95 6.86 6.75 6.72 6.84 6.35 6.12 6.07
6.64 __
October
6.67 6.94 6.86 6.74 6.72 6.83 6.32 6.11 6.06
November__
6.67 6.94 6.8 6.74 6.72 6.83 0.3316.11 6.07
1-- _ 6.64
December
6.68 6.95 6.8 6.74 6.72 6.83 6.3 6.12 6.07
6.661._
January (1933)
6.70 6.971 6.8 6.74 6.73 6.84 6.35 6.13 6.08
ebruary
6.72 6.99, 6.8 6.78 6.75 6.86 6.37 6.16 6.10
March
0.72_ _ 6.74 7.00, 6.9 6.79 6.77, 6.88 6.39 6.17 6.12
April
6.76 7.02 6.93 6.81 6.79 6.90 6.41 6.19 6.14
6.74 __
May
6.78 7031 6.9 6.82 6.80 6.91 6.4 6.20 6.15
June
6.78 _ _ 6.80 7.051 6.9 6.84 6.82 6.93 6.43 6.22 6.16
July
0.79,, 6.81 7.06 6.9 6.85 6.83 6.94 6.44 6.23 6.17
August
6.82 7.07 6.9 6.86 6.841 6.95 6.4 6.24 6.18
September________
I
/
To-day prices closed unchanged to 14c. higher, with a better export demand and the stock market stronger. There
were considerable hedge selling, but this was readily absorbed. Export sales were estimated at 1,500,000 bushels
for
/
of Manitoba. Final prices are Ye. lower to 14c. higher
the week.
YORK.
DAILY CLOSING PRICES OF WHEAT IN NEW Thurs. Fri.
Sat. Mon. Tues. Wed.
72)4 723( 7134 714
7254
No.2 red
IN CHICAGO.
DAILY CLOSING PRICES OF WHEAT FUTURES
Sat. Mon. Tues. Wed. Thurs. Fri.
54)4 tau 52% 53
54
September
5654
5834 5734 57
58
December
6234 61%
6334 63
62
May
Season's Low and When Made
MadeSeason's High and When
July 18 1932
46%
Apr, 14 1932 September
66%
September
July 16 1932
Apr. 26 1932 Dec.(new) 49%
Dec. (new) 6634
Aug. 3 1932
56
May
Aug. 10 1932
644
May
FUTURES IN WINNIPEG.
DAILY CLOSING PRICES OF WHEAT
Sat. Mon. Tues. Wed. Thurs. Fri.
56% 5534 5434 55
56%
October
58% 5754 5634 56%
December
61%
61
6334 62
6334
May
of
INDIAN CORN has simply followed the fluctuations
3rd
wheat, showing few or no individual features. On the on
Inst. covering caused a rise of some %c., but liquidati
and selling
was encountered, and this, with hedge selling
unagainst offers, wiped out the early advance, closing
The
changed to %c. net lower. September acted the best. than
country sold 315,000 bushels. That made more
5,000,000 bushels in a month. On the 6th inst. prices closed
higher, after advancing 1 to 1%c.
unchanged to
early. In general corn followed wheat. The United States
visible supply increased last week 1,658.000 bushels, lifting
a year ago.
the total to 14,649,000 bushels against 8,314,000
d on
On the 7th inst. prices ended practically unchange of
buying against bids and covering after an early decline
%c. on selling by cash and commmission houses. The cound
try sold 105,000 bushels to arrive, shipping sales aggregate
231,000 bushels, and charters were made for 250,000 bushels
net,
to Buffalo. On the 8th inst. prices declined % to %c.
with wheat. 'The decline was checked by buying against
bids; purchases to arrive were 95,000 bushels. To-day prices
/
ended I4c. lower to %c. higher. The shipping demand was
better, with some 450,000 bushels reported sold to the East.
There was considerable hedge pressure, however. Final
prices show a decline for the week of %c. to lc.
DAILY CLOSING PRICES OF CORN IN NEW YORK. Frt.
Sat. Mon. Tues. Wed. Thurs,
47
4634 46% 47
47%
yellow
No.2
BREADSTUFFS
Priday Night, Sept. 9.1932.
FLOUR was quiet and steady even on days when wheat
-weakened. On the 7th inst. prices declined 10c. with trade
dull and wheat lower.
WHEAT has been irregular largely swayed by stocks
and cotton but latterly declining on a drop of 100 points
in cotton. On the 3rd inst. covering on a better technical
position lifted prices % to 1%c. net especially as September
liquidation was smaller. Winnipeg advanced % to lc. and
Liverpool % to %d. On the 6th inst. prices advanced 2c.
:on the announcement that the Farm Board would hold
back its wheat for the rest of the year and buying by the
East. But later under profit taking the rise largely
disappeared closing at a net advance for the day of only
4c. The holdings of the Farm Board of about
% to 1
3,000,000 of actual wheat were by some considered too
small to be really a factor of consequence in the cash
Market. The Board is supposed to hold 39,000,000 to 40,000,000 bushels of futures. Open accounts in all markets
are supposed to be something over 200,000,000 bushels of
which the government controls 15% or more. Liverpool
was active and 1% to 2%c. higher on the Farm Board
announcement. The technical position in Chicago was
better. The United States visible supply was 181,721,000
bushels against 236.323,000 last year..
On the 7th inst. prices closed % to %c. lower. This
showed a good recovery from the lowest on active buying
-of December. Hedge selling caused a decline in Minneapolis
4c. Net losses in Winnipeg were 1 to 1%c. with the
3
of /
December %c. under Chicago. The actual difference after
4c.
3
/ a bushel,
allowing for the exchange rate was about 4
enough to prevent any export business of consequence in
bard winters, while the foreign demand has turned almost
exclusively to Manitobas. There were export sales of
about 1,000,000 bushels of Manitobas but hedge selling
noticeably exceeded • this figure. Deliveries of wheat at
Interior points in the prairie provinces of Canada for three
days were 6,355,000 bushels against 4,818,100 a year before.
On the 8th inst. prices closed ,/.4 to lc. net lower in sympathy
with the decline of $5 a bale in cotton and 1 to 4 points In
stocks as well as a big movement of actual wheat in the
Pacific Northwest. The deliveries in the prairie provinces
thus far this week were over 13.000,000 bushels, or nearly
double those in the same time last year. The East sold
;wavily.
1847
Financial Chronicle
Volume 135
CORN FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF Sat. Mon. Tues. Wed, Thurs. Fri.
3034 304 304 3031
30
September
33% 334 3234 32%
334
December
3854 3834 3754 374
3834
May
Season's Low and When Made
Season's High and When Made- September
Aug. 24 1932
2954
Jan. 18 1932
454
September
30
Aug. 3 1932
Apr. 26 1932 December
39%
December
Aug. 3 1932
3434
Aug. 8 1932 May
4034
May
OATS 'have latterly declined with other grain. On the
6th
3rd inst. prices closed unchanged to %c. higher. On the %
inst. prices closed unchanged to lAc. higher, after being
to %c. higher on some months early. On the 7th inst. prices
ended % to %c. lower, partly owing to.hedge selling._ On
4
the 8th inst. prices closed % to I/ c. off on hedge selling
and liquidation. To-day prices ended unchanged to %c.
1
/
lower. Final prices are % to 14c. lower for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK. Fri.
7'hurs,
Wed.
Mon. Tues.
Sat.
284-29 2934-294 2934-2934 29-294
284-29
No. 2 white
IN CHICAGO.
DAILY CLOSING PRICES OF OATS FUTURES Wed. Thurs. Fri.
Sat. Mon. Tues.
1734 16% 164 15R
1734
September
1954 194 18% 18
1934
December
2254 2254 2154 21
224
May
Season's Low and When Made
Season's High and When MadeAug. 20 1932
1534
Feb. 19 1932 September
2634
September
Aug. 20 1932
17)4
Apr. 26 1932 December
25
December
Aug. 20 1932
20%
Aug. 8 1932 May
234
May
IN
PRICES OF OATS FUTURES Wed.WINNIPEG.
DAILY CLOSING
Thurs, Fri.
Sat. Mon. Tues.
264 254 254 26%
26%
October
25% 2534 24% 254
26
December
RYE has of late sought low levels, as wheat declined and
% to %c.
the Northwest sold. On the 3rd inst. prices ended
higher, with wheat leading. September liquidation in both
rye and oats, &c., is believed to have been completed. On
early
the 6th inst. rye, as usual, imitated wheat, advancing
c..
2
/
% to 11 only to react later and losing most of the rise.
fell.
c.
4
3
On the 7th inst. prices ended % to / lower, as wheat
with fair sellOn the 8th inst. prices closed % to %c. lower,
ing by the Northwest and wheat off. To-day prices closed
/
%c. lower to 12c. higher. Final prices show a decline for
the week of % to %c.
.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs, Fri.
33% 3334 324 32
%
331
September
35
35
36
36
3634
December
40
4054 4034 40
4034
May
Season's High and When Made- I .Season's Low and When fade 1932
July 21
29-4
6 1932 September
Feb.
6444
September
3°54
Aug. 24 1932
June 3 1932 December
45%
December
Aug. 24 1932
3731
Aug. 10 1932IMay
424
May
Closing quotations were as follows:
GRAIN.
I Oats, New York
Wheat. New YorkNo. 2 white
No. 2 red. cit.. domestic_ _ _7134 I
No. 3 white_
Manitoba No. 1,f.o b. N. Y.6554 I
Corn.New YorkNo. 2 yellow, all rail
No.3 yellow, all rail
.79 029%
.28 et2834
I Rye No 2.f o.b bondlc.Y. 393-4
nom
Chicago. No 2
I
47 I Barley
N. Y.. c.l.f.. domestic
3934
464
26@38
Chicago. cash
1848
Financial Chronicle
FLOUR.
Spring pat, high proteln$4.25 $4 65 I
Rye flour patents
$3.35
Spring patents
3.90 4.21 I Seminole. bbl.. Nos.1-3 4.40 @$3.65
4.95
Clears. First spring_.._ 3.65
4.00 I Oats goods
1.50
1.55
Soft winter straights
3.25
Corn flour
1.35@ 1 40
Hard winter straights _ 3.25 4 3.65 II Barley
1 3.55
goods
Hard winter patents... 3.55
3.90 1 Coarse
3.20@
Hard winter clears- 3.05 3.30
Fancy pearl, Nos. 2,
Fancy Minn. patents
5.40 6.10
4 and 7
6.15@ 6.50
City mills
5.40@ 6.101
All the statements below regarding the movement
of grain
-receipts, exports, visible supply, &c.
-are prepared by
from figures collected by the New York Produce Excha us
First we give the receipts at Western lake and river nge.
for the week ending last Saturday and since Aug. ports
1 for
each of the last three years:
Receipts at-
Flour. 1 Wheat. I
I
Corn. 1
Oats.
1
Rye. , Barley.
bbls.19615s bush.60 lbs.Ibush.56 lbs;bush. 32 lbs.'bush.48Ib3.
bush.561bs.
Chicago
172,000
251,000 2,847,000
812,000,
i9,000. 115,000
.
MInneapolLs_
2,685.000
185.000' 1,334.000', 193,000; 669,000
1
Duluth
2.000
254.000;
I 2,977,000
54,000
229,000
Milwaukee__ _
8,000
14,000
315.000
42.000
6,0001 207,000
Toledo
609,000
48,000
161,000,
1,000
Detroit
66,000
3,000
16,0001
22,000
26,000
Indianapolis
102,000
200,000, 352,000
4,000'
St. Louis_ _ _. 131,000
428,000
402.000 205,000, 12,000 67,000
Peoria
• 37,000
40 000
328,000,
54,000;
1,000
62,000
Kansas City
13,000 1,601.000
239,000
12,000
Omaha
543 000
216,000,
126,000;
St. Joseph_ __
!
113 000
38,000
33,000
Wichita
391,000
1,0001
!
I
1
Sioux City_ _ _
61 000
1,000;
7,000,5,000
I 2.383 000
Buffalo
308,000 1,489,0001
123,0001
Total wk. '32
Same wk. '31
Same wk. '30
Since Aug.11932
1931
1930
361,000 12,264,000
380.000 8,581.000
469,000 17,866,000
5,133,000' 4,697,000
1,428.000 1.700,000
4,841.000, 5,223,0001
435,000 1,380,000
201,000' 1,257,000
804,000 3,460.000
1,781,000 55,982,000 19,324,0001 28,907,0001 1,895,0
00! 6,944,0
2,565.000 88,967.000 16,658,000 16,916,000' 1,497,0001 6,464,000
00
2.526,000 123.279,000 28.482 000 33.500.000 5,456,0
00 12,997.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Sept. 3 follows:
Receipts cif- I
Flour. I
Wheat. I
Corn.
Rye' I Barley.
bbls.196I55 bush.60 lbs. bush.56 lbs. bush. 32185. bush.481bs.lbush
.561b5.
New York _ _ _
129,000615,000
3,000
184,000
3,0001
Philadelphia__
34.000
2,000
2,000
24,000
1,000
Baltimore_ _ __
13.000
9,000
15,000
6,000
1,000
Norfolk
1,000
I
Churchill__
588.000
I
I
New Orleans*
51,000
57,000,
36.000
39,000,
Galveston__ _ _
846,000
I
Montreal__ __
40,000 3,657.000'
1
265,000
26,000. 371,000
Sorel
262,000
I
Boston
21,000
I
2,000
10,000
Quebec
139,000
I1
28,000
16,000
Halifax
1
1,000
I
Os".
I
1
Total wk. '32
290,000 6,155,000'
58,000
Since Jan.1'32 10,932,000 98,427,000 4.154,0
00
528,000
59,000: 387,000
6,380,00010,563,000 6,339,000
Week 1931_ __I 315,000 1,786,000
Since Jan.13113,984 000 121 026 000
38,000
130.000
26,000
436,000
2,153.000 8,273.000 1.935.0
0020,761,000
'Receipts do not include grain Passing through New
4
Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports
ending Saturday, Sept. 3 1932, are shown in for the week
the annexed
statement:
Exportsfrom-
New York
Boston
Baltimore
Norfolk
Halifax
New Orleans
Galveston
Montreal
Sorel
Quebec
Churchill
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Bushels. Bushels. Bushels
. Bushels.
553,000
9,896
2,000
108,000
3,000
1,000
1 000
133,000
8,000
2,000
40,000
Total week 1932._ 5,420,000
Same week 1931_ _ 3.446 000
15,000
60,000
265,000
1.000
66,896
150.211
340,000
103,000
26,000
10,000
371,000
28,000
3,657,000
262,000
139,000
568,000
16,000
54,000
26.000
397,000
430.000
The destinat on of these exports for the week and
since
July 1 1932 is as be'ow:
Flour.
Exports for Week
and Since
Week
Since
July 1(0Sept. 3 July 1
1932.
1932.
United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Brit.No.Am.Cols_
Other countries
Total 1932
Total 1931
Barrels.
30,151
27,745
3,000
5.000
1,000
__ _
Wheat.
Week
Sept. 3
193 .
Since
July 1
1931.
Corn.
Week
Sept. 3
1932.
Barrels.
Bushels.
Bushels.
Bushels.
315,268 2,726,000 11.194,000
173,681 2,581,000 17,796,000
27 000
108,000 2,483,000
68 000
5,000
3 7,000
3 000
32,435
231,000
66,896
619,384 5,420,000 31,741 000
150 211 1.409.533 3.446 000 31,390,
000
1.000
Since
July 1
1932.
Bushels.
124,000
250.000
2,000
17.000
1,000
394,000
33,000
The visible supply of grain, comprising
granary at principal points of accumulati the stocks in
on
seaboard ports Saturday, Sept. 3, were as follo at lake and
ws:
GRAIN STOCKS.
United StatesBoston
New York
- afloat
Philadelphia
Baltimore '
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Wheat,
bush,
552,000
1,295,000
2,788,000
3.640.000
326,000
1.031,000
1,718,000
6,842.000
2,239.000
6.332.000
8.030,000
41.375 000
19,480.000
Corn,
bush.
181.000
50,000
32,000
Oats,
bush.
5.000
25,000
167,000
54.000
40,000
Rye,
bush.
1,000
Barley.
bush.
3,000
8,000
31,000
1,000
2,000
217.000
35.000
1,000
48.000
1,283,000
3.000
42 000
72,000
57,000
380.000
33.000
61.000
246,000 1,239,000
35.000
19,000
90.000
4,000
9,000
Sept. 10 1932
GRAIN STOCKS.
Wheat,
Corn,
Oats,
Rye,
Barley.
United States
-bush,
bush.
bush.
Sioux City
bush.
1,743,006
17,000
144,000
20,000
St. Louis
7,274,000
591,000
636,000
4,000
Indianapolis
1,860,000
392,000 1,962.000
Peoria
24,000
7.000
652,000
Chicago
17,908,000 8,714,000 5,938.000 1,575,000
502,000
" afloat
472.000
854,000
On Lakes
759.000
108.000
181,000
Milwaukee
6,188,000
448,000
703,000
193,000
477,000
Minneapolis
21,549,000
121,000 6,058,000 3,839,000 2,698,000
Duluth
15,766.000
1,411,000 1,620,000
583,000
Detroit
180.000
6,000
44,000
42,000
46,000
Toledo
No Report.
Buffalo
11,047,000 2,923,000 3,409,000
778,000
47,000
- afloat
1,180,000
140,000
235,000
On Canal
' 74.000
313,000
882,000
Total Sept. 3 1932___181,722,000
14,649,000 25,544,000 8,999,000 4,600,000
Total Aug. 27 1932.._178.084,000
12,991.000 24,207,000 9,104,000 3,927,0
Total Sept. 5 1931_236,323
.000 8,314.000 14.265,000 8,720.000 4,075,000
00
Note.
-Bonded grain not included above:
Barley
-New York, 1,000 bushels:
Duluth, 1,000; total, 2,000 bushels
,
-New
York, 900.000 bushels; New York against 3.000 bushels in 1931. Wheat
afloat, 532,000; Buffalo, 1,267,000;
afloat, 1,354,000; Duluth,
133,000; Canal, 408,000; total, 4,594,000 bushels Buffalo
8,827,000 bushels in 1931.
, against
Wheat,
Corn,
Oats,
Rye, • Bosley.
Canadianbush,
bush,
bush.
Montreal
bush.
bush.
518,000 1,141,000
Ft. William & Pt. Arthur 9,049,000
126,000
42,259,000
1,609,000 2,731,000
Other Canadian
472,000
24,099,000
1,228,000
190.000
349,000
Total Sept. 3 1932__ 75,407,
3,355,000 4,062,000
Total Aug. 27 1932._ 73,805,000
947,000
3,931,000 3,995,000
Total Sept. 5 1931._ 48,301, 000
847,000
000
3,607,000 10,234.000 5,709,000
Summary
American
181,722,000 14,649,000 25,544,000
8,999,000 4,600,000
Canadian
75,407,000
3,355,000 4,062,000
947,000
Total Sept. 3 1932_257,129
,000 14,649,000 28.899,000 13,061,
Total Aug. 27 1932_..251,889
000 5,547,000
Total Sept. 5 1931_284,624,000 12,991,000 28,138,000 13,099.000 4,774,000
,0® 8,314,000 17,872,000 18,954,000 9,784,0
00
The world's shipment of wheat and
Broomhall to the New York Produce corn, as furnished by
ExehaniTe, for the week
ended Friday Sept. 2 and since
July 2 1932 and 1931 are
shown in the following:
Wheat.
Exports
-
Week
Sept. 2
1931.
Since
July 2
1932.
Corn.
Since
July 1
1931.
Week
Sept. 2
1932.
Since
July 2
1932.
Since
Jiffy 1
1931.
Bushels
Bushels. IBushels.
North Amer_ 7,741,0,
00 49,139,00 57,470,0
Black SeaArgentina__
Australia
Bushels. I Bushels.
Bushels.
54,000
497,000
217,000
704,000 1,056.000 26,048,000
493.00
485,000
575,000 6,898.000 16.595.000 3,327,0 0 5,662,000,
00 56,995,000 93,333,000
929,000 13,545,000 25,388 000
ind. ntr's 1,120,000
Othiacou
6,229,000
Total
gaor
ogi
9,752,
464,0001
3,364,000, 3,018,000
m069,ob0 78,867,000135.813 000' 4.338,000 66.518.000!
97,053,000
WEATHER REPORT FOR THE WEE
K ENDED
SEPT. 7.
-The general summary of the weath
er bulletin
issued by the Department
of Agric
fluence of the weather for the week ulture, indicating the in.ended Sept. 7, follows:
In the more Eastern
States the week was characterized by abnormally
high temperatures.
of Ohio, and ratherwith maximum readings 100 degrees, or higher, in parts
generally from the District of Columbia southw
North Carolina. In
ard to
to rather cool weathethe mid-Western and more Western States moderato
frequent in much of r was the rule, except in California. Showers were
the South and locally heavy in the central-easte
rn
snnsh e more Western States fair
iu thine
weather was the rule, with
area.dantt
bun bu
The table on page 3 shows
that the weekly mean temperatures ranged
from about 4 to 10 or
12
the Mississippi River, degrees above normal in nearly all sections east of
with the relatively warmest weather in the middle
Atlantic area from North
Carolina northward to New York. In the
plus departures from
normal were mostly 3 or 4 degrees, except that South
edly cool weather prevail
decidGreat Plains and Rocky ed in the Southwest. The central and northern
Mountain regions were cooler than normal,
temperatNe vadaere abnorm
western ures w
but
ally high In central California and extreme
The table shows also
that excessive rains occurred in most of Texas,
and the amounts were
heavy in much of Alabama and Mississippi.
were generous to
They
heavy
the east-central Great or excessive in most Ohio Valley sections, while
western portions of the Plains again had considerable rain. From the
Great Plains westward to the Pacific Ocean
week was practically
the
In the extremely rainless, except for light showers locally.
mainly from North dry central-eastern portions of the country, extending
Carolira northward to New Jersey and westward
parts of the upper Ohio
Valley, rains of the week were extremely spotteto
Scattered and mostly local
d.
moderate to heavy shower areas received relief during the week through
s, but they were generally inadequate to relieve
the situation, and late
crops and pastures continue to suffer in most sections. Fruit has
tridtsal lplorging hapsu unfavorably affected in the heavy producing disanc f in Vi winia, been
etarde . short over prac:ically the.) ntire
are v y
l
area.
been retarded.
On the other hand,
there was too much rain in much of the South,
especially southern Florida, Alabama, Mississippi
and Texas, with excessive
falls at numerous places
more than 16 inches for In the last-named State: Mexia, Tex., reported
again rather widespread the week. In the central valley States there were
showers, and the soil continues in mostly favora
condition, except in
ble
the upper Ohio Valley. Crops matured
efaxlelepptlorin
edf ivorably, with the general outlook rapidly, and
ofavora
h o vay
a
satisfactory,
the eastern
In Michigan
mostly good to recent rains have been very beneficial and late crops are
tation has been excellent in that State, while for several past weeks precipiabundant
the past August was the in most upper Mississippi Valley sections: in Iowa
wettes in 60
upper Ohio and Potomac Valley t which years, in marked contrast to he
were extremely dry.
The Western Plains, northw s
ard to the Canadian border, continue unfavorably dry, with plowin
Eastern States were experi g and fall seeding delayed. While the more
the hottest week a the year. a large area
of the far West, extending encingsouth
as Utah and northern New
buthdhenfr agriculturalroossetroiorusfrearrimnvagoitcleecmyusr as far
in numerous exposed places Mexico,
rp.
Considerable
ed onsIderable tender vegetation was and the
nipped,
The Weather Bureau furnishes the
the conditions in the different States: following resume of
Virpinia.-Richmond: Temperature
erate precipitation in limite localities,abnormally high. Light to modd
Cotton shedding badly and most cornbut drouth conditions still severe.
poor: cutthrt corn begun. Late
potatoes and truck ruined
by drouth. Tobacco injured; cutting begun.
l'eanuts wilting, while meado
ws and
greatly with heavy loss: many trees pastures parched. Fruits suffering
dying.
North Carolina.
-Rale
temperature at Raleig igh: dot first half, equaling sta.:elute maximumin most of State, though some scatte
showers in parts of not h; dry centra
red
th and
l latter past
and other crops in dry area revived whe-e rains of week. Some late corn
occurred; otherwise reports
unfavorable. Progress of cotton poor in
north and only fair in south:
opening rapidly, some premat
South Carolina.-Columbla urely.
Warm
late crop only fair: fruiting :checkedand dry. Cotton at standstill, with
and no top crop; some premature
opening and some shedding; early
ginning active. Late corn, sweet crop opening rapidly, and picking and
potatoes,
rain badly. Fall plowing conditions unfavo truck and lessor crops need
rable.
Volume 135
Financial Chronicle
1849
are rivaling the popular velvets for fall wear. Raw silk
has proved to have a better statistical position than recently
seemed likely, as mill consumption for August was revealed
as a record.
DOMESTIC COTTON GOODS.—Activity in domestic cotton goods, while interrupted and lessened to some extent by
the occurrence of Labor Day, maintained good volume, and
continued to embrace almost all lines. Yesterday active
covering before the publication of the Government cotton
estimate expanded business temporarily to a point of hectic
confusion, only to subside abruptly when the report was
given out and proved bearish. However, prices thereafter
were firmly maintained, and while much depends on the
trend in raw cotton in the immediate future, market observers mostly predict no material recession in goods prices in
the near future, though expecting that buyers will do what
they can to dislodge concessions. Earlier in the week, while
business was less active, a tendency in the direction of
further advances was noted in the gray goods market, and
it was hoped that such further appreciation would soon be
forthcoming. Further advances on certain finished goods
lines actually occurred. The statistical position continues
strong, notwithstanding a sharp rise in aggregate output in.
the past few weeks, and it is contended that gray goods in
particular are in a position to be revised further upward
in the near future, if weakness in raw cotton does not ruin
the chances. Goods are generally well sold ahead, and such
increase in production as has occurred is generally fully
warranted by increased business so that further decline in
stocks on hand is widely expected. It is revealed that a.
number of gray goods manufacturers have recently done
business at a profit, the margin being fairly substantial and
the quantity large in more than one instance. On this score
the point is made that this is the first opportunity cotton
goods have had in a long time to re-establish profitable
values, and every effort should be made to maintain a constructive statistical position and firmly resist efforts to
undermine quoted prices so that other cotton goods lines
may soon follow print cloths and carded broadcloths into the
profitable position which they seem now beginning to occupy.
Sheets, bedspreads, and colored goods have been selling in
gratifying quantity recently. Denim producers are also
reported to have booked large volume at better prices, with
the outlook bright and in very marked contrast to what it
appeared a short few weeks ago. The amount of business
recently done in the fine goods division, while definitely
THE DRY GOODS TRADE
less substantial than in the gray, is estimated as sufficient
New York, Priday Night, Sept. 9 1932.
to have laid a foundation for better prices. While some
This week's business in textiles, though in many lines not producers have received a heavy volume of orders, many
as heavy as at some other times during the past fortnight, others have had to be satisfied with moderate or even slight
has nevertheless held up extremely well, neither the breadth improvement, but most of the latter are stubbornly holdingnor the intensity of the demand which developed a short out for better prices which the trade as a who'e believes
time ago having diminished very materially. In cotton
will come. It is stated that buyers are at present showinggoods especially heavy buying of gray goods continued to encouragingly more interest in quality of goods, to the detrigo forward until yesterday, when a very active covering
ment of price considerations. However, the latter are by no
movement, in anticipation of a bullish Government crop means being lost sight of. Print cloths, 27-inch 64x63's con/0.
-inch 64x60's at 31
estimate, reached a climax in the morning, though slacken- structions are quoted at 3%c., and 28
Asc.,.
ing off abruptly when the report, showing a quite unex- Gray goods, 39-inch 68x72's constructions are quoted at 47
4c.
-point de- and 39-inch 80x80's at 57
pected though slight increase, precipitated a 100
cline In raw cotton. When heavy buying centering in print
WOOLEN GOODS.—It is a source of great satisfaction
cloths, sheetings and flannels slowed down yesterday, the to woolens and worsted men that recent price advances on
change found the trade not altogether disappointed at the suitings have been followed by an accelerated instead of a
opportunity to take time out to check up on their position reduced demand, as some pessimists anticipated. Buyers
and catch up on orders—with which a number of mills continue to take suitings, particularly staple and semi-staple
are sufficiently well supplied to obviate the necessity of counts, at a much improved pace, with the result that furseeking further business for a fortnight or more, notwithupward revision in values is being talked of, especially
standing the decided rise in output which has recently been ther
view of the trend in the raw wool market, which continues
registered. In view of the fact that prices in cotton goods in
persistently firm. Many mills are well sold ahead, and are
have been advanced slowly and have not kept pace with the even forced to turn down business for prompt delivery on
rebound in cotton itself, it is not thought likely that renewed
With the autumn season going so late into the
unsettlement of goods values is immediately to be feared, occasion. has yet been said or done about new spring lines,
little
even if the reaction in the staple is carried further. Sellers year which will be offered before the first of next month,
intimate their intention of holding prices firmly against few of
Demand for women's wear goods is less
expected demands for concessions. With conditions in gen- it is anticipated.
dress goods and suitings, than it was a short
eral business channels improved, and Wall Street taking a active, both for
total has already changed hands, and a
very favorable view of the outlook, it is hoped that basic time ago, but a heavy
dress goods and crepe cloaking%
conditions will conspire to bring about an early recovery steady call for low-priced
is still coming to hand. Manufacturers of women's clothing
the staple and prevent hnportant adverse effects on cotton
in
in the lull which usually precedes the
goods and textiles in general. Current reports from retail are reported to be
inception of the retail season in fall clothing, and the immea steadily increasing volume of business, which
centers are of
rests with what Success retailers have in the
Is already on a scale substantially larger than anything of diate future
sound and rein recent months. This improvement next few weeks. Statistical conditions are wanted fabrics.
the kind experienced
gradual character which genuine sus- tailers are having some difficulty in recuring
Is of the broad and
Retail displays and stocks are relatively good, and much
tained improvement might be expected to manifest. It is
to stimulate
and livestock areas, where is hoped of their current more elaborate efforts
especially noted in agricultural
the public appetite by varied and attractive offerings.
as the effect of increased
such betterment is interpreted
for overcoatings are coming to hand actively now,
purchasing power operating upon the urgent need of basic Orders stocks of
heavyweight fabrics light, shortages are
and with
necessities, especially clothing, the purchase of which has
considered an early probability.
been greatly delayed. Small towns and most cities are parFOREIGN DRY GOODS.—There is no new feature in local
ticipating, frnd it is believed that a considerable amount of
hoarded or saved funds is being spent as a reflection of the linen goods markets. The upward trend of flax prices
abroad is viewed constructively, but business here remains
greatly enhanced confidence in the general outlook now
prevalent throughout the nations. In rayons, rough crepes seasonally quiet. Piece goods are slow, and household lines.
while.moving in better volume than a few weeks ago, are
are the current'sales leaders, and are very active. Rough
only fair sellers, except in so far as a few popular novelties
heavy sheers, blister, and ribbon crepes are most in demand
high ground,
for quality dresses, while roshanara fabrics are popular for are concerned. Burlaps advanced into new and partly on
report
the dresses priced at $5 and under. On the other hand, de- partly reflecting a bullish Indian crop
and
mand for printed rayon flat crepes is described as disan- extensive covering of requirements by South America
Australia. Light weights are quoted at 3.70c., and heavies
pointine. Satins are reported to be slightly more active.
at 4.95c.
Rough crepes are also a feature in silk goods, where they
for maturing
Georeia.—Atlanta: Warmth and scattered rain favorablein places very
crops generally. Condition of cotton mostly poor, thoughrapidly in most
good; much shedding and practically no top crop: opening
well. Fodder pulling and
sections, and picking and ginning progressing Late corn, sweet potatoes
harvesting other crops made good progress.
and cane mostly good. Rain needed for late crops.
Florida.—Jacksonville: General rains first half of week, attending passing
for widely scattered
of tropical disturbance; thereafter generally fair, except
showers. No wind damage in south, but heavy rains destroyed seed beds
soil delayed farm work. High winds in extreme
and plantings, and wet
northwest portion damaged corn and cotton, and blew much of pear crop
from trees. Cotton fair.
Alabania.—Montgomery: Heavy rain and strong winds and gales accomcrop damage
panying tropical disturbance caused considerable to serious
generally in extreme central-southern, southwestern and central-western
portions. Satsuma crop damaged only slightly. Elsewhere progress and
to good,
condition of corn, pastures, ranges, potatoes and sweets mostly fair Progress
poor to good.
and of truck, vegetables and miscellaneous crops picking and ginning proto only fair;
and condition of cotton mostly poor bolls opening quite rapidly in central;
gressing rather slowly in south, but
shedding continues in many places, especially in north, and some reports
weevil activity.
of rotting; weather first half very favorable for moderate to heavy rains.
Mississippi.—Vicksburg: Rather warm with
Progress in picking and ginning cotton poor in extreme east, but mostly
fair elsewhere; weather favored widespread weevil activity throughout.
Progress late-planted corn generally rather poor, and of other field crops,
gardens and truck mostly poor in east, account of wind and excessive
rainfall, but generally fair elsewhere.
Louisiana.—New Orleans: Warm, with scattered showers, except dry in
northwest and west-central. Cotton opening fast and picking and ginning
progressing rapidly; condition poor to fairly good; practically no top crop.
Late corn is failure in northwest; otherwise fair. Weather favorable for
cane; condition very good. Rice harvest progressing, with some interruption by rain. Miscellaneous crops and pastures fairly good.
Texas.—Houston: Heavy to excessive rains in all sections, except along
extreme western, northwestern and eastern borders, practically stopped
field work, washed land and injured open cotton in most places; also favorable for insect activity. Progress and condition of cotton generally poor,
with little prospective top crop. Record flood in Rio Grande Valley, but
extent of damage to crops yet unknown. Rains generally benefited minor
crops and pastures. Livestock in good condition.
Okla/tem.—Oklahoma City: Moderate to heavy rains in west and some
central sections, but mostly dry or light showers in east. Progress and
condition of late corn very poor in east and only fair in other portions;
early being gathered. Progress and condition of cotton fair to good, except
I I .r to only fair in east, with some shedding; favorable for weevil in east.
progress in plowing where soil moist enough. Minor crops made
satisfactory progress except In dry areas.
Arkansas.—Littlehock: Weather favorable for cotton in most portions,
but too wet on some eastern lowlands, causing new growth and weevil
activity; also too dry some southern, central and western parts, causing
small bolls; still growing on lowlands; picking and ginning progressing very
rapidly. Showers very favorable for late corn and all minor crops.
Tennessee.—Nashville: Early corn crop about matured; condition of late
very good generally, but needing rain over central and eastern portions. Condition of cotton mostly fairly good, although excessive rain in western division damaging. Tobacco made good progress, except where there was too
much rain in northwestern counties. Hay crop very good in most districts.
Ifentucky.—Loulaville: Showery, with high temperature; rainfall heavy
west and northeast; too wet locally in west. Favorable for rapid growth of
late crops, but unfavorable for cutting and housing tobacco: too humid for
curing, and ripening delayed. Progress and condition of late corn very good
to excellent, except poor in southeast. Harvest of forage crops delayed by
showers. Pastures good in north and west; need more rain in southeast.
1850
Financial Chronicle
tate anti Ortg Pepartuunt
MUNICIPAL BOND FINANCING IN AUGUST.
State and municipal bond financing during August was
on a slightly larger scale than was the ease in the month of
July, the awards reaching $34,447,888, while in July the
figure was $27,501,201, both representing very light financing. In July 1931 bond sales of this class aggregated
$74,963,933. The largest sale completed in August comprised an issue of $5,000,000 State of Missouri road bonds,
which was purchased by Dillon, Read & Co., of New York
and associates.
Bond awards during the eight months of 1932 have
amounted to $588,116,075, which compares with
$1,022,918,595 in the corresponding period in 1931, $975,963,112 in
1930, $836,370,593 in 1929, $928,136,644 in 1928, and with
ri,060,936,272 in the first eight months of 1927.
A summary of the bond awards of $1,000,000 or more
during August is as follows:
$5,000,000 Missouri (State of) 4 y% road bonds awarded
on
to a
syndicate headed by Dillon, Read & Co., of New Aug. 4 at a
price of 102.817, a basis of about 4.06%. Due York,
$1.000.000
annually on June 1 from 1952 to 1956.Ind.
3.076,000 Maryland (State of) 4Y% certificate
s of indebtedness, due
serially from 1935 to 1947, incl., awarded to Kidder, Peabody
& Co., of New York, and associates. at 105.607, or an interest
cost basis to the State of about
3.78%•
2.300.000 Pittsburgh, Pa.. 4
coupon or :egistered bonds, comprising
issues of$1,200,0110, due from 1933 to 1962,
$800,000 ,due
from 1933 to 1952. and $300.000 due from incl.,to 1942, incl.,
1933
awarded to a group managed by the Chase Harris Forbes Corp.,
of New York. at 101.859, a basis of about
4.06%•
1.501:1:500 Jackson County, Mo.. 434- c iced and
bridge
due
-bonds 1940 to 1952, Ind., awarded to the Continental Illinoismin
Co.
of Chicago, and associates, at a price of 100.147. a basis
of
about
4.24%.•
i
1,000.000 Illinois (State 4)4% w/;,
- - .
way bonds, due Jan. 1 1939,'17 . chased by a group composed of Halsey. Stuart & Co., Inc., 1r
the
Bancamerica-Blair Corp. and Wertheim & Co.. all of New York,
at a peke of 99.78, a basis of about 4.04%.
f 1.000,000 Maine (State of) 4% highway nd bridge bonds, due from 1951
to 1954. incl., awarded to a group composed of
Company of New York,the Bankers Trust Co.andthe Guaranty
Corp., of Boston, at a price of 102.17, a basis of the Shawmut
A further issue of $1.500.000 4% highway and about 3.85%.
due from 1954 to 1957. was sold by the State on bridge bonds,
Sept. 1 to the
First National Bank, of New York, and associates
of 102.199, a basis of about 3.86%. This latter , at a price
included In our aggregate of sales for the month of issue is not
Augsut.
1.000.000 St. Louis County, Mo.,4% road bonds
awarded on Aug. 30
to a group managed by the Guaranty Company
at a price of 100.639, a basis of about 4.19%. of New York,
The Issue matures serially from 1938 to 1952, Incl.
%
The inability of numerous municipalities to dispose of their
issues continued a feature of the municipal bond
market
in'August. Our records show such failures numbe
r'n
issues with a par value of $16,318,656, while in
July such
issues numbered 69 and the aggregate amount was $11
092. The figure for August was considerably swollen
as a
result of the non-sale of $8,000,000 Chicago, Ill., 5%
refun7,
-ing 137ilds7 In June therewere 56 of such issues
and the
aggregate amount was-03:870;469.
_
ings during •the eight months of this year accordi
ng to our
records,-invol1
-457 separt7i7giues totaling $171,6179.
Some of the larger issues unsuccessfully offered
in that
period in addition to the $8,000,000 Chica
sgo, - issue in
- Ill,
August, include thirof $20,000,000 by Philadel---- phia, Pa.,
IT June; $12,500,000
-SCate OrMississippiririMad
$20,000,000 of unsold State of Louisiana bonds in March.
The monthly totals of these unsuccessful offering
$16,318,656 in August, $11.327,092 in July, $28,870s show
,469 in
rime,$30,794,586 in May,$18,600,15 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
cessful August offerings, showing the name of the unsucpality, the amount and rate of interest named the municitogether with the reason, if any, assigned for in the issue,
the non-sale
of the bonds:
RECORD OF ISSUES THAT FAILED OF SALE
DURING AUGUST.
'Page.
Name.
Interest Rate.
Amount,
Report.
1356 Akron. Ohio (3 issues)
6%
$554.963
No bids
1356 Allen Co.. Ohio
6e64,000
No bids
1522 zBarberton, Ohio (2 issues)104,052
No bids
1522 aBath, Bradford, Campbell at
i no
Thurston S.D. No.1,N.Y.not exc. 6%
17.500 Bids rejected
1686 Bell Co. Road Dist. N.
9-A.
Texas
5%
110,000
Not sold
1686 Berea, Ohio
6%
11.644
No bids
1190 Boone. Iowa
x
69,000 Bids rejected
1686 Burke Co.. N. Dak
x
25,000
1686 Butler Co., Pa
not exc. 4Y% 325,000
Postponed
1357 Capitols Sanitation District,
Calif
6%
21,500
No bids
1357 ',Chippewa Co., Minn
not exc.4%
25,000
No bids
1686 Clay Co., Ind
4%
2,770
No bids
1686 Clifton, N. J
not exc. 6%
902,000
No bids
1523 cChicago, Ill
5%
8,000.000 Bids rejected
1357 Douglas Co., Wis
5e,
200,000
No bids
1524 Elmsford, N. Y
not exc. 6%
10,000
No bids
1191 Fairfield, Iowa
4Y%
20,000
No bids
1524 Garwood, N. J
not exc. 6%
225.000
No bids
1524 Glassboro, N..1
not exc. 6%
290,000
No bids
1025 Grant Union H. S. Dist..
507
Calif
150,000
No bids
1192 Greene Co.,Ind.(3 issues)
4%
29,300
No bids
1358 Harlovrton, Mont
5%
5,000
Postponed
1688 Hudson, Ohio (2 issues).- -67,119
No bids
Ironton, Ohio
1525
67
63,853
No bids
1526 Kent, Ohio (2 issues)
6e,
21,336
No bids
, 64
6g
Sept. 10 1932
Page.
Name.
Interest Rate.
Amount.
Report.
1525 Kern Co. S. D., Calif
5%
Not sold
5,500
1688 Los Angeles Co. Acquisition
and Impt. Dist. No. 194, Callf not exc. 7%
10,926
No bids
1688 Lyndhurst, Ohio(5 issues)-6%
144,135
No bids
1359 Marlon, Ohio(8issues)
136.581
No bids
6%
1689 Meadow Grove Neb
No bids
2,500
1359 dMead Twp. S. i3., Pa
8,200 Bids rejected
540%
1027 Medina Co., Ohio
6%
61.685
No bids
1689 Minot, N. Dak
75.000
No bids
1194 Montgomery Co., Ohio--400,000
No bids
6%
a
1526 Morgan Co., Ind
4'g
No bids
4.400
1526 Morton Co., N.Dak
z
80,003
No bids
1359 Muskegon S. D., Mich ...6
50.000 Bids rejected
1689 Owen Co., Ind.(2 issues)- 4%
No bids
9,940
1689 Paterson, N. J
825,000 Partially sold
1028 Pennsauken Twp., N. Jnot 610
exc. 6%
161,000
No bids
1195 .Piqua. Ohio
5%
No bids
480,000
1690 St. Landry Parish, La
not exc. 7%
118,752
No bid
1195 Sharpsburg S. D., Pa
4 Y%
36.000 Bids rejected
1691 Shiawassee Co.. Mich
6%
30.000
No bide
1361 Somerville, N. J
610
133,000 Partially sold
1691 Stayton, Ore
6%
No bids
4,000
1361 fSteubenville, Ohio
13,500
Not sold
67
9
1195 Summit Co., Ohio
No bids
190,500
6e
1029 Sunflower Co., Miss
not exc. 6%
40,000
No bids
1691 Taylor, Pa
not exc. 53i%
60,000
No bids
1691 Toledo, Ohio
6%
1,214,500
No bids
1361 Trumbull Co., Ohio
No bids
6e0
177,500
1362 Ward Co., N. Dak
x
75.000
No bids
1196 West New Yokr. N. J
117,000
No bids
1692 Youngstown City S.D.,Ohionot exc. 6%
250,000 Bids rejected
6%
z Rate of interest was optional with
the bidder. •
a Issue was reoffered for award
on Sept.
subsequent page of this section. b Further6. Result of sale appears on
bids for
invited until Sept. 13. c City Comptroller reported the issue have been
that a bid of 95 had
been received for a
of $1,000,000 bonds to mature Jan. 1 1934.
d Issue was reofferedblockaward
for
on Aug. 30. Result of sale appears on
subsequent page of this section. e
Later It was reported that arrangements had been made
System, at Columbus for sale of notes to the State Teachers Retirement
-V. 135, P. 1690. f Error in original notice of sale
necessitated reoffering of issue on
Sept.
found on a subsequent page of this section.6. Details of the sale will be
z Bonds have since been sold.
6e
Temporary municipal bond financing during August
amounted to $72,249,945, which figure includes $42,550,000
borrowed by the City of New York in anticipation of November tax collections and permanent bond financing. The city
obtained $35,000,000 of that amount at 53 % interest and
4
the remaining $7,559,000 at 5%.
Permanent municipal bond financing by Canadian municipalities during August totaled $6,367,954. This figure includes the $2,000,000 Province ofpritish Columbia 5
%
bond issuer dated "Aug' 1571932' and'due- Aug:•;1 034
,
5- which was sold in the New York bond market by ErnstI
Co., of New York, and Fred D. Sadler & Co. of Chicago.
The issueconstituted the first offering
in the NarTk
inyestmeni market of "a Canadian-munis . loan since tre
sispa)
Suspension-in-Sept 1931 of the gold standard- :Greg
.
in
Britain, which res"ulted in a sharp7decline in Canadian
exchange in the United States. The Province of Saskatche• ___.
wan obtiinee$24 600,000 -in the honie ma
,
- -rket in • August,
having sold that amount of 6% bonds due in 1952, to a.
syndicate headed by the Dominion Securities-- Corp.Lss
s of
Toronto, which made public reoffering to investors at a price
ot98.25 and accrued inUiest, to Yield 6.15
000 British Columbia issue placed. in the United_State .
previously noted above, was offered for' public susbscript
. sion
at 96% and-accrued- --• -- interest, yielding about 7%. Both
principal and semi-annual interest are payable in gold coin
of the United States.
-V. 135, p. 1362. There was no
United States Possession financing accomplished during
August.
For comparative purposes we add the following table
showing.the aggregates for August and the eight months for
a series of years. In these figures temporary loans, New
York City's "general fund" bonds and also issues by Canadian municipalities are excluded.
q. nfr000,:.
1932
1931
1930
1929
1928
1927
1928
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
Month of
For the
August.
8 Months.
$34,447,884 3588,118,075 1911
74,963,933 1,022,918.595 1910
98,068,445
975.963.112 1909
80,872,773
838.370.593 1908
68,918,129
928.138,644 1907
92,086,094 1,060,036,272 1906
71,168,428
909.426.840 1905
83,727.297
980,196,064 1904
108,220,287 1,014,0118,919 1903
56,987,954
709,566.710 1902
819,077,237 1901
69,375,998
94,638.755
865,366.366 1900
59,684,048
439,355,455 1899
59,188.857
448,030.120 1898
38,538,221
213,447,413 1897
346,903,907 1896
32,496,308
346.213.922 1895
25,137,902
22,970,844
389,789,324 1894
10,332,193
394,668.343 1893
19,801,191
262,178,745! 1892
292,443,276
15,674,855
Month of
August.
$22,522,612
14,878.122
22,141,716
18,518,048
20.075,541
16,391,587
8,595,171
16,124,577
7,737,240
10,009.256
15,430,390
7,112,834
5.865.510
25,029,784
6,449,536
4,045,500
8.464,431
7,525,260
2,734,714
4.408,491
For the
8 Months.
$2 8,016,280
213.557.021
249,387,680
208,709,303
151.775,887
144,171,927
131,
196,527
187,220,988
102,983,914
108,499,201
84,915,948
93,160,542
87,824,844
76,978,894
97,114,772
52,535,959
80.830,704
82,205,489
37.089.429
57,430,882
A comparison is given in the table below of all the various
forms of securities placed in August in the last five years:
1931.
1932.
1930.
1929.
1928.
8
$
$
$
$
Perm.loans (U.8.)_ 34,447,888 74,963,933 98,068,445 80,872,773
*Temp. loans (U.S.) 72,249,94s 89,894,400 27,987,000 91,245,000 68,918,129
61,183,000
Canadian loans (permIt):
Placed in Canada_ 4,307,954
1,516,688 28,829,750
578,347
402,210
Placed in U. 8... 2,000,000
None
500.000
None
None
Bonds U.S.PossIns.
None
None
None
76,500
None
Gen.fd.bds.(N.Y.C.)
None
None
None
None 3.350,000
it
Total
113,015,787 146,175,021 153,185,195 172,698.120 133,929.839
* Including temporary securities issued in New York City: $42,550,00 In Aug
1932: $28,000,000 In Aug. 1931, none in Aug. 1930, 870,860.000 In Aug.0
1929 and
$34,050,000 In Aug. 1928.
Volume
1851
Financial Chronicle
13.)
.
Rate. Maturity. Amount. Price. Basis
Name.
Pape.
6.00'
15,000 100
1690-Pembina Co.,N.Dak---6 134 Yrs.
4.78
1937-1952 200,000 102
5
1195- _Penn Twp.,Pa
9,000 100.38 4.92
1933-1942
5
1690__Perry Co.. Ind
5.00'
1,636.200 100
5
1690-Philadelphia, Pa
_Pittsburgh,Pa.(3 iss.)_ _ _4 X 1933-1962 2,300.000 101.65 4.06
1360_
3.82
25,000 100.51
1933-1937
4
1028_ _Pittsfield, Mass
1933-1952 200.000 100.45 3.96
4
1028_ _Portland, Me
54,644 Various prices
6
1527„Portland Ore
5.501935-1945 r115.000
1527-Racine, Wis. (2 in.)._ _534 1942-1962
35.000 102.25 4.82
5
Twp., Pa
434 1935-1960 210,000 102.32 4.30
1381„Richmond Co., Ga
40.000 100.25 4.27
1933-1934
1361__Richmond Co,, Ga
10-30 yrs. d35,000 100.65 4.46
1690„Ridley Twp., Pa
7.000 101.04 4.28
1933-1943
434
1527-Rip1ey Co.. Ind
6.00
d21.000 100
1932-1911
6
1857--St. Helens, Ore
434 1937-1952 r100.000 102.83 4.21
Maturity. Amount. Price. Basis.
1361-St. Joseph, Mo
1,000.000 100.63 4.19
$5,000 96
434 1938-1952
1935
1690-St. Loufs Co., Mo
6.09
d39,390 100
1-10 yrs.
6
Ore
10-20 yrs. d40,000
r50,000
ïöö - 1527„Salem, City, Utah_ _6
28,300 100
1690__Salt Lake
r100,000
1942
35,000
1195_ _Salt Lake County, Utah--434 193S-1957
60,000 100.005 Lon
193b-1957
6
27,500
1690--San Clemente
44,000 100.72 5.35
534 1934-1942
1029-Sandusky, Ohlo
5.50
1933-1969 250,000 100
.San Francisco (City and
1691.
434 1936-1977 893.000
12,000
1951
Co.). Calif
5.00
1933-1970 690,000 100
5
1527-Santa Monica, Calif
6.00
43.070 100
1934-1942
1029__Scarsdale Corn. S. D. No.
20.000 100.10 5.74
1933-1952
534
20,000
2, N. Y
5.00
37.000 103.31
1934-1938
6
6.00
r5,600 100
1933-1940
1361_ _ Seneca Co., Ohio
50,000 100.15 4.98
1934-1950
5
1942-1943 175.000 102.20 4.49
1691_ _Shelton, Conn
5.00
38,000 100
1933-1950
5
78,231
1934-1943
1195__Smithport. Pa
1939-1943 d38.000 100.10 4.98
1361-Snohomish Co. S. D. No.
6.00
2,500 100
1-10 yrs.
6
25.000 100.50
1937-1957
115 Wash
6.00
62,000 100
1934-1944
6
6.00 . 1361__Somerville, N. J
1933-1941 203,000 100
98
434 1-30 yrs. r150,000 102.67 4.68
Conn
100.52 4.90
r5,500
1-11 re
1528- _ Southington,
3.54
15,111
1933-1962 200.111
334
35,000 101.63 4.62
1942-1962
1029--Springfield, Mass
5.00
100
1933-1951
5
1361„Spring S. D , Calif
50.000 100.93 4.80
1933-1942
5
6.00
r15,000 100
5
10 yr
1_293 s.
1691-Stratford, Conn
--32,000
1934
6.00
2.500 100
1361--Taylor Co., Wis5
5,000 100
6.00
1691-Tulpehocker Twp. S. D.,
1933-1937
4.50
6,000 100
1934-1941
4g
5.00
Pa
1934-1952 r24,000 100
4.20
434 1933-1952 245,000 100.24
350,000
1030-Utica, N.Y.(2 iss.)
6.00
89,000 100
1934-1942
1528. Valley Co. S. D. No. 2.,
--15,000 100
90.000
1934-1944
12,000
434
5.99
1691:_Vernal, Utah
1945-1953 155,000 87
105,000
8
1691__Verona, N. J
43.277
1934-1941
434 1933-1967 175,000 100.56 013
30.000 100.27 5.17
1691_ _Wallingford, Conn
1933-1939
4.74
40,000 100.01
434 1933-1937
1362__Watertown, Mass •
95,000 100.26 5.73
M&N 1933
6
268,500 100
1946
4.00
1196-.Wayne Co., Ind
5.00
39.000 100
1934-1943
5
1933-1942 128,000 100.007 4.24
1692._Webster Co., Iowa
5.50
50,000 100
534 2-21 yrs.
22.000 100
4.00
1362_ _Wenatchee, Wash
--1933-1972 695.000
20.000 103.15
1362_ _West Orange,N.J.(2iss.) 6
45,000 100
Reading, Pa
10,000 100
1:66 1030-West
1933-1952
:71
18.000 100.39 4
1937-1952
434
n4205;000000
1692.-Whitaker. Pa
50,000 108.30 4.40
1952-1954
5
1692__Whitfield Co., Ga
Diana S. D.
1692-Wilna and
70.400 100.02 524
1934-1938
24,000 100.27 5.97
1936-1959
6
No. 4, N. Y
19.000 101
4.80
1934-1942
85.000
1938-1951 d10,000 101.50 4.38
1528-Windsor Locks. Conn....534 1933-1942
6766
2.458 100
6
1362-Wooster Ohio
25.000 100.18 5.44
1934-1938
4.45
434 1938-1945 d300,000 100.21
1528_ _Wright 60., Iowa
10,000 80.00
sales for August (165 municlTotal bond
47,673 100.08 5.23
1933-1942
issues)_k$34,447.888
panties, covering 207 separate
82.000 100.18 4.94
.1934-1937
mature in the
20.000 100.00 6 00
1944
'7Subject to call in and during the earlier years and to
.
.
loans. r Refunding
25,000 100.00 6.00
1934-1940
latter years. k Not including $72,249,495 temporary
bonds.
25,000 100.00 4.25
5 years
4.22
1942-1947 225,000 98.21
The following item included in our total for the month of
permaThe number of places in the United States selling
and the number of separate issues made during
nent bonds
August 1932 were 165 and 207, respectively. This contrasts
with 169 and 212 for July 1932, and with 299 and 392 for
August 1931.
in
In the following table we give a list of August loans
ies.
the amount of $34,447,888, issued by 165 municipalit in
the page
In the case of each loan reference is made togiven.
the "Chronicle" where accounts of the sale are
Rate.
Name.
Pape.
5%
1190_ _Ada, Okla
6
1688-Alleghany Co., Va
1358_ _Auburn, Me.(2 iss.) ----4
6
_Blacksburg, Va
1686_
1356_ _Blakely S.D ,Pa
1190_ _Blooming Grove, Chester,
b., No.2, N.Y.534
5
1523-Bonham,Texas
1024__Brooklyn Heights. Ohio
6
(2iss.)
1688_ _Buena Vista Co.,Iowa
6
1523_ _Caldwell, Ohio
4g
1523_ _Calumet Co.,Wis
1523-Canton, Ohio (2 in.).-..6
1864-Cerro Gordo Co..Iowa_ _ -5
534
1357-Chenango,N.Y
1191 _Cleveland.Ohio (4 iss.)--6
5
1357--Clinton Twp.,Pa
434
1357-Collingdale,Pa
1191-Columbia Co. S. D. No.
6
47, Ore
6
1687-Columbus, Miss
6
1523_ _Columbus Twp.,Pa
5
1523_ _Craftsbury, Vt
1024_ _Cumberland,R.I
1357- _Cuyahoga Co.,0.(2 iss.)_8
1357_ _Danbury,Conn
1524_ _Dayton, Ohio
1357--Defiance, Ohio (2 les.)---6
534
1524_ _ Defiance Co.,Ohio
1524_ _Denver (city & county)
4
Colo
1524_ - Dee Moines Ind. S. D.,1a434
1357_ _East Mauch Chunk.Pa--4
434
1025_ _Eckley. Colo
1524- _Edcauch Ind. S. D., Tex_ 5
1025-Elk City,Okla
1687_ _El Paso Co..Tex
534
1357_ _Erie Co.,Ohio
5
1191-Essex,Vt
1191- _Fannett Twp. S. D., Pa_4g
5g
1357- _Fayette Co., Ohio
1025-Floydada. Tex
534
1191-Franklin Co., Ohio
5
1025-Glen Cove, N. Y
8
1687--Goldenclale, Wash
6
1358-Grainger Co. Tenn
1358__Granito Fall;Ind. S. D.,
43
Minn
4
1687.-Greeley, Colo
1687-Guilford Norwich and
Oxford S. D., No. 1,
135,000
100.00
6
1933_1972
N. Y
43( 1934-1943 440,765 100.16
1687._Hamilton Co., Ohio
1687--Hannibal S. D., Ore.__ _434 1945-1952 150,000 102.73
16.000
1687-Hardin Co., Iowa
1025-Huntington Corn. S. D.
5.60 1933-1958 130,000 100.09
N.
No. N. Y
1939 1,000,000 99.76
4
1525-111inois (State of)
1 year
38,000 100.00
7
1525-Inglewood, Calif
6
1934-1939 627,000 99.00
1888-Irvington. N. J
20,000
43( 1934-1943
1358-Jackson Co., Iowa
4)4 1940-1952 1,500,000 100.14
1688-Jackson Co., Mo
9,600 100.00
1192_ _Jefferson Co.,Ind.(2iss.) 434 1933-1943
15,000 100.00
5
1933-1942
1025--Jefferson Co., Ind.
2,400 100.00
534 1933-1943
Co., Ind.
1025-Jefferson
25,000 100.86
4X 1933-1942
1192__Jefferson Co., Kant;
5
1934-1938 160,000 100.00
1688_ _Jefferson Co., Ohio
4,000 100.00
8
1025.-Jennings S. D., Mo
90,000 100.39
534 1937-1966
1525-Johnsburgh, N. Y.
5
1935-1950 r31.000 100.00
-Johnson,-Vt
15253Si 1936-1950
75,000 100.00
1192--Johnstown, Pa
434 1933-1961 392.000 100.65
1855__Johnstown, N. 1(
434 1933-1942
22,050 100
1026._ Kansas City, Kan
434 1933-1942
75,357 100.66
1855- _Kansas City, Kan
6
1942-1944 120,000
1358- _Kearny, N. J
5
13,000 100.10
1938-1948
1688- _Kent Co., Del
4g 1933-1962
35.000
1525--Kittanning, Pa
434 1936-1952 100,000 95
1 25- o ler, W s
12.000 100
1525- _Langley, Wash.(2 iss.)-6
20.000 100.25
434 1933-1942
1359- _Laureldale, Pa
2,500 100
5
1938
1525- _Lincoln 8. D., Calif
50,000 100.92
1688- _Linn Co., Kan.(4 kis.)-434 1933-1942
8,073 100
4Si 1933-1940
1638- _Linn Co., Kan
35,000 100
1937
5g
1359-Little Falls, N. Y
1933-1971 179,148 100.06
1525--Liverpool, N.Y.(2 iss.)- -6
75,000 100
8
1027--McCracken Co., Ry
50,000 97.50
434 1934-1938
1359--McLennan Co.,Tex
1526- _Madison, Wis.(2 iss.)_ _ _434 1933-1952 280,000 102.77
1359__Madison Heights San.
62,500 100.11
534 1937-1962
Dist., Va
1951-1954 1,000,000 102.17
4
1193-Maine (State of)
40.000 101.82
1934-1938
6
1359-Marion Co.. Ohio
1934-1970 149.000 100
5
1526-Margate City, N. J
1934-1969 180,000 100
1359-Margate City, N.J.03iss.)5
4,835 100
1933-1943
5
1359--Martin Co.,Ind
5,800 100
1933-1942
5
1359-Martin,Co.,Ind
434 1935-1947 3,078,000 105.60
1193--Maryland (State of)
2,900 100
534 1932-1940
1526-Medina,Ohio
1934-1939 198.000 100.02
6
1194- _Memphis,Tenn
534 1940-1948 302,000 100.02
1194--Memphis,Tenn
15,000
1359-Miller,S. Dak
3.200 100
1933-1940
4
1194- _Millersburg,Pa
60,000
434 1933-1952
%VW
1526- _Milwaukee,
1933-1937 250,000 100.22
4
1526- _Minneapolis,Minn
500.000
1027-Minnesota (State of) ---434
434 1952-1956 5,000,000 102.81
1027_ _Missouri (State of)
15,000 100
1933-1942
6
1359-Mogadore,Ohio
1933-1937 150,000 100.31
4
1359__Monroe Co., N. Y
4.500
1689-Montezuma,Iowa
15.000
6
1194...Moreau, N. Y.
1935-1938 r65,000 100
6
1689_ _Monroe, Mich
1933-1950 100.000
1689_ _Mountain Lakes, N. J...5
85,000
1933-1950
1689...Mountain Lakes, N.J-6
5.000
5
1194_ _Mount Jewett, Pa
_Mount Vernon,N.Y.(31ss)4g 1937-1952 984,000 100.04
11941933-1947 692.000 100.04
1194_ _Mount Vernon,N.Y.(71ss)5
1526- _Multnomah Co..Ore---534-6 1938-1947 300.000 102.05
35,000
1942
1194_ _Muncie School City, 1nd.4 g
166,000 100.16
1359--Muskingum Co.. Ohio.- -5X 1934-1938 d20.000 100
434 1933-1937
-Nebraska City, Nob
168970,000 100.19
1933-1946
5
1526_ _Newington, Conn
1933-1947 152,517 100
1195- _North Arlington, N. J.-.6
Twp.,
1195--North Strabane
1937-1943 r23,000 100
15,000 100.33
1933-1937
1360-Norwood,Ohio5
434 1942-1972 992.000 101.76
1690__Pasadena,Calif
150,000 100
6
-Paterson,N.J
1689
24,000 100.27
1690-Padang, Pa
60,000 100.59
434 1933-1947
1195.-PeabOdy, Mass
14
6.00
4.22
4.26
5.59
4.04
7.00
6.25
4.24
4.50
5.00
4.50
4.35
8.00
6.00
5.71
5.50
3.50
440
4.50
4.38
4.99
5.07
8.00
4.70
5.00
4.36
4.50
5.50
5.99
6.00
5.20
4.13
5.49
3.85
5.44
5.00
5.00
5.00
5.00
3.78
5.50
5.30
5.30
4.00
3.92
4.06
6.00
3.88
April should be eliminated from the same. We give the
page number of the issue of our paper in which reasons
for this elimination may be found.
Name.
Pape.
1027_ _McCracken Co.,
(April)
Amount.
Ky.
185,000
W have also learned of the following additional sales for
previous months:
Basa.
-14i -
Rate.
Name.
Pape.
1024_ _Bettendorf. Iowa (June)-5
434
1191...Clay Co.,Ind
5
1025_ _Franklin Co.,Ind
6
1025_ _Girard.Ohio
1026_ _Los Angeles Co., Calif-..5
1027_ _Monongahela Twp., Pa.
5
(May)
1028_ _Municipal University of
434
Wichita,Kan
5.60
1195_ _ Port Alleghany,Pa
5.60
1195_ _Port Alleghany,Pa
6
1361_ _Schaghticoke, N.Y
6
_Wooster,Ohio
1030_
Maturity. Amount.
9.808 100
1933-1942
6,592 100
1933-1949
8.000 101.68
1933-1943
4,630 100
1933-1947 937.000 100
5.00
4.50
4.66
6.00
5.00
5.00
1932-1937
26,389 100
1934-1942
1937-1944
1933-1936
1933-1943
1933-1942
4.50
36.000 100
4,000 103.60 4.98
2.000•4.95
2,500 101.12
3,157 100
6.0All of the above sales (except as indicated) are for July.
(not
These additional July issues will make the total sales1.
including temporary loans) for that month $27,501,20
CANADIAN MUNICIPALITIES IN
AUGUST.
Rate. Maturity. Amount. Price. Basis.
Name.
Pape.
6.00
47,500 100
1-20 yrs.
6
1642_ _Aurora,Ont
*105.50
_Brit. Columbia (Prov.of)5 Aug. 151934 2.000.000 98.21
1362_
70.125
l-20 yrs.
534
1692_ _Cornwall,Ont
85,000 99.77 6.09
1-10 yrs.
1362_ _East Whitby Twp.,Ont_ _6
45,000
1942
1362_ _Gloucester Co.. N.B..- - _5Si 1933-1943
56,000 97
1528_ Megantic,Que.(2 iss.)_ _ _6
100,000
-years
30
6
Toronto,Ont
1528_ _New
634 10-30 yrs. 380.035 96
1692_ _North Bay,Ont
25,000 97.75 10-20 yrs.
1030_ _Penetanguishene, Ont- - -6
d9,000.
Quo
1030_ _Quebec (Cit of),
6..12
625.000 98.75 -- 15 years
6
1196_ _Saint John, B
2.000.000 1/98.25 6.15
1952
1362_ _Saskatchewan (Prov. of)_6
1196-Stormont, Dundas and
5.93
50,000 100.31
1-10 yrs.
Glengarry (Counties of)6
150.000
6
1362_ _Teck Twp.,Ont
6
- :456
125.000 100
6
1362_ _Teck Twp.,Ont
6.14
160,000 99
1-20 yrs.
6
1528_ _ Valleyfield,Que
300,000 92.99 6.75
years
15
6
1528_ _Victoria,B.C
5.50
35,000 100
534 1933-1947
1030_ _Victoria Co.,Ont
5.89
75,622 101.01
1933-1952
1362_ _Waterloo. Ont.(5iss.) _ _ _6
6.5038,672 100
634 1-20 yrs.
1692_ _Weston.Ont
•Canadian funds. y Price to investors. a Temporary loan.
during August,
Total Amount of debentures sold
56.367,954
No United Slates Possessions bonds were issued in Julli.
DEBENTURES SOLD
BY
6.00
NEWS ITEMS
4.70
4.70
4.23
5.20
4.25
4.97
6.00
5.00
4.84
4.63
6.00
-City Faces Deficit of $1,700,000 by
Asbury Park, N. J.
-In an audit made public on Sept. 6 of the
End of 1933.
accounts of this city for last year, Commissioner Walter R.
Darby of the State Department of Municipal Accounts,
directed that $787,900 be included in the 1933 budget to
cover overspending and deficits, asserting that at the present
rate the deficit in the city's treasury would exceed $1,700,000
by the end of 1933. We quote in part as follows from a
Trenton news dispatch to the Newark "News" of Sept. 6
regarding the present condition of the city's finances:
1852
Financial Chronicle
Asbury Park is threatened
an accrued deficit in excess of $1,700,000
at the close of 1933. This iswith of the
one
disclosures contained in the report
of an audit submitted to-day by
Commissioner Walter R. Darby of the
Department of Municipal Accounts to
the Asbury Park commissioners.
Loose methods of accounting,irregularities
in the handling offinances and
disregard ofstatutory requirements
are
net debt of $2,752,017 was 7.91% of described. At the close of 1931 the
the average valuations of $34,788.951
for the years 1929-31. This is
approximately 1% in excess of the debt
limit prescribed by statute.
The total outstanding indebtedness
consisting of tax revenue notes and at the close of 1931 was $12,027,977.
bonds amounting to $1,700,000, temporary notes and bonds. $4,631,820, and
The gross debt at the close of the year term and serial bonds,$5,696,157.
of the total valuations of 236,718,978 was $14,145,988. This is 38.53%
8and 9% in excess of what is regarded for the year 1932. This is between
generally to representsound municipal
financing.
The difference in gross debt and net debt
ments, which are deductible under special represents beachfront improveacts..
Situation "Serious."
"The situation is one which
the comments of Mr. Darby in calls for serious consideration." was one of
his report.
Approrpriations required in the
overexpenditures in appropriations 1933 budget to meet losses, deficits,
report at $787,900. This does not and similar items are placed in the
include deficits in anticipation of 1932
revenues nor deficits in beach
to approximately $225.000. enterprises for the current year, amounting
Total current liabilities at the close
these the city had apparent quick assets of 1931 were $2,245,183. To meet
in cash and $803,034 in taxes due for of$1,558,354,consisting og $755.319
pointed out in the report, would not be 1931. The cash item, however, as
beach enterprise and capital account avaiable until overdrafts in the water.
beach account alone was $551,956. s were cleared. The overdraft on the
The largest part of the annual deficits
the so-called beach enterprises. Expendi , the report showed, arose from
tures on these enterpr
aggregated
eeL ' 709 was $407,401, leaving ises in 1931
2 eleee 0
lh
.
a deficit
5egge,dor$1'
ger22e
Wir
Colorado.—Report Issued on Bonded
cording to figures compiled by the State Debt of State.—AcBoard of Immigration on Aug. 31 the bonded debt of this State
and
subdivisions on Jan. 1 1932 was $117,528,600 its political
, which compares with a total of $119,363,300 on
stated that in the past two years the Jan. 1 1931. It is
reduced nearly $4,000,000. The Denvebond debt has been
r and Rocky Mountain "News" of Sept. 1 carried the follow
ing report on the
debt figures just disclosed:
Every citizen of Colorado would have
to pay $113 to retire the bonded
indebtedness of all taxing units in the
State.
Figures compiled by the State Board
of Immigration yesterday show
there are $117,528,600 outstanding in
public
However, the tabulation shows that after bonds.
years of careless borrowing, the
State as a whole is commencing to pull
out of debt. For, during the last
two years, the bonded indebtedness
has been reduced nearly $4,000,000.
The State total is made up of the followi
ng
$1_,t366,200; county school bonds. $861,400; items: General county bonds,
school district bonds, $29,147.800; municipal general obligations,
bonds, $19.189.050: State bonds, $43,720.050; municipal special impt.
$7,474,100; Moffat Tunnel District
bonds, $15,470,000.
Omits Sinking
The Immigration Department stateme Funds.
nt is based on reports from county
and municipal treasurers and the
count sinking funds accumulated State auditor, and does not take into acby the various governmental units. In
many instances, sinking funds
or reserves against outstanding bonds will
offset the total materially.
Comparatively few counties or municip
alities showed new issues during
1931, except for refunding purpose
s.
advantage of the depression to refund Many branches of government took
oustanding issues at lower rates of
interest.
Denver is burdened with the largest
gration Department tabulation shows bonded indebtedness. The Immia total of $42,187.000 outstanding.
This includes $9,574,500 in school
general obligations and $9,330,400district bonds. $23,282,100 in municipal
in special impt. securities.
Pueblo
Pueblo County has the secondNext Largest.
largest bonded debt, with a total of
$5.512,600 and El Paso, with $5,309,200 is third.
Weld County has a total
of $3,833,350. consisting wholly of school
district and municipal bonds.
is Mineral County, with no county
total in the State, showing only or school district bonds, has the smallest
$11.000 outstanding against the town of
Creede.
Of the 63 counties in Colorado,
7 have no school district bonds and32 have no outstanding county bonds,
6
Of the counties showing municipalhave no municipal bonds.
total during 1931 and 21 have decreas bonds, 9 made no changes in their
In the 56 counties having school ed the total outstanding.
district bonds, 5 remained unchanged
during 1931, 18 counties increased their
previous year's total and 33 counties
showed decreases.
The same downward trend was indicat
cities and towns of 4 counties holding the ed in municipal securities, the
over 1930 and 40 showing smaller totals 1930 level. 13 shoiwng increases
outstanding.
Illinois.—Voters to Pass On Proposed Consti
tutional
Amendment.—At the general election to be held
on Nov. 8,
the voters will be asked to pass on a propo
the State Constitution, popularly knownsed amendment to
as
"Gate
Amendment," which if adapted, will give theLegisl way
ature
the
authority to submit amendments to not more
than three
articles of the Constitution at the same
provides that amendments to the same election, but also
articl
submitted to the people oftener than once e shall not be
in four years.
The text of the proposal reads as follow
s:
Senate Joint Resolution No. 13.
Resolved, by the Senate of the
State of Illinois, the House of Fifty-seventh General Assembly of the
pursuant to section 2 of Article Representatives concurring herein, That
XIV of the Constitution of the State of
Illinois it is proposed that section
2 of Article XIV of the Constitution be
amended 13 read as follows:
Section 2. Amendments to this
Constitution may be proposed in either
House of the General Assembly, and
two-thirds of all the members elected if the same shall be voted for by
to
amendment, together with the yeas and each of the Houses, such proposed
nays of each House thereon, shall
be entered in full on their respective
Journals, and said amendments shall
be submitted to the electors of this State
next election of members of the General for adoption or rejection, at the
be prescribed by law. The proposed Assembly, in such manner as may
amendments shall be published in
full at least three months preceding the
election, and if a majority of the
electors voting at said election shall
vote for the proposed amendments,
they shall become a part of this Constit
shall have no power to propose amendm ution. But the General Assembly
,
ents to more than three articles of
this Constitution at the same session nor
to the same article oftener than
once in four years.
Adopted by the Senate. April 29th 1931.
Fred E. Sterling,
President of the Senate.
J. H.Paddock,
Secretary of the Senate.
Concurred in by the House of Representv
aties, June 19th 1932.
David E. Shanahan,
Speaker of the House of Representatives.
George C. Blaeuer,
Clerk of the House of Representatives.
Indiana.—Proposed Constitutional Amendments
to be Submitted in November.—The following proposed
amend
will be submitted to the voters for approval at the ments
general
election on Nov. 8:
Sept. 10 1932
A JOINT RESOLUTION
agreeing
10 of the constitution of the Stateto a proposed amendment to article
of
section to be numbered eight, relatin Indiana by adding thereto a new
g to taxes on income.
(S.4. Joint Resolution. Approved Mar.
61929.1
Proposed Amendment to
Section 1. Be it resolved by the Constitution—Agreement as to.
general assembly of the Slate of Indiana.
That the following proposed
amendment to the constitution of the State of
Indiana, which was agreed to
referred to this general assemb by the seventy-fifth general assembly and
ly, be agreed to by this, the seventy-sixth
general assembly of the State of
Indiana:
Levy and Collection of Tax upon Income
.
Section 2. That article 10 of the
constitution of the State of Indiana be
amended by adding thereto a
new
as section eight to read as follows section to be designated and numbered
: Section 8. The general assembly may
levy and collect a tax upon
rates, in such manner, and income,from whatever source derived, at such
with such exemptions as may be prescribed by
law.
A JOINT RESOLUTION agreein
g
stitution of the State of Indianato a proposed amendment to the conVII, concerning the qualifications by striking out section 21 of article
of
to
[S. 3. Joint Resolution. personsed practice law.
Approv
Mar. 11 1929.1
Proposed Amendment to Constit
ution—Agreement as to.
Section 1. Be it
That the following resolved by the general assembly of the Slate of Indiana.
proposed amendment to the constitution
of Indiana which was agreed
of the State
to
referred to this general assemb by the seventy-fifth general assembly, and
ly,
general assembly of the State of be agreed to by this, the seventy-sixth
Indiana:
Striking Out All of Section 21,
Article VII.
Section 2. That the constitution
by striking out all of section 21 of of the State of Indiana be amended
article VII.
Kansas.—Proposed Constitution
Voted Upon.—At the general electi al Amendments. to* Be
on
the voters will be asked to pass upon to be held in November
ments to the State Constitution; thethree proposed amendfirst
income tax, the second limiting the taxes providing for an
to be imposed on
property within certain cities and
school districts, and the
third amendment would permit a sherif
f or treasurer to hold
office more than two consecutive
terms. The text of the
proposed amendments reads as follows:
1. Be it
resolved by the Legislature
the members elected to the House of the State of Kansas, two-thirds of
the members elected to the Senate of Representatives and two-thirds of
concurring therein:
Section 1. The following proposi
State of Kansas is hereby submitt tion to amend the Constitution of the
ed to the qualified electors of the State
for their approval or rejection:
State of Kansas be amended That article 11 of the Constitution of the
by adding a new section thereto following
Section 1, which new section shall
be
as follows: "Sec. 2. The State shall numbered Section 2, and shall read
have'power
on incomes from ,
whatever source derived, whcih to levy and collect taxes
taxes may be graduated
and progressive.'
Sec. 2. Original sections 2,3, 4,
5,
stitution of the State shall be renumb 6, 7,8 and 9 of Article 11 of the Conered respectively sections 3. 4, 5,8,7.
8, 9 and 10.
2. Be it resolved by the Legislature of
the
the members elected to each house concurr State of Kansas, two-thirds of
Section 1. The following proposition ing therein:
to amend the Constitution of the
State of Kansas is hereby submitted
Kansas for their approval or rejectioto the qualified electors of the State of
of the State of Kansas be amended byn: That Article 11 of the Constitution
adding a new section thereto following
Section 8. which new section shall
follows: "Sec. 9. No property, be numbered Section 9, and shall read as
in excess of 2% of its true valuetaxed according to value, shall be so taxed
In
where lying within the limits of anymoney for all Sttae and local purposes
district of which more than one-halfcity or within the limits of any school
the
city, nor more than 1.34% when lying area lies within the limits of any
school district. Taxes may be levied In without the limits of such city or
excess
for the payment of indebtedness which shall of said limitation, however,
have been contracted prior to
July 1 1933, and interest thereon and for the
payment of the cost of improvements by special assessments. The
Legislature shall prescribe the
manner by which the rate of taxation shall be
prorated to the several taxing
units. Additional emergency levies for two years'
by a vote of a majority of the qualified electors periods may be authorized
of
3. Be it resolved by the Legisltaure of the State any taxing district."
the members elected to the House of Represe of Kansas, two-thirds of
the members elected to the Senate concurring ntatives and two-thirds of
therein:
Section 1. The following proposition to amend
the Constitution of the
State of Kansas is hereby submitted
for their approval or rejection, to wit:to the qualified electors of said State
Amend Article 4, Section 2,so as
eral elections and township electionto read as follows, to wit: "Sec. 2. Gens shall
succeeding the first Monday in November be held biennially on the Tuesday
All county and towsnhip officers shall in the years bearing even numbers.
hold
years and until their successors are qualifie their offices for a term of two
d: Provided. One county commissioner shall be elcted from each
by the voters of the district, and theof three districts, numbered 1, 2 and 3.
Legislature shall fix the time of election
and the term of office ofsuch commiss
ioners; such election to be at a general
election, and no term of office
to
successors would, under the law as exceed six years. All officers whose
it existed at the time of their election,
be elected in an odd-numbered
year shall hold office for an additional
year and until their successors are
qualified."
Minnesota.—Proposed Constitutional Amend
Voted Upon.—The following is an ifficial copy ments To Be
of the proposed
amendments to the State Constitution, to be submi
tted
the voters for approval at the general election in Novem to
ber:
FIRST—Taxati
on of Incomes and National Banks.—Amendment
to
section 1, Article IX,of the Constitution
of the
to taxation, to authorize the imposing of taxes State of Minnesota,relating
on
and privileges, including income, franchises incomes, and on franchises
and privileges of railroad
companies, measured by income, which taxes
may bq classified, and may be
graduated and progressive, and
that such taxes may be in lieu. inproviding for exemptions therefrom, and
whole or
personal property. It shall not be necessa in part, of other taxes on real or
any law imposing a tax upon the income,ry to submit to a vote of the people
companies. The legislature may enactfranchises or privilege; of railroad
any law required to make the
taxation of National banking associations
conform to the laws of the
United States.
SECOND—Taxation of Certain Motor Vehicl
XVI,section 3 of the Constitution,relating to the es—Amendment of Article
of companies paying taxes under the gross earningtaxation of motor vehicles
s system of taxation.
THIRD--Exchange of Stale and Federal
VIII of the Constitution. authorizing the Lands.—Amendment of Article
State for lands of the United States, as theexchange of public lands of the
legislature may provide.
FOURTH—Taxation of Rural Credits Lands.—Amend
ment to section 10
of Article IX of the Constitution of
the taxing of lands acquired by thethe State of Minnesota, to authorize
State through the operation of the
system of rural credits and the appropriation
of moneys from the funds of
the Department of Rural Credits.
New York City.—Mayor McKee Orders
for Department lleads.—On Sept. 6 Mayor Salary Reductions
Joseph V.
ordered reductions in the salaries of city commis McKee
sioners,
effective as of October 1, totaling $2,000,000
limiting the top salary of any commissioner a year and
year, while cutting his own salary from $40,0 to $12,000 a
00 to $25,000
a year. The Mayor indicated at a press
it becomes necessary to reduce the salariesconference that if
he is against a reduction for those earningof city employees
less
a year. Mr. McKee stated that he had given than $2,000
order that the budget be lowered by a wholesan executive
in salary schedules and he instructed Charle ale decrease
s L. Kohle
Budget Director, to keep within a limit of $425,000,0 r,
making up the new budget, exclusive of debt service. 00 in
Volume 135
Financial Chronicle
-By unaniSpecial Mayoralty Election Called for Nov. 8.
mous vote the Board of Elections accepted on Sept. 7 the
-certification of City Clerk Michael J. Cruise declaring that a
vacancy exists in the office of Mayor as a result of the resignation of James J. Walker on Sept. 1 -V. 135, p. 1685
and adopted a resolution providing for an election on Nov.8
to choose a successor. It is understood that the election
will proceed unless litigation is instituted before that time
based on the contention that Mayor.Joseph V. McKee is
legally filling the vacancy. It was stated by S. Howard
Cohen, President of the Board, that the names of candidates
are expected to be filed during the week beginning Oct. 4.
Independent candidates may file, he said, provided they
have a petition bearing 3,000 signatures.
-Bondholders' Committee Reports Progress
Sebring, Fla.
-In a letter issued by the Bondholders'
in Default Situation.
Committee recently to the holders of bonds of the abovenamed city, they report that the decision of the State
Supreme Court in. April, upholding the validity of the city
-charter-V. 134, p. 2766 -has practically eliminated further
.questions as to the legality of the city's bonds, thus clearing
the way for further negotiations looking toward a settlement
.of the financial situation. The text of the letter reads as
follows:
'City of Sebring. Florida. Bondholders:
During the months this committee has been in existence we have been
engaged in litigation affecting the interests of the bondholders. Reference
to this litigation was made in the letters of the committee addressed to
bondholders. The decision of the Circuit Court rendering invalid the 1929
• Charter of the City has been reversed by the Supreme Court and the Charter
is now in good standing. It is believed that the results of this litigation
will eliminate further question as to the validity of outstanding bonds.
The necessity of protecting the rights of the bondholders in the courts
• has resulted in almost a year's delay in what we set out to accomplish. In
-the interim, conditions of the city have been more or less in a chaotic state.
Very few taxes have been paid in cash; the city has been resorting to the
practice of accepting depreciated bonds in payment of taxes.
As a result of negotiations between the city officials and the full member-ship of the committee, which took place at Sebring during the last week in
July, the City Council, supported by several prominent taxpayers, agreed
to confer with the committee, at a meeting to be held in the near future. in
seeking a plan which will enable the city to meet its current interest to the
• full extent of Ds present ability.
Another conference between the committee and officials will very likely
take place sometime during the month of September. at which time it is
hoped that a budget satisfactory to thel nterests of the bondholders will be
adopted. The city can not at this time levy a sufficient tax rate to meet all
•of its past due items but its governing body has indicated a willingness to
endeavor to provide the maximum levy which they can reasonably expect
-to collect. At sometime in the future it may be necessary to adjust the
indebtedness on a permanent basis but the committee does not favor any
negotiations to this end at the present time as economic conditions generally
are at such a point as to make a permanent settlement impracticable.
The committee has under its control approximately $1.300.000 bonds
and will represent the owners thereof in its negotiations with the city.
Further deposits of bonds are urged because only through collective efforts
can these problems be worked out.
We call attention to the fact that the members of this committee are
serving.without any compensation whatever and are endeavoring to hold
.the expense to a minimum. A statement of expenditures since the organize'Lion of the committee has been filed with the depositary. Actual disbursedmints have amounted to $5,399.00. but the committee has other obligations
which will eventually have to be met.
Very truly yours,
City of Sebring, Florida
Bondholders' Committee.
-Legislature Ratifies "Lame Duck" Amendment.
Texas.
News dispatches from Austin on Sept. 6 report that the
Legislature has adopted resolutions ratifying the 20th
-amendment to the Federal Constitution, proposing to abolish
the so-called "lame duck" sessions of Congress. Texas is
-stated to be the 16th State to ratify this amendment so far.
BOND PROPOSALS AND NEGOTIATIONS
-BOND OFFERING.
-E. C.
AKRON, Summit County, Ohio.
•Galleher, Director of Finance, will receive sealed bids until 12 m.(Eastern
standard time) on Sept. 19 for the purchase of the following 6% coupon
or registered bonds aggregating $1,846,095.67
41.043.895.67 refunding special assessment bonds. Due Oct. 1 as follows:
$115,988.40 Oct. 1 from 1934 to 1941 incl., and $115,988.47
Oct. 1 1942.
342.600.00 refunding general obligation bonds. Due $68,520 Oct. 1
from 1934 to 1938 incl.
294,000.00 refunding general obligation bonds. Due $58.800 Oct. 1
from 1934 to 1938 incl.
165,600.00 refunding water supply bonds. Due 433,14 Oct. 1 from
1934 to 1938 incl.
r Each issue will be dated Oct. 1 1932. Prin. and hit. (A. & 0.) are
payable at the Chase National Bank, New York. Bids for the bonds
to bear interest at a rate other than 6%, expressed in a multiple of 3( of
1%. will also oe considered. Bids must be for "a 1 or none." A certified
check for 2% of the amount bid for, payable to the order of the Director.
of Finance, must accompany each proposal. Bids to be made subject
to approval of legality of issues by attorney for the bidder.
AKRON CITY SCHOOL DISTRICT, Summit County, Ohio.
NOTICE TO BONDHOLDERS.
-The Board of Education announced
under date of Sept. 1 that all coupons and matured bonds of the District,
on which there have been temporary delays in recent months
-V. 135,
p. 844-are now payable.
P AMESBURY, Essex County, Mass.
-Faxon,
-TEMPORARY LOAN,
Glade & Co., of Boston, recently purchased an Issue of $100,000 revenue
notes at 4.95% discount basis. Due in one year.
ARANSAS PASS INDEPENDENT SCHOOL DISTRICT (P. 0.
Aransas Pass), San Patricio County, Tex.
-BONDS REGISTERED.
The State Comptroller registered a $13,000 issue of 6% serial school bonds.
Denom. $100.
-The $1,000,000
ARIZONA,State of(P.O.Phoenix).
-PURCHASER.
Issue of tax anticipation bonds that was recently sold as 5s at par-V. 135.
follows: $700.000 to
to have
p. 1686-is now stated of New beer purchased asto Refsnas, Ely. Beck
York. and $300.000
R. W. Pressprich Sy Co.
& Co. of Phoenix. Due on Dec. 15 1932.
-LOAN APPLICATION.State of(P.O. Little Rock).
Ps ARKANSAS,
It is reported that an aggregate of $1,900,000 in loans will be sought by
State from the Reconstruction Finance Corp. for unemployment relief
the
work in 41 counties.
-Semi-annual interest and principal payBOND PAYMENT REPORT.
ments of a total of $797,000 on $23,000.000 Arkansas highway bonds and
$5,000.000 toll bridge bonds have been forwarded to the Chase National
Bank in New York by State Treasurer Leonard.
-BOND EXCHANGE
r ARKANSAS, State of (P. 0. Little Rock).
-With the issuance of the State revenue 4 X% bonds in progress,
REPORT.
$47,000,000 road district bonds have deposited only $9,holders of the
refunding,
000,000 of these securities with State Treasurer Leonard for said to be
according to report. The State Revenue Board, however, is
1853
confident that the remaining bonds will be submitted when the refunding
operation is well advanced. It is stated that more than $1,000,000 is now
due on district bonds, and payment will be made when exchanged for
revenue bonds.
-The two issues of
ATLANTA, Fulton County, Ga.-BOND SALE.
,
415% coupon or registered semi-annual street impt. bonds aggregating
-was awarded to the
1686
$9,500, offered for sale on Sept. 2-V. 135, p.
equal to
Clement A. Evans Co. of Atlanta, paying a premium of $167.77,
follows:
101.76. a basis of about 4.157, The issues are divided as
1940.
1915. 1938 and
$1,500 Oakland Ave. bonds. Due $500 in from Aug. 1 1934 to 1941 incl.
8.000 Tuxedo Drive bonds. Due $1,000
The following is an official list of the bids received:
Price Bid.
Names or Other BiddersCourts & C
9 37
96 7
$ , 4 .71
*Clement A. Evans & Co
9.600.70
Brooke-Tindall & Co
9,643.45
Trust Co. of Georgia
9.611.50
Robinson-Humphrey Co
9,651.11
J. H. Hilsman & Co
(All above firms in Atlanta, Ga.)
* Successful bid.
-It is reported that a $250,000 temporary loan
TEMPORARY LOAN.
has recently been purchased by local banks.
-At the election held
-BONDS VOTED.
BAKER, Baker County Ore.
-the voters approved the issuance of $8,624
on Aug. 24-V. 135, p. 1316
street improvement bonds.
in
1.024 "for"
It was stated that these bonds were approved by a count of
offering date
to 131 "against.' Due serially in 20 years. No definite
has been made.
-The issue
-BOND SALE.
BARBERTON, Summit County, Ohio.
1356
of $18,000 6% viaduct repair bonds offered on Aug. 29-V. 135. P. Aug. 1
of Toledo. Dated
was awarded to Stranahan, Harris SZ Co., Inc.,
1932. Due $2,000 on Oct. 1 from 1933 to 1941 incl.
-The above-mentioned concern also has
ADDITIONAL BONDS SOLD.
aggregating
purchased the two 6% city's portion and special asst. bonds
which were unsuccessfully offered on Aug. 15-V. 135. P.
$104,051.92,
1522.
-BOND FUNDING.
BASTROP COUNTY (P. 0. Bastrop), Tex.
outstanding
This county is reported to have issued 6% bonds to fund its
maturing from 1933 to 1952.
indebtedness of $103,772.82,
BATH, BRADFORD, CAMPBELL AND THURSTON CENTRAL
SCHOOL. DISTRICT NO. 1 (P. 0. Bath), Steuban County, N. Y.on
school bonds offered
BOND SALE -The $17,500 coupon or registered the Bath National Bank
Sept. 6-V. 135, p. 1522- were awarded as GA to
Dated Aug. 1 1932,
of Bath, at a price of 100.276,0 basis of about 5.97%. and $500 in 1953.
Due Aug. 1 as follows: $1,000 from 1936 to 1952 incl.
(P. 0. Niche), Burke County,
BECK SCHOOL DISTRICT NO. 23
-It is reported that sealed bids
N. Dak.-CERTIFICATE OFFERING.
Rodin, District
will be received until 2 p. m. on Sept. 17. by Mrs. Edward indebtedness.
of
Clerk, for the purchase of an issue of $1,000 certificates
Due in 2 years.
-The
-BONDS NOT SOLD.
BELLEVILLE, Essex County, N. J.
issues, offered on
$296,000 5% coupon or registered bonds, comprising two received. Dated
135, p. 1522-were not sold, as no bids were
Sept. 6-V.
incl.
Sept. 1 1932 and due on Sept. 1 from 1933 to 1942
-BOND OFFERING.
BIRMINGHAM, Jefferson County, Ala.
on Sept. 20 by C. E. Armstrong,
Sealed bids will be received until noon $280,000 issue of refunding bonds.
a
City Comptroller, for the purchase of
are to bear, not
The bidder shall specify the rate of int, which the bonds may not be sold
exceeding the legal rate of int. in the State. The bondsof delivery of the
for less than 95% of par value plus accrued int. to date
Dated Oct. 1 1932.
bonds and payment therefor. Denom. $1.000. $35.000, 1938 to 1940.
Due on Oct. 1 as follows: $25,000, 1935 to 1937:
in gold at the
and 950,000 in 1941 and 1912. Prin. and int. payable
The approving opinion
Central Hanover Bank & Trust Co. in New York. be furnished. A certiwill
of Thomson, Wood & Hoffman of New York,
to the city, is
fied check for 1% of the amount of bonds bid for, payable
required.
D TOWNBLOOMFIELD, TROY, ROYAL OAK AND SOUTHFIEL
1, Mich.-BORRO WSHIPS FRACTIONAL SCHOOL DISTRICT NO.
has received permission from the State
INO AUTHORIZED -The district
sic-months' notes. and
Loan Board to borrow $47,300 through the sale of
of delinquent taxes for the
to pledge for their re-payment all collections the collection of delinquent
fiscal year ended June 30 1931, and 40% of
taxes for the fiscal year ended June 30 1932.
-Edmund L.
-BOND OFFERING.
BOSTON, Suffolk County, Mass.
15 for the pur,
Dolan, City Tresurer, will receive sealed bids until Sept. in amount of
issues
of $5,363,000 5;i% bonds, of which various
chase
incl., while a remaining
43.363,000 will mature serially from 1933 to 1952
mature in 1982, optional
issue of $2,000,000 traffic tunnel bonds will
in 1952.
NO. 9 (P. 0.
BROOKFIELD CENTRAL SCHOOL DISTRICT -The $35,000
-BOND .SALE.
Brookfield), Madison County, N. Y. on Sept. 43-V. 135. p. 152:3
or registered school bonds offered
coupon
Buffalo, at par plus a
were awarded as 5.80s to the M. T. & Trust Co. of
5.79;. Dated Sept. 1
premium of $5, equal to 100.01, a basis of aboutto 1954 incl., and $1.500
1932. Due March 1 as follows* $1,000 rfom 1935
from 1955 to 1964 incl.
County, Ohio.
BUCYRUS CITY SCHOOL DISTRICT. Crawford of Education, will
-Carol Bacon, Clerk of the Board
BOND OFFERING.
the purchase of $19,000 6%
receive sea,ed bids until 12 m. on Sept. 22 for
$1,000. Due Oct. 1
coupon school bonds. Dated Oct. 1 1932. Denom.
to 1943 incl. Interest is
as follows: 41,000 in 1934, and $2,000 from 1f35 bear interest at a rate
payable in April and Oct. Bids for the bonds to will also be considered.
other than 6%. expressed in a multiple of X of 1%, Board of Education,
the
A certified check for $200, payable to the order of
must accompany each proposal.
-BOND OFFERING.BURLINGTON, Burlington County, N. J. until 8 p. m.(daylight
Walter W.Marrs, City Clerk, will receive sealed bids
53
$15,0005, 4 or 6% coupon
saving time) on Sept. 20 for the purchase of Dated Aug. 1 1931. Denom.
or registered series W refunding bonds.
$6,000 in 1946, and $5,000
$1.000. Due Aug. 1 as follows: $4,000 in 1945.at the Mechanics National
in 1947. Prin. and int. (F. & A.) are payable awarded than will produce
Bank, Burlington. No more bonds are to be
for 2% of the bonds
a premium of $1,000 over $15,000. A certified check
each proposal.
bid for, payable to the order of the city, must accompany of New York,
Longfellow,
The approving opinion of Hawkins, Delafield &
of this offering
will be furnished the successful bidder. (Previous mention
was made in V. 135, p. 1686.)
NO. 1
BUTLER COUNTY CONSOLIDATED SCHOOL DISTRICT semi
-An issue of
(P. 0. Poplar Bluff), Mo.-BOND SALE. purelased by41.400 6%
E. A. Gender &
been
ann. school bonds is oported to have
Benj. H.
Son of St. Louis Dated Aug. 1 1932. Legality approved by
Charles of St. Louis.
AND
CAIRO DURHAM, ATHENS,_ CATSKILL, COXSACKIE
GREENVILLE CENTRAL SCHOOL DISTRICT No. 1 (P. 0. Cairo),
-F. E. Pfordte, District
-BOND OFFERING.
Greene County, N. Y.
Clerk, will receive sealed bids until 2 p. m. (Eastern standard time) on
coupon
Sept. 19 for the purchase of $175,000 not to exceed 6% interest
Due
or registered school bonds. Dated Oct. 1 1932. Denom. $1,000. 1942:
1938 to
Oct. 1 as follows: $2,000 from 1933 to 1937. incl.; $3.000. 1957:
to
$7.000.
$4,000, 1943 to 1947; $5.000, 1948 to 1952: $6,000, 1953 of interest to be
1958 to 1962, and 58,000 from 1963 to 1967, incl. Rate
same for all
expressed in a multiple of X or 1-10th of 1% and must be the at the First
of the bonds. Principal and interest (A. & 0.) are payable to John B.
$3,500, payable
National Bank, Cairo. A certified check for
Earl, District Treasurer, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater, of New York, will be furnished
the successful bidder.
-BOND RETIREMENT
CALIFORNIAState of (P. 0. Sacramento).
-It was recently announced by the Tenth Olympiad
CONTEMPLATED.
that the $1,000,000 State bond issue to finance the Olympic
Committee
games,
profits on
games is virtually assured of being paid off out of on to say the
follows:
went
according to the I.,es Angeles "Times," which announcement, as
"the people
a Committee
"By popular vote," says
of $1,000.000 to insure
of California bonded themselves in the amount
the success of the games of the Tenth Olympiad.
1854
Financial Chronicle
Surplus Accrues.
"These games have been so largely attended that substanti
al surplus
has accrued, therefore be it resolved that it belthe apolicy of the Tenth
Olympiad Committee that the available surplus receipts
admissions and other receipts at the Olympic Games befrom the sale of
devoted to the
purchase for retirement of the California Tenth
saving an equivalent amount to the taxpayers of Olympiad bonds, thus
California whose faith
and generosity made it possible to conduct the games on a
scale that
has done credit to the city and county, State and United States."
The 1927 Legislature set up the legal machinery and the electorat
e
in 1928 voted provisions for the State's issuance of $1,000,0
00 of bonds
to start the games. It was to go to the California Olympiad Commissi
on
which in turn was to provide the Tenth Olympiad Committ
ee with
for the organization, preparations and administration of the money
games.
Mr. Garland headed both bodies.
CAMBRIDGE, Dorchester County, Mass.
-TEMPORARY LOAN. 2
- Faxon, Gade az Co., of Boston, have
anticipation notes at 2.54% discount purchased an issue of $1,000,000 tax
basis. Dated Sept. 6 1932 and due
on May 15 1933.
CAMDEN COUNTY (P. 0. Camden), N. J.
-OPTION
GRANTED.
-At a meeting of the Board of Freeholders on ON BONDS
ption was granted to a group composed of C. C. Collings & Sept. 7 an
5
17an Ingen & Co., H. L. Allen & Co., Morris Mather & Co., Co., B. J.
Hoffman &
Co.. M. F. Schlater & Co., and Kean, Taylor & Co., on three issues
of 6%
5
-year bonds aggregating $825,000. The investmert house
purchase immediately a block of $100,000 bonds and to place the agreed to
remaining
*725,000 on sale until Dec. 5, after which date
returned to the County Treasurer. Included inall unsold bonds will be
are
park improvement bonds, $297,500 bonds for the the total ion $325,000
construct
of
dition to the County Hospital for Mental Diseases and $202,500 an adbonds
to finance the construction of an addition to the county hospital at Lakeland
.
CANYON COUNTY INDEPENDENT SCHOOL DISTRICT No.
37
(P. 0. Nampa), Ida.
-BONDS CALLED.
-It is stated by Gertrude
Miller, District 'Treasurer, that $42,000 of 614% semi-ann.
are now being called for payment at the First Security Bankschool bonds
of
Oct. 1. The bonds called are numbered as follows: 13 to 15, Boise, on
31 to 36, 38 and 39, 45 to 50, 57 to 60, 66 to 70, 76 to 80, 90, 21 to 27,
and 98 to
100, all dated April 1 1921 and in $1,000 denomination.
Interest to
cease on Sept. 30.
CARROLL COUNTY (P. 0. Carrollton), Ohio.
The issue of $18,000 poor relief bonds offered on Sept. -BOND SALE.
was awarded as 5s to the First Provident Savings2-V. 135, p. 1357
Bank & Trust Co.,
of Cincinnati, at par plus a premium of $66.60. equal to
100.37,
about 5.38%. Dated Aug. 1 1932. Due March 1 as follows: a basis of
1934; $3,400, 1935; $3,600, 1936; $3,800 in 1937, and $4,000 in $3,200 in
1938.
CENTERBURG Knox County, Ohio.
-BONDS NOT SOLD.
-The
Issue of $6,750 6
refunding special assessment and general obligatio
n
bonds offered on Sept.e
2-V. 135,1). 1357
-was not sold, as no bids were
received. Dated Sept. 1 1932. Due on April and Oct. 1
from 1934 to
1938, inclusive.
CERRO GORDO COUNTY (P. 0. Mason City), Iowa.
-BOND
DESCRIPTION.
-The $38,000 issue of 5% county bonds
chased by Glaspell, Vieth & Duncan,at a price of 100.10-V. that was pur135, P. 1686
Is dated Sept. 1 1932 and is due on Nov. 1 as follows:
$3,000 1934 and
1935, and 34.000 1936 to 1943, incl. Optional Nov. 1
1939, giving a
basis of about 4.s8%.
CHICAGO, Cook County, Ill.
-WARRANT
on Sept. 1 that a banking group composed of SAI.E.-It was reported
Bank & Trust Co., the First National Bank. the the Continental Illinois
Bank and the Northern Trust Co., all of Chicago,Harris Trust & Savings
had purchased a block
of $1,900,000 corporate tax warrants of 1931. Procees
will be devoted
to payment of municipal salaries.
CHICOPEE, Hampden County, Mass.
-NOTE SALE.
-Faxon, Gade
& Co., of Boston, have purchased an issue
totes. Denom. $25,000. Payatle on Dec. 1 of $200,000 tax anticipation
1932. Notes are certified by
the First National Bank, of Boston, and have
been approved by Storey,
Thorrelike, Palmer & Dodge. of Boston.
CLAY COUNTY (P. 0. Brazil), Ind.
-BOND OFFERING.-Enis
H. Schopmeyer, County Auditor, will receive
sealed bids
Sept. 10 for the purchase of $1,600 43% Harrison 'Twp. until 10 a.m. on
road construction
bonds. Dated Sept. 10 1932. One bond for $600.
for $500 each. Due $500 July 15 1933, $500 Jan. remaining two bonds
1934. Principal and semi-annual interest (Jan. and 15 and $600 July 15
at the County Treasurer's office. A certified check July 15) are payable
for 3% of the bonds,
payable to the order of the Board of County
Commissioners, must accompany each proposal.
Sept. 10 1932
ELIZABETH, Union County, N. J.
-The
City Comptroller has been authorized to -BONDS AUTHORIZED.
issue $80.000 public works bonds
for the purpose offunding notes previously issued for
welfare relief purposes.
ENGLEWOOD, Arapahoe County, Colo.
-BONDS VOTED AND
SOLD.
-At the special election held on
-it is stated
that the voters approved the issuance Sept. 2-V. 135, p. 846
of 2750,000 in 6% revenue bonds,
divided as follows: $475,000 for a municipal light
$275.000 for a municipal water plant. Due serially and power plant, and
in from 1 to 15 years.
The bonds are said to have been sold to
the contractor and then resold to
Brown, Schlessman, Owen & Co. of Denver.
ESSEX COUNTY (P. 0. Elizabethtown),
-BOND SALE.
N. Y.
-The $150,000 coupon or registered highway
bonds offered on Sept. 9V. 135, p. 1687
-were awarded as 43s to Rutter & Co. of New York, at a
price of 100.433, a basis of about
4.19%.
$10,000 on Sept. 1 from 1934 to 1948 incl. Dated Sept. 1 1932. Due
The M. & T. Trust Co. of
Buffalo,second high bidder, offered a price
of 100.399 for the issue as 4gs.
FLINT, Genesee County, Mich.
-NO BIDS.
-Ned J. Vermilya, City
Clerk, reports that no bids were received
poor relief bonds. The issue, it Is stated, at a recent offering of $370.000
will
for a loan from the Reconstruction Finance now be offered as collateral
Corporation.
FLORIDA INLAND NAVIGATION DISTRI
CT(P.O. Jacksonville),
Duval County, Fla.
-BOND
-The Commissioners of
this District are said to have S DESTROYED.
destroyed
district. It is stated that the sale was $1,037,000 unsold bonds of the
halted
ment affecting unsold securities issued without by a constitutional amenda referendum.
FORT WORTH, Tarrant County, Taxas.CORRECTION.-We are
now informed that the report appearing in
V. 135 p. 1524, as to this city
Intending to make application to the
Reconstruction Finance Corporation
for a loan of 3600.000 to finance work on
limits was not entirely accurate in that certain overpasses 'within the city
nothing
cided by the City Council. lt is possible that definite has yet been dethe city will offer the bench,
at public sale.
FRANKLIN PARISH (P. 0. Winnsboro),
La.
-CERTIFICATE
OFFERING.
-Sealed bids will be received until
B. S. Landis, President of the Parish School 11) a. m. on Nov. 12, by
certificates of indebtedness in the aggregate Board, for the purchase of
amount of not less than
$51,248.69, and not more than $53,945.99. Interest
is not to exceed 7%.
payable M.dz N. Denom.$500, except for one
certificate of odd denomination. Due from Nov. 1 1933 to 1940.
& Cutler of Chicago will be furnished.The approving opinion of Chapman
not less than 95% of their par value. A The certificates are to be sold at
certified
to the above President, must accompany the bid. check for $500, Payable
FULTON COUNTY (P. 0. Atlanta), Ca.
TO RECONSTRUCTION FINANCE CORPORA -LOAN APPLICATION
TION.
-It is reported that
loans aggregating $11,000,000. of which $1,000,0
$10,000,000 for a modernized sewer project, were 00 is for direct relief and
tion Finance Corporatior on Sept. 7 by a Georgia asked of the Reconstrucdelegation. The proposed
advances are said to contemplate the use of
$1,000,000 to aid in alleviating
distress and unemploymert in the above city
and county, and the $10.000,000 is proposed for the construction of a moderniz
ed sewer plant in
the metropolitan area of Atlanta, to be advanced
and De Kalb and the municipalities of Atlanta, to the counties of Fulton
Decatur, Avondale Estates
and HapevIlle, comprising the said area.
GAINESBORO, Jackson County, Tenn.
-BOND
The $4,500 issue of6% semi-ann. street bonds offered onS NOT SOLD.Aug. 27-V. 135.
p.845
-was not sold as there were no bids received.
BOND OFFERING.
-Sealed bids will again be received for the
purchase
of the above bonds, until noon on Sept. 30. by Mayor L.
G.
Oct. 11932. Due in 15 years and optional after 10 years. Strode. Dated
No bids will be
considered unless accompanied by a certified check for
2% of the bid.
GARFIELD HEIGHTS, Mahoning County, Ohio.
-BOND
ING.
-E. H. Malone, City Auditor, will receive sealed bids until OFFER12 m. on
Sept. 17 for the purchase of $224,523.77 6% sewer system
improvement
bonds. Dated Oct. 1 1932. Due Sept. 1 as follows: $23,523.
77 in 1934;
$23,000 from 1935 to 1937 incl., and $22,000 from 1938 to
Is payable in March and Sept. Bids for the bonds to bear 1943 incl. Int.
interest at a rate
other than 6%,expressed in a multiple of
of 1%, will also be
A certified check for 2% of the bonds bid for, payable to the considered.
order of the
City Treasurer, must accompany each proposal.
GRAND RAPIDS, Kent County, Mich.-ROND
SALE
-ADDITIONAL BONDS OFFERED.
-The issue
bonds offered on Sept. 1-V. 135. p. 1025of $3C0,000 refunding school
-was awarded to Stranahan,
Harris & Co.,of Toledo,and the Grand Rapids Trust
Co.,of Grand Rapids,
jointly, on their bid of par plus a premium of
4gs,due 320,000 on Sept. 1 from 1933 to 1940 $100 for $160,000 bonds as
incl., and $140,000 as 434s,
due $20,000 on Sept. 1 from 1941 to 1947 incl. The city
CONFtAD, Ponders County, Mont.
received a price
-It is reof 100.03 for the issue, the net interest cost of the financing
ported that R. J. Kelly, City Clerk, will -BOND OFFERING.
sell at
being about
4.59%.
at 730 p.m. a $20,000 issue of refunding sewer public auction on Sept. 26
bonds. Interest rate is not
to exceed 6%. payable J. dr J. l'rin. and int. payable
ADDITIONAL BONDS OFFERED.
-Announ
at the office of the
City Treasurer, or at the Irving Trust Co. In New
the intention of Jacob Van Wingen, City Clerk,cement has been made of
to
York. A $500 certified
3 p. m.(eastern standard time) on Sept. 15 for the receive sealed bids until
check must accompany the bid.
purchaseof an additional
Issue of $265,000
-1932-1933
-not to
CUYAHOGA FALLS CITY SCHOOL DISTRI
relief bonds (first issue). Dated Oct. exceed 6: interest social service
CT (P. 0.
1 1932.
Falls), Ohio.
enoms. of either $1,000.
-BOND OFFERING -A. B. Season, Clerk Cuyahoga
or five bonds for $53,000 each, as may be
-Treasurer of
the Board of Education, will receive sealed
$53,000 on Oct. 1 from 1933 to 1937 incl. requested by the purchaser. Due
Prin. and int. are payable at the
standard time) on Sept. 21 for the purchasebids until 12 M. (Eastern
office of the City Treasurer. The bonds, it
of
is stated, will be a direct full
bonds. Dated Oct. 1 1932. Denom. $1,000. $22,000 6% refunding
faith and credit obligation of the city, and will be
Due $1,000 April and
delivered without expense
Oct. 1 from 1934 to 1944 incl. Prin. and semi-ann
to the buyer for printing, and will be sold subject
to the approval of any
the depository of the Board of Education. Bids for . int. are payable at
recognized bond attorney selected by the buyer,
the
at a rate other than 6%, expressed in a multiple of bonds to bear int.
by the buyer of the issue. A certified check forsaid opinion to be paid for
g of 1%, will also
3% of the bonds laid for,
be considered. A certified check for 2% of the bonds
payable to the order of the City Treasurer, must accomps
bid for, payable to
fly each proposal.
the order of the Treasurer of the Board of
BONDS PUBLICLY OFFERED-Public re-offerin
each proposal. The approving opinion of Education, must accompany
g ot the bonds Is
being made at prices to yield 4% for the 1933 and
of Cleveland, will be furnished the successfuSquire. Sanders & Dempsey
1934 maturities of the
l bidder.
43.s; 1935 to 1937, 4.10%. and 4.20% for the 1938
to 1940 maturities,
while all of the 4g% bonds are offered at prices to
DALHART, Dallam County, Texas.
-BONDS REGISTERED-On
yield
of the bonds is to be approved by Chapman & Cutler 4.30%. Legality
Aug. 30 the State Comptroller registered a $26.238.75
constitute, in the opinion of counsel, direct general of Chicago. They
funding, series of 1932, bonds. Denom. $500 and one issue of 514% reobligations of thefor $238.7,5. Due
Board of Education of the School District of the city,
serially.
payable from an
unlimited ad valorem tax levied against all the
DENVER (City and County), Colo.
Thefollo_wing are the bids received at the sale: taxable property therein.
Bidder
-BONDS CALLED.
-It is
announced by Wm. F. McGlone, Manager of Revenue,
that he is calling
Interest
for payment on Sept. 30. on which date interest shall
Premium,
Stranahan, Harris & Co. and Grad Rapids $160,000 Rate.
at 4g %1
sewer, improvement, park, alley paving and street cease, various sanitary
$100.00
Trust Co., jointly(successful bidders)
paving bonds. Upon
- 140,000 at 43 7o
the request of the holders of any of the above bonds
Harris Trust & Savings Bank, Chicago- 300,000
received 10 days
before the expiration of the call, the above named
at 5%
393.00
Alison dc Co., Detroit
official will arrange
f 140,000 at 4 %1
for their payment at the Bankers Trust Co. in
New York City, but not
I 160,000 at 5°0 I
otherwise.
Braun,Bosworth & Co
300,000 at 5 0
2,191.00
DUBUQUE, Dubuque County,
Financial Statement (As Furnished by Secretary, Board
-BOND OFFERING -Sealed
of Education As of
bids will be received until 10 a.m. onIowa.
July 20 1932)
Sept.
for the purchase of a $50,000 issue of sewer 19 by J. J. Shea, City Clerk,
Assessed valuation (1932-33)
$243,775,021.00
to name the rate of interest. Denom. construction bonds. Bidders
Total bonded debt (including this issue)
4,107,901.80
Due on Sept. 1 as follows: $15,000, 1937$1.000. Dated Sept. 1 1932.
Population: 1920 census, 137,634. 1930 census,
to 19:19. and $5,000 in 1940.
168,234.
Prin. and int. (M. & S.) payable at the office
Tax Collections (As Reported by the Bankers).
of the City Treasurer. 'The
approving opinion of Chapman & Cutler of
1929.
Chicago will be furnished.
Purchaser to pay for printing of the bonds. A
Amount levied
$7,351,746.02
certified check for $1,500
37.219,384.92
$8,713,021 87
19 1..
must accompany the bid.
3
Amount collected
7.394,886.92
6,845,486.08
5.607 3.7:
433 0
. E
Amount uncollected
156,859.10
EAST FORK IRRIGATION DISTRICT (P.
373,898.84
1,105 682.42
Percentage collected_ _
0. Hood River), Hood
River County, Ore.
94.82%
-BONDS NOT SOLD.
The levy for 1932 ii35,584,9991.2%
-The $26,200 issue of 5%
35,584,998.92 andis now in the
semi-annual refunding bonds offered on Sept. 6-V.
It is therefore to be noted that a substantial reduction process of collection.
135. p 1357
-was
not sold as there were no bids received. Dated
in the levy has been
made regularly throughout the last four years.
July 1 1932. Due on
Jan. & July I from 1937 to 1942 incl.
GREELEY, Weld County, Colo.
-BON:; SALE.
EAST MAUCH CHUNK, Carbon County, Pa.
-We are now informed by W.A. Hamnett, City Clerk, that of the
-ADDIT
INFORMATION.
-The issue of $22,000 4% funding bonds IONAL
$225,000 issue of coupon
water works extension bonds offered for sale on
reported
sold to local investors
Aug.
-V. 135, p. 1357
-is dated May 1 1932 and due
a block of $200,000 bonds was jointly awarded on 23-V. 135, p. 1524on May 1 1962 subject to prior redemption any time
Aug. 30 to Boettcher
Newton & Co., and the U. S. National Co.,
Borough. Registered bonds in denoms. of $500. at the option of the
Inc., both of Denver, as 4s,
at a price of 98.21,a basis of about 4.22%.
Interest
in
& N. Bonds were subscribed for at a price of par. is payable
on Sept. 1 1942. The remaining $25,000 Due on Sept. 1 1947 and optional
of bonds were withdrawn from
EAU CLAIRE COUNTY (P.O. Eau Claire), Wis.-B
sale. (This report corrects the sale notice given in
ONDS
V. 135, p. 1687.) The
IZED.
-At a meeting held on Sept. 2 the Board of Supervisors AUTHORfollowing bids were also received:
are reported
to have approved the issuarge or $250,000 in highway
Bidderimprovement bonds
Rate Bid,
by a count of 21 "for" to 9"against." This project is being
Price.
Bosworth. Chanute, Loughridge & Co
pushed, It is
said, as an unemployment relief measure to provide
4%
98.077
The International Co.
employment for the
4 g%
jobless, and in line with this aim and purpose it is proposed
100.137
Brown, Schlesaman, Owen & Co
to start grading
operatiors this fall. As there are many crooks and turns
Sidle, Simons, Day & CO
in the present
I 4%
highway, which will be eliminated by the routirg of the
1 4 g5
100 57
be, it is said, a large amount of grading and relocation new 37, there will
97..07
6
Harris Trust & Savings Bank
work, which will
include making a number of large cuts. This would furnish,
338
it is claimed,
HACKENSACK, Bergen County, N.
employment to a large number of men.
J.
-BONDS Z
T=OLD.- FURTHERIBIDS ASKED.
-William Schaaf. City Clerk, reports that
Volume 135
Financial Chronicle
1855
no bids were received at the offering on Sept. 7 of $223,000 coupon or
KERR COUNTY (P. 0. Kerrville), Tex.
-CANCELLATION DATE
registered bonds, comprising two issues
-V. 135. p 1192. The bonds
FOR ELECTION.
-It is reported that an election will be held on Oct. 1.
are now being re-offered for award at 8 p. m. (daylight saving time) on
and not on Sept. 17, as previously stated in V. 135, p. 1688, in order to
Sept. 19. Sealed bids for the bonds will be received until that time by
vote on the cancellation of $200,000 in highway bonds, part of a $450,000
Mr. Schaaf. No changes have been made in the notice of sale as given
Issue authorized on Nov. 15 1930.
out in connection with the original call for bids.
KLICKITAT COUNTY SCHOOL DISTRICT NO. 203 (P. 0. GoldenHAMILTON COUNTY (P. 0. Cincinnati), Ohio.
-BOND OFFER-BOND SALE.
dale), Wash.
-The $10,000 issue of school bonds offered
-E. J. Dreihs, Clerk of the Board of County Commissioners, will
ING.
-was purchased by the State of
for sale on Aug. 22-V. 135, p. 1026
receive sealed bids until 12 in. on Sept. 23 for the purchase of $523.750
Washington, as fis at par. Due in from 2 to 20 years. There were no other
4;(% sanitary sewer construction bonds. Dated Sept. 1 1932. One
bidders for the bonds.
others for $1,000. Due Sept. 1 as follows: $23,750 in 1934,
bond for $750,
and $25,000 from 1935 to 1954, incl. Principal and interest (March and
KNOXVILLE, Knox County, Tenn.
-BONDS AUTHORIZED.
-It
Sept.) are payable at the office of the County Treasurer. Bids for the
is stated that the City Council has recently passed an ordinance authorizing
bonds to bear interest at a rate other than 4%%, expressed in a multiple
the issuance of $850,000 in revenue anticipation bonds.1..miimimpq
of % of 1%, will also be considered. A certified check for $5,238, payable
to the order of the County Treasurer, must accompany each proposal. A
LAFAYETTE COUNTY (P. 0. Oxford), Miss.
-BOND .SALE.
-A
complete transcript of the proceedings with reference to the issuance of
00.000 issue of 6% semi-annual refueding bonds is stated to have been
the bonds will be furnished the successful bidder.
jointly purchased at par by the Bank of Oxford and the First National
Bank, both of Oxford. Dated Jan. 11932. Due $1,500 from Jan. 1 1933
HAMTRAMCK SCHOOL DISTRICT, Wayne County, Mich.to 1952 inclusive. Legality approved by Benj. H. Charles of St. Louis.
REFUNDING BONDS AUTHORIZED.
-The District has received permission to refund $93,000 bonds. dated Oct. 1 1917 and due on Oct. 1 1932.
LAKE CHARLES, Calcasieu Parish, La.
-CONTEMPLATED OFThe refunding issue will be dated Oct. 1 1932 and mature on Oct. I as
-It is reported that the $79,000 issue of certificates of indebtedFERING.
follows: $6.000 from 1933 to 1944 incl., and $7,000 from 1945 to 1947 incl.
ness recently authorized by the Commission Council
-V. 135. p. 1192
HARFORD COUNTY (P. 0. Bel Air), Md.-NOTE OFFERING.
will be offered for sale in the near future. Denoms. $1,000 and $500. Due
13. Clyde Spencer, President of the Board of County Commissioners, will
in 5 years.
receive sealed bids until 12 m. on Sept. 13 for the purchase of $440,000
3;4% coupon State road construction notes. Dated Oct. 1 1932 and due
LA SALLE, La Salle County, 111.
-BOND OFFERING.
-Bertha
in 2 years. Denom. $1,000 or a multiple thereof. Interest is payable semiYoung, City Clerk, will receive sealed bids until 7.30 p. m. on Sept. 12
annually. The notes, it is stated, are exempt from State, county and
for the purchase a $68,000 5% coupon funding bonds. Dated Feb. 1
municipal taxation, and may be registered as to principal thereof at the
$1,090. Due May 1 as follows: $3,000 in 1934: $2.000.
1932. Denom.
option of the purchaser. They are being issued in accordance with Chapter
1935; 01,000. 1936; $15,000, 1937: 320.000 in 1938, and $17,000 in 1939.
16 of the Acts of the General Assembly of 1931. A certified check for 5%
Interest is payable in M. & N. A certified check for $1,000, payable to
of the notes bid for, payable to the order of the County Commissioners.
the order of the city, must accompany each proposal. The approving
must accompany each proposal.
opinion of H. M. Cassidy. of Chicago, will be furnished the successful
bidder.
HELENA, Lewis and Clark County, Mont.
-FINANCE RE-The following report on the financial condition of this city is
PORT.
LAVALLETTE, Ocean County, N. J.
-BOROUGH ORDERED TO
taken from the Helena "Record" of Sept. 3:
-The State Supreme Court on Sept. 2 under
PAY $120,000 JUDGMENT.
"With resources of $2,800.286.33. liabilities of $981,314.43 and a surplus
a peremptory writ of mandamus ordered the borough to raise more than
$1,819.971.80, the City of Helena is in excellent financial condition,
of
$120.000 by taxation to satisfy a judgment obtained by the First National
according to the annual financial statement prepared by Victor N. Kossier,
Bank of Bound Brook, according to the Newark "News" of the same day.
City Clerk, for submission to the council at its special first-of
-the-month
The decision, it was said, may result in a tax rate for next year of $13, as
session to-morrow morning.
compared with the current levy of $5.74.
Although the municipality's eenditures for the fiscal year 1931-32,
xp
amounting to $537.017.22, were 0,225.92 more than its income of $427,LEAVENWORTH SCHOOL DISTRICT (P. 0. Leavenworth),
791.30, the city's outstanding warrant indebtedness was reduced $29,709.14
-BOND DETAILS.
Leavenworth County, Kan.
-The $120.000 issue of
during the period,from $396,765.84 to $367,056.70, the statement shows.
la Helena's cash balance June 30 1932 was E103,704.81. or $38,935.03 less
high school bonds that was purchased by local banks-V. 134, p. 4024
bears interest at4%% and was awarded at par. Dated April 1 1932. Due
than on the corresponding day in 1931. when the total in all funds was
$142.639.84. The taxable valuation of the city thLs year is $6,908,938,
in from 1 to 20 years.
HOOD RIVER, Hood River County, Ore.
-BONDS NOT SOLD.
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 39 (P. 0.
The $89,000 issue of 5% semi-ann. refunding bonds offered on Sept. 6-BOND SALE.
-The $1,000 issue of 6% semiCanyon Creek), Mont.
-was not sold as there were no bids received, according
V. 135_, p. 1358
annual school building bonds offered for sale on Aug. 31-V. 135, P. 662
to the City Recorder. Dated Aug. 1 1932. Subject to redemption on Aug. 1
was purchased at par by the State Board of Land Commissioners. Due in
1935 and on any interest paying date thereafter.
o
.1 G s
10 yearA
HOPKINS, Hennepin County, Minn.
-CERTIFICATE SALE.
°
The $4,560 issue of 67 semi-ann. certificates of indebtedness offered for
Cache County, Utah.
-BONDS AUTHORIZED.
-At a
sale on Aug. 23-V. 135, p. 1192
-was purchased at par by the Second
meeting held on Aug. 23 the City Council passed an ordinance providing
National Bank of Hopkins. Dated Sept. 1 1932. Due $456 from Jan. 1
4
for the issuance of 00,000 in 58 % semi-ann refunding light bonds.
1934 to 1943, incl.
Denom. $1,000. Dated Sept. 1 1932: Due $5,000 on Sept. 1 1933 and
1934. (The preliminary report ofthis refunding appeared in V.135, p. 1688).
HOUSTON, Harris County, Tex.
-BOND RETIREMENTS.
-City
Comptroller H. A. Giles is reported to have stated that the city is retiring
LOS ANGELES, Los Angeles County, Calif.
-BOND SALE.
$1,250,000 of bonded debt this year and has not issued any new bonds
-The
$3,052,323.48 coupon or registered city bonds offered for sale on Sept. 7so far.
-were awarded to a syndicate composed of the Chase
V. 135. P 1688
p.
IDAHO, State of (P. 0. Boise).
-LOAN GRANTED.
Forbes Corp. of New York, the Continental Illinois Co., and the
'
Harris
-A $300,000
loan is reported in news dispatches to have been advanced to the State on
First Union Trust & Savings Bank, both of Chicago. R. L. Day & Co.
Sept. 2 by the Reconstruction Finance Corp.
1
and F. S. Moseley & Co., both of New . ork, the Mercantile Commerce
Co. of St. Louis, and Lawrence Stern & Co. of Chicago. as 5s, at a price
JACKSON COUNTY (P.O. Independence), Mo.-BOND OFFERING.
of 100.60. a basis of about 4.95%. The issues are divided as follows:
-Sealed bids will be received until noon on Sept. 15 by Harry A. Sturges,
$1,600,000.00 water works bonds. Due $40,000 from Oct. 1 1932 to
-County Treasurer, for the purchase of an issue of $1.000,000 court house
bonds. Bidders will name the rate of interest the bonds are to bear in
water elarks bonds. Due $35.000 from Sept. 1 1933 to
1.400,000.00 197 inw
multiples of % of 1%. Split rate bid or bids for less than the entire issue
will not be considered. Denom. $1,000. Dated Sept. 15 1932. Due
197d inclbo
52,323.48 fun2ing . lids. Due from April 1 1933 to 1951 incl.
•on Jan. 1 as follows: $55.000 1937 to 1940: $60,000. 1941 to 1944: $65.000.
-The successful bidders offered
1945 to 1948. and $70,000, 1949 to 1952, all incl. Prin. and int. (J. & J.)
S
1%1D- OFFERED FOR INVESTMENT.
payable at the Commerce Trust Co. of Kansas City, or at the Guaranty
the above bonds for public subscription at the following prices: 1933
Trust Co. in New York. Bids will be submitted on forms furnished by
maturity to yield 3.25%; 1934 to yield 3.75%; 1935, 4.00%; 1936, 4.25%
the County Treasurer. The bonds will be awarded to the bidder offering
1937, 4.50%; 1938 and 1939, 4.60%; 1940 and 1941, 4.70%; 1942 to 1947:
08 .
.r
0%
t
par and accrued interest for bonds bearing lowest interest rate. It is
4.75 er BaTliclierl_94T841.09..e 1972, 411w.
0th ,
%
not expected that there will be any further offering of county bonds during
valicats3 bi illar for the above
the balance of this year. A certified check for $10,000 must accompany
bonds. The competing group was composed of the National City 0o.,
the bid. (The preliminary report of this offering appeared in V. 125,
Bankers Trust Co., R. IL Moulton & Co., the Security First National
the
p. 1358.)
Co., Kean, Taylor & Co., Kelley, Richardson & Co., the American Securities Co. of San Francisco and the Wm. R. Stoats Co., bidding a price
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND SALE.
-The
of 100.54 for the $3,000.000 water works bonds as 5s and the $52,323
.Issue of $3,900 5% coupon Gillam Twp. road improvement bonds offered
funding bonds as 4%s, giving a general price of about 100.57 on the whole
on Aug. 30-V. 135, p. 1358
-was purchased at par and accrued interest
by the W. 0. Babcocic Grain Co. Dated July 15 1932. Denom.
issLueass
.
I
Due one bond each six months from July 15 1933 to Jan. 15 1943. $195.
ANGELES.
-TAX RATE RELOS 58 GELES, Los Angeles County, Calif.
other two 5% Issues totaling $7,900 offered at the same time were not The
sold,
DUCED.-The city tax rate will be $1.53 per $100 assessed valuation for
as they were not bid for.
the fiscal year 1932,33, according to City Comptroller Myers. Last year's
JOHNSTOWN, Fulton County, N. Y.
-BONDS PUBLICLY OFtax levy is said to have been $1.64. In addition to this decline of 11 cents.
FERED-LIST OF BONDS TENDERED.
-The $392.000 434% coupon or
he assease valuations are reported to have been lowered 22%.
-registered school bonds awarded on Aug. 26 to Halsey, Stuart & Co.
and
Phelps, Fenn & Co., both of New York, Jointly, at 100.65, a basis of ".LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
-LOAN PRO-are being offered for public
about 4.45%-V. 135, p. 1525
-The Oounty Supervisors are reported to have requested Governor
POSAL.
at prices to yield from 3.75 to 4.30%. according to maturity. investment
Rolph to ask the Reconstruction Finance Corporation for a loan of $45.The bonds
are declared to be legal investment for savings banks and trust funds in
used throughout the State in relief work. Of this amount
000,000 to be
New York State, and to constitute direct and general obligations of the
dal
the county would expect to receive approximately 310.000,000.
.city, payable from unlimited ad valorem taxes levied against all taxable
-The County Board of Supervisors is said to
TAX RATE REPORT.
therein. A detailed statement of the financial condition of
property
the
officially set a general basic tax rate of 88c. on each $IN of assessed
have
• city appeared in V. 135, p. 1026.
valuation. It is reported the rate will be levied on a total valuation of
The following is a list a the bids submitted at the sale:
taxable properties amounting to $2,414,832.250, a reduction of 3630.000.000
BidderInt. Rate,
Prem.
under the valuation of last year. According to the County Auditor, the 88c,
Halsey, Stuart & Co.and Phelps, Fenn.& Co.(purch.).43%
rate is expected to raise by levy approximately $21,250,523 for general
$2,500.96
M. &
Trust(Jo4.70%
1,172.08
county purposes.
• Geo. B. Gibbons & Co.. Inc., and Dewey,Bacon & Co- 5
2,116.00
Rutter & Co. and Batchelder & Co
-TAX RATE HIGHER.
-The tax rate
LYNN, Essex County, Mass.
1,281.84
'Peoples Bank of Johnstown
for 1932 was fixed on Sept. 2 at $34.80 per $1.000 of assessed valuation, an
50.96
KANSAS CITY, Wyandotte County, Kan.
-BOND DETAILS.
- increase of $4.80 over the rate of last year. The advance is attributed to a
The $75,357 issue of traffic way bonds that was purchased by Stern Bros.
decline of 0.71.936 in the city's revenues from all sources, coupled with
& Co. of Kansas City, at a price of 100.666-V. 135, p. 1525
heavier welfare expenditures. Total assessed valuation for 1932 was given
-bears interest
%, and matures on Aug. 1 as follows: $8,357 in 1933: $8,000,
at
as $140,544,460.
1934
to.1937. and $7,000, 1938 to 1942, giving a basis of about 4.36%. Coupon
bonds dated Aug, 1932, Denom.
-BONDS PUBLICLY OFFERED.
MAINE (State of).
-The issue of
$1,000, one for $357. Interest payable
February and August.
31.500.000 47 coupon or registered highway and bridge bonds awarded
on Sept. 1 to the First National Bank, of New York. and associates, at
KENT COUNTY (P. 0. Grand Rapids), Mich.
-OTHER BIDS.
-was placed on the in102.19. a basis of about 3.86%-V. 135. p. 1688
• connection with the award on Aug. 30 of $75.000 poor relief bonds as -In
4%s
vestment market on Sept. 7 at prices to yield 3.75% to the investor. Dated
to the First Securities Corp., of Grand Rapids, at a price of 100.07. a
Sept. 1 1932 and due serially on Sept. 1 from 1954 to 1957 incl. Declared
basis of about 4.72%-V. 135, P. 1688
-we have learned of the following
by the bankers to be legal investment for savings banks and trust funds
additional bids which were submitted for the issue:
in Maine, New York, Massachusetts, Connecticut and other States,
BidderInt. Rate, Rate Bid.
and to be general obligations of the State, payable from unlimited ad valorem
First Detroit Co., Detroit
57 (disct.) $285
taxes to be levied against all the taxable property.
Grand Rapids Savings Bank
5%
Par
KINGSTON, Ulster County, N. Y.
MALVERN SCHOOL DISTRICT, Cheater County, Pa.
-BOND SALE.
-BOND
-The 3355.000
-Sealed bids addressed to the Secretary of the Board of School
OFFERING.
• coupon or registered bonds offered on Sept. 7-V. 135, p. 1688
-were
Directors wid be received until Sept. 23 for the purchase of $16,000 school
• awarded as 4.20s, at a price of par, to Phelps, Fenn & Co. of New York.
comprised:
which have been approved by the Department of Internal Affairs
bonds,
The award
of Pennsylvania.
$150,000 series A general bonds. Dated Aug. 25 1932. Due $30,000
on Feb. 25 from 1933 to 1937 incl. Int. is payable in F. & A.
MAMARONECK, Westchester County, N. Y.
-BOND OFFERING.
100.000 street impt. bomb. Dated Aug. 25 1932. Due $10,000 on
-Raymond Whitney, Village Manager, will receive sealed bids until 8 p.m.
Feb. 25 from 1935 to 1944 incl. Int. is payable in F. & A.
(daylight saving time) on Sept. 19,for the purchase of $79,500 not to exceed
series B general bonds. Dated Sept. 1 1932. Due 01,000
55,000
6% interest coupon or resisterel public improvement bonds. Dated Sept. 1
March 1 from 1933 to 1937 incl. Int, is payable in M. & EL
1932. One bond for $300, others for $1,000. Due Sept. 1 as follows:
60,000 series 0general bonds. Dated Oct. 11932. Due 310.000 April 1
$4.500 In 1934: $4,000 from 1935 to 1949, incl., and $5,000 from 1950 to
from 1933 to 1937 incl. Int. is payable in A. & 0.
1952. Incl. Rate of interest to be expressed in a multiole of q, or 1-10th
Public re-offering of the bonds is being made at prices to yield from 3 to
of I% and must bethe .1,melfor all of the bonds. Principal and interest
4%, according to maturity. The bankers declare the bonds to be legal
(March and September)Iare payable at the Manufacturers Trust Co., New
investment for savings banks and trust funds in the States of New York
York. A certified check for $1,500. payable to the order of the Village.
and Connecticut, payable from unlimited ad valorem taxes to be leviel
must accompany each proposal. The approving opinion of Clay, Dillon
upon_all the taxable property in the City.
& Vandewater. of New York. will be furnished the successful bidder.
1856
Financial Chronicle
MAPLEWOOD TOWNSHIP (P. 0. Maplewood), Essex County,
N. J.
-FUNDS AVAILABLE FOR BOND RETIREMENTS.
-Following
a survey of the condition of the finances of the township, Chairman Clark
of the Finance Committee on Sept. 7 stated that the township will be
glad to pay off now the $72,000 in bonds which mature on April 1 1933,
if the holders of the securities desire to surrender them. The survey
showed that the township has $16,528 in the general account, $77,795 in
the capital and $67,181 in the trust account. A total of $670.139 has
already been received in 1932 taxes, it was further stated.
MARION, Marion County, Ohio.
-The issue
-BONDS NOT SOLD.
of $78,000 6% refunding bonds offered on Sept. 6-V. 135, p. 1359
-was
not sold, as no bids were received. Dated Sept. 1 1932. Due on April
and Oct. 1 from 1934 to 1941, inclusive.
MILFORD, Worcester County, Mass.
-TEMPORARY LOAN.
Local banks have purchased a temporary loan in amount of $19.000 at
6% discount basis. Due on Dec. 20 1932.
MILFORD, New Haven County, Conn.
-BONDS NOT SOLD.
The issue of $50,000 4 X% coupon school bonds offered on Sept. 7V. 135, p. 1689
-was not sold, as he one bid submitted was rejected.
This offer was a price of 98.27, tendered by R. L. Day & Co., of Boston.
The bonds are dated Sept. 1 1932 and will mature $5,000 annually on
Sept. 1 from 1933 to 1942 incl.
MINFORD RURAL SCHOOL DISTRICT, Scioto County, Ohio.
BOND OFFERING.
-Sealed bids addressed to Ben M. Wright, Clerk of
the Board of Education, will be received until 7.30 p. in. on Sept. 15 for
the purchase of $2,300 5X% school ponds. Dated Aug. 161932. Denom.
$460. Due $460 on Sept. 1 from 1933 to 1937, incl. Interest is payable
semi-annualy in March and September. A certified check for 5% must
accompany each proposal.
-VALUATIONS REMINNEAPOLIS, Hennepin County, Minn.
DUCED-It was announced on Sept. 6 by City Assessor John Walquist
that assessed valuations on personal property and real estate, upon which
general taxes are based, will be $18,308,488 lower next year than they
were for 1932. This statement is said to mean that the assessed valuation
of the city for general taxing purposes will be $312,545,152 for taxes next
year, instead of the $330,853,460 on which 1931 taxes for 1932 revenue
were based.
CONTEMPLATED INCREASE IN BORROWING POWER.
-John R.
Coen, Chairman of the Amendments Committee of the City Charter
Commission, is stated to have prepared on Sept. 1 to draft a change in the
City Charter, which would increase by $3,500,000 the city's power to
borrow money for public relief. Submission of such an amendment at the
November election is said to have been approved by the Commission on
Aug. 31 and Mr. Coan's committee was ordered to submit a draft at the
Sept. 19 meeting of the Commission.
-BOND OFFERING.
MINNEAPOLIS, Hennepin County, Minn.
Sealed bids will be received until 2 p. in. on Sept. 22, by Dan C. Brown,
City Comptroller, for the purchase of a $631.150.77 issue of coupon special
street impt. bonds. Int. rate is not .o exceed 5%. Denoms. $50. $100,
pm or $1,000 each, at the option of the purchaser. Dated Oct. 11932.
Due from Oct. 1 1933 to 1952 incl. No old form provided. No bid will
be considered for less than par. Open bids will be asked for after all the
sealed bids have been received. The approving opinion of Thomson,
Wood & Hoffman of New York, will be furnished. A certified check for
2% of the par value of the bonds bid for, payable to C. A. Bloomquist,
City Treasuer, is required.
(The official advertisement of this offering appears on page.v.)
MIRANDO CITY INDEPENDENT SCHOOL DISTRICT (P. 0.
-A
Mirando City), Webb County, Tex.
-BONDS REGISTERED.
$19,400 issue of 5% serial school bonds was registered on Sept. 2 by the
State Comptroller. Denom. $500 and $200.
MISSISSIPPI, State of (P. 0. Jackson).
-BOND SALE NEGOTIATIONS RE
-OPENED.
-In regard to the offering for sale on Sept. 6 by
the State Bond Commission of the three issues of bonds aggregating $11,-we quote as follows from a Jackson dispatch
500,000-V. 135, p. 1359
to the New York "Herald Tribune" of Sept. 7, reporting on the negotiations going on for a satisfactory sale:
Negotiations with prospective buyers for $11,500,000 in Mississippi
bonds will be resumed to-morrow morning, it was announced to-night
after an extended executive session of the State Bond Commission.
The offering is made up of $8,000,000 in deficit bonds, $2,000,000 in refunding bonds and $1,500,000 for completion of the State insane hospital
plant near here.
Although members of the Bond Commission to-night refused to comment
on results of to-day's long discussions,it was learned that several prospective
buyers had joined in a group offering for the State issues.
In view of the unexpectedly large collections being obtained from the
retail sales tax and the enlarged tobacco tax. the Governor and other
members of the Commission to-night expressed optimistic feelings regarding
an eventual sale for the issue.
-The following additional information was contained in
Sale Not Settled.
a special dispatch from Jackson to the New York "Herald Tribune" of
Sept. 8:
An all-day session of the Mississippi Bond Commission was adjourned
here to-night, and for the second time Governor Mike Conner had little
to say regarding possibility of sale of $11,500,000 in State paper.
A group bid which Iv-night only a portion of the issue was understood to
have been before the Commission and was considered unsatisfactory by
the State officials. Negotiations will be resumed Thursday.
MONROE, Monroe County, Mich.
-BOND SALE APPROVED.
The City Commission has received a letter from John C. Spaulding bond
attorney of Detroit, approving of the recent sale of $65,000 6% refunding
bonds at par to the First Detroit Co. of Detroit.
-V. 135, p. 1689. These
bonds were offered at competitive sale on June 27 at which time the offer
of Carl Kiburtz, of Monroe, to take the issue at 5% int., at a discount
of $2.470, was rejected-V. 135, p. 334. Dated July 1 1932 and due
on July 1 as follows: $16,000 from 1935 to 1937 incl., and $17,000 in 1938.
-A
-NOTE SALE.
MONROE COUNTY (P. 0. Rochester), N. Y.
group composed of the M.& T. Trust Co. of Buffalo; R. W. Pressprich &
Co. of New York. and Sage, Wolcott & Steele of Rochester has purchased
an issue of $1,000.000 431% tax anticipation notes, and is making public
re-offering at a price to yield 2.75%. Dated Sept. 14 1932 and due on
March 14 1933. The notes are declared to be legal investment for savings
banks and trust funds in New York State
-WARRANTS NOT PAYMONTANA, State of (P. 0. Helena).
ABLE.
-The following report on the inability of the State to pay general
fund warrants is taken from the Montana "Record" of Sept. 1:
"There is no more money in the State Treasury with which to Pay
general fund warrants, and the announcement was made to-day at the
office of State Treasurer F. E. Williams that, beginning Friday, the office
would cease to cash such warrants and turn them back to the public. They
will be registered in the order presented. General fund warrants already
registered and unpaid total more than $4,000.000. Nine State funds and
some banks own these warrants. They are registered in the order issued,
and the first registered will be the first to be paid. General fund warrants
issued by the State monthly to meet its expenses run from $200,000 to
$220,000."
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
ING.
-F. A. Kilmer, Clerk of the Board of County Commissioners, will
10 a. in. (Eastern standard time) on Sept. 20 for
receive sealed bids until
the purchase of $230,000 6% sanitary sewer bonds. Dated Oct. 1 1932.
Denom. $1,000. Due Oct. 1 as follows: $11,000 in 1933; $12,000, 1934;
$11,000, 1935; $12,000, 1936; $11,000, 1937; $12,000, 1938; $11,000, 1939;
$12.000, 1940; $11,000, 1941; $12,000, 1942: $11,000, 1943; $12,000, 1944;
$11,000, 1945: $12,000, 1946; $11,000, 1947; $12,000, 1948; $11,000, 1949;
$12,000, 1950;$11,000 in 1951, and $12,000 in 1952. Principal and interest
(A. and O.) are payable at the County Treasurer's office. Bids for the
bonds to bear interest at a rate other than 6%, expressed in a multiple of
3.1 of 1%, will also be considered. A certified check for $2,500, payable
to theorder of the County Treasurer,is required. D. W.and A.S. Iddings,
of Dayton, Ohio,and Peck, Shafer and Williams, of Cincinnati, attorneys,
who have been employed to assist in the preparation of legislation and the
Issue and sale of these bonds, will certify as to the legality thereof. (The
county has been unsuccessful in recent attempts to sell its bonds.)
MORAN INDEPENDENT SCHOOL DISTRICT (P. 0. Moran),
-BONDS REGISTERED.
-The State CompShackelford County., Tex.
troller registered a $39,000 issue of 5% serial school bonds. Denoms.
$450 and $500. Due serially.
$50,
Sept. 10
1932
MOUNT VERNON, Westchester County, N. Y.
-BONDS AUTHORIZED-ordinances have been adopted providing for the issuance of
$125.000 bonds to finance -the city's share of the 1932 assessment for theHutchinson Valley sewer project, which will be paid to the county under
protest, according to report. The bonds will mature $25,000 annually
for a period of five years.
Jesse S. Cooper, Deputy City Comptroller, later reported that the Issue-had been purchased by the sinking fund.
MURTAUGH INDEPENDENT SCHOOL DISTRICT NO. 8 (P. 0.
Murtaugh), Twin Falls County, Idaho.
-BONDS CALLED-It is
announced brOliver W.Johnson, District Clerk-Treasurer, that the following total isses of 6% bonds are called for payment on Nov. 1, on which
date int. shall cease: $25.000 school bonds, dated May.1 1916, and $5,000school bonds,dated July 1 1919. The bonds are to be presented for payment
at any Boise bank. The Department of Public Investments at Boise will.
pay the face amount of the bonds plus accrued int, to date of call.
NEWARK, Essex County, N. J.
-BANKERS AGREE TO PURCHASE
$4,000,000 BONDS.
-Mayor Jerome T. Congleton announced on Sept. 6that a group of New York and Newark bankers had agreed to purchase$4,000,000 5% temporary bonds, the proceeds of which will be available
for operating purposes until June 1933. The Chase National Bank and the
Guaranty Trust Co., both of New York, are interested in the transaction
it was said. It was also made known on that day that a resolution had been.
adopted by the City Commissioners on Sept. 2 requesting the Sinking Fund
Commissior to appoint a committee "for the purpose of reviewing city
expenditures, both of a capital and operating nature, and to make suggestions from time to time as they may deem necessary toward economy
and efficiency of operation of the city government." A further development
in city affairs was the announcement by William J. Egan, Commissioner or
Public Safety, that a special effort will be made to collect about $25,000.0n
in taxes outstanding. This matter was referred to in the Newark "News'
of Sept. 6 as follows:
"There's upward of $25,000,000 in taxes outstanding," said Mr. Egan
In outlining plans for the campaign. "We are going to use every means
at our disposal to bring most of this money in by the end of this year.
We'll use the radio, talking pictures, public speeches, newspaper publicity
and other forms of campaigning so that before we are through we ought
to have a good percentage of the men, women and children of Newark
tax minded.
"
The outstanding taxes are: 1932, $17.139,909.54;for 1931, $6,255,524.731
for 1930, 131,676,953.92; for 1929, $538,576.17; for 1928. $377,943.52, and
1927, $26,211.18. That makes a total of $26,015,119.06.
The figures submitted to Egan by Howe showed that $16966500.49'.
of 1932 tsxes have been paid. That is nearly 50% of the total levy of
$34, han 513 For the same period in 1931 the collections were slightly
m0re , 10.0%
1Op 4
.
NEW BALTIMORE, Macomb County Mich.
-BOND ELECTION.At an election on Sept. 13 the voters will consider a $6,000 water mains
repla omc ment eoedues
depart entrbvnn istme, which will be payable within 10 years from water
NEW HAVEN, New Haven County, Conn.
-61,384,615 NOTES
REDEEMED.
-The city on Sept. 8 paid off a total a $1,384,615 notes
sold to local banks in anticipation of tax collections. On Sept.6re-payment
was made of a 93750,1300 loan held by the Chase National Bank, of New York. City officials, it was reported, have been conferring with bankers
In New York City with respect to the possibility offloating a long-term bond
issue. The New Haven "Register" of Sept. 8, reported as follows in connection with certain phases of the city's finances:
"The city's financial picture was shown in a recent statement from Mayor
Murphy as being one which fixed the net indebtedness at $19,126,489.79
with $20,107.73? as the limit of its borrowing power, the figure representing
6% of the gra, list. At the time of the Mayor's statement there was
.
3850,000 in available cash.
"From Bernard J. McGrath, tax collector, it was learned at that time
that $5,286,011 in current taxes has been collected, with $3,100,432 due
under the levy. What proportion of the balance has been collected since
Sept.1,the date of Mayor Murphy's statement,could not be learned to-day,
althou31 it was
the l9 h levysaid that the city has been unusually successful in collecting
g
"Collections of back taxes for the first eight months of the year,amounted
to $629,586.93 which figure was slightly less than $96,000 in excess of that
collected during the same period of the preceding year. Income from other
sources for the first eight months of the year is shown as being in excess of
collections for the same period last year,
NEWTON (P. 0. West Newton), Middlesex County, Mass.
-TEMPORARY LOAN.
-Jackson St Curtis, of Boston, purchased on Sept. 7 a
$125,000 temporary loan at a discount basis rate of .83%, which compares
with a rate of 1.05% received at the last previous financing of this nature
on Aug. 25 when a $200,000 loan, due Nov. 22 1932, was sold to the
Shawmut Corp., of Boston
-V.135. p. 1526. The current loan of $125,000
matures on Nov. 23 1932 and was bid for by the following:
BidderDiscount Basis.
Jackson St Curtis (successful bidder)
Merchants Nadonal Bank of Boston
.93e
First National Bank of Boston
Faxon, Gade & Co.
Second National Bank of Boston
.98 2
: 76 °5%
9
9
Shawmut Corp
1.05%
NEWTON FALLS, Trumbull County, Ohio.
-BONDS NOT SOLD.
-The issue of $12,108.73 6% refunding bonds offered on Aug. 20-V.
135, p. 1194 was not sold, as no blcia were received. Dated April 10 1932.
Due on Oct. 1 from 1933 to 1941, inclusive.
NEW YORK, N. Y.
-LARGE GAINS REGISTERED IN PRICES
OF CITY BONDS.
-The market for city bonds on Sept. 7 was extremely
strong, prices having advanced from 2.35 to 431 points at the close of
business on that day. The largest gain was registered in the 431a of 1981,
closing quotations in bonds of this issue being 9435 bid and 9535 asked,
or an increase of 4g points over the closing prices on the previous day.
In commenting on the advance in prices of city bonds and the avidness
with which they were sought by investors, the Nem York "Times" of
Sept. 8 stated that since the advent of the McKee administration on
Sept. 2, following the resignation the previous night by James J. Walker,
the total market value of the approximately $2,265.000,000 outstanding
City bonds had been lifted more than $75,000,000. The Increase of prices
on Sept. 7, it was said, augmented tne market value of these obligations
by $4.5,300,000. The "Times" carried the following table showing the
closing quotations on Sept. 7:
Net
Bid.
Asked.
Gain.
330, due 1954-55
84
87
4
4s, due 1977
88
90
2
431s, due 1981
943
95X
4
430, due 1979
97)4
99)4
3
65, due 1936-37
102
103
• NEW YORK, N. Y.
-AUGUST FINANCING AGGREGATES
--Temporary financing during August by the City of New
$42,550,000.
York aggregated $12,550,000, of which $35,000,000, representing borrowing
under the $151,000,000 revolving credit fund, was obtained at 58 % int,
4
and the remaining $7,550,000 at 5%. The borrowing during August comprised the following issues:
$25,000,000
% revenue bills of 1932, issued on Aug. 26. Due Dec. 8
1932.
% revenue bills of 1932, issued on Aug. 12. Due Dec. 6
10,000,000
1932.
3,000,000 5% special corporate stock notes, issued On Aug. 17. Due
Aug. 17 1933.
2,000,000 5% special corporate stock notes, issued on Aug. 9. Due
Aug. 9 1932.
1,000,000 5% special corporate stock notes, issued on Aug. 5. Due
Aug. 5 1933.
950,000 5% special corporate stock notes, issued on Aug. 23. Due
Aug. 23 1933.
600,000 5% special corporate stock notes, issued on Aug. 24. Due
Aug. 24 1933.
FURTHER LOAN OBTAINED.
-Comptroller Charles W. Berry completed arrangements on Sept. 7 for the sale of $17,000000 531% (Medal
corporate stock improvement notes to the National City Bank and the
151933.ational Bank. jointly. Dated Sept. 8 1932 and due on March
NORTHAMPTON,MAYFIELD,EDINBURG AND HOPE CENTRAL
SCHOOL DISTRICT NO.I (P.O. Northville), Fulton County, N. Y.
BOND SALE.
-The $240,000 coupon or registered school bonds offered
Volume 135
Financial Chronicle
1857
on Sept. 3-V. 135, p. 1526
-were awarded as 6s
1943 to 1946; $14,000. 1947 to 1953: 512,000, 1954 to
Bank & Trust Co., of Syracuse, at a price of100.01,to the Lincoln National
a
to 1959; $8,000 in 1960 and 1961, and $7,000 in 1962. 1956: $10,000. 1957
Dated Sept. 11932. Due serially on March 1 from basis of about 5.99%4
Bate of interest to
1934 to 1972 incl. A
be expressed in a multiple of Yi or 1-10th of 1%
bid of par for the bonds at 6% interest was tendered by the
M. & T. Trust
all of the bonds. Principal and interest (May dz and must be the same for
Co.. of Buffalo.
Nov.) are
Sassing National Bank,Pine Plains,or at the Empire Trust payable at the
Co., New
NORTHSTAR SCHOOL DISTRICT NO. 2 (P. 0. Bowbells
A certified check for $6,000, payable to W. B. Jordan Jr., Treasurer York.
), Burke
, must
County, N. Dak.-CERTIFICATE OFFERING.
accompany each proposal. The approving opinion of Clay, Dillon
-It is reported that
& Vandesealed bids will be received until 2n.m.on Sept. 13, by Talus Ferm,
water, of New York, will be furnished the successful bidder.
District
Clerk, for the purchase of a $2,000 issue of certificates of indebtedn
ess.
PORTLAND WATER DISTRICT, Cumberland County,
Me.
NUTLEY, Essex County, N. J.
-BOND OFFERING.
BONDS AUTHORIZED.
-The Public Utilities Commissi
Town Clerk, will receive sealed bids until8 p.m.on Sept.26-Simon Blum,
the District to issue $300.000 4% water system extension on has authorized
for the purchase
and improvement
of $160.000 not to exceed 6% interest coupon or registered public
bonds, to mature in 20 years.
improvement bonds. Dated Aug. 11932. Denom.$1,000. Due Aug.
1 as follows:
PULASKI COUNTY (P. 0. Winamac), Ind.
$5,000 from 1933 to 1940, incl., and $6,000 from 1941
-BONDS NOT
The $3,300 434% Franklin and Rich Grove Twps.road improvem SOLD.
of interest to be expressed in a multiple of k of 1%.to 1960, incl. Rate
ent bonds
Principal and int.
offered on Aug. 30-V. 135. p. 1195
(February and August) are payable at the Bank of Nutley,
-were not sold, as no bids were reor at the Chase
ceived. Dated Aug. 15 1932. Denom. $165. Due one bond
National Bank, New York. No more bonds are to be
each six
awarded than will
months on May and Nov. 15 from 1933 to 1942, inclusive.
peoduce a premium of $1,000 over $160,000. The bonds
price cf 99. A certified check for 2% of the bonds bidmay be sold at a
PULASKI COUNTY SPECIAL SCHOOL DISTRICT (P. 0. Little,
for, payable to
Raleigh S. Rife, Director of the Department of Revenue
Rock), Ark.
-BOND SALE.
-The $97,500 issue of funding bonds offered
mat accompany each proposal. The approving opinion and Finance,
for sale on Sept. 2-V. 135, p. 1360
of Thomson,
-was purchased at par by M. W.Elkins
Wood & Hoffman, of New 'York, will be furnished
& Co. of Little Rock.
Bonds are to be taken up and paid for at 10 a.m. onthe successful bidder.
Oct. 14, either in the
PUT-IN-BAY, Ottawa County, Ohio.
town of Nutley or in New York City.
-BONDS NOT
-The
issue of $27,4586% street impt. bonds offered on Sept.3-V. SOLD.
135.13• 1360
OAKMONT, Allegheny County Pa.
was not sold, as no bids were received. Dated Sept. 1 1932
-BOND SALE.
-The $200,000
due
issue of Borough bonds offered on Sept. 6-V. 135, p.
Sept. 1 from 1933 to 1942 incl. At a previous offering as 53isand July on
1360
-was awarded
on
16
as 430 to Leach Bros., of Philadelphia, at a price of
there were no offers made.
about 4.32%. Dated Sept. 1 1932 and due serially on 101.60, a basis of
Sept. 1 from 1933
RIPLEY COUNTY (P. 0. Versailles), Ind.
to 1951 incl.
-BOND OFFERING.
Willard N. Voss, County Treasurer, will receive sealed bids
OHIO (State of).
-$2,408,808 AUTHORIZED FOR
on Sept. 15 for the purchase of f7,000 4 % Delaware 'Iswp. until 10 a. m.
POSES.
-The State Relief Commission on Aug. 27 made RELIEF PURtion bonds. Dated Sept. 15 1932. Denom. $175. Due $350road construeavailable a sum of
semi-annually
$2,408,808 for poor relief purposes in Ohio, having
on Jan. and July 15 from.1934 to 1943 incl.
authorized the issuance
of county utility tax bonds and approved of gasoline
RIPLEY COUNTY (P. 0. Versailles), Ind.
amount. Hamilton County was granted permissio tax diversions to that
-BONDS
n to issue $1,000.000
The issue of $5,800 43 % Jackson Twp. road improvementNOT SOLD.
bonds in accordance with the Pringle
bonds offered
poor relief legislation. Other
on Sept. 7-V.135, p. 1527
relief grants made were as follows: -Robertss,
-was not sold,as no bids were
Columbu
Sept. 1 1932. Due $290 on Jan. and July 15 from 1934 received. Dated
County. $30,000; Paulding County, $19,800; $300,000 bonds; Defiance
to 1943 incl.
Holmes County, $10,000.
Putnam County was authorized to divert
ROBESON COUNTY (P. 0. Lumberton), N. C.
$21,000 of its share of gasoline
-ADDITIONAL
tax collections for relief purposes, while East
DETAILS.
-The $25.000 issue of tax anticipation notes that was purchase
Cleveland was permitted to
use $28.000 of such collections for the same purpose.
d
by the National Bank of Lumberton, at 6%-V. 135, p. 1690
-was awarded
OHIO TOWNSHIP (P. 0. Beaver Falls),
at par. Due on Nov. 231932.
Beaver County, Pa.
BONDS NOT SOLD.
ST. HELENS, Columbia County, Ore.
-The issue of $10,000 coupon bonds offered
-BOND
-The
as either
4s or 5s on Aug. 27-V. 135, 7p. 1360
$21,000 issue of 6% sewer bonds that was purchased atDETAILS.
-was not sold, as no bids were
par by the First
received. Dated Aug. 1 1932. Due $1,000
National Bank of St. Helens
-V. 135, p. 1527
on Aug. 1 from 1934 to 1943
incl.
matures on Dec. 1 1941, and is optional on Dec. -is dated Dec. 1 1931.
1 1932.
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph),
OKLAHOMA CITY, Oklahoma County, Okla.
Buchanan
-PROPOSED BOND
County, 1110.---1A,Nu ELECTION.-It is reported that
ELECTION.
-It is stated that the two issues of bonds
an election will be
aggregating $850,000
held on Sept. 27 in order to submit to the voters a
will be submitted to the voters for their approval
at an election in October
school equipment bond issue. (This proposal wasproposed $160,000 high
provided requests for the loan are approved
rejected by the voters
by the
-V. 135, IL
on July 12-V. 135, p. 665.)
1689. The issues are to be as follows: $500,000 R. F. C.
sewer construction and
$350,000 water department bonds.
ST. LANDRY PARISH (P. 0. Opelousas), La.
-CERTI
OFFERING.
-It is reported that sealed bids will be received untilFICATE
ONGNDAGA COUNTY (P. 0. Syracuse),
Sept. 23
-BONDS AUTHORby W. B. Prescott, Superintendent of the Parish School Board,
IZED.
-The Board of County Supervisors at a N. Y.
for the
meeting on Sept. 6 authorpurchase of an issue of $118,000 certificates of indebtedn
ized the issuance of $350,000 road improvem
ent bonds and $150,000
$118,752.11 certificates of indebtedness was offered for ess. (An issue of
park and parkway improvement bonds.
sale without success
on Aug. 23-V. 135, p. 1690.)
OWENSBORO, Davies. County,Ky.-PR
SALT LAKE CITY, Salt Lake County, Utah.
-The $142,000
issue of funding bonds that was purchased byICE PAID.
INFORMATION.
-The $875,000 issue of tax anticipat -ADDITIONAL
local investors
-V. 135, p.
664
-was awarded as 6% bonds, at par.
purchased by a syndicate composed of the National City ion notes that was
Co. of New York,
Blyth & Co. of San Francisco and Lemons & Co. of Salt Lake City
OYSTER BAY (P. 0. Oyster Bay), Nassau
-V.135,
County, N. Y.
-bears interest at 6% and was awarded at par. Due on
-BOND
p. 665
SALE.
-The $23,000 cotrpon or registered water bonds
Dec. 15 1932
offered on Sept. 6V. 135, p. 1527
-were awarded as 4.705 to the Riverhea
SAN ANTONIO,Bexar County, Tex.
-BOND LITIGATION ENDED. .
d Savings Bank,
of Riverhead, at a price of 100.109, a basis
The City Commission is reported to have annulled the
of about 4.69%. Dated Aug.
1932. Due $1.000 on Aug. 1 from 1936 to 1958
1
expansion bond issue that was approved by the voters $4,975,000 city
incl.
The following is an official list of the bids
action is said to have concluded all the litigation brought in 1930. This
received at the sale:
against
Bidderand the $1,000,000 issue of funding bonds-V. 134, p. 4022. that issue
Int. Rate.
Some
Riverhead Savings Bank (successful bidder)
Premium.
ago both issues were attacked in court and a compromise was effected time
4.70%
under
A. C. Allyn & Co
$25.00
hich the city agreed to accept judgment invalidating the
4.90
$4,975,000 issue
Central Park National Bank
while the opponents of the bonds agreed to a judgment in
5.25%
favor of the
George B. Gibbons & Co
43.47
$1,000,000 funding bond issue.
5.40%
Marine Trust Co
92.00
BONDS REGISTERED.
-On Aug. 31, the State Comptroller
5.75%
Phelps, Fenn & Co
77.97
the 51,000.000 issue of 434% funding, series of 1931, bonds. registered
Denom.
5.25%
Prudden & Co
9.20
51,000. Due serially.
5.25%
Sherwood & Merrifield, Inc
48.30
SAN FRANCISCO (City and County), Calif.
4.90%
-BONDS
B. J. Van Ingen & Co
89.70
general election held on Aug. 30-V. 135, p. 1190 VOTED.
At the
5.50%
-the voters
Wachsman & \Vassal'
43.70
approved the proposal to issue $6,500,000 in unemployment relief
4.80%
bonds.
15.87
The Denver "Post" of Sept. 1 reported on the election as follows:
PAXTANG • Pa.
-ADDITIONAL
Scoring an overwhelming vote majority, San Francisco passed a
$24,000 municipal-fire company buildingINFORMATIONThe issue of
$6,500,construction bonds sold on Aug.25
000 relief bond issue to care for unemployed and distressed citizens.
to the Commonwealth Trust Co.
of Harrisburg, at a
Complete returns announced Wednesday gave the bonds an
V. 135, p. 1690
-bears interest at 43i% and is in couponprice of 100.27affirmative
form, in denoms.
vote o1135.556, as compared to 18,706 opposing votes.
of $500. Dated Aug. 1 1932 and due
in 1959. Interest is payable in FebSANGERFIELD, MARSHALL AND MADISON CENTRA
ruary and August. •
DISTRICT NO. 1 (P. 0. Waterville), Oneida County, N.L SCHOOL
PEABODY,Essex County, Mass.
Y.
-BOND
SALE.
-Patrick M. -v. -The $35,000 coupon or registered school bonds offered on Sept. 6
Cahill. City Treasurer, reports that-TEMPORARY LOAN.
the
135. P. 1361-were awarded as 5.60s to the M. &
on Sept. 8 was awarded to the Warren $100.000 temporary loan offered
Buffalo, at par plus a premium of $10, equal to 100.02, T. Trust Co. of
National Bank, of Peabody, at
4.87% discount basis. Only one bid
a basis of about
5.59%. Dated Oct. 1 1932. Due April 1 as follows: $2,000
was received. Dated Sept. 8
and payable on March 15 1933 at the
from 1934
1932
1941 incl.; $3,000 from 1942 to 1946 incl., and $4.000 in 1947. Bids to
Notes, evidencing existence of the loan, First National Bank, of Boston.
rewill be authenticated as to genuineceived at the sale were as follows:
ness and validity by the aforementioned
BidderInt. Rate. Premium.
Thorndlice, Palmer & Dodge, of Boston. Bank, under advice of Storey,
M.& T.Trust Co.(successful bidder)
5.60%
$10.00
Marine Trust Co., Buffalo
PERMA SCHOOL DISTRICT (P.
5.75%
101.85
0. Perma), Sanders County,
Phelps, Fenn & Co
Mont.
-BONDS VOTED.
5.75%
-At a recent election the voters
Par.
Wachsman & Wassail
have approved the issuance of $7,500 in
are
5.90%
34.65
school building bonds.reported to
B.J. Van Ingen &
Co6
00%
54.25
POUGHKEEPSIE, Dutchess County,
Financial Statement.
-BOND SALE.
$30,000 coupon or registered, series of 1932,N. Y.
-The
Valuations:
tax refund bonds offered on
Sept. 8-V. 135, p. 1527
Assessed valuation. 1931-1932
-were awarded as 43.18 to Phelps,
$2,455,715
Fenn & Co.,
of New York, at par plus a premium of $30,
Full valuation, estimated
equal to 100.10, a
3,585.400
about 4.23%. Dated Sept. 1 1932. Due
Debt:
$3,000 on Sept. 1 from basis of
1942 incl. Bids received at the sale were as
1933 to
Bonded debt issued in 1929, unpaid
follows:
219.000
Bidder
Thisissue
Int. Rate. Premium.
35.000
Phelps, Fenn & Co.(Successful bidders)
Population, 1932, estimated, 3.500.
%
a
Nationalan
$30.00
SEATTLE, King County, Wash.
-BONDS AUTHORIZED.
-At a
George B. Gibbons & Co., Inc.
Par
meeting held on Sept. 1 the City Council is reported to have authorize
4,
7,9%
Marine Trust Co.
d
24.00
the issuance of $2,000,000 worth of bonds for water works improvements,
Prudden & Co
83.75
counting on the purchase of these bonds by the Reconstruction
Finance
M.& T. Trust Co.
'7g,
24.00
Corporation-V. 135. p. 1195.
4.4070
48.70
•
FINANCIAL STATEMENT.
SMITHSBURG, Washington County, Md.-BONDS
AND CER.
TIFICATES SOLD
.-C. E. Wolfe, Town Clerk,reports that local
Indebtedness.
Gross Debt:
have purchased $26,400 bonds and certificates at par as follows investors
Bonds (outatanding)
$15,000 water plant bonds. Due in 1971.
$3,694,450.00
Floating Debt (including Temporary Bonds
11,400 debt certificates. Due as follows $2,000 in 1933 and 1934.
outstanding)
$3,000
In 1935. $4,000 in 1936 and $400 in 1937.
2,024,878.64 $5,719,328.64
SOUTH DAKOTA, State of (P. 0. Pierre).
Deductions:
-BOND OFFERING.
Sealed bids will be received by A. J. Moodie, Secretary of the Rural Credit
Water Debt
$766.000.00
Board, until 2 p.m. on Sept. 29 for the purchase of an issue of
Temporary Loans
$1,500,000
rural credit refunding, Series C, bonds. Bidders to name the rate of
79,600.00
Balance in Budget of 1932- - - - - - _______
in_
terest in multiples of one-tenth or 5. of 19. payable on April and
Sinking Funds,other than for Water Bonds 122,483.50
Oct.
Denom. $1,000. Dated Oct. 15 1932. Due on Oct. 15 1937. Bids 15.
287,823.59
1,255,907.09
will
be considered on all or any part of the total amount authorized.
Net Debt
No bid
for loss than par and accrued interest will be considered. The purchase
Bonds to be issued:
$4,463,421.55
will be required to print and furnish the bonds and pay for the approvin r
Tax Refund Bonds, Series of 1932
g
$30,000.00
legal opinion. A certified check for $10,000 must accompany the bid.
Floating Debt to be funded by such bonds
(An issue of $500,0130 refunding, Series B, bonds was offered for sale with30.000.00
out success on Sept. 1-V. 135,p. 1691.)
Debt, Including Bonds to be Issued
Net
$4.493 A21.55
SOUTH MIDDLETON TOWNSHIP (P. 0. Boiling Springs), CumAssessed Valuation
berland County, Pa.BOND OFFERING.
Real Property including improvements 1932 s,
-Earl
Brennemen, Secretary of the Board of Supervisors, will receive sealedL.
Special Franchises 1932
$50,568,621.00
bids until 1 p.
Oct. 1 for the purchase of $33,000 5% coupon road funding bonds. m. on
$ 2,232,790.00
Population:census of 1930.40.288;tax rate:
fiscal year, 1932, $35.4591
Sept. 1 1932. Denoms.$1,000 and $500. Due Sept. I as follows: Dated
per thousand.
23
$2.000
from 1933 to 1947 incl., and $3,000 in 1948. Prin. and interest(M.&
S.)
PINE PLAINS MILAN, STANFORD,
are payable in Boiling Springs. A certified check for $660 must accompa
NORTHEAST, ANCRAM,
ny
GALLATIN, LIVINGSTON, AND CLERMO
proposal. The approving opinion of Townsend, Elliott &
each
NT
Munson of
Philadelphia, will be furnished the successful bidder. This issue
13-STR CT NO. 1 (P. 0. Pine Plains), N. Y. CENTRAL SCHOOL
-BOND OFFERING.of bonds
Harold 13. Butterfield, Clerk of the Board of
has been approved by the Department of Internal Affairs of Pennsylv
ania.
bids until 2 p. m. (daylight saving time) on Education, will receive sealed
SPENCER COUNTY (P. 0. Rockport), Ind.
-BOND SALE.
$298,000 not to exceed 6% interest coupon Sept. 20 for the purchase of
$4.889 4559' road improvement bonds offered on Aug.27-V. 135. -The
or registered school bonds.
Oct. 1 1932. Denom. $1.000. Due on Nov.
Dated
p. 1195
-were purchased at par by Robert L. Titus of Rockport.
Dated
from 1934 to 1936 incl.; $7,000, 1937 to 1939;$9,000, 1 as follows: $5,000
1932. Denom. $244.45. Due one bond each six months from July Sept. 1
1940 to 1942:$12.000,
15 1933
to Jan. 15 1043.
1858
Financial Chronicle
-BOND OFFERING.
SPOKANE COUNTY (P. 0. Spokane), Wash.
It is reported that sealed bids will be received by the County Treasurer
until Sept. 29 for the purchase of a $450,000 issue of emergency relief bonds.
-BONDS PUBLICLY
SPRINGFIELD, Sangamon County, III.
OFFERED.
-The 31.500,000 4X % coupon (registerable as to principal)
water bonds purchased on Sept. 2 by the Guaranty Co. of New York and
associates at a price of 103.33. a basis of about 4.16%-V. 135, p. 1691
were re-offered for public investment on Sept, 6 at prices to yield 3.75%
tor the 1936 maturity: 1937 and 1938, 3.80%; 1939, 1940 and 1941, 3.90%.
They are said to
and 4% for the maturities from 1942 to 1950 inclusive. in the States of
be legal investment for savings banks and trust funds according to the
New York, Massachusetts, Connecticut and Illinois,general obligations
bankers. It is further stated that the bonds constitute
may be levied
of the city, payable from unlimited ad valorem taxes which reports an asagainst all taxable property therein. The city, it was said,
sessed valuation of 359.474,646; total bonded debt, $2.971.000, which
debt. $471,000, or
includes $2,500,000 self-supporting water bonds; net ment of the bankers
less than 1% of the assessed valuation. The advertise
further reports that the municipally-owned electric plant returns substantial net earnings after service charges on $265,000 plant bonds, included
n of
in the net debt. Valuation of water and light plants, before applicatio the
proceeds of present bond issue, placed at 35.446,817. Tenders for
response to the reque•st of finance officials of the municibonds,submitted in
pality, were as follows:
te Bid.
Bidder-Guaranty Co. of New York; Kelley. Richardson & Co.; Mississippi
the Illinois National Bank of Springfield (successValley Co., and
103.33
ful group)
103.13
Modern Woodmen of the World
National City Co
1132.66
&Halsey, Stuart & Co.; First of Boston Corp.; R. W. Pressprich 101.52
Co.,and Stranahan, Harris & Co.,jointly
Mich.
STAMBAUGH TOWNSHIP (P. 0. Caspian), Iron County, consider
-At an election on Sept. 13 the voters will
BOND ELECTION.
a proposal to issue $60,000 general relief purpose bonds.
-BOND OFFERING.
STEUBENVILLE, Jefferson County, Ohio.
or Sept.
Cartledge, City Auditor, will receive sealed bids until 12 m. Sept. 1
I.
Dated
for the purchase of $8 211.28 6% final judgment bonds. 1935. 1936 and
26
1932. Due Sept. 1 as follows: $1,711.28 in 1934: 31.500 in
payabla at the office
1937. and $2.000 in 1938. Prin. and int.(M.& S.) are
at a rate other
of the City Treasurer. Bids for the bonds to bear interest considered. A
also be
than 6%, expressed in a multiple of X of 1%, will of the City Treasurer,
check for 1% of the bid, payable to the order
certified
must accompany each proposal.
-The
-BOND SALE.
STEUBENVILLE, Jefferson County, Ohio.
bonds (not $13,500). offered on
issue of $31,500 emergency poor relief as 530 to the Provident Savings
Sept. 6-V. 135. p. 1361-was awarded
par plus a premium
Bank & Trust Co. of Cincinnati. the only bidder at Dated Sept. 15 1932
of $22.05, equal to 100.07, a basis of about 5.471. 1935 incl.; $6,500 in
due on Sept. 15 as follows: 36,000 from 193 to
and
1936, and $7.000 in 1937.
-TEMPORARY LOAN.
STOUGHTON, Norfolk County, Mass.
on Sept. 9 a $100,000
The Merchants National Bank, cf Boston. purchased 1932 and due 350,000
10
temporary loan at 5% discount basis. Dated Sept.
respectively on May 10 and June 10 1933.
-The
SOLD.
SUMMIT COUNTY (P. 0. Akron), Ohlo.-BONDS NOT offered on
bonds, comprising four issues,
$156,425 6% road improvementnot
sold, as no bids were received. Dated
-were
1528
Sept. 7-V. 135. p.
Sept. 1 1932. Due serially on Oct. 1 from 1934 to 1943 incl.
•
-A $19,000 issue
SUPERIOR, Douglas County, Wis.-BOND SALE.
purchased recently as
of sewer refunding bonds is reported to have been
to the Fire Pension Fund Trustees, and $7,000 to the
follows: $12,000
Police Pension Fund Trustees.
-The tax levy
-TAX REPORT.
TALLAHASSEE, Leon County, Fla.
of 1 mill from 1931.
of the city has been fixed at 12 mills, a reduction
the city
according to recent news dispatches. It is said that last year $22.000
and retired
•purchased 375.000 of its own bonds before maturity
'that were due.
-An $18,000
-BOND SALE.
TAMA COUNTY (P. 0. Toledo), Iowa.
by the Carleton
'issue of poor relief bonds is reported to have been purchased
D. Beh Co. of Des Moines as 55 at par.
-The
-BOND RETIREMENTS.
THE DALLES, Wasco County, Ore. reduced 16% in recent months
been
bonded debt of this city is said to have,auditorium, street and water bonds
the retirement of 354,500 in sewer of the bonds retired were not due
by
since Jan. 1. It is stated that many
debt is now reported
for years but were called in to save int. The bonded
to be $274,500.
-The Toledo
TOLEDO, Lucas County, Ohlo.-WARRANT SALE. $300,000 tax
at par a block of
Sent. 1
Trust Co. of Toledo, on 3500.000purchased in anticipation of tax collecauthorized
of an issue of
warrants
on Jan. 1 1933.
tions. The warrants bear interest at 6% and will mature
-The two issues
Kan.
-BOND SALE.
TOPEKA, Shawnee County, g $27,622.37, offered for sale on Sept. 6
of 4% semi-ann. bonds aggregatin to the Columbian Securities Corp. of
-were awarded
-V. 135, p. 1528
of $7.37. equal to 100.026, a basis of about 3.99%.
Topeka for a premium as follows:
The issues are divided
er District No. 3 bonds. Due from July 15
$10.178.18 general impt.Sew
1933 to 1942 Incl.
sewage disposal works bonds. Due from
17,444.19 internal impt., 1942 incl.
July 15 1933 to
The other bids were as follows:
Price Bid.
Bidder
Central Trust Co. of Topeka
Trust Co. of Kansas City
Commerce
8
9 15
89..51
City
Stern Bros. & Co. of Kansas
AUTHORIZED.
N. J.
UNION CITY, Hudson County, Sept.-BONDS of the issuance of
1 a..roved
at a meeting on
The City Commissionbonds as follows: $150, I tax revenue bonds of
$700.000 temporary
bonds of 1931, $150.000 tax anticipation bonds of
1930, $375,000 revenue
school bonds. In providing for the bond issues
1932. and $67,000 of 1932
disclosed in the resolution that taxes owing for 1930
the City Commission 6, while the amount for 1931 is $756,798.12.
amount to $234,250.3
-TEMPORARY BONDS
), N. J.
IIPUNION COUNTY (P. 0. Elizabethissue of 3500,000 6% tax anticipa-Local banks have purchased an
SOLD.
1933.
tion bonds, due on Dec. 22
-A
Salt Lake City).
-LOAN GRANTED.
UTAH, State of (P. 0.have been advanced to this State on Sept. 2
to
$390.000 loan is reported
recently notified
Finance Corp. (The Governor
by the Reconstruction
State would require $8,000,000 for relief purposes
the R. F. C. that thethe above loan 3360,000 is to go to Salt Lake County
V. 135, p. 1196.) Of County to meet emergency situations.
and $30,000 to)Toolle
Terre Haute), Ind.
-BONDS NOT SOLD.
VIGO COUNTY (P. 0.
Nevins Twp. road improvement bonds offered on
The issue of 36,000 5% -was not sold. Dated Aug. 30 1932. Denom.
Sept. 5-V. 135. p. 1528 six months from July 15 1933 to Jan. 15 1943.
up°. Due one bond each
-An
0. Ottumwa), lowa.-BOND SALE.
PISWAPELLO COUNTY (P. pro6tr fund bondsis reported to have been
o
it
a
fh m1;t iaa
Sept.
380.000 issue of 5Z sae,
1 1932.
v 1P3
and Nov. 1 from 1939 :O 19%, gAttlive.
turcuehEarlryolhils3lay
,
ZED.Ohio.
-BONDS AUTHORI
EN, Trumbull County, city council providing for the sale of
pillWARR
adopted by the
A resolution has been herds.for the purpose of meeting a similar amount of
$121.7006% refunding due on Sept. 1. Oct. 1 and Nov. 11932. The resopaymaturities which become
refunding plan is necessary as no other method of 1932
lution states that the
The refunding issue will be dated Sept. 1
ment of the bonds exists.
36.700. April 1 and 37.000. Oct. 1 1934' $6.000.
and mature as follows: 1 from 1935 to 1938 Incl.. and $7,090. April and
Oct.
April 1 and 37.000. 1942 Incl. Prin. and int. (A. & 0.) are payaLle at the
Oct. 1 from 1939 to
Trustees.
office of the Sinking Fund
-Local
-BOND SALE.
ENSBURG, Warren County, N. Y. 5% water bonds, due
”P`WARR
1 an issue of 315,000
investors purchased on Sept. par.
of
$1,000 annually, at a price
Sept. 10 1932
-B. M.
-BOND OFFERING.
WARREN, Trumbull County, Ohio.
Hillyer, City Auditor, will receive sealed bids until 1 p. m. on Sept. 19
for the purchase of $161,075 6% bonds, divided as follows:
$121,700 refunding special assessment bonds. Due as follows: $6,700
April and 37.000 Oct. 11934; $6,000 April and $7,000 Oct. 1 from
. 1935 to 1938, incl., and $7,000 April and Oct. 1 from 1939 to
1942, incl.
39,375 refunding general impt. bonds. Due as follows: $2,375 April
and $2,000 Oct. 1 1934; $2,000 April and Oct. 1 from 1935 to
1939, incl., and $2,000 April and 33.000 Oct. 1 from 1940 to
1942, incl.
Each issue is dated Sept. 1 1932. Principal and interest (A. & 0.) are
bonds to
payable at the office of the Sinking Fund Trustees. Bids for theX of 1%,
bear interest at a rate other than 6%. expressed in a multiple of
will also be considered. A certified check for 3500, payable to the order
of the city, must accompany each proposal.
-The village
-BONDS AUTHORIZED.
WAYNE, Wood County, Ohio.
council has adopted a resolution providing for the issuance of $7,100 6%
to provide funds for the payment of an equal amount of
refunding bonds,
street improvement, fire apparatus and deficiency bonds. The refunding
issue will be dated Sept. 1 1932 and mature Sept. 1 as follows: $700 in 1934,
and $800 from 1935 to 1942 incl. Principal and interest (March and Sept.)
are payable at the office of the Village Treasurer.
-BOND OFFERING.
WEST NEW YORK, Hudson County, N. J.
10 a. m. on
Charles Swenson, Town Clerk, will receive sealed bids until or registered
27 for the purchase of 3115.422.96 5, 53d or 6% coupon
Sept.
general gold bonds, divided as follows:
1934 to 1941.
$52,882.24 series No. 3 bonds. Due $6,610.28 Oct. 10 from
inclusive.
to 1941,
42,540.72 series No. 2 bonds. Due $5,317.59 Oct. 10 from 1934
inclusive.
1941, incl.
20,000.00 series No. 1 bonds. Due 32,500 Oct. 10from 1934 to
Each issue is dated Oct. 10 1932. Principal and semi-annual interest
are payable at the I.'irst National Bank, West New York. Bonds cannot
be sold at less than 99% of their par value. A separate certified check for
each issue bid for, in amount of 2% of the bonds of the issue, payable to
the order of the Town Treasurer, is required. 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. 1692.)
-TAX RATE LOWER-ChairWESTON, Middlesex County, Mass.
6
man Edward P. Ripley of the board of assessors announced on Sept.
th tt the tax rate for 1932 had been reduced to $22.50 per $1.000 of assessed
or a reduction of 33 from the rate of $25.50. the highest in the
valuation,
valuation
history of the town, which prevailed in 1931. Total assessedlast year's
has been placed at $9,715,271. an advance of $150,000 over to "good
attributed the reduction in the tax levy
figure. Mr. Ripley
management of the town's business affairs."
-M. M. Free-BOND SALE.
WEST ORANGE, Essex County, N. J.
of
man & Co. of Philadelphia purchased during August an issueand 325.000
due on
Dated Sept. 1 1932
6% tax revenue bonds at a price of par.
May 1 1933.
WESTPORT, ESSEX, MORIAH, ELIZABETHTOWN AND LEWIS
Essex
CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. Westport), of the
-In connection with the report
-CORRECTION.
County, N. Y.
21 for the purchase
intention of this district to receive sealed bids until Sept. we wish to state
of an issue of bonds, which appeared in V. 135. p. 1692,
tly
that the amount of the issue is $215,000. and not 3250.000. as inadverten
given in these columns.
St.
WHITE PIGEON TOWNSHIP SCHOOL DISTRICT NO. 7,been
-Approval has
-BONDS AUTHORIZED.
Joseph County, Mich.
to an issue of $2,700 school building construction bonds, to mature
given
$270 annually on March 1 from 1933 to 1942 incl.
-Sealed
-BOND OFFERING.
WICHITA, Sedgwick County, Kan.
12,
bids will be received by C. C. Ellis, City Clerk, until 7.30 p. in. on Sept.
paving
for the purchase of a $92,201.88 issue of 4X% coupon semi-annual1 1932.
Denom. $1,000 one for $201.88. Dated Sept.
and sewer bonds.
from
Due in from 1 to 10 years. Required bidding blanks to be obtained
City Clerk. A certified check for 2% of the bid is required.
TES
WILLIAMS COUNTY (P. 0. Williston), N. Dak.-CERTIFICA on
-The 350,000 issue of certificates of indebtedness offered
NOT SOLD.
Sept. 1-V. 135. p. 1362-was not sold as there were no bids received,
according to the County Auditor.
-BONDS OFFERED FOR
WRIGHT COUNTY (P. 0. Clarion), Iowa.
-The $300,000 issue of primary road bonds that was
INVESTMENT.
a
by Geo. M. Bechtel & Co. of Davenport, as 434s, at 100.21,
purchased
-is being offered for public subbasis of about 4.45%-V. 135, p. 1528
.
, Dated
0,
scription at prices to yield from 4 to 4.157 according to maturity optional
and
Sept. 11932. Due $25.000 from May 1 1934 to 1945, incl..
County
on May 11938. Prin. and Int.(May 1) payable at the office of theLegality
Treasurer. COUPOn bonds which may be registered as to principal.
of Chicago.
to be approved by Chapman & Cutter
FinancialStatement(As Officially Reported by County Treasurer June 17 1932)
84989:901001
$38,459,191
*Value of taxable property, estimated
Total debt (this issue included)
Population 1930 census, 20,216.
*The constitutional debt limit is 5% of the value of taxable property.
of
The Supreme Court of Iowa defined this to be 5% of the actual value
•
taxable property as returned by the assessor and as equalized.
T NO.
YAKIMA COUNTY CONSOLIDATED SCHOOL DISTRIC
-The $29,129.72 issue of
-BOND SALE.
119 (P. 0. Yakima), Wash.
-was purchased
Sept. 3-V. 135, p. 1362
school bonds offered for sale on
Due in
by the State of Washington as 53ds at par. Dated Oct. 1 1932.
from 2 to 10 years. No other bids were received.
-TEMPORARY FINANCYONKERS, Westchester County, N. Y. has authorized the City
-The Common Council
ING AUTHORIZED.
of issues of
to borrow a total of $4465,000 through the medium on notes
Comptroller
anticipati
$200.000 local improvement notes, 3170,000 bond
and $95,000 certificates of indebtedness.
-The
Ohlo.-BOND SALE.
YOUNGSTOWN, Mt.honing County,
p. 1528
on
issue of $127,000 refunding bonds offered the Sept. 7-V. 135. Bank &
Provident Savings
was awarded as 6s, at a price of par, to 1932. Due Oct. 1 as follows:
. Dated Aug. 15
Trust Co., of Cincinnati
318,000 from 1939 to 1912 incl.
$47.000 from 1934 to 1938 incl., and
-The 6%
-BONDS OUTSTANDING.
YUMA, Yuma County, Colo.
18. series of June 15 1921, that
water extension bonds numbered from 1 to 134. p. 4362-have not been
-V.
were previously called for payment
Farmers State Bank of Yuma.
presented for payment as yet, at the
are still outstanding aro Nos.
Other bonds which have been called but
bonds, on which interest
19 to 24, and 26 to 30. of the water extension
ceased Aug. 1.
-BOND .OFFERING.
ZANESVILLE, Muskingum County, Ohio.
receive sealed bids until 12 m. on
Henry F. Stemm. City Auditor, will 5 6% special assessment improvethe purchase of $24,612.2
Sept. 19 for
OUR bond for 3612.25, others for $1,000.
ment bonds. Dated Aug. 1 1912.
incl.
and
Due Oct. 1 as follows: $4,612.25 in 1934Bids $5,000 from 1935 to 1938,
for the bonds.to bear interest
April and Oct.
Interest is payable in
a multiple of X of 1%. will also be
at a rate other than 6%, expressed inof the bonds bid for must accompany
1%
considered. A certified check for
each proposal.
CANADA, its Provinces and Municipalities
-The 315,000 6% coupon water
BUCKINGHAM, Que.-Bo:VD SALE.
on Sept.
p. 1528
supply system improvement bonds offered Corp., of6-V. 135, at a price
Montreal,
to the Dominion Securities
were awarded
6.27%. Dated July 1 1932 and due serially in
of 97.03. a basis of about
the sale.
from 1 to 40 years. Only one bid was received at
-The Tesue
WESTON, Ont.-ADDITIONAL INFORMATION. par by Wood,
improvement bonds purchased recently at
$38,672 634%
1 1932 and maGundy & Co. of Toronto-V. 135. p. 1692-Is dated Sept.bonds of various
tures annually on Sept. 1 from 1931 to 1950, incl. Coupon
in September.
.'enom. Interest is payable annually
•
@FedFRASER