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The Financial Situation
"rebellions
occasional
DESPITE wordy the index, "theand history as
thundering in
present Congress is plainly destined
where their passage was a mere formality: Railway
pension measure, the tax bill, rivers and harbors bill,
to go down in
a compromise form of the utilities holding company
one of the most servile of all time. The unpleasant- measure, the gold suit bill, the Guffey coal bill,
ness of Washington weather, the weariness of mem- the Frazier-Lemke moratorium measure, and a very
bers of the House and the Senate, the desire of all considerable number of other bills of lesser importance,
politicians to get home for a first-hand study of the in addition to the third deficiency appropriation bill
changes in sentiment among their constituents .the and a compromise neutrality measure. At a late
dread of Presidential disfavor still apparently cling- hour yesterday, the possibility of an unexpected
ing to the thoughts of many politicians, and the hitch somewhere apparently still existed, but there
command over patronage that Congress itself has was every appearance of a virtual certainty that
placed in the hands of the Administration, all seem Congress would be able to complete the details
to have been exploited in full and successfully during still to be attended to, and adjourn by the end of
the past week. The result is on the whole as re- the week. Such, at least, was the general expectation.
markable as it is disHere is a record for haste
heartening.
in legislation, and for comPressure applied prior to
Typical New Deal Philosophy
plete abdication on the
the meeting of the PresiIn its report submitted to the President on
part of legislators that is,
Wednesday, the so-called Cabinet Committee
dent with his leaders in
so we believe, unparalleled
on the cotton textile industry in the following
Congress on Sunday evenwords recommended a continuation of the
in the history of this
processing tax:
ing last had been successcountry.
"During the economic emergency as refull in pushing a number
flected by existing price disparities, we recomThe President in driving
mend against the discontinuance of the proof the so-called "must
Congress to such excepcessing tax, which, after due consideration of
bills" through either to
the alternatives, we regard as the most practional activity has not had
final passage in both
tical among the available means of securing
his way at every point.
to the cotton farmers of the Nation a return
houses or to points where
He had to accept a tax
for cotton equivalent in terms of purchasing
such passage could be
power to that which existed in the pre-war
bill that did not accord
period and which has enabled them to intaken for granted. Among
entirely with his expressed
crease their purchases of the products of
these were the social seother industries, including the cotton inwishes. He was obliged
dustry, thereby benefiting the workers in
curity measure, the bankto accede to changes in
these industries."
ing bill, the amendments
Whatever its explanation, the reasoning
the utilities measure which
employed by the committee seems to us to
to the Agricultural Adjusthe said "represented a
be deeply tinged with at least three of the
ment Act and one or two
leading fallacies upon which most of the New
greater concession from the
others of less importance.
Deal rests. They lie somewhat submerged
Senate bill than I should
in meaningless phrases, and for that reason
This left, among those in
like to see made." Several
it may be well to state them in plain language.
advanced stages in Con(1) It is a good thing to take from one
of the other measures carry
group in the population, in this case congress,the gold clause measprovisions that are not presumers of cotton products, and give to others,
ure, the tax bill, proposed
here the cotton farmers—that is, to employ
cisely what the Administaxes for the purpose of redistributing income.
alcohol control legislation,
tration itself would have
(2) Such operations as these can in the
the Tennessee Valley Aunature of the case be of real benefit to other
included. But that the
industries or their employees by increasing
thority measure, and most
President has been able to
the demand for their products.
important of all, perhaps,
(3) It is well to use artificial means to elimiobtain what he has is little
the utilities holding cornnate price disparities, which common sense
short of unbelievable, or
teaches should be left to produce their
•pany bill. The President
natural effect upon business, causing readwould be if Congress had
on Sunday evening was
justments likely to restore equilibrium.
not already shown on nuSo long as such obvious fallacies as these
able apparently to obtain
merous occasions during
underlie national policies it will be idle to
more or less definite assurexpect statesmanship in Washington.
the past year or two that
ances from those whom he
it had not the courage to
had called to the White
stand by its own convicHouse that all of these latter would be pushed tions when put
to a real test. The achievements•of
through Congress during the week in a last-minute which the
Administration can and doubtless will
rush to adjournment. In addition similar assurances boast (although
in our estimation there is little in
are said to have been furnished concerning the them to warrant
pride) is all the more remarkable
Guffey coal bill, the Walsh bill, the Frazier-Lemke by reason of the
fact that recent developments in
•measure and the proposed railway pension. law, Europe forced
the neutrality issue to the front to
the latter two being designed to take the place of disrupt the heavy
schedule that had been set for
earlier laws enacted at the behest of the Administra- Congress during
the past week.
tion only to be declared unconstitutional by the
It is needless to say that this long array of enactSupreme Court.
ments is most disheartening, and in a number of
instances represents bald disregard of orderly conThe Week's Record
stitutional government, to say nothing of orderly
Y LATE yesterday, Congress, in addition to or well
considered legislative procedure. Detailed
taking the steps expected of it on the banking, appraisal of
the legislation that is thus being carried
agricultural adjustment and Tennessee Valley Au- to
the statute book must for the most part await
thority bills, had completed a final passage of the
the opportunity to study the texts of the acts,
following list of measures or else reached a stage
many of which are not yet available. Our readers
B
1138
Financial Chronicle
will be pleased, we feel certain, that we are able to
present in this issue a considered analysis of the
new Banking Act of 1935 from the pen of Dr. H.
Parker Willis, who, it goes without saying, has kept
in closest touch with the measure throughout its
arduous course through Congress and who has had
an opportunity to study its final terms with care.
The measure as it was finally adopted is unquestionably a highly dangerous one, even though much
less harmful than in its original form, and it would
have been far better to have deferred action on
most of the subjects with which the new act undertakes to deal until such time as circumstances permitted, a careful study of the whole situation.
The Tax Measure
HE provisions of the tax measure are not as
unfortunate as some that had been seriously
considered nor nearly so worthy of commendation
as others. As summarized in the New York "Times"
of Wednesday, Aug. 21, the leading provisions of
the measure as adopted are as follows:
T
Estate Taxes—An increase in the rates of the present
of
estate taxes, beginning the impost at 2% on net estates of
more than $40,000, and ranging upward to a maximum
70 per cent on that part of the estate above $50,000,000.
Gift Taxes—Revision of the present gift taxes to make
them approximate three-fourths of the new estate tax
schedule.
Individual Surtaxes—Increases in individual surtaxes beginning in income brackets above $50,000, and graduating
upward to a maximum of 75 per cent on income in excess of
$5,000,000.
Graduated Corporation Tax—A new graduated corporation
tax, to substitute for the present flat rate of 13%%, to be
h% on net corporation income up to
levied as follows: 121
$2,000; 13%, $2,000 to $15,000; 14%, $15,000 to $40,000, and
15% in excess of $40,000.
Capital Stock Tax—An increase in the capital stock tax,
now levied at the rate of $1 per PAO on the declared value
of corporation stock, to $1.40 per $1,000.
Excess Profits Tax—A graduated tax on excess corporation profits: 0% on profits exceeding 10% and not over 15%,
and 12% on profits exceeding 15% of the declared value of
corporation stock.
Intercorporate Dividends—A partial limitation on time exemptions heretofore given dividends paid from one corporation to another, making 10% of such dividends taxable at
the new graduated corporation rate.
Personal Holding Company Tax—An increase in the rates
of tax on undivided profits of personal holding companies
to make them conform to the higher surtaxes.
Aug. 24 1935
The Utility Holding Company Bill
HE terms of the compromise concerning the socalled "death sentence" in the utility holding
company measure became available in full text to
the public yesterday. For our part, we are unable
tc find in them,much encouragement for the utility
industry. The Securities and Exchange Commission
is commanded "to require by order, after notice and
opportunity for hearing, that each holding company,:
and each subsidiary company thereof,shall take such
action as the commission shall find necessary to
limit the operations of the holding company system
of which such company is a part to a single integrated .public utility system, and to such other businesses as are reasonably incidental, or economically
necessary or appropriate to the operation of such
integrated public utility system. . .."
The Commission may, however, permit a holding
company to continue to hold one or more other integrated systems, if in its judgment such systems
cannot function as effectively alone, if such systems
constitute a geographical unit, and if "the continued
combination of such system under the control of
such holding company is not so large (considering
the state.of the art and the area or region affected)
as to impair the advantages of localized management,
efficient operation, or the effectiveness of regulation."
The Commission is further commanded to "require
each registered holding company (and any company
in the same holding system with such holding company) to take such action as the Commission shall
find necessary in order that such holding company
shall cease to be a holding company with respect to
each of its subsidiary companies which itself has a
subsidiary company which is a holding company."
The best that can be said for such legislation is
that it appears clearly unconstitutional. It is evident that the Securities and Exchange Commission,
brought into existence for an entirely different purpose, is here given life and death power over the
larger part of the American utility industry, to say
nothing of the other provisions of this most unfortunate measure. Small wonder that its Chairman,
a man of wide practical experience, is said (with
what authority we have no way of knowing) to be
determined to resign rather than to assume the responsibilities that would be placed upon him by
the terms of this law. We think the community
would 'be unwise to permit belief that even worse
legislation is not to be enacted to blind them to the
seriousness of what is now, apparently, to be given
the form of law.
T
No good purpose would be served by a repetition
of what has been said in these columns on several recent occasions about the injustices and the general
harmfulness of legislation of this sort. The measure
as finally adopted is open to all the general objections that have been raised against confiscatory, inequitable and relatively non-productive tax legislation, whether or not it assumes the precise form here
embodied. But the measure is now law, or without
Other Legislation
doubt soon will be, and nothing is to be gained by
PACE does not permit detailed discussion of the
further reiteration of the complaints against it, hownumerous other measures that are gathering in
ded they may be. It will have to be
ever well-foun
assuming of course the courts uphold it, until a large heap upon the desk of the President. Indeed,
obeyed,
such time as the, better sense of the nation reasserts information as to their exact terms is at this writing
itself and forces its repeal, which we confidently be- too meagre for any such undertaking, even if it were
lieve will occur sooner or later. Meanwhile it is otherwise 'feasible. There need however be no hesihighly probable that technical difficulties and tancy in saying that at no time, with the. possible
abuses of various sorts will arise. It could hardly exception of the first few hectic months of the New
be otherwise with legislation upon so involved a Deal, has the business community had imposed upon
subject drafted in such haste and subjected to so it in so short a period such a mass of far-reaching, illmany last-minute adjustments. But these matters considered, dangerous legislation. Weeks, probably
must of necessity wait upon the complete text of months, will 'be required for the average business
provithe measure, and for that matter upon practical ex- man even to acquaint himself fully with the
large number of new laws to which he
sions of the
perience under its provisions.
S
Volume 141
Financial Chronicle
must of course conform his operations. Much more
time naturally will elapse before he can effectively
adjust himself to the new conditions imposed. He
will without question find much of what is required
of him burdensome in the extreme. It is, of course,
always a thankless task to enumerate difficulties
that lie ahead. To a few thoughtless persons it may
seem better, now that what is known as "confidence"
seems to have revived in this country, to gloss over
the difficulties that Congress, upon the relentless
insistence of the President, has imposed upon the
business community, or if possible to forget them.
No such course is wise. These are all conditions that
must be faced sooner or later. It seems to us essential that the business man look the facts squarely
in the face now—not wait until some future date
when failure to do so may well have caused needless
harm.
Federal Reserve Bank Statement
SE by the Treasury of funds derived from
deposits of gold certificates with the Federal
Reserve banks occasioned the chief changes in the
current condition statement of the twelve institutions, combined. Although the increase in the monetary gold stocks during the period covered by the
statement was only $5,000,000, no less than $75,746,000 gold certificates were added to the holdings
of the Reserve system, and the prompt expenditure
of the funds by the Treasury caused further record
figures in reserve balances of member banks and in
excess reserves over requirements. Excess reserves
over requirements were officially estimated to be
approximately $2,680,000,000 on Aug. 21, up
$10,000,000 over Aug. 14. The Treasury, of course,
has the facilities at hand for raising them even higher.
The last stages of the national bank note retirement
mechanism now are in progress, and they call for
deposit of gold certificates in rough approximation
to the actual withdrawal of that form of currency
from circulation. Until two weeks ago the Treasury
clearly did not deposit certificates to the extent that
notes were retired, and the current operations apparently represent an Adjustment of this situation.
It is well to note, in this connection, that excess
reserve figures may show small variations in the
future owing to operation of the new banking bill.
Deposits of Treasury funds with member banks hereafter will be subject to reserve requirements along
with other deposits, and this will tend to decrease
excess reserves. But on the other hand, balances due
from other banks are to be deducted under the new
measure when estimating requirements, and the net
change from these two provisions of the bill probably
will be small.
The large addition of gold certificates raised the
Federal Reserve system holdings of these instruments
to $6,441,513,000 on Aug. 21, against $6,365,767,000
on Aug. 14. More liberal use of currency reduced
cash in vaults and total reserves were up only to
$6,689,848,000 from $6,624,281,000. The increasing
seasonal demand for the circulating unit was reflected
in an advance of Federal Reserve notes in actual
circulation to $3,340,983,000 from $3,321,026,000.
Member bank deposits on reserve account were up
to $5,291,497,000 on Aug. 21 from $5,254,282,000
on Aug. 14, while Treasury deposits on general
account moved up to $53,724,000 from $33,798,000.
But there were moderate declines in foreign bank and
other deposits, and we find total deposits at $5,575,-
U
1139
184,000, against $5,538,663,000 a week earlier. The
gain in reserves overshadowed the increase of circulation and deposit liabilities, and the reserve ratio
was marked up to 75.0% from 74.8%. Discounts
by the system are somewhat higher at $7,106,000,
against $6,153,000, while industrial advances increased to $29,284,000 from $29,147,000. Open market bill holdings increased $2,000 to $4,695,000, and
United States Government security holdings advanced $35,000 to $2,430,240,000.
The New York Stock Market
OVEMENTS of stock prices were somewhat
irregular this week, but generally favorable,
despite the unsettling legislative developments at
Washington and the uncertain political outlook in
Europe. Efforts to rush through highly important
but ill-considered bills so that Congress might adjourn by to-night occasioned the keenest anxiety.
Utility stocks were marked sharply lower yesterday,
after a compromise .was reached on the so-called
"death sentence" for utility holding companies. But
most other securities withstood rather well the
dubious effect of the legislative turmoil. The European war scare was acute early in the week, but
diminished Thursday and yesterday, after the British Cabinet decided to exert its influence in behalf
of peace through the League Council, rather than by
means of individual efforts. The grave likelihood
of war between Italy and Ethiopia stimulated some
chemical and steel stocks for a time. Also highly
significant were additional indications that the business of the country is improving. All the important
industrial indices reflect such gains. Some unsettlement resulted from a rather sharp decline in United
States Government securities, but that movement
was not unexpected. Trading in equities on the New
York Stock Exchange exceeded 1,500,000 shares in
all full sessions, while bond transactions also were
heavy at times.
Stocks were active and higher in the curtailed
session last Saturday, when transactions exceeded
1,000,000 shares. Railroad and utility issues were
in best demand at the time, the latter group responding to the belief that utility legislation would be
postponed. But the legislative prospects were far
less favorable on Monday, and this factor, coupled
with the fruitless 'end of the Paris conference on
Ethiopia, caused a sharp decline in virtually all
stocks during that trading period. Passage by the
House of the Guffey coal bill indicated a readiness
to put through more of the unsettling New Deal
measures and leading stocks receded 1 to 4 points.
Utility and rail stocks lost the gains registered in
the preceding session. The opening on Tuesday
again was weak, but a rally followed later in that
period, owing to indications of difficulty with the
proposed utility bill. Copper issues advanced on the
better price for that metal, while movements in
other groups were small and in both directions.
Gains were general on Wednesday and in some instances quite pronounced. Steel shares led the rise,
in belated recognition of the upward trend of activities of the industry and in speculative anticipation
of war between Italy and Ethiopia. Utility stocks
shared only a little in the advance, despite maintenance by the American Telephone & Telegraph Co.
of its dividend. Arrangements were made in this
session for transfer of a Stock Exchange seat at
$105,000, down $20,000 from the last previous trans-
M
1140
Financial Chronicle
Aug. 24 1935
2
1
/
against 62 ,and American Tel.
action. Spirited gains in steel stocks and others Woolworth at 61%
Chemical & Dye
were noted Thursday, & Tel. at 138% against 140%. Allied
that supply war materials
/
at 161 against 1623 2 on Friday of
but other sections of the market were dull and irreg- closed yesterday
2
1
/
de Nemours at 116 against
ular. Copper stocks improved, but oil shares were last week; E.I. du Pont
/
/
113; National Cash Register A at 1738 against 1778;
lower, while rails also dipped. The compromise
/
hold- International Nickel at 2878 against 28½; National
late Thursday on the Wheeler-Rayburn utility
4
/
/
1534 against 153 ; Texas Gulf
ing company measure caused sharp recessions yester- Dairy Products at
at
/
/
nts of the Sulphur at 3434 against 3578; National Biscuit
day in utility stocks, but other departme
4
/
Continental Can at 843 against
4
1
/
market enjoyed an advance. Industrial and rail- 29 against 29½;
2
1
/against 146½; Standforward readily on a resumption 84½;Eastman Kodak at 149
road issues moved
8
2
1
/ against 147/ ; Westinghouse
at 14
ard Brands
of buying.
/
& Mfg.at 66% against 6614; Columbian Carbon
In the listed bond market movements were quite Elec.
/
/
/
9112; Lorillard at 2478 against 2434;
uncertain, largely because United States Govern- at 89 against
2
The United States Industrial Alcohol at 431/ against
ment abligations drifted persistently lower.
4
/
/
Dry at 1018 against 103 ; Schenley
decline in Treasury issues was pronounced and led 43½; Canada
4
1
/
34 , and National Dis2
1
/
34 against
to the assumption that the Treasury will have to Distillers at
the recent past on its extensive tillers at 28% against 28.
pay more than in
The steel stocks were strong, closing at much
borrowings. High-grade corporate bonds showed
United States Steel closed yesterday
fractional recessions. Speculative domestic utility, higher figures.
/
45% against 4378 on Friday of last week; Bethrailroad and industrial bonds were firm and soft by at
4
1
/
/
dollar bonds lehem Steel at 3878 against 36 ; Republic Steel at
turns and did not vary much. Foreign
2
1
/
/
in some time, owing 1918 against 18 , and Youngstown Sheet & Tube
attracted more attention than
/.
2678 In the motor group, Auburnto the crowding difficulties in Europe, and move- at 27% against
2
1
/
yesterday at 34% against 32 on Frilower levels, with Italian obliga- Auto closed
ments were toward
/
General Motors at 4338 against 43;
tions sharply weaker. Foreign exchange markets day of last week;
4
1
/
60% against 61 , and Hupp Motors at
were unsettled to some degree by the events in Chrysler at
/.
2 against 178 In the rubber group, Goodyear Tire &
Europe. Sterling was firm early in the week, but
4
1
/
yesterday at 20 against 21 on Frireceded later and closed lower, yesterday, than a Rubber closed
units reflected a day of last week; B. F. Goodrich at 9 against 9%,
week ago. The European gold
States Rubber at 14% against 14%. The
flight of funds to London and this market, while and United
which had been showing gains in
Italian lire weakened, with the forward discount railroad shares,
weeks, were lower. Pennsylvania RR.
ever more pronounced. Commodity markets con- previous
4
1
/
at 28 against 29 on Friday of last
tinued the uncertain course that has marked them in closed yesterday
4
1
/
week; Atchison Topeka & Santa Fe at 51 against
recent weeks, but an advance in copper was note/
/
4
1
/
53 ; New York Central at 2412 against 2434; Union
worthy and an influence on securities markets.
e 237 stocks Pacific at 100 against 103; Southern Pacific at 19%
On the New York Stock Exchang
2
1
/
Railway at 9 against 9%,
touched new high levels for the year and 6 stocks against 20%; Southern
at 17% against 18%. Among
touched new low levels. On the New York Curb and Northern Pacific
Standard Oil of N. J. closed yesterday
Exchange 139 stocks touched new high levels and the oil stocks,
4
1
/
against 47 on Friday of last week; Shell
6 stocks touched new low levels'. Call loans on at 46%
4
1
/
Union Oil at 10 against 10%, and Atlantic Rethe New York Stock Exchange remained unchanged
4
/
/
fining at 231 2 against 243 . In the copper group,
4
1%,
at/ the same as on Friday of last week.
the sales at Anaconda Copper closed yesterday at 20 against 17%
On the New York Stock Exchange
2
1
/
of last week; Kennecott Copper at 23
the half-day session on Saturday last were 1,076,230 on Friday
2
1
/
were 2,068,660 shares; on against 21½; American Smelting & Refining at 45
shares; on Monday they
/
,
2
1
/ and Phelps Dodge at 2134 against 20.
Tuesday, 1,975,670 shares; on Wednesday, 1,753,680 against 42
the corporations which took favorable
Among
shares; on Thursday, 1,667,660 shares, and on Friduring the current week was E.I. du
1,891,150 shares. On the New York Curb Ex- dividend action
day,
Pont de Nemours & Co., which on Aug. 19 voted to
change the sales last Saturday were 343,955 shares;
its quarterly payment to 90c. from 65c. per
on Monday, 515,290 shares; on Tuesday, 499,220 increase
, share, and also declared an extra dividend of 35c.
shares; on Wednesday, 318,145 shares; on Thursday
per share, both payable Sept. 14 next to holders of
394,900 shares, and on Friday, 493,660 shares.
28 1935.
The stock market, after showing further strength record Aug.
All the chief industrial indices showed a satisfac17), sold off heavily late on Monon Saturday (Aug.
Steel-making for the week ending to-day
day of this week, suffering its most severe setback tory trend.
estimated by the American Iron and Steel Insince March 5. On Tuesday the market was irregular was
of capacity against 48.1% last week
with the so-called war stocks holding firm. On stitute at 48.8%
and 21.3% in the same week last year. This repreWednesday and Thursday the market showed new
of 0.7 point, or 1.5%, from the
strength, advances being noted, especially in the sents an increase
of the utility stocks, preceding week. Electric power production for the
steel stocks. With the exception
17 was 1,832,695,000 kilowatt hours,
other securities enjoyed another advance on Friday. week ended Aug.
/
closed yesterday at 3114 against according to the Edison Electric Institute. This
General Electric
1,819,371,000 kilowatt hours during
32% on Friday of last week; Consolidated Gas of compares with
g week, and 1,674,345,000 kilowatt hours
4
1
/
N. Y. at 31 against 33%; Columbia Gas & Elec. the precedin
nding week of 1934. Car loadings of
/
at 1178 against 12%; Public Service of N. J. at 42 in the correspo
revenue freight totaled 615,006 in the week to
4
/
/
against 4378; J. I. Case Threshing Machine at 723
over the previous week and 13,218
1s
against 67%; International Harvester at 55/ Aug. 17, up 31,263
against over the same week in 1934, the American Railway
against 53; Sears, Roebuck & Co. at 57%
indicates.
4
1
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58%; Montgomery Ward & Co. at 35 against 36 ; Association
Volume 141
Financial Chronicle
As indicating the course of the commodity markets, the September option for wheat in Chicago
closed yesterday at 8934c. as against 881
/
4c. the close
on Friday of last week. September corn at Chicago
closed yesterday at 7478c. as against 7678c. the close
/
/
on Friday of last week. September oats at Chicago
closed yesterday at 2678c. as against 26y the close
/
2c.
on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 11.10c. as against 11.75c. the close on
Friday of last week. The spot price for rubber
yesterday was 12.00c. as against 11.88c. the close on
Friday of last week. Domestic copper closed yesterday at 812c. as against 8c. a week previous.
/
In London the price of bar silver yesterday closed
at 29 7/16 pence per ounce, and spot silver in New
York at 65%c., both unchanged from Friday of last
week. In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $4.97y as
2
against$4.9634 the close on Friday of last week,
/
and cable transfers on Paris closed yesterday at
6.621 8c. as against 6.63%c. the close on Friday of
/
last week.
European Securities Markets
TOCK markets in the principal European financial centers reflected this week the uncertainty
felt everywhere with regard to the impending Italian
conflict with Ethiopia and the possible European
repercussions of the anticipated war. The only
bright spot, so far as the European markets were
concerned, was the fairly good tendency reported
at tithes from New York. This induced buying of
Anglo-American stocks in London. British securities were marked lower in most sessions, owing to
the impression during much of the week that sanctions might be favored in an endeavor to halt Italy.
On the Paris Bourse movements were jerky at first,
but trading was very dull thereafter and the market
levels were not greatly changed. The Berlin market
contended not only with the Italo-Ethiopian puzzle,
but also with rumors that objectiops by Dr. Hjalmar
Schacht to extremes of anti-Semitism might imperil
the position of the German economic dictator. It
is now accepted that the Italian financial position
will be seriously affected and perhaps endangered
by any war with Ethiopia, and advance shivers of
apprehension were noted even in Cairo, Egypt, on
rumors that Italian holdings were being liquidated
in order to obtain necessary foreign exchange. One
of the large British banks is reported to have discontinued all Italian credits, and others may follow
suit. External Italian loans were marked sharply
lower in all markets where they are quoted. More
'encouraging is the continued quiet acceptance by the
French people of the deflationary program of Premier Pierre Laval. Trade and industrial reports
from the larger European countries reflect merely
a continuance of the slight tendency toward recovery.
On the London Stock Exchange, as on other European exchanges, the failure of the three-Power conference on Ethiopia was the primary influence, Monday. British funds were marked sharply lower, and
Italian bonds fell drastically. Changes were small
among the industrial securities, which were inactive.
Favorable week-end reports from New York occasioned new interest in trans-Atlantic stocks. Investors took advantage, Tuesday, of the lower levels
for British Government issues, and modest gains
were recorded in such securities. The gilt-edged sec-
S
1141
tion was better as a whole, owing in part to employment of funds which reached London from the Continent. But prices were marked sharply lower in the
industrial section, while gold mining issues also declined. International issues dipped because of the
uncertainty at New York. There was more stability
at London, Wednesday, but British funds receded in
consequence of the admitted gravity of the ItaloEthiopian situation. Industrial issues showed some
gains but more losses. The gold mining issues recovered easily, while international stocks also improved.
The long Cabinet session on Thursday caused renewed anxiety regarding possible involvement in the
Italo-Ethiopian conflict and British funds again declined. All European issues were lower, but AngloAmerican trading favorites responded to better advices from New York. Declines were general in British industrial and home railway stocks. In a quiet
session yesterday, small gains were scored in giltedged issues and industrial stocks, but international
securities were neglected.
Failure of the negotiations at Paris caused weakness on the Bourse in that city, Monday, with inter.
national securities affected more than domestic issues. Suez Canal shares fell drastically, because of
the possibility of British entanglement in the ItaloEthiopian struggle. Rentes receded only a little, but
French equities dropped sharply, with the exception
of a few munitions stocks which might be affected
favorably. After a weak opening on Tuesday, modest improvement was the rule. Rentes showed fractional advances, while equities were up more, apparently on the assumption that all of French industry might benefit from the anticipated war. International securities were quiet and not much changed.
Very little trading was done on Wednesday, when
the general trend was soft. Fractional declines appeared in rentes, and equally small recessions were
'common among French equities and international issues. Nor was there any change on Thursday, when
the decision of the London Cabinet with regard to
sanctions against Italy was awaited. Rentes again
lost a little ground, as did bank, industrial and utility stocks and most of the international issues. The
tone yesterday was better in rentes and French
equities, but foreign issues were dull.
Small losses were recorded in the initial session
of the week on the Berlin Boerse. The rupture at
Paris and the speech by Dr. Schacht kept traders
in suspense and a mild tendency to liquidate holdings resulted. Fixed-interest securities were unchanged. Fluctuations on Tuesday again were
mainly fractional, with the tone uncertain. Some
issues made a little progress, but almost as many
losses were registered. Chemical company issues
showed best results, possibly in anticipation of orders from Italy. There was further interest in chemical stocks on Wednesday, but other sections of the
German market were uncertain and losses predominated. Heavy industrial stocks were weaker as a
group, while fixed-income issues attracted no buyers.
Rumors were circulated on Thursday that the severe censoring of Dr. Schacht's address might lead to
his resignation, and losses were general in that session. Declines amounted to 1 or 2 points in the leading issues, while others dropped fractionally. Chemical stocks joined in the downward movement, but
bonds were unchanged. Recessions were general in
another dull session yesterday, but losses were
mostly fractional.
1142
Financial Chronicle
The Powers Disagree
NE by one the efforts that are being made to
prevent war between Italy and Ethiopia are
meeting defeat and there is now hardly any hope of
averting a clash that will prove of serious concern
to all the world, not only because of flagrant disregard of treaties, but also because of the possibility
that the spark again will set the world aflame. The
three-Power conference at Paris, with Britain,
France and Italy as the participants, broke up on
Sunday without finding a basis of any kind for preventing warfare. Indeed, that discussion appears to
have put an even graver face on the entire matter,for
an obvious disagreement between the British and
Italian representatives strained the relations between those countries and led to conjecture regarding
possible British support for economic sanctions
against Italy. Any such steps, of course, would be
desperate in the extreme. Some efforts possibly will
be made, according to Washington reports, to obtain
American aid in any counter measures against Italy,
provided Great Britain actually attempts them. But
the American desire to avoid entanglements hardly
could have been made clearer than through the immediate passage of an anti-war resolution by the
Senate. The appropriateness of the resolution is most
questionable, and the endeavor by responsible Administration leaders to obtain a modification indicates that a realistic attitude prevails.
With Italy clearly determined to wage an unqualified war of aggression and conquest against Ethiopia, much more attention was paid this week to the
possible European and world repercussions to such
a conflict. British spokesmen have referred in the
past to the likelihood that an Italo-Ethiopian war
would set the black world of Africa against the
whites who dominate that Continent. The Ethiopian
Emperor, Haile Selassie, emphasized the same point
in statements this week. Perhaps of more immediate'
interest is the drastic change in the delicate European situation that an Italian preoccupation with a
prolonged African conflict might produce. Open efforts at Geneva by any country to induce the League
Council to employ sanctions against Italy naturally
will mark such a country as Italy's enemy, at least
in Italian eyes. The consequences of any such action
are unpleasant to contemplate, although the alternative is the virtual disappearance of the League as
a world entity. The European balance of power always is delicate and there is some question of the
effect upon other discontented European nations,
such as Germany, of a virtual Italian withdrawal
from the European military scene. The current position, moreover, has brought into high relief the
question whether British control of the Mediter• ranean really is effective. Italian aerial and sub• marine armaments make it more than doubtful
whether Britain could take effective naval action
in that quarter, and this circumstance may well have
contributed to Italian truculence.
As matters stand, the League Council session
scheduled for Sept. 4 will mark the next and possibly final step toward preventing an Italian assault upon an altogether unprovocative State and
a full member of the League. There is now the possibility, of course, that Italy will find a pretext for
an overt act of war even before the Council meets,
but Rome dispatches do not as yet give any indications of any such intention. It was reported from
Rome on Wednesday that Italy will attend the ses-
O
Aug. 24 1935
sion and will attack Ethiopia's position as a member
State enjoying the League's guarantee of political
integrity. Premier Mussolini seems still to have the
intention of retaining his League membership, if
the Geneva organization can find a way. The stage
is pretty well set for the Council meeting,for nothing
is expected from the special conciliation and arbitration commission that is studying the Ualual and
other clashes, under the Italo-Ethiopian treaty. The
commission met at Paris, Monday, and promptly encountered extreme difficulties, owing to Italian contentions that the appointment of a fifth and arbitrating member is not now necessary. But this difficulty was patched up on Tuesday, when Nicolas
Politis of Greece, was named the fifth member, and
arrangements were made for hearings at Berne,
Switzerland. The real question now is what attitude
Britain and France will take in the Council meeting,
for it is hardly to be doubted that London and
Paris will sway smaller countries if they are in
agreement. If Britain and France differ, the result
is altogether unpredictable.
The three-Power conference at Paris started on
Aug. 16 and ended last Sunday in complete failure.
Captain Anthony Eden of Britain, Premier Pierre
Laval of France, and Baron Pompeo Aloisi of Italy,
as the chief delegates, seemed to find no common
ground, and it may well be doubted if any two of
them viewed the matter the same way. There was
even a direct dispute as to veracity, when the British
and French insisted on Saturday that the Italians
had been asked to state what they really want, and
that an answer was awaited from Italy. The Italian
delegate denied that there was any reply to make. At
the end of the conference a statement was issued by
Premier Laval that the conferees "have not yet been
able to find a basis for discussion that would permit
of a solution of the conflict." Study of the differences disclosed will be continued through diplomatic
channels, he added. Unofficial but authoritative reports state that Britain and France went to the
meeting prepared to make great concessions to the
Italians, and Ethiopian statements disclosed the
nature of such concessions. They involved, it seems,
an Ethiopian readiness to grant Italy some territorial concessions and sweeping economic privileges,
provided only that Ethiopian sovereignty was not
affected. But the Italian demand, as reported last
Saturday by Frederick T. Birchall, correspondent of
the New York "Times," is "all of the country; annexation of her lowlands and a protectorate over
her highlands." This statement regarding Italy's
real aspirations was made upon ample authority
and may be relied upon,the Correspondent added. The
program, moreover, means the extinction of Ethiopia
as an independent country, it was admitted. Even
the hope of progress through diplomatic representations was given up early this week, according to
Paris reports, since Premier Benito Mussolini
"seems bent on having his war."
Cabinet meetings promptly were called in London
and Paris to consider the new situation, and for a
time there was intense apprehension regarding the
possibility of British measures against the Italians.
There was a revival of talk about Britain closing
that international waterway, the Suez Canal. Of
more significance were rumors that the London Government might lift the embargo on arms shipments
to Ethiopia. Several British Ministers who were
spending holidays away from the capital returned to
Volume 141
Financial Chronicle
London hurriedly, and the Cabinet meeting was held
on Thursday. Consultations were held in the meantime with all Dominion Governments, and reports
from some Dominions that they are ready to•support
London in the event of war were not comforting.
At the conclusion of the Cabinet session, however,
it was made known that the arms embargo will not
be lifted, but it also was stated that Britain intends
to uphold the League Covenant and existing treaties,
if Italy refuses to compromise. Any sanctions,
it
appears, will be applied only if voted by the League
Council, and the record of the League is sufficient
indication that no such steps will be taken. France
already is making her position clear by refusing to
permit even the transportation from Jibuti to Addis
Ababa of the munitions that have reached the French
African port en route to Ethiopia.
That war between Italy and Ethiopia now is imminent, despite anything the League may do, is evident. Even nature seems to be conspiring for
an
early start of hostilities, for Ethiopian reports
state
that the rains which alone have held up militar
y activities until now are ceasing earlier than
usual.
Expert observers predict that the war will
start by
mid-September, and perhaps earlier. Italian
legions
were dispatched for Africa in great number
s this
week, and Premier Mussolini made his usual
fiery
speeches, promising them conquest and the
formation of a new "Roman Empire." Such speeches
were
being made at Naples at the very moment
when the
futile conference at Paris was in progress.
Ethiopian
mobilization continued and complaints again
were
made concerning the concerted European
measures
to prevent war supplies from reaching that country
through the unequal device of an arms
embargo
against both potential belligerents. Having
no alternative, Ethiopia now is resigned and is
awaiting
the decision of the League Council, it is
said.
1143
conversations in London. Invitations are not to be
issued, it was indicated, until it appeared that a conference could usefully be held. The British authorities were said to hold it advisable that France, Italy
and Russia exchange their views on naval matters as
a preliminary to the suggested London gathering.
The German naval problem now having been stabilized, at least with relation to the British fleet, no
talks with Berlin were believed necessary. It was
promptly made plain at Washington, in the usual
informal manner, that the United States would attend any such meeting. But no great faith in a genuine limitation agreement exists, it appears, since
increases in total tonnages are held inevitable, whatever the form of the agreement. France also is disposed to accept the British suggestions, according
to Paris reports. But there is every indication of a
skeptical and somewhat aloof attitude in Japan,
where it was reported that Britain aims at lowered
tonnages for capital ship units and practically unrestricted building to 1942 on the basis of declared
programs. Japan desires parity with Britain and
the United States on a lower quantitative level for
the two great naval Powers and is believed unlikely
to accept any proposal for a conference that does
not promise such results. Italian views on the British suggestion have not been made available, and in
view of the present situation regarding Ethiopia any
conjecture would be pointless.
German Anti-Semitism
HATEVER may be the basis for the new outbreak of officially fostered anti-Semitism in
Nazi Germany, that movement is continuing and at
length is occasioning some perturbation within the
Reich as well as in all other countries. The surmise
that Jew baiting was resumed in order to deflect
interest from the mounting economic difficulties of
Hitlerism now has gained a measure of confirmation,
Naval Limitation
owing to strenuous activities on the part of Dr. HjalAUTIOUS steps toward some sort of
naval ar- mar Schacht, economic dictator of the country. Dr.
maments conference, to be held possibly
in Schacht issued strict orders late last week for effiOctober, now are being taken by the
British Gov- cient control of prices, which apparently are rising
ernment. Apparently, informal feelers
are being put rapidly. Government officials were urged "to preout to determine whether and. on what
terms this vent all infractions of price orders, as well as every
country, Japan, France and Italy
will meet with unjustified rise in prices." Last Sunday Dr. Schacht
British representatives in London to
formulate an took it upon himself to criticize the Nazi extremists
agreement on navies. Reactions in
some countries for their anti-Jewish activities and to defend the
make it doubtful whether any such discuss
ions can right of the Jews to conduct business. In a speech
be held with profit at the present time,
while the ex- at a fair in Koenigsberg, he referred in vigorous and
pected Italian preoccupation in a war with
Ethiopia highly sarcastic language to "the people who during
makes the project an additionally dubious
one. The the night heroically smear window panes, who placnaval problem seems hardly ripe for
beneficial con- ard every German buying from a Jewish store as
sideration at this juncture, when existin
g treaties a traitor to the nation, who declare every Freemason
are about to expire because of Japanese
denuncia- a scoundrel and who, in the justified battle against
tion, Great Britain has abandoned the
ratio system political pastors and chaplains, are now no longer
of limitation, Germany has been accorde
d by Britain able to distinguish between religion and the misuse
the right to a much larger fleet, and naval
building of the pulpit." Fealty to "Der Fuehrer" was exis proceeding everywhere on a frantic
scale. But ex- pressed in the address, and Dr. Schacht insisted that
changes of views always are desirable,
if for no other all significant measures should be left to the State,
reason than because they clear the
air. A conference and not subjected to unregulated individual activity.
is called for in any event, and in view
of recent con- The extremists will be responsible, he said, "if the
ference failures it may well be assume
d that no for- financial and economic completion of the task set
mal conversations will be undertaken
unless there up by the Fuehrer is made impossible."
is a prospect for some kind of an
understanding.
The protest by Dr. Schacht promptly produced a
Even a poor agreement will be better than
the un- number of questions as to whether he was speaking
restricted naval armaments race that plainly
looms. for the Government, the army or the business inLondon reports stated late last week
that the terests of Germany. It would hardly appear, howBritish Government had circulated suggest
ions to ever that his views were those of the Nazi authorities,
the United States, Japan,France and Italy for
naval for his speach was heavily censored and distorted
C
W
1144
Financial Chronicle
in the press versions. Dr. Schacht protested vigorously to Herr Hitler against the censoring, it is reported, and the incidents aroused conjecture as to a
possible resignation of his posts by the economic dictator. But in view of the present uncertainties of
the European situation, it is not held likely that he
will resign. Significant also is the sorry fact that
there has been no diminution of the anti-Semitic
activities in the Reich. Recent reports tell of the
expulsion of hundreds of Jews from resort centers,
,where their presence evidently annoyed some truculent Nazi fanatic, and of a drive of Jews back to
Ghettos even in a cultural sense. Masonic orders now
have been ordered discontinued entirely, while the
suppression of what the Nazis call "political Catholicism and Protestantism" likewise is taking fantastic forms.
Latin American Debts
ERIODIC statements of good intentions seem to
furnish about the only comfort that can be
found by holders of the defaulted bonds issued by a
good many Latin American countries. A statement of this nature was made late last week to a
correspondent of the New York "Times" by President Lazaro Cardenas, of Mexico. The Mexican
Government, he declared, has every intention of eventually meeting all its external obligations, but current discussion of the foreign debt"vas held inadvisable until "new studies now under way have been
completed to determine a sound basis for fulfilment." The present economic situation of the Mexican Government is normal, the President stated in
one part of the interview, but elsewhere he referred
to uncertain world conditions as a reason for deferring conversations. "In the event that economic
conditions improve, either through a rise in the price
of silver or through the opening up of new fields
of production, whether mining or agricultural, it is
certain that the Mexican Government will first
Interest itself in the renewal of debt payments,"
President Cardenas added.
There was some discussion this week of the Cuban
Government's default on its public works dollar
bonds, but here also progress is lacking. Senator Nye
of North Dakota suggested to a group of Cuban visitors to Washington early this week that the best step
Cuba could take toward improving relations with
the United States would consist of debt service resumption on the public works bonds. Subsequent
Havana reports stated that the present Cuban Government is complicating this problem additionally
by instituting suit against former adherents of the
deposed President, Gerardo Machado, under whose
administration the funds were borrowed and spent.
Such litigation is viewed by some Wall Street observers as a mere device for delay. Reports from
Brazil of late have indicated a possibility of complete suspension by that country of foreign debt payments, even though the Aranha agreement calls for
very modest transfers over a four-year period. The
dispatches have caused concern and some surprise,
since the stipulated payments appear to be well
within the transfer capacity of Brazil.
p
Aug. 24 1935
stage where only a few relatively minor adjustments
still need to be made. A Washington report to the
New York "Times" states that conferences on the
understanding were concluded late last week by
State Department representatives and a Panamanian
commission, headed by Dr. Ricardo J. Alfaro, Minister of Panama. The rumored details of the arrangement seem to be all in favor of Panama, and it is a
fair assumption that not all the terms have been
disclosed. The concessions which the United States
Government is said to be willing to make are quite
important. The American guarantee of Panamanian
independence and our treaty right to intervene at
Panama City and Colon if necessary to preserve
order will not be continued in the new document,
it appears. This represents another triumph for the
"good neighbor" policy of the Administration and
the step is to be commended. Provision also is
said to have been made for meeting in the gold
equivalent and in accordance with the contract
terms the United States obligation to pay $250,000
during each of the past two years for rental of certain areas. The two checks for $250,000 tendered
by the United States Treasury were returned by
Panama, it will be recalled, with demands for gold
equivalent payments. The nature of the further payments is not made clear by the published reports.
Radio and highway conventions will supplement the
accord.
Chaco Peace Conference
IN ITS attempt to define terms for the settlement
of the Chaco war between Paraguay and Bolivia,
the peace conference at Buenos Aires has reached an
impasse that is causing some apprehension in informed circles. Plenary sessions of the gathering
have been discontinued altogether, according to a
dispatch of last Saturday to the New York "Times,"
but it is hoped that progress can be made by the
various commissions that are studying separate
problems. Satisfactory, meanwhile, is the continued
swift demobilization of armed forces by both countries, which indicates that neither desires to resume
the exhausting conflict. One of the chief points
under debate is the exchange of prisoners. Paraguay
holds 25,000 Bolivian prisoners, while Bolivia holds
only 2,500 Paraguayans. The Bolivian representatives desire an immediate release of all prisoners,
but Paraguay insists on a man-for-man exchange,
which would mean that Paraguay would continue
to hold 22,500 Bolivians until the peace treaty is
signed. It is reported that Paraguay views such
prisoners as a "guarantee" that peace really will
continue, and in support of her contentions she cites
her own experience in previous conflicts, when Argentina and Brazil held Paraguayan prisoners for
years until actual signature of peace treaties. A
Buenos Aires report of last Monday to the New
York "Times" states that territorial problems also
are contributing to the difficulties of the conference.
Bolivia desires a port on the upper Paraguay River,
while Paraguay is laying claim to Chaco territory
on a scale that would mean the downfall of any
Bolivian Government that agreed to the demands.
New Treaty with Panama
Presidents Eusebio Ayala of Paraguay, and Jose
UCH interest attaches to a new treaty with Luis Tejada Sorzano of Bolivia, were scheduled to
Panama, negotiated at Washington during eonfer personally on some aspects of these problems,
recent months, and now said to have reached the but the meeting was postponed.
M
Financial Chronicle
Volume 141
Discount Rates of Foreign Central Banks
HE Central Bank of Denmark on Aug. 21 raised
its discount rate from 23/2% to 332%,the 21 %
A
rate having been in effect since November 29 1933.
Present rates at the leading centers are shown in the
table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Role tn
Effect
Date
Aug23 Established
Country
Austria
Batavia—.
Belgium _ __
Bulgaria.—
Canada-Chile
Colombia__
Czechosloyak's__
Danzig..-..
Denmark__
England—
Estonia__
Finland....
France- - -Germany .._
Greece
Holland- - -
PreMous
Rate
334
4
2
7
234
4
4
July 10 1935
July 1 1935
May 15 1935
Jan. 3 1934
Mar. 11 1935
Jan. 24 1935
July 18 1933
4
434
234
8
_
434
5
334
6
334
2
5
4
3
4
7
6
Jan. 25 1933
May 3 1935
Aug.21 1935
June 30 1932
Sept.25 1934
Dec. 4 1934
Aug. 8 1935
Sept.30 1932
Oct. 13 1933
July 26 193
434
4
234
234
534
434
334
5
734
5
Country
Rate in
Effect
Date
Aug 23 Established
Hungary_
India
Ireland_ _ ...
Italy
Japan
Java
Jugoslavia _
Lithuania
Morocco
Norway.- Poland _ _
Portugal _
Rumania _.
SouthAfrica
Spain
Sweden__
Switzerland
434
334
3
434
3.85
434
5
6
634
334
5
5
434
4
5
234
234
Oct. 17 1932
Feb. 16 1934
June 30 1932
Aug.12 1935
July 3 1933
June 2 1935
Feb. 1 1935
Jan. 2 1934
May 28 1935
May 23 1933
Oct. 25 1933
Dec. 13 1934
Deo. 7 1934
Feb. 21 1933
July 10 1935
Dec. 1 1933
May 2 1935
PreMous
Rate
5
4
334
334
3
334
634
7
434
4
6
534
6
5
534
3
2
1145
at 75.68%, as against 80.23% a year ago and 79.62%
two years ago. Notes in circulation record a contraction of 426,000,000 francs. bringing the total of
notes outstanding down to 81,062,778,445 francs.
Circulation last year aggregated 80,470,339,760 francs
and the previous year 81,530,317,765 francs. Below
we show the different items with comparisons for
three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Gold holdings
Credit bats. abroad_
a French commercial
bills dtscounted_
b Bills bought abr'd
Adv. against mount_
Note circulation _
Cred. curr. accts.__
Propor'n of gold on
hand to vic.ht Ilah
Aug. 16 1935 Aug. 17 1934
Aug. 18 1933
Francs
Francs
Francs
Franc,
+78,551,211 71.661,243.020 81,317,828,261 82,092.549,468
No change
7,972,426
12,851,214 1,293,903,798
—551,000,000 6,050,110,221 3,460,482,077 2.803,562.042
No change 1,229.018,158 1,124,980,081 1,374,401,638
—10,000,000 3,189,075,716 3,107,840,801 2,722,538,814
—426,000,000 81,062,778,445 80,470,339,760 81.530,317.765
—50,000,000 13,622,296,074 20,884,891,614 .1.575,590.460
-I-11 AR%
7555%
5023%
7962%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE statement for the second quarter of August
reveals a decline in gold and bullion (the first
since Nov. 15 1934) of 9,974,000 marks. The total
of gold which is now 94,662,000 marks, compares with
74,964,000 marks last year and 270,460,000 marks
the previous year. Reserve in foreign currency,
advances, other assets and other liabilities also
record decreases, namely 11,000 marks, 3,514,000
marks, 1,619,000 marks and 658,000 marks, respectively. The Bank's ratio is now 2.68%,compared
Bank of England Statement
with 2.18% a year ago and 10.4% two years ago.
HE statement for the week ended Aug. 21 shows Notes in circulation show a contraction of 23,072,000
a gain of £539,194 in gold holdings, which brings marks, bringing the total of the item down to 3,717,the total to a new high of £193,909,311, in comparison 104,000 marks. A year ago circulation aggregated
with £192,216,927 a year ago. As the gain in gold 3,594,312,000 marks and the year before 3,327,was attended by a decline of £5,105,000 in circulation, 901,000 marks. An increase appears in bills of exreserves increased £5,645,000. Public deposits fell change and checks of 3,362,000 marks, in silver
off £816,000, while other deposits increased £7,502,- and other coin of 16,167,000 marks, in notes on
253. The latter consists of bankers' accounts, other German banks of 2,849,000 marks, in investwhich gained £7,622,994, and other accounts, which ments of 3,514,000 marks and in other daily maturing
decreased £120,741. The reserve ratio is now 36.44% obligations of 32,486,000 marks. Below we furnish a
as against 46.98% a year ago. Loans on Govern- comparison of the various items for three years:
ment securities increased £1,445,000, while thos -! on
REICHSBANK'S COMPARATIVE STATEMENT
other securities fell off £370,859. The latter conChanges
sists of discounts and advances, which decreased
for Week
Aug. 15 1935 Aug. 15 1934 Aug. 15 1933
Assets—
Reichsmarks
Reichsmarks Reichsmarks Retchsmatks
£2,218,858, and securities, which rose £1,847,999. Gold and
bullion
—9,974,000
94,662,000
74.964,000 270,460,000
Of which
No change
30,156,000
16.973.000
58.545,000
The discount rate is unchanged at 2%. Below we Reserve indepos. abroad
foreign curr_
—11,000
5,285,000
3,296,000
74,284,000
Bills of exch. and checks
+3,362,000
furnish a comparison of the different items for five Silver and other coin _ _ _ +16,167,000 3,649,532,000 3,266,234,000 3,021,721,000
199,601,000 270,389,000 267,868,000
Notes on other Ger.bks.
+2,849,000
11,830,000
13.328,000
11,108,000
years:
Advances
—3,514,000
34,955,000
72,602,000
75,481,000
Foreign Money Rates
TN LONDON open market discounts for short bills
1 on Friday were 9-16@%% as against 9-16@%%
on Friday of last week, and 9-16@%% for threemonths' bills as against %% on Friday of last week.
Money on cal! in London on Friday was %. At
Paris the open market rate was reduced on Aug. 20
from 33'% to 33.%, but in Switzer'and the rate
remains at 2%%.
T
T
Investments
Other assets
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Aug. 21
1935
Circulation
Public deposits
Other deposits
Bankers'accounts_
Other account_ _ _
Governm't securities
Other securities
Disct. &advances_
Securities
Reserve notes dr coin
Coin and bullion
Proportion of reserve
to liabilities
Bank rate
Aug. 22
1934
Aug. 23
1933
Aug. 24
1932
Aug. 26
1931
£
£
£
£
£
400,441.000 379,370,305 374,555,938 363.881.576 350,310,627
15,901,000 37,393,340 32,242,854 22,203,001 26,323,458
130,797,834 117,801,210 132,944,551 114,375,557 102,301,162
93,897,881 82,099,542 90,543.220 79,946,387 53,593,207
36,899,953 35.701,668 42,401.331 34,429,170 48,707.955
83,490,889 84.504.709 84.905,963 71,278.993 50,175.906
27,953,636 16,054,392 21,540,809 32,775,748 37,348,475
12,951,832 5,770,557 10,059,544 13,265,850 9,296,455
15,001,804 10,283,835 11,481,265 19,509,898 28,052,020
53,469,000 72,846,622 76.941,982 50,714,286 59,334,180
193,909,311 192,216,927 191,497,920 139,595,682 134,644,807
.
36.44%
37.13%
46.93%
46.57%
46.12%
2%
2%
2%
2%
44%
Liabilities—
Notes in circulation__ _
Other daily matur. oblig
Other liabilities
Propor of gold Az for'n
curt to note eirenle'n
+1.496,000
—1,619,000
663,056,000
669,281,000
727,053,000
621,412,000
320,315,000
497,477,000
—23,072.000 3,717,194,000 3,594,312,000 3,327,901.000
+32,486,000 763,276,000 660,443,000 352,953,000
—658,000 225,548,000 171,726,000 234,709,000
.
—11 25 1.
,
265%
2.18%
10.4%
New York Money Market
OT in any particular was there an observable
change in money.market tendencies this week.
Demand for accommodation remained very modest,
while funds continued to accumulate in banks, the
reserve deposits of member banks with the Federal
Bank of France Statement
Reserve over requirements now amounting to *2,680,HE weekly statement dated Aug. 16 shows an in- 000,000. This indication of idle credit resources
crease in gold holdings of 78,551,211 francs. means that any material advance of money rates
The total of gold is now 71,661,243,020 francs, in must be relegated to the more distant future. The
comparison with 81,317,828,261 francs last year and Treasury sold this week an issue of $50,000,000 dis82,092,540,468 francs the pievious year. French count bills due in 273 days, and the awards were
commercial bills discounted, advances against securi- made at an average figure of 0.087%, computed on a
ties and creditor current accounts register decreases bank discount basis. Call loans on the New York
of 551,000,000 francs, 10,000,000 francs and 50,- Stock Exchange held to 14%, and time loans up
/
to
000,000 francs, respectively. The Bank's ratio is now six months' maturities also were at that level. No
T
N
Financial Chronicle
1146
changes appeared in bankers' bills or commercial
paper rates.
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, 3 of I%
remained the ruling quotation all through the week
for both new loans and renewals. The market for
time money has shown no change this week, no transI%
actions having been reported. Rates are W on all
maturities. The market for prime commercial paper
quieted down to some extent this week,though transi%
actions continue moderately active. Rates are Y
for extra choice names running from four to six months
and 1% for names less known.
D
Bankers' Acceptances
HE demand for prime bankers' acceptances has
held up well during most of the week, but there
has been a considerable shortage of prime bills.
Quotations of the American Acceptance Council for
bills up to and including 90 days are at 3-16% bid and
M% asked; for four months, 34% bid and 3-16%
asked; for five and six months, /% bid and. 5-16%
asked. The bill buying rate of the New York Reserve Bank is M% for bills running from 1 to 90
days, 4% for 91- to 120-day bills, and 1% for 121to 180-day bills. The Federal Reserve banks' holdings of acceptances increased from $4,693,000 to
$4,695,000. Open market rates for acceptances are
nominal in so far as the dealers are concerned, as
they continue to fix their own rates. The nominal
rates for open market acceptances are as follows:
T
SPOT DELIVERY
—180 Dap— —150Days— —120 Days—
Asked
Bid
Asked
Bid
Asked
Bid
'is
Si
'is
Si
Int
Prime eligible bills
-Days
—80 Day,— —30
—90 Days—
Asked
Bid
Asked
Bid
Askel
Bid
Si
Si
'is
'is
Si
Prime eligible bills
'Is
FOR DELIVERY WITHIN THIRTY DAYS
Si% bid
Eligible member banks
Si% bid
Eligible non-member banks
Discount Rates of the Federal Reserve 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:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Rate in
Eitea on
Aug. 23
Federal Reserve Bank
Boston
New York
Philadelphki
Cleveland
Richmond
Atlanta
Chicago
.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Date
Established
Previous
Rate
2
134
2
134
2
2
2
2
2
2
2
2
Feb. 8 1934
Feb. 2 1934
Jan. 17 1935
May 11 1935
May 9 1935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
May 14 1935
May 10 1935
May 8 1935
Feb. 16 1934
234
2
234
2
234
234
234
214
234
234
234
214
The Course of Sterling Exchange
TERLING exchange continues exceptionally firm,
ruling at practically the same levels as last week,
with very little change in fluctuations. It will be
recalled that on Wednesday, Aug. 14, sterling cable
transfers were quoted as high as .983.-, the best
quotation since early in November 1914. With
respect to French francs there is no perceptible change
in the pound. Bankers think that the London check
rate on Paris would be ruling higher, that is, more
in favor of London, but for the active operations of
the British exchange control to hold sterling steady
in terms of gold. For nearly four months sterling
has varied less than 1% in terms of gold. The
S
Aug. 24 1935
dominating factor in the high quotations for sterling
at present is again the heavy purchases of silver in
the London market for account of the United States
Treasury. The breakdown of the three power conference on the Italo-Ethiopian situation disturbed
all European markets to some degree, but foreign
exchange trading was less affected in the Continental
centers and in London than were the stock and security markets. The range for sterling this week has
been between $4.96 and $4.98% for bankers' sight
bills, compared with a range of between $4.96A
and $4.98H last week. The range for cable transfers
2
4
has been between $4.963 and $4.983/, compared
with a range of between $4.9634 and $4.98M a week
ago.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
MEAN LONDON CHECK RATE ON PARIS
75.088
74.937 I Wednesday, Aug. 21
Saturday, Aug. 17
74.996 I Thursday, Aug. 22
Monday, Aug. 19
5..016
75183
Aug. 23
75.244 I Friday,
Tuesday, Aug. 20
LONDON OPEN MARKET GOLD PRICE
1408. 4d.
Saturday, Aug. 17
I Wednesday, Aug. 21._ 1398.1134d.
140s. 254d. I Thursday, Aug. 22__ 140s.
Monday, Aug. 19
I Friday,
Aug. 23__ 1408. nid.
140s. ld.
Tuesday, Aug. 20
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
$35.00
...... _335.00 I Wednesday, Aug. 21
Saturday, Aug. 17
35.00 I Thursday, Aug. 22
Monday, Aug. 19
5 5
3 5
3 ..00
Aug. 23
35.00 I Friday,
Tuesday, Aug. 20
The outstanding feature of the sterling market
again this week was the drop in silver prices and the
heavy selling for Far Eastern, especially Indian
account, with consequent large silver purchases. by
the United States Treasury, which necessitated correspondingly large purchases of sterling exchange.
The London silver market was startled on Tuesday
by word of the failure of one of the largest Bombay
operators in silver. The announcement of this
bankruptcy paralyzed the Bombay silver market and
induced heavy selling of securities on the Bombay
stock market. In a measure the nervousness in
India, while resulting primarily from a conviction
strongly held by former long interests that the
American officials will make no further attempt to
increase the world price of the metal, is likewise
attributable to fears that the Italo-Ethiopian dispute
may cause native uprisings in India. Hence Bombay
and the Far East have become extremely bearish on
silver; with resultant dumping of the metal in the
London market for several weeks.
Persistent buying of silver for American account
has required heavy sales of dollars for sterling with
the result that the rate for sterling in terms of the
dollar during the past few weeks is disproportionate
to the price of sterling in terms of the French franc
or gold. It is feared in London that the ultimate
repercussions of the Bombay failure may cause an
acceleration of silver dumping, so that operators for
the United States Treasury may be compelled to
lower their peg for the metal in London, which now
appears to be at 29d., whereas only a few weeks ago
the Treasury operations were holding the market
steady around 30 3-161. per ounce. The United
States Treasury has up to the present operated only
Ill the spot or cash silver market and seems to have
been consistently refusing to heed the requests of
London bullion dealers to lend support to the future
market. Traders believe that unless the future
market can find official American support, the price
for the white metal must drop excessively low because
Volume 141
Financial Chronicle
of the extreme bearishness prevalent in India. While
the spot market on Tuesday was held steady at
29d., future quotations broke 41. to 28 9-16d., and
3
• in the late trading to 283'd. For many weeks prior
to the recent reversal of position by the Bombay
silver traders, the silver stocks in Bombay had been
steadily accumulating through shipments from interior hoards until at latest reports Bombay had
record stocks of 35,000,000 ounces, against stocks of
under 10,000,000 ounces a year ago.
Whether the silver price drops lower or not, so long
as the United States Treasury is compelled to buy
the metal, sterling will continue to be quoted firm
in terms of the dollar regardless of any factors which
would normally reduce the quotations. At present
such a factor is a movement of European funds to the
New York market prompted by the advances in
Wall Street during the past few weeks and now
accelerated by fears arising from the dispute between
Italy and Ethiopia. The Italian aggression has not
yet occasioned sufficient fear in Europe to make a
movement of funds away from London to New York
of sufficient importance to cause alarm. Tourist
demand on London is still operative and the autumn
drain on commercial account has only begun. The
difficulties of the gold bloc countries are by no means
resolved and despite the serious threat to world peace
and the predominant part which Great Britain may
be compelled to take in future international relations
there is still a steady flow of funds to London seeking
safety, indicating a world-wide confidence in the
integrity of the London authorities. It is reported
that there is some movement of American funds to
London occasioned by the recent tax legislation.
There can be no doubt that a large part of the gold
purchased in the London open market and left in
the deposit vaults of London banks is for account of
• American interests, much of it held by private
hoarders but the greater part owned by interests
conducting an international business.
Money continues abundant in the London market,
with rates unchanged from last week. Two and
three-months' bills are 9-16 to %%,four-months'
bills %%,and six months' bills are 11-16% to 4
31%.
The six-month maturities are fractionally easier than
last week.
All the gold available in the London open market
continues to be taken for unknown destination,
understood to be chiefly for private hoarders. On
Saturday last there was available and so taken
£196,000, on Monday £350,000, on Tuesday £1,157,000, on Wednesday £406,000, on Thursday
£330,000, and on Friday £392,000. On Friday of
last week the Bank of England bought £472,447 in
gold bars. On Monday the bank bought £4,567 in
gold bars, and on Friday £103,264 in bars.
At the Port of New York the gold movement for
the week ended Aug. 21, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,AUG.15-AUG. 21,INCLUSIVE
Imports
Exports
8709,000 from India
None
$709,000 total
Net Change in Gold Earmarked for Foreign Account
Decrease: $524,000
The above figures are for the week ended on
Wednesday. On Thursday $2,120,100 of gold was
received from Canada. There were no exports of the
metal or change in gold held earmarked for foreign
account. On Friday $2.063,700 of gold was received,
1147
of which $2,059,100 came from India and $4,600 from
Guatemala. There were no exports of the metal
but gold held earmarked for foreign account increased
$4,600. On Friday $162,000 of gold was received
at San Francisco from China.
Canadian funds during the week were quoted in
terms of the dollar from a discount of 9-32% to a
premium of 3-16%.
Referring to day-to-day rates sterling exchange on
Saturday last was firm in a dull half-day session.
Bankers' sight was $4.96%@$4.973; cable transfers
$4.963/s@$4.9731. On Monday the pound was
firmer. The range was $4.975 g@ .98 for bankers'
/
sight and $4.97%@$4.983/ for cable transfers. On
Tuesday exchange on London was noticeably firm.
Bankers' sight was $4.983/s@$4.98%; cable transfers
$4.983.1@$4.98%. On Wednesday sterling was
steady. The range was $4.983/@$4.98% for bankg
ers' sight and $4.98%@$4.983/ for cable transfers.
2
On Thursday sterling, while easier, continued to
display a firm undertone. The range was $ .973/2@
4
$4.983/ for bankers' sight and $4.97%@$4.983
for cable transfers. On Friday sterling was lower,
the range was $4.96%@$4.97% for bankers' sight
and $4.9634@$4.97% for cable transfers. Closing
quotations on Friday were $4.973 for demand
A
%
and $4.975 for cable transfers. Commercial-sight
s
bills finished at .973/, 60-day bills at $4.963,
90-day bills at $4.95%, documents for payment
(60 days) at $4.96%, and 7
-day grain bills at $4.96%.
Cotton and grain for payment closed at $4.97%.
Continental and Other Foreign Exchange
XCHANGE on the Continental countries presents
no new features of importance from last week.
Uneasiness aroused by the failure of the three-power
conference to effect a compromise in the ItaloEthiopian dispute, while communicating itself to the
security markets abroad had, as stated in the resume
of sterling, only a slight effect on the foreign exchange
market.
French francs continue firm, ruling throughout
the week close to new dollar parity and on several
occasions going well above it. The firmness was
only relative and was due to heavy transactions for
account of the United States Treasury Department
in the London silver market during the early part of
the week. Following a large cleaning up of sales in
silver on Thursday sterling and all the Continental
currencies declined as the dollar appreciated in terms
of the pound.. In terms of sterling the French franc
has been remarkably steady'for several weeks, ruling
close to 75 francs to the pound. The position of the
franc is also improved as it would seem that the
French people have paid some heed to the requests
made last week by M.Jean Tannery, Governor of the
Bank of France, that they show more confidence in
their currency and in the banks by investing and
placing on deposit their hoarded supplies of coin
and currency notes. M. Tannery, it seems, made
several talks exhorting the French to take this more
reasonable attitude. As a consequence the current
statement of the Bank of France shows a decrease
in circulation of 426,000,000 francs, while its bills
discounted at home show a decrease of.551,000,000
.
francs. The latter item would seem to indicate that
to some appreciable extent French hoardings found
their way into other banks of the country. The
statement also shows an increase of 78,551,211 francs
E
1148
in gold holdings. However, not all of this gold•increase by any means came from gold hoarders. The
greater part of it represents gold shipments from
Holland owing to the weakness of guilder exchange.
The French authorities are doing everything possible to make money and credit easy in France.
M. Tannery recently announced that the bank would
henceforth open short-term credits widely to all
branches of industry at minimum rates. Whether
Premier Laval's financial decrees will inject sufficient
strength into the French economy to restore confidence and draw heavily upon the hidden funds of
The national hoarders will be disclosed in coming
weeks. The total hoarded money is generally estimated at approximately 40,000,000,000 francs, 25,000,000,000 francs in notes of high denomination,
chiefly 500 and 1,000 francs, and 15,000,000,000
francs in gold ingots and coin. Thus, fully half the
circulation of the Bank of France is hidden away,
performing no function in the national economy.
The German mark situation shows no material
change. Warnings issued by Dr.Schacht,President of
the Reichsbank, in a speech on Sunday last against
acts of extremists are interpreted in market circles as
indicating that the Reich's director of national economy is finding it extremely difficult to maintain the
fiction of mark parity. The Reichsbank now admits
a short-term debt of 9,500,000,000 marks, which
together with the 10,265,000,000 marks of funded
debt, would bring the total of the German Government's floating debt to almost 20,000,000,000 marks.
This is 7,000,000,000 marks above the last official
return, but close students of Continental credit situations are convinced that hidden and unacknowledged
.items would bring the total Reich indebtedness close
to 30,000,000,000 marks. There can be no question
that Dr. Schacht is seriously alarmed over the credit
and economic situation of Germany.
The Italian situation is fully discussed in other
columns. To all appearances the lira has been
steady for weeks, but the quotation is largely nominal
owing to the strict control of exchange and national
economy in Italy. The straits of Italian public
finance are well known. The Bank of Italy must
continue to lose gold as the government can not
readily arrange credits abroad. The bank's statement for the week ended Aug. 10 shows gold stock of
5,057,034,000 lire (approximately $415,182,491)
against 5,257,634,000 lire (approxmately $431,651,751) on July 31. The ratio of gold stock to note
circulation is 36.27%. Par of the lira 8.91 cents.
The official rate recognized by the Italian exchange
control is 8.22 cents. Recent United Press dispatches
from Nice report heavy smuggling of Italian lire from
Italy which were dumped on the exchange market in
Nice. The banks of Nice were selling lire at 115
francs per 100 lire (7.62 cents).
In the unofficial foreign exchange market in
London the value of Ethiopian currency is stronger
than the Italian lira. There is no official quotation
for the Ethiopian thaler, but a few merchant bankers
in London who do business in East Africa make the
market. On Wednesday the Ethiopian unit improved from 16.47 to the pound sterling to 14.50,
while Italian bank notes suffered a discount of 10%
in London's "Black Bourse" or unofficial market.
Belgian exchange is on a more satisfactory basis
than any of the Continental currencies. The
National Bank of Belgium's statement as of Aug. 15
shows gold reserves of 3,521,221,653 belgas. Belgian
Aug. 24 1935
Financial Chronicle
balances abroad total 1,407,792,090 belgas. • The
bank's ratio of gold to total sight liabilities stood at
66.36%. Its gold to circulation ratio is at 85.27%.
The following table shows the relation of the leading European currencies still on gold to the United
States:
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
Old Dollar
Parity
3.92
13.90
5.26
19.30
40.20
New Dollar
Parity
6.63
16.95
8.91
32.67
68.06
Range
This Week
6.61k to 6.64
16.86 to 16.92)i
8.19 to 8.24
32.67 to 32.77
67.73 to 67.96
The London check rate on Paris closed on Friday at
75.07 against 74.93 on Friday of last week. In New
York sight bills on the French center finished on Friday at 6.61%, against 6.633. on Friday of last week;
A
cable transfers at 6.623, against 6.633 , and comsight bills at 6.593/8, against 6.60%. Antmercial
werp belgas closed at 16.86 for bankers' sight bills
and at 16.87 for cable transfers, against 16.89 and
16.90. Final quotations for Berlin marks were 40.28
for bankers' sight bills and 40.29 for cable transfers,
in comparison with 40.38 and 40.39. Italian lire
2
closed at 8.183/ for bankers' sight bills and at 8.193/2
4
for cable transfers, against 8.223 and 8.23%.
schillings closed at 18.98, against 19.01;
Austrian
2
exchange on Czechoslovakia at 4.153/, against
4.163; on Bucharest at 0.90, against 0.90; on Poland
at 18.95, against 18.98, and on Finland at 2.203
against 2.20. Greek exchange closed at 0.943/i for
bankers' sight bills and at 0.94% for cable transfers,
,.
against 0.943/i and 0.945
the
the countries neutral during
EXCHANyGE onsfeatures of importance from those
war continue to display mixed trends, but with
no decidedl new
of recent weeks. The central bank of Denmark
increased its rate of rediscount on August 21 from
23'% to 33.%. With the exception of Belgium,
which has a 2% rate, Denmark shared with Sweden
recently the distinction of having the lowest bank
rate in Europe. The increase in the Danish rate
brings it to a level with Norway, which has been at
332% since May 23 1933. This is the first change
in the Copenhagen rate since Nov. 29 1933, when
the rate was reduced from 3%. The Scandinavian
currency are exceptionally steady, moving in close
sympathy with the fluctuations in sterling exchange.
The Holland guilder is the most disturbed of the
neutral currencies and despite the strong position of
the Colijn government, the guilder continues weak
in terms of the major currencies. Holland continues
to lose gold, principally to France. The last statement of the Netherlands Bank showed a loss in gold
holdings of 4,100,000 guilders. It is believed that
practically all.of this went to Paris. It is asserted
in well informed quarters that the weakness in the
guilder is in part attributable to the transfer of funds
from Amsterdam to the security markets of both
London and New York. Swiss francs are firm against
all major currencies, due in no small measure to
uneasiness as to the political situation in various
European countries, especially since the approach
of the intensification of the dispute between Italy
and Ethiopia, as all such disturbances have a tendency to send uneasy funds to Switzerland for safety.
Bankers' sight on Amsterdam finished on Friday
at 67.77 against 67.96 on Friday of last week; cable
transfers at 67.78, against 67.97, and commerical
sight bills at 67.75, against 67.94. Swiss francs
closed at 32.67 for checks and at 32.68 for cable
Volume 141
Financial Chronicle
1149
transfers, against 32.75 and 32.76. Copenhagen sponse to the weakness in world silver prices during
checks finished at 22.21 and cable transfers at 22.22, the past few weeks.
against 22.18 and 22.19. Checks on Sweden closed
Closing quotations for yen checks yesterday were
at 25.64 and cable transfers at 25.65, against 25.62 29.43, against 29.39 on Friday of last week. Hong
and 25.63, while checks on Norway finished at 25.00 Kong closed at 49/@50 9-16, against 49%@50 5-16;
and cable transfers at 25.01 against 24.96 and 24.97. Shanghai at 373@373/2, against 37%@,37 3-16;
Spanish pesetas closed at 13.713/ for bankers' sight Manila at 49.85, against 49.85; Singapore at 58.10,
bills and at 13.723/ for cable transfers, against 13.74 against 583/g; Bombay at 37.57, against 37.56, and
and 13.75.
Calcutta at 37.57, against 37.56.
XCHANGE on the South American countries is
showing a somewhat improved tone, although
these countries still restrict exchange operations
rigidly. In only a few of theselRepublics is the unofficial or free market of real importance. The
Argentine unofficial market is perhaps the freest,
while the Brazilian authorities have recently tightened, or rather restored, exchange control regulations
which a few months ago they were inclined to relax.
The financial situation is clearly improving in both
Argentina and Brazil, though Brazilian public finance
is still confronted with serious problems. However,
the outlook is brighter than at any time in several
years. The steady expansion in the raw cotton industry in Brazil is expected shortly to relieve the
exchange situation there and has already done so to
a considerable extent. Buenos Aires dispatches state
that the Government's profit on exchange operations,
a large portion of which is produced by an extra
surcharge on imports from the United States, is being
used to extend largely the plan for increasing the
cotton acreage in the northern parts of Argentina.
The statement of the Central Bank of Argentina for
Aug. 15 shows a ratio of gold reserves to notes in
circulation of 143.82%. The reserve ratio of gold
to note and sight liabilities stands at 82.52%. The
total gold held in the bank is 1,224,417,645 paper
pesos, while gold and currency held abroad total
118,922,681 paper pesos. The Central Bank of Argentina began operations on May 1, taking over the
assets and liabilities of the Conversion Office, the
Rediscount Committee, and the National Public
Credit. In transferring the assets to the new central
bank the gold stocks of the country were revalued at
the current peso rate of exchange.
Argentine paper pesos closed on Friday, official
quotations, at 33 for bankers' sight bills, against 33
on Friday of last week; cable transfers at 333,
against 333j. The unofficial or free market close
was 26.85@27.00 against 26.90@27.00. Brazilian
milreis, official rates, are 81 , for bankers' sight bills
4
and 8.51 for cable transfers, against 83' and 8.51.
1
The unofficial or free market close was 5.40, against
5.45. Chilean exchange is nominally quoted on the
new basis at 5.19, against 5.19. Peru is nominal at
23.90, against 23.86.
E
E
XCHANGE on the Far Eastern countries presents
little change from last week as the same set of
conditions is operative. Japanese yen are steady,
held in close relation to the course of sterling exchange. The Indian rupee has not been affected by
the bankruptcy of an important bullion trader in
Bombay or by the persistent dumping of silver in
London for Indian accounts. The rupee is attached
by law to sterling at the rate of is. 6d. per rupee.
Hong Kong is inclined to ease in sympathy with the
lower ruling prices for world silver, although curiously
enough Shanghai has not made any noticeable re-
Foreign Exchange Rates
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
P
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
AUG. 17 1935 TO AUG. 23 1935, INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Moneta
Unit
Aug. 17
Aug.19
Aug.20
Aug.21
Aug.22
Aug.23
Europe
Austria,schilling
189591* .189591* .189658* .189591* .189541* .189341*
Belgium. belga
168969 .169030 .169088 .168987 .168920 .168570
Bulgaria, lev
.013250* .013375* .013375* .013500* .013250* .013125*
Czechoslovakia, kron .041621 .041614 .041639 .041632 .041600 .041510
Denmark. krone
.221791 .222116 .222433 .222391 .222208 .221672 I
England, pound sterrg 4.969416 4.976833 4.982750 .982000 .977000 .967250 j
Finland, markka
.021930 .021920 .021929 .021940 .021930 .021880
France,franc
.066312 .066357 .066345 .066323 .066279 .066163
Germany, relchsmark .403800 .404015 .403984 .403776 .403542 .402625
Greece, drachma
.009445 .009450 .009442 .009442 .009430
Holland. guilder
679361 .678361 .678142 .678014 .677691 .677346
Hungary. pengo
.297250* .297125* .297250* .296500 .296500 .296350*
Italy. lira
.082313 .082126 .082165 .082146 .082107 .081911
Norway, krone
.249536 .249958 .250308 .250266 .250016 .249491
Poland, zloty
.189740 .189760 .189780 .189740 .189740 .189340
Portugal, escudo
.045206 .045265 .045179 .045112 .045215 .045155
Rumania.leu
.009375 .009280 .008940 .009000 .009000 .009000
Spain, peseta
137389 .137428 .137460 .137432 .137346 .137103
Sweden. krona
.256145 .256475 .256891 .256850 .256545 .258041
Switzerland, franc...- .327453 .327460 .327410 .327178 .327085 .326650
Yugoslavia. dinar.-- .023000 .022975 .022987 .022993 .022975 .022950
AsiaChinaChefoo (yuan) dol' .367916 .370208 .369166 .367500 .367708 .371041
Ifankow(yuan) dol' .368333 .370625 .369583 .367916 .368125 .371458
Shanghai(yuan) dol. .367916 .370416 .369062 .367500 .367343 .371093
Tientsin(yuan) dol' .368333 .370625 .369583 .367916 .368125 .371458
Hong Kong, dollar. .495625 .493125 .491250 .482500 .484062 .496458
India, rupee
.374350 .375175 .375385 .375750 .375650 .374960
Japan, yen
.293485 .294190 .293870 .293775 .293700
Singapore (S. S.) dol'r .577500 .578125 .580000 .580625 .580625 .578750
Australasia
Australia, pound
3.948437* 3.955312* 3.955000* 3.956250°3.953125°3.945312*
New Zealand. pound_ 3.971562•3.975625* 3.978123* 3.979375* 3.976562•3.967812*
Africa
South Africa, pound__ 4.929750.4.936500° 4.944000* 4.943750'4.938250'4.928250*
North America
Canada, dollar
I .996931 .997239 .997630 .997526 .997613 .997395
Cuba, peso
.999200 .999200 .999200 .999200 .999000 .999200
Mexico, peso (silver). .277375 .2773 5 .277500 .277500 .277250 .277250
Newfoundland, dollar .994375 .994875 .995312 .995062 .995125 .994937
South America
Argentina, peso
I .331025* .331800* .332200* .332125* .331375* .331250
Brazil. milreLs
.084150* .083535* .084260* .084235* .084235 .084183.
Chile, peso
I .050950* .050950* .050950* .050950* .050000 .050000*
I ,807050* .806700* .807000* .807000* .805750 .805750*
Uruguay, peso
Colombia, peso
.532600* .532600* .533300* .534800* .539800 .539800*
•Nominal rates, firm rates not available.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
Aug. 22 1935, together with comparions as of the
corresponding dates in the previous four years:
T
Banks ofEngland__ _
France a...
Germanyb_
Spain
Italy
Netherlands
Nat. Belg'm
Switzerland
Sweden......
Denmark
Norway __ _
1935
£
193,909,311
573,289,944
3,225,300
90,774,000
59,741,000
49,161,000
100,534,000
45,480,000
19,813,000
7,394,000
6,602,000
1934
£
192,216,927
650,542,626
2,905,800
90,569,000
69,657,000
71,950,000
75,304,000
62,543,000
15,393,000
7,397,000
6,577,000
1933
1932
1931
.0
.£
£
191,497,920 139,595,862 134,644,807
656,740,396 657,615.354 468,490,592
12,666,200
35,587,800
53,315,400
90,390,000
90.249,000
91,023,000
74,215,000
61,540,000
58.003,000
69,953,000
85,306,000
53,390.000
76,836,000
75,097,000
45,187,000
61,461,000
89,164,000
32,274,000
13,908,000
11,443,000
13.206,000
7,397,000
7,400,000
9,544,000
6,569,000
9,911,000
8,129,000
Total week_ 1,149,923,555 1,245,055,353 1,258,633,516 1,260,909,016 977,296.799
Prey. week_ 1,146,942,731 1,239,681,626 1,255,417,671 1,260,125,779 977,445,039
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,507,800.
Looking Backward and Forward
at Work Relief
The announcement on Monday that only $900,000,000 of the $4,000,000,000 Federal work relief
fund which the present session of Congress has
1150
Financial Chronicle
voted remained unallotted, and that local projects
not submitted to the Public Works Administration
within thirty days would not be considered, calls
attention once more not only to the speed with which
this enormous appropriation appeared to have been
allocated, but also to the character of the projects
themselves and the financial, social and political
consequences which their prosecution is likely to
entail. No one with even a slight experience of business, engineering or construction will be easily convinced that any such huge sum as $3,000,000,000 can
have been parceled out in a few weeks among hundreds of communities, large and small, with anything like the careful inquiry and intelligent planning that would ordinarily be found in private undertakings, or that the importunities of local interests would be closely scanned when haste and Administration prestige were dominant considerations.
Quite aside from the question whether work relief
is in any circumstances a sound method of dealing
with unemployment,it is obvious that, once the floodgates of Treasury resources were opened, projects
which in ordinary times would not for a moment be
regarded as fit subjects for Federal aid would be
carried along equally with others to which, on their
merits, less serious objections would probably be
made, and that a dollar's worth of social benefit for
every dollar of outlay would be thought less necessary when the Federal Government guaranteed 55%
of the cost.
Some recent lists of work relief allocations in New
York City and its vicinity, fairly typical, it may be
suspected, of similar allocations in cither parts of
the country, afford amazing illustrations of the
extent to which the Federal Government is supporting projects which are in no sense Federal, and
which, if they are defensible at all, are clearly matters for the State or its local communities. On Aug.
15 it was announced that President Roosevelt had
approved "further allotments" totaling $14,663,958
for projects in New York City, to be carried out under the direction of the Work Relief Administration.
Each of these projects, it was stated, was to be supplemented by contributions from other sources, but
neither the amounts nor the "sponsors" were indicated nor were the contributions themselves as yet
actually pledged. The list, as reported by the United
Press, included $72,826 for "a survey to unearth
unlicensed places and determine new sources of
revenue with a view to revising license fees"; $70,666
for "a sociological study of the Italian population
to define social and educational needs"; $612,339 to
Teachers College, a private institution, to enable it
to "conduct research studies" the nature of which
was not revealed; $263,555 for "a survey of water
leakage in four boroughs"; $76,600 for "a study of
the forms and procedures of all municipal departments with a view to standardization and the elimination of duplication"; $15,400 for "a study by a
special committee of the Board of Estimate on the
operation of the Fort Lee and Riverside ferry to
determine the terms upon which a lease should be
offered," and $59,400 to "aid the Department of
Parks in making a traffic count at Marine Park
bridge, Brooklyn."
Two days later came a further allotment of $15,246,882 for "local non-Federal public works" in 27
States, among which were appropriations for school
buildings in New Jersey, "a new system of lateral
sewers" for a small village in the New York City
Aug. 24 1935
suburbs and "a complete waterworks" for a small
New Jersey town. On Aug.18 it was announced that
$3,000,000 would be available during the coming year
to expand the activities of the "drama unit" of the
Works Progress Administration (about $2,000,000
more than a previous allotment), the project to include a circus division. On Aug. 20 Presidential approval was given to a Federal appropilation of $1,222
for "grading and sowing grass seed" around a public building at Hackensack, N. J., with an additional
$230 from "sponsors"; $6,479 for "excavating, clearing, grading, seeding, rolling and other improvements" at a school in Bergenfield, in the same State,
the "sponsors" in this case charging themselves with
only $161; and $86,421 for "drive, foot trail and
bridle trail construction, bridge construction, drainage, and clearing parks" at Elizabeth,in aid of which
the "sponsors" were credited with $528. A list, of
projects totaling $17,382,936, most of which, it was
stated, had already been "finally approved by Federal relief authorities," was made public on Aug. 21
for existing or new educational activities in the New
York City schools.
Nearly all of these projects, of course, represent
"made" work—work, that is, undertaken ostensibly
with a view to giving employment .to persons not
previously employed. The New York City drama
project, it is claimed, will put 2,000 persons on the
pay roll, 1,000 being employed already; the educational allotment will take care of an additional 15,300. It is very doubtful, however,if any considerable
number of the non-Federal projects that have been
planned or begun throughout the country would
have been undertaken save for the lure of a Federal
grant. The way in which such grants have been
pressed upon States and municipalities is, of course,
entirely in accord with President Roosevelt's theory
of spending our way out of depression into prosperity, but the spending in the vast majority of these
cases is not a spending of what one has but of what
one hopes to have in the future, since every dollar,
whether Federal or local, that goes into these work
relief projects, aside from such trifling sums as may
be given outright, must in due time be recovered by
taxation or charged off as a loss.
What is happening, in other words, is that both
States and municipalities,spurred by insistent offers
of Federal money, are saddling themselves with
building or other projects which they cannot afford,
and of which they are likely to find it extremely burdensome eventually to pay their share. The State
of Rhode Island, to its credit, had the wisdom and
courage in a recent election to turn down an invitation, backed by a personal appeal of Secretary Ickes
through Governor Green, to add heavily to its debt
in return for a Federal allotment, and a number of
towns in Connecticut have lately shown equal independence. Hardly any of the projects, moreover,
in such lists as those we have referred to, are in any
sense self-liquidating; on the contrary, they represent either projects which, once finished, stand as
naked accomplishments and afford the community
no additional source of income, or others which, if
they are to be used or kept from deterioration, must
be maintained out of income from taxation. It will
doubtless be "useful" for the Department of Public
Welfare of the City of New York to possess "an index
and code of the public and child welfare laws" for
whose compilation $6,600 was allocated by President
Roosevelt on Aug. 15, but the compilation will be
Volume 141
Financial Chronicle
out of date a year after it is made unless it is kept
up, while such allotments as that of $93,116 for "a
pitometer survey of the flow in water mains in
Brooklyn and Queens" and of $19,697 for "a study
of all existing bus lines" in Queens Borough seem
to promise nothing but sheer waste.
Whether the communities and States which are
heavily mortgaging their financial future are getting
a reasonable immediate return in work done is a
matter on which detailed and accurate information
is lacking. A commission appointed by Governor
Lehman of New York to study the effects, other
than relief, of the work relief projects on which the
State is spending $15,000,000 a month, reported on
Tuesday, on the basis of an engineering survey of
599 construction projects, that the "estimated overall efficiency," while varying widely, averaged
74.8%, with somewhat more than half the jobs attaining 80% and 14% below the 50% efficiency level.
The State average was pulled down by New York
City, where the efficiency average was only 64%.
The commission found many of the projects useful,
and thought the cost not "extremely unreasonable"
notwithstanding that it exceeded by 35% the fair
cost under usual contract conditions. Projects designed for white collar workers were not included
in the survey. If the average for white collar projects is the same as for those in the construction field,
the State of New York is paying excessively high
for most of its work relief.
New York presents still another condition which
it may be suspected obtains elsewhere, especially in
populous areas, and which bears directly upon the
future of the work relief problem. The National Reemployment Service reported on Monday that 90%
of the unemployed skilled workers in construction
trades in the New York area had been absorbed by
the Public Works or Works Progress Administrations, and that most of the unemployed now registered were either women accustomed only to domestic work or persons without skill in any particular
trade or employment, the latter group including
many young persons who have had no opportunity to
work. "We have now come to the place," the Service
was quoted as saying, "where we must match our
projects to the unemployed rather than planning
projects and then requisitioning workers." If such
is the situation generally, the time would seem to
be not far distant when the unemployables will have
to be sharply distinguished from the aggregate of
the unemployed, and when the cost of administering
work relief, due to the necessity of finding new kinds
of work to be done, will be out of all proportion to
the numbers for whom such work is actually found.
The employment of unskilled workers on relief projects does little or nothing to make them skilled, while
to set skilled workers at work requiring little or no
skill is, in the long run, demoralizing.
It is becoming increasingly apparent that the work
relief program, notwithstanding its huge financial
backing and the strenuous efforts which are being
made to push it forward, is not going to achieve its
expected results. It will do well if it succeeds in
finding work of any kind for half the number of persons whom it was expected to reach, but even if it
does that there will still be left a formidable army
of unemployed to be cared for another year, and in
addition the need of meeting through taxation some
substantial part of the cost of what has already been
1151
done. We are due for an acid test not only of a cardinal Administration policy, but also of the ability
of the country to stand the strain. The situation calls
loudly for the prompt removal of every impediment
which the New Deal has placed in the way of natural business recovery, to the end that business and
industry, freed from unnatural hindrances and restraints, may be able to do their utmost to take up
the employment slack.
The Imperative Duty of Keeping
Out of War
Writing from Paris on Monday, the correspondent
of the New York "Times" declared that "there is
good reason to believe that, as one result of the
breakdown of the three-Power negotiations on Ethiopia here, the United States will be subjected to one
of the most intense campaigns of persuasion that
has been experienced across the Atlantic since the
days preceding the United States' entrance into the
World War. This friendly but powerful pressure
will come from Great Britain, working through diplomatic, political and press channels, in an effort
to win the United States to her side in the coming
conflict over Ethiopia. The motive for this movement," the correspondent continued, "comes from
Britain's desire to bring economic and financial
pressure, if possible through League of Nations sanctions, against Italy in the likely event of Premier
Benito Mussolini's invasion of Ethiopia. Such sanctions would be valueless without United States
help."
This is a grave warning, and one not to be taken
lightly. In support of his prediction, the "Times"
correspondent cited a conversation on Sunday in
which Anthony Eden, British Minister for League
Affairs, was represented as telling J. Theodore Marrifler, United States Charge d'Affaires, "the course
the three-Power conference had taken and carrying
on the trend that had already been started in London between Sir Samuel Hoare, Foreign Secretary,
and Robert W. Bingham, United States Ambassador." The French, it was declared, "have information that not only hare the British and Americans
kept in closest touch with each other through the
United States Embassy in London, but also that
the precise question of possible economic and financial sanctions against Italy in case of armed conflict had been broached." It was the French belief,
confirmed, the "Times" correspondent wrote "it is
possible to say," from "highly reliable British
sources," that discussions had gone so far as to envisage "an agreement to give no commercial credits
and no cash loans, to sell raw materials only for
cash and to insist on repayment of previous credits,"
and later to refuse to sell raw materials to Italy
while selling them to Ethiopia "and perhaps extending credits for them." Inquiry in "French and
high British sources" elicited the belief, in the Foreign Offices of both countries, that the United
States would be ready to co-operate in League sanctions, while "one informant, who ought to know
what he is talking about, expressed the belief that
the British probably had assurances to that effect
already." Attention was also called to the fact that,
during the three-Power conference, the British Embassy at Paris "made the most strenuous and most
successful effort it has made since the war to inform
United States correspondents fully of what was
1152
Financial Chronicle
happening as they saw it. Information was given
frankly and copiously, and as many times a day as
the correspondents desired."
There is much in the tone and substance of recent
dispatches from London and Paris to confirm this
correspondent's prediction. Propaganda has many
subtle ways of working, as any one who remembers
the first years of the World War will recognize, but
no very minute reading between the lines is needed
to detect, in reports of the statements or views of
British spokesmen, the "feelers" that are being put
out to test American public opinion and induce
American sympathy for the efforts which both Great
Britain and France appear to be making to deal with
the event of war. Unfortunately, this indirect pressure from Europe is being supplemented by direct
pressure at home, hardly a day passing without the
publication of the resolution of some society or group,
addressed to the President or Congress, looking to
American discrimination against Italy or some formal expression of sympathy for Ethiopia, or reminding the United States that failure to co-operate with
the League may wreck European or world peace.
An atmosphere of propaganda, joined to the nervous tension and physical and mental fatigue which
accompany the last days of the Congressional session, is certainly not favorable to a calm consideration of American foreign policy in the present crisis
and of such declarations regarding neutrality as
Congress is being pressed to adopt. There ought, it
would seem, to be no question that the United States
should, in the event of a war between Italy and Ethiopia, declare its neutrality and do its utmost to
maintain its neutral position. The resolution which
was adopted by the Senate on Wednesday, however,
goes much farther than to provide for a declaration,
and contains provisions whose effect would almost
certainly be to complicate the American position,
especially if the expected Italo-Ethiopian war were
prolonged or other Powers were involved.
The resolution provides "that upon the outbreak
or during the progress of war between or among two
or more foreign States, the President shall proclaim
such facts, and it shall thereafter be unlawful to
export arms, ammunition or implements of war
from any place in the United States or possessions
of the United States to any port of such belligerent
States or to any neutral port for transshipment to
or for the use of a belligerent country." The President is required to "definitely enumerate" the arms,
etc., whose exportation is prohibited, and the embargo may be extended to other States that may become involved in the war. Manufacturers or dealers
in munitions are required to register with the Sec.
retary of State within 90 days after the passage of
the resolution, and thereafter may export or import
arms or munitions only under a license issued by the
Secretary, good for five years and renewable. A National Munitions Control Board of seven members is
set up, but beyond meeting annually and reporting
to Congress data regarding control of the munitions
industry and a list of licensees, it has no practical
functions, the administration of the resolution being
vested in the Department of State. It is further
made unlawful for American vessels to carry to belligerents the arms whose export is forbidden, and
the owners or masters of suspected vessels, whether
domestic or foreign, may be required to furnish
bonds that the law will be complied with or the departure of the vessels may be prohibited. Foreign
Aug. 24 1935
submarines may, in the discretion of the President,
be denied entrance to American ports or waters, and
passports may in certain circumstances be denied
to American citizens for travel on belligerent vessels. For violation of the requirements of the resolution heavy penalties are provided.
The prime weakness of this resolution is its mandatory prohibition of the export of munitions and
implements of war co-incident with the proclamation by the President of the existence of war between
two or more foreign States. What could have been
in the minds of the framers of the resolution is difficult to say, but it is obvious that such a prohibition
would be grossly inequitable in its effect upon belligerents which, like Italy and Ethiopia, lack even a
semblance of equality in war resources, and would
merely aid the stronger Power by depriving the
weaker of access to the American market. The prohibition on selling to a third party for transfer to a
belligerent would in practice be largely ineffective,
since a country nominally neutral could purchase
ostensibly for its own use and subsequent transfers
could not be detected. In modern warfare, moreover,
munitions or "implements of war" include a great
variety of natural products or manufactures commonly used in peace, but which at once become either
absolute or conditional contraband when dealt in
by belligerents. No war could go on for long without
extensive use of cotton, steel, chemicals, oil and
food for arms manufacture or the support of armies
and navies, but the resolution bars every such commodity absolutely to belligerents. One has only to
picture the attitude of the cotton growers of the
South, under a regime which has piled up surplus
stocks and diminished foreign demand, in the face
of heavy demands for cotton from belligerents, or
of American wheat growers in the face of an extraordinary demand for wheat and flour, to realize how
powerful and insistent would be the political pressure upon the President to except those commodities
from the list of things which he is to "definitely
enumerate" notwithstanding that the goods of other
manufacturers or producers remained under a ban.
The resolution, to the extent that it concerns neutrality, aims at two policies which are in practice
incompatible. The first is a mandatory declaration
of neutrality in the event of a foreign war. This is
.
desirable. The second is an absolute embargo on
the export of arms and whatever else is necessary
to war, applicable alike to all belligerents. The question of whether or not an embargo should be imposed is one for the discretion of the President, since
he, rather than Congress, is likely to be informed regarding the underlying issues of the war and the
elements of justice or injustice that may enter into
it. It should not, however, be in the power of the
President to impose• an embargo upon trade with
one belligerent while refraining with another, for
that would involve an Executive determination of
who was the aggressor and virtually commit the
United States to the support of one side or the other.
Unless an embargo is to apply equally to all parties
to a war, whether they enter at the beginning or come
in later, there should be no embargo at all.
The compromise which was reported on Friday
to have been drawn up to meet objections from the
House of Representatives and the Department of
State, and which President Roosevelt was understood to be willing to accept, does not improve the
matter in any substantial way. It would still leave
Financial Chronicle
Volume 141
the embargo mandatory, but continue it only until
next February or March. As it is precisely during
this intervening period that the Italo-Ethiopian
quarrel seems likely to come to a head, the adoption
of the compromise resolution would still hamper the
President in enforcing the neutrality which he would
be obliged to proclaim.
Whatever the discretionary powers which Congress may give or withhold, there will be nothing but
disaster in store if the Administration yields to
propaganda and allows itself to become mixed up
with the League and its sanctions. Nobody knows
how economic or financial sanctions would work, for
they have never been tried, but it is clear that the
very first attempt to impose them would be regarded
by the nations which suffered them as, to all intents
and purposes, an unneutral act. The result, in the
case of the Italo-Ethiopian dispute, might very well
be a split in the League and the formation of a pro.
Italian bloc. A recent semi-official intimation of
Austrian sympathy for Italy should be a warning
that all the members of the League are not on the
side of Great Britain and France. The situation,
grievous as it appears to be from the standpoint of
Ethiopia, and serious as it may be for the future of
Europe and Africa, is nevertheless emphatically one
in which the United States cannot afford to take
sides. We have had one experience of entanglement
in a Europe war and its fateful consequences, and
we do nQylant another.
A "New Deal" in Banking
By H. Parker Willis
•
f`ongress has adopted and the President signed
the law to which has been given the title "The
Banking Act of 1935." The banking community
thus faces the necessity of another, and very prompt,
adjustment to the conditions, terms and definitions
established by this inclusive statute. Some of its
provisions take effect upon signature, others not until
the end of February 1936. But the entire Act is of
an urgent and immediate character. Even though
some of its provisions are technically to be deferred
in time of applicability, their nature and the reflex
operation of others makes them all practically instant.
American bankers are not prepared for the Banking
Act of 1935. It took a long time and much exhortation, by public men and others, to get them to realize
the sweeping character of what was proposed last
winter when Governor Eccles first took to Congress
a bill which the President then told Senators he had
never read and which the Reserve Board testified it
had never heard of. They became gradually alarmed
by what they learned of the bill, began to study it,
and finally undertook a serious discussion of banking
principle which has called forth more genuine public
expression of opinion than had been heard for some
20 years. But many bankers never joined in this
study, or in the debate which followed it; and practically all of the bankers seem to have failed to
examine with care the numerous doubtful, obscure,
or ambiguous provisions contained in the "technical
amendments" to the banking laws or in the "Federal
Deposit Insurance" provisions which were included
in "Titles I and III" of the measure. Now that the
proposed bill is a law, real study of these obscure
provisions will begin, and it is safe t6 say that there
will be many surprises to the students. The latter
have, rightly, concentrated attention-for the most
part upon the terms of those general changes in
1153
banking contained in "Title II" of the Act, which if
enacted in their first form, would have transformed
our baking system into a financial despotism ruled
by a political clique in Washington. But there are
many points of which the public has never heard, and
of which we may well believe that not many yet
realize the full force. The Banking Act of 1935 is
thus an unexpected and uncomprehended innovation,
forced upon the nation without warning after a series
of months in which legislative and Administrative
leaders had repeatedly assured the community that
nothing was planned that was of first class importance. Some technical adjustments in the powers of
Reserve banks,some rearrangement of banking supervisory requirements were admitted—but that would
be all for the winter.
With financial opinion thus lulled, it is likely that
the new Act would have gone through Congress—as
"silver men"used to say of the "crime of 1873"—somewhat "like the silent tread of a cat." It is due to the
public spirit andjdevotedness of a very few men,
of whom Hon. Carter Glass of Virginia is chief, that
this consummation did not take place. By their
efforts, the new Act has been radically transformed
in its leading sections, and appears not as the tool of
a financial oligarchy in Washington but as a further
development of our Federal Reserve System, somewhat along its old lines. The Nation has been saved
from what cannot be termed other than a financial
disaster of major proportions. But the cost of this
process of saving it has been high, and the concessions unavoidably made to political expediency, to
administrative demand, and to the necessities of the
mere give-and-take involved in passing any great
legislative measure have been numerous. Early as
the time is, it is not too early to assert with conviction
that the Banking Act of 1935 is a stopgap. It
obviously must be a bitter disappointment and a
merited rebuke to those who originally conceived it..
But it is equally plain that the measure does not
correct the weak points in Federal Reserve organization, that it increases the political centralization of
our entire banking structure, and that it raises many
problems of first importance which can hardly be
successfully worked out under existing law. New,
carefully studied legislation must finally be sought.
First of all: How far does the new Act really change
Federal Reserve structure? The original Act proposed by Governor Eccles of the Reserve Board
would have made the local Reserve banks wholly
subservient to the Reserve Board itself, the latter
wholly subservient to the Governor of the Board
and the latter a direct political creature of the President of the United States whoever he might be,
at the moment. It would have completed the political debauching of the Board .which began 15 years
ago, and has steadily weakened the prestige of the
organization. It would have placed in the hands of
such a Board great powers which the organization
could not have had either the ability or the independence to use wisely, and it must, therefore, have led
directly to a financial debacle. It would, moreover,
have permitted the steady feeding of Government
obligations not only into the member banks as at
present, but directly into the Reserve banks as has
been proposed in times past by the head of the
Treasury. The new Act, formally at least, avoids
most of these dangers. It places the Board in the best
position that body has as yet occupied, by eliminat-
1154
FinanciaI Chronicle
ing the Secretary of the Treasury and the Comptroller
of the Currency from its membership—a reform long
advocated, often proposed in Congress, but never
hitherto permitted. It conserves the geographical
division of Board membership, gives its members
terms of sufficient length to permit independence
of "politics"—if members have any talent for such
independence—and permits it to form its own organi:
.
zation if it wishes. As for the local Federal Reserve
banks, it leaves them as they are, save that it fixes
a term of five years for the executive head of each
such bank and takes from him the title of "Goverrior"
long desired by tuft-hunting members of the Reserve
Board who bitterly regretted their original action in
bestowing it upon the heads of the Reserve banks
and transfers it upon the membership of the Board;
all and severally by calling them the "Board of
Governors of the Federal Reserve System."
This puerile change may well be accorded its advocates with Homeric laughter, if it implies, at least
for the present, absence of interference with the local
Reserve bank structure. The bestowal upon the
Board of,the power over open market operations by
giving to it seven votes in a Committee of 12 members, five of whom are chosen in special districts
carved from the present Reserve districts, may do no
harm, since the Committee will hesitate, if it possess
even an element of informed members, to take hasty
or obviously unwise steps regarding open market
policies. The new mechanism is clumsy and will
not work well. It will probably be of short life, but
it bridges over what threatened to become an impasse.
Taken in conjunction with the requirement of a
record of proceedings in this committee as well as
in the Board itself on matters of policy, and the
communication of this record to Congress, we should
be free for the future of the discreditable efforts of
Board members to "sidestep" responsibility for past
actions such as those which preceded the panic of
1929, to pass on the blame to others in the Reserve
banks, and generally to prevent the public from
acquiring a reasonable view of what has actually
occurred.
This provision, moreover, should aid in taking off
the mask of useless secrecy which some Reserve bankers have sought to draw over the proceedings of the
governing bodies of the system when working on open
market policies and international financial questions.
The Board, moreover, now appears as having,in
many respects,the most powerful position,technically,
it has ever occupied. Not only has it the definite
responsibility for shaping the open market policiesof
the system, but it is also granted the duty and
responsibility of raising the percentage of required
reserves—if necessary to a level double that now
demanded by existing law though never of lowering
them below the level now legally requisite. Its purpose in making such an increase as is now permitted is
specified as being that of preventing an undue expansion or contraction of credit. This object takes
the place of the dangerous and speculative order
contained in the House bill to use the Reserve power
for the "regulation of business" or for "ironing out"
cyclical fluctuations, and as such it is a change profoundly to be wished. "For this relief, much thanks"
we may well echo with a sigh of deepest gratitude.
But will the Board ever use the Reserve power for
the purpose set forth and directed in the Act—"to
prevent injurious credit expansion or contraction"?
Aug. 24 1935
It never has thus used the already large powers bestowed upon it for any such purpose, and it has, at
times when such use was called for, fallen into debate
within itself and with the Federal Reserve banks.
Is it likely to be better or more vigorous in the
future?
To this question there can thus far be no answer,
and there is likely to be none for some months to
come. The President must now name a new Board
and it will take office upon the first of March 1936.
Of whom or of what sort of men will it consist? None
can say, but looking at other financial appointments
of the recent past, ominous expectations seem warranted. Whether the new Board will, as some already predict, contain the present Governor and the
more subservient of the old members, or whether
there will be entirely (or almost entirely)"new blood"
as asserted by expectant New Dealers anxious for the
loaves and fishes of finance, no one can say—and no
one should affect to know. What is certain is that
the system stands to-day at a turning point, and that
a capable, high-minded Board free of sycophants and
doctrinaires, and above all appointed as the President said in another connection when receiving his
• degree at Yale last year—without any reference to
political party membership may retrieve the Board's
reputation and restore its prestige as well as that.of
the system--at least in some measure. Should the
nominations for the new Board not measure up to
the highest standards, it will be the duty of the
Senate to express its mind regarding them, and to
reject them if need be. Should there be any failure
to observe this primary duty, those who confirm
the new Board may take the responsibility for weakness or incapacity in the trying times that lie before
us during the next few years.
Thus far, as to the main provisions of the Act which
relate to Federal Reserve organization. As we have
already said, however, there is much in the new
measure which has been described as "technical" or as
relating details regarding which only abnormal curiosity would prompt much inquiry. And yet, if anything, a thorough reading of the new law will leave
the conviction that its real meaning is to be found
largely in these little discussed sections of the measure. Let us note some of the chief points thus involved. Possibly the outstanding phase of the legislation is the effort to accomplish a result at which
many have worked by various means, but never with
success—the enlargement of the membership of the
Federal Reserve System. The new Act has its own
way of going about the matter. It first prohibits
any State non-member bank which shall have average deposits of $1,000,000 or more during the year
1941, or during any year thereafter, to insure its
deposits unless it be a member of the Reserve system.
"The effect of the provision referred to," according
to the conference committee report, "is to liberalize
the provisions of existing law so that more than 6,500
State non-member banks, having average deposits of
less than $1,000,000 will not be required to join the
Federal Reserve System in order to continue their
insured status." As there are about 15,400 banks
in the country, of which 6,400 are licensed members,
the new provision is thus calculated to drive into the
Reserve system about 2,500 State banks by depriving
them of insurance unless they so join. The Committee of conference estimated the numbers at below
1,000. The calculation is, of course, based on the
Volume 141
Financial Chronicle
idea that they must be insured in order to get or
keep business. The verdict of most bankers is that
this assumption is not warranted by facts, and so
the new effort may fail, like its predecessors, but it is
present nonetheless.
Further, the revision of the Insurance legislation
makes it exceedingly difficult for an insured bank
to leave the system with credit. There are many
possible acts which will permit the Corporation to terminate the insured status of a bank and when so doing
to give out to the public reports of its own action
which will effectually discredit the institution. There
are others which permit the most rigid examinations
of the bank, with an immense amount of discretionary
decision on the part of the examiners or of the Corporation which may greatly handicap the examined
member in its business. It is difficult for it to amalgamate with another bank, or to buy the assets and
assume the liabilities of,the latter without referring
its action to the Insurance Corporation at every turn.
The Corporation may prescribe to any insured bank
the insurance it shall carry against defalcation, burglary, and other risks, and, should it not comply by
arranging for such insurance itself, the Corporation
may merely add the bill to the assessment of such
bank. When assessments are overdue the bank is
forbidden to declare dividends. The Act permits the
secret service division of the Treasury "to dete4,
arrest and deliver into the custody of the United
States Marshal having jurisdiction any person conimitting offenses" punishable under the section of the
Act appropriate thereto.
Perhaps it may be argued that these, and manifold
other invasions of the normal and proper privileges and
rights of the citizen and of the bank, as hitherto conceived, are necessary to the institution of a safe
insurance-of-deposits system. That is not here the
question at issue. The point of what has been said,
and of much more that might be said to like purport,
is that the insurance-of-deposits system is to become
a plan of direct oversight and Government interference and participation in banking, that, taken in
connection with the Federal Reserve System and
its membership requirements, will develop the tightest
and most extreme system of banking supervision
and control that exists perhaps in any country of
the world, certainly the tightest ever existing in the
United States. We may well wonder whether any
such system is worth its cost; and its cost will be
heavy, not merely in direct assessments but also in
abridgment of business liberty and freedom to carry
on ordinary banking operations necessary or useful
to the community.
The actual cash cost of the insurance will nominally
be one-twelfth of 1% per annum upon average deposit liabilities, but these liabilities are,to be determined after a complex system in which care is taken
to determine the character of the uncollected items
credited, and carried by the bank as deposits, while
a variety of other techniques are resorted to in the
effort to figure out and establish a satisfactory
"assessment base." Remembering that the Corporation is given the power to define deposits for its own
purposes, it is clear that no one to-day can make
more than an approximate conjecture of the actual
cost of the insurance to the insured bank. When
the additional burdens for insurance of various other
kinds, and the expenses of one Sort and another connected with examinations are' added, the question
1155
how much a small bank will have to pay for the
privilege of insurance is likely to be a hotly contested
one for a good while. The cost of the insurance and
its utility to a large bank is even more to be closely
considered. The new Act says nothing about possible ultimate liabilities in the event of insufficiency
of funds in the hands of the Insurance Corporation.
The House draft made the Government guarantee the
liabilities of the Corporation but the final Act omits
this provision though it directs the Secretary of the
Treasury to buy up to $250,000,000 of its obligations if funds are needed "for insurance purposes,"
thus apparently conceding the point that the Corporation may easily meet a time when it will not have
available resources for payment of depositors. The
Senate report says: "The Reserve banks are not
liable beyond the assessments" provided for. Regardless of the ultimate liability involved in the conduct
of the Corporation, the large bank which finds it
possible under the Act to insure deposits only up to
$5,000 for any one depositor must shortly recognize
that it is making a substantial contribution to meet
the liabilities of the smaller banks of the country
whereas it gets but a limited return in increased
safety to its own depositors of whom a much larger
proportion are above $5,000 for each account. These
elements of cost will necessarily weigh heavily with
practical bankers of all sizes and classes, but the
far more important thing for them to consider is the
sacrifice of their own legitimate business liberty of
action which they will necessarily have to suffer if
they put their heads into the "permanent" deposit
insurance noose—or, having them already in, elect
to continue there.
These few considerations represent one of the
phases of the new legislation in its business aspect,
but only one. The Act continues with modifications
the curious provisions for the organization of "new"
banks originally adopted two years ago, whose mission it will be to carry on the business of failed and
closed banks in the several communities where failures and closings occur.' Such new banks will be
conducted by the Corporation. They may be converted into privately owned banks, or they may be
sold to other insured banks—or they may not. Will
they perhaps be used to introduce that type of
"nationalization of banking" in which the Government actually goes into the business and carries on
deposit service in order that the public may be sufficiently supplied with "facilities"? The Act in its
present terms makes this at least legal and feasible.
Since the "New Deal" became a reality, there have
been closed or suspended in 1933 and 1934 at least
2,500 banks. Had this occurred under the present
Act, and had the Corporation acted as specified in
Subsection 9 of Title I, there would have been perhaps 2,500 "new banks" under Government management and direction accepting new deposits and each
managed "by an officer appointed by the Board of
Directors of the Corporation who shall be subject to
its directions," and (of course)"exempt from all
taxation" while not even required to have his bank
join the Federal Reserve System,the latter not to
be sold until, in the "judgment of the Corporation,"
it is "desirable to do so." It would be interesting to
continue the investigation of the complex and interwoven provisions of the new legislation. The Senate
has improved some of them a good deal, but there
are many which (as the Conference Committee says)
1156
Financial Chronicle
"are identical in form and in substance"—in other
words just as they came from the hands that originally
shaped the Act. The amendments to which Title II
was subjected in the Senate Committee have cut off
the head of the new monstrosity and, in so doing,
have robbed it of much of its vitality but like the
ancient Hydra it retains its vitality and constitutes
the means for extensive "socialization of the banking
business" all under the guise of insurance of deposits.
It may, in fact, well be questioned whether the great
powers that are now given to the Federal Reserve
Board can be fully exercised without the sanction or
assent of the partisan and political Deposit Insurance
Corporation. This condition may not show itself
in full force at first, or indeed for some time to come,
but eventually it will appear in its full hazard.
It is well to inquire not merely into the immediate
business effects of the new scheme but to give some
attention to the portfolio results of the new Act.
How will it affect the Federal Reserve banks? In
the original "Eccles" bill, the member bank portfolios
were opened to real estate loans on a large scale, and
then the Federal Reserve banks were required to
discount or lend on "any good asset" of a member
bank. The Treasury could, under the House bill,
sell bonds in any quantity direct to Federal Reserve
banks and compel the latter to buy them. The new
bill, after a severe and courageous struggle on the
part of Senator Glass and his colleagues, eliminates
this provision and limits bond-buying on the part
of Reserve banks to the open market as heretofore,
but it unhappily permits Reserve banks to make
advances to member banks upon "time or demand
notes having maturities of not more than four months
and which are secured to the satisfaction of such
Federal Reserve banks." The Act also lessens the
security to be taken against industrial loans made to
individuals and corporations by Reserve banks by
permitting the discounting of paper endorsed or
otherwise satisfactorily secured, instead of paper indorsed and otherwise satisfactorily secured. At other
points, too, Government bond loans are exempted
from the restrictions imposed upon other loans and
the loan situation is definitely loosened at Reserve
banks. Indeed the myth of "self-liquidating paper"
as the basis of the Reserve system's operations is
about ripe for definite abandonment. Co-ordinate
with the changes so made, it is appropriate. that the
new Act has retained the "Eccles" provision for real
estate loans by member banks though with needed
safeguards and modifications not thought of in the
original scheme. That in these circumstances there
must inevitably be serious deterioration of bank
portfolios both at member and Reserve institutions,
even beyond their present condition, would seem to be
a certainty.
We have touched only few of the "high spots," and
yet enough to indicate the general character of this
remarkable measure. It contains as already said
many hidden and dangerous provisions to which no,
or only a bare, reference has here been made. He
would be an unappreciative student of American
finance who should minimize the great and patriotic
service that has been rendered in transforming this
Act from its original form even into its present one;
but he would be an inattentive or superficial student
who should fail to recognize the terrible risks carried
by the measure as it stands.. The situation is too
serious to permit any masking of the issue whether
Aug. 24
1935
the Federal Reserve banks of the country ought to
continue members of the system under this enactment
and whether non-members ought, under any circumstances, to insure their deposits—much less to accept
membership in the system. This question obtrudes
itself from the commonplace business standpoint,
and cannot be answered until much more is known
about the administration of the Act. It refuses also
to be ignored from the standpoint of the general
financial welfare of the nation. There is something
now much more at stake than the avoidance of bank
failures. That is the question whether we in the
United States value the existence of an independent
banking system, with freedom on the part of the
individual to engage in the business under proper
restrictions. The new Act goes far toward the creation of a financial monopoly under Government guidance and direction. The worst of the whole situation
is, of course, that there is nothing in what has been
done or said thus far that affords any assurance of a
reform of Treasury finance, or a limitation of the
undertakings of the Government in other banking
fields. Indeed the new Act rather gives confirmation
to the opinion that present undertakihgs are to be
continued and expanded. It enlarges the area of
securities guaranteed by the Government that are
exempted from ordinary loan limitations, and are
given a preferred status at insured banks, and Federal
Reserve banks,,and it seems to contemplate the continued activity of the Reconstruction Finance Corporation as an owner of bank stock on a huge scale.
It opens the way to unlimited loans protected by
Government bonds for it removes the 10% limitation
which had been made to apply to such loans in 1933.
Chairman Steagall has asserted that the measure
is a "victory"(over whom?)since it greatly enlarges
the control of the Government over banking. In this
he is right; and it should be added that this control
is not by any means predominantly a control intended
to enlarge the element of safety, but that it is rather
of a nature to guarantee larger risk and hazard,
more speculative uncertainty, and is anything but
an assurance of conservatism.
As we more and more study the legislation of the
years 1933-35 relating directly and indirectly to banking and finance, we realize more and more fully the
conditions that have made possible—from some points
of view, some would even say excusable—a piece of
legislation of this sort. Our Government financial
system is in grave danger of, breaking down. It
cannot long go on as at present, Banks cannot (let
us hope, will not) indefinitely consent to buy annually
the enormous deficit of the United States under present wasteful legislation and administration. It was
no act of willful aspiration for financial power that
originally produced the first draft of the Banking Act
.
of 1935. To go on with present schemes for the
destruction or diffusion of present ownership, for the
reduction of the living income of banks, for the limitation of individual incomes from interest and dividends,and above all for the present borrowing system
whereby the banks are compelled to carry most of,
the load—some such transformation of our banking
system as was sought under the original "Eccles" bill
was nearly necessary. Indeed, it is difficult to see
how the Treasury can long carry on according to
present lines with the measure as much reduced in
its scope and powers as it has been through Senate
action. In order thus to go on,a fundamental change
Volume 141
Financial Chronicle
must come in present methods of borrowing, or else
the new Federal Reserve Board must be so selected
and appointed as to ensure the same subserviency to
Treasury views as in the past, regardless of legal or
other necessity. Otherwise the Government will
find itself unable to continue to issue obligations of
all sorts in immense weekly instalments, insisting
then upon having them taken and carried as at present. The sincere and thorough-go.ing application of
of the new Act in its altered form, even with its
despotic provisions for the extension of Governmental
powers over member, and particularly over insured,
banks, would force a reorganization of the present
financial situation, but that is hardly to be expected.
Anything in the way of a real insistence upon a clarification of.present conditions must come from the
member banks, and must be based upon a true appre-ciation of the dangers they are now facing. Within
a few months, certainly within a year or so, they
must take their stand in opposition or make up their,
minds to complete and utter subserviency to deficit
financiering with all that this means to the community.
It has been natural to wonder whether the bankers
would think it wise to give some sign of their uneasiness and anxiety regarding the conditions that now
exist; and to ask if the new Act might not afford the
opportunity for the giving of that indication. The
present symptoms seem to point to a disposition to
await at least the selection of the new Federal Reserve
Board or Board of Governors, and to be guided somewhat by the character of its personnel. If such a
postponement of conclusions be determined upon,
in accordance with the policy of deferment and delay
which has always characterized our bankers, the
immediate issue of "insurance" must in any case, be
faced, and at once. Should the deposit insurance
system become thoroughly rooted under the terms
of the new Act, it will constitute a strong holding
point for the new measure and for the system developed under it, no matter how bad or defective, or
1157
how despotic the administration of it may continue
to be. Our Government now has some 17 lending
agencies, and they report some $11,000,000,000 of
assets.
Their obligations and borrowing applications
are given first chance at the funds of the commercial banks and of the Reserve banks. The Reconstruction Finance Corporation controls through its
preferred stock investments some 4,000 banks (official number never published). The new Act authorizes the Insurance Corporation to go into the banking
business still further and adjusts the machinery which
is needed for the continuance of Treasury operations
along present lines. The resistance which has 'been
bravely offered to the measure and to these objects
of its constitution during the past few months has
brought a temporary lull of anxiety among the public
and the abandonment of some of the more direct
and hazardous elements in the original plan. This
temporary defeat will not be likely long to hold back
the interests which originated the measure, especially
as the remainder of its provisions continue so nearly
intact as is actually the case. What we have now
is, at best, merely a temporary armistice in the
deliberate and continuous campaign to socialize the
banking system of the nation and to take its resources for the payment of deficits incurred (as
officers of the Government have admitted) for the redistribution of national income. The actual contest
must go much further, and the next stage of the
campaign probably will not be very long delayed.
The outcome of this campaign will depend ultimately
upon the extent to which the bankers of the country
and their stockholders prove willing to make a stand
for the retention of their business and property rights,
subject to all reasonable public regulation and
supervision.
This is the situation. It has a certain grimness,
but it is not hopeless, with the newly awakened
conscience of the nation at work against further
expropriation and eviction.
Gross and Net Earnings of United States Railroads for the
Six Months Ended June 30
In our periodic summations of the earnings statis- improvement to a disproportionately small extent,
tics covering the railroads of the country we have while at the same time they suffered to an uncomdilated frequently of late upon the need for relief monly large degree from hampering wage, rate and
of these over-regulated carriers, either through a other restrictions. This intolerable situation doubtlessening of the wage, rate and other requirements less will be remedied in part by the recent enactimposed by the Federal Govrnment or else through ment of the Motor Carrier Act, signed by President
extension of similar controls to competing modes of Roosevelt on Aug. 9. That measure places the intertransportation. Although one or two steps toward State commerce of motor buses and trucks under the
such ends have been taken in recent weeks, little control of the Interstate Commerce Commission. It
improvement in the legislative tendency was dis- may be unwise for holders of railroad securities to
cernible during the first six months of this year. place too much hope in that measure, but it seems
In that period gross earnings of the railroads showed quite certain that a better and more unified transonly a very modest advance over the similar six portation system will follow, and the railroads can
months of 1934. But operating expenses now show look forward to that development with comfort.
a sharp advance, despite all that the capable manGross and net earnings of the carriers have shown
agers of the railroads could do to keep charges down only a modest tendency to advance from the lowest
and in conformity with the precarious position of levels of the depression. The record, in this respect,
the railroad transportation industry. The result, is gloomy in comparison with the same period of
of course, is a decrease in the net earnings of the 1934, and in view of the better tiend of business it
railroads, at the very period when the general busi- is fairly obvious that increasing diversion of shortness of the country was showing a quite decided up- haul, and even of some long-haul traffic, to trucks,
ward trend. The railroads shared in the business buses, airplanes and coastwise shipping is at the
1158
Financial Chronicle
bottom of the poor showing. Gross earnings for the
.
first half of this year were only $1,632,996,084
against $1,627,736,490 in the first half of 1934, the
increase amounting to $5,259,590, or 0.32%. This
means that the modest improvement over the trying
first six months of 1933 has been barely maintained,
whereas the comparison with previous years is unfavorable for a long time back. The extent of the
decline of railroad business during the depression
is easily indicated by the fact that gross earnings
in the first half of 1929 totaled no less than $3,057,560,980, or almost twice the aggregate we are now
able to report. The modest improvement this year
as compared with last year is all the more significant in view of the temporary increase in rates on
certain commodities granted by the ICC, and in
effect for part of the period now under consideration. When the rate increase is taken into consideration the conclusion seems warranted that the
railroads actually lost business, despite the improvement in some important lines of activity.
Quite as significant is the adverse trend of operating expenses and of net earnings now disclosed. The
operating costs of the rails during the first half of
this year were $1,256,596,332, exclusive of taxes,
whereas the same period of 1934 showed costs of
$1,209,743,285. For the increased costs of $46,853,047, or 3.87%, thus shown, the final restoration
of wages to the high levels prevalent in 1929 clearly
is chiefly responsible. In compliance with the requirement for successive restorations of the temporary wage reduction, an increase of 5% was effected
April 1, so that for half the period now under consideration the railroads were forced to pay the very
high levels attained at the height of the boom. The
ratio of earnings to operating expenses thus was
76.95% in the first half of this year against 74.32%
in the first six months of 1934. Net earnings, of
course, were reduced to a corresponding degree, and
we find that the railroads were able to show net
earnings of only $376,399,748 for the six months'
period of this year against $417,993,205 in the first
half of last year, a reduction of $41,593,457, or
9.95%. Quite possibly delayed repairs and maintenance expenditures also played a part in the very
unfavorable comparison of net earnings, but the
wage restoration is the main item in this accounting.
Jan. 1 to June 30
Mileage of 144 roads
Gros4earnings
Operating expenses
Ratio of earns, to exPs
Net earnings
1035
1934
237,968
$
1,632,998,080
1,250,596,332
76.95%
239,217
$
1,627.736,490
1,209,743.285
74.32%
--1,249
$
+5,259,590
+46,853,047
+2.63%
--0.52
%
+0.32
+3.87
376,399,748
417,993.205
--41,593,457
the basic law. The threat of such legislation has
not yet passed, but it cannot be considered imminent, and in the meantime the railroads are escaping at least such additional costs. It Is also necessary to record that two of the principal railroad
systems of the country, the Chicago & North Western, and the Chicago Milwaukee St. Paul & Pacific
found it advisable during the first half of this year
to apply for permission to reorganize under Section 77 of the amended Bankruptcy Act. There
could be no better illustration of the dire effects of
the depression and the present oppressive regulations of the Federal Government on the railroad
transportation business than the decisions of these
great railroad systems to seek relief from their fixed
charges:
•
Turning now to the month-by-month comparisons
of earnings during the first six months of 1935 with
the same period of last year, we find only modest
variations from the general rule of slight increases
in gross earnings and increased operating costs, with
highly unsatisfactory terminal results, so far as
net earnings are concerned. This general tendency
was sharply in evidence during January of this
year, when a small increase in gross earnings was
overshadowed by a much larger advance of operating costs, and a consequent decline in net revenues.
Precisely the same difficulties were in evidence during February, notwithstanding a modest revival of
long-haul passenger traffic, notable especially in connection with the improvement in the Florida resort
business. During March a decline took place in the
gross earnings, while expenses again increased, and
net earnings thus suffered to an unfortunate degree,
as compared with the same month of 1934. The
increasing general business of the country during
the spring months had a modest influence on the
railroads in April, when gross earnings actually
overtook the increased costs and the railroads were
able to report a diminutive increase in the net earnings as well. But in May the trend again was adverse on all counts, and gross earnings decreased
as against the same month of last year, while expenses gained as well, so that net earnings again
suffered in the comparison. In June a very moderate decline of gross earnings took place, but operating expenses showed their ineluctible upward trend,
and net earnings were reduced heavily. In the following table we show the comparisons of the totals
for each of the different months of the half-yearly
period:
--9.95
Inc.(+)or Dec.(—)
Aug. 24 1935
Cross Earnings
Net Earnings
Month
Before passing on to a consideration of month-bymonth results of operations, it is necessary to refer
to the ill-advised attempt of the current Administration in Washington to saddle the railroads of the
country with a peculiarly onerous pension system
of general application. Many of the railroads have
pension systems of their own in operation, but the
pension law passed last year would have increased
the charges unduly. The constitutionality of the
measure was challenged and it is gratifying to be
.
able to note once again that the Supreme Court, at
its spring term, held the Act unconstitutional. As
with other items of New Deal legislation that were
framed with glaring disregard of the Constitution,
study promptly was given, the problem of framing
a law that would effect the same ends and still be
considered by the Supreme Court in consonance with
1935
1934
Inc. or Dec.
1935
1934
Inc. or Dec
$
$
$
263,877,395 257,728,877 +8,148,718 51,351,024 82,258,839 --10,957,615
Feb__ - 254,568,767 248.122.284 +8,444,483 54,896,705 59,927,200 —5.030.495
March__ 280,492,018 292,798,746 —12,306,728 87,859,321 83,942,888 --16.283,565
274,185,053 265,037,296 +9,147,757 65,305,735 65,252,005
+53,730
May - - - 279,153,707 281,642,980 —2,489,273 70,418,370 72,083,220 --1,666,850
280,975,503 282,406,506 --I,431,003 64.920,43 74,529,254 --9,808,823
Arne _
Note—Percentage of Increase or decrease In net for above months has been:
Jan., 17.52% dec.: Feb., 8.39% dec.; March. 19.40% dec.: April, 0.08% Inc.:
May, 2.31% dec.: June, 12.89% dec. Percentage of Increase or decrease in gross
for above months has been: Jan., 2.39% Inc.: Feb., 2.70% Inc.; March. 4.20%
dec.; April, 3.45% Inc.; May, 0.88% dec.; June, 0.51% dec. In January the
length of road covered was 238,245 miles In 1935, against 239,506 miles In 1934:
In Feb., 238,162 miles In 1935, against 239,433 miles In 1934; in March, 238,011
miles In 1935, against 239,248 miles in 1934; In April, 237,995 miles In 1935, against
239.0Ies in1193
0
239.129 miles In 1934: in May. 237,951m 12 in 9 45, against 238,980 in 1934:
3
In June, 237,800 miles in 1935, against
Weather conditions and the great drought of 1934
naturally played a part in the comparisons now presented, but in both respects the figures for the first
half of this year naturally were favored, as against
those for the first six months of 1934. There was
no repetition of the seriously adverse frigidity and
heavy snowfall of February 1934 in the northeastern
Volume 141
Financial Chronicle
part of the country. It is noteworthy, in this connection, that the New England railroads were the
only ones to show an increase in net revenues, considered on a district basis, notwithstanding the fact
that their gross, revenues decreased. The Middle
Western and Western railroads that suffered greatly
from the drought of 1934 managed, as a whole, to
increase their gross revenues in the first half of
this year, but the regional comparisons all were
unfavorable, 60 far as net earnings are concerned.
Nor were the alterations very important in any
district or region, for all the railroads suffered
losses of traffic because of the egregious crop reductions schenies of the Administration and the immense destruction of hogs, cattle and other livestock in 1934. Such traffic losses plainly were an
important offset to the gains occasioned by improvement in some important industries.
When trade statistics are considered, with a view
to their effect upon railroad revenues, the sensational gains of the automobile industry come first
in the order of importance. It is found that in the
six months of the current year the number of motor
vehicles turned out was 2,262,141 cars as against
only 1,714,263 cars in the first six months of 1934;
990,114 cars in 1933; 871,448 cars in 1932; 1,572,935
cars in 1931; 2,198,589 cars in 1930, and no less than
3,225,443 cars in the first six months of 1929. Thus
it will be seen that the automobile output the
present year was the largest for the half-year since
1929. Moreover, without exception, comparisons
for all the months of the current year showed marked
increases as contrasted with the figures of a
year ago.
Turning now to the production of iron, we find
the output in the first half of 1935 only a trifle larger
than in the first six months of 1934, when production was on a greatly increased scale as compared
to the same' period of 1933 and 1932. The "Iron
Age" makes the output of pig iron in the first half
of the current year 9,799,000 gross tons as against
9,798,313 gross tons in the first half of 1934;
4,441,003 tons in 1933, and 5,168,814 tons in the
same period of 1932, but comparing with 11,105,373
tons in the same six months of 1931 and with no
less than 18,261,312 and 21,640,960 tons, respectively,
in the first half of 1930 and 1929. On the other
hand, for the first half of the current year the tabulations of the American Iron and Steel Institute
show that steel production was somewhat smaller
• than in the first half of the previous year, the make
of steel ingots in the United States having been only
16,024,691 tons as against 16,402,554 tons in the
first six months of 1934, but comparing with only
8,874,388 tons in the same period of 1933'and but
7,697,210 tons in the same six months of 1932.
Going further back, we find the output of steel
ingots in the first half-year of 1931 was 15,559,860
tons; in 1930, 23,578,619 tons, and in the first six
months of 1929 reached 29,036,274 tons.
In the case of the coal mining industry we find
that while there was a substantial increase in the
quantity of bituminous coal mined, there was a
marked falling off in anthracite production. The
quantity of bituminous coal mined in the United
States in the first six months of the present year
reached 188,894,000 tons as against 182,308,000 tons
in the same period of 1934; 145,210,000 tons in the
same period of 1933 and 144,588,000 tons in the first
six months of 1932. However, in the corresponding
1159
period of 1931 the output of soft coal was 189,797,000
tons; in 1930, 230,634,000 tons, and in the same
period of 1929 no less than 257,847,000 tons. The
production of Pennsylvania anthracite, on the other
hand, was only 28,645,000 tons in the first half of
1935 against 32,766,000 tons in the similar period of
1934, but compares with only 22,387,000 tons in 1933
and 24,162,000 tons in the same period of 1932.
Back in 1931, however, 31,542,000 tons were produced; in 1930, 33,193,000 tons, and in the same
six months of 1929, 35,517,000 tons.
Coming now to the building industries, here we
find, it is needless to say, decreases as compared
with the first six months of 1934. The F. W. Dodge
Corp. reports that the construction contracts
awarded in the 37 States east of the Rocky Mountains involved an outlay in the first six months of
the current year of only $696,506,800 as against
$854,101,900 in the same period of 1934, but comparing with $432,113,400 in the first half of 1933
and $667,079,700 in the first half of 1932. Going
further back, we find that the valuation of construction contracts in the first six months of 1931 was
$1,792,494,700; in 1930, $2,638,013,300, and in the
same period of 1929 no less than $3,667,983,000. As
to the output of lumber, the National Lumber Manufacturers Association reports that in the 26 weeks of
the current year an average of 704 identical mills
turned out only 4,091,335,000 feet of lumber as compared with 4,106,391,000 feet produced by 637 identical mills in the similar period of 1934, but comparing with 3,174,487,000 feet in 1933 and 2,806,164,000 feet in the same period of 1932. In the
same 26 weeks of 1931, however, the cut of lumber
aggregated no less than 5,218,633,000 feet.
Turning for the moment from the trade statistics
to the figures dealing with the Western grain traffic,
here is revealed a further heavy shrinkage on top
of the huge falling off in the movement last year.
Obviously, the present year's decrease, as was partly
the case in the first six months of 1934, was the
result of the curtailment of acreage under the crop
control plan. We analyze the grain movement in a
separate paragraph further along in this article,
and will, therefore, only say here that for the 26
weeks ending June 29 1935 the receipts at the
'Western primary markets of the five items, wheat,
corn, oats, barley and rye, aggregated only 128,957,000 bushels as against 197,921,000 bushels in the
corresponding period of 1934; 297,450,000 bushels
in the same 26 weeks of 1933; 205,354,000 bushels in
1932; 329,847,000 bushels in 1931; 328,514,000 bushels in 1930, and no less than 361,385,000 bushels in
the same period of 1929.
It is, however, in the figures showing the loadings
of railroad revenue freight measured by the number
of cars moved that a composite picture, as it were,
of the railroad traffic movement as a whole is found.
The statistics in this case relate to the railroads of
the entire country and include all the various items
of freight. For the first half of 1935 the aggregate
number of cars loaded was only 15,176,057 cars as
against 15,436,623 cars in the corresponding period
last year. Comparison, however, is with 13,344,300
cars in 1933 and 14,107,820 cars in the same period
of 1932. Carrying the comparisons still further
back, however, we find the number of cars loaded in
the first half of 1931 totaled 19,020,485; in 1930,
23,216,874 cars, and in 1929, no less than 25,516,953
cars.
1160
Financial Chronicle
Aug. 24 1935
As to weather conditions, which often are an im- 1932; 36,446 cars in 1931, and 42,743 cars in 1930;
portant factor affecting traffic and revenues of the while at Kansas City they were but 33,308 carloads
roads in the early months of the year, the winter of as against 40,909 cars in 1934; 39,052 cars in 1933;
1935, in contradistinction to that of 1934, was virtu- 41,640 cars in 1932, and 45,054 and 50,206 cars,
ally a mild one everywhere-at least it did not inter- respectively, in 1931 and 1930.
•
fere in any very essential degree with the running
As to the cotton movement in the South, this,
of trains or the movement of traffic.
though considerably larger than last year so far as
As we have already pointed out, the grain traffic shipments of cotton overland are concerned, fell far
over Western roads (taking them collectively) in the below even the greatly diminished movement of 1934
first six months of 1935 not only fell far below the in the case of receipts of the staple at the Southern
very small movement in the same period last year, outports-in fact, was the smallest for the six
but was smallest on record for the half-year period months' period in all recent years: Gross shipments
in all the years immediately preceding. While the overland in the six months reached 345,035 bales as
largest part of the shrinkage occurred in the wheat compared with only 316,248 bales in the Correspondand the corn receipts, all the different cereals in ing period of 1934; 200,751 bales in 1933, and 218,967
greater or less degree contributed to the decrease. bales in the same period of 1932, but comparing with
The receipts of wheat at the Western primary mar- 428,553 bales in 1931; 314,365 bales in 1930, and
kets for the 26 weeks ended June 29 1935 were only 475,570 bales in 1929. At the Southern outports, on
40,695,000 bushels, as compared with 77,878,000 the other hand, the receipts comprised only 760,373
bushels in the same 26 weeks of 1934; the receipts of bales in the first half of 1935 as against 1,806,866
corn were only 50,313,000 bushels as compared with bales in 1934; 2,667,753 bales in the same period of
67,677,000 bushels; of oats, but 15,961,000 bushels 1933; 3,394,799 bales in 1932; 1,613,175 bales in
as against 23,231,000 bushels, and of barley and rye, 1931; 1,485,129 bales in 1930, and 1,929,832 bales in
17,463,000 and 4,525,000 bushels, respectively, the same six months of 1929. In the following table
against 23,647,000 and 5,488,000 bushels. Altogether, we give full details of the port movement of the
the receipts at the Western primary markets of the staple:
five staples, wheat,corn, oats, barley and rye, reached RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO
JUNE 30 1935, 1934. 1933, 1932, 1931 AND 1930
only 128,957,000 bushels in the first six months of
1935 as compared with 197,921,000 bushels in the
1935
1934
1933
1932
1930
1931
corresponding period of 1934; 297,450,000 bushels Galveston
172,587 608.060 563,066 790,030 259,439 278,799
Houston, de
173,565 396,864 936,245 843,980 379,048 371,991
9,353
15,300
32,640
in the same six months of 1933; 205,354,000 bushels Corpus Christi
13,696
16.275
27,112
95
679
Beaumont
3,314
789
10,628
4,813
298,179 556,416 764,079 1,209,551 461,272 458,453
in the same period of 1932; 329,847,000 bushels in New Orleans
23,089
Mobile
66,707 138.668 252,369 204,350
95,859
40,247
Pensacola
14,814
21,757
4,717
18,554
36,672
1931; 328,514,000 bushels in 1930, and no less than Savannah
15,593
38,701
50,915
98,984 156,721 116,435
14,483
8,010
19.435
361,385,000 bushels in the same six months of 1929. Brunswick
30,288
32,811
Charleston
76,385
78,608
44,015
46,720
2,733
12,954
38,274
4,969
26,585
14,616
In the subjoined table we give the details of the Lake Charles
8,842
5,046
15,222
Wilmington
15,195
18,352
17,927
14,287
Norfolk
14.418
16,794
45,618
11,158
32,947
grain movement in our usual form:
Western
2.515
Jacksonville
613
2,384
6,353
68
6 Mos.End.
Wheat
Corn
Flour
June 29
(8813.)
(bush.)
(bush.)
Chicago1935-___ 4.206,000 4.103,000 11.669,000
1934_ ___ 4,216,000 4,704,000 19,572,000
Minneapolis
12,617,000
1,070,000
1935_ _
1934_
17,509,000 4,898.000
Duluth
49,000
1935_
3,555,000
1934_
9,530,000 2,407,000
599,000 2,789,000
1935_ _ 459,000
1934____ 356,000 1,241.000 3,643,000
Toledo
567,000
1,718,000
1935_
2,344,000
789,000
1934_
Detroit
425,000
129,000
1935_
301,000
1934_
468,000
Indianapolis & Omaha
1935___ _
34,000 3,431,000 8,312,000
1934_
7,119,000 12,031,000
St. Louis
1935._ 3,042.000 3,057.000 5,862.000
1934___ 3,200,000 6,294,000 6,908,000
Peoria
289,000 6,883.000
1935____ 956,000
1934____ 1,113,000
318,000 7,181,000
Kansas City
1935____ 364,000 6,820.000 11,485,000
1934____ 294,000 17,840,000 6,384.000
St. Joseph
1935_
676,000 1,015,000
1934_
1,182,000 2,380,000
Wichita
1935_
2,972,000
00,000
1934_
8,805,000
871,000
Sioux City
1935_
433.000
393,000
312,000
1934_
524,000
Oats
(bush.)
Barley
(bush.)
Rye
(bush.)
3,345,000 3,712,000 1,963,000
7,047,000 4,949,000 2.572,000
1,641,000 4.790.000
441,000
2,125.000 9.499,000 1,350,000
298,000
532,000
646,000
966,000
337,000
252,000
730,000 5,516.000
614,000 6,179,000
27,000
151,000
2.213,000
2,648,000
84,000
30,000
11,000
127,000
312,000
337,000
472,000
422,000
177,000
149,000
2,440,000
3,873,000
18,000
23,000
363,000
296.000
3.030.000
2,892,000
700.000
288,000
71.000
115,000
383,000
1,476,000
1,524,000
1,220,000
1,132,000
472,000
682,000
734.000
671,000
869.000
61,000
49,000
3,000
155,000
35,000
1,000
70,000
2,000
1.000
4,000
Total All
1935____ 9,061,000 40,695,000 50.313,000 15,961,000 17.463,000 4,525,000
1934____ 9.179,000 77,878.000 67,677.000 23.231,000 23.647.000 5.488,000
The Western livestock movement also appears to
have been on a greatly reduced scale-in fact, was
the smallest in all recent years. During the first six
months of the current year the livestock receipts at
Chicago comprised only 42,162 carloads as against
67,049 carloads in the same period of 1934; 69,101
cars in 1933; 76,467 cars in 1932; 96,298. cars in
1931, and 99,502 carloads in 1930; at Omaha the
receipts were only 11,238 carloads against 17,407
cars in 1934; 18,492 cars in 1933; 25,173 cars in
Total
760.373 1.806.866 2.667.753 3.394.700 1 512 175 1455.129
In what has been said above there is ample evidence going to show how the falling off in the traffic
and revenues of the railroads of the country has come
about. And in the case of the separate roads and
systems the showing is practically the same as in
the case of the general totals, and the reasons for
the shrinkage are likewise the same. While the
number of roads able to show increases in net earnings is about the same as those reporting decreases,
the ratio of roads showing increases in net earnings
to those reporting losses in net is a very small one
indeed, to be exact, just five. These roads, all of
which show increases in both gross and net alike, are
the Pennsylvania RR., which with $2,476,490 gain
in gross reports an increase in net of $658,323; the
Great Northern, with $2,293,375 gain in gross and
$2,643,7113 in net; the Duluth Missabe & Northern,
with $845,201 increase in gross and $1,182,311 increase in net; the Detroit Toledo & Ironton, which
shows $1,315,999 increase in gross and $818,794 in
net, and the Elgin Joliet & Eastern, with $1,161,046
gain in gross and $591,068 gain in net. To name
separately, with their losses, even the most conspicuous of the roads reporting decreases in both gross
and net alike would involve a needless loss of time
and space, and we will, therefore, only name a few.
The New York Central (which heads the list of decreases in the net) reports a loss in gross earnings
of $995,321 and a loss in net of ,492,032 (this is
for the New York Central and its leased lines; including the Pittsburgh & Lake Erie the result is a
decrease in gross earnings of $1,236,300 and a loss
in net earnings of $4,660,272); the Chicago Burlington & Quincy, which reports a loss of $608,394 in
gross earnings and a loss of $3,422,990 in net; the
Missouri Pacific, with $1,430,068 decrease in gross
and $2,762,157 in net; the St. Louis San Francisco
(three roads), reporting a decrease of $1,408,358 in
gross and of $2,381,650 in net; the Chicago Rock
Island & Pacific (two roads), reporting $1,285,548
loss in gross and $2,357,829 loss in net, and the
Erie RR., showing a decrease of $2,260,487 in gross
earnings and of $1,949,108 in net. In the following
table we bring together without further comment all
changes for the separate roads and systems for
amounts in excess of $500,000, whether increases or
decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE SIX
MONTHS ENDED JUNE 30 1935
Decrease
Increase
$2,260,487
Southern Pacific (2 rds)_ $4,304,734 Erie (2 roads)
1,941,260
Illinois Central
2,696,957 Reading
Pennsylvania
1,430.068
2.476.490 Missouri Pacific
Great Northern
2,293,375 St Louis-San Fran (3 rds) 1,408,358
1,285,548
Atch Topeka & Santa Fe 1,551,011 Chic R I & Pea (2 rds)
997,545
-Texas
Detroit Toledo & Ironton 1,315,999 Missouri-Kansas
a995321
Union Pacific (4 roads)_ _ 1,221.243 New York Central
918.411
Elgin Joliet & Eastern
1,161.046 Atlantic Coast Line
908,619
Duluth Missabe & Nor_ _
845,201 N Y N H & Hartford
884,288
Wabash
810,371 Chicago & North Western
708,589
Grand Trunk Western
743,937 Baltimore & Ohio
662,084
Denver & R G Western_ _
708,488 N Y Chicago & St Louis634,118
_
Louisville &
688,057 Seaboard Air Line
608,394
Virginian
623,032 Chicago Burl & Quincy
607,416
St. Louis Southwestern
561,469 Internat Great Northern
520.361
Delaware & Hudson
Total (19 roads)
$16,770,867
$22,001,410
Total (20 roads)
a These figures cover the operations of the New York Central and leased
lines
-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie the result is a decrease of $1,236,300.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE SIX
MONTHS ENDED JUNE 30 1935
. Decrease
Increase
1,554,407
Great Northern
$2,643,718 Illinois Central
1.508.124
Duluth Missabe & Nor-- 1,182,311 Southern
Detroit Toledo & Ironton
1,470,345
818,794 Reading
Pennsylvania
658,323 Missouri-Kansas-Texas-- 1.427,129
1,161.933
Elgin Joliet & Eastern--591,068 Chesapeake & Ohio
886.311
Del Lack & Western...-.884.530
Total(5 roads)
$5 894 214 Norfolk & Western
821.254
Decrease • Louisville & Nashville._ 736,587
New York Central
a$4,492,032 Internat Great Northern
736,351
Chicago Burl Sa Quincy.._ 3,422,990 Chicago & North Western
Missouri Pacific
723,283
2,762,157 NY Chicago & St Louis717,856
Union Pacific(4 roads).... 2.398,891 Atch Topeka & Santa Fe
657,173
-San Fran (3 rds) 2.381,650 Colo & Southern (2 rds)St Louis
620.826
Chic R I & Pacific(2 rds) 2.357,829 Long Island
597,573
Northern Pacific
2,311,098 Minn St Paul & S 5 Marie
548,233
Erie (2 roads)
Chatt & St Louis__
1,949,108 Nash
Chic Milw St Paul & Pea 1,769,141
$40,523,443
Atlantic Coast Line
1,626,632
Total (34 roads)
a These figures cover the operations of the New York Central and leased
-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
lines
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie the result is a decrease of $4,660,272.
When the roads are arranged in groups, or geographical divisions, according to their location, as
is our custom, the generally unfavorable .character
of the returns is brought out quite clearly, in as
much as it is found that of the three districts-the
Eastern, the Southern and the Western-two, the
Southern district and the Western district (though
not including all the regions contained therein) report gains of small amount in gross earnings, while
all three districts, together with all their regions,
with the single exception of the New England region
in the Eastern district, report substantial losses in
the net. We might say that the gain, $514,339, in
net earnings reported by the New England region
followed a loss in gross earnings by this region of
$542,902. Our summary by groups is as below. As
previously explained, we group the roads to conform
with the classification of the Interstate Commerce
Commission. The boundaries of the different groups
and regions are indicated in the footnote to the
table:
Total (32 roads)
Western District
Northwestern region (16 roads)_ _176,349,632 173,723,792
Central Western region (20 roads)_266,221,797 260,589,052
Southwestern region (24 roads)___ _122,455,125 125,673,849
+2,625,840
+5,632,745
-3,218,724
1.51
2.16
2.56
565,026,554 559,986,693
+5,039.861
0.90
Total(60 roads)
+5.259,590 0.32
Total all districts (144 roads).._ _ _1,632,996,080 1627,736,490
Net Earning
District and Region
1934
Inc.(+) or Dec.(-)
1935
6 Mos.End.June 30 -Mileage-S
$
$
%
Eastern District1935
1934
+514,339 2.81
New England region__ 7,132
7,156 18,816,287 18,301,948
Great Lakes region...._ 26,792 26,916 78,788,409 87,708,642 -8.920.233 10.17
Central Eastern region 25,063 25,037 93,723,813 94,583,549 -859,736 0.91
Total
58,987 59,109 191,328,509 200,594.139 -9,265,630 4.62
Southern District
Southern region
39,236 39,413 45,087,223 53,776,080 -8,688.857 16.16
Pocahontas region.. _ _ 6,020 6,038 41,833,858 43,529,579 -1,695,721 3.90
45,256 45,451 86,921,081
Western District
48,379 48,547 28,566,191
Northwestern region
Central Western reg'n 54,894 55,252 47,790,747
Southwestern region
30,452 30,858 21,793,220
L Total
Total
97,305,659 -10384.578 10.67
31,447,115 -2,880.924 9.16
59,019,990 -11229,243 19.03
29,626,302 -7,833,082 26.44
133,725 134,657 98,150,158 120,093,407 -21943,249 18.27
Total all districts..
.237,968 239,217 378,399,748 417,993,205 -41593.457 9.95
NOTE
-Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
groups and regions:
EASTERN DISTRICT
New England Region-Comprises the New England States.
Great Lakes Region-Comprises the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York,
Central Eastern Region-Comprises the section south of the Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W.
Va., and a line thence to the southwestern corner of Maryland and by the Potomac
River to its mouth.
SOUTHERN DISTRICT
Southern Region-Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas Region-Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
WESTERN DISTRICT
Northwestern Region-Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
.
Central Western Region-Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louts, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
to the Pacific.
Southwestern Region-Comprises the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso.
and by the Rio Grande to the Gulf of Mexico.
We now add our detailed statement for the halfyear. It shows the results for each road separately,
classified in districts and regions the same as in the
foregoing summary:
EARNINGS OF UNITED STATES RAILROADS FROM JAN. 1 TO JUNE 30
Eastern District
Net
Gros
Inc. or Dec.
New England1934
1934
1935
1935
Region
1,559,233 +168,883
Bangor & Aroostook 3,827,042 3,663,559
1,728,116
4,990,526 +215,363
Boston & Maine_ - 21,825,267 21,713,924
5,205,889
Can Nat System
-54,052
C N TAMS in N E_
513,326 -171,602 -117,550
521.821
120,233 +147,093
Central Vermont.. 2,629,959
267,326
2,528,448
Dul WI1112 & Pae-See Northwestern Region.
Grand Trunk Western
-See Great Lakes Region.
Can Pan System
253,624 -114,789
C P Lino: in Me__ 1,093,606
138,835
1,236,844
-32.566
-94,708
C P Lines in Vt. _
492,216 -127,274
469.116
Dul So Sh & AU-See Northwestern Region.
Minn St P & S S M-See Northwestern Region.
Spokane International
-See Northwestern Region.
1,233,252 +227,575
1,460,827
Maine Central
5,560,876
5,810,218
New Haven System9,121,492 +110,586
9,232,078
NYNH8r Hartf_ 34,882,935 35,791,554
N Y Ont & West
-See Great Lakes Region.
-65,737
1,140,474
N Y Connecting_
1,074,737
1,399,241
1,422,459
95,372
-88,017
7,355
1,635,803
Rutland
1,556,902
Total(10 roads).- 74,016,107 74,559,009 18,816,287
--•-•-G7'03
18,301,948
+514.339
Net
Inc. or Dec.
1934
8
$
127,652
+48,418
753,813,906
-659,460
0.08
212,564,030 211,498,687
102,251,050 102,437,204
+1,065,343
-186,154
0.50
0.18
1935
Great Lakes
1934
1935
Region$
8,
$
176,070
Cambria & Indiana_
518,938
559,742
Can Nat System
C N Lines in N E-See New England Region.
Central Vermont-See New England Region.
Dui Winn & Pee-See Northwestern Region.
2,029,801
1,868,702 +161,099
Or Trunk West__ 10,189,760
9,445,823
-12,440
1,888,923
1,701,363
Delaware 8: Hudson 11,860,699 12,381,060
4,337,158
5,223,469 -886,311'
Del Lack & Western 22,811,651 23,291,371
4,432
24,693
-20,261
277,463
Detroit & Mackinac
271,893
+66,132
1,017,577
951,445
list Sz Tol Sh Line__ 1,836,034
1,689,983
Erie System
9,441,658 11,376,318 -1,934.660
Erie
36,339,943 38,557,115
-14,44.8
-83,279
New Jersey & NY
441,145
-97,727
397,830
567,542
-17,969
1,949,387
549,573
N Y Susq & West_ 1,891,138
226,719
+21,645
248,364
Lehigh & Hod River
771,446
758,667
501.246
+17,079
1,821,523
518,325
Lehigh & New Eng_ 1,785,045
5,413,728 -374,476
5,039,252
Lehigh valley
20,767,248 21,078,521
1,224,766
+24,015
2,035,287
1,248,781
Monongahela
2,039,574
888,855
391,483
281,563 +109,920
Montour
920,392
New Haven SystemNYNH& Hartford-See New England Region.
N Y Ont dr West.. 4,343,993 4,840,577
1,133,825 1,228,368
-94,543
N Y Central Lines
NY Central
150,525,322 151,520,643 35,450,758 39,942,790 -4.492,032
8,023,049
1,445,755
1,613,995 -168,240
Pitts & Lake Erie_ 7,782,070
N Y Chic & St Louis 16,569,709 17,231,793
5,221,382
5,944,665 -723,283
Pere Marquette_ __ 13,463,402 13,255,686
3,109,700
3,373,518 -263,818
Pitts & Shawmut_ _ _
367,191
355,622
45,548
50,644
-5,096
+21,473
Pitts Shawm & Nor..
527,786
522,848
78,149
56,676
Pitts & W Virginia
1,433,425
1,458,633
453,463
-2,778
450,685
Wabash System
Ann Arbor
1,643,969
424,732
+36,362
1.880,075
388,370
Wabash
20,304,230 19,493,859
4,834,205
5,250,226 -416,021
314,815,080 313,935,891
+879,189
0.28
Total(24 roads)-.329,639,598 333,481,817 78,788,409 87,708,642 -8,920,233
SUMMARY BY GROUPS
District and RegionGross Earnings
(±)or Dec.
Inc.
6 Months Ended June 301934
1915
(-)
Eastern District$
$
%
s
-542,902 0.73
74,559,009
New England region (10 roads)_ _ _ _ 74,016,107
Great Lakes region (24 roads)
1.15
329,639,598 333,481,817 -3,842,219
region (18 roads) 349,498.741 345,773,080
+3,725,661
Central Eastern
1.08
Total(52 roads)
Southern District
Southern region (28 roads)
Pocahontas region (4 roads)
1161
Financial Chronicle
Volume 141
753,154,446
1162
Financial Chronicle
Gross
Net
Central Eastern
1935
1934
1934
1935
Inc. or Dec.
Region$
$
Akron Canton & Y.
977,225
923,734
363,606
328,999
-34,607
Bait & Ohio System
Alton-See Central Western Region.
Baltimore & Ohio_ 68,996,170 69,704,759 17,421,863 17,730,371 -308,508
Staten Di Rap Tr_
731,048
866,699
-17,408
152,119 -169,527
Bessemer & L Erie__ 4,073,333
3,834,656
925,105
536,836 +388.269
Chic & East Illinois_ 6,493,072
6,201,471
1,260,837
+49,329
1,211,508
Chic & Ill Midland_ 1,627,635
1,363,990
485,899
353,979 +131,920
Chic Ind & Loulsv__ 3,857,475 3,622,411
658,699
568,419
+90,280
Det Tol & Ironton_ _ 4,717,927 3,401,928
2,639.748
1,820,954 +818.794
Elgin Joliet dr East_ 6,928,339 5,767,293 2,034,738
1,443,670
+591.068
Illinois Terminal_ _
2,475,551
2,434,912
742,231
-162
742,393
Missouri Pacific System-See Southwestern Region.
Missouri Illinois__
511,174
466,619
109,153
118,736
-9,583
Pennsylvania System
Long Island
11,527,103 11,773,831
2,262.786
2,883,612 -620,826
Pennsylvan1a. _ _ _178,853,949 176,377,459 49,641,542 48.983,219 +858,323
Reading System
Penn Read 55 L_ 2,380,332
2,434,516 -342.156 -204,560 -137,596
Central of N J._ _ 14,801,249 14,881,667
3,973,679
4,453,085 -479,406
Reading
26,685,078 28,606,338
7,973,575 9,443,920 -1,470,345
Western Maryland_ 7,428,309
7,046,478
2,179,895
2,334,776 -154,881
Wheeling & L Erie
6,453,772
6,064,319
1,444,628
1,646,906 -202,278
Total(18 roads)- _349,498,741 345,773,080 93.723.813 94,583,549
-859,736
Total Eastern District (52 roads).753,154,446 753,813,906 191,328,509 200,594,139 -9,265,630
Southern District
-Gross
Net
Southern
1934
1935
1934
1935
Inc. or Dec.
Region
$
AU Coast Line SystemAtl Birm & Coast_ 1.447,580
1,425,359
59,473
-5,726
+65.199
Atlanta & W Point
727,043
702,857
47,474
36,608
+10,866
Atl Coast Line... 22,093,860 23,012,271
5,215,534 6,842,166 -1,626,632
Charles & W Caro 1,037,969
1,060,701
298,122
-78,6390
Clinch field
2,589,359 2,838,966
1,005.176
1,302,785 -297,609
Georgia
1,550,763
1,565,461
235,260
212,162
+23,098
LouLsv & Nashv_ _ 36,333,832 35,645,775
8,197,275
9,018,529 -821,254
Nash Chatt & St L 6,173,178 6,598,410
552,088
1,100,321 -548,233
West Ry of Ala
647,828
851,383
-40,391
-18,303
-22,088
Columbus dr Greenv
413.087
403,789
-24,098
3,451
-27,549
Florida East Coast_ 4,989,917
5,020,387
1,321,437
1.783,044 -461,807
Georgia & Florida._
522,597
553.104
22,659
28,634
-5,975
Gulf Mobile & Nor_ 2,804,865 2,686,509
857,819
805,945
+51,874
Illinois Central System
Central of Georgia 7,054,664 6,690,202
802,754
880,454
-77,700
Gulf& Ship Island
642,650
613,105
88,877
111,062
-22,185
Illinois Central... 41,316,863 38,619,906
8,386,204
9.940,611 -1,554,407
Yazoo & MISS Vali 5,568,896
5,561,692
1,088,301
1,450,936 -362,635
Mississippi Central_
337,771
321,203
49,451
35.988
+13,463
Norfolk & Southern_ 2,431,108
2,481,605
560,675
701,534 -140,859
Seaboard Air Line_ 18,081,008 18.715,126
3,696,477
4,021,067 -324,590
Southern System
Ala Gt Southern_ 2,452,465 2,448,175
291,816
524,019 -232,203
Cin N 0& Tex P_ 8,406,732
8,343,486
2,106,266
2,501,501 -395,235
Ga South & Fla._
946,062
973,981
93,993
116,757
-22,764
Mobile dr Ohio._
4,082.363 4,395,744
372,840
683,082 -310,242
NO & Northeast.' 1,099,374
1,105,865
246,278
261,772-15,494
North Alabama
291,280
275,635
107.468
94,476
+12,992
Southern
39,463,886 39,742,393
9,174.886 10,683,010 -1,508.124
Tennessee Central
1,059,454
1,045,597
273,109
283,205
-10,096
Total(28 roads)_ _ 212,564,030 211,498,887 45,087,223 53.776,080 -8,688,857
-Gross
Net
Pocahontas1935
1934
1935
1934
Inc. or Dec.
Region3
$
$
$
Chesapeake & Ohio_ 54,596,076 55,094,786 23,117,276 24,279,209 -1,161,933
Norfolk & Western_ 36,469,258 36,897,117 Y3,915,078 14,799,608 -884,530
Richmond Fred &Po 3,542,427
3,425,044
731,630
820,048
-88,418
Virginian
7,643,289
7,020.257
4,069,874
3,630,714 +439,160
Total(4 roads)...-102,251,050 102,437,204 41,833,858 43,529,579 -1,695,721
Total Southern District(32 roads). 314,815,080 313.935,891 86,921,081
Western District
Northwestern
1934
1935
1935
Region5
Can Nat System
C N Lines in N E
-See New England Region
Central Vermont-See New England Region,
Dul Wien dr Pao.
493,764
430,725
6,472
Grand Trunk Western-See Great Lakes Region.
Can Pao System
C P Lines in Me
-See New England Region,
C P Lines in Vt-See New England Region.
Dul So Sh & AU.. 1,084,501
230,665
1,064.452
M St P dr 13 B M._ 10,352,343 10,686,101
941,413
Spokane Internat.
243,489
-1,125
240,197
Chic & North West. 35,386,728 36,271,016
4,600,620
Chic St PM & 0. 6,727,726
592.044
6,916,249
Chic Great Western_ 7,188,755
7,133,001
1,277,965
Chic Mil St P & Pao 41,392,336 40,952,214
6,766,799
Dul Missabe & Nor_ 4,171,298
1,182,458
3,326,097
Crest Northern_ .._ _ 32,095,046 29,801,671
9,782,334
Green Bay dr West_ _
689,380
529.743
144,086
I.ake Sup & fah pent_
543,510
592,430
117,148
Minneapolis de St L. 3,339,384
3,374,224
42,670
Northern Pacific_ _ _ 22,795,113 22,735,256
936,177
Spokane Portl dr Se. 2,713,592
2,692,886
1,103,141
Union Pacific System-See Central Western Region.
Ore Wash RR & N 7,083,767
7,026,450
843,318
97.305,659 -10384,578
Net
1934
$
-24,591
Inc. or Dec.
+31,063
182,029
+48,636
1,538,986 -597,573
3,358
-4,483
5,336,977 -736,351
1,084,959 -492,915
1,691,014 -413,049
8,535,940 -1,769,141
147 +1,182,311
7,138.616 +2,643,718
21,477 +122,609
117,475
-327
128,034
-85,364
3,247,275 -2,311,098
1,208,795 -105,654
1,236,624
-393,306
Total(16 roads)._176,349,632 173,723,792 28,566,191 31,447,115 -2,880,924
-Gross
Net
Central Western
1934
1935
1935
1934
Inc. or Dec.
RegionAtch Top dr Santa Fe 61,623,627 60,072,618 10,192,210 10,910,066 -717,856
Bait dr Ohio System
Alton
6,417,887 6,126,038
768,778
1,244,096 -475,318
Bait & Ohio
-See Central Eastern Region.
Sudan Is. Rap Tr-See Central Eastern Region.
Burlington Route
Ch Burl & Quincy 36,667,754 37,276,148
5,730,730 9,153,720 -3,422,990
Colo & Southern_ 2,621,280
2,458,662
183,200
246,223
-63,023
Ft Worth dr D C. 2,322,626
2,699,272
381,094
975,244 -594,150
Den & Rio Gr West_ 8,779,585 8,071,097
1,373,745
1,737,820 -364.075
Denver dr Salt Lake_
817,511
564,557
296,325
171.891
+124,434
Nevada Northern
176,590
158,571
30,905
27,480
+3.425
Rock Island System
Chic RI &
1,812.956
1,705,908
429,846
364,105
+65,741
Chic R I & Pao_ _ _ 29.521.884 30,914,480
2,220,668
4,644,238 -2,423,570
San Diego Ariz & E.
241,510
250,721
-29,512
7,140
-36,661
Southern Pacific System
Northwestern Pac 1,439,924
-62,418
1,460,193
75,810 -138,237
.St L Southwestern-See Southwestern Region.
Southern Pacific_ 56,863,598 53,480,610 13,791,788 14,229,610 -437,822
Texas & N 0
-See Southwestern Region.
Tol Peoria & West-.
809,468
143,330
805,277
138,694
+4,636
Union Pacific System
Los Ang & Salt L. 8,060,222
7,944,364
2,374,982
2,816,218 -441,236
Oregon Short Line 10,147,615
9,364,492
2,470,130
2,637,857 -167,727
Ore Wash RR Ac N-See Northwestern Region.
1,365,950
395,945
St Jos & Gr Island 1,286,421
570,190 -174,245
Union Pacific.... 30,819,648 30,359,314 6,447,397 8,111,010 -1,663,613
443,808
111,192
278,080
25,052
+86,140
Utah
540,412
5,232,702
• 933,508 -393,096
Western Pacific.... 5,347,885
Total(20 roads)-266.221,797 260,589,052 47,790,747
59,019,990-11229,243
Aug. 24 1935
-Gros
Southwestern
1935
1934
1935
Region
-$
Berl-Reek Island.396,113
378,037
-91,654
Ft Smith & Western
304,085
314,678
-4,712
Frisco Linos
Ft W & Rio Gr_-_
199,627
208,000
-92,159
St L-San Fran-- 18,545,536 19,936,805
1,350,663
St L San Fr & Tex
453,882 . 462,598 -114,415
Kansas City South. 4,631,394
4,830,060
1,043,907
Kansas Okla & Gulf.
925,573
944.765
384,554
Louisiana & Ark... 2,209,448
2,106,757
711,543
La Ark & Texas_ _ _ _
463,066
479,477
89,196
Midland Valley....
574,277
584,898
211,161
Missouri & Arkansas
184,510
494,201
46,746
Mo-Kansas-Texas._ 12,092,025 13,089,570
1,543.652
Missouri Pacific SystemBeaum L & W__
865,902
921,795
216,061
Internet Or Nor__ 5,697,452 6,304,868
1,043,060
Missouri Illinois
-See Central Eastern Region.
Missouri Pacific_ 34,636,416 36,068,484
5,580,872
NO Tex & Mex._
864,829
946,723
246,067
St L Brownsv & M 2,603,143 2,621,131
810,468
8 A Uvalde & Gulf
445,540
588,522
4,096
Texas & Pacific__ 10,979,948 10,717,797
3,152,707
Okla City-Ada-Atok
221,920
174,885
85,491
Southern Pacific System
Northwestern Pac-See Central Western Region.
St L Southwestern 7,805,216
7,243,747
2,483 330
-See Central Western Region.
Southern Pacific
Texas &New On. 16,451,368 15,529.622
2,842 0 9
51:561
3
Texas Mexican
653,409
450,357
218,988
278,072
Wichita Falls & Sou_
250,448
Net
1934
-46,340
12,059
Inc. or Dec.
-45,314
-16,771
+3,953
-96,112
3,684,620 -2,333,957
-51,646
-.62,769
1,306,036 -262,129
-87,850
472,404
+1,752
709.791
-25,754
114,950
+ 1,835
209,326
-46,177
92,923
2,970,781 -1,427,129
247,392
1.779,647
-31,331
-736,587
8.343,029 -2,762,157
-63.164
305,231
935,981 -125,513
196,211 -192,115.
3,515,298 -362,591
+21,623
63,868
2,341,140
-I-:122,190
2,349 403
104 66
:4
Ix=
72,967
-21,398
Total(24 roads)..122,455,125 125,673,849 21,793,220 29,626,302 -7,833,082
Total Western District(60 roads)...565,026,554 559,986,693 98,150,158 120,093,407 -21943,249
Total all districts
(144 roads)- -1,632,996,080 1627736,490 376,399.748 417,993,205 -41593,457
Results for Earlier Years
We have already pointed out that the very small increase
in gross earnings of $5,259,590 which, through increased expenses and other adverse factors, resulted in a decrease
of $41,593,457 in the first half of the current year, follows
increases in both gross and net alike of $214,374,745 and of
$71,353,026, respectively, in the same six months of 1934,
and that these increases, in turn, come after a loss in gross
earnings of $168,965,008, accompanied by a gain in net of
$30,679,039 in the corresponding period of 1933. In the
same period of 1932, however, there was a decrease of $584,780,093 in gross and of $149,889,660 in net; also a decrease
of $503,786,279 in gross and of $147,407,933 in net in the
first half of 1931, and a decrease of $324,823,450 in gross
and of $199,587,164 in net in the first half of 1930. On the
other hand, our tabulations for the first half of 1929 recorded
$151,648,890 gain in gross and $114,947,201 gain in net, which
in turn came after $116,628,506 loss in gross and $13,059,449
loss in net in the first half of 1928. In 1927, also, conditions
were not altogether favorable, so that our tables then likewise showed some shrinkage in both gross and net earnings.
The Mississippi River floods, the coal miners' strike, the
slump in the automobile trade, the depression in the South,
the impaired status of the agricultural classes, especially in
the Northwest, by reason of successive poor crops of spring
wheat, all imposed a state of quietude on general trade in
that year and left their mark on railroad revenues. However, the decrease was very slight-only $9,132,430 in the
gross, or less than one-third of 1%, and $16,035,003 in the
net, or 2.20%. In the two years preceding, on the other
-the situation was different. Then
hand-1926 and 1925
the returns were distinguished for quite considerable improvement. Especially was this the ease in 1926, when our
compilations recorded $131,448,135 increase in gross and
$71,056,875 increase in net. There were increases also in
1925 over 1924, but they were much more moderate, at least
in the gross, having been only $23,096,456 in that item, but
$58,807,728 in the net. However, these increases came
after a big falling off in both gross and net in 1924. This
latter year was the year of a Presidential election, when,
pending the outcome, a tremendous slump in business occurred, which involved a corresponding contraction in the
traffic and the revenues of the railroads. The falling off in
the gross in 1924 amounted to no less than $225,987,341; in
the net it was $54,000,364.
But in noting the 1924 shrinkage in gross and net it is
important not to overlook the fact that this followed prodigious gains in gross and net alike in the year preceding,
that is, 1923, the addition to the gross that year having been
$480,926,565 and to the net $117,564,651. Moreover, this
improvement, at least in the net, came after large increases
in 1922 and the year before, too, the improvement, however,
in those two years following entirely as a result of savings in
expenses, gross earnings in both 1922 and 1921 having
recorded losses. In 1922, as against $03.299,701 decrease
in gross, the saving in expenses was $281,731,725, affording,
therefore, a gain in net earnings of $218,332,024. In 1921,
in like manner, though there was $67,476,090 loss in gross,
this was turned into a gain of $141,808,030 in net by a
reduction of $209,284,120 in expenses. The 1921 reduction
in expenses would have been very much greater than actually recorded except that the railroads were operating under
much higher wage scales, the United States Labor Board
having in July 1920 awarded an increase of 20%. On the
other hand, the decrease of 12% made by the Labor Board,
effective July 1 1921, was a factor in lowering expenses in
the first half of 1922.
It must be particularly remembered, though, that previously to 1921 expenses had been mounting up in a frightful way, until in 1920 a point was reached where even the
Financial Chronicle
Volume 141
strongest and best managed properties were barely able
t.) meet ordinary running expenses, not to mention taxes
and fixed charges. And it is these prodigiously inflated expense accounts that furnished the basis for the savings and
economies that were effected in 1921 and 1922 and in the
immediately succeeding years. As compared with 1920, the
roads in both 1921 and 1922 also had the advantage of much
more favorable weather conditions. In 1921 the winter was
exceptionally mild, and much the same was true of the
winter of 1922, though this last is declared to have been a
hard one in certain special sections
-in Wyoming and
Montana, for instance, and contiguous territory. In 1920,
on the other hand, not only was the winter unusually severe,
but many other adverse influences and conditions existed
at the time, all combining to cut down the net, and in our
review of the earnings for this half-year period we were
prompted to say that it was not likely that we would ever
be called upon to record a poorer statement of net earnings
of United States railroads for any period of six months than
that for the first half of 1920. Rising costs of operation
induced by wage increases, advancing prices for material,
fuel, supplies and everything else entering into the operating
accounts of the railroads, and by heavy extra expenses
arising out of special unfavorable circumstances of one kind
or another-had been a feature of railroad affairs for many
years, we then pointed out, but in 1920 the movement,
unquestionably, might be said to have reached its climax
and its apex, many of the roads failing to earn bare operating expenses. Altogether, the result of this array of unfavorable influences on earnings in the first half of 1920
was that as against a gain in gross earnings of $358,015,357,
our compilations showed an addition to expenses of no less
than $425,461,941, leaving the net diminished in amount of
$67,446,584.
It should be noted, furthermore, that the falling off in
net in 1920 was merely one of a long series of losses in net.
In the first six months of 1919 the higher rates then in force
(as compared with 1918) for the transportation of passengers and freight barely sufficed to meet the great rise in expenses; our compilations then showed $265,635,870 addition
to gross earnings with a coincident increase in expenses of
$265,952,855, leaving net slightly smaller, namely, by
• $316,985. In the preceding two years the results were
equally bad, huge increases in expenses acting to cause heavy
losses in the net. For instance, in 1918 the addition to
expenses (over 1917) reached the prodigious sum of $457,054,265, or about 34%, with the result that a gain of $181,848,682 in gross was turned into a loss of no less than
$275,205,583 in the net, or over 50%. Not only that, but
in 1917 a gain of $205,066,407 in gross was concurrent with
an addition of $212,222,155 to expenses, leaving a loss of
$7,155,748 in net. In the following we furnish the halfyearly comparisons back to 1906:
GROSS EARNINGS
Year
Given
Year
Jan 1 to June 30.
1909
1910_
1911_
1912_
1913_
1914_
1915_
1916_
1917_
1918_
1919.
1920_
1921_
1922_
1923_
1924_
1925.
1926_
1927.
1928.
1929_
1930_
1931
1932
1933.
1934
1935
Year
Preceding
Increase(+)or
Decrease(-)
$1,172,185,403 61,051,853,195 +6120,332,208
1,351,570,837 1,172,481,315 +179,089,522
1,310,580,765 1,339,539,563
-28,958,798
1,365,355,859 1,309,006,353
+56,349,506
1,502,472,942 1,366,304,199 +136,168,743
1,401,010,280 1,486,043,706
-85,033,426
1, 07,465,982 1,447,464,542
4
-39,998.580
1,731,460,912 1,403,448,334 +328,012,578
1,946,395,684 1,741.329,277 +205,066.407
2
,071,337,977 1,889,489,295 +181,848,682
2
,339,750,126 2,074,114,256 +265,635,870
2
,684,672,507 2,326,657,150 +358,015,357
2
,671,369,048 2,738,845,138
-67,478,090
2
,602,347,511 2.665,747,212
-63,399.701
3
,086,129,793 2,605,203.228 +480,926,565
2 865,947,474 3,091,934,815 -225,987,341
,
2
,887,608.623 2,864,512,167
+23,096.456
3
,022,413,801 2,890,985,868 +131,448,135
3
,011.796,048 3,020,928,478
-9,132,430
2
,901.379,728 3,018,008,234 -116,628,506
3
,057,560,980 2,905,912,090 +151,648,890
2
,737,397,195 3,062,220,645 -324,823,450
2
,184,221,350 2,688.007,639 -503,786,279
1,599,138,566 2,183,918,659 -584,780,093
1, 30,226,871 1,599,191,879 -168,965,008
4
1,627,736,490 1,413.361,745 +214,374,745
1,632.996.080 1.827.736.490
+5.259.590
Per
Cent
11.44
15.27
2.16
4.30
9.97
5.72
2.76
23.37
11.78
9.62
12.81
15.39
2.46
2.38
18.46
7.31
0.81
4.51
0.3C
3.86
5.22
10.61
18.74
26.71
10.5/
15.1/
0.31
NET EARNINGS
Year
Jan. 110 June 301909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
.1927
1928
1929
1930
1931
1932
1933
1934
1935
Year
Given
Year
Preceding
Increase(+)or
Decrease(-)
Per
Cent
2371,591,341
408,380,483
378,852,053
373,370,171
400,242,544
343,835,677
394,083,458
559,476,894
555,883,025
265,705,922
265,007,159
195,582,649
310,890,365
530,420,651
649,131,565
597,828,199
656,663,561
727,905,072
711,888,565
700,848,779
817,500,221
618,567,281
471,189,438
321,450,701
352,131,926
417,993,205
376.399.748
$294,951,102
371,562,668
404,569,430
375,407,648
373,442,875
394,495,885
347,068,207
393,225,507
562,838,773
540,911,505
265,325,144
263,029,233
169,082,335
312,088,627
531,566,924
651,828,563
597.855,833
656,848,197
727,923,568
713,906,228
702,553,020
818,154,445
618,597,371
471,340,361
321,452,887
346,640,179
417.993.205
+678,640,239
+36,817,815
-25,717,377
-2,037,477
+26,788,689
-50.660,208
+47,615,343
+166,141,381
-7,155,747
-275,205,583
-316,985
-67,446,584
+141,808,030
+218.332,024
+117,564,641
-54,000,364
+58,807,728
+71.056,875
"16,035,003
-13,059,449
+114,947,201
-199,587,164
-147,407,933
-149,889,860
+30,679,039
+71,353,026
-41893457
25.98
9.91
6.36
0.54
7.18
12.84
13.55
42.28
1.27
50.88
0.12
25.64
83.87
69.96
22.12
8.28
9.84
10.82
2.21
1.82
16.36
24.31
23.82
31.81
9.41
20.59
a OP
1163
So far as winter weather has played a part in affecting
the traffic and earnings of the roads in the different years,
it has already been indicated that the winter of 1935 was
a mild one, there having been no unusual conditions to
contend with, whereas in 1934 the winter was quite severe,
with frequent heavy snowstorms. In 1933, as in 1932 and in
1931 and 1930, there were no unusual conditions, but in
1929, while in the northern part of the eastern half of the
country weather conditions were not much of a drawback,
in the western half the winter was quite severe, extreme
cold accompanied in many instances by repeated heavy
snowfalls having seriously interfered with railroad operations. Particularly does this remark apply to Wisconsin
and Iowa, Colorado, Utah, Wyoming, Montana, Idaho,
and, as a matter of fact, along much the same parallels
of latitude all the way West to the State of Washington.
In contradistinction to this, the winter of 1928 ranked as
one of the mildest on record, complaints of obstruction
to railroad operations from snow or ice or extreme cold
having been entirely absent in all parts of the country in
that year. In 1927, too, the winter was not severe in
any part of the country, if we except a limited area in
the Rocky Mountain regions, where unusually heavy falls
of snow were encountered during January, February and
March. In fact, it may be said that in some of the Rocky
Mcuntain States, particularly Colorado and Wyoming,
repeated heavy snowstorms occurred all through the winter
of 1927, making railroad operations difficult; even towards
the middle of April an unusually severe snring blizzard was
reported, seriously interrupting traffic, the latter extending
also into South Dakota. Barring this, however, the winter
of 1927 did not impose drawbacks of any great consequence
anywhere. In 1926, likewise, the winter on the whole was
not much of a disturbing influence. The situation in that
respect was not so extremely good as it had been in 1925,
and yet was, on the whole, quite favorable. In January
weather conditions in 1926 did not interfere with railroad
operations to any great extent over any large sections of
the country. On the other band, in February the New England roads suffered severely by reason of heavy falls of
snow. The winter of 1926, taking the country as a whole,
was, as stated, quite mild, but in February there were some
big snowstorms in the East, with, however, nothing approaching a blizzard. In other words, there were no big
drifts to tie up traffic and interfere seriously with the running of trains. In this city there was, in 1926, no snowfall
of any consequence during the winter until February, but
in this last-mentioned month there were two every heavy
snowstorms, namely, one on Feb. 3-4, when 10.3 inches of
snow fell, and another on Feb. 9-10, when the snowfall was
11.6 inches. For the whole month of February the snowfall in this city in 1926 aggregated 25.7 inches, being the
heaviest on record for any February since 1899, when the
fall was 27.5 inches, apd comparing with only 0.8 inch in
February 1925 (when, however, the fall was extremely
ileavy in January), and with 11.5 inches in February 1924
and 17.9 inches in February 1923. The February snowstorms of 1926 seem to have extended all over New England
and through New York State. New England roads virtually
all reported for that month large losses in gross as well
as in net, and no doubt the circumstance mentioned was
in part responsible for this, in addition to which, however,
these roads must have had their coal traffic reduced by the
anthracite miners' strike.
In both 1925 and 1924 the railroads enjoyed quite remarkable exemption from bad weather and from the often extreme rigors of the winter. In January 1925 bad weather
was somewhat of a drawback on certain lines here in the
East, though not to any great extent for the country as a
whole. There were repeated snowstorms in these parts in
the month in 1925, and in New York City the fall of snow
was the heaviest of any January in the history of the local
weather bpreau, reaching 26.2 inches. This compared with
only 2.6 inches in January 1924, but with 21.9 inches in
January 1923, this latter having also been a month of very
heavy snowfalls. A storm which came toward the end of
the month in 1925
-that is, Thursday, Jan. 29, and extended into Friday, Jan. 30
-proved particularly mischievous in New York State. The New York Central RR. reported it as the worst in its 'history, especially between
Albany and Rochester, causing considerable delay in the
running of trains. The area of disturbance, however, in
this way was very much circumscribed, being confined
largely to New York and New England, while elsewhere in
the northern part of the country the winter was comparatively mild, and little complaint was heard of obstruction
because of snow and ice or because of extreme cold.
After this heavy snowstorm In New York State the latter
part of January (1925), from which, as noted, other parts
of the country were exempt, mild weather developed in
February, and this may be said to have been a condition
common to the whole United States and even Canada, the
winter nearly everywhere having been an open one and
spring having come unusually early virtually everywhere.
Nor, as already stated, was there much severe winter
weather in 1924, but in 1923, on the other hand, the winter
was of unusual severity in many parts of the northern half
of the United States, especially in New England and in
northern New York, where the roads suffered from repeated
snowstorms, and from the depth of the accumulated snowfalls, with resulting large increases in operating expenses.
Weather conditions in prior years have been detailed above.
7
/
1164
l)rojil 6
,
(1, I/
6 Financial Chronicle
,,v
Aug. 24 1935
/
/
Text of Social Security Act As Signed by President Roosevelt—Provides Federal OldAge Benefits,_Unemployment Insurance, Grants to States for Aid to Dependent
Children, Appropriation for Public Health Work, Etc.
/
The Administration's social security bill, which became political subdivisions for such expenditures in such quarter, and it such
a law following its passage by Congress and its approval
on Aug. 14 by President Roosevelt, was one of the most
important measures in President Roosevelt's so-called
"must" program. As indicated in our issue of Aug. 17,
page 1022, it will impose taxes of $2,713,000,000 annually
by 1950 upon employers and employees to pay pensions for
the aged, aid the sick, the unemployed and the blind. It
carries appropriations of $94,491,000 for the 1936 fiscal year
as the Government's contribution to the pension scheme, not
including $4,000,000 authorized for the fiscal year ending
on June 30 1936 and $49,000,000 for each fiscal year thereafter to meet the cost of certain requirements of the law.
The text of the new law, which bears the title "Social
Security Act," follows:
[H. R. 7260]
AN ACT
To provide for the general welfare by establishing a system of Federal
old-age benefits, and by enabling the several States to make more adequate
provision for aged persons, blind persons, dependent and crippled children,
maternal and child welfare, public health, and the administration of their
unemployment compensation laws; to establish a Social Security Board;
to raise revenue; and for other purposes.
Be it enacted by the Semite and House of Representatives of the United
States of America in Congres assembled,
TITLE 1—GRANTS TO STATES FOR OLD-AGE ASSISTANCE
APPropristion
Section 1. For the purpose of enabling each State to furnish financial
assistance, as far as practicable under the conditions in such State, to
aged needy individuals, there is hereby authorized to be appropriated for
the fiscal year ending June 30, 1936, the sum of $49,750,000, and there
is hereby authorized to be appropriated for each fiscal year thereafter a
sum sufficient to carry out the purposes of this title. The sums made
available under this section shall be used for making payments to States
which have submitted, and had approved by the Social Security Board
established by Title BII (hereinafter referred to as the "Board"), State
plans for old-age assistance.
State Old-Age Assistance Plans
Sec. 2. (a) A State plan for old-age assistance must (1) provide that
it shall be in effect in all political subdivisions of the State, and, i,f
administered by them, be mandatory upon them; (2) provide for financial
participation by the State; (3) either provide for the establishment or
designation of a single State agency to administer the plan, or provide
for the establishment or designation of a single State agency to supervise
the administration of the plan; (4) provide for granting to any individual,
whose claim for old-age asistance is denied, an opportunity for a .fair
hearing before such State agency; (5) provide such methods of administration (other than those relating to selection, tenure of office, and corn.
pensation of personnel) as are found by the Board to be necessary for the
efficient operation of the plan; (6) provide that the State agency will
make such reports, in such form and containing such information, as the
Board may from time to time require, and comply with such provisions as
the Board may from time to time find necessary to assure the correctness
and verification of such reports; and (7) provide that, if the State or any
of its political subdivisions collects from the estate of any recipient of
old-age assistance any amount with respect to old-age assistance furnished
him under the plan, one-half of the net amount so collected shall be
promptly paid to the United States. Any payment so made shall be
deposited in the Treasury to the credit of the appropriation for the purposes
of this title.
(b) The Board shall approve any plan which fulfills the conditions specified in subsection (a), except that it shall not approve any plan which
imposes, as a condition of eligibility for old-age assistance under the
plan—
(1) An age requirement of more than sixty-five years, except that the
plan may impose, effective until January 1, 1940, an age requirement of
as much as seventy years; or
(2) Any residence requirement which excludes any resident of the State'
who has resided therein five years during the nine years immediately
Preceding the application for old-age assistance and has resided therein
continuously for one year immediately preceding the application; or
(3) Any citizenship requirement which excludes any citizen of the
United States.
Payment to States
Sec. 3. (a) From the sums appropriated therefor, the Secretary of the
Treasury shall pay to each State which has an approved plan for old-age
assistance, for each quarter, beginning with the quarter commencing July 1,
1935, (1) an amount, which shall be used exclusively as old-age assistance,
equal to one-half of the total of the sums expended during such quarter
as old-age assistance under the State plan with respect to each individual
who at the time of such expenditure is sixty-five years of age or older
and is not an inmate of a public institution, not counting so much of such
expenditure with respect to any individual for any month as exceeds $30,
and (2) 5 per centum of such amount, which shall be used for paying the
costs of administering the State plan or for old-age assistance, or both, and
for no other purpose: Provided, That the State plan, in order to be approved
by the Board, need not provide for financial participation before July 1,
1937, by the State, in the case of any State which the Board, upon application by the State and after reasonable notice and opportunity for hearing
to the State, finds is prevented by its constitution from providing such
financial participation.
(b) The method of computing and paying such amounts shall be as
follows:
(1) The Board shall, prior to the beginning of each quarter, estimate
the amount to be paid to the State for such quarter under the provisions
of clause (1) of subsection (a), such estimate to be based on (A) a report
filed by the State containing its estimate of the total sum to be expended
in such quarter in accordance with the provisions of such clause, and
stating the amount appropriated or made available by the State and its
amount is less than one-half of the total sum of such estimated expenditures,
the source or sources from which the difference is expected to be derived,
(B) records showing the number of aged individuals in the State, and (0)
such other investigation as the Board may find necessary.
(2) The Board shall then certify to the Secretary of the Treasury the
amount so estimated by the Board, reduced or increased, as the case may
be, by any sum by which it finds that its estimate for any prior quarter
was greater or less than the amount which should have been paid to the
State under clause (1) of subsection (a) for such quarter, except to the
extent that such sum has been applied to make the amount certified for
any prior quarter greater or less than the amount estimated by the Board
for such prior quarter.
(3) The Secretary of the Treasury shall thereupon, through the Division
of Disbursement of the Treasury Department and prior to audit or settlement by the General Accounting Office, pay to the State, at the time or
times fixed by the Board, the amount so certified, increased by 5 per
centum.
Operation of State Plans
Sec. 4. In the case of any State plan for old-age assistance which has
been approved by the Board, if the Board, after reasonable notice and
opportunity for hearing to the State agency administering or supervising
the administration of such plan, finds—
(1) that the plan has been so changed as to impose any age, residence,.
or citizenship requirement prohibited by section 2 (b), or that in the
administration of the plan any such prohibited requirement is imposed, with.
the knowledge of such State agency, in a substantial number of cases; or
(2) that in the administration of the plan there is a failure to comply
substantially with any provision required by section 2 (a) to be included'
in the plan;
the Board shall notify such State agency that further payments will not
be made to the State until the Board is satisfied that such prohibited
requirement is no longer so imposed, and that there is no longer any
such failure to comply. Until it is so satisfied it shall make no further
certification to the Secretary of the Treasury with respect to such State.
Administration
Sec. 5. There is hereby authorized to be appropriated for the fiscal year
ending June 30, 1936, the sum of $250,000, for all necessary expenses ofthe Board in administering the provisions of this title.
Definition
Sec. 6. when used in this title the term "old-age assistance" means6.
money payments to aged individuals.
TITLE II—FEDERAL OLD-AGE BENEFITS
Old-Age Reserve Account
Section 201. (a) There is hereby created an account in the Treasury of
the United States to be known as the "Old-Age Reserve Account" hereinafter in this title called the "Account". There is hereby authorized to be•
appropriated to the Account for each fiscal year, beginning with the fiscal'
year ending June 30, 1937, an amount sufficient as an annual premium to
provide for the payments required under this title, such amount to be determined on a reserve basis in accordance with accepted actuarial principles,
and based upon such tables of mortality as the Secretary of the Treasury
shall from time to time adopt, and upon an interest rate of 3 per centum.
per annum compounded annually. The Secretary of the Treasury shall
submit annually to the Bureau of the Budget an estimate of the appropriations to be made to the Account.
(b) It shall be the duty of the Secretary of the Treasury to invest such
portion of the amounts credited to the Account as is not, in his judgment,
required to meet current withdrawals. Such investment may be made only in
interest-bearing obligations of the United States or in obligations guaranteed'
as to both principal and interest by the United States. For such purpose•
such obligations may be acquired (1) on original issue as par, or (2) by
purchase of outstanding obligations at the market price. The purposes for
which obligations of the United States may be issued under the Second'
Liberty Bond Act, as amended, are hereby extended to authorize the
issuance at par of special obligations exclusively to the Account. Such,
special obligations shall bear interest at the rate of 3 per centum per
annum. Obligations other than such special obligations may be acquired for
the Account only on such terms as to provide an investment yield of not
less than 3 per centum per annum.
(c) Any obligations acquired by the Account (except special obligations
issued exclusively to the Account) may be sold at the market price, and'
such special obligations may be redeemed at par plus accrued interest.
(d) The interest on, and the proceeds from the sale or redemption of,
any obligations held in the Account shall be credited to and form a part
of the Account.
(e) All amounts credited to the Account shall be available for making'
payments required under this title.
(f) The Secretary of the Treasury shall include in his annual report'
the actuarial status of the Account.
Old-Age Benefit Payments
Sec. 202. (a) Every qualified individual (as defined in section 210)
,
shall be entitled to receive, with respect to the period beginning on the
date he attains the age of sixty-five, or on January 1, 1942, whichever is
the later, and ending on the date of his death, an old-age benefit (Payable
as nearly as practicable in equal monthly installments) as follows:
(1)If the total wages (as defined in section 210) determined by the
Board to have been paid to him, with respect to employment (as defined'
in section 210) after December 31, 1936, and before he attained the age
of sixty-five, were not more than $3,000, the old-age benefit shall be at amonthly rate of one-half of 1 per centum of such total wages;
(2) If such total wages were more than $3,000, the old-age benefit shall'
be at a monthly rate equal to the sum of the following:
(A) One-half Of 1 per centum of $3,000; plus
(B) One-twelfth of 1 per centum of the amount by which such total'
wages exceeded $3,000 and did not exceed $45,000; plus
(0) One-twenty-fourth of 1 per centum of the amount by which such
total wages exceeded $45,000.
(b) In no case shall the monthly rate computed under subsection (a).
exceed $85.
•
Volume 141
Financial Chronicle
(c) If the Board finds at any time that more or less than the correct
amount has theretofore been paid to any individual under this section, then,
under regulations made by the Board, proper adjustments shall be made in
connection with subsequent payments under this section to the same
Individual.
(d) Whenever the Board finds that any qualified individual has received
wages with respect to regular employment after he attained the age of
sixty-five, the old-age benefit payable to such individual shall be reduced,
for each calendar month in any part of which such regular employment
occurred, by an amount equal to one month's benefit. Such reduction shall
be made, under regulations prescribed by the Board, by deductions from
one or more payments of old-age benefit to such individual.
Payments Upon Death
Sec. 203. (a) If any individual dies before attaining the age of sixty-five,
there shall be paid to his estate an amount equal to 3% per centum of
the total wages determined by the Board to have been paid to him, with
respect to employment after December 31, 1936.
(b) If the Board finds that the correct amount of the old-age benefit
payable to a qualified individual during his life under section 202 was
less than 3% per centum of the total wages by which such old-age benefit
was measurable, then there shall be paid to his estate a sum equal to the
amount, if any, by which such 3% per centum exceeds the amount (whether
more or less than the correct amount) paid to him during his life as
old-age benefit.
(c) If the Board finds that the total amount paid to a qualified individual under an old-age benefit during his life was less than the correct
amount to which he was entitled under section 202, and that the correct
amount of such old-age benefit was 334 per centum or more of the total
wages by which such old-age benefit was measurable, then there shall be
paid to his estate a sum equal to the amount, if any, by which the correct
amount of the old-age benefit exceeds the amount which was so paid to
him during his life.
Payments to Aged Individuals Not Qualified for Benefits
Sec. 204. (a) There shall be paid in a lump sum to any individual who,
upon attaining the age of sixty-five, is not a qualified individual, an
amount equal to 3% per centum of the total wages determined by the
Board to have been paid to him, with respect to employment after Deems.
her 31, 1936, and before he attained the age of sixty-five.
(b) After any individual becomes entitled to any payment under subsection (a), no other payment shall be made under this title in any
manner measured by wages paid to him, except that any part of any
payment under subsection (a) which is not paid to him before his death
shall be paid to his estate.
Amounts of $500 or Less Payable to Estates
Sec. 205. If any amount payable to an estate under section 203 or 204
is $500 or lees, such amount may, under regulations prescribed by the
Board, be paid to the persons found by the Board to be entitled thereto
under the law of the State in which the deceased was domiciled, without
the necessity of compliance with the requirements of law with respect to
the administration of such estate.
Overpayments During Life
Sec. 206. If the Board finds that the total amount paid to a qualified
individual under an old-age benefit during his life was more than the
correct amount to which he was entitled under section 202, and was 3% per
centum or more of the total wages by which such old-age benefit was
measurable, then upon his death there shall be repaid to the United States
by his estate the amount, if any, by which such total amount paid to
him during his life exceeds whichever of the following is the greater:
(1) Such 3% per centum, or (2) the correct amount to which he was
entitled under section 202.
Method of Making Payments
Sec. 207. The Board shall from time to time certify to the Secretary
of the Treasury the name and address of each person entitled to receive
a payment under this title, the amount of such payment, and the time at
which it should be made, and the Secretary of the Treasury through the
Division of Disbursement of the Treasury Department, and prior to audit
or settlement by the General Accounting Office, shall make payment in
accordance with the certification by the Board.
Assignment
Sec. 208. The right of any person to any future payment under this
shall not be transferable or assignable, at law or in equity, and none
title
of the moneys paid or payable or rights existing under this title shall be
subject to execution, levy, attachment, garnishment, or other legal process,
or to the operation of any bankruptcy or insolvency law.
Penalties
Sec. 209. Whoever in any application for any payment under this title
makes any false statement as to any material fact, knowing such statement to be false, shall be fined not more than $1,000 or imprisonment for
not more than one year, or both.
Definitions
Sec. 210. When used in this title—
The term "wages" means all remuneration for employment, including
(a)
the cash value of all remuneration paid in any medium other than cash;
except that such term shall no include that part of the remuneration which,
after remuneration equal to $3,000 has been paid to an individual by an
employer with respect to employment during any calendar year, is paid to
such individual by such employer with respect to employment during such
calendar year.
(b) The term "employment" means any service, of whatever nature,
performed within the United, States by an employee for his employer,
except—
(1) Agricultural labor;
(2) Domestic service in a private home;
(3) Casual labor not in the course of the employer's trade or business;
(4) Service performed as an officer or member of the crew of a vessel
documented under the laws of the United States or of any foreign country;
(5) Service performed in the employ of the United States Government
or of an instrumentality of the United States:
(6) Service performed in the employ of a State, a political subdivision
thereof, or an instrumentality of one or more States or political subdivisions;
(7) Service performed in the employ of a corporation, community cheat,
fund, or foundation, organized and operated exclusively for religious,
charitable, scientific, literary, or educational purposes, or for the prevention
of cruelty to children or animals, no part of the net earnings of which
inures to the benefit of any private shareholder or individual.
1165
(e) The term "qualified individual" means any individual with respect
to whom it appears to the satisfaction of the Board that—
(1) He is at least sixty-five years of age; and
(2) The total amount of wages paid to him, with respect to employment
after December 31 1936, and before he attained the age of sixty-five, was
not less than $2,000; and
(3) Wages were paid to him, with respect to employment on some five
days after December 31, 1936, and before he attained the age of sixty-five,
each day being in a different calendar year.
TITLE III—GRANTS TO STATES FOR UNEMPLOYMENT
COMPENSATION ADMINISTRATION
Appropriation
Section 301. For the purpose of assisting the States in the administration of their unemployment compensation laws, there is hereby authorized
to be appropriated, for the fiscal year ending June 30, 1936, the sum of
$4,000,000, and for each fiscal year thereafter the sum of $49,000,000, to
be used as hereinafter provided. .
Payments to States
See. 302. (a) The Board shall from time to time certify to the
Secretary of the Treasury for payment to each State which has an unemployment compensation law approved by the Board under Title IX, such amounts
as the Board determines to be necessary for the proper administration of
such law during the fiscal year in which such payment is to be made. The
Board's determination shall be based on (1) the population of the State;
(2) an estimate of the number of persons covered by the State law and of
the cost of proper administration of such law; and (3) such other factors
as the Board finds relevant. The Board shall not certify for payment under,
this section in any fiscal year a total amount in excess of the amount appropriated therefor for such fiscal year.
(b) Out of the sums appropriated therefor, the Secretary of the Treasury
shall, upon receiving a certification under subsection (a), pay, through the
Division of Disbursement of the Treasury Department and prior to audit
or settlement by the General Accounting Office, to the State agency charged
with the administration of such law the amount so certified.
Provisions of State Laws
Sec. 303. (a) The Board shall make no certification for payment to any
State unless it finds that the law of such State, approved by the Board
under Title IX, includes provisions for—
(1) Such methods of administration (other than those relating to selection, tenure of office, and compensation of personnel) as are found by the
Board to be reasonably calculated to insure full payment of unemployment
compensation when due; and
(2) Payment of unemployment compensation solely through public employment offices in the State or such other agencies as the Board may
approve; and
(3) Opportunity for a fair hearing, before an impartial tribunal, for
all individuals whose claims for unemployment compensation are denied;
and
(4) The payment of all money received in the unemployment fund of
such State, immediately upon such receipt, to the Secretary of the Treasury
to the credit of the Unemployment Trust Fund established by section 904;
and
(5) Expenditure of all money requisitioned by the State agency from
the Unemployment Trust Fund, in the payment of unemployment compensation, exclusive of expenses of administration; and
(0) The making of such reports, in such form and containing such
information, as the Board may from time to time require, and compliance
with such provisions as the Board may from time to time find necessary
to assure the correctness and verification of such reports; and
(7) Making available upon request to any agency of the United States
charged with the administration of public works or assistance through public
employment, the name, address, ordinary occupation and employment status
of each recipient of unemployment compensation, and a statement of such
recipient's rights to further compensation under such law.
(b) Whenever the Board, after reasonable notice and opportunity for
hearing to the State agency charged with the administration of the State
law, finds that in the administration of the law there is—
(1) a denial, in a substantial number of cases, of unemployment compensation to individuals entitled thereto under such law; or
(2) a failure to comply substantially with any provision specified in
subsection (a);
the Board shall notify such State agency that further payments will not
be made to the State until the Board is satisfied that there is no
longer
any such denial or failure to comply. Until it is so satisfied it shall make
no further certification to the Secretary of the Treasury with respect to
such State.
TITLE IV—GRANTS TO STATES FOR AID:TO:DEPENDENT
CHILDREN
Appropriation
Section 401. For the purpose of enabling each State to furnish financial
assistance, as far as practicable under the conditions in such
State, to
needy dependent children, there is hereby authorized to be appropriated
for the fiscal year ending June 30, 1936, the sum of $24,750,000,
and there
is hereby authorized to be appropriated for each fiscal year thereafter
a sum
sufficient to carry out the purposes of this title. The sums made
available
under this section shall be used for making payments to States
which
have submitted, and had approved by the Board, State plans for
aid to
dependent children.
State Plans for Aid to Dependent Children
Sec. 402. (a) A State plan for aid to dependent children must
(1) provide that it shall be in effect in all political subdivisions of the
State, and,
if administered by them, be mandatory upon them; (2)
provide for
financial participation by the State; (3) either provide
for the establishment or designation of a single State agency to administer
the plan, or
provide for the establishment or designation of a single
State agency to
supervise the administration of the plan; (4) provide for
granting to any
individual, whose claim with respect to aid to a dependent
child is denied,
an opportunity for a fair hearing before such State
agency; (5) provide
such methods of administration (other than those
relating to selection,
tenure of office, and compensation of personnel) as
are
Board to be necessary for the efficient operation of the found by the
plan; and (6)
provide that the State agency will make such reports,
in such form and
containing such information, as the Board may from time
to time require,
and comply with such provisions as the Board
may from time to time find
necessary to assure the correctness and verification
of such reports.
(b) The Board shall approve any plan which
fulfills the conditions
specified in subsection (a), except that it shall not
approve any plan which
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Financial Chronicle
imposes as a condition of eligibility for aid to dependent children, a residence requirement which denies aid with respect to any child residing in
the State (1) who has resided in the State for one year immediately preceding the application for such aid, or (2) who was born within the State
within one year immediately preceding the application, if its mother has
resided in the State for one year immediately preceding the birth.
Payment to States
Sec. 403. (a) From the sums appropriated therefor, the Secretary of the
Treasury shall pay to each State which has an approved plan for aid to
dependent children, for each quarter, beginning with the quarter commencing July 1, 1935, an amount, which shall be used exclusively for
carrying out the State plan, equal to one-third of the total of the sums
expended during such quarter under such plan, not counting so much of
such expenditure with respect to any dependent child for any month as
exceeds $18, or if there is snore than one dependent child in the same
home, as exceeds $18 for any month with respect to one such dependent
child and $12 for such month with respect to each of the other dependent
children.
(b) The method of computing and paying such amounts shall be as
follows:
(1) The Board shall, prior to the beginning of each quarter, estimate
the amount to be paid to the State for such quarter under the provisions
of subsection (a), such estimate to be based on (A) a report filed by the
State containing its estimate of the total sum to be expended in such
quarter in accordance with the provisions of such subsection and stating
the amount appropriated or made available by the State and its political
subdivisions for such expenditures in such quarter, and if such amount is
. less than two-thirds of the total sum of such estimated expenditures, the
source or sources from which the difference is expected to be derived,
(B) records showing the number of dependent children in the State, and
(C) such other investigation as the Board may find necessary.
(2) The Board shall then certify to the Secretary of the Treasury the
amount so estimated by the Board, reduced or increased, as the case may
bc, by any sum by which it finds that its estimate for any prior quarter
was greater or less than the amount 'which should have been paid to the
State for such quarter, except to the extent that such sum has been applied
to make the amount certified for any prior quarter greater or less than
the amount estimated by the Board for such prior quarter.
(3) The Secretary of the Treasury shall thereupon, through the Division
of Disbursement of the Treasury Department and prior to audit or settlement by the General Accounting Office, pay to the State, at the time or
times fixed by the Board, the amount so certified.
Operation of State Plans
Sec. 404. In the case of any State plan for aid to dependent children
which has been approved by the Board, if the Board, after reasonable notice
and opportunity for hearing to the State agency administering or supervising the administration of such plan, finds—
(1) that the plan has been so changed as to impose any residence requirement prohibited by section 402 (b), or that in the administration of the
plan any such prohibited requirement is imposed, with the knowledge of
such State agency, in a substantial number of cases; or
(2) that in the administration of the plan there is a failure to comply
substantially with any provision required by section 402 (a) to be
included in the plan;
the Board shall notify such State agency that further payments will not
be made to the State until the Board is satisfied that such prohibited requirement is no longer so imposed, and that there is no longer any such failure
to comply. Until it is so satisfied it shall make no further certification
to the Secretary of the Treasury with respect to such State.
Administration
Sec. 405. There is hereby authorized to be appropriated for the fiscal
year ending June 30, 1936, the sum of $250,000 for all necessary expenses
of the Board in administering the provisions of this title.
Definitions
Sec. 406. When used in this title—
(a) The term "dependent child" means a child under the age of sixteen
who has been deprived of parental support or care by reason of the death,
continued absence from the home, or physical or mental incapacity of a
parent, and who is living with his father, mother, grandfather, grandmother, brother, sister, stepfather, stepmother, stepbrother, stepsister, uncle,
or aunt, in a place of residence maintained by one or more of such relatives
as his or their own home;
(b) The term "aid to dependent children" means money payments with
respect to a dependent child or dependent children.
TITLEIV—GRANTSVOISTATES FOR MATERNAL AND CHILD
WELFARE
PART 1—MATERNAL AND CHILD HEALTH SERVICES
Appropriation
Section 501. For the purpose of enabling each State to extend and
improve, as far as practicable under the conditions in such State, services
for promoting the health of mothers and children, especially in rural
areas and in areas suffering from severe economic distress, there is hereby
authorized to be appropriated for each fiscal year, beginning with the
fiscal year ending June 30, 1936, the sum of $3,800,000. The sums made
available under this section shall be used for making payments to States
which have submitted, and had approved by the Chief of the Children's
Bureau, State plans for such services.
Allotments to States
Sec. 502. (a) Out of the sums appropriated pursuant to section 501 for
each fiscal year the Secretary of Labor shall allot to each State $20,000,
and such part of $1,800,003 as he finds that the number of live births in
such State bore to the total number of live births in the United States, in
the latest calendar year for which the Bureau of the Census has available
statistics.
(b) Out of the sums appropriated pursuant to section 501 for each fiscal
year the Secretary of Labor shall allot to the States $980,000 (in addition
to the allotments made under subsection (a)), according to the financial
need of each State for assistance in carrying out its State plan, as
determined by him after taking into consideration the number of live
births in such State.
(c) The amount of any allotment to a State under subsection (a) for
any fiscal year remaining unpaid to such State at the end of such fiscal
year shall be available for payment to such State under section 504 until
the end of the second succeeding fiscal year. No payment to a State under
section 004 shall be made out of its allotment for any fiscal year until
Aug. 24 1935
its allotment for the preceding fiscal year has been exhausted or has ceased
to be available.
Approval of State Plans
Sec. 503. (a) A State plan for maternal and child-health services must
financial participation by the State; (2) provide for the
(1) provide for
administration of the plan by the State health agency or the supervision
of the administration of the plan by the State health agency; (3) provide
such methods of administration (other than those relating to selection,
tenure of office, and compensation of personnel) as are necessary for the
efficient operation of the plan; (4) provide that the State health agency
will make such reports, in such form and containing such information, as
the Secretary of Labor may from time to time require, and comply with
such provisions as he may from time to time find necessary to assure the
correctness and verification of such reports; (5) provide for the extension
and improvement of local maternal and child-health services administered
by local child-health units; (6) provide for co-operation with medical,
nursing, and welfare groups and organizations; and (7) provide for the
development of demonstration services in needy areas and among groups in
special need.
(b) The Chief of the Children's Bureau shall approve any plan which
fulfills the conditions specified in subsection (a) and shall thereupon notify
the Secretary of Labor and the State health agency of his approval.
Payment to States
Sec. 504. (a) From the sums appropriated therefor and the allotments
available under section 502 (a), the Secretary of the Treasury shall pay
to each State which has an approved plan for maternal and child-health
• services, for each quarter, beginning with the quarter commencing July 1,
1935, an amount, which shall be used exclusively for carrying out the
State plan, equal to one-half of the total sum expended during such quarter
for carrying out such plan.
(b) The method of computing and paying such amounts shall be as
follows:
(1) The Secretary of Labor shall, prior to the beginning of each quarter,
estimate the amount to be paid to the State for such quarter under the
provisions of subsection (a), such estimate to be based on (A) a report
filed by the State containing its estimate of the total sum to be expended
in such quarter in accordance with the provisions of such subsection and
stating the amount appropriated or made available by the State and its
political subdivisions for such expenditures in such quarter, and if such
amount Is less than one-half of the total sum of such estimated expenditures,
the source or sources from which the difference is expected to be derived,
and (B) such investigation as he may find necessary.
(2) The Secretary of Labor shall then certify the amount so estimated
by him to the Secretary of the Treasury, reduced or increased, as the case
may be, by any sum by which the Secretary of Labor finds that his estimate for any prior quarter was greater or less than the amount which
should have been paid to the State for such quarter, except to the extent
that such sum has been applied to make the amount certified for any prior
quarter greater or less than the amount estimated by the Secretary of Labor
for such prior quarter.
(3) The Secretary of the Treasury shall thereupon, through the Division
of Disbursement of the Treasury Department and prior to audit or settlement by the General Accounting Office, pay to the State, at the time or
times fixed by the Secretary of Labor, the amount so certified.
(c) The Secretary of Labor shall from time to time certify to the
Secretary of the Treasury the amounts to be paid to the States from the
allotments available under section 502 (b), and the Secretary of the
Treasury shall, through the Division of Disbursement of the Treasury Department and prior to audit or settlement by the General Accounting Office,
make payments of such amounts from such allotments at the time or times
specified by the Secretary of Labor.
Operation of State Plana
Sec. 505. In the case of any State plan for maternal and child-health
services which has been approved by the Chief of the Children's Bureau, if
the Secretary of Labor, after reasonable notice and opportunity for hearing
to the State agency administering or supervising the administration of such
plan, finds that in the administration of the plan there is a failure to comply
substantially with any provision required by section 503 to be included in
the plan, he shall notify such State agency that further payments will not
be made to the State until he is satisfied that there is no longer any such
failure to comply. Until he is BO satisfied he shall make no further certification to the Secretary of the Treasury with respect to such State.
PART 2—SERVICES FOR CRIPPLED CHILDREN
Appropriation
Sec. 511. For the purpose of enabling each State to extend and improve
(especially in rural areas and in areas suffering from severe economic distress), as far as practicable under the conditions in such State, services
for locating crippled children, and for providing medical, surgical, corrective, and other services and care, and facilities for diagnosis, hospitalization, and aftercare, for children who are crippled or who are suffering from
conditions which lead to crippling, there is hereby authorized to be appropriated for each fiscal year, beginning with the fiscal year ending June 30,
1936, the BUM of $2,850,000. The sums made available under this section
shall be used for making payments to States which have submitted, and had
approved •by the Chief of the Children's Bureau, State plans for such
services.
Allotments to States
Sec. 512. (a) Out of the sums appropriated pursuant to section 511
for each fiscal year the Secretary of Labor shall allot to each State $20,000,
and the remainder to the States according to the need of each State as determined by him after taking into consideration the number of crippled
children in such State in need of the services referred to in section 511
and the cost of furnishing such services to them.
(b) The amount of any allotment to a State under subsection (a) for
any fiscal year remaining unpaid to such State at the end of such fiscal
year shall be available for payment to such State under section 614 until
the end of the second succeeding fiscal year. No payment to a State
under section 514 shall be made out of its allotment for any fiscal year
until its allotment for the preceding fiscal year has been exhausted or has
ceased to be available.
Approval of State Plans
Sec. 513. (a) A State plan for services for crippled children must (1)
provide for financial participation by the State; (2) provide for the
administration of the plan by a State agency or the supervision of the
administration of the plan by a State agency; (3) provide such methods
of administration (other than those relating to selection, tenure of office, .
and compensation of personnel) as are necessary for the efficient operation
of the plan; (4) provide that the State agency will make such reports, in
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Financial Chronicle
such form and containing such information, as the Secretary of Labor may
from time to time require, and comply with such provisions as he may from
time to time find necessary to assure the correctness and verification of
such reports ; (5) provide for carrying out the purposes specified in
section 511; and (6) provide for co-operation with medical, health, nursing,
and welfare groups and organizations and with any agency in such State
charged with administering State laws providing for vocational rehabilitation
of physically handicapped children.
(b) The Chief of the Children's Bureau shall approve any plan which
fulfills the conditions specified in subsection (a) and shall thereupon notify
the Secretary of Labor and the State agency of his approval.
Payment to States
Sec. 514. (a) From tile sums appropriated therefor and the allotments
available under section 512, the Secretary of the Treasury shall pay to
each State which has an approved plan for services for crippled children,
for each quarter, beginning with the quarter commencing July 1, 1935, an
amount, which shall be used exclusively for carrying out the State plan,
equal to one-half of the total sum expended during such quarter for carrying
out such plan.
(b) The method of computing and paying such amounts shall be as
follows:
(1) The Secretary of Labor shall, prior to the beginning of each quarter,
estimate the amount to be paid to the State for such quarter under the
provisions of subsection (a), such estimate to be based on (A) a report
filed by the State containing its estimate of the total sum to be expended
in such quarter in accordance with the provisions of such subsection and
stating the amount appropriated or made available by the State and its
political subdivisions for such expenditures in such quarter, and if such
amount is less than one-half of the total sum of such estimated expenditures,
the source or sources from which the difference is expected to be derived,
and (B) such investigation as he may find necessary.
(2) The Secretary of Labor shall then certify the amount so estimated
by him to the Secretary of the Treasury, reduced or increased, as the case
may be, by any sum by which the Secretary of Labor finds that his estimate for any prior quarter was greater or less than the amount which
should have been paid to the State for such quarter, except to the extent
that such sum has been applied to make the amount certified for any
prior quarter greater or less than the amount estimated by the Secretary of
Labor for such prior quarter.
(3) The Secretary of the Treasury shall thereupon, through the Division
of Disbursement of the Treasury Department and prior to audit or settlement by the General Accounting Office, pay to the State, at the time or
times fixed by the Secretary of Labor, the amount so certified.
Operation of State Plans
Sec. 515. In the case of any State plan for services for crippled children
which has been approved by the Chief of the Children's Bureau: if the
Secretary of Labor, after reasonable notice and opportunity for hearing to
the State agency administering or supervising the administration of such
plan, finds that in the administration of the plan there is a failure to
comply substantially with any provision required by section 513 to be
included in the plan, he shall notify such State agency that further payments will not be made to the State until he is satisfied that there is no
longer any such failure to comply. Until he is so satisfied he shall make
no further certification to tile Secretary of the Treasury with. respect to
such State.
PART 3—CHILD-WELFARE SERVICES
Sec. 521. (a) For the purpose of enabling the United States, through
the Children's Bureau, to co-operate with State public-welfare agencies in
establishing, extending, and strengthening, especially in predominantly
rural areas, public-welfare services (hereinafter in this section referred to as
"child-welfare services") for the protection and care of homeless, dependent,
and neglected children, and children in danger of becoming delinquent,
there is hereby authorized to be appropriated for each fiscal year, beginning
with the fiscal year ending June 30, 1936, the sum of $1,500,000. Such
amount shall be allotted by the Secretary of Labor for use by co-operating
State public-welfare agencies on the basis of plans developed jointly by the
State agency and the Children's Bureau, to each State, $10,000, and the
remainder to each State on the basis of such plans, not to exceed such part
of the remainder as the rural population of such State bears to the total
rural population of the United States. The amount so allotted shall be
expended for payment of part of the cost of district, county or other local
child-welfare services in areas predominantly rural, and for developing
State services for the encouragement and assistance of adequate methods
of community child-welfare organization in areas predominantly rural and
other areas of special need. The amount of any allotment to a State under
this section for any fiscal year remaining unpaid to such State at the end
of such fiscal year shall be available for payment to such State under this
section until the end of the second succeeding fiscal year. No payment to a
State under this section shall be made out of its allotment for any fiscal
year until its allotment for the preceding fiscal year has been exhausted or
has ceased to be available.
(b) From the sums appropriated therefor and the allotments available
under subsection (a) the Secretary of Labor shall hem time to time certify
to tile Secretary of the Treasury the amounts to be paid to the States, and
the Secretary of tile Treasury shall, through the Division of Disbursement of
the Treasury Department and prior to audit or settlement by the General
Accounting Office, make payments of such amounts from such allotments
at the time or times specified by the Secretary of Labor.
PART 4—VOCATIONAL REHABILITATION
Sec. 631. (a) In order to enable the United States to co-operate with
States and Ilawa ii in extending and strengthening their programs of
the
vocational rehabilitation of the physically disabled, and to continue to carry
out the provisions and purposes of the Act entitled "An Act to provide
for the promotion of vocational rehabilitation of persons disabled in industry
or otherwise and their return to civil employment", approved June 2, 1920,
as amended (U. S. C., title 29, ch. 4; U. S. C., Supp. BIL title 29, sees. 31,
32, 34, 35, 37, 39, and 40), there is hereby authorized to be appropriated
for the fiscal years ending June 30, 1936, and June 30, 1937, the sum of
$841,000 for each such fiscal year in addition to the amount of the existing
authorization, and for each fiscal year thereafter the sum of $1,938,000. Of
the sums appropriated pursuant to suds authorization for each fiscal year,
$5,000 shall be apportioned to the Territory of Hawaii and the remainder
shall be apportioned among the several States in the manner provided in
such Act of June 2, 1920, as amended.
(b) For the administration of such Act of June 2, 1920, as amended,
by the Federal agency authorized to administer it, there is hereby authorized to be appropriated for the fiscal years ending June 30. 1936. and
June 30, 1937, the sum of $22,000 for each such fiscal year in addition
tl the amount of the existing authorization, and for each fiscal year the
after the sum of $102,000.
1167,
PART 5—ADMINISTRATION
Sec. 541. (a) There is hereby authorized to be appropriated for the
fiscal year ending June 30, 1936, the sum of $425,000, for all necessary
expenses of the Children's Bureau in administering the provisions of this
title, except section 531.
(b) The Children's Bureau shall make such studies and investigations as
will promote the efficient administration of this title, except section 531.
(c) The Secretary of Labor shall include in his annual report to Congress'
a full account of tile administration of this title, except section 531.
TITLE VI—PUBLIC HEALTH WORK
Appropriation
Section 601. For the purpose of assisting States, counties, health districts,
and other political subdivisions of the States in establishing and maintaining adequate public-health services, including the training of personnel for
State and local health work, there is hereby authorized to be appropriated
for each fiscal year, beginning with the fiscal year ending June 30, 1036,
the sum of $8,000,000 to be used as hereinafter provided.
State and Local Public Health Services
Sec. 602. (a) Tile Surgeon General of the Public Health Service, with '
the approval of the Secretary of the Treasury, shall, at the beginning of
each fiscal year, allot to the States the total of (1) the amount appropriated
for such year pursuant to section 601; and (2) the amounts of the allotments under this section for the preceding fiscal year remaining unpaid to
the States at the end of such fiscal year. The amounts of such allotments
shall be determined on the basis of (1) the population ; (2) the special
health problems; and (3) the financial needs; of the respective States.
Upon making such allotments the Surgeon General of the Public Health
Service shall certify the amounts thereof to the Secretary of the Treasury.
(b) The amount of an allotment to any State under subsection (a) for
any fiscal year, remaining unpaid at the end of such fiscal year, shall
be available for allotment to States under subsection (a) for the succeeding
fiscal year, in addition to the amount appropriated for suds year.
(c) Prior to the beginning of each quarter of the fiscal year, the
Surgeon General of the Public Health Service shall, with the approval of
the Secretary of the Treasury, determine in accordance with rules and
regulations previously prescribed by such Surgeon General after consultation
with a conference of the State and Territorial health authorities, the amount
to be paid to each State for such quarter from the allotment to such
State, and shall certify the amount so determined to the Secretary of the
Treasury. Upon receipt of such certification, the Secretary of the Treasury
shall, through the Division of Disbursement of the Treasury Department
and prior to audit or settlement by the General Accounting Office, pay in
accordance with such certification.
(d) The moneys so paid to any State shall be expended solely in carrying out the purposes specified in section 601, and in accordance with plans
presented by the health authority of such State and approved by the
Surgeon General of the Public Health Service.
Investigations
Sec. 603. (a) There is hereby authorized to be appropriated for each
fiscal year, beginning with the fiscal year ending June 30, 1936, the sum of
$2,000,000 for expenditure by the Public Health Service for investigation
of disease and problems of sanitation (including the printing and binding
of the findings of such investigations), and for the pay and allowances and
traveling expenses of personnel of the Public Health Service, including
commissioned officers, engaged in such investigations or detailed to co-operate
with tile health authorities of any State in carrying out the purposes specified
in section 601: Provided, That no personnel of the Public Health Service
shall be detailed to co-operate with the health authorities of any State
except at the request of the proper authorities of such State.
(b) The personnel of the Public Health Service paid from any appropriation not made pursuant to subsection (a) may be detailed to assist in
carrying out the purposes of this title. The appropriation from which they
are paid shall be reimbursed from the appropriation made pursuant to
subsection (a) to the extent of their salaries and allowances for services
performed while so detailed.
(c) The Secretary of the Treasury shall include in his annual report to
Congress a full account of the administration of this title.
TITLE VII—SOCIAL SECURITY BOARD
Establishment
Section 701. There is hereby established a Social Security Board (in
this Act referred to as the "Board") to be composed of three members to
be appointed by the President, by and with the advice and consent of the
Senate. During his term of membership on the Board, no member shall
engage in any other business, vocation, or employment. Not more than
two of the members of.the Board shall be members of the same political
party. Each member shall receive a salary at the rate of $10,000 a year
and shall hold oflice for a term of six years, except that (1) any member
appointed to fill a vacancy occurring prior to the expiration of the term for
which his predecessor was appointed, shall be appointed for the remainder
of such term; and (2) the terms of office of the members first taking office
after the date of the enactment of this Act shall expire, as designated by
the President at the time of appointment, one at the end of two years,
one at the end of four years, and one at the end of six years, after the
date of the enactment of this Act. The President shall designate one of
the members as the chairman of the Board.
Duties of Social Security Board
Sec. 702. The Board shall perform the duties imposed upon it by this
Act and shall also have the duty of studying and making recommendations
as to the most effective methods of providing economic security through
social insurance, and as to legislation and matters of administrative policy
concerning old-age pensions, unemployment compensation, accident compensation, and related subjects.
Expenses of the Board
Sec. 703. The Board is authorized to appoint and fix the compensation
of such officers and employees, and to make such expenditures, as may be
necessary for carrying out its functions under this Act. Appointments of
attorneys and experts may be made without regard to the civil-service laws.
Reports
Sec. 704. The Board shall make a full report to Congress, at the
beginning of each regular session, of the administration of the functions
wish which it is charged.
TITLE VIII—TAXES WITH RESPECT TO EMPLOYMENT
Income Tax on Employees
Section 801. In addition to other taxes, there shall be levied, collected,
and paid upon the income of every individual a tax equal to the following
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Financial Chronicle
Aug. 24 1935
percentages of the wages (as defined in section 811) received by him after
811)
December 31, 1936, with respect to employment (as defined in action
after such date:
1938,
(1) With respect to employment during the calendar years 1937,
and 1939, the rate shall be 1 per centum.
the calendar years 1940, 1941,
(2) With respect to employment during
2
/
and 1942, the rate shall be 11 per centum.
1943, 1944,
(3) With respect to employment during the calendar years
and 1945, the rate shall be 2 per centum.
calendar years 1946, 1947,
(4) With respect to employment during the
and 1948, the rate shall be 21,4 per centum.
shall
(5) With respect to employment after December 31, 1948, the rate
be 3 per centum.
Deduction of Tax from Wages
by the
Sec. 802. (a) The tax imposed by section 801 shall be collected
the tax from the
employer of the taxpayer, by deducting the amount of
the tax
deduct
wages as and when paid. Every employer required so to
tax, and is hereby indemniis hereby made liable for the payment of such
of any person for the amount of any
fied against the claims and demands
such payment made by such employer.
by section 801
(b) If more or less than the correct amount of tax imposed
regulations made
is paid with respect to any wage payment, then, under
respect both to the tax and the
under this title, proper adjustments, with
in connection
amount to be deducted, shall be made, without interest,
by the same
with subsequent wage payments to the same individual
employer.
Deductibility from Income Tax
by Title I of the
Sec. 803. For the purposes of the income tax imposed
substitution therefor,
Revenue Act of 1934 or by any Act of Congress in
as a deduction to the
the tax imposed by section 801 shall not be allowed
which such tax is
taxpayer in computing his net income for the year in
deducted from his wages.
Excise Tax on Employers
shall pay an excise
Sec. 804. In addition to other taxes, every employer
equal to the following
tax, with respect to having individuals in his employ,
811) paid by him after
percentages of the wages (as defined in section
in section 811)
December 31, 1936, with respect to employment (as defined
after such date:
1937, 1938,
(1) With respect to employment during the calendar years
and 1939, the rate shall be 1 per centum.
calendar years 1940, 1941,
(2) With respect to employment during the
and 1942, the rate shall be 1% per centum.
1943, 1944,
(3) With respect to employment during the calendar years
and 1945, the rate shall be 2 per centum.
years 1946, 1947,
(4) With respect to employment during the calendar
and 1948, the rate shall be 2% per centum.
shall
(5) With respect to employment after December 31, 1948, the rate
be 3 per centum.
Adjustsnent of Employers' Tax
by
Sec. 805. If more or less than the correct amount of tax imposed
regulasection 804 is paid with respect to any wage payment, then, under
tax shall
tions made under this title, proper adjustments with respect to the
payments
be made, without interest, in connection with subsequent wage
to the same individual by the same employer.
together
the Treasury as internal-revenue collections all receipts so deposited
with a statement of the additional expenditures in the District of Columbia
the
and elsewhere incurred by the Post Office Department in performing
duties imposed upon said Department by this Act, and the Secretary of the
Treasury is hereby authorized and directed to advance from time to time
for
to the credit of the Post Office Department from appropriations made
be
the collection of the taxes imposed by this title, such sums as may
required for such additional expenditures incurred by the Post Office
Department.
Penalties
takes
Sec. 810. (a) Whoever buys, sells, offers for sale, uses, transfers,
or gives in exchange, or pledges or gives in pledge, except as authorized
coupon,
In this title or in regulations made pursuant thereto, any stamp,
Internal
ticket, book, or other device, prescribed by the Commissioner of
tax
Revenue under section 807 for the collection or payment of any
imposed by this title, shall be fined not more than $1,000 or imprisoned
for not more than six months, or both.
(b) Whoever, with intent to defraud, alters, forges, makes, or counterfeits
any stamp, coupon, ticket, book, or other device prescribed by the Comor
missioner of Internal Revenue under section 807 for the collection
has
payment of any tax imposed by this title, or uses, sells, lends, or
his possession any such altered, forged, or counterfeited stamp, coupon,
ticket, book, or other device, or makes, uses, sells, or has in his possession
any material in imitation of the material used in the manufacture of such
stamp, coupon, ticket, book, or other device, shall be fined not more
than $5,000 or imprisoned not more than five years, or both.
Refunds and Deficiencies
Sec. 806. If more or less than the correct amount of tax imposed by
section 801 or 804 is paid or deducted with respect to any wage payment
and the overpayment or underpayment of tax cannot be adjusted under
section 802 (b) or 805 the amount of the overpayment shall be refunded
and the amount of the underpayment shall be collected in such manner and
at such times (subject to the statutes of limitations properly applicable
thereto) as may be prescribed by regulations made under this title.
-TAX ON EMPLOYERS-OF EIGHT OR MORE
TITLE IX
Imposition of Tax
Section 901. On and after January 1, 1936, every employer (as defined
is section 907) shall pay for each calendar year an excise tax, with respect
to having individuals in his employ, equal to the following percentages of
the total wages (as defined in section 907) payable by him (regardless of
the time of payment) with respect to employment (as defined, in section
907) during such calendar year:
(1) With respect to employment during the calendar year 1936 the rate
shall be 1 per centum;
(2) With respject to employment during the calendar year 1937 the rate
shall be 2 per centum;
(3) With respect to employment after December 31, 1937, the rate shall
be 3 per centum.
Credit Against Tax
Sec. 902. The taxpayer may credit against the tax imposed by
section 901 the amount of contributions, with respect to employment during
the taxable year, paid by him (before the date of filing his return for
the taxable year) into an unemployment fund under a State law. The
total credit allowed to a taxpayer under this section for all contributions
paid into unemployment funds with respect to employment during such
taxable year shall not exceed 90 per centum of the tax against which it is
credited, and credit shall be allowed only for contributions made under
the laws of States certified for the taxable year as provided in section 903.
Certification of State Laws
Sec. 903. (a) The Social Security Board shall approve any State law
submitted to it, within thirty days of such submission, which it finds
provides that
(1) All compensation is to be paid through public employment offices
in the State or such other agencies as the Board may approve;
(2) No compensation shall be payable with respect to any day of
unemployment occurring within two years after the first day of the first
period with respect to which contributions are required;
(3) All money received in the unemployment fund shall immediately
upon such receipt be paid over to the Secretary of the Treasury to the
credit of the Unemployment Trust Fund established by section 904;
(4) All money withdrawn from the Unemployment Trust Fund by the
State agency shall be used solely in the payment of compensation, exclusive
of expenses of administration;
(5) Compensation shall not be denied in such State to any otherwise
eligible individual for refusing to aOcept new work under any of the folfowing conditions: (A) If the position offered is vacant due directly to
a strike, lockout, or other labor dispute; (B) if the wages, hours, or
other conditions of the work offered are substantially less favorable to the
individual than those prevailing for similar work in the locality; (C) if as
a condition of being employed the individual would be required to join a
company union or to resign from or refrain from joining any bona fide
labor organization;
(6) All the rights, privileges, or immunities conferred by such law or
by acts done pursuant thereto shall exist subject to the power of the
legislature to amend or repeal such law at any time.
Collection and Payment of Taxes
Sec. 807. (a) The taxes imposed by this title shall be collected by the
Bureau of Internal Revenue under the direction of the Secretary of the
Treasury and shall be paid into the Treasury of the United States as
internal-revenue collections. If the tax is not paid when due, there shall
be added as part of the tax interest (except in the case of adjustments
made in accordance with the provisions of sections 802 (b) and 805) at
the rate of one-half of 1 per centum per month from the date the tax
became due until paid.
(b) Such taxes shall be collected and paid in such manner, at such
times, and under such conditions, not inconsistent with this title (either
by making and filing returns, or by stamps, coupons, tickets, books, or
a
other reasonable devices or methods necessary or helpful in securing
complete and proper collection and payment of the tax or in securing
Comproper identification of the taxpayer), as may be prescribed by the
missioner of Internal Revenue, with the approval of the Secretary of the
'treasury.
(c) All provisions of law, including penalties, applicable with respect
to any tax imposed by section 600 or section 800 of the Revenue Act of
1926, and the provisions of section 607 of the Revenue Act of 1934, shall,
insofar as applicable and not inconsistent with the provisions of this title,
be applicable with respect to the taxes imposed by this title.
(d) In the payment of any tax under this title a fractional part of a
cent shall be disregarded unless it amounts to one-half cent or more, in
which case it shall be increased to 1 cent.
Rules and Regulations
See. 808. The Commissioner of Internal Revenue, with the approval
of the Secretary of the Treasury, shall make and publish rules and regulations for the enforcement of this title.
Sale of Stamps by Postmasters
Sec. 809. The Commissioner of Internal Revenue shall furnish to the
Postmaster General without prepayment a suitable quantity of stamps,
coupons, tickets, books, or other devices prescribed by the Commissioner
under section 807 for the collection or payment of any tax imposed by
this title, to be distributed to, and kept on sale by, all post offices of
the first and second classes, and such post offices of the third and fourth
classes as (1) are located in county seats, or (2) are certified by the
Secretary of the Treasury to the Postmaster General as necessary to the
proper administration of this title. The Postmaster General may require
each such postmaster to furnish bond in such increased amount as he may
from time to time determine, and each such postmaster shall deposit the
receipts from the sale of such stamps, coupons, tickets, books, or other
devices, to the credit of, and render accounts to, the Postmaster General at
such times and in such form as the Postmaster General may by regulations
prescribe. The Postmaster General shall at least once a month transfer to
Definitions
Sec. 811. When used in this title
(a) The term "wages" means all remuneration for employment including the cash value of all remuneration paid in any medium other than
cash; except that such term shall not include that part of the remuneraan
tion which, after remuneration equal to $3,000 has been paid to
individual by an employer with respect to employment during any calendar
year, is paid to such individual by such employer with respect to employment during such calendar year.
(b) The term "employment" means any service, of whatever nature,
performed within the United States by an employee for his employer,
except
(1) Agricultural labor;
(2) Domestic service in a private home;
(3) Casual labor not in the course of the employer's trade or business;
(4) Service performed by an individual who has attained the age of
sixty-five;
(5) Service performed as an officer or member of the crew of a vessel
documented under the laws of the United States or of any foreign country;
(6) Service performed in the employ of the United States Government
or of an instrumentality of the United States;
(7) Service performed in the employ of a State, a political subdivision
thereof, or an instrumentality of one or more States or political subdivisions;
(8) Service performed in the employ of a corporation, community chest,
fund, or foundation, organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention
of cruelty to children or animals, no part of the net earnings of which
inures to the benefit of any private shareholder or individual.
The Board shall, upon approving suds law, notify the Governor of the State
of its approval.
Volume 141
Financial Chronicle
(b) On December 31 in each taxable year the Board shall certify to the
Secretary of the Treasury each State whose law it has previously approved,
except that it shall not certify any State which, after reasonable notice
and opportunity for hearing to the State agency, the Board finds has changed
its law so that it no longer contains the provisions specified in subsection (a)
or has with respect to such taxable year failed to comply substantially
with any such provision.
(c) If, at any time during the taxable year, the Board has reason to
believe that a State whose law it has previously approved, may not be
certified under subsection (b), it shall promptly so notify the Governor of
such State.
Unemployment Trust Fund
Sec. 904. (a) There is hereby established in the Treasury of the United
States a trust fund to be known as the "Unemployment Trust Fund", hereinafter in this title called the "Fund". The Secretary of the Treasury is
authorized and directed to receive and hold in the Fund all moneys
deposited therein by a State agency from a State unemployment fund. Such
deposit may be made directly with the Secretary of the Treasury or with
any Federal Reserve bank or member bank of the Federal Reserve System
designated by him for such purpose.
(b) It shall be the duty of the Secretary of the Treasury to invest
such portion of the Fund as is not, in his judgment, required to meet
current withdrawals. Such investment may be made only in interest
bearing obligations of the United States or in obligations guaranteed as
V) both principal and interest by the United States. For such purpose
such obligations may be acquired (1) on original issue at par, or (2) by
purchase of outstanding obligations at the market price. The purposes
for which obligations of the United States may be issued under the Second
Liberty Bond Act, as amended, are hereby extended to authorize the
issuance at par of special obligations exclusively to the Fund. Such
special obligations shall bear interest at a rate equal to the average rate of
interest, computed as of the end of the calendar month next preceding the
date of such issue, borne by all interest-bearing obligations of the United
States then forming Part of the public debt; except that where such
average rate is not a multiple of one-eighth of 1 per centum, the rate of
interest of such special obligations shall be the multiple of one-eighth of
1 per centum next lower than such average rate. Obligations other than
such special obligations may be required for the Fund only on such terms
as to provide an investment yield not less than the yield which would be
required in the case of special obligations if issued to the Fund upon the
date of such acquisition.
(c) Any obligations acquired by the Fund (except special obligations
Issued exclusively to the Fund) may be sold at the market price, and
such special obligations may be redeemed at par plus accrued interest.
(d) The interest on, and the proceeds from the sale or redemption of, any
obligations held in the Fund shall be credited to and form a part of the
Fund.
(e) The Fund shall be invested as a single fund, but the Secretary of
the Treasury shall maintain a separate book account for each State agency
and shall credit quarterly on March 31, June 30, September 30, and
December 31, of each year, to each account, on the basis of the average
daily balance of such account, a proportionate part of the earnings of the
Fund for the quarter ending on such date.
(f) The Secretary of the Treasury is authorized and directed to pay out
of the Fund to any State agency such amount as it may duly requisition,
not exceeding the amount standing to the account of such State agency
ac the time of such payment.
Administration, Refunds, and Penalties
Sec. 905. (a) The tax imposed by this title shall be collected by the
Bureau of Internal Revenue under the direction of the Secretary of the
Treasury and shall be paid into the Treasury of the United States as internal.
revenue collections. If the tax is not paid when due, there shall be added
an part of the tax interest at the rate of one-half of 1 per centum per month
from the date the tax became due until paid.
(b) Not later than January 31, next following the close of the taxable
year, each employer shall make a return of the tax under this title for
such taxable year. Each such return shall be made under oath, shall be
filed with the collector of internal revenue for the district in which is
located the principal place of business of the employer, or, if he has no
principal place of business in the United States, then with the collector at
Baltimore, Maryland, and shall contain such information and be made in
such manner as the Commissioner of Internal Revenue, with the approval
of the Secretary of the Treasury, may by regulations prescribe. All provisions of law (including penalties) applicable in respect of the taxes
imposed by section 600 of the Revenue Act of 1926, shall, in so far as not
inconsistent with this title, be applicable in respect of the tax imposed by
this title. The Commissioner may extend the time for filing the return
of the tax imposed by this title, under such rules and regulations as he
may prescribe with the approval of the Secretary of the Treasury, but no
such extension shall be for more than sixty days.
(c) Returns filed under this title shall be open to inspection in the
same manner, to the same extent, and subject to the same provisions of law,
including penalties, as returns made under Title II of the Revenue Act
of 1926.
(d) The taxpayer may elect to pay the tax in four equal installments
instead of in a single payment, in which case the first installment shall be
paid not later than the last day prescribed for the filing of returns, the
second installment shall be paid on or before the last day of the third
month, the third installment on or before the last day of the sixth month,
and the fourth installment on or before the last day of the ninth month,
after such last day. If the tax or any installment thereof is not paid
on or before the last day of the period fixed for its payment, the whole
amount of the tax unpaid shall be paid upon notice and demand from the
collector.
(e) At the request of the taxpayer the time for payment of the tax or
any installment thereof may be extended under regulations prescribed by
the Commissioner with the approval of the Secretary of the Treasury, for a
period not to exceed six months from the last day of the period prescribed
for the payment of the tax or any installment thereof. The amount of the
tax in respect of which any extension is granted shall be paid (with
interest at the rate of one-half of 1 per centum per month) on or before
the date of the expiration of the period of the extension.
(f) In the payment of any tax under this title a fractional part of a cent
shall be disregarded unless it amounts to one-half cent or more, in which
case it shall be increased to 1 cent.
Interstate Commerce
Sec. 900. No person required under II State law to make payments to
an unemployment fund shall be relieved from compliance therewith on
the ground that he is engaged in interstate commerce, or that the State
1169
law does not distinguish between employees engaged in interstate commerce
and those engaged in intrastate commerce.
Definitions
Sec. 907. When used in this title—
(a) The term "employer" does not include any person unless on each
of some twenty days during the taxable year, each day being in a different
calendar week, the total number of individuals who were in his employ
for some portion of the day (whether or not at the same moment of time)
was eight or more.
(b) The term "wages" means all remuneration for employment, including
the cash value of all remuneration paid in any medium other than cash.
(c) The term "employment" means ally service, of whatever nature,
performed within the United States by an employee for his employer,
except—
(1) Agricultural labor;
(2) Domestic service in a private home;
(3) Service performed as an officer or member of the crew of a vessel
on the navigable waters of the United States;
(4) Service performed by an individual in the employ of his son,
daughter, or spouse, and service performed by a child under the age of
twenty-one in the employ of his father or mother;
(5) Service performed in the employ of the United States Government
or of an instrumentality of the United States;
(6) Service performed in the employ of a State, a political subdivision
thereof, or an instrumentality of one or more States or political subdivisions;
(7) Service performed in the employ of a corporation, community chest,
fund, or foundation, organized and operated exclusively for religious,
charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of
which inures to the benefit of any private shareholder or individual.
(d) The term "State agency" means any State officer, board, or other
authority, designed under a State law to administer the unemployment
fund in such State.
(e) The term "unemployment fund" means a special fund, established
under a State law and administered by a State agency, for the payment
of compensation.
(f) The term "contributions" means payments required by a State law
to be made by an employer into an unemployment fund, to the extent
that such payments are made by him without any part thereof being
deducted or deductible from the wages of individuals in his employ.
(g) The term "compensation" means cash benefits payable to individuals
with respect to their unemployment.
Rules and Regulations
Sec? 908. The Commissioner of Internal Revenue, with the approval
of the Secretary of the Treasury, shall make and publish rules and regulations for the enforcement of this title, except sections 903, 904, and 910.
Allowance of Additional Credit
Sec. 909. (a) In addition to the credit allowed under section 902, g
taxpayer may, subject to the conditions imposed by section 910, credit
against the tax imposed by section 901 for any taxable year after the
taxable year 1937, an amount, with respest to each State law, equal to the
amount, if any, by which the contributions, with respect to unemployment
in such taxable year, actually paid by the taxpayer under such law before
the date of filing his return for such taxable year, is exceeded by whichever
of the following is the lesser—
(1) The amount of contributions which he would have been required to
pay under such law for such taxable year if he had been subject to the
highest rate applicable from time to time throughout such year to any
employer under such law; or
(2) Two and seven-tenths per centum of the wages payable by him with
respect to employment with respect to which contributions for such year
were required under such law.
(b) If the amount of the contributions actually so paid by the taxpayer
is less than the amount which he should have paid under the State law,
the additional credit under subsection (a) shall be reduced proportionately.
(c) The total credits allowed to a taxpayer under this title shall not exceed
90 per centum of the tax against which such credits are taken.
Conditions of Additional Credit Allowance
Sec. 910. (a) A taxpayer shall be allowed the additional credit under
section 909, with respect to his contribution rate under a State law being
lower, for any taxable year, than that of another employer subject to such
law, only If the Board finds that under sych law—
(1) Such lower rate, with respect to contributions to a pooled fund, is
permitted on the basis of not less than three years of compensation
experience;
(2) Such lower rate, with respect to contributions to a guaranteed employment account, is permitted only when his guaranty of employment
was fulfilled in the preceding calendar year, and such guaranteed employment account amounts to not less than 7% per centum of the total wages
payable by him, in accordance with such guaranty, with respect to
employment in such State in the preceding calendar year;
(3) Such lower rate, with respect to contributions to a separate reserve
account, is permitted only when (A) compensation has been payable from
such account throughout the preceding calendar year, and (B) such account
amounts to not less than five times the largest amount of compensation paid
from such account within any one of the three preceding calendar years,
and (C) such account amounts to not less than 7% per centum of the total
wages payable by him (plus the total wages payable by any other employers
who may be contributing to such account) with respect to ernployment
in such State in the preceding calendar year.
(b) Such additional credit shall be reduced, if any contributions under
such law are made by such taxpayer at a lower rate under conditions not
fulfilling the requirements of subsection (a), by the amount bearing the
same ratio to such additional credit as the amount of contributions made
at such lower rate bears to the total of his contributions paid for such
year under such law.
(c) As used in this section—
(1) The term "reserve account" means a separate account in an unemployment fund, with respect to an employer or group of employers, from
which compensation is payable only with respect to the unemployment
of individuals who were in the employ of such employer, or of one of the
employers comprising the group.
(2) The term "pooled fund" means an unemployment fund or any part
thereof in which all contributions are mingled and undivided, and from
which compensation is payable to all eligible individuals, except that to
individuals last employed by employers with respect to whom reserve
accounts are maintained by the State agency, it is payable only when such
accounts are exhausted.
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Financial Chronicle
(3) The term "guaranteed employment account" means a separate
account, in an unemployment fund, of contributions paid by an employer
(or goup of employers) who
(A) guarantees in advance thirty hours of wages for each of forty calendar
weeks (or more, with one weekly hour deducted for each added work
guaranteed) in twelve months, to all the individuals in his employ in one
or more distinct establishments, except that any such individual's guaranty
may commerce after a probationary period (included within twelve or less
consecutive calendar weeks, and
(B) gives security or assurance, satisfactory to the State agency, for
the fulfillment of such guaranties,
from which account compensation shall be payable with respect to the unemployment of any such individual whose guaranty is not fulfilled or renewed
and who is otherwise eligible for compensation under the State law.
(4) The term "year of compensation experience", as applied to an
employer, means any calendar year throughout which compensation was
payable with respect to any individual in his employ who became unemployed and was eligible for compensation.
TITLE X—GRANTS TO STATES FOR AID TO THE BLIND
Appropriation
Section 1001. For the purpose of enabling each State to furnish financial
assistance, as far as practicable under the conditions in such State, to
needs individuals who are blind, there is hereby authorized to be appropriated
fel the fiscal year ending June 30, 1936, the sum of $3,000,000, and there
is hereby authorized to be appropriated for each fiscal year thereafter
a sum sufficient to carry out the purposes of this title. The sums made
available under this section shall be used for making payments to States
which have submitted, and had approved by the Social Security Board,
State plans for aid to the blind.
State Plans for Aid to the Blind
Sec. 1002. (a) A State plan for aid to the blind much (1) provide that it
shall be in effect in all political subdivisions of the State, and, if administered by them, be mandatory upon them; (2) provide for financial participation by the State; (3) either provide for the establishment or designation
of a single State agency to administer the plan, or provide for the establishment or designation of a single State.agency to supervise the administration of the plait; (4) provide for granting to any individual, whose claim
for aid is denied, an opportunity for a fair hearing before such State
agency; (5) provide such methods of administration (other than those
relating to selection, tenure of office, and compensation of personnel) as
are found by the Board to be necessary for the efficient operation of the
plan; (6) provide that the State agency will make such reports, 41 such
form and containing such information, as the Board may from time to time
require, and comply with such provisions as the Board may from time
to time find necessary to assure the correctness and verification' of such
reports; and (7) provide that no aid will be furnished any individual
wider the plan with respect to any period with respect to Which he Is
receiving old-age assistance under the State plan approved under section 2
of this Act.
(b) The Board shall approve any plan which fulfills the conditions
specified in subsection (a), except that it shall not approve any plan which
Imposes, as a condition of eligibility for aid to the blind under the plan—
(1) Any residence requirement which excludes any resident of the State
who has resided therein five years during the nine years immediately preceding the application for aid and has resided therein continuously for one
year immediately preceding the application; or
(2) Any citizenship requirement which excludes any citizen of the
United States.
Payment to States
Sec. 1003. (a) From the sums appropriated therefor, the Secretary of
the Treasury shall pay to each State which has an approved plan for aid
t3 the blind, for cads quarter, beginning with the quarter commencing
July 1, 1935, (1) an amount, which shall be used exclusively as aid to the
blind, equal to one-half of the total of the sums expended during such
quarter as aid to the blind under the State plan with respect to each
individual who is blind and is not an inmate of a public institution, not
counting so much of such expenditure with respect to any individual for
any month as exceeds $30, and (2) 5 per centum of such amount, which
shall be used for paying the costs of administering the State plan or for aid
to the blind, or both, and for no other purpose.
(b) The method of computing and paying such amounts shall be as
follows:
(1) The Board shall, prior to the beginning of each quarter, estimate
the amount to be paid to the State for such quarter under the provisions
of clause (1) of subsection (a), such estimate to be based on (A) a report
filed by the State containing its estimate of the total sum to be expended
In such quarter in accordance with the provisions of such clause, and
stating the amount appropriated or made available by the State and its
political subdivisions for such expenditures in such quarter, and if such
amount is less than one-half of the total sum of such estimated expenditures, the source or sources from which the difference is expected to be
derived, (B) records showing the number of blind individuals in the State,
and.(C) such other investigation as the Board may find necessary.
Aug. 24 1935
(2) The Board shall then certify to the Secretary of the Treasury the
amount so estimated by the Board, reduced or increased, as the case may
be, by any sum by which it finds that its estimate for any prior quarter
was greater or less than the amount which should have been paid to the
State under clause (1) of subsection (a) for such quarter, except to the
extent that such sum has been applied to make the amount certified for
any prior quarter greater or less than the amount estimated by the Board
for such prior quarter.
(3) The Secretary of the Treasury shall thereupon, through the Division
of Disbursement of the Treasury Department and prior to audit or settlement by the General Accounting Office, pay to the State, at the time or
times fixed by the Board, the amount so certified, increased by 5 per centum.
Operation of State Plans
Sec. 1004. In the case of any State plan for aid to the blind which has
been approved by the Board, if the Board, after reasonable notice and opportunity for hearing to the State agency administering or supervising the
administration of such plan, finds—
(1) that the plan has been so changed as to impose any residence or
citizenship requirement prohibited by section 1002 (b), or that in the
administration of the plan any such prohibited requirement is imposed,
with the knowledge of such State agency, in a substantial number of
cases; or
(2) that in the administration of the plan there is a failure to comply
substantially with any provision required by section 1002 (a) to be
included in the plan;
the Board shall notify such State agency that further payments will not be
made to the State until the Board is satisfied that such prohibited requirement is no longer so imposed, and that there is no longer any such failure
to comply. Until it is so satisfied it shall make no further certification
to the Secretary of the Treasury with respect to such State.
Administration
Sec. 1005. There is hereby authorized to be appropriated for the fiscal
year ending June 30, 1936, the sum of $30,000, for all necessary expenses
of the Board in administering the provisions of this tile.
Definition
Sec. 1006. When used in this title the term "aid to the blind" means
money payments to blind individuals.
TITLE XI—GENERAL PROVISIONS
Definitions
Section 1101. (a) When used in this Act—
(1) The term "State" (except when used in section 531) Includes
Alaska, Hawaii, and the District of Columbia.
(2) The term "United States" when used in a geographical sense means
the States, Alaska, Hawaii, and the District of Columbia.
(3) The term "person" means an individual, a trust or estate, a partnership, or a corporation.
(4) The terns "corporation" includes associations, joint-stock companies,
and insurance companies.
(5) The term "shareholder" includes a member in an association, jointstock company, or insurance company.
(6) The term "employee" includes an officer of a corporation.
(b) The terms "includes" and "including" when used in a definition
contained in this Act shall not be deemed to exclude other things otherwise
within the meaning of the term defined.
(c) Whenever under this Act or any Act of Congress, or under the law
of any State, an employer is required or permitted to deduct any amount
from the remuneration of an employee and to pay the amount deducted
to the United States, a State, or any political subdivision thereof, then for
the purposes of this Act the amount so deducted shall be considered to
have been paid to the employee at the time of such deduction.
(d) Nothing in this Act shall be construed as authorizing any Federal
official, agent, or representative, in carrying out any of the provisions of
this Act, to take charge of any child over the objection of either of the
parents of such child, or of the person standing in loco parentis to such
child.
Rules and Regulations
Sec. 1102. The Secretary of the Treasury, the Secretary of Labor, and
the Social Security Board, respectively, shall make and publish such rules
and regulations, not inconsistent with this Act, as may be necessary to
the efficient administration of the functions with which each is charged
under this Act.
Separability
Sec. 1103. If any provision of this Act, or the application thereof to
any person or circumstance, is held invalid, the remainder of the Act, and
the application of such provision to other persons or circumstances shall
not be affected thereby.
Reservation of Power
Sec. 1104. The right to alter, amend, or repeal any provision of this
Act is hereby reserved to the Congress.
Short Title
Sec. 1105. This Act may be cited as the "Social Security Act".
Approved, August 14, 1935.
Text of Banking Act of 1935
While we indicate elsewhere the final Congressional proceedings on the Omnibus Banking Bill, we are giving here
the test of the new measure as agreed on in conference, both
the House and the Senate approved the conference report
on Aug. 19. The following is the text of the bill as adopted
by Congress and signed by President Roosevelt yesterday
(Aug. 23):
(II. R. 7617)
AN ACT
To provide for the sound, effective, and uninterrupted operation of the
banking system, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United Slates
of America in Congress assembled,
"That this Act may be cited as the 'Banking Act of 1935.'
-TITLE I—FEDERAL DEPOSIT INSURANCE
"Section 101. Section 12B of the Federal Reserve Act, as amended
(U. S. C.. Supp. VII, title 12, sec. 264). Is amended to read as follows:
'Sec. 1213. (a) There is hereby created a Federal Deposit Insurance
"
Corporation (hereinafter referred to as the "Corporation") which shall in-
sure, as hereinafter provided, the deposits of all banks which are entitled
to the benefits of insurance under this section. and which shall have the
powers hereinafter granted.
"
'(b) The management of the Corporation shall be vested in a board of
directors consisting of three members, one of whom shall be the Comptroller of the Currency, and two of whom shall be citizens of the United
States to be appointed by the President, by and with the advice and consent of the Senate. One of the appointive members shall be the Chairman
of the board of directors of the Corporation and not more than two of the
members of such board of directors shall be members of the smae political
party. Each such appointive member shall hold office for a term cf six
years and shall receive compensation at the rate of $10,000 per annum,
payable monthly out of the funds of the Corporation, but the Comptroller
of the Currency shall not receive additional compensation for his services
as such member. In the event of a vacancy in the office of the Comptroller of the Currency, and pending the appointment of his successor, or
during the absence of the Comptroller from Washington, the Acting Comptroller of the Currency shall be a member of the board of directors in the
place and stead of the Comptroller. In the event of a vacancy in the office
of the chairman of the board of directors, and pending the appointment of
his successor, the Comptroller of the Currency shall act as chairman. The
Comptroller of the Currency shall be ineligible during the time he is in office
Volume 141
Financial Chronicle
and for two years thereafter to hold any office, position, or employment in
any insured bank. The appointive members of the board of directors
shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment ih any insured bank, except that this restriction shall not apply to any appointive member who
has served the full term for which he was appointed. No member of the
board of directors shall be an officer or director of any bank, banking istitution, trust company, or Federal Reserve bank or hold stock in any bank,
banking institution, or trust company; and before entering upon his duties
as a member of the board of directors he shall certify under oath that he
has complied with this requirement and such certification shall be filed with
the secretary of the board of directors. No member of the board of directors serving on the board of directors on the effective date shall be subject
to any of the provisions of the three preceding sentences until the expiration of his present term of office.
•
"'(c) As used in this section—
'(1) The term "State bank" means any bank, banking association,
trust company, savings bank. ot other banking institution which is engaged in the business of receiving deposits and which is incorporated under
the laws of any State. Hawaii, Alaska, Puerto Rico, or the Virgin Islands,
or which is operating under the Code of Law for the District of Columbia
(except a national bank), and includes any unincorporated bank the deposits of which are insured on the effective date under the provisions of
this section.
"'(2) The term "State member bank" means any State bank which is
a member of the Federal Reserve System, and the term "State nonmember
bank" means any State bank which is not a member of the Federa' Reserve System.
"'(3) The term "District bank" means any State bank operating under
the Code of Law for the District of Columbia.
"'(4) The term "national member bank" means any national bank
located in any of the States of the United States, the District of Columbia.
Hawaii, Alaska. Puerto Rico, or the Virgin Islands which is a member of
the Federal Reserve System.
"'(5) The term "national nonmember bank" means any national bank
located in Hawaii, Alaska, Puerto Rico, or the Virgin Islands which is not
a member of the Federal Reserve System.
"'(6) The term "mutual savings bank" means a bank without capital
stock transacting a savings bank business, the net earnings of which inure
wholly to the benefit of its depositors after payment of obligations for any
advances by its organizers.
"'(7) The term "savings bank" means a bank (other than a mutual
savings bank) which transacts its ordinary banking business strictly as a
savings bank under State laws imposing special requirements on such banks
governing the manner of investing their funds and of conducting their
business: Provided. That the bank maintains, until maturity date or until
withdrawn, all deposits made with It (other than funds held by it in a fiduciary capacity) as time savings deposits of the specific term type or of the
type where the right is reserved to the bank to require written notice before
permitting withdrawal: Provided further. That such bank to be considered
a svings bank must elect to become subject to regulations of the Corporation with respect to the redeposit of maturing deposits and prohibiting
withdrawal of deposits by checking except in cases where such withdrawal
is permitted by law on tpe effective date from specifically designated deposit accounts totaling not more than 15 per centum of the bank's total
deposits.
"
'(8) The term "insured bank" means any bank the deposits of which
are insured in accordance with the provisions of this section; and the term
"noninsured bank" means any bank the deposits of which are not so insured.
"
'(9) The term "new bank" means a new national banking association
organized by the Corporation to assume the insured deposits of an insured
bank closed on account of inability to meet the demands of its depositors
and otherwise to perform temporarily the functions prescribed in this
section.
"
'(10) The term "receiver" includes a receiver, liquidating agent.
conservator, commission, person, or other agency charged by law with the
duty of winding up the affairs of a bank.
"'(11) The term "board of directors" means the board of directors of
the Corporation.
"
'(12) The term "deposit" means the unpaid balance of money or Its
equivalent received by a bank in the usual course of business and for which
it has given or is obligated to give credit to a commercial, checking,savings,
time or thrift account, or which is evidenced by its certificate of deposit.
and trust funds held by such bank whether retained or deposited in any
department of such bank or deposited in another bank, together with such
other obligations of a bank as the board of directors shall find and shall
prescribe by its regulations to be deposit liabilities by general usage:Provided,
That any obligation of a bank which is payable only at an office of the bank
located outside the States of the United States. the District of Columbia,
Hawaii, Alaska. Puerto Rico, and the Virgin Islands, shall not be a deposit
for any of the purposes of this section or be included as a part of total
deposits or of an insured deposit: Provided further, I'hat any insured bank
having its principal place of business in any of the States of the United
States or in the District of Columbia which maintains a branch in Hawaii,
Alaska, Puerto Rico, or the Virgin Islands may elect to exclude from
insurance under this section its deposit obligations which are payable only
at such branch, and upon so electing the insured bank with respect to such
branch shall comply with the provisions of this section applicable to the
termination of insurance by nonmember banks: Provided further, That the
bank May elect to restore the insurance to such deposits at any time its
capital stock is unimpaired.
"'(13) The term "insured deposit" means the net amount due to any
depositor for deposits in an insured bank (after deducting offsets) less any
part thereof which is in excess of $5,000. Such net amount shall be determined according to such regulations as the board of directors may prescribe,
and in determining the amount due to any depositor there shall be added
together all deposits in the bank maintained in the same capacity and the
same right for his benefit either in his own name or in the names of others,
except trust funds which shall be insured as provided in paragraph (9) of
subsection (h) of this section.
'(14) The term "transferred deposit" means a deposit in a new bank
"
or other insured bank made available to a depositor by the Corporation as
payment of the insured deposit of such depositor in a closed bank, and
assumed by such new bank or other insured bank.
'(15) The term "branch" includes any branch bank, branch office,
branch agency, additional office, or any branch place of business located
in any State of the United States or in Hawaii, Alaska, Puerto Rico, or
the Virgin Islands at which deposits are received or checks paid or money
lent.
•• '(16) The term "effective date" means the date of enactment of the
Banking Act of 1935.
"'(d) There is hereby authorized to be appropriated, out of any money
in the Treasury not otherwise appropriated, the sum of'9150,000,000,
which shall be available for payment by the Secretary of the Treasury for
1171
capital stock of the Corporation in an equal amount, which shall be subscribed for by him on behalf of the United States. Payments upon such
subscription shall be subject to call in whole or in part by the board of
directors of the Corporation. Such stock shall be in addition to the amount
of capital stock required to be subscribed for by Federal Reserve banks.
Receipts for payments by the United States for or on account of such stock
shall be issued by the Corporation to the Secretary of the Treasury and
shall be evidence of the stock ownership of the United States. Every
Federal Reserve bank shall subscribe to shares of stock in the Corporation
to an amount equal to one-half of the surplus of such bank on January 1.
1933, and its subscriptions shall be accompanied by a certified check payable
to the Corporation in an amount equal to one-half of such subscription.
The remainder of such subscription shall be subject to call from time to
time by the board of directors upon ninety days' notice. The capital stock
of the Corporation shall consist of the shares subscribed for prior to the
effective date. Such stock shall be without nominal or par value,and shares
issued prior to the effective date shall be exchanged and reissued at the
rate of one share for each 8100 paid into the Corporation for capital stock.
The consideration received by the Corporation for the capital stock shall
be allocated to capital and to surplus in such amounts as the baord of
directors shall prescribe. Such stock shall have no vote and shall not be
entitled to the payment of dividends.
"'(e) (1) Every operating State or national member bank. including
a bank incorporated since March 10, 1933,licensed on or before the effective
date by the Secretary of the Treasury shall be and continue to be, without
application or approval, an insured bank and shall be subject to the provisions of this section.
"
'(2) After the effective date, every national member bank which is
authorized to commence or resume the business of banking, and every
State bank which is converted into a national member bank or which becomes a member of the Federal Reserve System, shall be an insured bank
from the time it is authorized to commence or resume business or becomes a
member of the Federal Reserve System. The certificate herein prescribed
shall be issued to the Corporation by the Comptroller of the Currency in
the case of such national member bank, or by the Board of Governors of
the Federal Reserve System in the case of such State member bank:Provided.
That in the case of an insured bank which is admitted to membership In
the Federal Reserve System or an insured State bank which is converted
into a national member bank,such certificate shall not be required, and the
bank shall continue as an insured bank. Such certificate shall state that
the bank is authorized to transact the business of banking in the case of a
national member bank, or is a member of the Federal Reserve System in
the case of a State member bank, and that consideration has been given
to the factors enumerated in subsection (g) of this section.
"'(f) (1) Every bank which is not a member of the Federal Reserve
System which on June 30. 1935 was or thereafter became a member of the
Temporary Federal Deposit Insurance Fund or of the Fund For Mutuals
heretofore created pursuant to the provisions of this section, shall be and
continue to be, without application or approval, an insured bank and shall
be subject to the provisions of this section: Provided, That any State nonmember bank which was admitted to the said Temporary Federal Deposit
Insurance Fund or the Fund For Mutuais but which did not file on or before
the effective date on October 1, 1934 certified statement and make the
Payments thereon required by law, shall cease to be an insured bank on
August 31, 1935: Provided, further, That no bank admitted to the said
Temporary Federal Deposit Insurance Fund or the Fund For Mutuals
prior to the effective date shall, after August 31. 1935, be an insured bank
or have its deposits insured by the Corporation, if such bank shall have
Permanently discontinued its banking operations prior to the effective date.
" (2) Subject to the provisions ot this section, any national nonmember
bank, upon application by the bank and certification by the Comptroller
of the Currency in the manner prescribed in subsection (e) of this section,
and any State nonmember bank, upon application to and examination by
the.Corporation and approval by the board of directors, may become an
insured bank. Before approving the application of any such State nonmember bank, the board of directors shall give consideration to the factors
enumerated in subsection (g) of this section and shall determine, upon the
basis of a through examination of such bank, that its assets in excess of its
capital requirements are adequate to enable it to meet all its liabilities to
depositors and other creditors as shown by the books of the bank.
"'(g) The factors to be enumerated in the certificate required under
subsection (e) and to be considered by the board of directors under subsection (f) shall be the following: The financial history and condition of
the bank, the adequacy of its capital structure, its future earnings prospects, the general character of its management, the convenience and needs
of the community to be served by the bank, and whether or not its
corporate powers are consistenc with the purposes of this section.
"•
(h) (1) The assessment rate shall be one-twelfth of 1 per centum per
annum. The semiannual assessment for each insured bank shall be in the
amount of the product of one-half the annual assessment rate multiplied
by an assessment base which shall be the average for six months of the
differences at the end of each calendar day between the total amount of
liability of the bank for deposits (according to the definition of the term
"deposit" in and pursuant to paragraph (12) of subsection (c) of this section,
without any deduction for indebtedness of depositors) and the total of such
uncollected items as are included in such deposits and credited subject to
final payments: Provided, however, That the daily total of such uncollected
items shall be determined according to regulations prescribed by the board
of directors upon a consideration of the factors of general usage and ordinary
time of availability, and for the purposes of such deduction no item shall
be regarded as uncollected for longer periods than those prescribed by such
regulations. Each Insured bank shall, as a condition to the right to deduct
any specific uncollected item in determining its assessment base, maintain
such records as will readily permit verification of the correctness of the
particular deduction claimed. The certified statements required to be filed
with the Corporation under paragraphs 12), (3), and (4) of this subsection
shall be in such form and set forth such supporting information as the
board of directors shall presczibed. The assessment payments required
from insured banks under paragraphs (2j, (3), and (4) of this subsection
shall be made in such manner and at such time or times as the board of
directors shall prescribe, provided the time or times so prescribed shall
not be later than sixty days after filing the certified statement setting forth
the amount of the assessment. In the event that a separate Fund For
Mutuals is established as provided in subsection (1), the board of directors
from time to time may fix a lower assessment rate operative for such period
as the board may determine which shall be applicable to insured mutual
savings banks only, and the remainder of this paragraph shall not be
applicable to such banks.
(2) On or before the 15th day of July of each year, each insured bank
shall file with the Corporation a certified statement under oath showing tor
the six months ending on the preceding June 30 the amount of the assessment base and the amount of the semiannual assessment due to the Corporation, determined in accordance with paragraph (1) of this subsection.
Each insured bank shall pay to the Corporation the amount of the semi-
1172
Financial Chronicle
annual assessment it is required to certify. On or before the 15th day of
January of each year after 1936 each insured bank shall file with the Corporation a similar certified statement for the six months ending on the preceding
December 31 and shall pay to the Corporation the amount of the semiannual assessment it is required to certify.
"'(3) Each bank which becomes an insured bank according to the
provisions of subsection (e) or (f) of this section shall. on or before the 15th
day of November 1935.file with the Corporation a certified statement under
oath showing the amount of the assessment due to the Corporation for the
Period ending December 31, 1935, which shall be an amount equal to the
product of one-third the annual assessment rate multiplied by the assessment base determined in accordance with paragraph (1) of this subsection,
except that the assessment base shall be the average for the 31 days in the
month of October 1935, and payment shall be made to the Corporation on
the amount of the assessment so required to be certified. Each such bank
shall, on or before the 15th day of January 1936, file with the Corporation
a certified statement under oath showing the amount of the semiannual
assessment due to the Corporation for the period ending June 30. 1936.
which shall be an amount equal to the product of one-half the annual assessment rate multiplied by the assessment base determined in accordance with
Paragraph (1) of this subsection, except that the assessment base shall be
the average for the days of the months of October, November and December
of 1935, and payment shall ba made to the Corporation of the amount of the
assessment so required to be certified.
"'(4) Each bank which becomes an insured bank after the effective date
shall be relieved from complying with the provisions of paragraph (2) of
this subsection until it has operated as an insured bank for a full semiannual
Period ending on June 30 or December 31 as the case may be. Each such
bank, on or before the forty-fifth day after its first day of operation as an
insured bank, shall file with the Corporation its first certified statement
which shall be under oath and shall show the amount of the assessment
base determined in accordance with paragraph (I) of this subsection, except
that the assessment base shall be the average for the first thirty-one calendar
days it operates as an insured bank. Each such certified statement shall
also show as the amount of the first assessment due to the Corporation the
prorated portion (for the period between its first day of operation as an
insured bunk and the next succeeding last day of June or December, as
the case may be) of an amount equal to the product of one-half the annual
assessment rate multiplied by the base required to be set forth on its first
certified statement. Each bank which becomes an insured bank after the
effective date which has not operated as an insured bank for a full semiannual period ending on June 30 or December 31,as the case may be,shall,
on or before the 15th day of the first month thereafter (except that banks
becoming insured in June or December shall have thirty-one additional
days) file with the Corporation its second certified statement under oath
showing the amount of the assessment base and the amount of the semiannual assessment due to the Corporation. Such assessment base and
amount shall be determined in accordance with paragraph (1) of this subsection. except that if the bank became an insured bank in the month of
December or - one the assessment base shall be the average for the first
thirty-one cale dar days it operates as an insured bank, and except that
if it became an insured bank in any other month than December or June
the assessment base shall be the average for the days between its first day
of operation as an insured bank and the next succeeding last day of June
or December,as the case may be. Each bank required to file a certified
stat ment un er ibis paragraph shall pay to the Corporation the amount
of the assessment the bank is required to certify.
'(5) Each bank which shall be and continue without application or
"
approval an insured bank in accordance with the provisions of subsection (e)
or (f) of this section, shall, in lieu of all right to refund (except as authorized
in paragraph (3) of subsection (I). be credited with any balance to which
such bank shall become entitled upon the termination of the said Temporary
Federal Deposit Insurance Fund or the Fund For Mutuals. The credit
shall be applied by the Corporation toward the payment of the assessnent
next becoming due from such bank and upon succeeding assessments until
• the credit is exhausted.
"*(6) Any insured bank which fails to file any certified statement required to be filed by it in connection with determining the amount of any
assessment payable by the bank to the Corporation may be compelled to
file such statement by mandatory injunction or other appropriate remedy
in a suit brought for such purpose by the Corporation against the bank and
any officer or officers thereof in any court of the United States of competent
jurisdiction in the district or territory in which such bank is located.
"'(7) The Corporation,in a suit brought at law or in'equity in any court
of competent jurisdiction, shall be entitled to recover from any insured
bank the amount of any unpaid assessment lawfully payable by such insured
bank to the Corporation, whether or not such bank shall have filed any
such certified statement and whether or not suit shall have been brought
to compel the bank to file any such statement.
'(8) Should any national member bank or any insured national non"
member bank fail to file any certified statement required to be filed by
such bank under any provision of this subsection, or fail to pay any assessmeat required to be paid by such bank under any provision of this section,
and should the bank not dorrect such failure within thirty days after written
notice has been given by the Corporation to an officer of the bank, citing
this paragraph, and stating that the bank has failed to file or pay as required by law, all the rights, privileges, and franchises of the bank granted
to it under the National Bank Act or under the provisions of this Act, as
amended, shall be thereby forfeited. Whether or not the penalty provided
in this paragraph has been incurred shall be determined and adjudged in
the manner provided in the sixth paragraph of section 2 of this Act, as
amended. The remedies provided in this paragraph and in the two preceding paragraphs shall not be construed as limiting any other remedies against
any insured bank, but shall be in addition thereto.
'(9) Trust funds held by an insured bank in a fiduciary capacity
"
whether held in its trust or deposited in any other department or in another
bank shall be insured in an amount not to exceed $5.000 for each trust
estate, and when deposited by the fiduciary bank in another insured bank
such trust funds shall be similarly insured to the fiduciary bank according
to the trust estates represented. Notwithstanding any other provision of
this section, such insurance shall be separate from and additional to that
covering other deposits of the owners of such trust funds or the beneficiaries
of such trust estates: Provided, That where the fiduciary bank deposits any
of such trust funds in other insured banks, the amount so held by other
insured banks on deposit shall not for the purpose of any certified statement
,required under paragraph (2).(3). or •(4) of this subsection be considered to
:be a deposit liability of the fiduciary bank, but shall be considered to be a
-deposit liability of the bank in which such funds are so deposited by such
1:fiduciary bank. The board of directors shall have power by regulation to
prescribe the manner of reporting and of depositing such trust funds.
..(1) (1) Any insured bank (except a national member bank or State
,
member bank) may, upon not less than ninety days' written notice to the
• Corporation, and to the Reconstruction Finance Corporation if it owns or
• holds as pledgee any preferred stock, capital notes. or debentures of such
bank, terminate its status as an insured bank. Whenever the board of
Aug. 24 1935
directors shall find that an insured bank or its directors or trustees have
continued unsafe or unsound practices in conducting the business of such
bank,or have knowingly or negligently permitted any of its officers or agents
to violate any provision of any law or regulation to which the insured bank
is subject, the board of directors shall first give to the Comptroller of the
Currency in the case of a national bank or a District bank, to the authority
having supervision of the bank in the case of a State bank, or to the Board
of Governors of the Federal Reserve System in the case of a State member
bank,a statement with respect to such practices or violations for the purpose
of securing the correction thereof. Unless such correction shall be made
within one hundred and twenty days or such shorter period of time as the
Comptroller of the Currency, the State authority. or Board of Governors of
the Federal Reserve System, as the case may be, shall require, the board
of directors, if it shall determine to proceed further, shall give to the bank
not less than thirty days' written notice of intention to terminate the status
of the bank as an insured bank,and shall fix a time and place for a hearing
before the board of directors or before a person designated by it to conduct
such hearing, at which evidence may be produced, and upon such evidence
the board of directors shall make written findings which shall be conclusive.
Unless the bank shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented to the termination of its status
as an insured bank. If the board of directors shall find that any violation
specified in such notice has been established, the board of directors may
order that the insured status of the bank be terminated on a date subsequent
to such finding and to the expiration of the time specified in such notice
ofintention. The Corporation may publish notice of such termination and
the bank shall give notice of such termination to each of its depositors at
his last address of record on the books of the bank, in such manner and at
such time as the board of directors may find to be necessary and may order
for the protection of depositors. After the termination of the insured status
of any bank under the provisions of this paragraph, the insured deposits of
each depositor in the bank on the date of such termination, less all subsequent withdrawals from any deposits of such depositor, shall continue for a
period of two years to be insured, and the bank shall continue to Pay to
the Corporation assessments as in the case of an insured bank during such
Period. No additions to any such deposits and no new deposits in such
bank made after the date of such termination shall be insured by the Corporation, and the bank shall not advertise or hold itself out as having insured
deposits unlessin the same connection it shall also state with equal prominence
that such additions to deposits and new deposits made after such date are
not so insured. Such bank shall, in all other respects, be subject to the
duties and obligations of an insured bank for the period of two years from
the date of such termination, and in the event that such bank shall be
closed on account of inability to meet the demands of its depositors within
such period of two years, the Corporation shall have the same powers and
rights with respect to such bank as in case of an insured bank.
".(2) Whenever the insured status of a State member bank shall be
terminated by action of the board of directors, the Board of Governors of
the Federal Reserve System shall terminate its membership in the Federal
Reserve System in accordance with the provisions of section 9 of this Act,
and whenever the insured status of a national member bank shall be so
terminated the Comptroller of the Currency shall appoint a receiver for the
bank, which shall be the Corporation whenever the bank shall be unable to
meet the demands of its depositors. Whenever a member bank shall
cease to be a member of the Federal Reserve System,its status as an insured
bank shall, without notice or other action by the board of directors, terminate on the date the bank shall cease to be a member of the Federal
Reserve System, with like effect as if its insured status had been terminated
on said date by the board of directors after proceedings under paragraph (1)
of this subsection.
"'(3) If any nonmember bank which becomes an insured bank under
the provisions of paragraph (I) of subsection (f) of this section shall elect,
within thirty days after the effective date, not to continue as an insured
bank, and shall within such period give written notice to the Corporation
of its election, in accordance with regulations to be prescribed by the
board of directors, and to the Reconstruction Finance Corporation if it
owns or holds as pledgee any preferred stock, capital notes, or debentures of
such bank, it shall cease to be an insured bank and cease to be subject to
the provisions of this section and the rights of the bank (excluding its right
to any refund)shall be as provided by law existing prior to the effective date.
The board of directors shall cause notice of termination of insurance to be
given to the depositors ofsuch bank by publication or otherwise as the board
of directors may determine, and the deposits in such bank shall continue
to be insured for twenty days beyond such thirty day period.
"'(4) Whenever the liabilities of an insured bank for deposits shall have
been assumed by another insured bank or banks, the insured status of the
bank whose liabilities are so assumed shall terminate on the date of receipt
by the Corporation of satisfactory evidence of such assumption with like
effect as if its insured status had been terminated on said date by the board
of directors after proceedings under paragraph (1) of this subsection:
Provided. That if the bank whose liabilities are so assumed gives to its depositors notice of such assumption within thirty days after such assumption
takes effect, by publication or by any reasonable means,in accordance with
regulations to be prescribed by the board of directors, the insurance of its
deposits shall terminate at the end of six months from the date such assumption takes effect, and such bank shall thereupon be relieved of all future
obligations to the Corporation,including the obligation to pay future assessments.
'(j) Upon the date of enactment of the Banking Act of 1933. the
Corporation shall become a body corporate and as such shall have power—
'First. To adopt and use a corporate seal.
"
'Second. To have succession until dissolved by an Act of Congress.
'Third. T make contracts.
"
"'Fourth. To sue and be sued, complain and defend, in any court of
law or equity, State or Federal. All suits of a civil nature at common law
or in equity to which the Corporation shall be a party shall be deemed to
arise under the laws of the United States: Provided, That any such suit to
which the Corporation is a party in its capacity as receiver of a State bank
and which involves only the rights or obligations of depositors, creditors,
stockholders and such State bank under State law shall not be deemed to
arise under the laws of the United States. No attachment or execution
shall be issued against the Corporation or its property before final judgment
In any suit, action, or proceeding in any State, county, municipal, or United
States court. The board of directors shall designate an agent upon whom
service of process may be made in any State, Territory, or jurisdiction in
which any insured bank is located.
"'Fifth. To appoint by its board of directors such officers and employees as are not otherwise provided for in this section, to define their
duties, fix their compensation, require bonds of them and fix the penalty
thereof, and to dismiss at pleasure such officers or employees. Nothing
in this or any other Act shall be construed to prevent the appointment and
compensation as an officer or employee of the Corporation of any officer or
employee of the United States in any board, commission. ind.pendent
establishment, or executive department thereof.
Volume 141
Financial Chronicle
'Sixth. To prescribe by its board of directors, bylaws not inconsistent
with law, regulating the manner in which its general business may be donducted,and the privileges granted to it by law may be exercised and enjoyed.
'Seventh. To exercise by its board of directors, or duly authorized
"
officers or agents, all powers specifically granted by the provisions of this
section and such incidental powers as shall be necessary to carry out the
powers so granted.
"'Eighth. To make examinations of and to require information and
reports from banks, as provided in this section.
"'Ninth. Po act as receiver.
'Tenth. To prescribe by its board of directors such rules and regula"
tions as it may deem necessary to carry out the provisions of this section.
"'(k) (1) The board of directors shall administer the affairs of the
Corporation fairly and impartially and without discrimination. The board
of directors of the Corporation shall determine and prescribe the manner in
which its obligations shall be incurred and its expenses allowed and paid.
The Corporation shall be entitled to the free use of the United States mails
in the same manner as the executive departments of the Government. The
Corporation with the consent of any Federal Reserve bank or of any board,
commission, independent establishment, or executive department of the
Government, including any field service thereof, may avail itself of the use
of information, services, and facilities thereof in carrying out the provisions
of this section.
'(2) The board of directors shall appoint examiners who shall have
"
Power. on behalf of the Corporation, to examine any insured State nonmember bank (except a District bank), any State nonmember bank making
application to become an insured bank, and any closed insured bank, whenever in the judgment of the board of directors an examination of the bank is
necessary. Such examiners shall have like Power to examine, with the
written consent of the Comptroller of the Currency, any national bank or
District bank, and, with the written consent of the Board of Governors of
the Federal Reserve System. any State member bank.tach such examiner
shall have power to make a thorough examination of all the affairs of the
bank and in doing so he shall have po vier to administer oaths and to examine
and take and preserve the testimony of any of the officers and agents
thereof, and shall make a full and detailed report of the condition of the
bank to the Corporation. The board of directors in like manner shall appoint claim agents who shall have power to investigate and examine all
claims for insured deposits and transferred deposits. Each claim agent
shall have power to administer oaths and to examine under oath and take
and preserve the testimony of any persons relating to such claims. The
provisions of sections 184 to 186 (both inclusive) of the Revised Statutes
(U. S. C., title 5, secs. 94 to 96) are hereby extended to examinations and
investigations authorized by this paragraph.
"'(3) Each insured State nonmember bank (except a District bank)
shall make to the Corporation reports of condition in such form and at such
times as the board of directors may require. The board of directors may
require such reports to be published in such manner, not inconsistent with
any applicable law, as it may direct. Every such bank which fails to make
or publish any such report within such time, not less than five days. as the
board of directors may require, shall be subject to a penalty of not more
than $100 for each day of such failure recoverable by the Corporation for
its use.
'(4) The Corporation shall have access to reports of examinations made
"
by. and reports of conditions made to, the Comptroller of the Currency or
any Federal Reserve bank, may accept any report made by or to any commission, board, or authority having supervision of a State nonmember bank
(except a District bank),and mayfurnish to the Comptroller of the Currency
to any Federal Reserve bank, and to any such commission, board, or authority, reports of examinations made on behalf of, and reports of condition
made to, the Corporation.
'(I) (1) The Temporary Federal Deposit Insurance Fund and the
"
Fund For Mutuals heretofore created pursuant to the provisions of this
section are hereby consolidated into a Permanent Insurance Fund for insuring deposits, and the assets therein shall be held by the Corporation for
the uses and purposes of the Corporation: Provided, That the obligations to
and rights of the Corporation, depositors, banks, and other persons arising
out of any event or transaction prior to the effective date shall remain
unimpaired. On and after the effective date, the Corporation shall insure
the deposits of all insured banks as provided in this section: Provided. That
the insurance shall apply only to deposits of insured banks which have
been made avilable since March 10, 1933,for withdrawal in the usual course
of the banking business: Provided further, That if any insured bank shall,
without the consent of the Corporation, release or modify restrictions on
or deferments of deposits which had not been made available for withdrawal in the usual course of the banking business on or before the effective
date, such deposits shall not be insured. The maximum amount of the
insured deposit of any depositor shall be $5.000. The Corporation, in the
discretion of the board of directors, may open on its books solely for the
benefit of mutual savings banks and depositors therein a separate Fund
For Mutuals. If such Fund is opened, all assessments upon mutual savings
banks shall be paid into such Fund and the Permanent Insurance Fund of
the Corporation shall cease to be liable for insurance losses sustained in
mutual savings banks: Provided, That the capital assets of the Corporation
shall be so liable and all expenses of operation of the Corporation shall be
allocated between such Funds on an equitable basis.
(2) For the purposes of this section, an insured bank shall be deemed
to have been closed on account of inability to meet the demands of its
depositors in any case in which it has been closed for the purpose of liquidation without adequate provision being made for payment of its depositors.
" (3; Notwithstanding any other provision oflaw, whenever any insured
'
national bank or insured District bank shall have been closed by action
of its board of directors, or by the Comptroller of the Currency, as the case
may be, on account of inability to meet the demands of its depositors, the
Comptroller of the Currency shall appoint the Corporation receiver for
such closed bank, and .no other person shall be appointed as receiver of
such closed bank.
"'(4) It shall be the duty of the Corporation as such receiver to realize
upon the assets of such closed bank, having due regard to the condition of
credit In the locality; to enforce the individual liability of the stockholders
and directors thereof; and to wind up the affairs of such closed bank in
conformity with the provisions of law relating to the liquidation of closed
national banks,except as herein otherwise provided. The Corporation shall
reatin for its own account such portion of the amounts realized from such
liquidation as it shall be entitled to receive on account of its subrogation
to the claims of depositors,and it shall pay to depositors and other creditors
the net amounts available for distribution to them. With respect to any
such closed bank, the Corporation as such receiver shall have all the rights,
powers, and privileges now possessed by or hereafter granted by law to a
receiver of an insolvent national bank.
"'(5) Whenever any insured State bank (except a District bank) shall
have been closed by action of its board of directors or by the authority
having supervision of such bank, as the case may be, on account of inability to meet the demands of its depositors, the Corporation shall accept
1173
appointment as receiver thereof, if such appointment is tendered by the
authority having supervision of such bank and is authorized or permitted
by Statelaw, With respect to any such insured State bank,the Corporation
as such receiver shall possess all the rights, powers and privileges granted
by State law to a receiver of a State bank.
account of
"'(6) Whenever an insured bank shall have been closed on
inability to meet the demands of its depositors, payment of the insured
deposits in such bank shall be made by the Corporation as soon as possible.
(A) by
subject to the provisions of paragraph (7) of this subsection, either
making available to each depositor a transferred deposit in a new bank
in the same community or in another insured bank in an amount equal to
the insured deposit of such depositor and subject to withdrawal on demand,
or(B)in such other manner as the board of directors may prescribe:Provided,
That the Corporation, in its discretion, may require proof of claims to be
filed before paying the insured deposits, and that in any case where the
deCorporation is not satisfied as to the validity of a claim for an insured
posit, it may require the final determination of a court of competent jurisdiction before paying such claim.
(7) In the case of a closed national bank or District bank, the CorPoration, upon the payment of any depositor as provided in paragraph (6)
of this subsection, shall be subrogated to all rights of the depositor against
the closed bank to the extent of such payment. In the case of any other
to any
closed insured bank, the Corporation shall not make any payment
rights
depositor until the right of the Corporation to be subrogated to the
the case of a closed
ot such depositor on the same basis as provided in
have been recognized either by
national bank under this section shall
express provision of State law, by allowance of claims by the authority
having supervision of such bank, by assignment of claims by depositors, or
by any other effective method. In the case of any closed insured bank,
to
such subrogation shall include the right on the part of the Corporation
receive the same dividends from the proceeds of the assets of such closed
would have
bank and recoveries on account of stockholders' liability as
such
been payable to the depositor on a claim for the insured deposit, but
deposit:
depositor shall retain his claim for any uninsured portion of his
State
Provided, That the rights of depositors and other creditors of any
of
bank shall be determined in accordance with the applicable provisions
State law.
bank, the Cor"'(8) As soon as possible after the closing of an insured
poration, if it finds that it is advisable and in the interest of the depositors
national bank to
of the closed bank or the public, shall organize a new
perform
assume the insured deposits of such closed bank and otherwise to
shall
temporarily the functions hereinafter provided for. The new bank
have its place of business in the same community as the closed bank.
certificate of the
" (9) The articles of association and the organization
new bank shall be executed by representatives designated by the Corporabank
tion. No capital stock need be paid in by the Corporation. The new
shall not have a board of directors, but shall be managed by an executive
Corporation who shall
officer appointed by the board of directors of the
shall be
be subject to its directions. In all other respects the new bank
relating to
organized in accordance with the then existing provisions of law
may,
the organization of national banking associations. The new bank
which shall
with the approval of the Corporation, accept new deposits
bank
be subject to withdrawal on demand and which, except where the new
any deis the only bank in the community, shall not exceed $5,000 from
the CorPositor. The new bank, without application to or approval by
with the
poration, shall be an insured bank and shall maintain on deposit
by law
Federal Reserve bank of its district reserves in the amount required
for member banks, but it shall not be required to subscribe for stock of the
hand in
Federal Reserve bank. Funds of the new bank shall be kept on
guarcash, invested in obligations of the United States, or in obligations
with
anteed as to principal and interest by the United States, or deposited
the Corporation, with a Federal Reserve bank, or, to the extent of the
bank, unless
insurance coverage thereon, with an insured bank. The new
transact
otherwise authorized by the Comptroller of the Currency, shall
and as may be incidental
no business except that authorized by this section
new
to its organization. Notwithstanding any other provision of law the
taxation
bank, its franchise, property, and income shall be exempt from all
Territory, denow or hereafter imposed by the United States, by any
municipality, or
Pendency, or possession thereof, or by any State, county,
local taxing authority.
Corporation shall
'(10) Upon the organization of a new bank. the
"
insured
Promptly make available to it an amount equal to the estimated
expenses of
deposits of such closed bank plus the estimated amount of the
amount
operating the new bank, and shall determine as soon as possible the
total
due each depositor for his insured deposit in the closed bank, and the
determination, the
expenses of operation of the new bank. Upon such
conform to
amounts so estimated and made available shall be adjusted to
over
the amounts so determined. Earnings of the new bank shall be paid
duror credited to the Corporation in such adjustment. If any new bank,
ing the period it continues its status as such,sustains any losses with respect
of being an insured
to which it is not effectively protected except by reason
amount
bank. the Corporation shall furnish to it additional funds in the
the
of such losses. The new bank shall assume as transferred deposits
its depayment of the insured deposits of such closed bank to each of
Corporation shall transfer
positors. Of the amounts so made available, the
to the new bank, in cash, such sums as may be necessary to enable it to
transmeet its expenses of operation and immediate cash demands on such
withferred deposits, and the remainder of such amounts shall be subject to
drawal by the new bank on demand.
desirable
"'(11) Whenever in the judgment of the board of directors it is
to do so, the Corporation shall cause capital stock of the new bank to be
shall
offered for sale on such terms and conditions as the board of directors
deem advisable in an amount sufficient, in the opinion of the board of
of the new bank on
directors, to make possible the conduct of the business
a sound basis, but in no event less than that required by section 5138 of the
for
Revised Statutes, as amended (U. S. C., Supp. VII, title 12, sec. 51).
the organization of a national bank in the place where such new bank is
shall be given the
located. The stockholders of the closed insured bank
first opportunity to purchase any shares of common stock so offered. Upon
proof that an adequate amount of capital stock in the new bank has been
subscribed and paid for in cash, the Comptroller of the Currency shall require the articles of association and the organization certificate to be
amended to conform to the requirements for the organization of a national
bank, and thereafter, when the requirements of law with respect to the
organization of a national bank have been complied with, he shall issue to
the bank a certificate of authority to commence business, and thereupon
the bank shall cease to have the status of a new bank, shall be managed
by directors elected by its own shareholders and may exercise all the powers
granted by law, and it shall be subject to all the provisions of law relating
to national banks. Such bank shall thereafter be an insured national bank,
without certification to or approval by the Corporation.
"(12) If the capital stock of the new bank is not offered for sale, or if
an adequate amount of capital for such new bank is not subscribed and paid
for, the board of directors may offer to transfer its business to any insured
1174
Financial Chronicle
bank in the same community which will take over its assets, assume its
liabilities, and pay to the Corporation for such business such amount as the
board of directors may deem adequate; or the board of directors in its
discretion may change the location of the new bank to the office of the
Corporation or to some other place or may at any time wind up its affairs
as herein provided. Unless the capital stock of the new bank is sold or its
assets are taken over and its liabilities are assumed by an insured bank as
above provided within two years from the date of its organization, the Corporation shall wind up the affairs of such bank, after giving such notice,
if any, as the Comptroller of the Currency may require, and shall certify
to the Comptroller of the Currency the termination of the new bank.
Thereafter the Corporation shall be liable for the obligations of such bank
and shall be the owner of its assets. The provisions of sections 5220 and
5221 of the Revised Statutes (U. S. C., title 12. secs. 181 and 182) shall
not apply to such new banks.
"
'(m) (1) The Corporation as receiver of a closed national bank or
District bank shall not be required to furnish bond and shall have the right
to appoint an agent or agents to assist it in its duties as such receiver, and
all fees, compensation, and expenses of liquidation and administration
thereof shall be fixed by the Corporation, subject to the approval of the
Comptroller of the Currency, and may be paid by it out of funds coming
into its possession as such receiver. The Comptroller of the Currency is
authorized and empowered to waive and relieve the Corporation from complying with any regulations of the Comptroller of the Currency with respect
to receiverships where in his discretion such action is deemed advisable to
simplify administration.
"
'(2) Payment of an insured deposit to any person by the Corporation
shall discharge the Corporation, and payment of a transferred deposit to
any person by the new bank or by an insured bank in which a transferred
deposit has been made avilable shall discharge the Corporation and such
new bank or other insured bank, to the same extent that payment to such
person by the closed bank would have discharged it from liability for the
insured deposit.
"
'(3) Except as otherwise prescribed by the board of directors, neither
the Corporation nor such new bank or other insured bank shall be required
to recognize as the owner of any portion of a deposit appearing on the
records of the closed bank under a name other than that of the claimant.
any person whose name or interest as such owner is not disclosed on the
records ofsuch closed bank as part owner of said deposit, if such recognition
would increase the aggregate amount of the insured deposits in such closed
bank.
"
'(4) The Corporation may withhold payment of such portion of the
insured deposit of any depositor in a closed bank as may be required to
provide for the payment of any liability of such depositor as a stockholder
of the closed bank, or of any liability of such depositor to the closed bank
or its receiver, which is not offset against a claim due from such bank,
pending the determination and payment of such liability by such depositor
or any other person liable therefor.
"
'(5) If, after the Corporation shall have given at least three months'
notice to the depositor by mailing a copy thereof to his last known address
appearing on the records of the closed bank, any depositor in the closed
bank shall fall to claim his insured deposit from the Corporation within
eighteen months after the appointment of the receiver for the closed bank,
or shall fail within such period to claim or arrange to continue the transferred deposit with the new bank or with the other insured bank which
assumed liability therefor, all rights of the depositor against the Corporation with respect to the insured deposit, and against the new bank and such
other insured bank with respect to the transferred deposit, shall be barred,
and all rights of the depositor against the closed bank and its shareholders,
or the receivership estate to which the Corporation may have become
•subrogated, shall thereupon revert to the depositor. The amount of any
transferred deposits not claimed within such eighteen months' period, shall
be refunded to the Corporation.
"'(n) (1) Money of the Corporation not otherwise employed shall be
invested in bollgations of the United States or in obligations guaranteed as
to principal and interest by the United States, except that for temporary
periods, in the discretion of the board of directors,funds of the Corporation
may be deposited in any Federal Reserve bank or with the Treasurer of
the United States. When designated for that purpose by the Secretary of
the Treasury, the Corporation shall be a depositary of public moneys, except receipts from customs, under such regulations as may be prescribed by
the said Secretary, and may also be employed as a financial agent of the
Government. It shall perform all such reasonable duties as depositary of
public moneys and financial agent of the Government as may be required
of it.
"'(2) Nothing contained in this section shall be construed to prevent
the Corporation from making loans to national banks closed by action of
the Comptroller of the Currency, or by vote of their directors, or to State
member banks Owed by action of the appropriate State authorities, or by
vote of their directors, or from entering into negotiations to secure the reopening of such banks.
"'(3) Receivers or liquidators of insured banks closed on account of
inability to meet the demands of their depositors shall be entitled to offer
the assets of such banks for sale to the Corporation or as security for loans
from the Corporation, upon receiving permission from the appropriate State
authority in accordance with express provisions of State law in the case of
insured State banks, or from the Comptroller of the Currency in the case
of national banks or District banks. The proceeds of every such sale or
loan shall be utilized for the same purposes and in the same manner as other
funds realized from the liquidation of the assets of such banks. The
Comptroller of the Currency may, in his discretion, pay dividends on
proved claims at any time after the expiration of the period of advertisement
made pursuant to section 5235 ot the Revised Statues (U. S. C., title 12,
sec. 193), and no liability shall attach to the Comptroller of the Currency
or to the receiver of any national bank by reason of any such payment for
failure to pay dividends to a claimant whose claim is not proved at the time
of any such payment. The Corporation, in its discretion, may make loans
on the se-urity of or may purchase and liquidate or sell any part of the assets
of an insured bank which is now or may hereafter be closed on account of
inability to meet the demands of its depositors, but in 'any case in which
the Corporation is acting as receiver of a closed insured bank, no such
loan or purchase shall be made without the approval of a court of competent
jurisdiction.
"'(4) Until July I, 1936, whenever in the judgment of the board of
directors such action will reduce the risk or avert a threatened loss to the
Corporation and will facilitate a merger or consolidation of an insured bank
with another insured bank, or will facilitate the sale of the assets of an
open or closed insured bank to and assumption of its liabilities by another
insured bank, the Corporation may, upon such terms and conditions as it
may determine, make loans secured in whole or in part by assets of an open
or closed insured bank, which loans may be in subordination to the rights
of depositors and other creditors, or the Corporation may purchase any such
assets or may guarantee any other Insured bank against loss by reason of
its assuming the liabilities and purchasing the assets of an open or closed
Aug. 24 1935
insured bank. Any insured national bank or District bank, or, with the
approval of the Comptroller of the Currency, any receiver thereof, is authorized to contract for such sales or loans and to pledge any assets of the
bank to secure such loans.
"•(0) (1) The corporation is authorized and empowered to issue and to
have outstanding its notes, debentures, bonds, or other such obligations,
in a par amount aggregating not more than three times the amount received
by the Corporation in payment of its capital stock and in payment of the
assessments upon insured banks for the year 1936. The notes. debentures.
bonds, and other such obligations issued under this subsection shall be
redeemable at the option of the Corporation before maturity in such manner
as may be stipulated in such obligations, and shall bear such rate or rates
of interest, and shall mature at such time or times, as may be determined
by the Corporation: Provided, That the Corporation may sell on a discount
basis short-term obligations payable at maturity without interest. The
notes, debentures, bonds, and other such obligations of the Corporation
may be secured by assets of the Corporation in such manner as shall be
prescribed by its board of directors. Such obligations may be offered for
sale at such price or prices as the Corporation may determine.
"•(2) The Secretary of the Treasury, in his discretion, is authorized to
purchase any obligations of the Corporation to be issued hereunder, and for
such purpose the Secretary of the Treasury is authorized to use as publicdebt transaction the proceeds of the sale of any securities hereafter issued
under the Second Liberty Bond Act, as amended, and the purposes for
which securities may be Issued under the Second Liberty Bond Act, as
amended, are extended to include such purchases: Provided, That If the
Reconstruction Finance Corporation fails for any reason to purchase any
of the obligations of the Corporation as provided in subsection (b) of section 5e of the Reconstruction Finance Corporation Act, as amended, the
Secretary of the Treasury is authorized and directed to purchase such
obligations in an amount equal to the amount of such obligations the Reconstruction Finance Corporation so fails to purchase: Provided further,
That tho Secretary of the Treasury is authorized and directed, whenever
in the judgment of the board of directors of the Corporation additional
funds are required for insurance purposes, to purchase obligations of the
Corporation in an additional amount of not to exceed $250,000,000 par
value: Provided further, That the proceeds derived from the purchase by the
Secretary of the Treasury of any such obligations shall be used by the Corporation solely in carrying out its functions with respect to such insurance.
The Secretary of the Treasury may, at any time, sell any of the obligations
ofthe Corporation acquired by him under this subsection. All redemptions,
purchases, and sales by the Secretary of the Treasury of the obligations of
the Corporation shall be treated as public-debt transactions of the United
States.
"'(p) All notes, debentures, bonds, or other such obligations issued by
the Corporation shall be exempt, both as to principal and interest, from all
taxation (except estate and inheritance taxes) now or hereafter imposed by
the United States, by any Territory, dependency, or possession thereof, or
by any State,county, municipality,or local taxing authority. The Corporation, including its franchise, its capital, reserves, and surplus, and its
income, shall be exempt from all taxation now or hereafter imposed by the
United States, by any Territory, dependency, or possession thereof, or by
any State, county, municipality, or local taxing authority, except that any
real property of the Corporation shall be subject to State, Territorial,
country, municipal, or local taxation to the same extent according to its
value as other real property is taxed.
"'(q) In order that the Corporation may be supplied with such forms of
notes, debentures, bonds, or other such obligations as it may need for
issuance under this Act, the Secretary of the Treasury is authorizedlto
prepare such forms as shall be suitable and approved by the Corporation,
to be held in the Treasury subject to delivery, upon order of the Corporation. The engraved plates, dies, bed pieces, and other material executed
in connection therewith shall remain in the custody of the Secretary of the
Treasury. The Corporation shall reimburse the Secretary of the Treasury
for any expenses incurred in the preparation, custody, and delivery of such
notes, debentures, bonds, or other such obligations.
"•(r) The Corporation shall annually make a report of its operations to
the Congress as soon as practicable after the 1st day of January in each year.
"•(s) Whoever, for the purpose of obtaining any loan from theCorporadon, or any extension or renewal thereof, or the acceptance, release, or
substitution of security therefor, or for the purpose of inducing the Corporation to purchase any assets, or for the purpose of obtaining the payment
of any insured deposit or transferred deposit or the allowance, approval,
or payment of any claim, or for the purpose of influencing in any way the
action of the Corporation under this section. makes any statement, knowing
it to be false, or willfully overvalues any security, she]; be punished by a
fine of not more than $5,000, or by imprisonment for not more than two
years, or both.
"'(t) Whoever (1) falsely makes, forges, or counterfeits any obligation
or coupon,in imitation of or purporting to be an obligation or coupon issued
by the Corporation, or (2) passes, utters, or publishes, or attempts to pass,
utter, or publish, any false, forged, or counterfeited obligation or coupon
purporting to have been issued by the Corporation, knowing the same to
be false, forged, or counterfeited, or (3) falsely alters any obligation or
coupon issued or purporting to have been issued by the Corporation, or
(4) passes, utters, or publishes, or attempts to pass, utter, or publish, as
true, any falsely altered or spurious obligation or coupon, issued or Purporting to have been issued by the Corporation, knowing the same to be
falsely altered or spurious, shall be punished by a fine of not moie than $10.000, or by imprisonment for not more than five years, or both.
"'(u) Whoever, being connected in any capacity with the Corporation,
(I)embezzles,abstracts, purloins. or willfully misapplies any moneys,funds,
securities, or other things of value, whether belonging to it or pledged, or
otherwise entrusted to it, or (2) with intent to defraud the Corporation or
any other body, politic or corporate, or any indivual, or to deceive any
officer, auditor, or examiner of the Corporation, makes any false entry
in any book, report, or statement of or to the Corporation, or without being
duly authorized draws any order or issues, puts forth, or assigns any note,
debenture, bond, or other such obligation, or draft, bill of exchange, mortgage, judgment, or decree thereof, shall be punished by a fine of not more
than $10,000, or by imprisonment for not more than five years, or both.
"
'(v) (1) No individual, association, partnership, or corporation shall
use the words "Federal Deposit Insurance Corporation," or a combination
of any three of these four words, as the name or a part thereof under which
he or it shall do business. No individual, association, partnership, or
corporation shall advertise or otherwise represent falsely by any device
whatsoever that his or its deposit liabilities are insured or in any wise
guaranteed by the Federal Deposit Insurance Corporation or by the United
States or any instrumentality thereof; and no insured bank shall advertise
or otherwise represent falsely by any device whatsoever the extent to which
or the manner in which its deposit liabilities are insured by the Federal
Deposit Insurance Corporation. Every individual, partnership, association, or corporation violating this subsection shall be punished by a fine of
not exceeding $1,000, or by imprisonment not exceeding one year, or both.
Volume 141
Financial Chronicle
"'(2) Every insured.bank shall display at each place of business maintained by it a sign or signs, and shall include in advertisements relating
to deposits a statement to the effect that its deposits are insured by the
Corporation. The board of directors shall prescribe by regulation the forms
ofsuch signs and the manner of display and the substance ofsuch statements
and the manner of use. For each day an insured bank continues to violate
any provision of this paragraph or any lawful provision of said regulations,
it shall be subject to a penalty of not more than $100, recoverable by the
Corporation for its use.
"'(3) No insured bank shall pay any dividends on its capital stock or
interest on its capital notes or debentures (if such interest is required to be
paid only out of net porfits) while it remains in default in the payment
of any assessment due to the Corporation; and any director or officer of any
insured bank who participates in the declaration or payment of any such
dividend shall, upon conviction, be fined not more than $1,000, or imprisoned not more than one year, or both: Provided. That if such default is
due to a dispute between the insured bank and the Corporation over the
amount of such assessment, this paragraph shall not apply, if such bank
shall deposit security satisfactory to the Corporation for payment upon
final determination of the issue.
"'(4) Unless, im addition to compliance with other provisions of law,
it shall have the prior written consent of the Corporation, no insured bank
shall enter into any consolidation or merger with any noninsured bank, or
assume liability to pay any deposits made in any noninsured bank,or transfer assets to any noninsured bank in consideration of the assumption of
liability for any portion of the deposist made in such insured bank, and no
insured State nonmember bank (except a District bank) without such consent shall reduce the amount or retire any part of its common or preferred
capital stock, or retire any part of its capital notes or debentures.
"'(5) No State nonmember insured bank (except a District bank) shall
establish and operate any new branch after thirty days after the effective
date unless it shall have the prior written consent of the Corporation, and
no branch of any State nonmember insured bank shall be moved from one
location to another after thirty days after the effective'date without such
consent. The factors to be considered in granting or withholding the
consent of the Corporation under this paragraph shall be those enumerated
in subsection (g) of this section.
"'(6) The Corporation may require any insured bank to provide protection and indemnity against burglarly, defalcation, and other similar insurable losses. Whenever any insured bank refuses to comply with any such
requirement the Corporation may contract for such protection and indemnity and add the cost thereof to the assessment otherwise payable by
such bank.
" (7) Whenever any insured bank (except a national bank or a District
bank), after written notice of the recommendations of the Corporation
based on a report of examination of such bank by an examiner of the Corporation,shall fail to comply with such recommendation within one hundred
and twenty days after such notice, the Corporation shall have the power,
and is hereby authorized, to publish only such part of such report of
examination as relates to any recommendation not complied with: Provided.
That notice of intention to make such publication shall be given to the
bank at least ninety days before such publication is made.
"4(8) The board of directors shall by regulation prohibit the payment
of interest on demand deposits in insured nonmember banks and for such
purpose it may define the term "demand deposits"; but such exceptions
from this prohibition shall be made as are now or may hereafter be prescribed with respect to deposits payable on demand in member banks by
section 19 of this Act, as amended, or by regulation of the Board of Governors of the Federal Reserve System. The board of directors shall from
time to time limit by regulation the rates of interest or dividends which
may be paid by insured nonmember banks on time and savings deposits,
but such regulations shall be consistent with the contractual obligations of
such banks to their depositors. For the purpose of fixing such rates of
interest or dividends, the board of directors shall by regulation prescribe
different rates for such payment on time and savings deposits having
different maturities, or subject to different conditions respecting withdrawal or repayment, or subject to different conditions by reason of different locations, or according to the varying discount rates of member banks
in the several Federal Reserve districts. The board of directors shall by
regulation define what constitutes time and savings deposits in an insured
nonmember bank. Such regulations shall prohibit any insured nonmember
bank from paying any time deposit before its maturity except upon such
conditions and in accordance with such rules and regulations as may be
prescribed by the board of directors, and from waiving any requirement
of notice before payment of any savings deposit except as to all savings
deposits having the same requirement. For each violation of any provision
of this paragraph or any lawful provision of such regulations relating to the
payment of interest or dividends on deposits or to withdrawal of deposits,
the offending bank shall be subject to a penalty of not more than $100,
recoverable by the Corporation for its use.
"'(w) The provisions of sections 112, 113, 114. 115, 146, and 117 of the
Criminal Code of the United States (U. S. C., title 18, ch. 5, secs. 202 to
207,inclusive),in so far as applicable, are extended to apply to contracts or
agreements with the Corporation under this section, which for the purposes
thereof shall be held to include loans, advances, extensions, and renewals
thereof, and acceptances, releases, and substitutions of security therefor,
purchases or sales of assets, and all ocntracts and agreements pertaining
to the same.
"'(x) The Secret Service Division of the Treasury Department is authorized to detect, arrest, and deliver into the custody of the United States
marshall having jurisdiction any person committing any of the offenses
punishable under this section.
"'(y) (1) No State bank which during the calendar year 1941 or any
succeeding calendar Year shall have average deposits of $1,000,000 or more
shall be an insured bank or continue to have any part of its deposits insured
after July 1 of the year following any such calendar year during which it shall
have had such amount of average deposits, unless such bank shall be a member of the Federal Reserve System: Provided, That for the purposes of this
paragraph the term "State bank"shall not include a savings bank, a mutual
savings bank, a Morris Plan bank or other incorporated banking institution
engaged only in a business similar to that transacted by Morris Plan banks,a
State trust company doing no commercial banking business, or a bank
located In Hawaii, Alaska, Puerto Rico, or the Virgin Islands.
" (2) It is not the purpose of this section to discriminate, in any manner,
against State nonmember, and in favor of, national or member banks;
but the purpose is to provide all banks with the same opportunity to obtain
and enjoy the benefits of this section. No bank shall be discriminated
against because its capital stock is less than the amount required for eligibility for admission into the Federal Reserve System.
"'(z) The provisions of this section limiting the insurance of the deposits
of any depositor to a maximum less than the full amount shall be independent and separable from each and all of the provisions of this section.'
1175
-TITLE II—AMENDMENTS TO THE FEDERAL RESERVE ACT
"Section 201. Paragraph 'Fifth' of section 4 of the Federal Reserve Act,
as amended, is amended, effective March 1, 1936, to read as follows:
"'Fifth. To appoint by its board of directors a president, vice presidents.
and such officers and employees as are not otherwise provided for in this
Act,to define their duties, require bands for them and fix the penalty thereoi
and to dismiss at pleasure such officers or employees. The president
shall be the chief executive officer of the bank and shall be appointed by the
board of directors, with the approval of the Board of Governors of the
Federal Reserve System, for a term of five years; and all other executive
officers and all employees of the bank shall be directly responsible to him.
The first vice president of the bank shall be appointed in the same manner
and for the same term as the president, and shall, in the absence or disability of the president or during a vacancy in the office of president, serve
as chief executive officer of the bank. Whenever a vacancy shall occur in
the office of the president or the first vice president, it shall be filled in the
manner provided for original appointments: and the person so appointed
shall hold office until the expiration of the term of his predecessor.'
"Sec. 202. Section 9 of the Federal Reserve Act, as amended, is amended
by inserting after the tenth paragraph thereof the following new paragraph:
"'In order to facilitate the admission to membership in the Federal
Reserve System of any State bank which is required under subsection (31
of section 12B of this Act to become a member of the Federal Reserve
System in order to be an insured bank or continue to have any part of its
deposits insured under such section 12B, the Board of Governors of the
Federal Reserve System may waive in whole or in part the requirements
of this section relating to the admission of such bank to membership:
Provided, That, if such bank is admitted with a capital less than that required for the organization of a national bank in the same place and its
capital and surplus are not, in the judgment of the Board of Governors of
the Federal Reserve System, adequate in relation to its liabilities to depositors and other creditors, the said Board may, in its discretion, require
such bank to increase its capital and surplus to such amount as the Board
may deem necessary within such period prescribed by the Board as in its
Judgment shall be reasonable in view of all the circumstances: Provided.
however, That no such bank shall be required to increase its capital to an
amount in excess of that required for the organization of a national bank
In the same place.'
"Sec. 203. (a) Hereafter the Federal Reserve Board shall be known as
the 'Board of Governors of the Federal Reserve System,' and the governor
and the vice governor of the Federal Reserve Board shall be known as the
'chairman' and the'vice chairman,' respectively, of the Board of Governors
of the Federal Reserve System.
"(b) The first two paragraphs of section 10 of the Federal Reserve Act,
as amended, are amended to read as follows:
"'Sec. 10. The Board of Governors of the Federal Reserve System
(hereinafter referred to as the"Board")shall be composed ofseven members,
to be appointed by the President, by and with the advice and consent
of the Senate, after the date col enactthent of the Banking Act of 1935 for
terms of fourteen years except as hereinafter provided, but each appointive
member of the Federal Reserve Board in office on such date shall continue
to serve as a member of the Board until February 1, 1936. and the Secretary of the Treasury and the Comptroller of the Currency shall continue
to serve as members of the Board until February 1, 1936. In selecting the
members of the Board, not more than one of whom shall be selected from
any one Federal Reserve district, the President shall have due regard to a
fair representation oi the financial, agricultural, industrial, and commercial
interests, and geographical divisions of the country. The members of the
Board shall devote their entire time to the business of the Board and shall
each receive an annual salary of $15,000, payable monthly, together with
actual necessary traveling expenses.
"
'The members of the Board shall be ineligible during the time they are
in office and for two years thereafter to hold any office, position, or employment in any member bank, except that this restriction shall not aplpy to
a member who has served the full term for which he was appointed. Upon
the expiration of the term of any appointive member of the Federal Reserve
Board in office on the date of enactment of the Banking Act of 1935. the
President shall ilx the term of the successor to such member at not to exceed
fourteen years, as designated by the President at the time of nomination,
but in such manner as to provide for the expiration of the term of not
more than one member in any two-year period, and thereafter each member
shall hold office for a term of fourteen years from the expiration of the
term of his predecessor, unless sooner removed for cause by the President.
Of the persons thus appointed, one shall be designated by the President as
chairman and one as vice chairman of the Board,to serve as such for a term
of four years. The chairman of the Board, subject to its supervision, shall
be its active executive officer. Each member of the Board shall within
fifteen days after notice of appointment make and subscribe to the oath
of office. Upon the expiration of their terms of office, members of the Board
shall continue to serve until their successors are appointed and have qualified. Any person appointed as a member of the Boarcitafter the date of
enactment of the Banking Act of 1935 shall not be eligible for reappointment as such member after he shall have served a full term of fourteen
years,'
The fourth paragraph of section 10 of the Federal Reserve Act, as
amended,is amended by striking out the second, third, and fourth sentences
thereof and inserting in lieu thereof the following:'At meetings of the Board
the chairman shall preside, and, in his absence, the vice chairman shall
preside. In the absence of the chairman and the vice chairman, the Board
shall elect a member to act as chairman pro tempore.'
"(d) Section 10 of the Federal Reserve Act, as amended, is further
amended by adding at the end thereof the following new paragraph:
"'The Board of Governors of the Federal Reserve System shall keep a
complete record of the action taken by the Board and by the Federal
Open Market Committee upon all questions of policy relating to open
market operations and shall record therein the votes taken in connection
with the determination of open-market policies and the reasons underlying
the action of the Board and the Committee in each instance. The Board
shall keep a similar record with respect to all questions of policy determined
by the Board, and shall include in its annual report to the Congress a full
account of the action so taken chfring the preceding year with respect to
open-market policies and operations and with respect to the policies determined by it and shall include in such report a copy of the records required
to ke kept under the provisions of this paragraph.'
"Sec. 204. Section 10 (b) of the Federal Reserve Act, as amended, is
amended to read as follows:
"'Sec. 10 (b). Any Federal Reserve bank, under rules and regulations
prescribed by the Board of Governors of the Federal Reserve System. may
make advances to any member bank on its time or demand notes having
maturities of not more than four months and which are secured to the
satisfaction of such Federal Reserve bank. Each such note shall bear interest at a rate not loss than one-half of 1 per centum per annum higher than
the highest discount rate in effect at such Federal Reserve bank on the date
of such note.'
1176
Financial Chronicle
"Sec. 205. Section 12A of the Federal Reserve Act, as amended, Is
amended, effective March 1, 1936, to read as follows:
"'Sec. 12A. (a) There is hereby created a Federal Open Market Committee (hereinafter referred to as the "Committee"), which shall consist of
the members of the Board of Governors of the Federal Reserve System and
five representatives of the Federal Reserve banks to be selected as hereinafter provided. Such representatives of the Federal Reserve banks shall
be elected annually as follows: One by the boards of directors of the Federal
Reserve Banks of Boston and New York, one by the boards of directors
of the Federal Reserve Banks of Philadelphia and Cleveland, one by the
boards of directors of the Federal Reserve Banks of Chicago and Saint
Louis, one by the boards of directors of the Federal Reserve Banks of Richmond, Atlanta, and Dallas. and one by the boards of directors of the
Federal Reserve Banks of Minneapolis, Kansas City, and San Francisco.
An alternate to serve in the absence of each such representative shall be
elected annually in the same manner. The meetings of said Committee
shall be held at Washington, District of Columbia, at least four times each
year upon the call of the chairman of the Board of Governors of the Federal
Reserve System or at the request of any three members of the Committee.
"'(b) No Federal Reserve bank shall engage or decline to engage in
open-market operations under section 14 of this Act except in accordance
with the direction of and regulations adopted by the Committee. The
Committee shall consider, adopt, and transmit to the several Federal
Reserve banks,regulations relating to the open-market transactions ofsuch
banks.
"'(c) The time, character,and volume of all purchases and sales of paper
prescribed in section 14 of this Act is eligible for open-market operations
shall be governed with a view to accommodating commerce and business
and with regard to their bearing upon the general credit situation of the
country.'
"Sec. 206. (a) Subsection (b) of section 14 of the Federal Reserve
Act, as amended, is amended by inserting before the semicolon at the end
thereof a colon and the following:'Provided, That any bonds, notes,or other
obligations which are direct obligations of the United States or which are
fully guaranteed by the United States as to principal and interest may be
bought and sold without regard to maturities but only In the open market.'
"(b) Subsection(d) ofsection 14 of the Federal Reserve Act,as amended,
by adding at the end thereofthe following:'but each such bank shallestablish
such rates every fourteen days, or oftener if deemed necessary by the
Board;'.
"Sec. 207. The sixth paragraph of section 19 of the Federal Reserve
Act, as amended, is amended to read as follows:
"'Notwithstanding the other provisions of this section, the Board of
Governors of the Federal Reserve System, upon the affirmative vote of not
less than four of its members.in order to prevent injurious credit expansion
or contraction, may by regulation change the requirements as to reserves
to be maintained against demand or time deposits or both by member banks
in reserve and central reserve cities or by member banks not in reserve or
central reserve cities or by all member banks; but the amount of the reserves
required to be maintained by any such member bank as a result of any such
change shall not be less than the amount of the reserves required by law to
be maintained by such banks on the date of enactment of the Banking Act
of 1935 nor more than twice such amount.'
"Sec. 208. The first paragraph of section 24 of the Federal Reserve Act,
as amended, is amended to read as follows:
"'Sec. 24. Any national banking association may make real-estate loans
secured by first liens upon improved real estate, including improved farm
land and Improved business and residential properties. A loan secured by
real estate within the meaning of this section shall be in theform ofan obligation or obligations secured by mortgage. trust deed, or other such instrument upon real estate, and any national banking association may purchase
any obligation so secured when the entire amount of such obligations is sold
to the association. The amount of any such loan hereafter made shall not
exceed 50 per centum of the appraised value of the real estate offered as
security and no such loan shall be made for a longer term than five years;
except that (1) any such loan may be made in an amount not to exceed 60
per centum of the appraised value of the real estate offered as security and
for a term not longer than ten years if the loan is secured by an amortized
mortgage, deed of trust, or other such instrument under the terms of which
the Installment payments are sufficient to amortize 40 per centum or more
of the principal of the loan within a period of not more than ten years, and
(2) the foregoing limitations and restrictions shall not prevent the renewal
or extension ofloans heretofore made and shall not apply to real-estate loans
which are insured under the provisions of Title II of the National Housing
Act. No such association shall make such loans in an aggregate sum in
excess of the amount of the capital stock of such association paid in and
unimpaired plus the amount of its unimpaired surplus fund, or in excess
of 60 per centum of the amount of its time and savings deposits, whichever
Is the greater. Any such association may continue hereafter as heretofore
to receive time and savings deposits and to pay interest on the same, but the
rate of interest which such association may pay upon such time deposits or
upon savings or other deposits shall not exceed the maximum rate authorized by law to be paid upon such deposits by State banks or trust companies organized under the laws of the State in which such associatoin is
located.'
"Sec. 209. Section 325 of the Revised Statutes is amended to read as
follows:
"
'Sec. 325. The Comptroller of the Currency shall be appointed by the
President, by and with the advice and consent of the Senate, and shall
hold his office for a term offive years unless sooner removed by the President
upon reasons to be communicated by him to the Senate; and he shall receive a salary at the rate of $15,000 a year.'
"TITLE 111—TECHNICAL AMENDMENTS TO THE BANKING LAWS
"Section 301. Subsection (c) of section 2 of the Banking Act of 1933, as
amended, is amended by adding at the end thereof the following paragraph:
"'Notwithstanding the foregoing, the term "holding company affiliate"
shall not include (except for the purposes of section 23A of the Federal
Reserve Act, as amended) any corporation all of the stock of which is owned
by the United States, or any organization which is determined by the Board
of Governors of the Federal Reserve System not to4be engaged, directly or
indirectly, as a business in holding the stock of, or managing or controlling,
banks, banking associations, savings banks, or trust companies.'
"Sec. 302. The first paragraph of section 20 of the Banking Act of 1933,
as amended, is amended by inserting before the period at the end thereof a
colon and the following: 'Provided, That nothing in this paragraph shall
apply to any such organization which shall have beeh placed in formal
liquidation and which shall transact no business except such as may be
Incidental to the liquidation of its affairs.'
"Sec. 303. (a) Paragraph (1) of subsection (a) of section 21 of the Bankbefore the semicolon
ing Act of 1933. as amended, is amended by inserting
That the provisions
at the end thereof a colon and the following:'Provided,
or State banks or trust
of this paragraph shall not prohibit national banks
companies (whether or not members of the Federal Reserve System) or
Aug. 24 1935
other financial institutions or private bankersfrom dealing in, underwriting,
to
purchasing, and selling investment securities to the extent permitted
national banking associations by the provisions of section 5136 of the
VII, title
Revised Statutes, as amended (U. S. C.. title 12, sec. 24; Supp.
be con12, sec. 24): Provided further, That nothing in this paragraph shall
strued as affecting in any way such right as any bank, banking association,
otherwise
savings bank, trust company, or other banking institution, may
obligations
possess to sell, without recourse or agreement to repurchase,
'evidencing loans on real estate.'
to
"(b) Paragraph (2) of subsection (a) of such section 21 is amended
read as follows:
business trust, or
"'(2) For any person, firm, corporation, association,
others
other similar organization to engage, to any extent whatever with
than his or its officers, agents or employees, in the business of receiving
pass book,
deposits subject to check or to repayment upon presentation of a
the decertificate of deposit, or other evidence of debt, or upon request of
trust,
positor, unless such person, firm, corporation, association, business
authoror other similar organization (A) shall be incorporated under, and
of any
ized to engage in such business by, the laws of the United States or
• State, Territory, or District, or (B) shall be permitted by any State.
by
Territory, or District to engage in such business and shall be subjected
regulation,
the law of such State, Territory, or District to examination and
of the
or (C)shall submit to periodic examination by the banking authority
shall
State, Territory, or District where such business is carried on and
Its
make and publish periodic reports of its condition, exhibiting in detail
and
resources and liabilities, such examination and reports to be made
the same
published at the same times and in the same manner and under
the
conditions as required by the law ofsuch State, Territory,or District in
the
case of incorporated banking institutions engaged in such business in
samelicality:
"Sec.304. Section 22 of the Banking Act of 1933,as amended,is amended
by adding at the end thereof the following sentences: 'Such additional
any
liability shall cease on July 1, 1937, with respect to all shares issued by
1,
association which shall be transacting the business of banking on July
date, such
1937: Provided, That not less than six months prior to such
notice of such prospective termination of
association shall have caused
liabllity to be published in a newspaper published in the city,town,or county
in
in which such association is located, and if no newspaper is published
such city, town, or county, then in a newspaper of general circulation
therein. If the association fail to give such notice as and when above
acprovided, a termination of such additional liability may thereafter be
complished as of the date six months subsequent to publication, in the
manner above provided.'
"Sec. 305. Paragraph (c) of section 5155 of the Revised Statutes, as
Inamended (U. S. C., Supp. VII, title 12, sec. 36), is amended (1) by
any
serting after the first sentence thereof the following new sentence:'In
permitted by statute law to maintain branches
State in which State banks are
in
within county or greater limits, if no bank is located and doing business
the place where the proposed agency is to be located, any national banking
Comptroller
association situated in such State may, with the approval of the
of the Currency, establish and operate, without regard to the capital requirements of this section, a seasonal agency in any resort community within
the limits of the county in which the main office of such association is
located, for the purpose of receiving and paying out deposits, issuing and
cashing checks and drafts, and doing business incident thereto: Provided.
That any permit issued under this sentence shall be revoked upon the
opening of a State or national bank in such community::and (2) by striking
out the first word in the last sentence of such paragraph (c) and inserting
in lieu thereof the following: 'Except as provided in the immediately preceding sentence. no'.
"Sec. 306. Section 4 of the Act entitled 'An Act to amend section 12B
of the Federal Reserve Act so 813 to extend for one year the temporary
plan for deposit insurance, and for other purposes', approved June 16.
1934 (48 Stat. 969). is amended to read as follows:
"'Sec. 4. So much of section 31 of the Banking Act of 1933, as amended,
as relates to stock ownership by directors, trustees, or members of similar
governing bodies of any national banking association, or of any State
bank or trust company which is a member of the Federal Reserve System.
is hereby repealed.'
"Sec. 307. Effective January 1, 1936. section 32 of the Banking Act
of 1933, as amended, is amended to read as follows:
"'Sec. 32. No officer, director, or employee of any corporation or unincorporated association, no partner or employee of any partnership, and
no individual, primarily engaged in the issue, flotation, underwriting,
public sale, or distribution, at wholesale or retail, or through syndicate
participation, of stocks, bonds, or other similar securities, shall serve the
same time as an officer, director, or employee of any member bank except
In limited classes of cases in which the Board of Governors of the Federal
Reserve System may allow such service by general regulations when in
the judgment of the said Board it would not unduly influence the investment policies of such member bank or the advice it gives its customers
regarding investments.'
"Sec. 308. (a) The second sentence of paragraph Seventh of section
5136 of the Revised Statutes, as amended (U. S. C., Supp. VII, title 12.
sec. 24). is amended to read as follows: 'The business of dealing in securities and stock by the association shall be limited to purchasing and
selling such securities and stock without recourse, solely upon the order,
and for the account of, customers, and in no case for its own account, and
the association shall not underwrite any issue of securities or stock: Provided. That the association may purchase for its own account investment
securities under such limitations and restrictions as the Comptroller of the
Currency may by regulation prescribe. In no event shall the total amount
of the investment securities of any one obligor or maker, held by the association for its own account, exceed at any time 10 per centum of its capital
stock actually paid in and unimpaired and 10 per centum of its unimpaired
surplus fund, except that this limitation shall not require any association
to dispose of any securities lawfully held by it on the date of enactment
of the Banking Act of 1935:
"(b) The fourth sentence of such paragraph Seventh is amended to
read as follows: 'Except as hereinafter provided or otherwise permitted
by law, nothing herein contained shall authorize the purchase by the
association for its own account of any shares of stock of any corporation.'
"(c) The last sentence of such paragraph Seventh is amended by inserting before the colon after the words 'Home Owners' Loan Corporation'
a comma and the following: 'or obligations which are insured by the
Federal Housing Administrator pursuant to section 207 of the National
Rousing Act, if the debentures to be issued in payment of such insured
obligations are guaranteed as to principal and interest by the United
States.'
"Sec. 309. Section 5138 of the Revised Statutes, as amended (U. S. C..
Stipp. VII. title 12, sec. 51), is amended by adding the following sentences
at the end thereof: 'No such association shall hereafter be authorized to
commence the business of banking until it shall have a paid-in surplus
equal to 20 per centum of its capital: Provided, That the Comptroller of
the Currency may waive this requirement as to a State bank converting
Volume 141
Financial Chronicle
into a national banking association, but each such State bank which is
converted into a national banking association shall, before the declaration
of a dividend on its shares of common stock, carry not less than one-half
part of its net profits of the preceding half year to its surplus fund until
it shall have a surplus equal to 20 per centum of its capital: Provided, That
for the purposes of this section any amounts paid into a fund for the retirement of any preferred stock of any such converted State bank out of its
net earnings for such half-year period shall be deemed to be an addition
to its surplus fund if, upon the retirement of such preferred stock, the
amount so paid into such retirement fund for such period may then properly
be carried to surplus. In any such case the converted State bank shall
be obligated to transfer to surplus the amount so paid into such retirement
fund for such period on account of the preferred stock as such stock Is
retired.'
"Sec.310. (a) The last paragraph ofsection 5139 of the Revised Statutes
as amended (U. S. C., Supp. VII, title 12, sec. 52), is amended to read
as follows:
"'After the date of the enactment of the Banking Act of 1935, no
certificate evidencing the stock of any such association shall bear any
statement purporting to represent the stock of any other corporation,
except a member bank or a corporation engaged on June 16, 1934 in holding
.
the bank premises of such association, nor shall the ownership, sale, or
transfer of any certificate representing the stock of any such association
be conditioned in any manner whatsoever upon the ownership, sale, or
transfer of a certificate representing the stock of any other corporation,
except a member bank or a corporation engaged on June 16, 1934 in
holding the bank premises of such association: Provided. That this section
shall not operate to prevent the ownership, sale, or transfer of stock of
any other corporation being conditioned upon the ownership, sale, or
transfer of a certificate representing stock of a national banking association.'
''(b) The nineteenth paragraph of section 9 of the Federal Reserve
Act, as amended. is amended to read as follows:
"'After the date of the enactment of the Banking Act of 1935, no certificate evidencing the stock of any State member bank shall bear any
statement purporting to represent the stock of any other corporation, except
a member bank or a corporation engaged on June 16, 1934 in holding
the bank premises of such member bank, nor shall the ownership, sale, or
transfer of any certificate representing the stock of any State member bank
be conditioned in any manner whatsoever upon the ownership, sale, or
transfer of a certificate representing the stock of any other corporation,
except a member bank or a corporation engaged on June 16, 1934 in
holding the bank premises of such member bank: Provided. That this
section shall not operate to prevent the ownership, sale, or transfer of
stock of any other corporation being conditioned upon the ownership,
sale, or transfer of a certificate representing stock of a State member bank.'
"Sec. 311. (a) The first paragraph of section 5144 of the Revised
Statutes, as amended (U. S. C., Supp. VII, title 12, sec. 61), is amended
to read as follows:
"'Sec. 5144. In all elections of directors, each shareholder shall have
the right to vote the number of shares owned by him for as many persons
as there are directors to be elected, or to cumulate such shares and give
one candidate as many votes as the number of directors multiplied by the
number of his shares shall equal, or to distribute them on the same principle among as many candidates as he shall think fit; and in deciding all
other questions at meetings of shareholders, each shareholder shall be
entitled to one vote on each share of stock held by him; except that (1)
this shall not be construed as limiting the voting rights of holders of pre(erred stock under the terms and provisions of articles of association, or
amendments thereto, adopted pursuant to the provisions of section 302 (a)
of the Emergency Banking and Bank Conservation Act, approved March 9,
1933, as amended. (2) in the election of directors, shares of its own stock
held by a national bank as sole trustee, whether registered in its own
name as such trustee or in the name of its nominee, shall not be voted by
the registered owner unless under the terms of the trust the manner in
which such shares shall be voted may be determined bSt a donor or beneficiary of the trust and unless such donor or beneficiary actually directs
how such shares shall be voted,(3)shares of its own stock held by a national
bank and one or more persons as trustees may be voted by such other
person or persons, as trustees, in the same manner as if he or they were the
sole trustee, and (4) shares controlled by any holding company.affiliate of
a national bank shall not be voted unless such holding company affiliate
shall have first obtained a voting permit as hereinafter provided, which
permit is in force at the time such shares are voted, but such holding company affiliate may, without obtaining such permit, vote in favor of placing
the association in voluntary liquidation or taking any other action pertaining to the voluntary liquidation of such association. Shareholders
may vote by proxies duly authorized in writing; but no officer, clerk, teller,
or bookkeeper of such bank shall act as proxy; and no Shareholder whose
liability is past due and unpaid shall be allowed to vote. Whenever shares
of stock cannot be voted by reason of being held by the bank as sole trustee,
such shares shall be excluded in determining whether matters voted upon
by the shareholders were adopted by the erquisite percentage of shares.'
"(b) The first sentence of the third paragraph of such section 5144 is
amended to read:'Any such holding company affiliate may make application to the Board of Governors of the Federal Reserve System for a voting
permit entitling it to vote the stock controlled by it at any or all meetings
of shareholders of such bank or authorizing the trustee or trustees holding
the stock for its benefit or for the benefit of its shareholders so to vote the
same.'
"(c) Section 5144 of the Revised Statutes, as amended, is further
amended by adding at the end of subsection (c) thereof the following:
'and the provisions of this subsection, instead of subsection (b), shall
apply to all holding company affiliates with respect to any shares of bank
stock owned or controlled by them as to which there is no statutory liability
imposed upon the holders of such bank stock:'.
"See. 312. Section 5154 of the Revised Statutes, as amended (U. S. C.,
title 12, sec. 35). is amended by adding at the end thereof the following
paragraph;
"'The Comptroller of the Currency may, in his discretion and subject
to such conditions as he may prescribe, permit such .converting bank
to retain and carry at a value determined by the Comptroller such of
the assets of such converting bank as do not conform to the legal requirements relative to assets acquired and held by national banking associations.'
"Sec. 313. Section 5162 of the Revised Statutes (U. S. C., title 12,
sec. 170) is amended by adding at the end thereofthe following paragraph:
"
'The Comptroller of the Currency may designate one or more persons
to countersign in his name and on his behalf such assignments or transfers
of bonds as require his countersignature.'
"Sec. 314. Section 5197 of the Revised Statutes, as amended (U. S. 0.,
Supp. VII, title 12, sec. 85), is amended by inserting after the second
sentence thereof the following new sentence: 'The maximum amount of
Interest or discount to be charged at a branch of an association located
outside of the States of the United States and the District of Columbia
shall be at the rate allowed by the laws of the country, territory, de-
1177
pendency, province, dominion, insular possession, or other political subdivision where the branch is located.'
"Sec. 315. Section 5199 of the Revised Statutes (U. S. C., title 12, sec.
60). is amended to read as follows:
"'Sec. 5199. The directors of any association may, semiannually, declare a dividend of so much of the net profits of the association as they
shall judge expedient; but each association shall, before the declaration
of a dividend on its shares of common stock, carry not less than one-tenth
part of Its net profits of the preceding half year to its surplus fund until
the same shall equal the amount of its common capital; Provided, That
for the purposes of this section, any amounts paid into a fund for the
retirement of any preferred stock of any such association out of its net
earnings for such half
-year period shall be deemed to be an addition to its
surplus fund if, upon the retirement of such preferred stock, the amount
so paid into such retirement fund for such period may then properly be
carried to surplus. In any such case the association shall be obligated
to transfer to surplus the amounts so paid into such retirement fund for
such period on account of the preferred stock as such stock is retired.'
"Sec. 316. Section 5209 of the Revised Statutes (U. S. C., title 12,
sec. 592), is hereby amended by inserting after the words 'known as the
Federal Reserve Act,' the words 'or of any national banking association,
or of any insured bank as defined in subsection (c) of section 1213 of the
Federal Reserve Act'; and by inserting after the words'such Federal Reserve
bank or member bank', wherever they appear in such section, the words
'or such national banking association or insured bank'; and by inserting
after the words 'or the Comptroller of the Currency'. the words 'or the
Federal Deposit Insurance Corporation.'
"Sec. 317. Section 5220 of the Revised Statutes (U. S. C., title 12.
sec. 181),is amended by adding at the end thereof the following paragraph:
"
'The shareholders shall designate one or more persons to act as liquidating agent or committee, who shall conduct the liquidation in accordance
with law and under the supervision of the board of directors, who shall
require a suitable bond to be given by said agent or committee. The
liquidating agent or committee shall render annual reports to the Comptroller of the Currency on the 31st day of December of each year showing
the progress ofsaid liquidation until the same is completed. The liquidating
agent or committee shall also make an annual report to a meeting of the
shareholders to be held on the date fixed in the article of association for
the anual meeting, at which meeting the shareholders may, if they see fit,
by a vote representing a majority of the entire stock of the bank, remove
the liquidating agent or committee and appoint one or more others in
place thereof. A special meeting of the shareholders may be called at any
time in the same manner as if the bank continued an active bank and at
said meeting the shareholders may. by vote of the majority of the stock,
remove the liquidating agent or committee. The Comptroller of the
Currency is authorized to have an examination made at any time into
the affairs of the liquidating bank until the claims of all creditors have
been satisfied, and the expense of making such examinations shall be
assessed against such bank in the same manner as in the case of examinations made pursuant to section 5240 of the Revised Statutes, as amended
(U. S. 0., title 12. secs. 484, 485; Stipp. VII, title 12, secs. 481-483)
"Sec. 318. Section 5243 of the Revised Statutes (U. S. C., title 12.
see. 583) is amended by striking out the semicolon therein and all that
precedes it and substituting the following:
"'Sec. 5243. The use of the word "national", the word "Federallor
the words "United States", separately, in any combination thereof, or
combination with other words or syllables, as part of the name or title
used by any person, corporation,firm, partnership business trust association or other business entity doing the business of bankers, brokers or
trust or savings institutions is prohibited except where such institution
is organized under the laws of the United States or is otherwise permitted
by the laws of the United States to use such name or title, or is lawfully
using such name or title on the date when this section, as amended, takes
effect;'.
"Sec. 319. (a) Section 5 of the Federal Reserve Act, as amended, is
amended by striking out the last three sentences thereof and inserting
in lieu thereof the following: 'When a member bank reduces its capital
stock or surplus it shall surrender a proportionate amount of Its holdings
in the capital stock of said Federal Reserve bank. Any member bank
which holds capital stock of a Federal Reserve bank in excess of the amount
required on the basis of 6 per centum of its paid-up capital stock and
surplus shall surrender such excess stock. When a member bank voluntarily liquidates it shall surrender all of its holdings of the capital stock
of said Federal Reserve bank and be released from its stock subscription
not previously called. In any such case the shares surrendered shall be
canceled and the membez bank shall receive in payment therefor. under
regulations to be prescribed by the Board of Governors of the Federal
Reserve System, a sum equal to its cash-paid subscriptions on the shares
surrendered and one-half of 1 per centum a month from the Period of the
last dividend, not to exceed the book value thereof, less any liability of
such member bank to the Federal Reserve bank.'
"(b) Section 6 of the Federal Reserve Act, as amended, is amended
by striking out the last paragraph thereof.
"Sec. 320. The fifth paragraph of section 9 of the Federal Reserve
Act, as amended, is amended by adding at the end thereof, the following
sentence:'Such reports of condition shall be in such form and shall contain
such information as the Board of Governors of the Federal Reserve System
may require and shall be published by the reporting banks in such manner
and in accordance with such regulations as the said Board may prescribe.'
"Sec. 321. (a) The first sentence of paragraph (m) of section 11 of
the Federal Reserve Act, as amended, is amended by inserting before the
period at the end thereof a colon and the following: 'Provided. That with
respect to loans represented by obligations In the form of notes secured
by not less than a like amount of bonds or notes of the United States
issued since April 24, 1917, certificates of indebtedness of the United
States, Treasury bills of the United States, or obligations fully guaranteed
both as to principal and interest by the United States, such limitation
of 10 per centum on loans to any person shall not apply, but State member
banks shall be subject to the same limitations and conditions as are applicable in the case of national banks under paragraph (8) of section 5200 of
the Revised Statutes, as amended (U. S. C., Supp. VII, title 12, sec. 84)'.
"(b) Paragraph (8) of section 5200 of the Revised Statutes, as amended
(U. S. C., Supp. VII, title 12, sec. 84), is amended by inserting after the
comma following the words'certificates ofindebtedness of the United States',
the words'Treasury bills of the United States,or obligationsfully guaranteed
both as to principal and interest by the United States.'
"Sec. 322. The third paragraph of section 13 of the Federal Reserve
Act, as amended, is amended by changing the words 'indorsed and otherwise secured to the satisfaction of the Federal Reserve bank' in that paragraph to read 'indorsed or otherwise secured to the satisfaction of the
Federal Reserve bank.'
"Sec. 323. Subsection (e) of section 13b of the Federal Reserve Act,
as amended, is amended by striking out 'upon the date this section takes
effect', and inserting in lieu thereof 'on and after June 19, 1934'; and by
striking out'the par value of the holdings of each Federal Reserve bank of
1178
Financial Chronicle
Federal Deposit Insurance Corporation stock', and inserting in lieu thereof
'the amount paid by each Federal Reserve bank for stock of the Federal
Deposit Insurance Corporation'.
"Sec. 324. (a) The first paragraph of section 19 of the Federal Reserve
Act, as amended,is amended to read as follows:
"'Sec. 19. The Board of Governors of the Federal Reserve System
is authorized, for the purposes of this section, to define the terms "demand
deposits", "gross demand deposits", "deposits payable on demand","time
deposits". "savings deposits", and "trust funds", to determine what shall
be deemed to be a payment of interest, and to prescribe such rules and
regulations as it may deem necessary to effectuate the purposes of this section
and prevent evasions thereof: Provided. That, within the meaning of the
provisions of this section regarding the reserves required of member banks,
the term "time deposits" shall include "savings deposits".'
"(b) The tenth paragraph of such section 19 is amended to read as
follows:
"'In estimating the reserve balances required by this Act, member
banks may deduct from the amount of their gtrss demand deposits the
amounts of balances due from other banks (except Federal Reserve banks
and foreign banks) and cash items in process of collection payable immediately upon presentation in the United States, within the meaning of
these terms as defined by the Board of Governors of the Federal Reserve
System.'
"(c) The last two paragraphs of such section 19 are amended to read
as follows:
"'No member bank shall, directly or indirectly, by any device whatsoever, pay any interest on any deposit which is payable on demand:
Provided, That nothing herein contained shall be construed as prohibiting
the payment of interest in accordance with the terms of any Certificate
of deposit or other contract entered into in good faith which is in force
on the date on which the bank becomes subject to the provisions of this
paragraph; but no such certificate of deposit or other contract shall be
renewed or extended unless it shall be modified to conform to this paragraph, and every member bank shall take such action as may be necessary
to conform to this paragraph as soon as possible consistently with its
contractual obligations: Provided further, That this paragraph shall not
apply to any deposit of such bank which is payable only at an office thereof
located outside of the States of the United States and the District of Columbia: Provided further, That until the expiration of two years after the
date of enactment of the Banking Act of 1935 this paragraph shall not
apply (1) to any deposit made by a savings bank as defined in section 12B
of this Act, as amended, or by a mutual savings bank, or (2) to any deposit
of publlc funds made by or on behalf of any State. county, school district.
or other subdivision or municipality, or to any deposit of trust funds if the
payment of interest with respect to such deposit of public funds or of trust
funds is required by State law. So mush of existing law as requires the
payment of interest with respect to any funds deposited by the United
States, by any Territory, District or possession thereof (including the
Philippine Islands), or by any public instrumentality, agency, or officer
of the foregoing, as is inconsistent with the provisions of this section as
amended, is hereby repealed.
'The Board of Governors of the Federal Reserve System shall from
"
time to time limit by regulation the rate of interest which may be paid
by member banks on time and savings deposits, and shall prescribe different rates for such payment on time and savings deposits having different
maturities, or subject to different conditions respecting withdrawal or repayment, or subject to different conditions by reason of different locations,
or according to the varying discount rates of member banks in the several
Federal Reserve districts. No member bank shall pay any time deposit
before its maturity except upon such conditions and in accordance with
such rules and regulations as may be prescribed by the said Board, or
waive any requirement of notice before payment of any savings deposit
except as to all savings deposits having the same requirement: Provided,
That the provisions of this paragraph shall not apply to any deposit which
is payable only at an office of a member bank located outside of the States
of the United States and the District of Columbia.'
"(d) Such section 19is amended by adding at the end thereof the following
new paragraph:
"'Notwithstanding the provisions of the First Liberty Bond Act, as
amended,the Second Liberty Bond Act, as amended,and the Third Liberty
Bond Act, as amended, member banks shall be required to maintain the
same reserves against deposits of public Moneys by the United States as
they are'required by this section to maintain against other deposits.'
"Sec.325. Section 21 of the Federal Reserve Act, as amended,is amended
by adding at the end thereof the following paragraph:
'Whenever member banks are required to obtain reports from affiliates,
"
or whenever affiliates of member banks are required to submit to examination, the Board of Governors of the Federal Reserve System or the Comptroller of the Currency, as the case may be, may waive such requirements
with respect to any such report or examination of any affiliate if in the
judgment of the said Board or Comptroller, respectively, such report or
examination is not necessary to disclose fully the relations between such
affiliate and such bank and the effect thereof upon the affairs ofsuch bank.'
"Sec. 326. (a) Subsection (a) of section 22 of the Federal Reserve Act,
as amended, is amended by inserting in the first paragraph thereof after
'No member bank' the following: 'and no insured bank as defined in subsection (c) of section 12B of this Act': by inserting before the period at the
end of the first sentence of such paragraph 'or assistant examiner, who
examines or has authority to examine such bank'; and by inserting after
'any member bank' in the second paragraph thereof 'or insured bank': by
inserting before the period at the end thereof'or Federal Deposit Insurance
Corporation examiner': and by adding at the end of such subsection a new
paragraph, as follows:
"'The provisions of this subsection shall apply to all public examiners
and assistant examiners who examine member banks of the Federal Reserve
System or insured banks, whether appointed by the Comptroller of the
Currency, by the Board of.Governors of the Federal Reserve System, by
a Federal Reserve agent, by a Federal Reserve bank, or by the Federal
Deposit Insurance Corporation, or appointed or elected under the laws
of any State: but shall not apply to private examiners or assistant examiners employed only by a clearing-house association or by the directors
of a bank.
"(b) Subsection (b) of such section 22 is amended by inserting therein
after 'no national bank examiner' the following: 'and no Federal Deposit
Insurance Corporation examiner': and by inserting after 'member bank'
the following:'or insured bank': and by inserting after'from the Comptroller
of the Currency,' the following:'as to a national bank, the Board of Governors of the Federal Reserve System as to a State member bank, or the
Federal Deposit Insurance Corporation as to any other insured bank,'.
"(c) Subsection (g) of such section 22 is amended to read as follows:
"•(g) No executive officer of any member bank shall borrow from or
otherwise become indebted to any member bank of which he is an executive
officer, and no member bank shall make any loan or extend credit in any
other manner to any of its own executive officers: Provided, That loans
may be renewed or extended
made to any such officer prior to June 16 1933,
Aug. 24 1935
for periods expiring not more than five years from such date where the
board of directors of the member bank shall have satisfied themselves that
such extension or renewal is in the best interest of the bank and that the
officer indebted has made reasonable effort to reduce his obligation, these
findings to be evidenced by resolution of the board of directors spread upon
the minute book of the bank: Provided further, That with the prior approval
of a majority of the entire board of directors, any member bank may extend
credit to any executive officer thereof, and such officer may become indebted thereto, in an amount not exceeding $2,500. If any executive
officer of any member bank borrow from or if he be or become indebted
to any bank other than a member bank of which he is an executive officer,
he shall makes written report to the board of directors of the member bank
of which he is an executive officer, stating the date and amount of such
loan or indebtedness, the security therefor, and the purpose for which the
proceeds have been or are to be used. Borrowing by, or loaning to, a
partnership in which one or more executive officers of a member bank
are partners having either individually or together a majority interest in
said partnership, shall be considered within the prohibition of this subsection. Nothing contained in this subsection shall prohibit any executive
officer of a member bank from endorsing or guaranteeing for the protection
of such bank any loan or other asset which shall have been previously acquired by such bank in good faith or from incurring any indebtedness to
such bank for the purpose of protecting such bank against loss or giving
financial assistance to it. The Board of Governors of the Federal Reserve
System is authorized to define the term "executive officer", to determine
what shall be deemed to be a borrowing indebtedness, loan, or extension
of credit, for the purposes of this subsection, and to prescribe such rules
and regulations as It may deem necessary to effectuate the provisions of
this subsection in accordance with its purposes and to prevent evasions of
such provisions. Any executive officer of a member bank accepting a
loan or extension of credit which is in violation of the provisions of this
subsection shall be subject to removal from office in the manner prescribed
in section 30 of the Banking Act of 1933: Provided, That for each day that
a loan or extension of credit made in violation of this subsection exists, it
shall be deemed to be a continuation of such violation within the meaning
of said section 30.'
"Sec.327. The third paragraph ofsection 23A of the Federal Reserve Act.
as amended, is amended to read as follows:
"'For the purpose of this section, the term "affiliate" shall include
holding-company affiliates as well as other affiliates, and the provisions of
this section shall not apply to any affiliate (1) engaged on June 16. 1934,in
holding the bank premises of the member bank with which it is affiliated
or in maintaining and operating properties acquired for banking purposes
prior to such date; (2) engaged solely in conducting a safe-deposit business
or the business of an agricultural credit'corporation or livestock loan company; (3) in the capital stock of which a, national banking association is
authorized to invest pursuant to section 25 of this Act, as amended, or a
subsidiary of such affiliate, all'the stock of which (except qualifying shares
of directors in an amount not to exceed 10 per centum) is owned by such
affiliate: (4) organized under section 25 (a) of this Act, as amended, or a
subsidiary ofsuch affiliate, all the stock of which (except qualifying shares of
directors in an amount not to exceed 10 per centum) is owned by such
affiliate; (5) engaged solely in holding obligations of the United States or
obligationsfully guaranteed by the United States as to principal and interest.
the Federal intermediate credit banks, the Federal land banks, the Federal
Home Loan Banks, or the Home Owners' Loan Corporation;(6) where the
affiliate relationship has arisen out of a bona fide debt contracted prior to the
date of the creation of such relationship; or (7) where the affiliate relationship exists by reason of the ownership or control of any voting shares
thereof by a member bank as executor, administrator, trustee, receiver,
agent, depositary, or in any other fiduciary capacity, except where such
shares are held for the benefit of all or a majority of the stockholders of such
member bank; but as to any such affiliate, member banks shall continue
to be subject to other provisions of law applicable to loans by such banks
and investments by such banks in stocks, bonds, debentures, or other
such obligations. The provisions of this section shall likewise not apply
to indebtedness of any affiliate for unpaid balances due a bank on assets
Purchased from such bank or to loans secured by, or extensions of credit
against, obligations of the United States or obligations fully guaranteed
by the United States as to principal and interest.'
"Sec.328. Section 24 of the Federal Reserve Act, as amended,is amended
by adding at the end thereof the following new paragraph:
"'Loans made to establish industrial or commercial businesses (a) which
are in whole or in part discounted or purchased or loaned against as security
by a Federal Reserve bank under the provisions of section 13b of this Act.
(b)for any part of which a commitment shall have been made by a Federal
Reserve bank under the provisions ofsaid section,(c)in the making of which
a Federal Reserve bank participates under the provisions of said section.
or (d) in which the Reconstruction Finance Corporation co-operates or
purchases a participation under the provisions of section bd of the Reconstruction Finance Corporation Act, shall not be subject to the restrictions or limItatipns of this section upon loans secured by real estate.'
"Sec. 329. Section 25 of the Federal Reserve Act, as amended,is further
amended by striking out the last paragraph of such section; the paragraph
of section 25(a) of the Federal Reserve Act, as amended, which commences
with the words 'A majority of the shares of the capital stock of any such
corporation' is amended by striking out all of said paragraph except the
first sentence thereof: and the Act entitled 'An Act to supplement existing
laws against unlawful restraints and monopolies, and for other purposes'
(38 Stat. 730). approved October 15. 1914. as amended,is further amended
(a) by striking out section 8A thereof and (b) by substituting for the first
three paragraphs of section 8 thereof the following:
"'Sec. 8. No private banker or director, officer, or employee of any
member bank of the Federal Reserve System or any branch thereof shall
be at the same time a director, officer, or employee of any other bank.
banking association, savings bank, or trust company organized under the
National Bank Act or organized under the laws of any State or of the
District of Columbia, or any branch thereof, except that the Board of
Governors of the Federal Reserve System may by regulation permit such
service as a director, officer, or employee of not more than one other such
institution or branch thereof: but the foregoing prohibition shall not apply
in the case of any one or more of the following or any branch thereof:
"'(1) A bank, banking association, savings bank, or trust company.
more than 90 per centum of the stock of which is owned directly or indirectly by the United States or by any corporation of which the United
States directly or indirectly owns more than 90 per centum of the stock.
which
"'(2) A bank, banking association,savings bank,or trust company
has been placed formally in llquidation or which is in the hands of a receiver, conservator, or other official exercising similar functions.
foreign
"'(3) A corporation principally engaged in international or
banking or banking in a dependency or insular possession of the United
States which has entered into an agreement with the Board of Governors of
the Federal Reserve System pursuant to section 25 of the Federal Reserve
Act.
Volume 141
Financial Chronicle
"'(4) A bank, banking association, savings bank, or trust company,
more than 51) per centum of the common stock of which is owned directly
or indirectly by persons who own directly or indirectly more than 50 per
centum of the common stock of such member bank.
"'(5) A bank, banking association, savings bank, or trust company not
located and having no branch in the same city, town, or village as that in
which such member bank or any branch thereof is located, or in any city.
town, or village contiguous or adjacent thereto.
"
'(6) A bank, banking association, savings bank, or trust company not
engaged in a class or classes o business in which such member bank is
engaged.
"0(7) A mutual savings bank having no capital stock.
"'Until February 1. 1939, nothing in this section shall prohibit any
director, officer, or employee of any member bank of the Federal Reserve
System, or any branch thereof, who is lawfully serving at the same time as
a private banker or as a director, officer, or employee of any other bank,
banking association,savings bank,or trust company,or any branch thereof.
on the date of enactment of the Banking Act of 1935,from continuing such
service.
"
'The Board of Governors of the Federal Reserve System is authorized
and directed to enforce compliance with this section, and to prescribe such
rules and regulations as it deems necessary for that purpose.'
"Sec. 330. (a) Section 1 of the Act of November 7, 1918, as amended
(U.S. C., title 12, sec. 33; Supp. VII, title 12, sec. 33), is amended by
striking out the second proviso down to and including the words 'to be
ascertained' and inserting in lieu thereof the following: And provided
further, That if such consolidation shall be voted for at said meetings by the
necessary majorities of the shareholders of each of the associations proposing
to consolidate, any shareholder of any of the associations so consolidated,
whet has voted against such consolidation at the meeting of the association
of which he is a shareholder or has given notice in writing at or prior to
such meeting to the presiding officer that he dissents from the plan of consolidation, shall be entitled to receive the value of the shares so held by him
If and when said consolidation shall be approved by the Comptroller of the
Currency, such value.to be ascertained as of the date of the Comptroller's
approval.'
"(b) Such section 1 is further amended by adding at the end thereof
the following paragraphs:
"'Publication of notice and notification by registered mail of the meeting
provided for in the foregoing paragraph may be waived by unanimous
action of the shareholders of the respective associations. Where a dissenting shareholder has given notice as above provided to the association
of which he is a shareholder of his dissent from the plan of consolidation,
and the directors thereof fail for more than thirty days thereafter to appoint
an apprkiser of the value of his shares, said shareholder may request the
Comptroller of the Currency to appoint such appraiser to act on the appraisal committee for and on behalf of such association.
"'If shares, when sold at public auction in accordance with this section,
realize a price greater than their final appraised value, the excess in such
sale price shall be paid to the shareholder. The consolidated association
shall be liable for all liabilities of the respective consolidating associations.
In the event one of the appraisers fails to agree with the others as to the
values of said shares, then the valuation of the remaining appraisers shall
govern.'
"Sec. 331. (a) Section 3 of the Act of November 7, 1918, as amended
(U. S. C.. Supp. VII, title 12, sec. 34 (a)). is amended by striking out the
first sentence following the proviso down to and including the words 'to
be ascertained' and inserting in lieu thereof the following: 'If such consolidation shall be voted for at said meetings by the necessary majorities
of the shareholders of the association and of the State or other bank proposing to consolidate, and thereafter the consolidation shall be approved by
the Comptroller of the Currency, any shareholder of either the association
or the State or other bank so consolidated, who has voted against such
consolidation at the meeting of the association of which he is a stockholder,
or has given notice in writing at or prior to such meeting to the presiding
officer that he dissents from the plan of consolidation, shall be entitled to
receive the value of the shares so held by him if and when said consolidation
shall be approved by the Comptroller of the Currency, such value to be
ascertained as of the date of the Comptroller's approval.'
"(b) Such section 3 is further amended by adding at the end thereof
the following paragraph;
'"Where a dissenting shareholder has given notice as provided in this
section to the bank of which he is a shareholder of his dissent from the Plan
of consolidation, and the directors thereof fail for more than thirty days
thereafter to appoint an appraiser of the value of his shares, said shareholder
may request the Comptroller of the Currency to appoint such appraiser
to act on the appraisal committee for and on behalf of such bank. In the
event one of the appraisers fails to agree with the others as to the value of
said shares, then the valuation of the remaining appraisers shall govern.'
"Sec. 332. The Act entitled 'An Act to prohibit offering for sale as
Federal farm-loan bonds any securities not issued under the terms of the
Farm Loan Act, to limit the use of the words "Federal", "United States",
or "reserve", or a combination of such words, to prohibit false advertising,
and for other purposes', approved May 24, 1926 (U. S. C., Supp. VII,
title 12. sees. 584-588), is amended by inserting in section 2 thereof after
'the words"United States" 'the following:'the words "Deposit Insurance":
and by inserting in said section after the words 'the laws of the United
States', the following: 'nor to any new bank organized by the Federal
Deposit Insurance Corporation as provided in section 12B of the Federal
Reserve Act, as amended,'; and by striking out the period at the end of
section 4 and inserting the following: 'or the Federal Deposit Insurance
Corporation.'
"Sec. 333. The Act entitled 'An Act to provide punishment for certain
offenses committed against banks organized or operating under laws of the
United States or any member of the Federql Reserve System', approved
May 18, 1934 (48 Stat. 783), is amended by striking out the period after
'United States' in the first section thereof and inserting the following:
'and any insured bank as defined in subsection (c) of section 12B of the
Federal Reserve Act, as amended.'
"Sec. 334. Section 5143 of the Revised Statutes, as amended, is hereby
amended by striking out everything following the words 'Comptroller of
the Currency', where such words last appear in such section, and substituting the following: 'and no shareholder shall be entitled to any distribution of cash or other assets by reason of any reduction of the common
capital of any association unless such distribution shall have been approved
by the Comptroller of the Currency and by the affirmative vote of at least
two-thirds of the shares of each class of stock outstanding, voting as classes.'
"Sec. 335. Section 5139 of the Revised Statutes, as amended, is amended
by adding at the end of the first paragraph the following new paragraph:
"'Certificates hereafter issued representing shares of stock of the association shall state (1) the name and location of the association, (2) the
name of the holder of record of the stock represented thereby, (3) the
number and class of shares which the certificate represents, and (4) if the
association shall issue stock of more than one class, the respective rights
1179
Preferences, privileges, voting rights, powers; restrictions, limitations and
qualifications of each class of stock issued shall be stated in full or in summary upon the front or back of the certificates or shall be incorporated by a
reference to the articles of association set forth on the front of the certificates. Every certificate shall be signed by the president and the cashier
of the association, or by such other officers as the bylaws of the association
shall provide, and shall be sealed with the seal of the association.'
"Sec. 336. The last sentence of section 301 of the Emergency Banking
and Bank Conservation Act, approved March 9, 1933, as amended, is
amended to read as follows:'No issue of preferred stock shall be valid until
the par value of all stock so issued shall be paid in and notice thereof, duly
acknowledged before a notary public by the president, vice president, or
cashier of said association, has been transmitted to the Comptroller of the
Currency and his certificate obtained specifying the amount of such issue
of preferred stock and his approved thereof and that-the amount has been
duly paid in as a part of the capital of such association; which certificate
shall be deemed to be conclusive evidence that such preferred stock has
been duly and validly issued.'
"Sec. 337. The additional liability imposed by section 4 of the Act of
March 4,1933, as amended (D. C. Code, Supp. I. title 5, sec. 300a), upon
the shareholders of savings banks, savings companies, and banking institutions and the additional liability imposed by section 734 of the Act of
March 3, 1901 (D. C. Code, title 5, sec. 361). upon the shareholders of
trust companies, shall cease to apply on July 1, 1937, with respect to such
savings banks, savings companies, banking institutions, and trust companies which shall be transacting business on such date: Provided. That
not less than six months prior to such date, the savings bank, savings company, banking institution, or trust company, desiring to take advantage
hereof, shall have caused notice of such prospective termination of liability
to be published in a newspaper published in the District of Columbia and
having general circulation therein. In the event of failure to give such
notice as and when above provided, a termination of such additional
liability may thereafter be accomplished as of the date six months subsequent to publication in the manner above provided. Each savings bank,
savings company, banking institution, and trust company shall, before the
declaration of a dividend on its shares of common stock, carry not less than
one-tenth part of its net profits of the preceding half year to its surplus fund •
until the same shall equal the amount of its common stock: Provided. That
for the purposes of this section, any amounts paid into a fund for the retirement of any preferred stock or debentures of any such savings bank,
savings company, banking institution, or trust co ipany, out of its net
earnings for such half-year period shall be deemed to be an addition to its
surplus if, upon the retirement of such preferred stock or debentures, the
amount so paid into such retirement fund for such period may then properly
be carried to surplus. In any such case the savings bank,savings company,
banking institution, or trust company shall be obligated to transfer to surplus the amount so paid into such retirement fund for such period on account
of the preferred stock or debentures as such stock or debentures are retired.
"Sec. 338. The second paragraph of section 9 of the Federal Reserve
Act, as amended, is amended by striking out the period at the end thereof
and adding thereto the following: 'except that the approval of the Board of
Governors of the Federal Reserve System,instead of the Comptroller of the
Currency, shall be obtained before any State member bank may hereafter
establish any branch and before any State bank hereafter admitted to membership may retain any branch established after February 25. 1927,beyond
the limits of the city, town,or village in which the parent bank is situated.'
"Sec. 339. Section 5234 of the Revised Statutes, as amended (U. S. C..
title 12, sec. 192). is amended by striking out the period after the words
'money so deposited' at tne end of the next to the last sentence of such
section and inserting in lieu of such period a colon and the following:'Provided. That no security in the form of deposit of United States bonds, or
otherwise, shall be required in the case of such parts of the deposits as are
insured under section 1211 of the Federal Reserve Act, as amended.'
"Sec. 340. Section 61 of the Act entitled 'An Act to establish a uniform
system of bankruptcy throughout the United States', approved July 1.
1898, as amended, is amended by inserting before the period at the end
thereof a colon and the following: 'Provided, That no security in form of a
bond or otherwise shall be required in the case of such part of the deposits
as are insured under section 1211 of the Federal Reserve Act, as amended.'
"Sec. 341. Section 8 of the Act entitled 'An Act to establish postal
savings depositories for depositing savings at interest with the security of
the Government for repayment thereof, and for other purposes'. approved
June 25, 1910, as amended (U. S. C., title 39. sec. 758: Supp. VII, title 39.
sec. 758). is amended by striking out the f rst sentence thereof and inserting
in lieu thereof the following :'Notwithstanding any other provision of law.
(1) each deposit in a postal savings depositary office shall be a savings
deposit, and interest thereon shall be allowed and entered to the credit
of the depositor once for each quarter beginning with the first day of the
month following the date of such deposit, but no interest shall be allowed
to any such depositor with respect to the whole or any part of the funds to
his or her credit for any period of less than three months; (2) no interest
shall be paid on any such deposit at a rate in excess of that which may
lawfully be paid on savings deposits under regulations prescribed by the
Board of Governors of the Federal Reserve System pursuant to the Federal
Reserve Act, as amended,for member banks of the Federal Reserve System
located in or nearest to the place where such depository office is situated:
and (3) postal savings depositories may deposit funds on time in member
banks of the Federal Reserve System subject to the provisions of the
Federal Reserve Act, as amended, and the regulations of the Board of
Governors of the Federal Reserve System, with respect to the payment of
time deposits and interest thereon.'
"Sec. 342. The last sentence of the third paragraph of subsection (k) of
section 11 of the Federal Reserve Act, as amended (U. S. C., title 12, sec.
248 (k) ), is amended to read as follows: 'The State banking authorities
may have access to reports of examination made by the Comptroller of the
Currency in so far as such reports relate to the trust department of such
bank, but nothing in this Act shall be construed as authorizing the State
banking authorities to examine the books,records, and assets of such bank.'
"Sec. 343. The first sentence after the third proviso of section 5240 of
the Revised Statutes, as amended (U. S. C., Supp. VII, title 12. secs. 481
and 482) is amended by striking out the word 'is' after the words'whose
compensation' and inserting in lieu thereof a common and the following:
'including retirement annuities to be fixed by the Comptroller of the Currency, is and shall be'; and such section 5240 is further amended by striking
out 'The Federal Reserve Board, upon the recommendation of the Comptroller of the Currency,' and inserting in lieu thereof 'The Comptroller of
the Currency.'
"Sec. 344. (a) Section 1 of the National Housing Act is amended by
adding at the end thereof the following new sentence: 'The Administrator
shall, in carrying out the provisions of this title and titles H and III, be
authorized, in his official capacity, to sue and be sued in any court of competent jurisdiction, State or Federal.'
• "(b) The first sentence of section 2 of the National Housing Act, as
amended, is further amended by striking out the words 'including the
•
Aug. 24 1935
Financial Chronicle
1180
thereof the
installation of equipment and machinery' and inserting in lieu
on
words 'and the purchase and installation of equipment and machinery
real property'.
Act is amended
'(c) Subsection(a)ofsection 203 of the National Housing
(1)
by inserting the words'property and' before the word 'projects' in clause
of such subsection.
Housing Act is
"(d) The last sentence of section 207 of the National
'project'.
amended by inserting the words 'property or' before the word
State member
"Sec. 345. If any part of the capital of a national bank,
System
bank, or bank applying for membership in the Federal Reserve
the capital
consists of preferred stock, the determination of whether or not
t shall be based
of such bank is impaired and the amount of such impairmen
the holders
upon the par value of its stock even though the amount which
retirement
of such preferred stock shall be entitled to receive in the event of
stock.
or liquidation shall be in excess of the par value of such preferred
g any capital notes
If any such bank or trust company shall have outstandin
Corporation is
or debentures of the type which the Reconstruction Finance
304 of the
authorized to purchase pursuant to the provisions of section
9. 1933.
Emergency Banking and Bank Conservation Act, approved March
to be unimpaired if
as amend
,pd, the capital of such bank may be deemed
value of its assets is not less than its total liabilities, including
the sou
debentures and any
capital stock, but excluding such capital notes or
Notwithstanding
obligations of the bank expressly subordinated thereto. issued by a nastock
any other provision of law, the holders of preferred
of the Emergency
tional banking association pursuant to the provisions
1933, as amended,
Banking and Bank Conservation Act,approved March 9,
at a rate not exshall be entitled to receive such cumulative dividends received by the
price
ceeding six per centum per annum on the purchase
of the retirement of such stock,
association for such stock and, in the event
of such purchase price plus
to receive such retirement price, not in excess
of association
all accumulated dividends, as may be provided in the articles association is
the
with the approval of the Comptroller of the Currency. If
or a receiver is appointed
placed in voluntary liquidation, or if a conservator
stock until
therefor, no payment shall be made to the holders of common amount as
in full such
the holders of preferred stock shall have been paid
approval of the
may be provided in the articles of association with the
price of such
Comptroller of the Currency, not in excess of such purchase
preferred stock plus all accumulated dividends.
thereof to any
"Sec. 346. If any provision of this Act, or the application
the Act; and the
person or circumstances, is held invalid, the remainder of
ces, shall not
application of such provision to other persons and circumstan
be affected thereby."
Corporation-Losses of$1,130,000,irst Annual Report of Federal Deposit Insurance
l Earnings Reported of $1,510,000,
000 Written Off by Insured Banks in 1934-Tota
Increased During Year $6,670,000,000 with Net Earnings of $445,000,000-Assets
in Suspended Banks 1865-1934.
000 to $47,370,000,000-Losses to Depositors
-or twice the amount available
Losses of $1,130,000,000
from net earnings and recovery, after payment of dividends
insured commercial
were written off during 1934 by the
banks, according to the first annual report of the Federal
Deposit Insurance Corporation, issued on Aug. 19 by Leo
T. Crowley, Chairman of the Board of the Corporation.
.
"Such a large volume of write-offs.. was made possible" says
the report"by the introduction of new capital funds through
purchases of capital obligations by the Reconstruction Finance Corporation and by private interests." The extent
of new capital funds obtained through the RFC is approximately $550,000,000, while about $100,000,000 came from
,
local interests. As to the earnings and expenses, write-offs
commercial banks, &c., we take the following
&c., of insured
from the report:
Earnings and Expenses of Insured Commercial Banks
-Total earnings of all insured comfrom Current Operations
Earnings
or approximately
mercial banks during 1934 amounted to $1.510,000,000,
funds include invested
$3.50 for each $100 of available funds.a Available
investment or adfunds, required reserves, and other funds available for
amounted to
ditional reserves.b Current operating expenses of the banks
that is, total
$1.065,000,000. Net earnings from current operations,
recoveries on
earnings less operating expenses, before taking into account
sold, and deductions
assets previously written off, profits on securities
written off, amounted to
because of depreciation and worthless assets
of available funds.
$445,000.000, or slightly over $1.00 for each $100
and to a 7% return
This was equivalent to $1.25 for each $100 of deposits
of insured commercial
on total capital account. Earnings and expenses
banks are shown in Table 16.
OF
-CURRENT EARNINGS AND EXPENSES DURING 1934
TABLE 16
INSURED COMMERCIAL BANKS x
Amount per $100 of
Amount
(in Millions of
Dollars)
Total
-able
A rail
Funds y
Total
Deposits
Total
Capital
Account
$24.66
$4.25
$3.52
1,510
The banks earned
17.39
3.00
2.49
The banks' current expenses were_ - 1,065
The banks' net earnings from cur$7.27
$1.25
$1.03
445
rent operations were
Columbia, two insured
x 14,124 banks;figures for II State banks lathe District o not included. Figures
National banks in Alaska and nine other insured banks are
for National banks for second half of 1934 are estimated.
liability
Estimated average amount during year of total assets less customers'endorseand bills sold with
on account of acceptances, acceptances of other banks
securities borrowed.
ment, and
-Business improvement and the
Recoveries, Dividends and Write-offs
on assets of
advance in bond prices during 1934 resulted in recoveries
profits on sales of
Insured commercial banks previously written off and in
plus
securities of $290,000,000,so that net earningsfrom current operations
recoveries amounted to $735,000,000. The banks paid interest on capital
and common stock of
notes and debentures and dividends on preferred
to
3175.000,000. Assets written off during the year, however, amounted
31,130.000,000 or approximately twice the amount available from net
Such a large volume of
earnings and recoveries after payment of dividends.
write-offs, reflecting chiefly write-offs of losses accumulated during prior
years, was made possible by the introduction of new capital funds through
purchases of capital obligations by the RFC and by private interests.
Figures are summarized in Table 17.
Earnings of National banks are available only for the first half of the year and
of earnings of other classes of
have been eitimated for the second halt on the basis
insured banks.
customers'liability on account
Available funds are measured by total assets, lessof exchange or drafts sold with
b
banks and bills
of acceptances, acceptances of other
endorsement, and securities borrowed.
-NET EARNINGS AND CHANGES IN TOTAL CAPITAL
TABLE 17
ACCOUNT DURING 1934 OF INSURED COMMERCIAL BANKS x
Amount per $100 of
Amount
(in Millions of
Dollars)
Total
Deposits
Total
Capital
Account
445
$1.03
$1.25
$7.27
290
The banks' net earnings from current
operations were
Recoveries on assets written off and
profits on securities sold were
Total
Available
Funds y
.68
.82
4.73
$12.00
735
$2.07
$1.71
Net earnings and recoveries were
The banks paid interest on capital
notes and debentures and dividends
2.86
175
.49
.41'
on preferred and common stock of
There remained after payment of
$9.14
560
$1.30
$1.58
interest and dividends
18.44
3.18
2.64
1,130
The banks wrote off losses of
resulting reduction in capital
The
9.30
570
1.34
1.60
account was
New capital funds were paid in to the
10.63
1.52
650
1.83
net amount of
The net Increase In the total capital
1.33
80
.18
.23
account was z
x 14,124 banks; figures for 11 State banks in the District of Columbia, two Innine other insured banks are not Included.
sured National banks in Alaska and
Figures for National banks for second half of 1934 are estimated.
y Estimated average amount during year of total assets lens customers' liability
on account of acceptances, acceptances of other banks and bills sold with endorsement, and securities borrowed.
z Exclusive of changes resulting from licensing and closing of banks.
-The relatively low rate e gross
Rates of Earnings and of Interest Paid
earnings of banks during 1934 reflected in part the fact that banks were
of their funds in non-earning assets or in assets that
holding a large part
yield a low return and in part the fact that money rates were lower than
at any other time in recent years.
In comparison with earlier years, banks had a smaller proportion of their
funds loaned out and a larger proportion invested in securities, particularly
those with low yields. They also held larger proportions of their total
available funds in the form of cash, or balances with other banks. Inasmuch
as the rates of interest received by banks are higher on loans than on other
forms of investment, the reduction in the proportion of funds loaned out
reduced the rate of earnings on the total amount of the bank's available
funds. These changes are illustrated in Table 18 which compares for banks
members of the Federal Reserve System the distribution of assets and
deposits and the rates of interest received on assets and paid on deposits in
1927-1928 and 1934.
-COMPARATIVE RATES OF INTEREST AND DISTRIBUTION
TABLE 18
OF ASSETS. 1927-28 AND 1934, BANKS MEMBERS OF THE FEDERAL
RESERVE SYSTEM
Distribution of Assets
and Deposits x
1934
Assets
Loans
Securities
Due from banks
Cash and reserves
Other assets
Total
Deposits
Time
Other
1927-28
33
39
8
15
5
53
23
5
13
6
100
35
65
1934
1927-28
%
4.4
3.2
.1
%
5.6
4.7
1.5
2.3
3.3
1.3
100
31
69
Rate of Interest Received
on Assets and Paid
on Deposits
2.0
100
100
.8
Total
x Average of call date fgures.
y Rate of .01% due chiefly to payment of nterest on public funds.
The expenses of banks were likewise reduced compared with other Years.
a
due in part to reductions in the amount of salaries paid but chiefly to
decline in the rates of interest paid customers on their deposits. About
in interest rates occurred prior to the Banking
one-half of the reduction
Act of 1933. The statutory elimination of interest on demand deposits and
largely
the reduction by regulation of interest on time deposits has been
responsible for the remaining decrease in rates of interest paid on deposits.
reduction in expenses, net earnings from current
Notwithstanding the
operations were lower than in the earlier years.
of the
Earnings and Expenses of Insured Commercial Banks not Members
Federal Reserve System-The FDIC issued a call for reports of earnings,
of
expenses and dividends for the year 1934 of insured banks not members
commercla
the Federal Reserve System. Reports submitted by 7,379
bank'
banks operating throughout the year have been tabulated by size of
Financial Chronicle
Volume 141
1181
The amounts of net earnings and expenses, and of losses written off, for
each $100 of available funds for banks grouped according to amounts of
deposits are shown in the charts on the next page.a
-ANALYSIS OF CHANGES DURING71934 IN THE DEPOSITS OF
TABLE 7
LICENSED COMMERCIAL BANKS x
[Amounts in Millions of Dollar?
Figures of net earnings from current operations for banks in various size
groups are shown in Table 19. The banks with deposits of less than $100,000
had average net earnings from current operations of approximately $700.
The banks with deposits ranging from $100,000 to $250.000 had average net
earnings from current operations of about $1,800. These two groups of
banks comprise approximately one-half of all insured banks not members of
the Federal Reserve System.
All
Licensed
Commercial
Banks
TABLE 19
-NET EARNINGS FROM CURRENT OPERATIONS DURING
1934 OF INSURED COMMERCIAL BANKS NOT MEMBERS OF THE
FEDERAL RESERVE SYSTEM
[Banks Grouped by Amount of Deposits]
Number
of Banks
1,186
2,492
1,720
641
380
585
255
116
4
7.379
With Deposits of-
Average
Net
Earnings
per Bank
Amount
per
$100 of
Deposits
Amount per
$100 of Total
Capital
Account
3100,000 and under
$100,000 to $250,000
8250,000 to $500,000
$500.000 to 8750,000
$750,000 to 81,000,000
81,000,000 to 82,000,000
$2,000,000 to $5,000,000
$5,000,000 to $50,000,000
Over $50,000,000 x
$696
1,798
3,608
6,532
8,729
14,511
33,208
127,4590
782,750
$1.04
1.07
1.04
1.07
1.01
1.06
1.14
1.16
.88
$2.59
4.25
4.93
5.36
5.21
5.13
5.44
5.14
7.17
7.307
$1.08
$5.10
All banks
x Because of the small number of banks figures for this group should not be
considered typical of all banks with deposits in excess of $50,000,000
Note
-More detailed figures are given on pages 238-42 of pamphlet report.
Rates of Interest Received and Paid by Insured Commercial Banks Not
Members ofthe Federal Reserve System-The average rate of interest received
on outstanding loans by insured commercial banks not members of the
Federal Reserve System was slightly lees than 6% per year. The average
rate of interest and dividends received on securities held was about 3.8%
per year. The banks paid interest on time deposits at an average rate of
nearly 3% per year.
Average rates of interest received on loans and securities and paid on
time deposits are given in Table 20 for banks in the various size groups.
Small banks received higher rates of interest on their loans than did large
banks, but they obtained lower average yields on their investments. Sl2:12,1I
banks paid higher rates of interest on time deposits than did large banks.
TABLE 20
-RATES OF EARNINGS DURING 1934 ON TOTAL AVAILABLE
FUNDS,ON LOANS AND ON SECURITIES, AND OF INTEREST PAID
ON TIME DEPOSITS, INSURED COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM
Number
of Banks
1,186
2,492
1,720
641
380
585
255
116
4
7.379
With Deposits of-
$100,000 and under
$100,000 to $250,000
$250,000 to $500,000
$500,000 to $750.000
$750,000 to $1,000,000
$1,000,000 to 82,000,000
82,000,000 10 85,000.000
35,000,000 to $50,000,000
Over $50,000,000 y
All banks
Interest
Earnings Interest and Div- Interest
on Total Received deeds Re- Paid on
Available on Loans ceived on Time
Beetles Deposits
Funds z
5.26%
4.69
4.53
4.39
4.29
4.29
4.30
4.36
3.89
7.92%
7.26
6.87
6.57
6.20
5.85
5.67
8.01
4.82
3.18%
3.33
3.52
3.57
3.61
3.85
3.72
4.09
3.67
3.22%
3.02
2.95
2.77
2.77
2.67
2.54
2.84
2.76
A '.47 of.,
A.90%
3.77%
Note
-More detailed figures are given on pages 241-42 of pamphlet report.
In pointing out that "the amount of risk borne by the
FDIC changed materially during 1934" the report notes
that "the volume of deposits insured by the Corporation in
commercial banks increased substantially," and adds
"this increase reflected in part the change in insurance
coverage from $2,500 to $5,000 for each depositor,in part the
admission of banks to deposit insurance, and in part the
growth of deposits in the banking system." In part we also
quote from the report as follows:
Insurance Risk and the Condition of Commercial Banks
Growth of Deposits
-It is estimated that the volume of deposits in cpmmercial banks insured by the FDIC increased by approximately $5,7b0,000,000 during 1934. About $2,680,000,000 of this increase was due to
the change in insurance coverage from $2,500 to $5,000 for each depositor.
Approximately $630.000,000 of the increase represents the insured deposits
in banks which were admitted to insurance during the year. Of this last
amount about $360,000,000 were the insured deposits of banks newly
licensed and admitted to insurance during the year. The remaining increase
of approximately $2,390,000,000 in insured deposits was due chiefly to the
general growth of deposits in the commercial banking system.
Total deposits in insured and uninsured licensed commercial banks are
estimated to have increased during the year by $7,190,000,000 dollars, an
amount which, on account of the admission of banks to membership in the
insurance fund, is somewhat smaller than the increase in the total deposits
of insured commercial banks. The rate of increase in deposits of commercial banks during 1934, amounting to 22%, has rarely been equaled in
the past, and has restored to the banks about half of the decline in deposits
which took place during the preceding three years.
An analysis of changes in the deposits in commercial banks during 1931
is given in Table 7.
a Figures upon which these charts are based are given in Table 131, page 242, of
pamphlet report.
UninUnin- sured
sured
Banks
Insured
Depositsz Deposits
Total
Amount of deposits. Jan. 1 1934__
32,370 31,300
Changes during 1934:
Deposits of newly licensed banks y
+640 +630
Deposits of ex sting banks admitted to insurance 3
+450
,
Change in insurance coverage
June 30 1934
Other changes, chiefly growth in
deposits of banks in operation
+6,550 +6,620
Total changes during 1934
+7,190 +7,700
Amount of deposits, Dec. 31 1934_
39,560 33,000
10,940
20,360
1,070
+360
+270
+10
+270
+180 --450
+2,680 -2,680
+2,390 +4,230 --70,
+5,700 +2,000 --510
560
16,640 22,360
x Figures are partly estimated and relate to all licensed commercial banks, except
private banks considered to be ineligible by law.for Federal insurance. See also
explanatory note in Part Five, page 173, of pamph et report.
Y As of date of licensing or admission to insurance.
z Figures for insured deposits have been obtained from insured banks only at
time of application for admission and as of Oct. 1 1934; the figures for Dec. 311934.
have been estimated.
-The first
Changes in Bank Assets Accompanying the Growth of Deposits
statements of condition of insured banks were not submitted until June 30
1934. Changes in the assets of all licensed commercial banks for the Year
1934 have been used, therefore, to Indicate changes in the assets of insured
commercial banks. At the close of 1934 the insured banks held 98% of the
assets of all licensed commercial banks.a
Changes during 1934 in the volume and character of assets held by commercial banks, accompanying the growth of bank deposits, were chiefly of
three types. First, there was a growth of inter-bank deposits and uncollected funds due from other banks. The increase in the volume of checks
deposited and not yet collected (but for which depositors had received
credit in their accounts), and re-deposits by one bank in another bank,
accounted for one-fourth of the increase in total deposits. Second, commercial banks made heavy purchases during the year of United States
Government obligations, at the same time giving the United States Treasury
deposit credit upon their books. Deposits thus created were, for the most
part, transferred to individuals and business concerns as the Treasury made
disbursements. Approximately one-half of the growth in bank deposits
during 1934 mulled from purchases by banks of United States Government
obligations. Third, purchases of gold and silver by the United States
Treasury were accompanied by a growth in deposits and in the banks'
holdings of reserves. The purchases were followed by the deposit of gold
and silver certificates, or their equivalent, in the Federal Reserve banks,
which increased the amount to the credit of the Treasury on the books
of the Federal Reserve banks. The expenditure of these funds by the
Treasury increased tne reserves of banks members of the Federal Reserve
System. Approximately one-fourth of the growth in bank deposits in
1934 was the result of purchases of gold and silver by the United States
Treasury.
Changes in the volume of bank loans and changes in the holdings of
securities other than direct obligations of the United States are also 8,C4:0111panied,in the ordinary banking process, by changes in the volume of bank
deposits. During 1934, however, changes in the amounts ofsuch assets held
by commercial banks had little effect upon the total volume of bank deposits.
Changes during 1934 In the principal assets and liabilities of licensed
commercial banks are summarized in Table 8.
2 77%
x Total earnings from current operations.
y Because of the small number of banks, figures for this group should not be considered typical of all banks with deposits in excess of $50,000,000.
Insured Banks
TABLE 8
-CHANGES DURING 1934 IN ASSETS AND LIABILITIES OF
LICENSED COMMERCIAL BANKS x
[Amounts in Millions of Dol'ars1
Amount
Dec. 31
1934
Assets
Cash and amounts duefrom other banks_ _
Loans and discounts
Securities
Other assets
Total assets
Liabilities
Total deposits
Borrowings
Other liabilities
Total capital account
Total liabilities
Amount Change During Year
Jan. 1
1934
Amount Percent
11,440
14,870
18,480
2,580
7,740
15,900
14,330
2,640
+3,700
+1,030
+4,150
-60
+48
-8
+29
-2
47,370
40,610
+6,760
+17
39,560
50
1,320
6,440
32,370
420
1,650
6,170
+7,190
-370
-330
+270
+22
-88
-20
+4
47,370
40,610
+6.760
+17
x Figures are partly estimated and relate to all licensed commercial banks, except
private banks considered to be ineligible by law for Federal insurance.
Cash and Amounts Due from Banks
-Holdings by licensed commercial
banks of cash and amounts due from banks increased by approximately
$3,700,000,000. This growth consisted chiefly of increased reserves with the
Federal Reserve banks, reflecting the purchases of gold and silver by the
United States Treasury, and of an expansion in the volume of funds due
from banks. These changes are shown in Table 9.
Loans and Discounts
-Loans and discounts of licensed commercial banks
were reduced during 1934 by more than one billion dollars, or over 6%. It
cannot be concluded from this reduction, however, that the volume of new
loans extended by commercial banks was smaller than the volume of loans
paid off by borrowers. The reduction was due chiefly to the writing off of
worthless and doubtful loans from the books of the banks, and to the lending activities of Federal agencies, notably, the Federal Farm Mortgage
Corporation and the Home Owners' Loan Corporation.
TABLE 9
-CHANGES DURING 1934 IN HOLDINGS BY LICENSED COMMERCIAL BANKS OF CASH AND AMOUNTS DUE FROM BANKS X
[Amounts In Millions of Do lars]
Amount
Dec. 31
1934
Cash
Reserves at Federal Reserve banks
Other amounts due from banks
Amount
Jan. 1
1934
Amount
Percent
800
4,080
6,560
620
2,680
4,440
180
1,400
2.120
29
52
48
Dur ng Year
Total
11,440
7,740
3,700
48
X Figures are partly estimated and relate to all licensed commercial banks, except
private banks considered to be ineligible by law for Federal insurance.
a Figures for private banks considered to be ineligible by law for Federal nsurance
are not included in this discussion.
The amount of worthless and doubtful loans written off the books of the
banks during 1934 is estimated at $550,000,000. At the close of the Year
commercial banks held approximately $1,000,000,000 of bonds of the
FFMC and of the HOLC fully guaranteed as to principle and interest by
the United States Government. All of these bonds were acquired during
1934, in part through their substitution for loans secured by real estate, and
In part through purchases from savings banks, non-banking institutions
and individuals who had refinanced real estate loans with Government
corporations.
TABLE 10—REDUCTION DURING 1934 IN LOANS AND DISCOUNTS OF
LICENSED COMMERCIAL BANKS x
$15,900,000,000
Loans and discounts, Jan. 1 1934
Reduction during 1934:
Worthless and doubtful loans written oft y
Other reductions (net)
$550,000,000
450,000,000
51,030,000,000
Total reduction during 1934
. $14,870,000,000
Loans and discounts, Dec. 31 1934
Figures are partly estimated and relate to all licensed commercial banks, except
private banks considered to be ineligible by law for Federal insurance.
I State banks wrote off 250 million dollars of worthless and doubtful loans during
the year; National banks wrote of $200,000,000 during the first six months of the
year.
In the case of 7,682 insured commercial banks not members of the Federal
Reserve System, examined during the latter part of 1934 and early 1935,
approximately $200,000,000, or 8% of loans and discounts were classified
by examiners as worthless (loss) or doubtful value. The amount thus
classified was about twice the amount of loans and discounts written off
during the year. In addition to the loans classified by examiners as worthless or of doubtful value nearly one-third of all the loans were classified as
slow: less than 60% of the loans were not criticized by examiners.
A summary published by the Comptroller of the Currency of the results
of examinations of National banks during the early part of 1934 indicates
that National banks at that time held about the same percentage of worthless and doubtful loans and nearly as large a proportion of slow loans as did
Insured commercial banks not members of the Federal Reserve System
during the latter part of itl4. I,Igurcs are shown in Table 11. Corresponding data for State banks members of the Federal Reserve System are not
available.
TABLE 1I—EXAMINERS'CLASSIFICATION OF LOANS AND DISCOUNTS,
AND AMOUNT3 OF LOANS AND DISCOUNTS WRITTEN OFF,1934
Insured Commercial
Banks not Members
Federal Reserve
System x
Millions
of
Dollars
Examiners' classification of loans &
Worthless
Doubtful
Slow
Not criticized
Total book value
Loans and discounts written oft during
1934
Percent
of
Total
National Banks y
Millions
of
Dollars
Percent
of
Total
178
35
857
1,560
6.7
1.3
32.6
59.4
223
324
2,094
5.100
2.9
4.2
27.0
65.9
2,628
100.0
7,741
100.0
z300
100
x Latest examination in 1934 and early 1935 of 7.682 insured commercial banks
not members of the Federal Reserve System. More detailed figures are given on
pages 208-13 of pamphlet report.
y Examination of 5,275 National banks conducted chiefly during the early part
of 1934. Report of the Comptroller of the Currency. 1934. page 4. Dollar figures computed from percentages.
z Partly estimated.
Of the loans outstanding at insured commercial banks not members of
the Federal Reserve System at the time of the latest examinations in 1934
and early 1935, approximately 9% were to officers and directors of the
banks or to their interests or to the banks' affiliates, or were endorsed or
guaranteed by officers and directors. Such loans amounted to about 25%
of the private capital of the banks, that is, the total capital account exclusive of preferred stock, capital notes and debentures held by the RFC.
United States Government and Other Securities—During the year 1934,
licensed commercial banks of the country acquired securities to a net
amount of more than $4.000.000.000. More than $3,000,000,000 of these
were direct obligations of the United States Government and another
$1,000,000,000 were obligations of the FFMC, the HOLC and the RFC,
which are fully guaranteed by the United States Government. Holdings of
other securities were reduced by about 5170,000,000 notwithstanding the
fact that purchases of such securities exceeded sales by about $200,000,000.
The reduction was contributed to by the writing off of nearly $300,000,000
of depreciation, and the exchange of more than $100,000,000 of HOU)
bonds that were guaranteed by the United States Government as to Interest
only for those that were guaranteed both as to principal and interest. The
figures are summarized in Table 12.
TABLE 12—CHANGES DURING 1934 IN SECURITIES HELD BY LICENSED
COMMERCIAL BANKS x
(Amounts in Millions of Dollars]
Amount
Dec. 31
1934
Direct obligations of the U.8. Gov't
Obligations fully guaranteed by the U. S
Government
Other securities
Total
Amount Change During Year
Jan. 1
1934
Amount Percent
10,680
7,440
+3,240
+44
1,230
6,570
150
6,740
+1,080
—170
+720
—3
18,480
14,330
+4.150
+29
x Figures are partly estimated and relate to all licensed commercial banks, except
private banks considered to be ineligible by law for Federal insurance.
At the time of the most recent examinations of the insured' commercial
banks not members of the Federal Reserve System, 7% of the securities
held by these banks were rated by the examiners as "loss." Such "loss"
consisted for the most part of depreciation in the market value of securities
(other than depreciation below par on obligations of the United States
Government and obligations fully guaranteed by the United States Government) below the value shown on the books. The amount rated by examiners
as “loss" was $141,000,000. or approximately twice the amount of "loss"
written off the books during the year.
Aug. 24 1935
Financial Chronicle
1182
The proportion of securities classified as "loss" and doubtful was approximately the same as the proportion of loans so classified. Only 2% of
the securities, however, were reported to be "slow" as compared with
33% nf the loans.a
Borrowings and Other Liabilities—By the end of 1934 commercial banks
had paid off practically all of their borrowings.. During 1934 other liabilities
were reduced by 8330,000,000 reflecting chiefly a decline in the volume of
acceptances executed by the banks and the retirement of National bank
notes.
Total Capital Account—Total capital account includes the value, as shown
on the books, of capital notes, debentures, preferred and common stock.
surplus, undivided profits, and reserves other than for expenses. The total
capital account of licensed commercial banks showed a net increase of
3270.000,000 during 1934. most of which was capital in newly licensed
banks. The total capital account of banks in existence throughout the Year
showed little change, notwithstanding the introduction of more than
$1,200,000,000 of new capital, inasmuch as more than $1,100,000,000 of
losses accumulated during prior years were written off. Of the pew capital
funds, approximately 8550,000,000 were obtained from the Federal Government through the RFC, and about $100,000,000 from local interests.
About $550,000,000 came from the banks' earnings after payment of
expenses of operation and of dividends, and from recoveries on assets
previously written off.
TABLE 13—HOLDINGS OF CAPITAL OBLIGATIONS OF INSURED COMMERCIAL BANKS BY THE RECONSTRUCTION FINANCE CORPORATION, DEC.31 1934
(Amounts In Millions of Dollars]
State Banks Banks not
Members Members
Federal
Federal
Reserve
Reserve
System
System
All
Insured
Commacial
Banks
Reconstruction Finance Corporation
holdings of capital obligations
Total capital account
Total deposits
Ratio Reconstruction Finance Corporation holdings to total capita
account (percent)
Ratio Reconstruction Finance Corporation holdings to total deposits
(percent)
National
Banks
821
6,151
38,996
441
3,024
21,637
175
2,030
12,211
205
1,097
5,148
13.3
14.6
8.6
18.7
2.1
2.0
1.4
4.0
Note—More detailed figures of holdings of capital oblige ions of insured banks
by the Reconstruction Finance Corporation are given on page 219, pamphlet report.
The amount of capital obligations of banks held by the RFC at the close
of 1934, in comparison with the deposits and total capital account of these
banks is shown in Table 13. In proportion to total deposit liability, the
holdings of capital obligations of insured commercial banks not members of
the Federal Reserve System were more than twice as great as the holdings
of such obligations of banks members of the Federal Reserve System.
Capital Rehabilitation of Insured Commercial Banks not Members of the
Federal Reserve StIslem
Under the Banking Act of 1933 all licensed Federal Reserve member
banks were automatically admitted to the Temporary Federal Deposit
Insurance Fund. Banks which were not members of the Federal Reserve
System were entitled to admission provided they were certified to be solvent
by State banking authorities and were examined and approved by the
FDIC. Banks were approved for admission if the value of their assets was
believed to be sufficient to cover all liabilities to depositors and other
creditors. Many of the banks admitted had a portion or all of their capital
wiped out by losses.b The FDIC undertook to assist banks not members
of the Federal Reserve System in obtaining capital funds from local interests
and from the RFC.
Improvement in Net Sound Capital—The effect of the capital rehabilitation
program upon the capital structures of the banks is not revealed in the
bank statements of condition submitted to supervisory authorities and
summarized in the reports published by the Comptroller of the Currency,
Federal Reserve Board and FDIC. There was little change in the total
capital account shown on the balance sheets of the banks because of the
large volume of losses written off.
The effect of the capital rehabilitation program, however, is reflected in
the ratios of net sound capital to total capital account and to deposits, as
determined by examination of the banks. Since the FDIC examines only
banks which are not members of the Federal Reserve System, the ratios
have been compiled for those banks only rather than for all insured banks.
In examinations made by the FDIC net sound capital has been determined
by deducting the aggregate of assets classified as worthless or of doubtful
value including bond depreciation, other than depreciation below par on
obligations of the United States Government or obligations guaranteed by
the United States Government) from the total of the capital notes, debentures, preferred and common stock,surplus, undivided profits, the appraised
value of assets not shown on the books, and reserves, except reserves for
erpenses.
At the time of examination for admission to insurance more than onethird of the insured commercial banks not members of the Federal Reserve
System had a net sound capital amounting to less than 10% of their deposits, while one-tenth of the banks showed no net sound capital. The
most recent examination showed that only one-eighth of the banks had a
net sound capital amounting to less than 10% of deposits and that less than
1% of the banks had no net sound capital.
Sixty percent of the deposits of all insured commercial banks not members
of the Federal Reserve System were in banks with net sound capital amounting to less than 10% of their deposits, at the time of examination for admission to insurance. At the time of the latest examination only 26% of
the deposits of insured commercial banks not members of the Federal
Reserve System were held by banks with net sound capital amounting to
less than 10% of their deposits. Figures are shown in Table 14.
a A "slow" security Is one which has no ready market and for which quotations
are not available.
b See page 16 of pamphlet report.
Financial Chronicle
Volume 141
TABLE 14
-PERCENTAGE DISTRIBUTION OF NUMBER AND DEPOSITS
OF INSURED COMMERCIAL BANKS NOT MEMBERS OF TEE FEDERAL RESERVE SYSTEM. GROUPED BY RATIO OF NET SOUND
CAPITAL TO DEPOSITS
Banks with Ratio of Net Sound
Capital to Total Deposits of
-
Over 10%
10% to 5%
5% to 0%
Without net sound capital
All banks
Number of Banks
(Percent of Total)
Deposits
(Percent of Total)
Examination
Latest
Examination
Latest
Examination
Examination
for
for
Admission
1934-35
Admission
1934-35
87
10
2
1
65
15
10
10
74
19
2
40
24
20
16
100
100
100
100
.5
The effect of the rehabilitation program is shown in the accompanying
charts.b In these charts insured commercial banks not members of the
Federal Reserve System are arranged in eight groups according to the
amounts of their total deposits. The first chart shows the ratio, as indicated by examinations for admission to the Fund, and by most recent
examinations of the same banks, of net sound capital to total capital
account. The second chart similarly shows the relation of net sound capital
to deposit liabilities
As to the extent of Federal deposit insurance of deposits
in commercial banks, the report says:
Extent of Federal Insurance of Deposits in Commercial Banks
Membership in the Temporary Federal Deposit Insurance Fund
-On Jan. 1
1934, when the Temporary Federal Deposit Insurance Fund went into
effect, 14,412 commercial banks with total deposits of approximately
$32,000,000,000 were operating under licenses issued by the Secretary of
the Treasury or by State banking authorities in conformity with the provisions of the Executive Order of the President of the United States, dated
March 10 1933. Of these banks, 12,551 were admitted to the Fund on
Jan. 1 1934. During the year an additional 1,960 commercial banks with
deposits of about $1,100,000,000 were admitted to the Fund. At the close
of the year there were 14,146 licensed commercial banks members of the
Fund, and 1,068 State commercial banks, excluding private banks considered to be ineligible by law for insurance by the FDIC, which were not
members of the Fund.
At the beginning of the year, with insurance coverage limited to $2.5
for each depositor, total insured deposits in commercial banks amounted
to $11,000,000,000, or one-third of all deposits in licensed commercial
banks. Of the deposits which were uninsured approximately 31.000,000,000
were in banks which had not applied or which had not yet been approved
for admission to insurance, and $20,000,000,000 comprised the uninsured
part of the deposits of persons with balances in excess of $2,500 in banks
already admitted to the benefits of insurance. By the end of the year there
were approximately $17,000,000,000 of deposits protected by insurance,
$22,000,000,000 of uninsured deposits in banks which were members of the
Fund,and about one-half billion dollars in banks not members of the Fund.c
It is estimated that nearly half of the $5,700,000,000 increase in insured
deposits during 1934 resulted from the change in coverage for each depositor
from $2,500 to $5,000, and that two-fifths of the increase was due to the
general growth in bank deposits during the year. The remainder of the
increase reflected the admission of banks to insurance.
The reduction in deposits in uninsured commercial banks, excluding
private banks considered by law to be ineligible for insurance by the FDIC,
was due chiefly to the admission of banks to insurance. It is estimated
that if the commercial banks uninsured at the close of the year were to
join the Fund about three-fourths of their deposits would be covered by
insurance.
Fully Insured and Partially Insured Depositors
-In accordance with a
provision of the June 1934 amendments to the deposit insurance law each
insured bank was required to report as of Oct. 1 1934, the number of depositors and the amount of its deposits which were insured under the $5,000
limitation. These reports indicated that the deposits of 98.5% of the
depositors were fully insured under the IMMO limitation. Only 730,000
out of 49.751,000 depositors in insured commercial banks had balances in
excess of $5,000. The average size of the fully insured accounts was $245.
Further details regarding the number of fully and partially insured deposltors and the amounts of insured and uninsured deposits are given in
Table 21 and in the tables on pages 186-93 of pamphlet report.
TABLE 21-INSURED AND UNINSURED DEPOSITS, AND FULLY AND
PARTIALLY INSURED ACCOUNTS,INSURED COMMERCIAL BANKS,
OCT. 1 1934
All
NaInsured
Commer- tional
Banks
cial
Banks
State
Banks
Members
Federal
Reserve
System
Banks
not
Members
Federal
Reserve
System
Number of banks
14,060
5,451
970
7,639
Deposits (in millions of dollars):
Insured deposits in fully insured accounts_
Insured deposits in partially insured acols...
Ininsured deposits
12,006
3,649
20,333
6,462
2,029
11,582
2,588
995
7,388
2,956
. 625
1,363
35,988
20,073
10,971
4,944
49,021
730
25,970
406
9,362
199
13,689
125
49.751
26,376
9,561
13,814
Total
Accounts tin thousands):
Fully insured
Partially Insured
Tota'
•
Note-More detailed figures are given on pages 186-91 o pamphlet report.
Under the head "Mutual Savings Banks in the Temporary
Federal Deposit Insurance Fund" the report states that "on
Jan. 1 1934, there were 214 insured mutual savings banks
with 6,376 million dollars of deposits, of which 4,429 million
b Figures upon which these charts are based are given in Tables 115-116, pages
204-06, of pamphlet repo,
c See Table 7 above for table showing deposits, classified according to their
insurance status.
1183
dollars in about nine million accounts were insured. This
may be compared with a total of 577 mutual savings banks
with deposits amounting to 9,723 million dollars in about 13
million accounts."
According to the report, "on Feb. 1 1935 there were 1,066
State commercial banks with deposits of 472 million dollars,
which were not members of the Temporary Federal Deposit
Insurance Fund."
As to banks in receivership the report states:
Banks in Receivership
-On Dec. 31 1934, there were 6,352 commercial
banks in receivership.a These banks had approximately $4,700,000.000
'of deposits at the time of suspension. Of this sum about half has been
returned to the depositors, leaving an unpaid liaoility of approximately
$2,400,000,000.
Nearly all of the banks remaining in receivership at the end of 1934
were banks which either had not been licensed after the banking holiday in
in 1933. or which had failed during the three years prior to that holiday.
A number of banks which suspended during the banking holiday had neither
been licensed nor placed in receivership by Dec. 31 1934. Some of these
banks have been placed in liquidation without the use of receivers and some
have been consolidated or merged with other banks. A small number remained in the hands of conservators or supervisory authorities.
More than 6,100 banks have closed since Jan. 1 1930 and have not been
reopened or licensed to renew business. In the case of the National banks,
90% of the number still in receivership have failed since the beginning of
January 1930 while 82% of those suspending since the beginning of 1930 are
still in receivership.
The FDIC is authorized to purchase assets of and enabled to make loans
to closed banks members of the Federal Reserve System, but the Corporation has received no application under this provision of the law. The
RFO is empowered to make loans to receivers and has aided the release of
deposits cf closed banks. The FDIC has not undertaken to establish duplicate machinery.
The report has the following to say regarding losses to
de
ors in suspended commercial banks 1865-1934:
Losses to Depositors in Suspended Commercial Banks, 1865-1634
The results of a survey of losses to bank depositors during the 70 years
from Jan. 1 1865, to Dec. 31 1934, are given in Table 27. This survey was
undertaken to provide a basis for estimating the rate of assessment upon the
deposits of active commercial banks that would have been necessary to
cover losses to depositors during that period.b
---:ic
Deposits in Suspended Bats-During the 70 years865-193 mo than
6
20,000 commercial banks, with deposits of about $11,000,000,000 smm
us
pended operations because of financial difficulties or inability to meet the
demands of their depositors.c About one-third of the deposits were in
suspended National banks, and about two-thirds in suspended State and
private banks. Approximately 30% of the total deposits in suspended
banks were in banks which were reopened, including some banks taken
over by other banks, while the remaining 70% were in banks liquidated
by receivers or other liquidating agents.
Of the total deposits in suspended banks during the 70
-year period
more than $7,000.000,000 are estimated to have been unsecured deposits
not exceeding $5,000 in amount for any one depositor in a single bank,
that is, unsecured deposits which would have been insurable had the present
plan of insurance been iti operation.
Lossesi
to Depositors Losses to depositors in these banks are estimated
at about $3,500,000,00 , over,and above all recoveries. ‘ About one-third
4.
of the loss was incurred in National banks which sabended and about
MD-thirds in State and private banks. About three-fourths of the losses
were suffered by depositors with balances not exceeding $5,000. The losses
were highly concentrated in certain years, nearly 80% of the total having
occurred during 14 years.
Relation of Losses to Deposits in Active Banks
-For the entire 70
-year
period the losses to depositors amounted on the average to 1-3 of 1% per
year of total deposits in active commercial banks. The loss to depositors
with balances not in excess of $5,000, including the first $5,000 of larger
accounts, amounted to approximately 3 of 1% per year of deposits in
,
1
active commercial banks.
Because of the high concentration of losses in certain years the average
annual rate for the entire period is considerably higher than the rate for
most of the years which are included. Excluding the 14 years in which
losses were the heaviest the average annual rate of loss amounted to about
1-12 of 1% per year of deposits in active banks, while the loss to depositors
with balances not in excess of $5,000 amounted approximately to 1-14 of
1% per year of deposits in active banks.
It may be pointed out that the volume of deposits has grown rapidly
throughout most of the 70 years included in this study, and that for this
reason the totals for the entire period are influenced to a much greater
extent by the losses in recent years than by those during the early years of
the period. The data are more fragmentary and less reliable for the earlier
than for the later years, but even though there may be substantial errors in
the data for the earlier years, such errors make very little difference in the
totals for the entire period.
sol
The foregoing rates of loss do not indicate the exact amount of assessment
upon active commercial banks which would have been required to pay all
losses to depositors. No allowance has been made for the expense of administering an insurance fund, or for income from investments, in case a
reserve fund were accumulated during the years when losses were low, or
interest on indebtedness, if borrowing were necessary to pay insured
depositors at times when losses were the greatest.
Following Table 27, which summarizes the losses to depositors, is a
description of the method by which the estimates were obtained. Tables
giving the detailed statistical material forming the basis of the estimates
will be found on pages 91-110 of pamphlet report.
a This figure does not include State banks in Kentucky and Oregon, for which
data are incomplete.
b The estimates presented here are revisions of those given by the Chairman of the
Board of Directors of the FDIC in his testimony to the Congressional committees
on banking and currency. (74th Congress, House Hearings before the Committee
on Banking and Currency, Banking Act of 1935, pp. 3-9, and 74th Congress, Senate.
Hearings before a sub-committee of the Committee on Banking and Currency,
Banking Act of 1935, pp. 25-27.)
c The term 'commercial banks" is used in this study to include National hanks,
State (commercial) banks, loan and trust companies, stock savings banks, and
private banks. Mutual savings banks are excluded.
Financi 1 Chronicle
1184
A131.41 27—DEPOSITS AND LOSSES TO DEPOSITORS IN SUSPENDED
/
COMMERCIAL BANKS. 1865-1934
All
Deposits
Unsecured
Insurable
Deposits
Estimated Amount ofDeposits in Suspended Banks
$10,518,000,000 $6,991,000,000
All suspended banks, 1865-1934
National banks
State and private banks
53,521,000,000 52,159,000,000
6,997,000,000 4,832,000,000
Banks which did not reopen
Banks which reopened
56,953,000,000 54.727,000,000
3,565.000,000 2,284,000,000
Banks suspending during 14 critical years
Banks suspending during remaining 56 years
58,058,000,000 55,091,000,000
2,460,000,000 1,900 000,000
Estimated Losses to Depositors—
All suspended banks, 1865-1934
53,411,000,000 52,563,000,000
National banks
State and private banks
31,130,000,000 $743.000,000
2,281,000,000 1,820,000,000
Banks which did not reopen
Banks which reopened
$2.806,000,000 $1,997,000,000
566,000,000
805,000,000
Banks suspending during 14 critical years
Banks suspending during remaining 56 years
32.690,000,000 $1,932,000.000
831,000,000
721,000,000
Estimated Awe. Loss per Year for each 3100 of
Deposits in Actice Banks—
All suspended banks, 1865-1934
(Dollars)
0.32
(Dollars)
0.24
National banks
State and private banks
.23
.41
.15
.33
Banks which did not reopen
Banks which reopened
.25
.08
.19
.05
1.43
.08
1.03
07
Banks suspending during 14 critical years
Banks suspending during remaining 56 years
BOOK REVIEW
Labor Relations Boards. The Regulation of
Collective Bargaining under the National
Industrial Recovery Act
By Lewis L. Lorwin and Arthur Wubnig. 477 pages.
Washington: The Brookings Institution. $3.
This book adds another to the already long list of detailed
studies of New Deal legislation and policies which the Brookings Institution has fostered, and which as a whole are indispensable to an understanding of the experiences through
which the United States has been passing. Unlike most
other volumes in the series, it treats of situations and problems which are no longer active, since the decision of the
Supreme Court in the Schechter case, in the form in which
they first arose, and the recent Wagner Labor Relations Act,
naturally, is outside the scope of the book. The authors see,
however, the emergence of certain principles in the relations
between the Federal Government and labor which are likely
to carry over into the Wagner Act regime, and the history of
their development, accordingly, is important in view of what
may yet come.
Following an introductory chapter on the background of
the National Industrial Recovery Act before, during and since
the World War, the book examines the purpose of Section 7
and the early interpretations which it received, recounts the
rise and decline of the National Labor Board, analyzes its
structure and such controversies as those over the meaning
of "representatives of their own choosing" and. "collective
bargaining," and sums up the record of success and failure.
It then takes up the Wagner Labor Disputes Bill, the Industrial Adjustment Bill, and the resolution authorizing the appointment of labor boards to "effectuate the policy of the
National Industrial Recovery Act," and studies in detail the
constitution and operation of the boards created for the steel,
petroleum, automobile, cotton textile and coal industries.
The authors see in the decisions of the labor boards affecting Section 7 an attempt to develop a "common law" of collective bargaining. The principles that were enunciated,
while in part anticipated by the old War Labor Board and
the later Railway Labor Act, were new.in that they required
the Federal Government, under a modified conception of the
idea of "liberty of contract," to "intervene in the regulation
of industrial relations by establishing appropriate tribunals,
by holding elections, by certifying representative labor organizations, and by passing upon complaints of discrimination."
It is the opinion of the authors that this common law "reasonably construed and gave proper operative meaning to the intent of the statute." They refrain from passing judgment
upon the soundness of collective bargaining as a policy and
the train of Government interferences with industry which
Aug. 24 1935
In his report Chairman Crowley says:
eposit insurance has brought changes in the operation of the corn
mer al banking system, the effects of which have not yet become fully
appar nt. By the very fact that the Corporation offers security to depositors, the force of local pressure for pursuing sound banking practices
tends to be diminished. Pressure of depositors upon receivers of closed
banks for a rapid and efficient liquidation has been removed, leaving
receivers subject chiefly to the pressure of debtors who wish to obtain
maximum leniency. Losses which were formerly borne by local interSats are
shifted to the entire banking system. Such changes place responsibilities
upon those administering the Federal system of deposit insurance, which
differ from those placed upon other banking authorities. The FDIC insures
deposits in 93% of the commercial banks of the country, and its interest
in the sound operation of banks is more tangible than that which has
hitherto existed in any bank supervisory agency.
The benefits of deposit insurance are not limited to the depositors of
closed banks, but extend also to borrowers, and to the entire economic
community. Confidence in the safety of bank deposits has been an important element in the restoration of the proper functidning of the banks
as loan institutions and as custodians of the means of payment. Deposit
insurance, however, Is not a complete remedy for the ills of the banking
system; nor for the unstable business conditions which in the past have
culminated in periodic banking crises. The soundness of the banks is
Intimately related to economic conditions; and the solvency of banks in the
future, as in the past, while dependent in part upon the soundness of
Individual bank managements, will be controlled in large measure by
general economic conditions and monetary and credit developments.
the policy seems to•imply, but they raise pointedly, at Pages
453-454, some of the questions which a pursuance of thb
policy involves. The final chapter in particular is an excellent introduction to the study of the present Wagner Act
which industrialists and others will now have to make.
The Course of the Bond Market
Bond prices have shown a tendency to soften this week,
although some groups have not been affected. Second-grade
rails rallied in the middle of the week, but lower-grade utilities remained slightly off. United States Governments continued their decline of the preceding two weeks. Highestgrade corporate issues have been somewhat mixed, but on
the whole averaged about the same as last week.
High-grade railroad bonds have been steady, moving in a
narrow range. Chesapeake & Ohio 4%s, 1992, closed unchanged at 116, and Pennsylvania RR. 4s, 1943, at 111 were
also unchanged. Speculative bonds have been mixed, also
moving in a narrow range. Baltimore & Ohio 4%s, 1960,
closed at 59%, down %; New York Central 4%s, 2013, at
69% were off %,and Erie RR. 5s, 1967, declined 1 to 69%.
Utility bonds of the best grade have been somewhat firmer,
but medium-grade issues were off slightly, and holding company issues fluctuated quite widely as a result of conflicting rumors concernip_g legislation in Washington. New York
tractions have been strong on the belief that unification is
nearing completion. Financing has been small, consisting
of $4,500,000 Savannah Electric & Power 5s, 1955, but recent
registrations indicate an increase in the near future.
In the industrial classification price changes have been
somewhat more erratic this week. Among steel issues a 2%point rise to 112% was noted in American Rolling Mill
4s,
cony. 4Y 1945. Chile Copper 5s, 1947, which is about the
only representative issue of the copper group, rose 1% points
to 99%. Coal bonds have been soft, with reactions of over
a point in Hudson Coal 5s, 1962, and Philadelphia & Reading
Os, 1949. The Bush Terminal 5s, 1955, declined 1% points to
42%, whereas New York Dock 5s, 1938, advanced 3 points
to 53. Rubber and motor issues showed little change,
although the volatile Murray Body 0%s, 1942, advanced 3%
points, closing at 143%. There was a fair sprinkling of declines throughout the general list.
The foreign bond market has been under noticeable
pressure during most of the week. Outstanding among the
issues which lost ground are the bonds of Argentina and in
particular of Italy. Czechoslovakian 8s also receded several
points, while most German corporate bonds declined somewhat. Australian bonds failed to hold previous gains. One
exception to the general trend has been the Danzig Port
hs, which moved up vigorously,
and Waterways Board 61
reflecting improved relations between Free City and Poland.
Moody's computed bond prices and bond yield averages
are given in the following tables:
Financial Chronicle
Volume 141
MOODY'S BOND PR10ESt
(Based on Average Yields)
1935
Daily
Averages
0.8.
120
Govt. Domes
Bonds
tie
so
Corp.*
Aug.23__ 107.64
22__ 108.15
21_ 108.26
20_ 108.18
19._ 108.51
_ 108.49
17_16 - 108.50
15- 108.58
14-- 108.64
Weekly
Aug. 9._ 108.86
109.06
July 26-- 109.05
19_ 109.19
12_ 109.00
108.95
June28_ 108.99
21_ 108.80
14_ 108.81
7_ 108.61
May 31_ 108.22
24_ 108.66
17_ 108.55
10_ 108.61
108.89
Apr.26- 108.61
19-12_ 108.25
108.54
Mar.29_ 108.07
22. 107.79
16.. 107.94
8.. 107.85
108.22
Feb. 23.. 108.44
15- 107.49
8_. 107.47
1_ 107.10
Jan. 25- 107.83
18- 106.79
11_ 106.81
4. 105.76
High 1935 109.20
Low i.39 10.3 66
High 1934 106.81
Low 1934 99.06
Yr. oe
Aug.24'34 104.90
2 Yrs.Ago
Aug.25 33 103.45
.
120 Domestic Corporate*
by Ratings
MOODY'S BOND YIELD AVERAOHEt
(Based on Individual Closing Prices)
120 Domestic
Corporate* by Groups
Ann
An
A
Baa
RR.
103.48
103.65
103.48
103.48
103.65
103.65
103.48
103.48
103.65
117.68
117.63
117.63
117.63
117.63
117.63
117.63
118.04
118.04
110.42
110.61
110.61
110.79
110.79
110.79
110.61
110.61
110.23
102.98
102.98
102.98
102.98
103.15
102.98
102.81
102.98
103.15
86.77
87.04
86.77
86.64
86.91
87.04
86.91
86.64
86.91
97.16
97.16
97.00
96.70
97.00
97.16
97.00
96.85
97.16
105.37
105.54
105.54
105.72
105.72
105.72
105.72
105.54
105.72
108.39
10857
108.39
108.57
108.57
108.57
108.39
108.75
108.39
103.32
103.48
103.32
103.48
103.15
103.65
103.32
103.32
102.64
101.64
101.64
101.81
101.97
101.64
101.81
101.81
118.25
118.68
119.07
119.27
119.48
119.69
119.27
119.27
118.86
118.66
118.45
118.45
118.04
118.45
118.66
118.66
96.70
96.23
96.08
96.39
95.78
97.31
97.47
97.94
96.70
94.29
94.14
94.43
94.88
93.85
94.29
95.63
105.54
105.54
105.72
105.89
106.07
105.89
105.20
104.68
104.33
103.99
103.65
103.65
103.82
103.82
103.99
02.64
108.39
108.94
108.57
108.39
108.39
108.39
107.67
107.67
107.81
107.31
107.49
107.85
107.85
107.85
107.67
107.67
100.81
100.17
99.86
100.49
100.49
101.64
102.47
102.81
102.30
101.64
101.31
102.14
100.81
100.81
100.33
103.82
89.2U
100.00
84.85
119.07
119.07
118.66
119.27
119.07
119.48
119.48
119.48
119.07
118.66
118.04
118.04
117.43
117.63
117.43
119.69
117.52
117.22
105.37
110.42 102.98 86.12
110.42 103.32 85.74
110.42 103.48 84.85
110.61 103.15 85.35
110.42 103.48 84.47
110.42 103.65 85.61
110.05 103.48 85.23
110.05 102.81 85.87
109.68 101.97 84.72
109.68 101.14 82.50
109.49 101.47 82.38
109.86 101.64 82.50
110.05 101.47 83.35
110.05 101.47 82.02
110.05 101.47 82.50
110.05 100.98 82.87
Stock E:than e Close
109.68 99.68 80.84
109.49 99.36 79.56
109.12 98.88 77.88
109.86 100.17 79.45
110.61 100.33 79.11
110.98 101.14 81.42
111.35 101.64 82.99
111.16 102.14 83.97
110.79 101.14 83.60
110.42 100.49 82.50
110.05 100.33 82.38
110.05 100.81 84.35
109.81 99.52 82.26
109.12 99.52 82.50
108.94 98.88 81.54
111.54 103.65 87.04
108.67 95.73 77.88
108.75 99.04 83.72
93.11 81.78 66.38
94.29
92.82
90.83
93.55
93.26
95.63
97.78
99.68
99.68
99.04
99.04
100.49
99.68
100.17
100.00
100.49
90.68
100.49
85.61
101.14
101.14
100.98
100.98
100.98
101.47
101.64
101.14
99.68
98.41
97.94
98.78
96.28
95.93
94.58
106.07
84.14
94.58
742.5
107.49
107.31
107.14
107.49
108.03
108.57
108.39
108.21
107.85
107.85
107.31
107.49
1013.78
106.96
106.96
108.94
106.78
106.78
96.64
96.70 114.43 106.96
94.29
77.44
1185
95.63
P.O. Indus.
90.55 104.51
1935
DomesDaily
Averages
tic
Aug.23__ 4.54
22__ 4.53
21_ 4.54
20-- 4.54
19__ 4.53
17- 4.53
113_ _ 4.54
15-- 4.54
14-- 4.53
Weekly
Aug. 9__ 4.55
4.54
July 26_ 4.55
19._ 4.54
12__ 4.56
4.53
June 28._
4.55
21__ 4.55
14__ 4.59
4.65
May 31_
4.65
24_ 4.64
17_
4.63
10._ 4.65
4.64
Apr. 264.64
19_
12_
4.70
5_
4.74
Mar.29
4.79
22_ 4.72
15_
4.72
4.65
4.60
Feb. 23-- 4.58
1&_
4.61
4.65
4.67
Jan. 25_
4.62
18_
4.70
11_
4.70
4.73
Low 1935 4.52
Ingn1935 4.80
Low 1984 4.75
High 1934 5.81
Yr..4(70
Aug.2434 4.96
2 Yrs.Ago
Aug.2533 5.37
120 Domestic
Corporate by Groups
120 Domestic Corporate
by Ratings
Ana
An
3.78
3.78
3.78
3.78
3.78
3.78
3.78
3.76
3.78
4.15
4.14
4.14
4.13
4.13
4.13
4.14
4.14
4.16
3.75
3.73
3.71
3.70
3.69
3.68
3.70
3.70
3.72
3.73
3.74
3.74
3.76
3.74
3.73
3.73
4.15
4.15
4.15
4.14
4.15
4.15
4.17
4.17
4.19
4.19
4.20
4.18
4.17
4.17
4.17
4.17
3.71
3.71
3.73
3.70
3.71
3.69
3.69
3.69
8.71
3.73
3.76
3.76
3.79
3.78
3.79
3.68
21.80
3.80
4.43
4.19
4.20
4.22
4.18
4.14
4.12
4.10
4.11
4.13
4.15
4.17
4.17
4.21
4.22
4.23
4.09
4.26
4.24
5.20
3.94
4.34
A
4.57
4.57
4.57
4.57
4.56
4.57
4.58
4.57
4.56
Baa
HR.
5.66
5.64
5.66
5.67
5.65
5.64
5.65
5.67
5.65
4.93
4.93
4.94
4.96
4.94
4.93
4.94
4.95
4.93
5.71
4.96
4.57
4.99
5.74
4.55
4.54
5.81
5.00
4.98
4.56
5.77
5.02
4.54
5.84
4.92
4.53
5.75
4.91
4.54
5.78
5.73
4.88
4.58
4.96
4.63
5.82
6.00
5.12
4.68
6.01
5.13
4.66
5.11
6.00
4.65
5.08
4.66
5.93
5.15
4.66
6.04
5.12
4.66
6.00
5.97
4.69
5.03
Stock E ichan e Close
5.12
4.77
6.14
5.22
4.79
6.25
4.82
6.40
5.36
4.74
5.17
6.26
5.19
4.73
6.29
4.68
6.09
5.03
4.89
4.65
5.96
4.77
4.62
5.88
4.77
4.68
5.91
4.81
4.72
6.00
4.81
4.73
6.01
4.72
4.70
5.85
4.77
4.78
6.02
4.78
4.74
6.00
4.82
6.08
4.75
4.53
5.64
4.72
6.37
4.83
6.40
4.72
4.81
5.90
5.75
6.06
7.68
5.12
6.44
5.03
ft
30
For.
P. U. Indus. signs.
4.43
4.42
4.42
4.41
4.41
4.41
4.41
4.42
4.41
4.26
4.25
4.26
4.25
4.25
4.25
4.26
4.24
4.26
6.59
6.57
6.45
6.41
6.30
6.21
6.24
6.19
6.15
4.42
4.42
4.41
4.40
4.39
4.40
4.44
4.47
4.49
4.51
4.53
4.53
4.52
4.52
4.51
4.59
4.26
4.23
4.25
4.26
4.26
4.26
4.30
4.30
4.32
4.32
4.31
4.29
4.29
4.29
4.30
4.80
6.17
6.15
6.12
5.97
5.91
5.85
5.81
5.80
5.81
5.82
5.83
5.88
5.86
5.85
5.97
5.98
4.68
4.68
4.69
4.69
4.69
4.66
4.65
4.68
4.77
4.85
4.88
4.03
4.99
5.01
5.10
4.39
6.13
5.10
6.74
4.81
4.32
4.33
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.31
4.35
4.84
4.34
4.23
4.35
4.85
4.97
6.11
6.23
6.46
6.33
6.16
6.12
6.03
6.02
6.04
6.01
6.12
6.10
6.15
6.22
8.30
5.78
6.59
6.35
8.65
5.38
4.48
7.34
90.69 1107.67 99.04 88.63 73.05 91.81 82.50 98.73
4.30
4.81
5.29
4.83
9.09
5.52
6.00
6.86
•These prices are comf uted from average yields on the basis of one "ideal" bond 434% coupon, maturing in 31 years) and do not purport to show either the average
level or the average move neat of actual price quotations. They merely serve to Illustrate in a more comprenensive way the relative levels and the relative movement of
Yield averages, the latter being the truer picture of the bond market. For Moody's index of bond prices by months back to 1928, see the issue of Feb. 6 1932. race 907.
**Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds used in computing these indexes was published in the issue of May 18 1935.
page 3291. tt Average of 30 foreign bonds but adjusted to a comparable basis wan previous averages of 40 foreign oohas.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Aug. 23 1935.
Business activity expanded further during the week, with
increases noted in railroad loadings, bituminous coal output, steel activity, electric output and petroleum refinery
operations. Steel mill operations showed the seventh consecutive weekly rise, owing to a better demand for structural steel and freer buying by automobile makers who are
preparing for new models. Electric output reached a fiveyear peak, although its spread over last year's comparable
level was narrowed to 9.5%. Furthermore, recent surveys
disclose a notable recovery in real estate activity. Encouraging, too, were statistics revealing that all dividend changes
for the first time during the depression were on the constructive side of the ledger. The third quarter automobile
output in the United States and Canada was estimated at
more than 700,000 units, bringing the nine months' total to
nearly 3,100,000 cars and trucks, or more than the production in all of 1934. Engineering construction awards were
running ahead of the 1935 average to date but were well
under the total of recent weeks. Wholesale and retail
business showed further gains. Commodity markets were
rather quiet and showed divergent trends. Cotton was inactive and moved downward under general liquidation
owing to uncertainty over the loan question. Overnight
news of the Government 9c. loan and subsidy policy was
greeted with a wave of selling to-day and prices broke $4 a
bale, part of whieh was recovered in later trading. Grains
were a little more active, but show little change in prices.
Buying stimulated by European war talk and bullish crop
advices from the American and Canadian Northwest sent
wheat prices upward after weakness early in the week
owing to general liquidation induced by an increase in the
United States visible supply and lower outside markets.
Prospects of larger crops for corn and other coarse grain
depressed those markets. Lard declined sharply during the
week owing to lower prices for hogs and general liquidation. Declines were shown in coffee, cocoa, rubber and silk,
while sugar and hides are higher. Aroostook County, Me.,
loss from its worst drought was estimated at $3,000,000.
Every part of Maine's potato area reported miles of brown,
withered potato plants, dried-up streams and brooks, of
record low levels at springs. Eastern Canada was gripped
by a beat wave and received very little relief during the
week from a blistering sun that wiltered root crops, seared
already parched fields, and sent temperatures soaring as
high as 100 degrees, all the way from Winnipeg to the
Atlantic Ocean. The western part of Canada was cooler.
In Italy a terrific cyclone lashed towns and cities along
the Bay of Naples. killing several persons and injuring
many. Heavy showers with some thunder and lightning
brought welcome relief to New Yorkers from the appressive
sticky heat of the past 12 days. To-day it was fair and
cool here, with temperatures ranging from 63 to 73 degrees.
The forecast was for fair to-night and Saturday; continued
cool to-night. Overnight at Boston it was 64 to 84 degrees;
Baltimore, 64 to 86; Pittsburgh, 56 to 76; Portland, Me., 60
to 74; Chicago, 64 to 70; Cincinnati, 60 to 78; Cleveland,
60 to 70; Detroit, 52 to 74; Charleston, 74 to 88; Wilwaukee,
60 to 70; Dallas, 78 to 90; Savannah, 76 to 92; Kansas City,
62 to 82; Springfield, Mo., 66 to 84; Oklahoma City, 74 to
96; Denver, 64 to 96; Salt Lake City, 66 to 70; Seattle,
58 to 60; Montreal, 56 to 66, and Winnipeg, 60 to 80.
Moody's Daily Commodity Index Declines Moderately
After making a new 1935 high on Wednesday at 167.1,
Moody's Daily Index of Staple Commodity Prices declined
to 165.6 on Friday, as compared with 166.9 at the end of the
previous week.
This moderate net decline has been due primarily to lower
hog and cotton prices. Other items registering declines
were corn and silk, while advances occurred in sugar, wheat,
copper, hides, wool, coffee, lead, rubber, silver and cocoa.
Steel remained unchanged.
The movement of the index during the week, with comparisons, is as follows:
Fri.,
Aug. 16
Sat., Aug. 17
Mon.. Aug. 19
Tues., Aug. 20
Wed., Aug. 21
Thum.,Aug. 22
Fri.,
Aug. 23
• 166.9
Not compiled
166.1
166.9
167.1
167.1
165.6
2 Weeks Ago, Aug. 9
Month Ago, July 23
Year Ago,
Aug. 23
1934 High,
Aug. 29
Low.
Jan. 2
1935 High,
Aug. 21
Low,
Mar.18
165.4
159.9
154.5
156.2
126.0
167.1
148.4
"Annalist" Weekly Index of Wholesale Commodity
Prices for Week of Aug. 20 Continues at High Level
An advance of 0.1 point in The "Annalist" Weekly Index
of Wholesale Commodity Prices to 127.2 on Aug.20,reflected
moderate gains in the grains and flour, coffee, oranges and
lemons, and the textiles, copper and the other nonferrous
metals also advancing. In noting this, the "Annalist"
added:
That the gain was not larger was due chiefly to lower
prices for apples.
rice, eggs, potatoes and rubber. Livestock and the meats
showed a varied
trend. steers, lambs and pork products advancing, while hogs,
beef and veal
declined.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for Seasonal Variation (1913=100)
Aug. 20 1935 Aug. 13 1935 Aug. 21 1934
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
a All commodities on old dollar basis
108.6
118.9
114.2
163.6
110.1
113.1
98.7
80.9
118.5
69.2
119.6
137.2
a108.7
164.3
109.0
111.5
98.3
82.9
127.1
74.9
120.4
135.8
*109.2
164.3
109.8
111.4
98.6
82.8
127.2
75.0
* Preliminary. x Revised. z Based on exchange quotations for France, Switzerland and Holland; Belgium included prior to March 1935.
United States Department of Labor Reports Increase
of 0.5% in Wholesale Commodity Prices During
Week of Aug. 17
Wholesale commodity prices advanced 0.5% during the
week ending Aug. 17 to the highest point -reached since
Nov. 1930, according to an announcement made Aug. 22 by
Commissioner Lubin of the Bureau of Labor Statistics, Department of Labor, who stated:
The composite index rose to 80.5% of the 1926 average. This is a net
gain of 3.3% since the first of this year and 3.5% above the high point of
last year, reached the week ending Sept. 8. and over 12% above the high
point of 1933, reached the week ending Nov. 18, when the indexes were
77.8 and 71.7 respectively.
The rise was due principally to the continued increases in market prices
textile
of farm products and foods. Smaller increases were also reported for
products, building materials and chemicals and drugs. A minor decrease
was shown for miscellaneous commodities. Hides and leather products,
fuel and lighting materials, metals and metal products, and housefurnishing
goods were unchanged at the level of the preceding week.
No change was recorded in the general average for the group which includes industrial commodities. This group which excludes farm products
and processed foods is 1.5% below its 1934 high. It is 0.5% above the high
of 1933 and over 8% above the high of 1932.
When compared with their respective highs of last year, foods are up
10.6%,farm products, 8%; and chemicals and drugs, 0.5%. Each of the
remaining seven groups is below its last year's high. Textile products are
lower by 8%; miscellaneous commodities, 5.6%; metals and metal products
and building materials, more than 3%;and hides and leather products and
fuel and lighting materials, less than 1%.
Compared with their particular highs of two years ago,farm products and
materials,
foods are up 28%. Increases are also shown for fuel and lighting
commetals and metal products, chemicals and drugs, and miscellaneous
leather products,
-textile products, hides and
modities. Four groups
-are below their high points
goods
building materials, and housefurnishing
for
of 1933. Their decreases range from 7.7% for textile products to 0.4%
building materials.
Group index numbers for the week of Aug. 17 1935, and
the high and low weeks of 1933, 1934, and 1935 are shown in
the table below, contained in Mr. Lubin's announcement:
1935
Commodity
Groups
Aug. 24 1935
Financial Chronicle
1186
Date &
High
Date &
Low
1934
Date &
High
Date &
Low
1933
Date &
High
Date &
Low
3- 4 59.6
All commodities 8-17 80.5 1- 5 77.9 9- 8 77.8 1- 6 71.0 11-18 71.7
4 40.2
Farm products_ 4-20 81.8 1- 5 75.6 9- 8 74.3 I-. 8 57.4 7-22 62.72- 4 53.4
4-27 85.4 I- 5 78.5 9- 8 77.2 1-. 6 62.7 7-22 66.5 3Foods
67.5
Hides de leather_ 7-27 90.1 4- 6 75.6 2- 3 90.5 8-18 84.2 9- 2 92.9 3-11 50.6
3- 4
Textile products 8-17 70.54- 6 68.7 2-24 76.7 11-17 69.3 9-23 76.4 6-10 60.8
9 73.8 11-17 76.1 3-24 72.4 11-11 74.7
Fuel de lighting_ 8-10 75.4 376.7
6-29 86.1 3-23 84.9 6-12 88.8 1- 6 83.3 11-18 83.54- 8 69.6
Metals,&o
2-11
Bldg. materials_ 6-15 85.34- 6 84.3 6- 9 87.8 2-22 84.7 12-30 85.4
78.3 1- 6 73.3 6-10 73.84-15 71.2
Chem'ls dr drugs 3- 2 81.6 7-27 78.4 12-29
6 71.7
Houseturn'hings I- 5 82.38-15 81.7 5-26 83.9 1- 6 81.7 11-11 82.25- 8 57.6
4Miscellaneous __ 1-12 71.0 8-17 67.2 12-15 71.2 1- 6 65.9 12- 9 65.6
All commodities,
oth. than farm
77.6 4-- 8 65.5
prods. & foods 1-12 78.1 4- 6 77.2 4-28 79.2 1- 6 77.6 12- 9
From the Commissioner's announcement we also take
the following;
prices for
Wholesale food prices advanced 1.4% during the week. Lower
by profruits and vegetables and cereal products were more than offset
innounced increases in meats; butter, cheese, and milk; and other foods,
Individual food
cluding lard, oleo oil, edible tallow, and vegetable Oa.
reported were cheese, oatmeal, flour,
items for which lower prices were
index
cornmeal, dried apricots, barley, coffee, and raw sugar. The current
for the foods group. 85.4, is the highest recorded since November 1930. It
ago.
Is 15% above a year ago and 32.6% above two years
The farm products group advanced 0.8% due to a 4.3% increase in prices
of livestock and poultry. Grains, on the other hand, were lower by 1.7%,
although increases were shown in average prices of barley and corn. Other
farm products including cotton, apples, clover hay, peanuts, seeds, dried
group,
beans,and potatoes decreased 1%. The index for the farm products
80.3,is 16.5% above the corresponding week of a year ago and 39.7% above
the corresponding week of two years ago.
The index for the textile products group,70.5,rose 0.6% to a new high for
yarns.
the year because of sharp increases in prices of raw silk and silk
Cotton goods were fractionally higher. The sub-group of other textile
Products registered a decrease due to weakening prices of hemp and jute.
Clothing, knit goods and woolen and worsted goods were unchanged.
Higher prices for chemicals and drugs and pharmaceuticals resulted in the
Index for the group of chemicals and drugs advancing slightly to 78.7% of
the 1926 average. Prices of fertilizer materials and mixed fertilizers were
steady.
Cattle feed prices declined 5% to the lowest level reached this year.
Wholesale prices of crude rubber also were lower. The sub-groups of automobile tires and tubes and paper and pulp remained unchanged.
In the building materials group higher prices for lumber more than offest
decreases for paint materials and certain other building materials resulting
in the index for the group as a whole increasing to 85.1. Average prices of
brick and tile, cement, and structural steel remained unchanged.
Strengthening prices of hides and skins counterbalanced falling prices of
and leather products
leather with the result that the index for the hides
The sub-group
group remained unchanged at 90.1% of the 1926 average.
and other leather products
of shoes was unchanged at its high for the year
were at their low.
The index for the fuel and lighting materials group remained at 75.4.
Advancing prices of anthracite coal were offset by declining prices of petroleum products. Little or no change was reported in average prices of bituminous coal and coke.
The metals and metal products group was unchanged at the previous
week's level. Declining prices of pig tin and silver were offset by advancing
prices of scrap steel. No fluctuations were shown in average prices of agricultural implements, motor vehicles, and plumbing and heating fixtures.
A slight rise in prices of furnishings was not reflected in the index for the
group of housefurnishing goods. Average prices of furniture were stationary.
The index of the Bureau of Labor Statistics is composed of 784 price series
weighted according to their relative importance in the country's markets and
based on average prices for the year 1926 as 100.
The following table shows index numbers for the main groups of commodities for the past five weeks and for the weeks of Aug. 18 1934, and
Aug. 19 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS ENDED AUG.17,
AUG. 10, AUG. 3, JULY 27 AND JULY 201935, AND AUG. 18 1934, AND
AUG. 19 1933 )l026-100.0)
CommodUy Groups
July
27
Aug. Aug. Aug.
17
10
3
July
20
Aug. Aug.
19
18
80.5
80.1
79.6
79.2
79.1
76.1
69.3
80.3
85.4
90.1
70.5
75.4
85.8
85.1
78.7
81.7
87.2
All commodities
79.7
84.2
90.1
70.1
75.4
85.8
85.0
78.5
81.7
87.5
78.4
83.4
90.0
70.0
75.0
85.8
85.3
78.5
81.9
67.5
77.1
82.2
90.1
69.9
75.2
85.7
85.1
78.4
81.9
67.5
77.2
82.0
89.8
69.8
75.3
85.7
84.9
79.5
81.8
67.6
68.9
74.1
84.2
71.1
75.2
85.9
86.4
75.9
82.9
70.3
57.5
64.4
90.9
74.1
66.5
80.8
80.8
72.9
76.4
65.5
78.0
77.9
77.9
77.9
78.4
74.2
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
EIousefurnishing goods
Miscellaneous commodities
All commodities other than farm
78.0
products and foods
295,984 Surplus Freight Cars in Good Repair on July 31
Class I railroads on July 31 had 295,984 surplus freight
cars in good repair and immdeiately available for service,
the Assocaition of American Railroads announced on Aug. 23.
This was a decrease of 21,228 cars compared with July 15,
at which time there were 317,212 surplus freight cars.
Surplus coal cars on July 31, totaled 73,362, a decrease
of 16,657 cars below the previous period, while surplus box
cars totaled 178,452 a decrease of 2,239 cars compared with
July 15.
Reports also showed 26,209 surplus stock cars, a decrease
of 2,103 compared with July 15, while surplus refrigerator
cars totaled 6,757, an increase of 132 for the same period.
Revenue Freight Car Loadings Gain 31,263 Cars in Week
.
Loadings of revenue freight for the week ended Aug. 17
1935 totaled 615,006 cars. This is a gain of 31,263 cars or
5.4% from the preceding week, a rise of 13,218 cars or 2.2%
from the total for the like week of 1934, and a decline of
28,400 cars or 4.4% from the total loadings for the corresponding week of 1933. For the week ended Aug. 10
loadings were 3.3% under the corresponding week of 1934
and 7.3% under those for the like week of 1933. Loadings
for the week ended Aug. 3 showed a loss of 2.5% when
compared with 1934 and a drop of 3.8% when the comparison
is with the same week of 1933.
The first 18 major railroads to report for the week ended
Aug. 17 1935 loaded a total of 294,459 cars of revenue freight
on their own lines, compared with 280,245 cars in the preceding week and 286,711 cars in the seven days ended Aug. 18
1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended
Receivedfrom Connections
Weeks Ended
Aug. 17 Aug. 10 Aug. 18 Aug. 17 Aug. 10 Aug. 18
1934
1935
1935
1934
1935
1935
Atchison Topeka & Santa Fe By,
Baltimore de Ohio RR
Chesapeake ,& Ohio By
Chicago Burlington & Quincy RR.
Chicago Mllw. St.Paul dr Sac. By.
y Chicago & North Western Ry
Gulf Coast Lines
International Great Northern RR
-Kansas-Texas RR
Missouri
Missouri Pacific RR
New York Central Lines
New York Chicago dr St. Louis By
Norfolk & Western By
Pennsylvania RR
Pere Marquette By
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash By
18,780
25,465
19,512
15,330
19,862
15,848
2,161
2,051
4,750
13,5.50
35,683
4,882
17,703
55,759
5,005
5,405
27,044
5,689
18,976
25,055
17,816
14,670
17,784
14,353
2,352
1,938
4,610
13,159
35,348
4,843
15,977
53,083
4.568
5,072
25,291
5,350
21,927 4,543 4,368 4,793
24,285 12,226 12.131 12.977
19,106 7,495 7,352 8.862
16,199 6,813 6,690 6,455
20,435 6,663 6,743 6,100
17,004 8,457 8,299 8,791
1.191
2,010 1,474 1,401
2.640 1,617 1,786 1,728
4,325 2,496 2,439 2,357
14,302 7,456 7,171 7,345
34,174 31,015 29,504 31,458
4,433 7,081 7,264 6,931
15,843 3,634 3,170 3,502
50,794 32,692 30,307 30,759
4,441 3,771 3,672 3,682
4,087 5,128 4,971 4,816
a
25,464
5,242 7,337 6,640 6,327
294,459 280,245 276,711 149,898 143.908 148.074
Total
a Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Aug. 17 1935
Chicago Rock Island ,sr Pacific Ry
Illinois Central System
St. Louts-San Francisco IV
Total
Aug. 10 1935
Aug. 18 1934
21,434
26,359
12,070
20,349
25,293
12,024
21,769
26,493
13,272
59,863
57,866
61,534
1187
Financial Chronicle
Volume 140
The Association of American Railroads in reviewing the
week ended Aug. 10 reported as follows:
p Loading of revenue freight for the week ended Aug. 10, totaled 583,743
cars. This was a decrease of 13.340 cars below the preceding week, 20,225
cars below the corresponding week In 1934 and 46,000 cars below the
corresponding week in 1933.
Miscellaneous freight loading for the week ended Aug. 10, totaled
228,772 cars, an increase of 1,206 cars above the preceding week, 5,428 cars
above the corresponding week in 1934 and 10,210 cars above the corresponding week in 1933.
Loading of merchandise less than carload lot freight totaled 157,473 cars,
a decrease of 1,445 cars below the preceding week, 1,048 cars below the
corresponding week in 1934, and 12,706 cars below the same week in 1933.
Coal loading amounted to 77,876 cars, a decrease of 14,116 cars below the
preceding week, 14,496 cars below the corresponding week in 1934, and
46,274 cars below the same week in 1933.
Grain and grain products loading totaled 41,456 cars, a decrease of 274
cars below the preceding week, but an increase of 266 cars above the
corresponding week in 1934 and 9,742 cars above the same week in 1933.
In the Western District alone, grain and grain products loading for the
week ended Aug. 10, totaled 25,803 cars, a decrease of 1,646 cars below
the same week in 1934.
Live stock loading amounted to 11,285 cars, an increase of 1,757 cars
above the preceding week, but a reduction of 20,823 cars below the same
week in 1934 and 4,118 cars below the same week in 1933. In the Western
District alone, loading of live stock for the week ended Aug. 10, totaled
8,115 cars, a decrease of 20,007 cars below the same week in 1934.
Forest products loading totaled 29,663 cars, an increase of 405 cars
above the preceding week,6,295 cars above the same week in 1934 and 1,445
cars above the same week in 1933.
Ore loading amounted to 32,186 cars, a decrease of 818 cars below the
preceding week, but an increase of 2,930 cars above the corresponding week
In 1934. It was however 2,741 cars below the corresponding week in 1933.
Coke loading amounted to 5,032 cars, a decrease of 145 cars below the
Preceding week, but an increase of 1,223 cars above the same week in 1934.
It was, however, a decrease of 1,558 cars below the same week in 1933.
All districts, except the Allegheny which showed an increase, reported
decreases compared with the corresponding week last year, in the number
of cars loaded with revenue freight for the week of Aug. 10. All districts
also reported reductions compared with the corresponding week in 1933'
except the Centralwestern and the Southwestern Which showed increases.
Loading of revenue freight in 1935 compared with the two previous
years follows:
1935
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Five weeks in June
Four weeks in July
Week of Aug. 3
Week of Aug. 10 '
1934
1933
2,170,471
2,325,601
3,014,609
2,303,103
2,327,120
3,035,153
2,228,737
597,083
583,743
2,183,081
2,314,475
3,067,612
2,340,460
2,446,365
3,084,630
2,351,015
612,660
603,968
1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
2,926,247
2,498,390
620,482
629,743
ago
10m. ORR
10 non
17
nn9 (11A
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
Aug. 10 1935. During this period a total of 57 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Great Northern RR., the Norfolk & Western, the Pennsylvania System, the New York Central Lines,
the Louisville & Nashville RR., the Baltimore & Ohio RR.
and the Southern Pacific System:
-WEEK ENDED AUG. 10
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
1935
Eastern DistrictAnn Arbor
Bangor dr Aroostook
Boston Sr Maine
Chicago Indianapolis & Loulsv_
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna dr West_
Detroit & Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line_ _ _
Erie
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Monongahela
Montour
b New York Central Lines
N. Y. N. Ii. dr. Hartford
New York Ontario & Western._
N. Y. Chicago & St. Louts
Pittsburgh dr Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut dr North_ _
Pittsburgh & West Virginia
Rutland
Wabash
Wheeling dr Lake Erie
Total
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
627
825
7,641
1,450
39
1,008
3,428
7,097
246
1,407
281
11,349
3,320
130
1,260
6,305
2,780
2,519
1,751
35,348
9,628
1,394
4,843
5,122
4,568
126
235
781
604
5,350
2,998
1934
537
671
7,086 ,
1,212
26
893
4,457
7,913
261
1,926
200
12,214
3,439
136
1,529
6,683
2,938
3,229
1,753
33,774
9,205
1,706
4,643
4,122
4,673
217
263
997
604
5,458
2,751
1933
1935
1935
1934
556
616
8,053
1,170
28
1,045
5,609
8,318
192
1,622
242
12,881
3,139
178
1,104
7,512
2,654
3,656
1,177
39,874
10,684
2,125
4,288
5,086
4,533
685
438
1,003
626
6,057
3,854
943
226
8,339
1,688
74
1,770
5,694
4,726
82
747
1,692
11,483
5,248
1,520
818
5,805
1,530
202
46
29,504
9,878
1,511
7,264
4,921
3,672
21
135
1,000
794
6,640
2,226
876
242
8,259
1,857
68
2,372
5,703
5,270
104
770
1,795
11,507
.5,394
1,494
945
6,188
1,436
186
25
30,820
9,710
1,720
6,556
4,374
3,608
30
150
878
875
6,600
2,085
124,460
125,516
138,005
120,099
121,897
490
25,055
3,566
176
475
4,473
654
271
16
609
1,092
53,083
10,189
6,507
22
2,799
373
24,172
3,413
230
1,022
5,187
66
238
61
839
1,048
51,379
11,435
5,473
33
2,992
492
30,769
3,541
318
a
5,250
2
361
108
1,110
1,269
62,741
12,025
9,938
77
3,390
620
12,131
1,608
7
15
8,192
32
38
20
1,767
1,142
30,307
11,479
3,567
2
4,533
525
13,364
1,468
8
17
8,923
86
29
22
1,792
837
30,399
12,647
3,112
0
4,631
109,477
107,982
131,391
75,460
77,860
17,816
15,977
659
3,224
19,369
15,665
750
3,469
23,771
21,297
609
3,642
7,352
3,170
1,027
415
8,688
3,671
981
693
37,676
39,253
49,319
11,964
Group B (Concluded)Georgia & Florida
Gulf Mobile & Northern.
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile &Ohio
Nashville Chattanooga & St. L.
Tennessee Central
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Pelt Lin
Virginian
Total
Southern DistrictGroup A
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. dr Potomac_
Seaboard Air Line
Southern System
Winston-Salem Southbound
Total
1934
1933
635
1,271
17,132
15,503
145
118
1,761
2,475
324
507
1,233
18,502
14,807
165
133
1,649
2,428
303
.536
1,223
17,358
18,966
156
152
1,787
2,609
319
1935
342
694
8,721
3,535
237
246
1,298
1,745
517
1934
317
617
8,853
3,928
302
272
1,285
2,200
563
45,879
45,964
48,913
22,665
22,873
Grand total Southern District__
79,098
80,674
83,104
46,462
48,820
Northwestern Dist,'letBelt By. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P. & Pacific_
Chicago St. P. Minn. & Omaha
Duluth Missabe Sr Northern...
Duluth South Shore &Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South_
Great Northern
Green Bay & Western
lake Superior & Ishpeming_ _
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane International
Spokane Portland &Seattle_ __ _
561
16,693
2,034
17,784
3,365
8,598
514
5,193
405
16,492
505
2,397
1,686
5,282
8,073
305
1,602
788
19,071
2,793
20,577
3,581
8,676
831
3,634
400
13,977
514
1,840
2,513
5,305
9,906
222
1,660
751
18,462
2,214
17,586
3,751
10,569
944
5,152
327
15,428
467
2,144
1,753
5.333
9,102
287
1,003
1,580
8,299
2,463
6,743
3,206
150
300
3,649
131
2,672
497
82
1,514
2,040
2,638
212
1,224
2,315
8,743
2,441
6,305
3,961
216
358
3,113
102
2,640
358
85
1,326
1,845
2,565
190
1,156
91,489
96,288
95,273
37,400
37,719
18,976
3,110
229
14,670
1,497
10,735
2,161
725
2,132
479
1,071
1,858
1,039
157
19,775
231
241
12,008
127
1,551
21,762
2,956
180
16,585
1,559
12,480
2,280
937
2,524
300
980
1,860
896
136
19,667
205
425
13,674
197
1,642
17,270
2,640
179
14,252
1,504
10,699
2,542
770
1,843
195
900
2,381
713
218
16,371
244
358
10,636
270
1,227
4,368
1,906
24
6,690
620
5,738
1,758
1,120
2,212
28
805
942
655
45
3,339
293
1,159
7,209
5
2,004
4,784
2,030
25
6,530
458
6,211
1,837
954
2,242
20
948
878
297
44
3,271
334
894
7,164
3
2,416
92,772
101,245
85,212
40,920
41,340
169
121
150
2,352
1,938
218
1,753
1,448
105
153
629
134
4,610
13,159
31
82
7,511
1,946
5,516
3,866
2,603
249
28
142
142
181
2,193
3,036
108
1,568
1,499
85
323
576
55
4,711
14,971
37
206
8,392
2,096
5,767
4,554
2,168
176
24
200
160
130
1,884
2,517
133
1,689
1,108
71
288
564
174
4,203
13,829
36
79
7,515
1,746
5,651
3,230
2,209
a
23
3,542
256
166
1,401
1,786
915
1,413
772
380
807
182
162
2,437
7,171
13
80
3,272
1,584
2,333
3,268
14,583
98
33
3,469
286
142
1,231
1,792
996
1,517
731
287
649
230
185
2,495
7,584
23
108
4,027
1,257
2,111
3,240
14,881
63
36
Total
14,033
Total
Allegheny District
Akron Canton & Youngstown_ _
Baltimore & Ohio
Bessemer dr Lake Erie
Buffalo Creek & ClauleY
Cambria & Indiana
Central RR. of New Jersey_ _ _
Cornwall
Cumberland & Pennsylvania_
Ligonier Valley
Long Island
Penn-Reading Seashore Lines_
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
6,689
914
335
151
30
989
346
328
6,250
17,060
127
6,592
1,037
312
134
40
1,259
384
346
6,453
18,028
125
6,527
1,141
333
137
30
1,256
439
429
6,077
17,675
147
4,118
1,205
640
284
88
954
680
2,099
2,745
10,358
646
4,415
1,230
609
372
73
1,032
740
2,734
3,421
10,718
603
33,219
34,710
34,191
23,797
25,947
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham &Garfield
Chicago Burlington & Quincy_.
Chicago & Illinois Midland..._
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver diRio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern..
Kansas Oklahoma diGulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas...
Litchfield& Madison
Midland Valley
Missouri & Aikansas
Missouri
-Kansas-Texas
Pacific
Lines.Mour
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. Ass% of St. Louts
Wichita Falls & Southern
Weatherford M. W. di N. W
Group 13
-Alabama Tennessee & Norther
232
108
145
189
161
Atlanta Birmingham & Coast_
721
457
459
743
840
--W. RR.of Ala_
Atl. & W.P.
561
962
897
654
617
Central of Georgie
2,030
1,233
3,256
3,239
3,566
Columbus & Greenville
182
228
194
205
201
Florida East Coast
251
404
341
424381
-__
Georgia.
48,771
Total
43.010
47,439
46,654
47,540
Note-Figures for 1934 revised. •Previous figures. a Not available. b Includes figures for the Boston & Albany RR., the C. 0. C. di St. Louis RR., and the
Michigan Central RR.
1188
Financial Chronicle
Per Cent
Each Group
Bears to the
Total Index
Group
Latest
PreWeek
Aug. 17 ceding
1935
Week
Month
Ago
Year
Ago
23.2
Foods
84.0
84.6
80.6
72.4
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
68.8
Fuel
Grants, feeds and livestock.- 89.8
67.7
Textiles
Miscellaneous commodities._ 69.2
88.3
Automobiles
Building materials
77.5
81.3
Metals
84.6
House furnishing goods
Fats and oils
73.5
95.4
Chemicals and drugs
Fertilizer materials
64.5
Mixed fertilizers
71.0
101.6
Agricultural implements _
69.1
89.0
67.2
69.1
88.3
77.6
81.7
84.7
71.0
95.4
64.6
71.4
101.6
69.1
85.3
68.2
69.4
88.3
77.5
81.6
84.7
66.0
94.6
63.6
71.4
101.6
69.9
72.0
72.3
68.1
88.7
81.5
82.0
86.8
58.3
93.2
65.8
76.3
99.8
75.5
77t
742
inn A
All E. realm enmhInA/1
-
7R0
Decrease of 0.5% in Wholesale Commodity Prices from
June to July Reported by United States Department of Labor
Wholesale commodity prices averaged 0.5% lower during
July, the composite index compiled by the Bureau of Labor
Statistics, U. S. Department of Labor, standing at 79.4%
.of the 1926 average, as against 79.8 in June. The July index
is over 6% above the level of a year ago and more than 15%
above two years ago. An announcement issued Aug. 19
by the Department of Labor continued:
Seven of the 10 major groups included in the index-farm products,
foods, metals and metal products, building materials, chemicals and drugs,
-declined from the
housefurnishing goods, and miscellaneaous commodities
level of the preceding month. Minor increases were reported for hides and
leather products, textile products, and fuel and lighting materials.
The table below summarizes the changes in wholesale prices during the
month interval by commodity groups:
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
Increases
Decreases
No Change
29
30
14
21
10
12
9
7
2
1
33
55
7
18
4
14
13
15
5
9
5
37
20
73
10
104
64
67
54
42
125
Groups
172
470
The raw materials group, which includes basic farm products, hides and
skins, hemp, jute, sisal, crude petroleum, crude rubber, scrap steel, and
similar articles, declined 0.8%. This group is still 11% above the index
of a year ago. The large group of finished products, which is composed of
more than 500 manufactured articles, declined fractionally to a point approximately 5% above a year ago.
-manufactured articles, which is based on prices of raw
The index for semi
sugar, leather, iron and steel bars, pig iron, and like commodities, dropped
1.5% from June to July. This group is now slightly above the level of
one year ago.
The group of "All commodities other than farm products and processed
foods" remained unchanged at a level 0.5% above a year ago. A slight
decline occurred in the large group of non-agricultural commodities, in
-79.8
-and placed
which is included all commodities except farm products
the index 3.8% above the corresponding month of last year.
Decreases of approximately 8% in average prices of mixed fertilizers,
2% in chemicals, and a minor recession in drugs and pharmaceuticals
forced the index for the chemicals and drugs group down 2.5%. The subgroup of fertilizer materials was unchanged.
Farm product prices declined 1.5% from June to July due to decreases
of 2.4% in livestock and poultry and 1.9% in other farm products including fresh apples, hay, hops, fresh milk at Chicago, peanuts, seeds, onions,
dried beans and sweet potatoes. Sharp advances in prices of wheat more
than offset weakening prices of barley, corn, oats, and rye with the result
that the sub-group of grains rose 1.8%. Additional farm products for
which higher prices were reported were hogs, cotton, eggs,lemons, oranges,
tobacco, white potatoes and wool. The index for the farm products group
as a whole, 77.1, is 19.5% above a year ago and 28% above two years ago.
Average wholesale prices of cattle feed declined nearly 15% in July.
GROUPS OF COMMODITIES
(1926=100)
Groups and Subgroups
Farm products
Grains
Livestock and poultry
Other farm products....
Foods
Butter, cheese and milk_
Cereal products
Fruits and vegetables...
Meats
Other foods
Hides and leather products
Boots and shoes
Hides and skins
Leather
Other leather products..
Textile products
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen& worsted goods_
Other textile products...
Fuel ,k lighting materials
Anthracite coal
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Metals d: metal products
Agricultural implements_
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating__
Building materials
Brick and tile
Cement
Lumber
Paint & paint materials_
Plumbing and heating
Structural steel
Other building materials_
Chemicals and drugs
Chemicals
Drugs & pharmaceuticals
Fertilizer materials
Mixed fertilizers
Housefurnishing goods_ __ _
Furnishings
Furniture
Miscellaneous
Automobile tires dr tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous_ __ _
Raw materials
Semimanufactured articles_
Finished products
Non-agricul. commodities_
All commodities other than
farm products & foods
All commodities
July
1935
June
1935
July
1934
July
1931
July
1930
77.1
78.3
82.8
72.9
82.1
74.0
92.7
65.1
93.3
76.7
89.3
97.8
79.8
80.2
84.4
70.2
80.7
82.0
59.9
27.9
76.4
69.1
74.7
77.0
96.5
88.6
64.5 60.1 47.9 64.9
74.8 73.4 36.7 49.0
48.8 47.4 54.1 63.0
70.5 63.7 48.4 71.3
70.6 65.5 60.9 74.0
74.8 66.1 58.2 80.6
88.9 83.3 65.7 71.6
68.2 75.6 59.7 74.2
63.4 50.8 62.0 73.4
64.5 63.7 58.5 70.6
86.3 86.3 68.6 81.4
98.0 88.3 84.4 93.6
66.6 88.7 33.5 72.7
76.1 78.0 60.0 89.8
86.8 80.0 83.7 101.4
71.5 68.0 51.5 66.5
81.9 70.6 60.9 76.1
85.1 80.2 50,0 66.8
59.5 55.2 47.8 60.0
24.5 37.9 26.2 43.8
80.7 72.3 53.6 67.4
69.6 76.7 66.5 75.2
73.9 65.3 72.3 62.9
78.6 77.9 84.5 90.8
95.7 81.0 81.6 83.5
85.6 76.0 76.3 81.5
92.4 89.4 105.8 97.9
99.2 100.2 108.3 103.5
51.3 41.3 49.7 30.3
86.8 80.6 79.2 84.3
92.0 83.0 84.9 94.2
86.7 77.7 77.2 82.7
94.6 90.4 95.3 94.7
68.8 67.6 47.0 61.4
75.0 69.4 67.1 86.8
87.0 79.5 69.7 78.1
91.3 78.2 75.9 83.4
93.9 88.2 77.3 75.8
85.3 75.9 55.9 67.2
79.8 77.9 66.8 79.6
75.0 69.4 67.1 86.8
92.5 81.7 81.7 84.3
9 9 83.3 77.9 83.7
0.
75.4 73.2 73.0 78.9
78.5 80.3 78.9 82.4
July
1932
78.4
72.2
69.7
73.9
79.8
74.8
68.9
64.5
72.0
84.4
79.8
78.0
79.4
4,
52.9
86.4
93.6
87.0
94.7
66.1
68.3
85.2
89.1
94.9
81.7
79.1
68.8
92.0
89.7
78.7
84.6
74.0
65.7
68.6
80.4
84.0
78.8
67.7
45.0
78.6
79.7
25.0
80.1
75.8
7.
28
82.0
July
1933
,00 woo-4commoomrimmoonommccarcoongrqgoomsomcnoon.aomoom-inmoo-40,cmccomm-am
owwpp
..coo
cwx
atioOobt4Dk....-C4bML,Miaeoimeol4Coblik.inoob:.4WiDEoEnbiaioWWM6L46:-,boi.aboOo...,
-BASED ON 476 COMMODITY
WEEKLY WHOLESALE PRICE INDEX
PRICES (1926-1928=100)
kOo;p“-i:Aii4b;p: ,
, MCNCAL4C.A.Asizbkbo'coMkea6;-:4.-6Mkiai.2:4.-bio;DOti.266:4.4.6biaMioi.n:giA6Coe4CoMi..3
-
As had been the case in recent weeks the rise in the index last week was
due largely to higher prices for farm products. The most significant advance
occurred in the grains, feeds and livestock group index which rose to 89.8
from 89.0 in the week preceding. This advance was due almost entirely to
a continued rise in livestock quotations, as grain and feedstuff prices were
generally lower. The Textiles index was higher during the week due mainly
to advancing cotton prices and a continuation of the sharp rise in price of
silk. Fats and oils prices moved upward during the week, with seven items
In the group advancing and only one declining, and with the sharpest
advance being shown by lard. There was a moderate decline in the foods
index last week following the rather sharp advance which had taken place
during the preceding month. A slight decline occurred in the metals index,
a further rise in scrap steel prices being more than offset by lower quotations
for tin and silver.
Prices of 32 commodities included in the index advanced in price during
the week while 28 declined: in the preceding week there were 26 advances
and 22 declines: in the second preceding week there were 42 advances and
18 declines.
sm.
4.
4com ,
imgaramm-lovmmvmm.qmcommommoommvIro-4-arammoosnricoo.qmm9-4m.400,-4
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mo.*. m-4com p
Highest Level in Five Years
There was a continued, though slight, rise in the general
level of wholesale commodity prices in the week ended
Aug. 17, following advances in the three preceding weeks.
The index of the National Fertilizer Association rose to
78.9% of the 1926-1928 average, the highest point so far
reached during the recovery period. A week ago the index
was 78.8, a month ago 77.3, and a year ago 74.2. Under
date of Aug. 19 the Association further stated:
O
of National
Aug. 17 at
m
Index of Wholesale Commodity Prices
Fertilizer Association for Week of
Aug. 24 1935
Crude rubber was approximately 4% lower. Prices of automobile tires
and tubes and paper and pulp were steady.
The wholesale food group receded 0.8% from the preceding month because of lower prices for the sub-groups of fruits and vegetables, meats,
butter, cheese, and milk, and other foods such as cocoa beans, coffee,
canned pink salmon, mackeral, oleomargarine, oleo oil, peanut butter,
raw and granulated sugar, edible tallow, and vegetable oils. The subgroup of cereal products was higher, although lower prices were reported
for rye flour and macaroni. Individual food items for which higher prices
were reported were cheese, bread at San Francisco, wheat flour, canned
cherries, dried peaches, canned peas and spinach, cured beef, mutton.
cured and fresh pork, canned red salmon, and lard. The food index for
July, 82.1, is 16% above a year ago and more than 25% above two years
ago.
In the metals and metal products group advancing prices of plumbing
and heating fixtures were more than counterbalanced by declining Prices
of iron and steel and non-ferrous metals, among which were electrolytic
copper products, lead pipe, quicksilver, and bar silver. Agricultural implements and motor vehicles were unchanged. The index for the metals
and metal products group declined to 86.4% of the 1926 average.
The slight decrease in the building materials group was the result of
weakening prices for brick and tile, paint and paint materials, and certain
other building materials. Average prices of lumber and plumbing and
heating equipment, on the contrary, were higher. No change was shown
for structural steel or cement.
Lower prices for furniture in the housefurnishing goods group more than
offset slightly higher prices for furnishings. The index for this group as
a whole fell to 80.4.
Fuel and lighting materials advanced 0.7% due to higher prices for coal.
electricity and gas. Average prices of coke and petroleum products were
lower.
The index for the hides and leather products group rose to 89.3 because
ofsharp increases in prices of hides and skins and a smaller increase in shoes.
Leather, on the other hand, was slightly lower. Other leather products
remained unchanged at the June level.
A minor increase was recorded for textile products as the result of higher
prices of woolen and worsted, silk and rayon, knit goods, and other textile
products. Cotton goods were slightly lower, and clothing remained unchanged.
The index of the Bureau of Labor Statistics is composed of 784 price
series, weighted according to their relative importance in the country's
markets and based on average prices for the year 1926 as 100.
The index numbers for the groups and sub-groups of commodities for
July 1935, in comparison with June 1935, and July for the past six years
are given in the accompanying table:
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUB
73.0
56.8
57.6
62.1
68.6
63.3
74.8
75.1
74.6
64.0
41.4
82.4
78.1
16.3
66.8
68.8
74.0
75.1
73.0
64.3
40.1
42.2
76.2
6.1
78.7
80.2
85.7
82.8
89.1
69.7
48.0
55.8
80.6
13.2
76.3
84.5
88.6
61.8
69.1
72.2
54.7
55.5
70.5
68.0
64.3
69.3
76.1
73.5
67.6
72.8
81.6
84.8
78.5
69.9
44.6
88.8
82.4
29.9
82.3
68.3
72.7
78.2
76.9
70.7
July
1929
107.6
102.2
114.9
104.5
102.9
103.2
91.2
105.8
116.7
93.0
109.1
106.1
114.5
112.1
106.1
89.6
89.2
98.2
87.9
78.3
87.7
92.2
83.3
89.1
89.9
84.7
94.1
94.4
73.3
101.0
99.0
95.3
107.8
105.7
93.6
95.1
92.9
94.6
93.3
94.5
93.6
99.6
97.4
93.3
98.2
70.8
90.7
97.1
94.3.
93.3
95.5.
82.8
54.5
120.5.
88.9
43.9
98.8.
99.1
93.4
95.6.
94.1
91.7
96.5.
* Data not yet available
Weekly Electric Output Continues to Climb Higher
The Edison Electric Institute, in its weekly statement,
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended Aug. 17 1935 totaled 1,832,695,000 kwh. Total
output for the latest week indicated a gain of 9.5% over
the corresponding week of 1934, when output totaled 1,674,345,000 kwh.
Electric output during the week ended Aug. 10 1935 totaled
1,819,371,000 kwh. This was a gain of 9.7% over the
1,659,043,000 kwh. produced during the week ended Aug. 11
1934. The Institute's statement follows:
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS
1935
No. of
Projects
PERCENTAGE INCREASE OVER 1934
Major Geographic
Regions
1189
Financial Chronicle
Volume 141
Week Ended
Aug. 3 1935
Week Ended
Week Ended
Aug. 17 1935 Aug. 10 1935
Week Ended
July 27 1935
New England
Middle Atlantic_ _....
Central Industrial_
West Central
Southern States
Rocky Mountain
Pacific Coast
9.7
6.3
9.2
6.8
82
39.5
8.3
7.3
7.2
9.8
10.3
9.8
37.0
5.5
8.4
7.5
10.4
11.7
11.7
33.3
4.8
9.5
9.7
9.9
Valuation
Valuation
8.3
7,160
4,728
2,026
$80,379,400
190,275,600
147,474,500
3,596
3.475
1,464
$33,227,100
45,571,200
164,877,200
13,914
$418,129,500
8,535
$243,675,500
First Seven Months
Residential building
43,038
27,795
Non-residential building
Public works and utilities.... 11,558
6.7
8.5
7.2
9.3
7.6
33.7
5.4
Total United States.
Month of July
Residential building
Non-residential building
Public works and utilities....
1934
No. of
Projects
$682,545,800
905,819,500
1,460.510,100
25,652
27,581
13,736
$371,043,300
761,282,200
1,307,608,300
53,048,875,400
66,949
$2,439,933,800
Total construction
Total construction
82,391
DATA FOR RECENT WEEKS
1935
Weekly Data for Previous Years
in Million. of Kilowatt-Hours
P. C.
Clege
1934
1933
May 4___ 1,698.178,000 1,632,766,000
May 11..... 1.701,702.000 1.643.433,000
May 18... 1,700,022.000 1.649,770,000
May 25- -- 1,696.051.000 1,654,903,000
June 1___ 1.628,520.000 1.575.828,000
June 8-- 1.724,491.000 1.654.916,000
June 15--- 1.742.506.000 1,665,358,000
June 22.. _ 1.774,654,000 1,674,566.000
June 29.... 1.772,138,000 1.688,211.000
July 6.- 1,655,420.000 1.555,844.000
July 13.... 1,766.010.000 1.647,680.000
July 20.-- 1.807.037.000 1,663,771,000
July 27... 1.823.521.000 1,683,542,000
Aug. 3.-. 1.821,398.000 1.657,638,000
Aug. 10..... 1,819.371,000 1,659,043.000
Aug. 17_ _ _ 1,832,695,000 1.674.348 on
+4.0
+3.5
+3.0
+2.5
+33
+4.2
+4.6
+6.0
+5.0
+6.4
+7.2
+8.6
+8.3
+9.9
+9.7
4-9.8
1932
1,436
1,488
1,483
1.494
1,461
1.542
1,578
1,598
1,656
1.539
1.648
1.654
1,682
1.650
1.627
1.880
1,429
1,437
1.436
1.425
1,381
1.435
1.442
1,441
1,457
1.342
1,416
1,434
1.440
1.427
1,415
1.432
1931
0,WWWGOA'
aWW- ,
C
W.
^N.Pip0.1,00Wo.N.001POW
Week of-
1930
1929
1,698
1.689
1.717
1.723
1.660
1,657
1,707
1,698
1,704
1,594
1,626
1,667
1,686
1.678
1.692
1.677
1,688
1.698
1,704
1.705
1,615
1,690
1,699
1,703
1,723
1.592
1.712
1.727
1.723
1,725
1,730
1.733
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
Of
1935
1934
Jan.... 7.762,513 7,131,158
Feb---- 7,048,495 6,608.356
March. 7.500,566 7,198.232
Apr11-- 7.382.224 6,978.419
May.... 7.544.845 7,249,732
June-- 7,404,174 7,056,116
July...7.116,251
Aug..
7,309,575
Sept...6,832.260
Oct7.384,922
Nov_
7.160,756
Dec.....7,538,337
P. C.
Ch'ge
+8.9
+6.7
+4.2
+5.8
+4.1
+4.9
____
__
.....
__
____
____
1933
1932
1931
1930
6.480,897
5.835.263
6,182,281
6,024,855
6,532.686
6.809,440
7,058,600
7.218,678
6.931,652
7,094,412
6,831,573
7,009.164
7.011,736
6,494,091
6,771,684
6.294.302
6,219,554
6,130.077
6.112,175
6,310.607
6.317.733
6,633.865
6,507,804
6,638,424
7,435,782
6.678.915
7,370.687
7,184,514
7,180,210
7,070,729
7,286.576
7,166.086
7.099,421
7,331,380
6,971,644
7,288.025
8,021,749
7,066,788
7,580.335
7.416.191
7.494.807
7.239.697
7.363.730
7,391.196
7,337.108
7.718,787
7.270,112
7,566.601
Total_
85.564.124
Fin nog sat 77.442.112 86.063.969 89.467.099
Note-The monthly figures shown above are based on reports covering approxl
mately 92% of the electric light and power industry and the weal) figures are
,
based on about 70%.
Valuation of Construction Contracts Awarded in July
The construction total for July exceeded the monthly
volume reported for any other month since March 1934, when
the Public Works Administration was at its peak. According to F..W. Dodge Corp. the contract total for all classes of
construction reported for July in the 37 eastern States
amounted to $159,249,900. During June the volume was
$148,005,200 while in July of last year the total was only
$119,662,300.
The chief item of significance in the July record is to be found in the
continued activity in the residential field, as distinguished from other
classes of construction. For residential building,the July total amounted to
$48,371,800; this was almost 2% times the volume reported for July 1934.
The residential total for July slipped about 3% from the June contract
volume of $49,832,600 but that is less than is customary at this season of
the year.
Improvement in residential building over July 1934, was shown in each
of the major geographic areas east of the Rocky Mountains with the sole
exception of the New Orleans Territory (Louisiana and Mississippi combined). The largest relative gains were reported in the Middle Atlantic
States, the Southeast, the Chicago Territory and the Kansas City District.
For the first seven months of 1935 residential construction contracts in
the 37 eastern States totaled $256,545,400. This is in excess of the total for
all of 1934 and compares with a total of only $151,592,500 for the corresponding seven months of last year.
Despite the large improvement in residential work the contract total for
all classes of construction covering the first seven months of this year is less
than that reported for the corresponding period of 1934. A year ago the
total was $973,764,200; this year's total was $855,756,700.
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS
No. of
Projects
Monili of July
1935
-Residential building
Non residential building
Public works and utilities
Total construction
-Residential building
1934
Non-residential building
Public works and utilities
Total construction
First Seven Months
1935
-Residential building
Non-residential building
Public works and utilities
Total construction
1934-Residential building
Non-residential building
Public works and utilities
Total construction
New Floor
Space (Sy. Ft.)
6,356
3,325
1,249
13,114,500
8,287,700
163,700
$48,371,800
56,969,100
53,909.000
10,930
21.565,900
$159,249,900
3,025
2,904
1,250
4.779,500
8,274,900
180,000
$19,844,600
60,751,400
39,066,300
7,179
13,234,400
$119,662,300
35,484
20,924
7,561
70,745,500
51,829,000
896.500
$256,545,400
315,813,300
283,398,000
63,969
123,471,000
$855,756,700
21,206
20.940
11,817
38,006,000
48,939,700
1,727,900
$151,592,500
339,128,900
483,042,800
A'S Gin
RA 572 N511
5072.754.200
Valuation
Survey of Business During July and First Half of
August by National Industrial Conference Board
Industrial production during July receded by slightly
less than the usual seasonal amount, but recovered a considerable portion of this decline during the first half of
August, according to the monthly "Business Survey" issued
Aug. 20 by the National Industrial Conference Board.
The survey continued:
The only series among the Conference Board's selected indicators of
production to show a greater-than-seasonal decline during July_ were those
for petroleum, pig iron and bituminous coal. On the other hand, such
Important indexes as motor production, building, steel activity and electric
power output were higher than might have been expected under normal
seasonal conditions. In general, production continued well ahead of
that for the corresponding period of last yea.
Indexes of activity in the field of distribution and trade declined by
somewhat more than the usual seasonal amount, but these also remained
well above the level reported a year ago. Miscellaneous carloadings
were 3.7% lower than in June, but were 2.2% higher than in July 1934.
Retail trade, as reflected by sales of department stores, variety stores and
mail order houses, declined measurably from the level of the preceding
month.
The value of department store sales for the country as a whole during
the first seven months of the current year was 3% higher than during
the corresponding period of 1934.
Wholesale commodities averaged slightly lower in July than in the
preceding month. This was largely due to declines occurring during
the first three weeks of the month. Since July 22, however, the trend
In wholesale prices has been sharply upward, with several commodities
reaching new high levels for the year during the first half of August.
Sales of Life Insurance in United States During First
Seven Months of Year Equal Those During Same
Period of 1934
Sales of ordinary life insurance in the United States for
the year to date continued in July to equal almost exactly
the total for the same period of 1934, according to the
monthly State-by-State analysis made public Aug. 21 by the
Life Insurance Sales Research Bureau of Hartford, Conn.
As was the case at the end of June, total sales for 1935
up to the end of July were just 100% of those for the corresponding period in 1934, the Bureau said, adding:
Taking the total sales for the 12 months ending July 31 1935, there
was a slight increase over total sales for the year ending July 31 1934.
Sales for the month of July 1935 were 97% of those for July 1934,
the Bureau report shows. The figures on which these reports are based
represent companies having 90% of the ordinary insurance in force in
the country.
Upturn in Canadian Business in Evidence
According to Bank of Montreal
"There are many evidences of the upward movement in
Canadian business despite midsummer conditions," tha
Bank of Montreal stated in its "Business Summary" of
Aug. 23. The summary, in part, said:
Building construction, one of the most important factors in the economic
set-up, was higher in June than a year ago and higher again in July; the
external trade of the Dominion, notwithstanding a slight recession in June,
was again higher in the month of July than a year ago, and for the first six
months was 4% above the 1934 half
-year record. Gold production in the
Dominion is reaching new high levels and expansion is being shown in
several important lines of manufacturing industry. The automobile output for the first six months is well above that of the 1934 period. Trade
with the Empire has increased substantially, with corresponding advantage
to Canadian producers. . . .
Unemployment continues to be a serious and embarrassing problem, but
it is a satisfaction to note that the month of July witnessed a material increase in gainful employment, though the rise was below the average and
less than that of July last year, when highway construction was more
active. A number of municipalities are noting improvements in tax collections, indicating less distress among property owners. The cost of living
Index shows little change, with a slight tendency upward.
Developments in the wheat situation have materially altered the crop
outlook. Early expectations of 400,000,000 bushels in the Prairie Provinces
have been abandoned as the growing grain shows more and more damage
from rust and from variable sun and moisture conditions. A Winnipeg
estimate at the end of the first week of August placed the acreage affected
by rust at 7,000,000 acres, or 30% of the whole. In some areas deterioration has been exceptionally serious, particularly in Manitoba and eastern
Saskatchewan, while in western Saskatchewan and eastern Alberta late
rainfalls were insufficient to offset the effects of earlier drought.
Building Operations in United States During July
According to United States Department of Labor
-Estimated Cost of Buildings Below June
Permits Increase
A decrease of 1% in indicated expenditures and an increase
of 3% in the total number of permits awarded for building
•
Financial Chronicle
1190
construction were the outstanding features of the United
States Department of Labor's monthly survey of building
operations for July, according to a report made by Secretary
of Labor Frances Perkins. Secretary Perkins stated:
Although the estimated cost of buildings for which permits were issued
In July was Slightly below the June level, all branches of private construction activity are running far ahead of the 1934 rate of activity. Compared
with the corresponding month oflast year the estimated cost of the buildings
for which permits were issued in July shows an increase of more than 60%.
At the same time the number of permits awarded shows an increase of 37%•
All types of construction shared in the advance, but the greatest improvement is reported in residential construction. In July, indicated expenditures for new residential buildings were more than three times as great
as in the same month of last year.
Building construction as measured by permits issued ordinarily tapers
off abruptly at this season of the year. The rate of activity in July was
unusually well maintained, however, the estimated cost of the buildings
for which permits were issued declining only 1% and the number of permits awarded showing an actual increase over June. Although indicated
expenditures for both types of new buildings fell off slightly, a sharp upturn was reported in expenditures for additions, alterations, and repairs
to existing buildings. These comparisons are based on building permit
reports received by the Bureau of Labor Statistics from 780 identical cities
having a population of 10,000 or over.
The survey of the Department of Labor said:
The percentage increase in July over a year ago by type of building construction is indicated by the following table:
Estimated Cost
Number
TUN of Building+214.9
+183.4
New residential
+18.4
+29.3
New non-residential
+26.8
+35.9
Additions, alterations, repairs
+81.8
+36.7
Total
Permits were issued during July for new dwellings to provide 7,197 new
family dwelling units, an increase of 180.0% as compared with July 1934.
The percent of change from June to July 1935 for the different types
of construction is shown below:
•
Estimated Cost
Number
TIM of Building-5.3
+5.4
New residential
+4.2
. -9.0
New non-residential
+16.8
+2.1
Additions, alterations, repairs
+2.8
Total
-1.0
The permit valuations shown in the tables include, in addition to private
construction, all buildings for which contracts are awarded by Federal
and State Governments in the cities included in the report. For June the
value of such buildings was $9,941,084; for July. $1,301,884.
Permits were issued during July for the following important building
projects: For apartment houses in the Borough of Brooklyn to cost over
$1,000,000 and for school buildings to cost over $1,100,000; for a hospital
In the Borough of Manhattan to cost $2,500.000; for a filtration plant in
Hammond. Ind., to cost over $600,000; for factory buildings in Detroit,
Mich., to cost nearly $600,000; for factory buildings in Pontiac, Mich.,
to cost nearly $275,000; for a school building Kansas City, Kans., to cost
over $1,600,000; for factory building in Tampa, Fla., to cost nearly $250.000, and for a concrete distribution structure in Oakland, Calif., to cost
over $1,000,000.
A contract was awarded by the Public Works Administration for a low
cost housing project in Indianapolis. Ind., to cost over $2,400,000.
ESTIMATED COST OF NEW BUILDINGS AND OF ADDITIONS. ALTERATIONS, AND REPAIRS, TOGETHER WITH THE NUMBER OF
FAMILIES PROVIDED FOR IN NEW DWELLINGS,IN 780 IDENTICAL
CITIES IN 9 REGIONS OF THE UNITED STATES, AS SHOWN BY
. PERMITS ISSUED IN JUNE AND JULY 1935
New Residential Buildings
Geographic Division
Cities
Estimated
Cost
Families Provided for in
New Dwellings
July 1935
109
New England
163
Middle Atlantic
184
East North Central
West North Central. 68
79
South Atlantic
East South Central... 30
West South Central. 47
21
Mountain
59
Pacific
Total
760
Percentage change._ _
Geographic Division
Cities
June 1935
$1,961,148
6.858,452
7.162,092
1,895,157
3.486,069
547.230
1,477,378
789.800
3.245,695
82,695.235
8,466,689
6,664,111
1,893,665
3,511,144
784,429
1,456.751
576.790
2,894.011
429
1,643
1,885
501
940
174
572
132
906
383
2,150
1,463
510
1,003
293
527
153
758
$27,423,021 $28,942,825
-5.3
7,182
-0.8
7,240
New Non-Residential
Buildings,
Estimated
Cost
July 1935
Total Building '
Construction (Including
Alterations and Repairs),
Estimated Cost
July 1935
July 1935
109
New England
163
Middle Atlantic
184
East North Central
West North Central_ 68
79
South Atlantic
East South Central_ _ 30
West South Central_ 47
21
Mountain
59
Pacific
760
Total
Percentage change...
June 1935
June 1935
$1,282,968
7,736,233
5,145,361
2.480,828
1.647,342
754,131
968.112
805,746
4,037.857
$1,517.039 35,441,291
7,080,403 21,924,324
2,775.967 16,014,223
5.965,983
972,805
7,932.760
7,910,597
1,961,736
445,396
3,394,149
2,202,029
2,070,784
271,154
9,816.935
4.132.557
June 1935
$6,289,638
21.701,689
13,132,970
3.984,875
13,477.036
1,641,910
4.608,644
1,301.186
9,149,407
$24,858,568 $27,307,947 374,522.185 875.287,355
---1.0
-9.0
Lumber Production Continues Upward Trend-New
Business and Shipments Show Slight Recession
Lumber production made advance of approximately 1%
in the week ended Aug. 10 1935 over the high record of the
preceding week, shipments were 6% below the week before,
and new business dropped 7%. Shipments were 9% below
production and new business was 11% below output. Total
production of reporting mills was 29% above corxesponding
week of 1934; shipments were 7%, and orders 24% heavier
than last year. Production of the last six weeks was 39%
above similar period of last year; shipments were 42% above,
and new business 34% above similar items in the six weeks'
period of 1934. These percentages are based upon records
Aug. 24 1935
of mills operating in both years. The total lumber movement would reveal smaller gains due to the closing of some
mills this year that were active a year ago. All comparisons shown are based upon reports to the National Lumber
Manufacturers Association from regional associations covering the operations of leading hardwood and softwood mills.
During the week ended Aug. 10, 621 mills produced 218,176,000 feet; shipped 197,570,000 feet; booked orders of
193,999,000 feet. Revised figures for the preceding week
were: mills, 638; production, 216,497,000 feet; shipments,
210,125,000 feet; orders, 209,671,000 feet. The reports further show:
Southern pine, West Coast and Northern hardwoods reported orders
above production during the week ended Aug. 10. Total softwood orders
were 12% below production; hardwood orders, 3% below hardwood output.
All regions but California redwood reported orders, and all but West Coast
and redwood reported shipments above those of corresponding week of 1934.
Softwood orders showed gain of 22% and hardwood orders gain of 68%
over last year's week.
Identical softwood mills reported unfilled orders on Aug. 10 as the
equivalent of 32 days' average production and stocks of 137 days' compared
with 28 days' and 164 days' a year ago.
Forest products car loadings totaled 29,663 cars during the week ended
Aug. 10 1935. This was 405 cars more than in the preceding week, 6,295
cars above similar week of 1934, and 1,445 cars above the same week
of 1933.
Lumber orders reported for the week ended Aug. 10 1935 by 528 softwood mills totaled 182,727,000 feet, or 12% below the production of the
same mills. Shipments as reported for the same week'were 184,755,000
feet, or 11% below production. Production was 206,518,000 feet.
Reports from 115 hardwood mills give new business as 11,272,000 feet,
or 3% below production. Shipments as reported for the same week were
12,815,000 feet, or 10% above production. Production was 11,658,000 feet.
Unfilled Orders and Stocks
Reports from 718 mills on Aug. 10 1935 give unfilled orders of 826,376,000
feet and gross stocks of 3,903,804,000 feet. The 508 identical softwood
mills report unfilled orders as 741,674,000 feet on Aug. 10 1935, or the
equivalent of 32 days' average production, compared with 633,917,000 feet,
or the equivalent of 28 days' average production on similar date a year ago.
Identical Mill Reports
Last week's production of 516 identical softwood mills was 203,641,000
feet, and a year ago it was 159,877,000 feet; shipments were, respectively,
183,236,000 feet and 175,117,000; and orders received, 180,775,000 feet
and 148,184,000 feet. In the case of hardwoods, 118 identical mills
reported production last week and a year ago 11,658,000 feet and 6,861,000
feet; shipments, 12,475,000 feet and 7,330,000 feet, and orders, 11,043,000
feet and 6,581,000 feet.
Canadian Newsprint Production During July Above
-Output of United States Lower
Year Ago
The production of newsprint by Canadian mills during
July was above July a year ago, while that of the United
States showed a decline, it was shown in figures issued by
the Newsprint Service Bureau. In reporting the Bureau's
figures the Montreal "Gazette" of Aug. 15 said:
Production of newsprint by Canadian mills last month was 12:5% higher
than in the same month of last year, the figures being 234,266 tons against
208,238 tons in July last year, an increase of 26,028 tons.
United States production during the same period was only 73,108 tons
against 78,184 tons in July last year, a drop of 3,076 tons, or 4.2%.
Aggregate production in Canada and the United States in July. was
307,374 tons of newsprint against 284,422 tons in July last year, an
increase of 22,952 tons, or 8.0%.
For the seven months of this year Canadian mills turned out 1,519,169
tons of newsprint against 1,469,871 tons in the first seven months of 1934,
an increase of 49,298 tons, or 3.3%.
Production in the United States during the same period was 534,660
tons against 564,655 tons a year ago, a decline of 29,995 tons, or 5.8%.
This made seven months' production in the two countries 2,053,829 tons
against 2,034,626 tons a year ago, an increase of 19,303 tons.
July production in both countries exceeded shipments. Canadian mills
shipped 228,445 tons, and United States mills shipped 71,070 tons.
Sr
Summary of Canadian Crop Situation by Dominion
-Reports Frost Damage in
Bureau of Statistics
Several Places
The Dominion Bureau of Statistics, Ottawa, Canada,
issued on Aug. 20 the 13th of a series of 15 weekly telegraphic
reports covering crop conditions in the three Prairie Provinces
of Canada. Tim) Bureau said that 40 correspondents distributed over the agricultural area supply the information on
which the reports are based. The following summary of the
report issued Aug. 20 was made available by the Bureau:
Spotty but heavy frost damage is reported in the Peace River district of
-mile stretch of country running from west of EdAlberta and over a 250
monton. Alberta, to Scott, Saskatchewan. In this territory, the crops were
green. late and very susceptible to frost damage. Light damage is indicated at scattered points between Edmonton and Calgary. While freezing
temperatures were also recorded in south-eastern Saskatchewan,the damage
there would be very limited as cutting was well advanced.
Rains were fairly general over the Prairie Provinces and delayed harvesting operations. Heavy snows and rain caused lodging of crops in the Peace
River country.
Reports from Manitoba and south-eastern Saskatchewan, where the rust
attack was most severe, continue extremely pessimistic. Very little bread
wheat will be worth threshing in Manitoba, since the yields are low and the
grades poor. Durum wheat is also seriously affected. The heavy straw is
lodged and tangled so that harvest is a laborious and expensive operation.
Similar reports come from south-eastern Saskatchewan and rust is now
causing damage to late crops north-west of Moose Jaw. The central area
of Saskatchewan, containing about half the wheat acreage continues promising, while coarse grains are generally good and feed supplies ample. The
wet, cold weather in Alberta during the past week was very unfavourable.
Harvest was hindered in the south and ripening in the north.
1191
Financial Chronicle
Volume 141
-Harvesting Delayed
Crop Report of Bank of Montreal
by Heavy Rains
In its weekly crop report of Aug. 22, the Bank of Montreal
reports that 'Canadian crops are extremely spotty in the
Prairie Provinces and rust has done extensive damage in
Manitoba and parts of Saskatchewan. During the past
week" the Bank points out, "Heavy rains have delayed harvesting operations and caused further lodging while recent
frosts in Alberta and Northern Saskatchewan will reduce
yield and lower grade."
The bank report Continued:
In Quebec crop conditions generally are very satisfactory. In Ontario
grain harvesting is practically completed and threshing well advanced but
yields fall below earlier expectations. In the Maritime Provinces hot, dry
weather over a four to five week period has adversely affected grain and
root crops. In British Columbia unusually cool, wet weather in the interior
has delayed harvesting but generally speaking crops there are progressing
satisfactorily.
AAA Revises Sugar Import Quotas for 1934 and 1935
Under Jones-Costigan Act
-Allotments from Cuba,
Philippines and Virgin Islands Reduced-Increase
Granted to Puerto Rico and Hawaii-Explains
Cuba's Re-export Credit for 1934
-Cuban Quota
Filled
The Agricultural Adjustment Administration made public
on Aug. 17 regulations (General Sugar Quota Regulations,
Series 2, Revision 1) revising the 1935 and 1.934 sugar import
quotas, following the completion of an investigation of sugar
receipts from offshore areas during the "most representative
years" provided for in the Jones-Costigan Act. Preliminary
findings of this investigation were announced April 6. As a
result of the corrections in the basic data on shipments to the
United States in the "most representative years" the quotas
for 1934 and 1935 have been decreased for Cuba, the Philippine Islands, and the Virgin Islands and the quotas have been
increased for Hawaii, Puerto Rico, and the full-duty countries, the AAA said. The revisions do not change the total
of the quotas as the decreases for some areas offset the
increases in others.
At the same time the AAA announced that the inquiry into
re-exports of Cuban sugar in 1934 showed that that area
was entitled to a re-export credit of 64,778 short tons for
1934. Such credit has been given. The announcement
continued:
The quotas for the continental sugar beet and sugar cane areas are not
affected by the changes because the quotas for these areas are established
by the Jones-Costigan Act.
Under the Jones-Costigan Act, quotas for importation of sugar from
offshore areas are based on the average importations from such areas for
the three years during the period 1925-1933 which are deemed to be the
"most representative years" by the Secretary of Agriculture. The years
which were found to be most representative in 1934 and which served as a
basis for both 1934 and 1935 quotas are as follows: Hawaii, 1930-31-32;
Puerto Rico, 1931-32-33; Cuba, 1931-32-33; Philippines, 1931-32-33; and
the Virgin Islands, 1926-30-33.
The following table shows the average quantities brought into the United
States for consumption during the "most representative years" as shown
by the investigation. It also gives the original quantities which were
based on the data available at the time the original quotas were established:
(Short Tons
-Raw value)
Previous
Data
1,934,500
1,032,667
816,667
932,333
5,564
4,721,731
17,333
4,835,535
26,965
4.739.064
% January-flay
Quantity of'
Amounts
Sugar Which
Entries Are of
Total Entries Ad- Balance
Charged
May Be Admilted for 1935 Against Quotas miscible in 1935, Remaining
Area
Cuba
Philippines
Puerto Rico
Hawaii
Virgin Islands
Full-duty
1,822,596
899,418
788,262
925,969
5,179
25,228
74.22
77.40
82.15
66.87
44.99
28.52
469,806
203,271
140,708
306,800
2,849
18,033
4,466,652
Total
1,352,790
696,147
647,554
619,169
2,330
7,195
3,325,185
74.44
1,141,467
STATUS OF ENTRIES BEFORE REVISION
(As reported in the press release of Aug. 7 1935)
(Tons of 2,000 pounds
-96 deg. equivalentI
Area
Cuba
Philippines
Puerto Rico
Hawaii
Virgin Islands
Full-duty
..Total
Quantity of
Sugar Winch
May Be Admilted for 1936
% January July
Amounts
Entries Are of
Total Entries Ad- Balance
Charged
Against Quotas miscible in 1935 Remaining
1,857,022
918,352
779,420
893,884
5,341
16,639
1,379,939
696,147
647,554
649,775
2,330
7,195
4.470,658
3,382,940
'
74.31
75.80
83.08
72.69
43.62
43.24
477,083
222,205
131,866
244,109
3,011
9,444
75.67
1,087,718
All data underlying the findings with respect to the importations in "three
most representative years" and the export credit to Cuba is available for
Inspection by interested parties.
Sugar Section officials called attention to Section 8 a (A) (1) of the
Agricultural Adjustment Act, as amended, which provides in part as
follows:
"And provided further, that any imported sugar, with respect to which
a drawback of duty is allowed, under the provisions of section 313 of the
Tariff Act of 1930, shall not be charged against the quota established by
the Secretary of Agriculture hereunaer for the country from which sugar
'was imported . . . ."
Because of this provision, there is a possibility that hereafter, because of
drawbacks allowed, the quota for the calendar year 1935 for sugar produced
in Cuba may be reopened.
1,948,091
1,049,571
842,611
989,726
5,536
Sub total
Full duty
Effect of the Quota Changes for all Offshore Areas and Re-export Credits
to Cuba
The following table gives the amounts of sugar which may be entered
from each area during 1935 under the revised quotas for 1934 and 1935,
the revised amounts charged against the quotas up to Aug. 1, the percentage this amount is of the permitted amount, and the balance remaining
to be entered during the year. For comparison, a table showing the status
of the 1935 entries as of Aug. 1, before the revisions is also given:
ENTRIES OF SUGAR AGAINST QUOTAS DURING THE FIRST SEVEN
MONTHS OF 1935 AND BALANCE REMAINING TO BE SHIPPED
Based on new quotas as per General Sugar Quota Regulations, Series 2, Revision 1
(Tons of 2,000 pounds
-96 deg. equivalent)
The original quotas established by the AAA for 1935 were
given in our issue of Jan. 12, page 222; reference to the
Aug. 7 release of the AAA giving of the status of entries
before the revision was made in the "Chronicle" of Aug. 10,
page 827.
On Aug. 20 the Sugar Section of the AAA said that the
1935 revised quota for importations of sugar from Cuba of
1,822,596 short tons raw value had been exhausted. It
was also stated:
Findings of
Investigation
Cuba
Philippines
Puerto Rico
Hawaii
Virgin Islands
short tons raw value), could not be identified because it was mingled in
processing with other than Cuban sugars and was not covered by bond under
General Sugar Order No. 1.
The net effect of making the Cuban credit in 1935 rather than in 1934
has been to increase by 53,749 tons the total amount of offshore sugar which
may enter the United States during 1935. The difference between the
Cuban credit of 64,778 tons and the net increase for the remainder of the
Year of 53,749 tons arises from miscellaneous adjustments, the major one
being that no credit in the year 1935 can be made to full-duty countries
for their undershipment of 8,836 tons (on the new basis) in 1934.
4,862,500
Area
Total
With the filling of the Cuban quota the Board of Managers
of the New York Coffee & Sugar Exchange suspended
trading in No. 1 September contracts as noted elsewhere in
to-day's issue of the "Chronicle."
Revised Quotas
On the basis of the findings of the investigation on sugar entries during
the representative years, the quotas (before any adjustments) for both
1934 and 1935 have been established as follows:
(Short tons-Raw value)
Original
Quota
Cuba
Philippines
Puerto Rico
Hawaii
Virgin Islands
Full duty
Total
1935
1934
Area
Revised
Quota
Differ- Original
Quota
ence
Revised
Quota
Difference
1,901,752 1,866,482 -35,270 1,857,022 1,822,596 --34,426
1,015,186 1,005,602 -9,584 991,308 981,958 --9,350
802,842 807,312 +4,470 783,959 788,331 +4,372
916,550 948,264 +31,714 894,992 925,969 +30,977
6,179 --152
5,470
5,341
5,304 -166
25,228 +8.589
17,000
16.,639
25,836 +8,836
4,658,800 4,658,800
4.549,261 4,549,261
Exports of Refined Sugar From Cuban Quota Sugar in 1934
In explaining the nature of the Cuban re-export credit, sugar section
officials stated that the quota restrictions of the Jones-Costigan Act apply
only to sugars imported for domestic consumption and do not apply to
sugars imported for re-export purposes. On Dec. 18 1934 the Cuban 1934
quota for United States consumption was declared closed and all other
Cuban sugars then in the Continental United States were retained in customs
custody as well as all arrivals of Cuban sugars between Dec. 18 and Dec.31
1934. An investigation has since been completed of the refiners' records
of daily processings and exports to determine the amount of Cuban sugar
imported in 1934, under the quota for that year, which was subsequently
processed and re-exported. It has been found that out of total exports of
refined sugar from the United States in 1934 of 128,996 tons (raw value)
a quantity of 64,778 short tons of Cuban refined sugar (raw value) could
be identified and traced through the processing stage and the subsequent
re-export in refined form. The balance of the re-export sugar (64,218
•
Petroleum and Its Products-Little Chance of Federal'
Oil Legislation Seen in Current Congress-Representative Cole Fails to Force Vote on His Measure
-Oil Shortage Forecast by Oil Engineer-Texas
Proration Meeting Aug. 26
With the House Rules Committee failing to act on the
request of Representative Cole (D., Md.) for a special
resolution for House consideration of the pending oil legislation Thursday, there seemed little possibility that the
Cole measure would be passed during the current session
of Congress.
This impression was strengthened by quoted remarks of
Chairman O'Connor of the House Rules Committee, who
said, after hearing Representative Cole argue in support
of a rule for his oil bill, "this doesn't look as though it is
going to be reached this session," adding, "I hold no hope
for anything reported out to-day or to-morrow."
On the previous day, Representative Cole had evoked a
parliamentary move in an apparent effort to choke off the
growing support evident in the House for the Senateapproved Connally oil measure. Late Wednesday, he had
the Connally bill referred to the House Inter-State and
Foreign Commerce Committee, apparently in an effort to
strangle it in that Committee.
While the _Cole bill had a considerable advantage in being
on the House calendar with a favorable report from the
Interstate and Foreign Commerce Committee opposition
to its measures had been strengthening and a well-defined
'movement to support instead the Connally bill had gained
considerable momentum.
1192
Financial Chronicle
The Connally bill, considerably more simplified than the
Cole measure, consists of three sections with provision made
for ratification of the interstate oil compact for crude oil
.
production control, second, establishing the Connally hot
oil measure as a permanent law, and third, authorizing
the President and Tariff Commission to limit imports of
crude and refined products.
Representative Cole's measure provides for wider control
of the industry with the Federal Government taking a more
important part in exercising such control. In addition to the
first and third provisions of the Connally measure, it provides for an independent petroleum board of five members
to advise the State with respect to production and demand
needs, and also authorized the drafting of voluntary industrial pacts affecting production, refining and wholesale
marketing operations.
—
As the Congress drew close to adjournment time, set by
some quarters as Saturday night, it became increasingly
apparent that the only oil legislation that stood any chance
of enactment was the Conally measure. It was disclosed
that a movement to introduce a joint resolution ratifying
the Dallas inter-State oil compact as a way of breaking the
oil legislation deadlock before adjournment had gained some
support in the Senate and House.
The Senate, in passing the Guffey coal bill, tabled the
Bankhead amendment which provided for a M cent a gallon
tax on crude petroleum designed to act as a compensatory
tax to prevent cheaper oil taking the place of coal. In
sponsoring the amendment, Senator Bankhead argued that
under restrictions in the Guffey bill, oil would be in greater
demand and cheaper probably than coal.
Administrator Ickes in orders made public in Washington
on August 23 moved to tighten up sea movements of petroleum products out of Texas. He ordered that all vessels
transporting oil or its by-products from Texas and Louisiana
must file reports with his division of investigation. The
order was promulgated under authority of the Connally.
"hot oil" bill.
The American Chemical Society, holding their 90th meeting in San Francisco on Aug. 19, heard two eminent factors
predict that a serious shortage of petroleum and its chief
deriviative, gasoline, would develop in the United States
within the next 5 to 8 years.
• Such a shortage, the report prepared by Dr. Benjamin T.
Brooks, consulting chemical engineer of New York, and
L. C. Snider, geologist of Henry L. Doherty & Co., New
York, held, will inevitably bring higher prices, and a sharp
rise in imports of petroleum products from other companies.
The shortage will be experienced many years before the
United States supply is exhausted, the report contended.
In addition to lifting prices and imports, Dr. Brooks held
that the expected shortage will bring about a more general
use of small, low-powered motor cars.
"There is abundant evidence we may expect a shortage of
petroleum sufficient to necessitate a market increase in our
exports and a considerable increase in the petroleum price
structure within five to eight years," Dr. Brooks declared.
. "A shortage may develop within two or three years should
the consumption increase,' he continued, terming as "highly
misleading" the estimates that the United States had a potential "ten or twelve years" supply of petroleum and that
"no concern need be felt before the end of that period."
We shall need a new supply of considerable magnitude in
about five years, no matter whether our proved reserves are
equivalent to ten or fifteen year's supply, he stated. Following the period of rising prices and higher inports, Dr. Brook
forecast a period when substitutes, including shale oil and
. oil made from coal by hydro-generation, would begin to
appear.
"Manufacture of shale oil from the shale of Colorado,
Utah and Wyoming can hardly check the rise in petroleum
prices until the price of average crude has attained a level
two and a half to three times the present price, and then
only after the shortage has lasted several years," he said.
The Texas Railroad Commission probably will adopt
acreage per well as a necessary factor in establishing crude oil
allowables in the East Texas field in order to conform to the
recent ruling of the Federal Court in the Humble Oil and
Refining Co.
This was indicated when the Commission set Aug.26 as the
time for hearing of more testimony and legal arguments on
the question. The major companies have presented an organized front in support of the plan to make acreage the
basis of proration, it was pointed out.
The independents, however, contend that if this is done
they will be driven out of the oil undistrsy and that such an
order by the Commission will practically mean confiscation
of their properties. They have organized and plan to fight
the movement.
The Court ruling provided that one well on 10 acres would
be allowed to produce 10 times as much oil as one well on one
acre. The State Mineral Board which is administering
development of the State-owned bed of the Sabine River in
the East Texas field, upon which there are more than 300
wells, is strongly opposing the proposal to make acreage the
basis of proration.
Expansion of the membership of the Independent Petroleum
Dealers' Association of Texas—especially in the East Texas
Aug. 24 1935
field—was interpreted in oil circles as a potent aid to the
movement to curtail "hot" oil production inasmuch as the
Association in fighting against this situation.
Current "hot" oil production in the East Texas field is
estimated at widely varying totals, according to what trade
source you prefer, but the top of 45,000 barrels daily is
admitted to be a fairly close estimate. About 450,000 of
confiscated "hot" oil were scheduled to be sold at Longview
during the week.
Records made public by State officials show that sales of
confiscated "hot" oil at Longview since July 6 had totaled
599,350 barrels of oil, including approximately 478,150 of
crude, bringing in an aggregate of $118,159, or an average of
nearly 20 bents a barrel.
California again provided the main part of a sharp increase
in daily average crude oil production for the nation. Total
output for the week ended Aug. 17 was 51,800 barrels above
the previous week at 2,708,650 barrels, according to the
American Petroleum Institute.
The total compared with actual production of 2,518,700
barrels in the like 1934 week and estimated demand of 2,600,600 for August set by the Bureau of Mines. California output rose 18,700 barrels to the highest daily average in around
five years at 609,900 barrels. Texas, Oklahoma and Kansas
also showed substantial increases in production.
There were no crude oil price changes posted.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
$0.70
$1.05 Smackover, Ark., 24 and over
Bradford. Pa
1.00
1.15 Eldorado, Ark., 40
Lima (Ohio Oil Co.)
1.00
1.32 Rusk, Tex., 40 and over
Corning, Pa
87
1.12 Dant Creek
Illinois
1.02
1.13 Midland District, Mich
Western Kentucky
1.2
1.08 Sunburst, Mont
Mid-Cont., Okla., 40 and above
.81 Santa Fe aprIng4. Calif., 40 & over. 1.34
Hutchinson, Tex..40 and over
2.10
1.03 Huntington, Calif., 26
Spindletop, Tex., 40 and over
1.10
.75 Petrolia. Canada
Winkler, Tex
REFINED PRODUCTS—MAINTENANCE OF PEAS MOTOR FUEL
DEMAND PREDICTED—SEPTEMBER GASOLINE OUTPUT
SE I` AT 37.960.000 BARRELS—SCA L`TERED PRICE CHANGES
POSTED—FUEL OIL CUTS EXTENDED—MOTOR FUEL
sromrs OFF SHARPLY
Domestic gasoline demand during September was estimated at 39,250,000 barrels by the Bureau of Mines in a
report setting production of finished and unfinished gasoline
for next month at 37,960,000 barrels.
Trade publications were cited by the Bureau in support
of its prediction. Gasoline consumption, it pointed out the
trade papers reported, is now at record levels because of
generally favorable weather conditions.
"Barring unforeseen developments, consumption should
continue to exceed expectations in September since the
estimated domestic demand for that month has been raised
to 39,250,000 barrels," the Bureau stated.
June exports of motor fuel were 3,222,000 barrels, or more
than 50% above the most optimistic expectations, the
Bureau continued. The evidence points to an improvement
in foreign trade, therefore the forecast for September has
been raised to 1,950,000 barrels.
"Total stocks of finished and unfinished gasoline on
June 30 last, amounted to 59,507,000 barrels," it was continued. "It is too early to say as to whether the contemplated decline of 3,200,000 barrels of gasoline in storage for
August will be reached, but it is apparent that if the objective
of total stocks just over 51,000,000 barrels for Sept. 30 is
attained, withdrawals in September should be heavier than
first anticipated.
"The withdrawal for September has, accordingly, been
increased to 2,600,000 barrels. Deducting direct sales and
the stock withdrawals from total demand gives 37,950,000
barrels as the contemplated production of finished and
unfinished gasoline in September 1935. This total represents a daily average of 1,265,000 barrels, against an average
of 1,270,000 in August."
Use of natural gasoline at refineries normally increased
materially in September, therefore the estimate percentage
of natural gasoline has been increased to 6.6 from 5.9 in
in August, the report continued. Imports of crude oil,
including imports in bond, have not been as heavy as anticipated, therefore the Bureau has ordered a cut in probable
imports for September to 2,900,000 barrels.
"Withdrawals from crude oil stocks have fluctuated considerably, but the daily average for most of the recent weeks
has been close to 200,000 barrels. Normally deductions
from crude oil stocks in September are not as heavy as in
August, hence provision has been made for a daily average
withdrawal of 150,000 barrels in September.
"The addition of the forecast for exports, fuel and losses
to the refinery, demand for crude and a subtraction of the
stock withdrawal leaves 78,390,000 barrels, a daily average
of 2,613,000 barrels as the national production requirement
for August.
• "With consumption of gasoline during August at peak
seasonal levels, naturally there are little changes in retail
gasoline prices with the possible exception of certain areas
where local marketing conditions bring fluctuations in the
price structure.
During the past week, another flare-up of price cutting
in Buffalo was reported. Preliminary reports, however.
indicated that it was confined to independents and no general
Financial Chronicle
Volume 141
price slash was expected. Slightly better news was received
from the Twin Cities where conditions have improved.
A 1 cent increase was posted in retail levels at both Minneaapolis and St. Paul.
Throughout the general mid-west area, however, considerable irregularity persists in the retail gasoline price
picture. While the wholesale market is in excellent condition, the underlying tone of the retail market indicates
that there will be outbreaks of price cutting when the peak
of the seasonal gain in consumption is reached following the
Labor Day holiday and demand starts its normal decline.
,In California, where consistent weekly advances in the
daily average crude oil production totals have lifted the
figures to the highest levels since 1930, considerable irregularity is noted in certain sections. Whether or not this will
mean an out-and-out price war if crude output continues to
rise and surplus gasoline is dumped on the market remains to
be seen.
In the local market, the only price change of any importance was in the fuel oil division. During the week,
several companies widened their barge discount in New York
Harbor to 1i-cent for No. 1 and No.2 fuel oil, while that for
No.4 remains at 3i-cent. A few companies are still hollding
at the barge discount of %-cent for all three grades.
Standard Oil Co. of New Jersey on Aug. 17 widened the
base of the areas affected by the 10-cent a barrel reduction in
bunker C fuel oil to include points in Nova Scotia, Canada,
Mexico, Central America, Panama, and the West Indies.
The cuts were effective imixtediately.
Withdrawls of finished gasoline from storage during the
week ended Aug. 17 were 588,000 barrels, the total at the
week's end being 45,698,000 barrels, the American Petroleum
Institute reported. In the previous week, stocks showed a
1935 record drop of 1,971,000 barrels.
Reporting refineries showed a 0.2 point gain in their operating rate, lifting the daily average run of crude oil to stills
to 2,560,000 barrels, up 5,000 barrels on the week.
Representative price changes follow:
Gasoline, Service Station, Tax Included
$.193
Cincinnati
$.175
Minneapolis
.188
New Orleans
Cleveland
.175
.17
Philadelphia
Denver
20
.17
Detroit
Pittsburgh
167
175
San Francisco
205
Jacksonville
Houston
St. Louis
17
175
Los Angeles
.145
5.169
21
IS
19
.185
.172
Kerosene, 41-43 Water White, Tank Car. F.O.B. Refinery
New York
I North Texas.$.03%-.03q !New Orleans_$.034-.04
(Bayonne)
$043:05 I Los Angeles_ .0414-05 I Tulsa
.03)4.04
Oklahoma
Kansas
Week
Ended
Aug. 18
1934
496.350
139,250
505,950
145,100
517,250
134,550
51,100
56,400
25,950
149,700
46,950
435,250
39,700
57,200
55.600
57.300
25.850
152,000
48,000
442,500
40.400
57,250
61,600
59.800
27,100
153,200
53,550
411,300
47,350
59,8.50
147,200
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
504,650
142,500
57,700
56,900
25,800
150,050
47.450
436,750
39,600
57,800
512,000
148,000
142,950
144,300
129,450
1,024,400 1,019,250 1,005,200 1,023.200 1,003,200
Total Texas
North Louisiana
qoastal Louisiana
25,550
118,850
25,050
115,750
24,650
70,500
144.400
144,400
140,800
95.150
30,700
103,700
36,800
30,300
104.950
47,150
30,450
99,500
42,250
30.400
104.250
45,050
31,400
102.850
27,950
36,700
11,300
4,000
Wyoming
Montana
Colorado
27,100
117.300
130,000
Total Louisiana
Arkansas
Eastern (not incl. Mich.)._
Michigan
36,550
11,250
4,200
39.100
11,300
4.200
39,550
11,300
4,150
38,900
9,400
3,400
52,000
52,000
54,600
55,000
51,700
53,000
510,000
Total Rocky Mtn.States
New Mexico
California
53,550
609,900
53.650
591,200
53.800
580.100
47,050
507,600
Total United States.- 2,600.600 2,708.650 2.656.850 2.683,650 2.518,700
Note
-The figures indica ed above do not include any est mate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED AUG. 17 1935
(Figures in thousands of barrels of 42 gallons each)
Crude Runs Stocks a Stocks
Stocks
Daily Refining
of
of
b Stocks
of
to Stills
Capacity of Plants
FinGas
tinof
.
Daily P. C. (shed finished Other
and
P01enRepor ing
Fuel
fiat
Aver- Oper- Gaso- Gaso- Motor
Fuel
line
Oil
ated
line
Total P. C. age
Rate
District
East Coast__
Appalachian
Ind., Ill., Ky
Okla., Kan.
Missouri__
Inland Texas
Texas Gulf..
La. Gulf ____
No. La.
-Ark.
Rocky Mtn_
California...
NCO
M01.-00t—N
...cp.,. .M.00000,3
mi New York
z Brooklyn
Newark
Camden
Boston
Buffalo
Chicago
Actual Production
Average
Dept. of
4 IVeeks
Interior
Calcula- Week End Week End. Ended
Aug. 17
Aug. 10
Aug. 17
Huss
1935
1935
1935
(August)
1
Aug. 17
-Standard Oil Co. of New Jersey extended the 10-cent a barrel
cut in Grade 0 bunker fuel oil prices to include points in Nova Scotia,
Canada, Mexico, Central America, Panama, and the West Indies.
Aug. 17
-Standard Oil Co. of New Jersey increased the 3g-cent discount
for deliveries to barges, on No. 1 and No. 2 heating oil in New York only,
to 31-cent a gallon.
Aug. 19-A 1-cent a gallon advance in retail prices of gasoline was posted
in Minneapolis and St. Paul.
1193
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
612 100.0
146 94.8
424 95.9
490 80.1 14,746
107 73.3 2.101
369 87.0 8,537
900
288
701
25.5 12.879
125
851
50 5.265
384
160
595
163
72
60
789
290
98
536
109
44
47
470
4,615
1,090
4,532
1,074
278
624
8.101
621
204
1,814
262
42
115
907
670 4.865
1,635 1,670
235 11.388
.___
4,039
195
412
65
773
2,730 64.172
84.8
48.5
96.4
96.4
90.0
61.9
92.6
75.5
61.3
90.1
66.9
61.1
78.3
59.6
Totals week:
Aug.17 1935 3,806 3,405 89.5 2,56 75.2 d45.698 5,854 5,960 106,314
.
0
Aug.10 1935 3.806 3.405 89.5 2.555 75.0 c46,286 5,898 5,980 106.446
a Amount of unfinished gasoline contained in naphtha distillates. b Es imated;
includes unblended natural gasoline at refineries and plants; also blended motor
fuel at plants. c Includes 27,953,000 barrels at refineries and 18,333,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 26,861,000 barrels at refineries
and 18,837,000 barrels at bulk terminals, in transit and Moe lines-
Fuel 011, F.O.B. Refinery or Terminal
N. Y.(Bayonne)California 27 plus D
Bunker C
Diesel 28-30 D..
1 pmts.. bunker C..- 5.95
2.95
$1.15-1.25
1.651 New Orleans C.
.80
Gas 011, F.O.B. Refinery or Terminal
41. Y.(Bayonne),
I Chicago,ITulsa
27 plus_ _ __$.04 -.04( i 32-36 00....8.02%-.0251 I
$.0234-.02%
U. S. Gasoline,(Above 65 Octane), Tank Car Lots, F.O.B. Refinery
standard Oil N. J..-2.06% New York
$ 05%-.0515
Chicago
Socony-Vacuum__ .06K
Colonial-Beacm.2.0614 New Orleans .05%-.05K
Tide Water 011 Co__ .0614
Texas
.0614 Los Ang.,ex__ .04 li-.04 yi
Richfield Oil (Calif.) .0614
Gulf
.0614 Gulf ports_ .05K -.05Si
Warner-Quinlan Co- .0614
0534-.05%
Republic Oil
0614 Tulsa
Shell East'n Pet__ .0611
Not including 2% city sales tax.
•
Daily Average Crude Oil Output Gains 51,800 Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Aug. 17 1935 was 2,708,650 barrels. This was a gain of
51,800 barrels from the output of the previous week. The
current week's figure also remained above the 2,600,600
barrels calculated by the United States Department of the
Interior to be the total of the restrictions imposed by the
various oil producing States during August. Daily average
production for the four weeks ended Aug. 17 1935 is estimated
at 2,683,650 barrels. The daily average output for the week
ended Aug. 18 1934 totaled 2,518,700 barrels. Further
details as reported by the Institute follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Aug. 17 totaled 1,490,000 barrels,
.a daily average Of 212,857 barrels, compared with a daily average of 92,286
barrels for the week ended Aug. 10, and 155,321 barrels daily for the four
weeks ended Aug. 17.
Receipts of California oil at *
Atlantic and Gulf Coast ports for the week
ended Aug. 17 totaled 413.000 barrels, a daily average of 59,000 barrels
daily average of 21,607 barrels for the four weeks ended Aug. 17.
as against a
Reports received from refining companies owning 89.5% of the 3,806,000
barrel estimated daily powntial refining capacity of the United States,
indicate that 2,560,000 barrels of crude oil daily were run to the stills operated by those companies and that they had in storage at refineries at the
end of the week. 26,861.000 barrels of finished gasoline; 5.854.000 barrels
of unfinished gasoline and 106,314,000 barrels of gas and fuel oil. Gasoline
at bulk terminals,in transit and in pipe lines amounted to 18.837.000 barrels.
Cracked gasoline production by companies owning 95.9% of the potential charging capacity of all cracking units, averaged 579,000 barrels daily
during the week.
31,934,000 Barrels of Portland Cement Shipped During
First Six Months of 1935
According to figures released by the 'United States Bureau
of Mines shipments of Portland cement during the first six
months of 1935 totaled 31,934,000 barrels, the mill value of
which was estimated at $49,317,000. During the initial
six months of 1934 shipments totaling 35,163,000 barrels
had a mill value of $53,602,000. The Bureau's report
follows:
PORTLAND CEMENT SHIPPED FROM MILLS IN THE UNITED STATES
IN FIRST SIX MONTHS OF 1935, WITH ESTIMATED MILL VALUE
BY STATES AND DISTRICTS
No. of
Ship'ing
Plants
State
Alzbania
California
Illinois
Iowa
Kansas
Michigan
Missouri
New York
Ohio
Pennsylvania
Tennessee
Texas
Other States_ a
I
Total
District
East Penna., New Jersey and Maryland
New York and Maine
Ohio, West Pennsylvania and West Virginia
Michigan
Wisconsin, Illinois, Indiana and Kentucky
Virginia, Tenn., Ala., Georgia, Fla. and La_
East Missouri, Iowa, Minnesota dr So. Dakota
West Mo., Neb., Kansas, Okla. and Arkansas
Texas
Colorado, Montana, Utah, Wyoming dr Idaho
California
Oregon and Washington
Quentin(
Barrels
Estimated
Mill
Value
5
10
4
5
6
10
5
10
9
25
6
9
44
1,240,000
3,445,000
1,135.000
1,282,000
1,136,000
1,502,000
1,181,000
1,782,000
1,475,000
6,559,000
1,403,000
1,780,000
7,914,000
$1,665,000
5,151,000
1,623,000
2,173,000
1,768,000
2,180,000
1,764,000
2,832,000
2,186,000
9,908,000
2,131,000
3,092,000
12,844,000
148
31,934,000
549,317,000
22
11
18
10
11
17
6.201,000
1,905,000
2,812,000
1,502,000
3,051,000
3,713,000
2,919,000
2,799.000
1,780.000
862.000
3,445,000
945,000
59,418,000
3,044,000
4.164,000
2,180,000
4,470,000
5,547,000
4,487,000
4,370,000
3,092,000
1,579.000
5,151.000
1,815,000
ii
12
9
8
10
•9
Total
148
31,934,000
549.317,000
a Includes Arkansas, Colorado, Florida, Georgia, Idaho, Indiana, Kentucky,
Louisiana, Maine. Maryland, Minnesota. Montana, Nebraska, New Jersey,
Oklahoma, Oregon, South Dakota, Utah, Virginia, Washington, West Virginia,
Wisconsin and Wyoming.
Note
-The above table shows shipments of Portland cement from domestic mills
in the first six months of 1935 arranged by States so far as permissible, and by districts. The quantities are summarized from monthly reports of the producers received by the Bureau of Mines from all but one plant. The values (f.o.b, at the
mills) are based on estimates of the producers supplemented by estimates by the
Bureau of Mines for four plants for the first quarter of the year; for six plants to
Financial Chronicle
1194
the second quarter. They do not include the price of containers nor do they include
Cash discounts where allowed. The values may be higher for certain States where
some special cements have been reported by the producers in addition to the ordinary
structural cement.
Production of Portland Cement During July 1.5%
Under Same Month of 1934-Shipments off 1.1%
The monthly cement report issued by the Unitted States
Bureau of Mines states that the Portland cement industry
in July 1935, produced 8,021,000 barrels, shipped 7,813,000
barrels from the mills, and had in stock at the end of the
month 23,291,000 barrels. Production of Portland cement
in July 1935, showed a decrease of 1.5% and shipments a
decrease of 1.1% as compared with July 1934. Portland
cement stocks at mills were 6.6% higher than a year ago.
The mill value of the shipments-31,934,000 barrels-in
the first half of 1935, is estimated as $49,317,000.
According to the reports of producers the shipments totals
for the first half of 1935 include approximately 945,000 barrels
of high-early-strength Portland cement with an estimated
mill value of $1,812,000. In the following statement of relation of production to capacity the total output of finished
cement is compared with the estimated capacity of 162
plants at the close of July 1935, and of 163 plants at the close
of July 1934.
RATIO OF PRODUCTION TO CAPACITY
July
1934
The month
The 12 months ended ___
July
1935
June
1935
Mau
1935
April
1935
Mar.
1935
35.7%
26.9%
35.3%
27.7%
39.6%
27.7%
36.1%
27.7%
27.9%
27.9%
18.9%
28.0%
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN JULY 1934 AND 1935 (IN THOUSANDS
OF BARRELS)
1934
1934
1935
1935
1935
1934
.
NOMOCC.IWWt.OMM
4.;aaa.a4
P‘eWO
MOWNOV.N..,
4,280
1,679
3,128
1,674
2,511
1,426
2,851
1,554
628
426
1,282
413
1,610
722
996
558
930
529
787
640
321
217
759
75
_
1.468
577
917
595
656
740
905
687
470
277
843
86
1.673
640
813
515
1,042
598
847
492
288
195
653
142
1.347
519
801
535
1,052
724
900
619
387
183
589
157
8 144
Eastern Pa., N. J., and Md
New York and Maine
Ohio, western Pa., and W. Va
Michigan
Wis., Ill., Ind. and KY
Va.,Tenn.. Ala., Ga.,Fla.,.4 La_
Eastern Mo.. Is.. Minn.& S. Dak
W.Mo.,Neb.. Kan., Okla.& Ark.
Texas
Colo., Mont., Utah, Wyo.4: Ida_
California
Oregon and Washington
Total
Stocks at End
of Month
July
Shipments
July
Produaion
District
8.021
7.8118
7.813 21.852 23,291
PRODUCTION, SHIPMENTS. AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1934 AND 1935 (IN THOUSANDS OF
BARRELS)
Shipments
Production
Month
1935
1934
Stocks at End of
Month
1935
1934
1934
1935
January
February
March
April
May
June
July
August
September
October
November
December
3,779
4.168
5,257
6,544
8,554
8,813
8,144
7.842
7,680
6,675
5,779
4,447
3,202
3,053
4,299
6,136
8,222
88,725
8,021
__
......
------ -
3,778
2,952
4,618
6,492
8,784
8,541
7,898
8,249
7,388
8,4311
5,674
3,104
2,846
2,952
4,878
6,198
7.428
27,632
7,813
____
__
--____
____
19,547
20,762
21,422
21.557
21,301
21,600
21,852
21,424
21,734
19,972
20,078
21,460
21,847
21,899
21,289
21,219
21.991
a23,083
23,291
Total
77,682
-
75,917
- -- -
----
-___
-------
a Revised.
-The statist cs given-above are compiled from reports for July received by
Note
the Bureau of Mines from all manufacturing plants except one.
Aug. 24 1935
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
(IN THOUSANDS OF NET TONS)
(The current weekly estimates are based on railroad carloadings and river shipments and are subject to revision on receipt of monthly tonnage reports from district and State sources or of final annual returns from the operators.)
Week Ended
State
Aug.3 July 27 July 20 Aug.4 Aug.5
1935 p 1935 to 1935 p 1934 r 1933 r
July
Aug.3 Average
1929 1923 t
2
148
39
66
1
448
169
26
78
511
87
24
1
40
23
12
241
1,460
68
14
25
158
20
1,207
342
67
•
2
166
34
70
1
522
213
33
85
534
97
27
2
38
19
11
300
1,803
66
13
35
171
20
1,479
478
64
*
2
142
21
61
1
471
169
38
80
500
82
23
5
32
19
12
266
1,568
54
14
28
160
16
1,259
372
77
•
3
163
42
55
1
599
209
45
68
538
108
24
3
35
20
18
345
1,485
65
15
33
138
23
1,300
387
61
1
s
221
50
69
a
590
221
39
87
661
150
38
5
33
23
s14
487
1,305
105
17
34
215
21
1,785
620
64
s2
s
335
88
129
s
925
296
58
104
843
204
44
15
49
40
.12
434
2,630
98
23
67
222
33
1,967
687
91
s2
Total bituminous
Pennsylvania anthracite e
5,335
839
6,283
838
5,472
724
5,784
883
6,858
886
9,396 11,208
1,243 1,950
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Week Ended
Aug. 10
1935 c
Aug.3
1935 d
Aug. 11
1934
Calendar Year to Date
1935
1934
1929
Bitum. coal: a
Tot.for peed 4,918,000 5,335,000 5,772,000 218,080,000 214,946,000 313,168,000
Daily aver__ 820,000 889,000 . 962,000 1,163,000 1,145,000 1,162,000
Pa.anthra.:b
. Tot,for per'd 433.000 839,000 693,000 32,825,000 37,190,000 41,886,000
199,400
176.000
224,600
72,200 139,800 115,500
Daily aver__
Beehive coke:
656,800 4,210,000
528,900
11,300
11,100
8,700
Tot.for peed
2,784
3,457
22.159
1,883
1,450
1,850
Daily aver__
a Includes lignite, coal made into coke, local sales and colliery fuel. b Includes
County, washery and dredge coal, local sales and colliery fuel. c Subject
Sullivan
to revision. d Revised. e Adjusted to make comparable the number of working
days in the several years.
389
74
165
8
1,268
451
87
134
235
202
42
17
41
52
s14
854
3,680
113
23
87
239
37
1,519
866
115
84
6,174 7,121 6,196 6,667 7,742 10,6311 13.158
Grand Total
a Coal taken from under the Kentucky mounts us through openings in Virginia
Is credited to Virginia, in the current reports for 1935, and the figures are therefore
not directly comparable with former years. b Inc udes operations on the N. & W.
B. C. dc G., and on the B. & 0. In Kanawha, Mason
C. Sc O.; Virginian; K. dc
M.•.
and Clay Counties. c Rest of State, including Panhandle District and Grant.
Mineral, and Tucker counties. d Includes Arizona, California, Idaho, Nevada and
Oregon. e Includes Sullivan County, washery and dredge coal, local sales, colliery
fuel, and coal shipped by truck from established operations. Does not include an
unknown amount of "bootleg" production. f Average weekly rate for the entire
month. p Preliminary. r Revised. a Alaska, Georgia, North Carolina and South
Dakota included with "other Western States."
•Less than 1,000 tons.
Increase in Production and Consumption of Tin During First Half of Year as Compared with Year Ago
Reported by International Tin Research and Development Council
According to the August issue of the "Bulletin" of the
International Tin Research and Development Council, published by The Hague Statistical Office, the world production
and the apparent world consumption of tin in the first half
of 1935 were higher than in the first six months of 1934. In
summarizing the "Bulletin" an announcement issued Aug.21
by the New York office of the Council said:
The world production of tin in the first half of 1935 was 51,071 long tons,
compared with 50,753 tons in the first half of 1934. Of this year's output
40,306 tons or 79% were produced by Malaya, Bolivia, Netherlands East
Indies, Nigeria and Siam, while 4,582 tons or 9% were produced by the
Belgian Congo,French Indo China, Cornwall and Portugal. British Malaya
alone produced approximately 30% of this year's output of tin.
Increase in Tin Consumption
The apparent world consumption of tin in the first half of 1935 increased
by over 14% to 67,450 tons, compared with 58,959 tons in the first half of
1934. It is estimated that 27,800 tons of tin were used this year in tinplate manufacture, against 25,400 tons last year; and 9,100 tons in the
motor industry, against 7,560 tons.
The following table gives the consumption of the principal countries for
the 12 months' period ended June 1935 in comparison with the figures for
the previous 12 months:
Year Ended June
Production of Coal During Latest Week Declines
The weekly coal report of the U. S. Bureau of Mines
states that the total production of bituminous coal during the
week ended Aug. 10 is estimated at 4,918,000 net tons.
Compared with the output in the preceding week, this shows
a decrease of 417,000 tons, or 7.8%. Production in the
corresponding week of 1934 amounted to 5,772,000 tons.
Anthracite pwduction in Pennsylvania during the week
ended Aug. 10 dropped to 433,000 net tons, a decrease of
48.4% when compared with the preceding week. Production
during the corresponding week in 1934 amounted to 693,000
tons.
During the calendar year to Aug. 10 1935 a total of 218,080,000 net tons of bituminous coal and 32,825,000 net
tons of Pennsylvania anthracite were produced. This compares with 214,946,000 tons of soft coal and 37,190,000
tons of hard coal produced in the same period of 1934. The
Bureau's statement follows:
s
Alaska
Alabama
Arkansas and Oklahoma_
Colorado
Georgia & North Carolina
Illinois
Indiana
Iowa
Kansas and Missouri..,..
Kentucky-Eastern_ a
Western
Maryland
Michigan
Montana
New Mexico
North and South Dakota
Ohio
Pennsylvania bituminous
Tennessee
Texas
Utah
Virginia
Washington
W.Va.--Southern_b
Northern_c
Wyoming
Other Western States_d_
1935
Tons
51,576
21,341
9,970
8,436
6,315
4,700
3,752
2,300
1,859
15,923
United States
United Kingdom
Germany
France
U. S. S. R
Italy
Japan
British India
Canada
Other countries
Apparent world consumption
A ppro xi mateworld consumption in mantdacture
Approximate depletion of consumers'stocks...
1034
Tons
55,934
20,451
11,128
9,559
4,972
3,969
3,527
1,990
1,569
14,957
126,172
131,500
5,300
128,056
137,900
9.850
Percentage
Increase or
Decrease
-7.8
+4.4
-10.4
---11.7
+27.0
+18.4
+6.4
+15.6
+18.5
+6.5
-1.5
-4.6
Russian Consumption at Record Level
The tin consumption of the U. S. S. R. in the year ended June 1935 at
6.315 tons is the highest recorded for that country and represents an increase
of 27% over the previous year. Important increases are recorded also for
Italy, 18.4%; India, 15.6%; Canada, 18.5%; Sweden, 16.2%, and Holland, 23.4%.
•
Tin Consumption an Indicator of Trade Recovery
The consumption in the following countries has already exceeded the
level reached in 1929. Russia's present consumption being greater by 27%.
consumption in Egypt by 20%, South Africa 20%, Norway 9%, Sweden
8%, Holland 7%, Greece 5% and Denmark 43%,
Consuming Industries
The world output of tinplate in the first half of 1935 was 1,744,000 tons.
against 1,580,000 tons in the corresponding period of 1934 In the same
two periods the figures of world automobile production are given as 2,893,000
vehicles and 2,246,951 vehicles, respectively. This year's output of tinplate shows an increase of.0.4% and motor vehicle production has increased
by 28.7%.
World Stocks of Tin
The visible stocks of tin at the end of July 1935 are reported as 15.548
tons, an increase of 247 tons during the month. The stocks amount to
approximately 12% of the current annual rate of consumption. In the
Volume 141 "
Financial Chronicle
month of June 1935. 11,100 tons of tin were used in manufacture, against
12,000 tons in May 1935 and 11,500 tons in June 1934. The world's apparent consumption in June 1935 was 11,013 tons, compared with 10,028
tons in June 1934; in the United States. 4,756 tons, against 4,140 tons; in
the United Kingdom, 1,623 tons, against 1,497 tons; and in other countries, 4,634 tons, against 4,391 tons.
Raised One-Half Cent on Heavy Purchases
-Lead and Zinc Higher
Acting on the assumption that business will improve considerably in the last quarter of the year, and realizing that
production of major non-ferrous metals is being held in check,
buyers entered the market last week for large tonnages,
according to "Metal & Mineral Markets," of Aug. 22. In
copper, the buying achieved huge proportions, and the price
was advanced one-half cent, establishing the market at 834c.,
Valley. Sales of both lead and zinc were above the average
in volume, with consumers not quite so optimistic over the
outlook as in the copper industry. Tin regained some
ground lost in recent weeks, with a possibility that the war
talk in Europe may have had some influence on the views of
sellers. Silver was quotably unchanged in the world market
so far as spot material was concerned, but futures were unsettled. Refined platinum was advanced $3 per ounce by
the leading interest. "Metal & Mineral Markets" further
quoted:
Copper Price
Buying Wave in Copper
Domestic sales of copper during the last week were very heavy, amounting
to more than 95.000 tons. Of this total, about 69,000 tons sold on Monday,
Aug. 19. Domestic sales in the period beginning Aug. 1 and ended Aug.20.
according to the U. S. Copper Association, total 108.936 tons.
Late on Aug. 19 several lots sold at 83c., but the quantity sold at the
higher level was insufficient to influence our quotation for that day. On
the following day, however, all sellers moved up to 83.c.
Fabricators have been following the market closely ever since the heavy
business of last July came very near raising the price level. It was understood that another period of active business would move the price upward,
and, in their anxiety to load up with copper before the higher level became a
fact, the buying movement got golin. a little ahead of time. Last Thursday
(Aug. 15), Inquiry improved considerably. On Friday about 16,000 tom
of copper were sold.
The advance In the domestic price served to greatly strengthen the market
abroad. The European quotation scored a net gain for the week of 35
points. Demand improved markedly, compared with recent weeks.
Brass business improved as the news of an impending rise in prices got
abroad, and one of the leading factors described sales as "excellent." Effective Aug. 20, quotations for brass were advanced from three-eighths to onehalf cent per pound. Copper products advanced one-half cent.
The July statistics of the Copper Institute, circulated privately among the
members of that organization, made a favorable showing in that stocks decreased by about 10,000 tons. Mine output held at close to the June rate,
indicating that nothing has occurred to disturb the market from the production ankle. Apparent consumption of copper in the United States was
larger than anticipated.
An unofficial summary of the copper statistics, in short tons,
follows:
Production:
June
July Shipments, refined:
June
July
U S. mine
25,000 26.000
36,000 45,000
United States
U. S.scrap
9,000 11.000 Foreign
85,000 89.800
Foreign mine
70,300 67,800
Foreign scrap
7,400
9,500
Totals
121,000 134,800
Stocks, refined:
Totals
111,700 114,300
273,300 263,300
United States
Foreign
308.200 308,000
Totals
581,500 571,300
World production of refined copper during July amounted to 124,500 tons.
against 120,700 tons a month previous. United States production of refined
last month amounted to 38,500 tons.
Lead Advanced to 4.30c.
The activity in other metals, particularly copper, was a factor in stimulating buying Interest in lead. Demand improved sufficiently to bring
about two 5
-point advances in the quotation, establishing the market at
4.30c.. New York. and 4.15c., St. Louis. Sales for the week
were well
above the average for a seven-day period, amounting to close to 8.000 tons.
Inquiry was good up to the close, and, with consumers not much more than
50% covered against their September requirements, producers look
for business to continue at a healthy rate. Leaders on the buying side during
the
week were battery makers and miscellaneous consumers. Pigment
makers
were not so conspicuously in the market, though business in that
field is
still active.
St. Joseph Lead Co. continued to sell its own brands in the
East at a premium, even at current higher levels.
The contract settling basis of the American Smelting & Refining
Co. was
established at 4.25c., New York, on
Aug. 20, and at 4.30c.. New York,
Aug. 21.
Zinc Price Up 10 Points
Demand for zinc revived last week, sales totaling around
8.000 tons.
With the concentrate market strong, and producers determined
to obtain a
fair price for the metal, no time was lost in raising the quotation
to 4.60c.,
St. Louis, a net gain of 10 points. Galvan.zers are do.ng well,
according to
reports from Pittsburgh and other galvanizing centers,
and consumption
of zinc is said to be increasing. Though most sellers advanced
to 4.60c. on
Aug. 19, quite a large tonnage was moved at 4.50c. on that day.
Good Demand for Tin
During the last week demand for tin was quite active
In the United States.
with fair buying abroad. The spot price increased
almost 3c. per pound
during the period under review.
Chinese tin. 99%, was quoted nominally as follows:
Aug. 15, 47.25c.:
Aug. 16. 47.75c.; Aug. 17, 48.25c.; Aug. 19. 49.125c.;
Aug. 20, 49.700c.;
Aug. 21. 50.00c.
Steel Rate Reaches 603.%
-Scrap at High of the Year
The "Iron Age" of Aug. 22 stated that steel works operations and scrap prices continue to rise in one of the most
unexpected upward swings in the history of the trade. Ingot output has advanced one and one-half points to
in its Eeventh consecutive weekly increase. Scrap 50Y%
prices,
1195
as measured by the "Iron Age"composite for heavy melting
steel, have risen from $12.08 to $12.50 per gross ton, the
highest level since the third week in April 1934. The "Age"
further said: •
The recent gains in steel mill operations have been made in the face of
reduced demands from the automobile industry and of tapering tin plate
mill operations, previously the two outstanding supports of ingot output.
Tin plate production has slumped from 85 to 78% of capacity and in in
line for further seasonal curtailment. Releases from the automotive industry, influenced by between-model suspensions, have dropped sharply
in certain centers, notably the Cleveland-Lorain district a here ingot output has fallen from 50 to 43%, but are beginning to show sighs of improvement elsewhere.
Awards of steel for construction still lag behind those of a year ago, and
railroad buying remains below 1934 levels.
The explanation for the sustained advance in steel production. therefor
lies among the minor and less conspicuous outlets which, for want of a
better term, have been labeled "miscellaneous." Part of the gain in unclassified business is directly traceable to improved farmer buying. Demand for galvanized sheets for roofing is the best that some mills have
ever experienced. Wire products are moving to agricultural areas for fall
consumption earlier than is usually the case. Farm equipment and tractor plants continue to operate at a high rate, the former with hardly a
break for the transition from fall to spring manufacturing programs.
But a flourishing miscellaneous demand is not confined to agricultural
areas. In industrial centers, likewise, orders which are small in size but
imposing in the aggregate are on the increase, apparently representing
an accumulation of deferred replacements necessitated by the wear and
tear of the depression years.
The impressive showing of miscellaneous bookings is causing the steel
industry to revise its views on the extent of the recovery, when It comes.
If unclassified demand can play such an important part in supporting a
50% operation, what has been regarded as excess capacity should rapidly
shrink with the reappearance of normal business from the heavy industries.
Buying remains mainly on a short-term basis, although here and there
indications of less conservative ordering are to be noted. A number of
the automobile makers have bought rather liberally, though releases for
rolling against these commitments must await thp rebound in motor car
production. Ford's recent purchases are now estimated at close to 100,000 tons.
While the iron and steel consuming trade is apparently not apprehensive
of price advances, the uninterrupted advances in steel works operations
and scrap prices, together with the possibilties inherent in the ItalianEthiopian war scare, have unquestionably given the entire market a steadier tone. Italy has been a heavy importer of American scrap for several
years. but at present is buying less material than usual because of difficulties in financing orders. But presumably both belligerents, in the
event of war, will find ways of obtaining the wherewithal for purchases of
needed materials. It is probably significant that copper sales in this
country soared to 69.000 tons on Monday (Aug. 19). the export price
passed the domestic level, and American prices were lifted Mc. a lb. to
8Mc.. Connecticut Valley. Rising orders from munitions makers account
for the growing strength of the market abroad.
Price changes thus far announced by steel producers are mainly revisions
of extra cards designed to improve marketing practices. A change in the
method of quoting wire nails, barbed wire and related wire products is
intended to eliminate difficulties that had previously arisen in determining
who was a "qualified" jobber. Heretofore qualified jobbers were granted
a discount of 20c. per 100 lbs. Under the revision, quantity alone determines prices. On this basis, prices have been reduced $4 a ton to the general
trade and remain unchanged to jobbers. The revision will go into effect
about Oct. 1.
Changes In carbon extras on plates and sheets, effective Aug. 16 include reductions for narrower material in the case of plates, for heavier
gages in the case of hot-rolled and hot
-rolled annealed sheets, and for both
light and heavier gages in the case of cold-rolled sheets. Commodity gage
extras for crown fender steel and lamp stock have been replaced by deductions. New quantity extras in galvanized and painted formed roofing
have been announced.
Fabricated structural steel awards of 23,355 tons compare with 15.920
tons last week. Pacific Gas & Electric Co. has placed a 45
-mile 22
-in.
diameter gas line, requiring 8.600 tons of steel, with the Western Pipe &
Steel Co.
The "Iron Age" composite prices for finished steel and pig iron are unchanged at 2.124c. a lb. and $17.84 a ton respectively.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Aug. 20 1935, 2.124e. a Lb
IBased on steel bars, beams, tank plates
One week ago
2.124o. wire, rails, black pipe. sheets and ho
One month ago
2.124e.1 rolled strips. These products make
One year ago
2.124e. 85% of the United States output.
flies
Low
1935
2 1240. Jan. 8
2.1240. Jan, 8
1934
2.199c, Apr. 24
2.0080. Jan, 2
1933
2.0150, Oct. 3
1.8670. Apr. 18
1932
1 9770. Oct. 4
1.926c. Feb. 2
1931
2.0370. Jan. 13
1.9450. Dec. 29
1930
2.2730. Jan. 7
2 018e. Dee. 9
1929
2.317c. Apr. 2
2 2730. Oct. 29
1928
2.2850. Dec. 11
2.2170. July 17
1927
2.4020. Jan. 4
2.212e. Nov. 1
Pit Iron
Aug. 20 1935. $17.84 a Gross Ton
Based on average of basic iron at Valley
One week ago
$17.84 furnace and foundry irons at Chicago,
One month ago
17.84 Philadelphia, Buffalo. Valley and
One year ago
17.90 Birmingham,
High
Low
1935
$17.90 Jan. 8
$17.83 May 14
1934
17.90 May 1
16.90 Jan. 27
1933
16.90 Dec. 5
13.58 Jan. 3
1932
14.81 Jan. 5
13 56 Dec. 6
1931
15.90 Jan, 6
14 79 Dec. 15
1930
18.21 Jan, 7
1500 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap
Aug. 20 1935. $12.50 a Gross Ton
Based on No. 1 heavy melting steel
One week ago
$12.08 quotations at Pittsburgh, Philadelphia
One month ago
10.83 and Chicago.
One -ear ago
10.17
High
Low
1935
112.50 Aug. 20
810 33 Apr. 23
1934
1300 Mar, 13
9.50 Sept. 25
1933
12.25 Aug. 8
6.75 Jan. 3
1932
8.50 Jan, 12
6.43 July 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov. 22
•
The American Iron and Steel Institute on Aug. 19 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 48.8%
of the capacity for the current week, compared with 48.1%
last week, 42.2% one month ago and 21.3% one year ago.
This represents an increase of 0.7 point, or 1.5%, over the
estimate for the week of Aug. 12. Weekly indicated rates
of. steel operations since July 16 1934 follow:
1934
July 16
July 23
July 80
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 4
Sept. 10
Sept.17
Sept.24
.
Oat. 1
Oct. 8
Oct. 15
Oct. 22
Aug. 24 1935
Financial Chronicle
1196
28.8%
27.7%
26.1%
25.8%
22.3%
21.3%
19.1%
18.4%
20.9%
22.3%
24.2%
23.2%
23.6%
22.8%
23.9%
1934
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov.26
Dec. 3
Dee. 10
Dec. 17
Dee. 24
Dec. 31
1935
Jan 7
Jan. 14
Jan. 21
Jan. 28
1935
25.0% Feb. 4
28.3% Feb. 11
27.3% Feb. 18
27.6% Feb. 25
28.1% Mar. 4
28.8% Mar. 11
32.7% Mar. 18
34.6% Mar. 25
35.2% Apr. 1
39.2% Apr. 8
Apr. 15
43.4% Apr. 22
47.5% Apr. 29
49.5% May 6
52.5% May 13
52.8%
50.8%
49.1%
47.9%
48.2%
47.1%
46.8%
46.1%
44.4%
43.8%
44.0%
44.6%
43.1%
42.2%
43.4%
1935
May 20
,
May 2
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29Aug. 5
Aug. 12
Aug. 19
42.8%
42.3%
39.5%
39.0%
38.3%
.
sEs.8%
35.3%
39.9%
_44.0%
46.0%
48.1%
48.8%
"Steel" of Cleveland, in its summary of the iron and steel
markets on Aug. 19, stated:
Continuing to respond to increasing demands, steelworks operations last
week advanced for the sixth consecutive week, the rate moving up 3 points
to 61%.
This was the first time steelworks operations crossed the 50% line
since the week of Feb. 16, when the rate was 53%.
Chicago, where a leveling-off in operatings had been anticipated, experienced a fresh wave of buying, with the result operations in that district
rose 4 points to 57%. Pittsburgh, which had been holding at 41% for
several weeks, advanced 1 more point to 42%. Youngstown was up 4
points to 55; Wheeling, 5 to 84; Detroit, 6 to 94; eastern Pennsylvania,
2
/
1 to 321; New Englanti, 11 to 56. Cleveland declined 8 points to 59;
%.
2
/
Buffalo, 3 to 23, while Birmingham held at 351
One of the underlying reasons for this unusual bulge in August steelworks operations is the heavy specifications from automobile manufacturers,
with instructions to roll the material and hold it ready for release as
soon as needed for new models. About 25% of fresh orders from the
Industry last week were for immediate shipment. Automobile production
in the week increased to 58,386 from 48,067 in the preceding week.
Automobile manufacturers are trying to take full advantage of the present
strong retail demand for cars, while making every effort to bring out new
models while the weather still is favorable to sales. For this reason the
transition is expected to be considerably shorter than usual.
Miscellaneous requirements have broadened the base of steel buying, while
buoyant reports come from important consuming industries. Implement
makers have started the fall season five to six weeks ahead of the customary
period. Machine tool builders have the largest volume of orders since 1929,
and many report a larger volume of sales than in that year. Die and pattern
shops are working at capacity, as work of retooling and re-equipping industrial giants prorresses.
Larger heavy finished steel tonnages were placed, including 12,000 tons
of structural shapes and 3,500 tons of reinforcing bars for the department
of the interior building, Washington. Structural shape awards for the
week totaled 22,150 tons, a slight increase. About 12,000 tons of shapes
and bars are scheduled for distribution this week for two tankers ordered
by the Gulf Refining Co., Pittsburgh.
Seaboard Air Line has purchased 12,000 tons of rails, and 6,000 tons of
rails and fastenings have been awarded for relocating Wheeling dc Lake Erie
railroad tracks in the Muskingum, Ohio, conservancy district.
As the time approaches for opening books for fourth quarter, the whole
steel price structure is under scrutiny by producers, and new sets of extras
are being formulated to apply on many products. Effective Aug. 20, forging
billets have been advanced $3 a gross ton, the base sizes raised, extras
applied, and the former base size of 4x4 inches put on a steel bar card,
which with recent size extras in bars brings the price of 4x4-inch to $41
per net ton, compared with the former $32 per gross ton.
A new system is being inaugurated in pricing merchant wire according
to quantity extras, to separate legitimate jobbers from 2,600 so-called
distributors.
It is considered significant that in making these adjustments producers
have not filed prices with the American Iron and Steel Institute, as under
the code, nor have they waited for the time prescribed in the code for
putting quarterly prices in effect.
Raw material prices are strong on a broad and active demand. Further
advances in scrap, though less spectacular than in recent weeks, put
"Steel's" scrap price composite up 80. to $11.98, highest since the last
week of January.
Five more blast furnaces have been blown in this month, most of these
being steelworks stacks, and two of them on ferroalloys. Merchant pig
iron shipments are increasing and specifications indicate additional gains
for the remainder of this month.
Lake Superior iron ore producers are revising earlier estimates of shipments this year, now expecting 27,000,000 tons this year, 23% more
than in 1934.
"Steel's" iron and steel price composite is up 4c. to $32.88, on the
advance in scrap, while the finished steel index remains $54.
Steel ingot production for the week ended Aug. 19 is
placed at 49% of capacity in the compilation by Dow Jones.
This compares with 47% in the previous week and 46%
two weeks ago.
U. S. Steel is estimated at 41%, against 40% in the week before and
2
/
401% two weeks ago. Independents are credited with 55%, compared
2
/
1%
/
with 522 In the preceding week and 501% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years. together with the
approximate change, in points, from the week immediate y preceding:
U. S. Steel
Industry
1935
1934
1933
1932
1931
1930
1929
1928
192:
49
223
82
1434
33
543i
90
7.5
66
+2
-334
-3
+ 34
+1
-134
-3
41
22
49
1334
35
62
95
78
6855
+1
-3
-2
+ 34
+1
- 31
-2
-2
- ti
Independents
55
2234
53
15
31
49
8631
71
63
+23.1
-4
-5
+1
-2
-334
+1
Current Events and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Aug. 21, as reported by
the Federal Reserve banks, was $2,477,000,000, an increase
of $1,000,000 compared with the preceding week and of $13,000,000 compared with the corresponding week in 1934.
After noting these facts, the Federal Reserve Board proceeds
as follows:
Increase (+) or Decrease (-1
Since
Aug. 21 1935 Aug. 14 1935 Aug. 22 1934
$
-13,000,000
7,000,000 +1,000,000
Bills discounted
5,000,000
Bills bought
2,430,000,000
Government securities
U. B.
Industrial advances (not Including
+29,000,000
-Aug.21) 29,000,000
25,000,000 commitments
-3.000,000
-3,000,000 -10,000,000
Other Reserve bank credit
+11,000.000
2,468,000,000 -9,000,000
Total Reserve bank credit
9 189,000,000 +5.000,000 +1,206,000,000
Monetary gold stock
+31,000,000
Treasury and National bank currency2,421,000,000 -16,000,000
On Aug. 21 total Reserve bank credit amounted to 32.468,000,000, a
decrease of 39,000,000 for the week. This decrease corresponds with decreases of 353,000.000 in Treasury cash and deposits with Federal Reserve
banks and $20,000,000 in non-member deposits and other Federal Reserve
accounts and an increase of $5.000.000 in monetary gold stock, offset in
part by Increases of 337,000.000 in member bank reserve balances and
$16.000,000 in money in circulation and a decrease of $16,000,000 in Treasury and national bank currency. Member bank reserve balances on Aug. 21
were estimated to be approximately 32,680,000,000 in excess of legal
requirements.
Relatively small changes were reported in holdings of discounted and
purchased bills and in industrial advances. An increase of $4,000,000 in
holdings of United States Treasury notes was offset by a decrease of 34,000,000 in holdings of Treasury bills.
5,574,000,000
Money In circulation
5 291,000,000
Member bank reserve balances
cash and deposits with FedTreasury
2 722,000,000
eral Reserve banks
Non-member deposits and other Fed490,000,000
accounts
eral Reserve
Beginning with the week ended Oct. 31 1934, the Secretary of the Treasury made payments to three Federal Reserve
banks in accordance with the provisions of Treasury regulation issued pursuant to sub-section (3) of Section 13-B of
the Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)," to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended Aug. 21, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 1228 and 1229.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Aug. 21 1935, were as follows:
•
+16,000,000 +227,000,000
+37,000,000 +1,219.000,000
-53,000,000
-250,000.000
-20,000,000
+51,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans
•
'Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance of
full statements of the member banks, which latter will not
be available until the coming Monday. The New York
City statement formerly included the brokers' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned for
"account of out-of-town banks," as well as the amount
loaned "for account of others." On Oct. 24 1934 the statement was revised to show separately loans to brokers and
dealers in New York and outside New York, loans on securities to others, acceptances and commercial paper, loans on
real estate, and obligations fully guaranteed both as to principal and interest by the United States Government. This
new style, however, now shows only the loans to brokers and
dealers for their own account in New York and outside of
New York, it no longer being possible to get the amount
loaned to brokers and dealers "for account of out-of-town
banks" or "for the account of others," these last two items
now being included in the loans on securities to others. The
total of these brokers' loans made by the reporting member
banks in New York City "for own account," including the
Financial Chronicle
Volume 141
amount loaned outside of New York City, stood at $871,000,000 on Aug. 22 1935, a decrease of $2,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Aug. 21 1935 Aug. 14 1935 Aug. 22 1934
Loans andi nvestments—total
7,558,000.000 7.519,000,000 7,105,000,000
Loans on securities—total
1 609.000,000 1,609,000,000 1.503,000,000
814,000,000
57,000,000
738,000,000
Accepts, and commercial Paper bought
Loans on real estate
Other loans
817,000,000
56,000,000
736,000,000
602.000,000
55,000,090
846,000,000
129,000,000 128,000,000
122,000,000 122,000,000 1,516.000,000
1,196,000,000 1,161,000.000
U.S. Government direct obligations_ _3,089,000.000 3,106,000,000 2,883,000,000
Obligations fully guaranteed by United
States Government
355,000,000 358,000,00011,203,000,000
Other securities
1,058,000.000 1,035.000.000j
Reserve with Federal Reserve Bank__ _2,276,000,000 2,223,000,000 1,451,000,000
Cash in vault
45,000,000
42,000,000
37,000.000
Net demand deposits
Time deposits
Government deposits
7,823,000,000 7,750,000,000 6,217,000,000
606,000,000 605,000,000 664.000,000
250,000,000 249,000,000 675,000,000
Due from banks
Due to banks
94,000,000
97,000,000
64.000,000
2,036,000,000 2,007,000,000 1,554.000.000
Borrowings from Federal Reserve Bank_
Loans on investments—total
Chicago
1 742,000,000 1,725,000,000 1,470,000,000
Loans on securities—total
191,000,000
192,000,000
263,000,000
To brokers and dealers:
In New York
Outside New York
To others
1,000,000
27,000,000
163,000,000
1,000,000
28,000,000
163,000,000
20,000,000
35,000,000
208,000,000
21,000.000
15,000,000
243,000,000
22,000,000j
15,000,000j 318,000,000
238,000,0001
Accepts. and commercial paper bought
Loans on real estate
Other loans
U.S. Government direct obligations__ 917,000.000
Obligations fully guaranteed by United
States Government
82,000,000
Other securities
273,000,000
910,000,000
Reserve with Federal Reserve Bank._.. 493,000,000
Cash in vault
35,000,000
494,000,000
36.000,000
Net demand deposits
Time deposits
Government deposits
587,000.000
82,000,0001 302,000,000
266,000,0001
507,000,000
35,000.000
1,711,000,000 1,670,000,000 1,414,000,000
387,000,000 415,000,000 370,000,000
29,000,000
29,900,000
41,000,000
Due from banks
Due to banks
211,000,000
509,000,000
217,000.000
511,000,000
162,000,000
420,000.000
Borrowings from Federal Reserve Bank_
Due from banks
Due to banks
15,661,000,000
4,426,000,000
520,000,000
1,894,000,000
4,543,000,000
+206,000,000 +2,834,000,000
—79,000,000
+6,000,000
+4,000,000 —735.000,000
+62,000,000
+57,000,000
+311,000,000
+722,000,000
—5,000,000
Canadian Commodity Exchange to Trade in Produce—
Membership of Board of Governors Increased from
15 to 20
The Canadian Commodity Exchange, it is reported, will
begin trading in late September in butter, eggs and cheese.
On Aug. 13, according to Canadian Press advices from Montreal that day, the Exchange increased its Board of Governors from 15 to 20 members, electing five to represent the
Canadian produce industry. The advices reported the five
new governors as follows:
T. J. Coyle of T. J. Coyle & Co., Winnipeg; H. T. Chisholm of H. T.
Chisholm & Co., Toronto; A. A.McKergow of the A. A. Ayer Company,
Ltd., Montreal; K. H. Olive of Olive & Dorion, Ltd.. Montreal, and T. W.
Grieve of Montreal. president of the Canadian Produce Association, were
elected to the governing committee. Mr. Grieve was named chairman of
the committee on grading and warehousing, and Mr. Olive, chairman of the
committee on quotations.
It was stated that while no official action has been taken
on fixing the date for the opening of trading, it is expected it
will be between Sept. 16 and Oct. 1.
Handy & Harman, New York Bullion Dealers, Form
Canadian Subsidiary
Handy & Harman, of New York, bullion dealers and refiners of gold and silver, have formed a Canadian subsidiary, to be known as Handy & Harman of Canada, Ltd.,
it was announced recently by H. B. Keenleyside, General
Manager of the Toronto Industrial Commission. A branch
plant will be erected shortly in downtown Toronto. The
Canadian subsidiary has been incorporated under Ontario
charter with an authorized capitalization of $100,000, it
was stated in the Financial (Toronto) "Post" of Aug. 17
which gave the officers as follows:
G. H. Niemeyer, Vice-President of the parent company, is President of
the Canadian concern; Robert H. Leach, a director of the New York company, is Vice-president; H. W. Spalding, Secretary-Treasurer, and John
W. Colgan, Assistant Treasurer and Manager.
From the paper we qouted we also take the following:
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and,
Chicago member banks are now given out on Thursday
simultaneously with the figures for the Reserve banks themsalves, 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 91
cities cannot be compiled.
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 Aug. 14:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Aug.14 shows increases for the week of
$206,000,000 in et demand deposits and $138,000,000 in reserve balances
with Federal Reserve banks, and a decrease of $14,000,000 in loans and
investments.
Loans on securities to brokers and dealers in New York increased $11.000,000,loans to brokers and dealers outside New York declined $6,000,000.
and loans on securities to others declined $7,000,000. Holdings of acceptances and commercial paper and real estate loans showed little change for
the seek, while "other loans" increased $4,000,000 in the New York
district and $7,000,000 at all reporting banks.
Holdings of United States Government direct obligations declined $18,000.000 in the Philadelphia district, $11,000,000 in the Chicago district;
and $29,000,000 at all reporting member banks. Holdings of obligations
fully guaranteed by the United States Government and holdings of other
securities increased $5,000,000 and $4,000,000, respectively.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of '$1,279,000,000 and net
demand, time and Government deposits of$1.535,000,000 on Aug.14,compared with $1,272,000,000 and $1,515,000,000 respectively, on Aug. 7.
A summary of the principal assets and liabilities of the reporting member
banks,in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended Aug. 14, follows:
Increase (+) or Decrease (—)
Since
Aug. 7 1935
Aug. 14 1935
Aug. 15 1934
3
Loans and investments—total__ __ 18,477,000,000
—14,000,000 +745,000,000
Loans and securities—total
2,979,000,000
—2,000,000
—315,000,000
To brokers and dealers:
In New York
Outside New York
To others
853,000,000
157,000,000
1,969,000,000
+11,000,000
—6,000,000
—7,000,000
+103,000,000
—8,000,000
—410.000,000
Accepts, and com'l paper bought.: 297,000,000
Loans on real estate
951,000,000
Other loans
3,140,000,000
—1,000,000
+2,000,000
+7,000,000
—143,000,000
U. S. Govt. direct obligaLons___ 7,272,000,000
Obligations fully guaranteed by the
United States Government
917,000,000
Other
Oth securities
2,921,000,000
—29,000,000
+612,000,000
Net demand deposits
Time deposits
Government deposits
Borrowings from F.R.banks
To brokers and dealers:
In New York
Outside New York
To others
1197
Increase )-F) or Decrease (—)
Since
Aug. 14 1935 Aug. 7 1935
Aug. 15 1934
$
Reserve with Fed. Res. banks_ _ _ 3,995,000,000 +138,000,000 +949,000,000
.
Cash in vault
+9,000,000
304,000,000
+73,000,000
+5,000,000 +591,000,000
}
+4,000,000
The site purchased for the company's Canadian plant is at the southeast corner of Richmond and John Streets. Building operations are to
commence in the near future, and it is expected that the new plant will
be placed in operation this fall. The piant will be equipped for the melting
rolling and annealing of gold and silver in sheet and wire form, as well as
for the burning, drying and refining of gold, silver and platinum waste
products.
Failure of Tr -Power Negotiations at Paris to Seek
Solution of Italian-Ethiopian Dispute
The three-power Conference in Paris participated in by
representatives of France, Great Britain and Italy, with a
view to evolving a solution of the Italian-Ethiopian dispute,
was terminated. on Aug. 18 without results. The Conference
opened on Aug. 16. From its correspondent at Paris on
Aug. 18, the New York "Times" reported the following:
Discussions will continue through diplomatic channels, but none of the
delegations here made any effort to hide that the next date for any new
developments will be Sept. 4, when the League of Nations Council will meet.
The end came suddenly and unexpectedly when Premier Benito Mussolini of Italy sent a flat rejection of the proposal put to him by the British
and .French, offering what they deemed the most favorable basis of discussion short of granting in advance his maximum demands for political
domination of Ethiopia.
It had been a day of tenseness and feverish activity. The break-down
came as a bitter disappointment to Premier Pierre Laval of France and
Anthony Eden of Great Britain, who had only the slimmest hopes of a
satisfactory conclusion to their negotiations but who hated to see this last
chance of peace evaporate.
Adjournment Announced
The failure of the talks was announced in the following communique.
which Mr. Laval gave out to the press:
M. Pierre Laval, the representative of France: Mr. Anthony Eden. the
representative of Great Britain, and Baron Aloisi, the representative of
Italy, met at Paris in an endeavor to find a peaceful solution of the Italian
dispute. They have not yet been able to find
basis for discussion that
would permit of a solution of the conflict.
The differences met with during the examination of the suggestions put
forward in the course of the discussions make it necessary to adjourn the
study that has been undertaken. This study will be continued through
diplomatic channels.
The diplomatic phraseology of this communique, with its traditional
unwillingness to admit final defeat, does not alter the plain fact that it is
really all over as far as concerns any attempt to reach a peaceful solution
on the basis of the 1906 Three
-Power treaty involving Ethiopia.
Since there is no other basis for conversations between now and Sept. 4,
when the League Council will meet, and since complete discouragement
reigns among the British and French regarding the possibility of stopping
Mussolini from armed conflict, there is no hesitation in official circles in
admitting complete failure.
Mr. Eden plans to have another talk with Mr. Laval tomorrow morning
about their future attitude toward the situation, after which he plans to
return with his delegation to London. Baron Aloisi and his delegation plan
to leave tomorrow for Rome.
United Press accounts from Paris on Aug. 18 to the New
York "Journal of Commerce" had the following to say
regarding the termination of the negotiations.
1198
Financial Chronicle
An official communique announced at 8 p. m. that the Conference was
adjourned.
The official document confirmed breakdown of the tri-power peace
project.
Premier Pierre Laval of France and British Secretary for League Affairs
Anthony Eden were believed to have played their last card in the two-day
diplomatic game.
Terms of Offer
, This is what France and Britain offered Mussolini in place of a bitter
armed conflict:
A four-power government for Ethiopia, superseding the 18 centuries of
independence which Emperor Halle Selassie has vowed to defend.
, A zone for Italian colonization to be ceded by Ethiopia.
Neutral zones between Italy's colonization zone and present Italian
African possessions and Ethiopian territory, to be patrolled by French and
British troops.
All this was offered without consulting Ethiopia.
The proposal was submitted to Baron Pompeo Aloisi, who replied only
after telephoned instructions from Il Duce.
After Aloisi had delivered his reply this much was evident—that Mussolini will not be dissuaded from what he believes to be his manifest destiny
In Africa by anything less than an Italian protectorate over the Ethiopian
highlands and anne cation of the lowlands—through which he wishes to
build a railway connecting Eritrea and Italian Somaliland.
The tri-power conference breaks up in an atmosphere of poorly disguised
bitterness. Both the British and Fr.alch believe Mussolini never intended
to negotiate—if negotiate means both give and take.
Baron Alois' unexpectedly was called to the Quai D'Orsay for a conference with Premier Laval at 7:20 p. m. He remained only five minutes.
Forty minutes later the French Premier summoned correspondents to
the Quai D'Orsay and handed them a communique.
In a wireless message from Paris Aug. 17 to the "Times"
it was stated:
What Italy wants in Ethiopia has come out here unofficially but indisputably to-night as a result of an utter disagreement between the French
and British on the one hand and the Italians on the other regarding occurrences at the Conference.
This disagreement involves the good faith of one party or the other. It
is vital.
lo One of its immediate consequences has been that it has brought out a
substantial fact veiled by these negotiations and which, if persisted in,
will wreck them. Indeed, it is difficult to imagine why in the dircumstances
these negotiations ever started, for it is asserted that Anthony Eden of
Great Britain learned this in Rome several months ago.
Italy's actual demand upon Ethiopia is all of the country: annexation
the
of her lowlands and a protectorate over her highlands. That means
her
extinction of Ethiopia as an independent country and the reduction of
Emperor to the status of a liegeman of the Italian King and of her free
people to vasalage to the incoming Italians.
An emergency session of the British Cabinet to discuss
the Ethiopian situation was held on Aug. 22, but in indicating that no move of moment was taken a London cablegram
(Aug. 22) from London to the "Times" stated in part:
on the
The much-discussed emergency meeting of the British Cabinet
Ethiopian question was held to-day. The Cabinet sat for five hours, three
present,
In the morning and two in the afternoon, with all its 22 members
and its deliberations after mountainous preparation produced a tiny mouse
indeed. •
policy of
) The Cabinet decided that no occasion had arisen to change the
toward
the government as previously announced with regard to its attitude
covenant. This means that Britain is ready
the League of Nations and the
the
to act collectively with the other members of the League in upholding
covenant, but will not attempt to lead them.
the French Government
The government will remain in close touch with
continue
between now and the League Council meeting Sept. 4, and will
Government the
to explore through diplomatic channels with the Italian
Ethiopia
possibility of negotiating a peaceful settlement between Italy and
Arms Ban Continued
export of arms
The temporary policy of withholding licenses for the
period, which may or
will in the meantime be continued for an unspecified
any prospect of
may not expire before Sept. 4, in order not to jeopardize
reaching a peaceful settlement.
decided to do nothing
All this means that the British Government has
with France,
whatever in the Ethiopian matter except in collaboration by any action
with Italy
and since France will not jeopardize her friendship
France will do anytbing
that might offend the latter neither Britain nor
may decide to do
and Italy Is free to go ahead except for what the League
collectively, which again will probably be nothing.
take
From Rome advices Aug. 22 to the same paper we
the fo.lowing:
Italy caused deep
Reports from London of demands for sanctions against
Secretary Sir Samuel
apprehension here, especially because of Foreign
of the Opposition and with
Hoare's consultations yesterday with leaders
the dominions' commissioners.
take the initiative in
Before the British Cabinet's decision to-day not to
was about to make
sanctions Italian leaders believed that Great Britain
Mussolini's steps in East
some decisive move to thwart Premier Benito
Africa.
dictated to by
Italian leaders say Italy will never permit herself to be
inevitable result
Britain, and that if Britain takes action against Italy the
will be war.
Possible Causes of War
the equivalent
Closing of the Suez Canal certainly would be considered
arms embargo or even a proof a declaration of War, while the lifting of the
unfriendly if not
posal for sanctions against Italy would be regarded as an
against Ethiopia
a positively hostile act. If Britain's opposition to war
dangerous, because
ever enters an active phase the situation would become
no interference
Mussolini means every word when he says he will allow
from any quarter.
In Associated Press accounts from London Aug. 20 it
was said:
Great Britain's Foreign Office experts, an authoritative source indicated
at its emergency meeting
to-night, have agreed to recommend to the Cabinet
economic sanctions by
on Thursday (Aug. 22) the adoption of proposals for fights Ethiopia.
Italy if she
members of the League of Nations against
by Sir Samuel Hoare,
This far-reaching decision. It was said, was made
League of Nations
Foreign Secretary. and Anthony Eden, Minister for
would prevent goods,
Affairs. Joint economic and financial sanctions
cash and credit from reaching Italy.
Aug. 24 1935
The smaller League powers and France, it was said, would support the
British Government should it urge Geneva to adopt this course.
The New York "Herald Tribune" carried Associated Press
advices from Djibouti, French Somaliland, Aug. 20, which
said in part:
Huge quantities of firearms, munitions, motor trucks and other war
material, purchased abroad by Ethiopia for use in defense against the
threatened Italian invasion,are held up here by the French Governor General
on orders from the French Government at Paris.
From his capital of Addis Ababa, Emperor Haile Selassie is crying for
these war supplies to enable him to face Premier Benito Mussolini and his
huge army. The French authorities here, however, have informed the
Emperor that, upon orders from home, all war material intended for
Ethiopia and Italy has been held up to give a chance to the peacemakers at
Geneva, Paris, London and Rome to avert a war by offering Mussolini a
compromise. . . .
Djibouti. the only door land-locked Ethiopia has to the sea, was only a
few months ago a bleak, dreary outpost of rock and sand on the torrid
Red Sea, with a population of a few thousand Somali tribesmen, French
colonial officials and Negro troops.
To-day it is choked with thousands of refugees from Ethiopia, many
foreign newspaper men and photographers, munitions and airplane salesmen, and thousands of French Negro troops hurriedly brought from Madagascar and other points to protect French interests.
Large British Bank Reported Recalling All of Its
Italian Credits
One of the "Big Five" British banks, the financial editor
of the "News-Chronicle" declared Aug. 22, has recalled the
Whole of its Italian credits, it was stated in Associated Press
advices to the New York Timesfrom London, Aug.22, which
added:
As credits which are now utilized mature, they will not be renewed and
will have to be repaid by the Italian banks or commercial firms to which
they were granted, It is probable this lead will be followed by all other big
British banks.
The decision is not due to any dictation from the Bank of England or the
Treasury, but is a normal precautionary measure which Is taken in view of
the serious deterioration that has occurred in the Italian exchange position.
British coal exporters have been declining further coal shipments to Italy
until payment of back debts. Representations have been made to the
British Government.
Ethiopia to Set Up Army Supply Bases—Emperor
Forbids Drafts Upon Impoverished People—Bank
Restricts Remittances
From Addis Ababa (Ethiopia) Aug. 20, Associated Press
advices published in the New York "Times" said:
Emperor Halle Selassie rapidly pressed defensive measures to-day against
a possible Italian invasion.
He ordered foodstuffs and munitions deposited at strategic points throughout the country and forbade the army to draw upon the population, which
is impoverished.
To demonstrate the efficiency of the newly trained Ethiopian soldiers, a
sham battle will be held to-morrow near the imperial palace under the direction of the Emperior.
Reports from the interior said natives were becoming restive because
Halle Selassie continued to work for peace instead of starting hostilities.
The National Banking Society, which is French, dispatched all its hides,
skins and other stocks to Jibuti, French Somaliland,for safekeeping.
Insurance companies increased their war risk insurance rates and accepted risks only for three months. The National Bank imposed severe
restrictions on money leaving the country.
Belgium Orders Embargo on Exports of Arms and
Munitions for Warfare
In a wireless account from Brussels, Aug. 22, to the New
York "Times" of Aug. 23, it was stated:
The Belgian Government published in the "Official Gazette" to-day a
decree prohibiting exports of arms, parts of arms and munitions for warfare except those for which government licenses had been previously obtained.
The decree will become effective Saturday and will remain in force only
until the end of the year unless it is renewed.
.
The following wireless dispatch from Prague, Aug. 22, is
also from the "Times" of Aug. 23:
The newspaper Ceske Slow) published to-day an interview withEmperor
Haile Selassie of Ethiopia, in which he complained against the arms embargo imposed by the Czechoslovak Government. He said he had endeavored to settle the conflict with Italy by peaceful means and began to arm
only when the maintenance of peace seemed hopeless. The arms embargo,
he asserted, was greatly handicapping Ethiopia's preparations to meet
Italian invaders.
The Ceske Slovo asserts no official embargo has been ordered by Czechoslovakia. Ethiopia ordered rifles from a factory in Brno, but at the request
of the government the rifles were not shipped. The Foreign Office thus
avoided trouble with Italy.
Brooklyn Supreme Court Holds Laws of Germany Are
Not Binding on United States Citizens—Judge
McLaughlin Rules Two Reich Firms Must Pay Gold
Notes
Justice Alonzo G. McLaughlin in Brooklyn Supreme Court
Aug. 14 granted a summary judgment of $31,000 to the
holder of gold promissory notes of a German company which
refused to pay in gold on the ground that the German law
forbids it. In reporting the Court's decision, the New
•
York "Times" of Aug. 15 said:
Henry .1. Glynn sued the United Steelworks Corp. and the Gelsenkirchen
gold
Mining Corp.. a German concern, to recover payment in gold on 31
promissory notes for $1,000 each, which were part of a 815.000,000 issue
Glynn
floated here by the two companies. Under the decision yesterday
amount
may seize any property of the companies in this country up to the
of his judgment.
Financial Chronicle
Volume 141
"The laws of Germany cannot bind our citizens, who are not subject to
its jurisdiction," the Court said. "It is apparent from a reading of the
German decree that its purpose is to discriminate against our American
citizens to whom these bonds were sold."
Austrian Dollar Bonds Issued in New York Held
Taxable by Australia's High Court
From the "Wall Street Journal" of Aug. 17 we take the
following advices from Melbourne, Australia:
By unanimous decision, the high court of Australia has ruled that interest
received by a resident of Australia on holdings of dollar bonds Issued on
behalf of the Commonwealth in New York is properly assessed as taxable
income. The prospectus relating to the bonds in question (4%s. due 1956)
did not specify that Interest should be liable for the Commonwealth income
tax.
Os Explaining their decision, the judges drew a distinction between treasury
bonds and the securities under consideration. The former were made immune from taxation, Commonwealth or State, by the Inscribed Stock Act of
1911-27, "unless the interest is declared to be so liable by the prospectus
relating to the loan on which interest is payable." The bonds issued in
New York, on the other hand, were payable in New York in United States
currency and deduction of Australian taxes was negatived. Hence, the
Court held such bonds were not treasury bonds within the meaning of the
Inscribed Stock Act and therefore did not enjoy the latter's tax immunity.
Enrique Arrarte Appointed Minister of Finance of
Ecuador Succeeding Arizaga Toral
In a cablegram from Guayaquil, Ecuador, Aug. 19,
appearing in the New York "Times"of Aug.20,it was stated:
Enrique Arrarte was appointed Minister of Finance to-day, replacing
Arizaga Torsi, who had resigned on account of disagreement with the
policies of the President.
The press reports that the Opposition in Congress is planning to seek a
vote of censure on the Minister of War because he recently recommended
that the Oppositionists behave so they would not need the protection of
the army. This announcement was made when Opposition Congress
members requested protection after the House gallery and street crowds had
hooted the Opposition leader, Arroyo del Rio, and other Oppositionists.
Buenos Aires (Argentina) Converts Two Mortgage
Bond Issues from 7% to 5%
The Government of Buenos Aires, Argentina, initiated on
Aug. 19 the conversion of the 1913 and 1922 mortgage bond
issues from 7% to 5%%, it was stated in Associated Press
advices from Buenos Aires, Aug. 19. The advices said that
50,000,000 pesos were involved.
Filing of Registration Statements Under Securities
Act
Announcement was made on Aug. 19 by the Securities
and Exchange Commission of the filing of seven additional
registration statements (Nos. 1578-1584, inclusive) under
the Securities Act of .1933. The total involved is $56,868,525, all of which represents new issues, the Commission
said. Included in this total is $50,000,000 28-year 4%
secured bonds of Pennsylvania Co. (Docket 2-1579, Form
A-2, included in release No. 456); the filing of the registration statement for this issue was noted in the "Chronicle"
of Aug. 17, page 1016. According to the SEC the securities
involved are grouped as follows:
Number of Issues
6
1
Type of Issue
Commercial and Industrial
Investment Trusts_
Total
$56,118.525
750.000
The Commission said that the securities for which registration is pending follow:
Coast Counties Gas and Electric Co. (2-1578. Form A-2) of San Francisco.
Calif.. seeking to Issue $3.000.000 of first mortgage 4% bonds. series B,
due Sept. 1 1965. The offering price and the underwriters will be stated
in an amendment to the registration statement. The net proceeds of the
Issue, together with other funds, are to be used to redeem on Nov. 1, 1935
34.000 000 first mortgage 5% gold bonds, series A. due May 11960. II.
L. Farrar, of San Francisco, is President of the company. Filed Aug. 8
1935.
Central Hudson Gas & Electric Corp.(2-1580, Form A-2) of Poughkeepsie.
N. Y.. seeking to issue $1,000,000 of First and refunding mortgage bonds,
3M% series, due 1965. The procedes of the issue are to be used for construction prolects. Penn Mutual Life Insurance Co. is the proposed purchaser of the bonds. Ernest R. Acker, of Poughkeepsie, is President and
general manager, and John L. Wilkie, of New York City. is Chairman of
the board of directors. Filed Aug. 10 1935.
Chain Store Investors Trust (2-1581. Form A-1) of Boston. Mass., seeking to issue 50,000 shares of beneficial interest, to be offered at liquidating
value to be determined by the Trustees. Childs, Jeffries & Thoredike.
Inc., of Boston, is the underwriter. Filed Aug. 10 1935. It is stated the
offering price on July 26 1935 was 321.406 and that upon the basis the
the gross proceeds would be $1,070,300.
Greenwood Compress & Storage Co. (2-1582. Form A-2) of Greenwood.
Miss., seeking to issue $250,000 of 6% cumulative preferred stock. G. A.
Wilson, Jr., of Cottondale, Miss., is President of the company. Filed
Aug. 10 1935
National Unit Corp. (2-1583, Form 0-1) of Boston, Mass., seeking
to issue at $1,260 per unit, $750.000 of National Unit cumulative investnaent certificates, issued without par or face value, evidencing the right
to participate in investment fund held by trustee. Filed Aug. 13 1935.
Airborne 'ater Service Co. (2-1584. Form A-2) of Birmingham, Ala.,
registering $785,000 first mortgage 5% gold bonds. series A. due Jan. 1
1957. to be offered to the public by the underwriters at a price to be determined later. These bonds were issued by the registrant to General
Water Securities Corp. in exchange for $785,000 first mortgage 5%%
bonds of Alabama Utilities Co. which had been assumed by registrant.
The underwriters are General Water Securities Corp.; Burr & Co., Inc.;
Chandler & Co., Inc., and Swart, Brent & Co., Inc. 0. P. Rather of
Birmingham is President of the registrant. Filed Aug. 13 1935.
In making available the above list, the SEC on Aug. 19
stated:
1199
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of
4
the issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
in our issue of Aug. 17, page 1016.
SEC Amends Rules for Form A-2—Certain Oil Companies Given Additional Time to Furnish Financial
Statements
The adoption of a rule amending the requirements of
Form A-2 regarding financial statements as applied to certain companies was announced on Aug. 17 by the Securities
and Exchange Commission. Form A-2 is used by issures
seeking to register under the Securities Act of 1933. The
announcement of the Commission of Aug. 17 said:
Under the rule, a company engaged directly in the recovery, refining
and distribution of oil and gas, which has total assets of $250.000,000
or more, and does business in at least 15 foreign countries, making 25%
or more of its sales abroad, may furnish financial statements as of a date
within nine mouths, instead of six or three months as woul . be required
In varying circumstances but for the rule.
A company taking advantage of the rule is required, however, to furnish
additional financial information as of a date as recent as the date for which
it would otherwise have to file full financial statements.
Form E-1 Amended by SEC—Statement for Registration of Securities in Reorganization Changed in
Several Instances
The Securities and Exchange Commission announced
Aug. 20 that it has amended Form E-1 for the registration
of securities in reorganization under the Securities Act of
1933, in several respects. The general effect of the amendments, the Commission said, is as follows:
To limit the scope of certain questions as to predecessor companies to
predecessors whose assets amount to 1% or more of the assets of the
registrant;
To add instructions as to the items on material contracts and material
litigation similar to those in the instruction book for Form A-2;
To permit the schedule of securities of the registrant and other issuers
involved in the plan for which 90
-day balance sheets are filed, to be furnished as of the date of the balance sheet;
To limit the scope of the item calling for information as tq the relationships of officers, directors, committee members and voting trustees to
the registrant and its predecessors;
To require the registrant to report the amounts of new securities to
be issued to persons occupying relationships to the registrant and its
predecessors only if such persons will hold 3% or more of the voting power
in the registrant, except that the holdings of persons who will be officers
or directors of the registrant must be stated regardless of the amount;
To require a reasonably itemized statement of the expenses of reorganization striking out specific directions as to the degree of itemization
required;
To eliminate duplication of certain information as to options;
To indicate more clearly that information is required as to material
patents only if the plan expressly provides that the registrant shall exploit
such patents.
The announcement of the Commission continued:
The prospectus requirements for securities registered on Form F.-1
have been amended, with the result that the following information In the
registration statement may now be omitted In the prospectus. In addition
to the information heretofore permitted to be omitted:
Facing sheet; calculation of registration fee; description of certain securities issued by the registrant and other issuers involved in the plan,
which are not being registered; list of subsidiaries of the registrant,information regarding independent audits, and certain information regarding
predecessors of the registrant.
The amendment also provides that prospectuses for securities covered
by Form E-1 statements which become effective on or after Oct. 1 1935
must include certain descriptions of outstanding securities appearing
under Item 11, not previously required to be included.
Effective Date of Registration of Chicago Curb Exchange Postponed by SEC Until Nov. 1
The Securities and Exchange Commission, it was announced Aug. 17, has granted the request of the Chicago
Curb Exchange for the postponement to Nov. 1 1935, of
the effective date of its registration as a National securities
exchange and for the extension until that date of its exemption from registration.
SEC Counsel Issues Opinion on Securities Act of 1933
—Permits Underwriters and Dealers to Issue Description of Securities for Which Registration is
Pending
The Securities and Exchange Commission published on
Aug. 19 an opinion of its General Counsel, John J. Burns,
as to the applicability of the Securities Act of 1933, as
amended, to the publication by statistical services of bulletins or other circulars descriptive of securities for which
registration statements have been filed. The opinion deals
not only with the legality of the distribution of such bulletins
by the services to their subscribers, but also with the circulation of such bulletins to other informative literature by
underwriters or dealers.
Briefly, the opinion recites that there would be no apparent
violation of the Securities Act in the distribution by these
services of such material to their subscribers in the normal
course of business, and that underwriters and dealers may,
subject to certain restrictions, further distribute this material
to their customers. The opinion follows:
I understand that certain bulletins compiled by your company include
in summarized form information concerning particular securities. This
1200
Financial Chronicle
n
Information is taken from your files and from the registratio statements
and prospectuses filed in respect of such securities under the Securities
Act of 1933. Although these bulletins consist primarily of statements
of facts they also contain your ratings of the securities involved, together
with expressions of your opinion as to their investment value. It is proposed that these bulletins be circulated by your company to its subscribers
and clients prior to the effective date of the registration statements for
the securities which they describe, but subsequent to the filing of such
subscribers may
statements. It is my further understanding that your
as to the
purchase these bulletins in any quantity desired. You inquire
circulation
effect of the Securities Act of 1933, as amended, upon the
date of
of a preliminary bulletin by your company prior to the effective
the registration statement covering the security described therein, and
prior
as to the legality of the use of the bulletin by your subscribers both
and subsequent to registration becoming effective.
on,
It Is my understanding that your company receives no considerati
r or dealer, for
either directly or indirectly, from any issuer, underwrite
way interested in
describing the securities in your bulletins, and is in no
seems clear that
the sale of the described securities. Accordingly, it
through the
the circulation by you of these bulletins, even though effected
prior to
use of the malls or instrumentalities of inter-State commerce,
the described sethe effective date of a registration statement covering
Securities Act of 1933, as
curity, does not constitute a violation of the
by you of such
amended. It seems equally clear that the circulation
Section 17-B of the Act, since that
bulletins would not be affected by
such literature describes
section is applicable only if the person circulating
from an issuer, underthe security in question for a consideration received
writer or dealer.
rs or dealers (including banks)
With respect to the use which underwrite
Release No. 70 of the
may make of such bulletins, I call your attention to
which reads in part as
Federal Trade Commission,'dated Nov. 6 1933,
follows:
far an underwriter may go
In response to inquiries concerning how
of securities prior
in discussing and advertising a propcsed new offering
filed under the Securities
to the effective date of a registration statement
public the following letter transmitted to
Act, the FTC to-day makes
an inquirer .
describing a
You ask, further, however, whether circulars, to Section 10
".
prospectus conforming
security In the method in which a unmistakably marked to indicate that
described a security but clearly and
without equivocation either 1:nthey are informative only, negativing offers to buy or to make an offer
pliedly or expressly an intent to solicit during the waiting period by an
to sell, can be circulated with impunity as I assume, that both the letter
issuer or an underwriter. You assume,
adhered to. Such conduct
and the spirit,of these markings are strictly
carries out the general purposes
seams not only allowable but one that
purchasers, whether they be dealers or the general
of the Act. liospective
educated up to the nature
public, should during this waiting period be
shortly be asked to buy.
of an issue, which it is expected that they will to buy Is requested of
no determination
always reminding them that
them until tile expiration of the waiting period.
from this Division
Such a procedure hardly needs any expression House Report exThe
to indicate that it is permissible under the Act.
pressly states, pp. 12-13:
Section 17-B) is not concerned
'The bill, apart from Section 16-B (now a security. It is, therefore,
"
with co:nmunications which merely describe
a selling group or dealers
for underwriters who wish to informbe offered for sale after the
possible
generally of the nature of a security that will to circulate among them
effective date of the registration statement,
This could easily and effecfull information respecting such a security.
offering circular itself, if clearly marked
tively be done by circulating the that no offers to buy should be sent or
in such a manner as to indicate
date of the registration state:nent.'"
would be accepted until the effective
the FTC in Release No. 70.
I concur fully with the opinion expressed by
embodied therein are determinaand believe that the principles which are
be made of your bulleting by those
tive in considering the use which may
rs or dealers. Although that
of your subscribers who are underwrite
circulation of information by
opinion was primarily concerned with the
expressed seem equally apunderwriters to dealers, the views therein
on the registration statement filed
plicable to any information based
by issuers, underwriters, or
with the Commission, even though furnished
legality of the submission of predealers to potential investors since the
dependent upon whether or not
liminary information under Section 5 is
itself constitutes, an "offer to sell,"
it is used in connection with, or it
Consequently, it is immaterial whether
as that term is defined in the Act.
potential investors. However, as is
the bulletin is sent to dealers or
of any attempts to dispose of'a
pointed out in the release, the making
a security, fall within the prohibition
security or to solicit offers to buy
ective
-day period preceding the eff
20
of Section 5 of the Act during the
to the filing of the registration statedate of registration, as well as prior
rs or dealers of a bulleunderwrite
ment. Accordingly, any circulation by
which is in furtherance of an offering
tin descriptive of a particular security, effective date of registration, or of
prior to the
of such security for sale
an offer to buy the security. would
a solicitation during that period of
the Act.
within the prohibitions of Section 5 of
fall
your subscribers transmit these bulleOn the other hand, even though
mails or inter-State commerce, such
tins to their clientele through the
the subscriber does not in fact
transmittal is not a violation of the Act if
Whether or not a subscriber is
use the bulletins as selling literature.
of course, a question of fact in each
using a bulletin as selling literature is,
be made. The intent with which
case as to which no generalization can
all surrounding circumstances.
the bulletins are used, all determined from
thereof by underwriters or dealers.
would control the legality of circulation
supplement a bulletin with selling
If an underwriter or dealer were to
to the recipient as to the desirability
literature or with a recommendation
obtain from the recipient some indicaof purchase, or were to attempt to
purchasing the described security,
tim of interest however tentative, in
conclusively establish that the
such action, in my opinion, would almost
dispose of or to solicit an order
bulletin was being used in an attempt to
for the purchase of the security
the problem created by the
In this connection I call your attention to
of the described securities and
insertion in the bulletins of your ratings
value. As has been pointed out
of your opinion as to their investment
circulates ith a bulletin or other
above, an underwriter or dealer who
ation as to the desirability of
purely descriptive matter his recommend
in all probability be held
the investor's purchase of the security would
my opinion, the insertion of
to have offered the security for sale In
creates a substantial risk that
such material by the statistical service
bulletins, would, where such
underwriters or dealers, in circulating the
to have violated the Act through
opinion material is favoriible, be held
of the security for purchase.
their participation in a recommendation
subsequent to the effective
The legality of the circulation of a bulletin
by those provisions of the Act
date of registration would be governed
the mails or Inter-State commerce
which forbid the transmission through
is a prospectus meeting the
of selling literature unless such literature
or has been preceded by such
requirements of the Act or is accompanied
bulletin constitutes selling literature would,
a prospectus. Whether a
depend in large measure on the use to
as has been pointed out above,
underwriters or dealers as selling
which it is put. If it were used by
Aug. 24 1935
literature, its circulation would be lawful only if it were accompanied
or preceded by a copy of a prospectus meeting the requirements of the Act.
The General Counsel of the SEC supplemented his opinion
with a suggestion that, in order to prevent any unwitting
misuse by underwriters or dealers of bulletins such as those
under consideration, it would be advisable to print on all
bulletins a statement calling the attention of dealers to the
effect of pertinent sections of the Securities Act. A statement such as the following was suggested:
Attention of underwriters and dealers is called to the fact that no attempt or offer to dispose of this security, or to solicit an offer to buy this
security, may lawfully be made through the use of any agency of interState commerce, or of the mails, until a registration statement covering
this security has become effective.
In connection with any such attempt or offer to dispose of this security.
or to solicit an offer to buy this security, even though made after regisrs or
tration is effective, this bulletin may lawfully be used by underwrite
dealers only if accompanied or preceded by a prospectus meeting the
requirements of the Federal Securities Act.
SEC Disapproves Methods of "Certain Publishing
Firm" in Promoting Its Subscription Through
Service Supplied on Federal Securities Regulation
In an announcement issued Aug. 16 the Securities and
Exchange Commission voiced its disapproval of the sales
solicitations of "a certain publishing firm" in attempting to
sell its service on the Federal regulations governing securities. The announcement was made available as follows:
Complaints have been made of the methods currently employed by a
list for
certain publishing firm in attempting to enlarge the subscription
who
its service on Federal securities regulation by circularizing those
Securities
have applied for registration as brokers and dealers under the
circulated
Exchange Act of 1934. An examination of the literature being
Indicates that its effect may be to create the impression that a broker
to this
or dealer is almost certain to violate the law unless he subscribes
and
service. The potential subscriber is asked fear-inspiring questions
Some of
then referred for an answer to specified pages in the service.
their implications and certain of the
these questions are misleading in
answers are not responsive to the questions posed.
solicitation
The Commission strongly disapproves of the method of
dealers
referred to above, and it regards the complaints of brokers and
justified.
against this type of solicitation as
a
While the Commission recognizes that published services perform
facts as to
useful and often valuable function, it wishes to reiterate the
of counsel, and
the publication of its rules and regulations, and opiniots
the law.
particularly as to its methods of facilitating compliance with
Commission and
These rules of the Commission are published by the
made immediately available for general distribution through an extensive
charge. This
mailing list to which any person may subscribe without
quessame practice also applies to all opinions of the general counsel on
tions of general interest. Hundreds of brokers and dealers are now receiving
indexed
An
such material currently. Any others may do so on request.
Exchange
compilation of all rules and regulations under the Securities
on request. Concurrently with the pubAct is also available to the public
in a release
lication of rules or opinions, the Commission also publishes
of the
a brief informal statement indicating the scope and applicability
to aid the individual
material. These informal statements are designed
and
in determining how he is affected by the various rules, regulations
opinions.
assist brokers.
Furthermore, the staff of the Commission is ready to
ty of
dealers, and other affected persons in determining the applicabili
statutory provisions of the Commission's rules and regulations whenever
such information is sought.
Review of Banking Conditions by Federal Reserve
Board—Member Bank Reserve Balances in July
Slightly Below June Although Gold Imports Were
Small—Increase in Money in Circulation Absorbed
Part of Available Reserve Funds—$20,000,000 of
National Bank Notes Retired in June—Loans by
Government Credit Agencies
Member bank reserve balances on July 31 were only slightly below the maximum for June, according to the August
"Monthly Bulletin" of the Federal Reserve Board, which
points out that gold imports, largely responsible for the increase in May and early June, were small in July. The
Board notes that money in circulation has increased in recent months absorbing part of available reserve funds. It
is also pointed out that the retirement of National bank
notes was continued during July to the amount of $20,000,000. The Reserve Board, in reviewing banking conditions,
also had the following to say in its "Bulletin", made available on Aug. 18:
Member Bank Reserre Balances
Member bank reserve balances, which rose above $5,000,000,000 in the
first half of June, showed wide temporary fluctuations around that level
balduring the remainder of June and in July. On July 31 total reserve
ances amounted to 35,100,000,000, and excess reserves to about 32,510,000,
s in recent
000, only slightly less than the June maximum. The fluctuation
in the demand
weeks reflected in part the increase and subsequent decrease
for currency around the July 4 holiday and in part changes in Treasury
cash and balances at the Reserve banks. Gold imports, which accounted
were small
for much of the increase in May and the early part of June.
in subsequent weeks.
Recent Changes in Reserves
From the end of January 1934, when the Gold Reserve Act was passed.
to July 31 1935. reserve balances of member banks increased by $2.450,of $680.000,000 and excess reserves by $1,770.000,000. The difference
expansion in
000,000 represented a growth in reserve requirements due to
the deposits of member banks. . . .
increase
It will be seen from the chart [This we omit, Ed. that the large
covered was
in member bank reserve balances during the year and a half
balances innot a steady growth. In the first six months of the period
the recreased from $2,650,000.000 to over $4.000.000,000, and duringincrease
The
mainder of 1934 they fluctuated around 64,000,000,000.
imports of
from January to August 1934 resulted principally from.large
Financial Chronicle
Volume 141
gold following revaluation of the dollar and in smaller part from the disbursement by the Treasury of funds previously held as cash or on deposit
with Reserve banks. A part of the reserve funds obtained by member
banks was used to reduce their borrowings at the Federal Reserve banks
and to pay off maturing acceptances held by the Reserve banks. As a
consequence the Reserve banks' holding of bills discounted and bills bought
were reduced to small amounts. The reduction in Treasury cash and deposits with Reserve banks reflected expenditures made from an unusually
large balance held in Jan. 1934, increased by proceeds from sales of securities, and by inclusion in Treasury cash of gold previously purchased and
not reported, as well as by the increment arising from the reduction in the
gold content of the dollar.
Reserve balances showed no further increase in the latter part of 1934.
Gold movements were small from August to October but, imports were
substantial in November and December. In this period the available
supply of reserve funds was also increased by the issuance of over $200,000,000 of silver certificates, offset in part by the retirement of about
$50,000,000 of National bank notes. The reserve funds thus made available were used to meet a seasonal increase in money in circulation during
the autumn and a substantial increase in December of Treasury cash and
deposits with Reserve banks.
From the latter part of December until early in February 1935, the Postholiday return flow of currency, a substantial reduction in Treasury cash
and deposits at Reserve banks, and further gold imports resulted in an increase of over $600,000,000 in member bank reserve balances to a total of
about $4,600,000,000.
In March and April there was a decrease of about $400,000,000 in reserve balances and a subsequent increase of $500,000,000, resulting almost
entirely from operations of the Treasury. Early in March the Treasury
called for redemption in July and August its outstanding bonds bearing a
permanent circulation privilege. Shortly afterwards National banks began
to make deposits with the Treasury for redemption of their outstanding
notes. These deposits increased Treasury holdings of cash and deposits
with Reserve banks and decreased member bank reserve balances. The
Treasury also received in March large income and gift tax payments and
sold, securities on an immediate payment basis in an amount larger than
cash redemptions of maturing issues. In April interest payments on public
debt, cash redemptions of Fourth Liberty bonds called for retirement on
April 15, and maturities of Treasury bills in excess of sales decreased Treasury cash and deposits with Reserve banks and, together with gold imports,
increased member bank reserve balances.
In May and the first half of June substantial gold imports, reflecting
currency uncertainty in the European gold-bloc countries, again resulted
in a rapid growth of member bank reserve balances, which rose to over
$5,000,000,000 for the first time in the history of the Federal Reserve
System. Since the middle of June, as previously explained, fluctuations
in reserve balances have largely reflected changes in currency in circulation
and in Treasury cash and deposits at the Reserve banks. Treasury operations during recent weeks are described in a later section.
Changes in member bank reserve balances and related items for the period
as a whole since Jan. 31 1934, and for the shorter period of six months
since Jan. 311935. are shown in the following table. This summary shows
the items that over a more extended period have caused the increase in reserves. Comparisons are made with the end of January in part because
the revaluation of the dollar occured on that date in 1934 and in part because at that time, as at the end of July, the vOlume of money in circulation
is ordinarily at a seasonally low level.
SUPPLY AND USE OF MEMBER BANK RESERVE FUNDS
(In millions of dollars)
18 Months Ended
July 31 1935
Changes
that
Added to
Reserves
Changes
that
Reduced
Reserves
Items increases In which add to reserves:
Reserve bank credit
—165
Monetary gold stock
a+2,304
Treasury and National bank currency_
+209
Items increases In which reduce reserves:
Money in circulation
+230
Treasury cash and deposits with Federal Reserve banks
a-412
Non-member deposits
+112
Other Federal Reserve accounts
—30
Total
507
2,955
Net change In member bank reserve
balances held
+2.448
Net change In estimated required reserves
+680
Net change In estimated excess reserves_ _
+1,768
6 Months Ended
July 31 1935
Changes
that
Added to
Reserves
Changes
that
Reduced
Reserves
+4
+752
+16
+139
+62
+14
772
215
+577
+250
+307
a After adjustment of 82.806,000,000, representing Increment resulting from
reduction in toe weight of the gold dollar, added after close of business Jan. 31 1934.
By far the largest single factor in the growth of$2,450,000,000 in member
bank reserves during the past 18 months has been the increase of $2.300,000,000 in the monetary gold stock. Additions to the supply of reserve
funds resulted also from the following sources:
(1) An increase of $210,000,000 In Treasury and National bank currency, reflecting principally the issuance of silver certificates and the transfer to the Treasury of liability for retirement of Federal Reserve bank
notes in excess of the amount of National bank notes and Federal Reserve
bank notes retired; and
(2) A decrease of $410,000,000 in Treasury cash and deposits with Federal Reserve banks. Some of these funds were absorbed, however, in a
reduction of $165.000,000 in the amount of Reserve bank credit, and increase of $230,000,000 in the demand for currency and an increase of
$110,000,000 in nonmember deposits.
In the six months since Jan. 31 1935, the increase of $560.000,000 in
member bank reserve balances was, as in the entire year-and-a-half period
accounted for largely by further additions to gold stock, amounting to
3750,000,000. Most of the increase in money in circulation and in nonmember deposits, previously mentioned, occurred in this period and absorbed a substantial amount of the reserves supplied by the increase in
gold stock. Treasury cash and deposits with Reserve banks, which fluctuated widely during these months, showed no change for the six months as
a whole.
Excess Reserves
There has been a substantial and continuous growth since 1933 in the
amount of deposits at member banks, and consequently, an increase in
the amount of reserve balances that these banks are required to hold with
the Federal Reserve banks, but the increase in required reserves has been
considerably less than the increase in total balances actually held. As a
consequence excess reserves have continued to increase, showing about the
same short-time fluctuations as total reserves. Since excess reserves may
become the basis of an expansion in member bank credit and since they
reflect changes in the various factors that influence the supply and use of
1201
reserve funds as well as changes in reserve requirements, figures for excess
reserves are among the most important financial indicators. . . .
Changes in Money in Circulation
As was mentioned in a previous paragraph there has been in recent
months an increase in the amount of money in circulation, which has absorbed a part of available reserve funds. During the six months from
Jan. 31 to July 31 of this year the increase amounted to $140.000,000. In
past years the amount of money in circulation at the end of July has generally been about the same as at the end of January.
The decline in money in circulation that tresulted from the return of
notes from hoarding after the banking holiday in 1933 apparently ended
in the autumn of 1933. Since that time increased trade requirements for
currency, service charges on checking accounts. and other factors have
resulted in a substanital growth in the demand for currency. In July the
amount of money in circulation was about $200,000,000 larger than in
July 1934 and also larger than in the same month of any pervious year.
As compared with earlier years some of the increase no doubt reflects
savings withdrawn from banks from the latter part of 1930 until the banking holiday and still being held in the form of currency. Notes of denominaiions of $50 and over reported as in circulation on June 30 1935, although
$200.000,000 smaller in amount than on the same date in 1932 and 1933.
were still $1,300,000,000, or double the amount reported as in circulation
on Oct. 31 1930, the earliest date for which circulation figures by denominations are available. The amount of notes of these denominations in circulation declined until the latter part of 1934. More recently there has
been an increase, reflecting in part the holding of public funds by States
and municipalities in the form of currency instead of bank deposits, owing
to the unwillingness of banks to pay rates of interest required by law for
the acceptance of such deposits. During the past two years there has been
a steady increase in circulation of notes of denominations of $20 and less.
A part of this increase in small denominations reflects the increased use of
currency in lieu of checking accounts with banks, and a part an increase
in retail prices and pay rolls.
Since January 1934 there has been a considerable change in the kinds of
money in circulation. Circulation of gold certificates and Federal Reserve bank notes, which are no longer issued and are retired as they return from circulation, decreased in the past 18 months by $60,000.000 and
$120,000,000, respectively, and National
-bank notes, the issuance of which
has also been discontinued, have been retired from circulation in the amount
of $270,000,000 in the period. Silver certificates, which have been issued
In connection with the silver-buying program of the Government, have increased by $310,000,000. Federal Reserve notes have supplied the larger
part of the remainder of the increased demand for currency, increasing by
$340,000,000. These was also an increase of $40,000,000 in the circulation
of coins, reflecting a growth in demand for small change.
Retirement of National-Bank Notes
Retirement of National-bank notes from circulation has been in process
since early in 1934, reflecting in part anticipation by issuing banks of the
expiration in July 1935 of the circulation privilege on certain Treasury
bonds which were granted that privilege for a 3
-year period by a provision
in the Home Loan Bank Act of 1932, and in part the fact that the issuance
of notes was no longer profitable to National banks. Retirement of the
notes was expeditea in March of this year by the calling of bonds bearing
the permanent circulation privilege for redemption in July and August.
As previously stated, many banks in March and April made deposits with
the Treasury for retirement of their notes and withdrew their bonds. Others
authorized the Treasury to utilize the proceeds from the redemption of
their bonds as deposits for retirement of their notes.
Redemption of the $600.000,000 outstanding consols called for retirement on July 1 proceeded throughout the month. On July 1 checks were
issued for redemption of about $320,000,000 of these bonds. Most of the
remaining $280,000,000 had been redeemed by the end of July. About
3200.000,000 of the proceeds from redemption of the bonds was transferred to the credit of National banks owning the bonds to provide for the
retirement of their outstanding notes.
Retirement of National-bank notes continued in July at a gradual pace
as they were returned by the Reserve banks for cancellation and during
the month $20,000,000 were retired, reducing the amount outstanding by
July 31 to $750,000,000, of which $650,000,000 was in circulation outside
the Treasury and the Federal Reserve banks. The total of retirements
made since March 11 amounted to $120,000,000. The Treasury set aside
3646,000.000 from the gold increment fund to provide for redemption of
consols and retirement of National bank notes. By the end of July $90.000.000 of this amount had been transferred to the Treasury balance at
the Reserve banks, leaving $556,000,000 available on July
31 to be used
as the notes are gradually retired. The Reserve banks received gold-certificate credits for the portion so transferred. By transferring gold-certificate credits and thus building up its balance at the Reserve banks as National bank notes are retired, the Treasury will effect retirement of the notes
without causing a decrease in its deposit balance or in member bank reserve balances. . . .
Loans by Government Credit Agencies
During the past year there has been some increase in loans made by the
various Government credit agencies. Most of this increase has occurred
in loans of farm and home credit agencies. The demand for loans to relieve financial institutions lessened and the amount of such loans out.
standing declined,reflecting repayments in excess of new loans made. . . .
Home mortgage loans made by the Home Owners' Loan Corporation,
which became most active early in 1934, increased from about $1,000,000,000 on June 30 1934, to $2,700,000,000 a year later. In contrast to
the emergency activities of the HOLC. the Federal Home Loan banks
and the Federal Savings and Loan Association represent the development
of a permanent home mortgage credit system under Federal supervision.
Total loans by these agencies are small as compared with those of the HOLC
Federal Home Loan bank loans amounted to $80,000,000 on June 30 1935,
or $7,000,000 less than a year earlier. There was a steady growth during
the year in the number of Federal savings and loan associations, which are
the local credit institutions for making home mortgage loans. Home mortgage loans of these associations, as shown in monthly reports made by
nearly 75% of the associations, totaled $150,000,000 on June 30 1935, as
compared with reports by about 60% of the associations of loans of $30.000,000 at the end of September 1934 when the monthly reporting was inaugurated. About 80% of the loans reported at the end of June represented loans by converted associations, that is, associations organized under State laws which have been granted Federal charters.
The farm mortgage loans of the Farm Credit Administration increased
in the past year by about $720.000,000. Emergency loahs by the FCA
to farmers and livestock raisers more than doubled in the year as a result
of last summer's drought and on June 30 amounted to 3200,000,000.Shortterm loans by the production credit associations increased by about $70.000,000, more than offsetting a decrease in loans by the regional agricultural credit corporations, which are,being replaced by the production
credit associations.
1202
Financial Chronicle
r Crop loans by the Commodity Credit Corporation, which are made from
funds borrowed from the Reconstruction Finance Corporation, declined
considerably in the last half of 1934 and continued relatively small until
June 1935. Loans on 1934 crops were largely carried by banks and other
Private credit agencies until June, but in that month and in July under
the purchase guarantee carried in the notes the COO took over a large
quantity of them. As a consequence advances by the RFC to the CCO
at the end of July amounted to $230,000,000, as compared with about
$60,000,000 at the end of May and $160,000,000 on July 31 1934.
Total loans and investments of the AFC, excluding allocations of funds
to other Government agencies, showed a decrease of about $100,000,000 in
the 12 months ended June 30 1935. Loans to banks and trust companies,
building and loan associations, insurance companies, and mortgage companies declined by $200,000.000, and there was als3 a decrease of $130.000,000 in loans to Federal Land banks. Holdings of preferred stock and
capital notes and debentures of banks, however, showed an Increase of
390,000,000. Loans to railroads, to drainage, levee, and irrigation districts, to industrial and commercial enterprises, and for self-liquidating
projects also increased by a total of 3160,000,0001.
Senate and iHouse Approve Conference Report on
TVA Bill, Following Agreement Reached by Conferees
Agreement was reached on Aug. 20 by the conferees who
the
were called upon to adjust the differences between Act
Senate and House bills, embodying amendments to the
creating the Tennessee Valley Authority. These amendely,
ments were carried in separate bills passed, respectivThe
by the Senate on May 14 and by the House on July 11. 21
conference report was approved by the Senate on Aug.the
without debate or a record vote; earlier the same date
House adopted the report by a vote of 259 to 90 stating that
the compromise bill contains authority for the TVA to make
loans to States and municipalities for the purchase of
power-distributing systems. Associated Press advices from
Washington Aug. 20 added:
have
This provision was substituted for a Senate clause which would
power
given the TVA the right to make outright purchases of private
plants for resale to municipalities.
Senate conDespite this change, Senator Norris, Chairman of the
adverse court
fermi and leader in the fight to buttress the TVA against
decisions, pronounced the bill a "very good" one.
the success of
"I feel it safeguards the TVA and will add greatly to
the undertaking," he said.
TVA Act, the bill would let
In a series of amendments to the original
and use it for loans
the Federal agency issue up to $50,000,000 in bonds
to municipalities and expenses.
to make an effort
A House provision which would' have required TVA
building its own
to buy transmission lines of private companies before
construct lines even if they
was eliminated. Thus, the Authority could
duplicated existing facilities.
to
Retained unchanged was the provision giving TVA definite sanction
I. Grubb of
sell surplus power, a right challenged by Federal Judge W.
the original
Birmingham, Ala., in ruling on an injunction brought under
decision.
act. The Circuit Court at New Orleans reversed this
A compromise was made on the House stipulation that the Authority
whenever
could not spend its own receipts, but must come to Congress
of $1,000,000
it needed funds. TVA would be authorized to keep a fund
revenues as it derives
or hand and also withhold from the Treasury such
may be needed
from the sale of power and other electrical equipment as
for operating expenses.
but use
Comptroller General J. R. McCarl would audit the TVA books,
TVA operations, he
his funds to do the job. In submitting a report on
and the latter would be
would be required first to transmit it to TVA
went to
permitted to attach its own report before the McCarl report
Congress. Other provisions in the bill are:
from KnoxTVA to provide a nine-foot channel in the Tennessee River
ville to its mouth.
TVA regulation of power resale rate schedules permitted.
.
Purchase without competitive bidding allowed in emergencies
the Tennessee
s
Right to pass on private dams and power development on
for "unified development"
and its tributaries that might affect TBA plan
of the basin granted.
Previous reference to the bill appeared in our July 13
issue, page 204; the Senate approval of the bill was noted
Ill these columns May 18, page 3327.
Reduction in Interest Rates Under Banking Act of
1935 Would Affect "Less Than 50" Banks Insured
by FDIC
The Federal Deposit Insurance Corp. announced Aug. 22,
it was stated in Associated Press advices from Washington,
that day, that "less than 50" of the 14,257 banks comprising
its membership would have to lower interest rates on 'time
deposits" under the new Banking Act of 1935. The advices
continued:
were misleading
The assertion resulted from reports which officials said
of banks was implied.
in that an arbitrary slash of interest rates by hundreds
The law will empower the corporation to regulate time interest rates
Reserve Board has
in trade areas. In view of the fact that the Federal
around 7,000 banks
already established a maximum rate of 2.5%, covering
n officials said it would be fair
which are member of the FDIC, corporatio
Reserve Board. The
to assume its rates would conform to those of the
board may use its discretion, however.
banks already had
It was pointed out that a vast majority of insured
This was ocrestricted time accounts to a maximum interest of 2.5%.
December fixing such a
casioned by a regulation drawn by the FDIC last
usly with a similar
rate for insured non-member banks, issued simultaneo
member banks.
one by the Federal Reserve Board covering
however, was withdrawn when
This regulation of the corporation,
a few banks continued to
Senator Glass challenged its legality, but all but
abide by the withdrawn order.
agency and will be anRegulations have been drawn up, by the surety
nounced when the new banking act is signed.
Aug. 24 1935
New Offering of 273-Day Treasury Bills in Amount of
$50,000,000 or Thereabouts—To Be Dated Aug.
28 1935
Tenders were invited on Aug. 22 by Secretary of the
Treasury Henry Morgenthau, Jr., to a new offering of $50,-day Treasury bills, the tenders
000,000 or thereabouts of 273
to be received at the Federal Reserve banks, or the branches
thereof, up to 2 p.m., Eastern Standard Time, Monday,
Aug. 26. The bids will not be received at the Treasury
Department, Washington. The Treasury bills will be sold
on a discount basis to the highest bidders. They will be
dated Aug. 28 1935, and will mature on May 27 1936, and
on the maturity date the face amount will be payable without
interest. An issue of similar securities, in amount of $50,054,000, will niature on Aug. 28. From Secretary Morgenthau's announcement of Aug. 22 we take the following:
or
They (the bills) will be issued in bearer form only, and in amounts
denominations of $1,000, $10,000, $100,000. $500,000, and $1,000,000
(maturity value).
Each
No tender for an amount less than $1,000 will be considered.
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
banks
Tenders will be accepted without cash deposit from incorporated
investand trust companies and from responsible and recognized dealers in
deposit
ment securities. Tenders from others must be accompanied by a
tenders
of 10% of the face amount of Treasury bills applied for, unless the
incorporated
are accompanied by an expressaguaranty of payment by an
bank or trust company.
Immediately after the closing hour for receipt of tenders on Aug. 26 1935.
up
all tenders received at the Federal Reserve,Banks or branches thereof
to the closing hour will be opened and public announcement of the acceptas possible thereafter, probably on the followable prices will follow as soon
right to
ing morning. The Secretary of the Treasury expressly reserves the
the
reject any or all tenders or pantile!' tenders, and to allot less than
final. Those
amount applied for,and his action in any such respect shall be
advised of the acceptance or rejection thereof.
submitting tenders will be
at the
Payment at the price offered for Treasuryibills allotted must be made
funds on
Federal Reserve Banks in cash or other immediately available
Aug. 28, 1935.
any
The Treasury bills will be exempt, as to principal and Interest, and
from all
gain from the sale or other disposition thereof will also be exempt,
invited to
taxation, except estate and inheritance taxes. (Attention is
from the
Treasury Decision 4550, ruling that Treasury bills are not exempt
bills
gift tax.) No loss from the sale,or other disposition of the Treasury
purposes of
shall be allowed as a deduction, or otherwise recognized, for the
possesany tax now or hereafter imposed by the United States or any of its
sions.
Bids of 123,036,000 Received to Offering of 950,000,000
-Day Treasury Bills Dated Aug. 21—
of 273
r- $50,045,000 Accepted at Average Rate of 0.082%
Twas announced on Aug. 19 by Secretary of the Treasury
Henry Morgenthau Jr., that tenders in amount of $123,036,000 were received to the offering of $50,000,000 or there-day Treasury bills, dated Aug. 21 1935 and
abouts of 273
maturing May 20 1936. Of the tenders received, it was
stated,$50,045,000 were accepted. The bids to the offering,
referred to in our issue of Aug. 17, page 1018, were received
at the Federal Reserve banks, and the branches thereof, up
to 2 p. m.,Eastern Standard Time, Aug. 19.
In his announcement of Aug. 19 Secretary Morgenthau
also stated:
a rate of
The accep*ed bids ranged In price from 99.960, equivalent to
about 0.053% per annum, to 99.934, equivalent to a rate of about 0.087%
bid for at
per annum, on a bank discount basis. Only part of the amount
bills to be
the latter price was accepted. The average price of Treasury
rate is about 0.082% per annum on a bank
Issued is 99.938 and the average
discount basis.
933,426,000 of Government Securities Purchased by
Treasury During July Against $8,765,500 in June
Net market purchases of Government securities for Treasury investment accounts for the calendar month of July 1935,
amounted to $33,426,000, Secretary Morgenthau announced
Aug. 19. This compares with purchases of $8,765,500 in
June.
As to the increase in the purchases during July, Washington advices,of Aug. 19,to the New York "Times" of Aug.20,
said:
it
obligaThe increase in the Treasury's "net market purchases" of its own
hold postal
tions was ascribed by Mr. Morgenthau to the refusal of banks to
Treassavings deposits. As the banks surrender postal savings funds, the
ury invests them in Government bonds,
to invest," the Secretary replied when
"We had more money on hand
in
asked why the Treasury's net purchases had Jumped from $8,765,500
Juno tn $33,426,000 in July.
continue
"Money keeps coming back into the Treasury as the banks
turning in their postal savings funds." he added.
them
Banks are declining to keep postal savings money deposited with
Interest on the
by the Government because they are required to pay 255%
the
balances, a higher rate than the banks believe they can afford under
present low earning power of investment funds.
by
Federal Reserve Board data show that postal savings balances held
00
banks declined from a high of $977,000,000 in June 1933, to $452,000,0
In April 1935.
Government in its
During this period the postal Savings invested by the
While these
own securities increased from $131,000,000 to $685.000,000.
fairly
changes were going on, the total of postal savings accounts remained
steady at slightly more than $1,200,000,000
bonds," designed
Introduction of United States Savings Bonds, or "baby
has apparto absorb a part of the money finding its way into postal savings
ently not had that effect.
bonds in
Postal savings balances have not declined since Issuance of the
which the
March, despite the bond's higher interest rate and the ease with
savings bonds.
Government offered to transfer postal savings deposits into
Gold Receipts by Mints and Assay Offices—Imports
During Week of Aug 16 Totaled $5,813,547
Announcement was made on Aug. 19 by the Treasury
Department that receipts of gold by the mints and assay
offices during the week of Aug. 16 totaled $8,875,759.79.
Of this amount, it is noted, $5,813,546.94 represented
imports, $535,737.28 secondary, and $2,526,475.57 new
domestic. The amount of gold received during the week
of Aug. 16 by the various mints and assay offices is shown
in the following tabulation issued by the Treasury:
•
)
Imports
$9,153.23
5,106,300.00
439,868.45
255,159.00
3,066.26
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended Aug. 16_-_$5,813,546.94
Secondary
$196,839.73
174,600.00
58,156.25
34,423.00
55,780.53
1
$535.737.23
New Domestic
$3,616.52
101,900.00
1,410,333.59
550,197.00
458,917.48
1,50.8937
$2.526,475.578
$260,715 of Hoarded Gold Received During Week of
Aug. 14—$21,545 Coin and $239,170 Certificates
The Federal Reserve banks and the Treasurer's office
received $260,715.04 of gold coin and certificates during the
week of Aug. 14,it is shown by figures issued by the Treasury
Department on Aug. 19. Total receipts since Dec. 28 1933,
the date of the issuance of the order requiring all gold to be
returned to the Treasury, and up to Aug. 14, amounted to
$128,880,064.43. Of the amount received during the week
of Aug. 14, the figures show $21,545,04 was gold coin and
$239,170 gold certificates. The total receipts are as follows:
Received by Federal Reserve Banks—
Week ended Aug. 14
Received previously
Total to Aug. 14 1935
Received by Treasurer's Office—
Week ended Aug. 14
Received previously
Gold Coin
$21,545.04
30,657,473.39
Gold Certificates
3236,470.00
95,434.770.00
$30,679,018.43
$95,721,240.00
$264,806.00
$2,700.00
2,212,300.00
Total to Aug. 14 1935
$2,215,008.00
$264,836.00
Note—Gold bin deposited with the New York Assay Office in the amount of
$200,572.09 previously reported.
Silver Transferred to United States Under Nationalization Order-4,270 Fine Ounces During Week
of Aug. 16
Silver in amount of 4,270 fine ounces was transferred to
the United States during the week of Aug. 16 under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Receipts since the order was issued and up to Aug. 16, total
112,962,385 fine ounces, it was noted in a statement issued
by the Treasury Department on Aug. 19. The order of
Aug. 9 1934 was given in our issue of Aug. 11, page 858. In
the Aug. 19 statement of the Treasury it is shown that the
silver was received at the various mints and assay offices
during the week of Aug. 16 as follows:
Philadelphia
New York
San Francisco
Denver
Fine Ounces
Fine Ounces
471.00
232.00 New Orleans
215.00
2,337.00 Seattle
-559.00
458.00
Total week end. Aug. 16 1935 4,270.00
Week Ended— Ounces I Week Ended— Ounces
Week Ended—
1934—
1935—
1934—
Jan. 5
1,157 July 27
292,719 Feb. 8
Jan. 12
547 Aug 3
118,307 Feb. 15
Jan. 19
477 Aug. 10
254,453 Feb. 21
Jan. 26
94,921 Aug. 17_
649.757 Mar. 1
Feb. 2
117,554 Aug. 24.....
376.504 Mar. 8
Feb. 9
375.995 Aug. al__
11,574 Mar. 15
Feb. 16
232,630 Sept. 7
264,307 Mar. 22
Feb. 23
322.627 Sept. 14
353.004 Mar. 29
Mar. 2
271,800 Sept. 21
103.041 Apr. 5
Mar. 9
126.604 Sept. 28
1,054.287 Apr. 12
Mar. 16
832.308 Oct. 5
620.638 Apr. 19
Mar. 23
369,844 Oct. 12
609.475 Apr. 26
Mar.30
354.711 Oct. 19
712,206 May 3
Apr. 6
569,274 Oct. 26
268.900May 10
Apr. 13
10.032 Nov. 2
826,342 May 17
Apr. 20
753,933 Nov. 9
359,423 May 24
Apr. 27
436,043 Nov. 16
1.025.955 May 31
May 4
647,224 Nov. 23
443,531 June 7
May 11
600,631 Nov.30
359,296 June 14
May 18
503.309 Dec. 7
487,693 June 21
May 25
885.056 Dee. 14
648.729 June 28
June 1
295.511 Dec. 21
797.206 July 5
June 8
200,897 Dec. 28
484,278 July 12
June 15
206.790
1935—
July 19
June 22
330.532 Jan. 4
467.385 July 26
June 29
64.847 Jan. 11
504.363 Aug 2
July 6
1,218,247 Jan. 18
732.210 Aug.9
July 13
230.491 Jan. 25
973,305 Aug. 16
July 20
115,217 Feb. 1
321,760
-- _.
Ounces
1,167,706
1.126.572
403,179
1,184.819
844.523
1,555.985
554,454
695,556
836.198
1,438.681
502.258
87.704
173,900
686.930
86.907
363.073
247.954
203.482
462,541
1,253.628
407.100
796.750
621.682
808,621
379,010
863.739
761.234
4,270
Receipts of Newly Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 667,100.25
Fine Ounces During Week of Aug. 16
During the week of Aug. 16, it is indicated in a statement
issued by the Treasury Department on Aug. 19, silver
amountint to 667,100.25 fine ounces was received by the various United States mints from purchases by the Treasury in
accordance with the President's proclamation of Dec. 21
1933. The .proclamation was referred to in our issue of
Dec. 23 1933, page 4441. It authorizes the Treasury to
absorb at least 24,421,410 fine ounces of newly mined silver
annually. Receipts by the mints since the proclamation
was issued total 43,193,611.43 fine ounces to Aug. 16. During the week of Aug. 16 the Philadelphia Mint received
149,972.13 fine ounces, the San Francisco Mint515,729.12
fine ounces, and the Denver Mint 1,399 fine ounces.
The total weekly receipts since the issuance of the proclamation are as follows (we omit the fractional part of the
ounce):
1203
Financial Chronicle
Volume 141
Week Ended— Fine Oss.
1934—
Aug 17
33,465,091
Aug. 24
26.088.019
Aug. 31
12,301.731
Sept. 7
4,144.157
Sept. 14
3,984,363
Sept. 21
8.435,920
Sept. 28
2.550.303
Oct. 5
2,474,809
Oct. 12
2,883,948
Oct. 19
1,044,127
Oct. 26
746.469
Nov. 2
7,157,273
Nov. 9
3,665,239
Nov. 16
336,191
Nov. 23
261.370
Nov. 30
86.662
Dec. 7
292,358
'Dec. 14
444,308
Week Ended— Fine Ow.
1934—
692,798
Dec. 21
63.105
Dec. 28
1935—
309,117
Jan. 4
535,734
Jan. 11
75,797
Jan. 18
62,077
Jan. 25
134,096
Feb. 1
33,806
Feb. 8
45,803
Feb. 15
152,331
Feb. 22
38,135
Mar. 1
57,085
Mar. 8
19,994
Mar. 15
54,822
Mar. 22
7.615
Mar. 29
5,163
Apr. 5
6.755
Apr. 12
Week Ended— Fin. Os,
1935—
68,771
Apr. 19
50,259
Apr. 26
7,941
May 3
5.311
May 10
11,480
May 17
100,197
May 24
5,252
May 31
9,988
June 7
9,517
June 14
26,002
June 21
16,360
June 28
2,814
July 5
9,697
July 12
5,956
Jul, 19
16,306
July 26
2.010
Aug. 2
9.404
Aug. 9
667,100
Aug. 16
President Roosevelt to Address Young Democratic
Clubs of America Convention over Radio To-night
President Roosevelt, speaking from the White House, will
address the convention of the Young Democratic Clubs of
America in Milwaukee, over a coast-to-coast radio broadcast
at 9 p.m., Eastern Standard Time, to-night (Aug. 24).
President Roosevelt in Addressing State Directors of the
National Youth Administration Says Future of
Government's Experiment in Behalf of Youth
Depends upon Efforts of Those Directing It—Warns
That There May Not Be As Much to Administer
Work Next Year
A two-day conference of State Directors of the National
Youth Administration, in charge cf the work relief program
for youth, was concluded at Washington on Aug. 20 with
an address by President Roosevelt and a talk by Mrs. Roosevelt and Harry L. Hopkins, Works Progress Administrator.
The President's speech was delivered in his office, while
Mrs. Roosevelt and Mr. Hopkins spoke at a hotel luncheon
meeting preceding the visit to the White House.
The President in his remarks referred to the project in
behalf of youth as an experiment and he said it is up to
you to see that action is effectively carried out. The President's address follows:
I am glad to see this particular group. We have been looking forward
to the initiation of this youth program for a great many years. In previous
days groups came down here to talk about education, child welfare and
various things like that. They had very interesting discussions and they
passed very nice resolutions. Later the whole proceedings were bound up
and distributed around the country. Everybody went home and little,
if anything, resulted from these efforts.
Our procedure is different. We have asked you here to start something.
We have given you $.50,000,000. It is the first time the Federal Government has attempted a great National project of this kind. It is an experiment, but we are going to get action, something more than mere resolutions, out of it.
It is up to you to see that action is effectively carried out. I am very
glad that we have such a fine personnel to start this work. As you know,
a very large portion of the money is going to be used to enable boys and
girls to carry on their education—boys and girls who could not otherwise
do it. But there is also a large amount, very nearly half, set aside for other
types of work such as vocational training, the building of playgrounds and
the establishment of forums in various places.
"We have not decided entirely on that part of the program as yet; that
1,4
is one of the things we want to talk over with all of you.
"As to the experimental part of it—I suppose we can stress this—we
don't know bow it is going to turn out next year when perhaps we won't
have as much money. The future is going to depend on the success of the
experiment. If the experiment is a success, there is not much doubt in my
mind that future Congresses will continue the work. Therefore for that
very reason, you have a very great responsibility. The success of the
program depends, in large part, on all of you. You are building for the
future, not only for the coming year.
Of course, primarily, we have to recognize that the work this year is for
the benefit of the young people of the families'now on relief, but in a larger
sense, it includes, through the effect it will have, all young people, in every
part of the Nation.
Figures show that there are more than 2,900,000 young people in families
on relief and of these 2,900,000, 1,700,000 are on relief in urban areas and
1,200,000 are on relief in rural areas. In addition to that. out of the total of
2,900.000 half a million are Negroes. Furthermore,less than one-half of all
these young people have reached or gone beyond the eighth grade.
It seems to me it should be our aim and purpose to secure for these
2,900.000 young people the opportunity to share equally with their fellows
the normal blessings of our traditional American life, to be a part of and
to have a share in normal family life, in school work and in the better fitting
of themselves for jobs and for life work.
I wish I could have taken part in your discussions. I am going to follow
the work you do with great interest and I am very proud ofthe way in which
you are undertaking it.
According to the New York "Herald Tribune," Mrs.
Roosevelt emphasized three points:
First, that the youth program should be fitted to tha particular locality.
Second, that the ideas of the young people themselves should be encouraged and employed.
Third, that every effort should be made to cut red tape.
President Roosevelt Issues Rules on Resettlement
Loans—Executive Order Fixes Interest Between
3% and 5%
An Executive Order, setting up rules under which loans
may be advanced by the Resettlement Administration, was
issued on Aug. 19 by President Roosevelt. The Order prescribes that loans shall be for a maturity of not to exceed 40
years, as the Resettlement Administrator shall see fit, and
interest shall be charged at not less than 3% or more than 5%.
Other provisions of the Order were made known in the following Washington account, Aug. 19, to the New York "Times"
of Aug. 20:
1204
Financial Chrcnicle
The order defined the general conditions under which Rexford G.Tugwell,
Under-Secretary of Agriculture and Director of Rural Resettlement, may
make loans for rural rehabilitation in stricken areas and "for the purpose of
financing, in whole or in part, the purchase of farm lands and necessary
equipment by farmers, farm tenants, croppers or farm laborers."
Such loans are part of a projected $500,000,000 program which also involves the purchase and withdrawal from production of sub-marginal land,
reclamation and,in some cases, the establishment of whole new communities
in good crop-producing areas concurrently with the abandonment of farms
where their occupants have no chance to make a living. The widest possible
discretion is given to the Resettlement Administration in the making of
these loans within the limits set as to time and interest rates.
Loans may be made, under the order, either to individuals or to cooperative associations, where the latter "impose no inequitable restrictions upon
membership or participation therein."
The Resettlement Administration is left free to fix specific interest rates,.
according to the conditions of individual loans such as term and security and
It is stipulated that interest rates need not be uniform throughout the
country.
"Unless otherwise authorized by the President." the order stated, "all
loans for a period of two years or more shall provide for repayment in equal
annual instalments, which may include interest in the discretion of the administrator, except that when the loan is for a period of five years or more,
and in the opinion of the administrator the financial condition of the borrower so justifies, there need be no requirement that any payment be made
on the principal during the first three years after the loan is made."
In cases of default the administrator has the right either to foreclose on
security, extend the time for repayment or to refinance the loans.
President Roosevelt Places Six Additional Emergency
Agencies Under Bureau of the Budget—RFC and
FDIC Included
A second Executive Order was issued by President
Roosevelt on Aug. 21 placing six more emergency agencies
under the Bureau of the Budget. The agencies affected by
this order are the Federal Deposit Insurance Corp., the
Reconstruction Finance Corp., the Federal Surplus Relief
Corp., the Electric Home and Farm Authority, and the
two Export-Import Banks of Washington. In a Washington
account, Aug. 21, to the New York "Times" of Aug. 22,
it was stated:
While these agencies had already been required to make accounting of
expenditures to the bureau. Mr. Roosevelt explained two weeks ago in
issuing the first order that his action would bring them into line with the
bookkeeping operations of the regular Government departments and made
possible the preparation of monthly reports showing the status of their
administrative expenditures.
President Roosevelt said at a press conference that be expected to issue
a third order which would, within a few weeks,complete the work of putting
supervision over the administrative work of emergency agencies under the
Budget Bureau.
The previous order of President Roosevelt, referred to in
our issue of Aug. 10, pages 843, put the Federal Home Loan
Bank Board, the Home Owners' Loan Corp., the Federal
Savings and Loan System, the Federal Savings and Loan
Insurance Corp., the Federal Housing Administration, the
Farm Credit Administration and the Federal Farm Mortgage
Corp., under the supervision of the Bureau of the Budget.
President Roosevelt Names New Health Committee—
Will Co-ordinate Activities of Government Under
Social Securities Act
An inter-departmental committee, to co-ordinate the
health and related welfare activities of the Federal Government, in line with the Social Security Act, was created on
Aug. 15 by President Roosevelt. The text of the social
security bill is given elsewhere in our issue to-day. President
Roosevelt named the following Government officials as
members of the new committee: Josephine Roche, Assistant
Secretary of the Treasury in charge of the Public Health
Service, Chairman; Oscar Chapman, Assistant Secretary of
the Interior; M. L. Wilson, Assistant Secretary of Agriculture, and Arthur J. Altmeyer, Second Assistant Secretary
of Labor. The following is President Roosevelt's announcement of Aug. 15 creating the committee:
In view of the passage and signing of the social security bill there is
Increasing necessity for better co-ordination of the health activities of the
Federal Government. I am, therefore, creating at this time an interdepartmental committee to give attention to this subject. As members of
this committee I have appointed the following Government officials:
Josephine Roche, Assistant Secretary of the Treasury, Chairman; Oscar
Chapman. Assistant Secretary of the Interior; M. L. Wilson, Assistant
Secretary of Agriculture, and A. J. Altmeyer, Second Assistant Secretary
of Labor.
I am directing this committee to include within the scope of its work
not only health activities, but closely related welfare activities as well.
As its immediate task I am instructing this committee to assume responsibility for the appointment ofspecial committees to be composed of physicians
and other technically trained persons within the Government service to
study and make recommendations concerning specific aspects of the Government's health activities.
I am confident that this procedure will facilitate the consummation of a
series of appropriate co-operative agreements among the various departments of the Government. I am also hopeful that in this way we can
eventually bring about a complete co-ordination of the Government's
activities in the health field.
President Roosevelt Names Board to Arbitrate Strike of
New York Shipbuilding Corp.—Company and
Strikers Given Until Aug. 27 to Accept Proposals
An arbitration board to bring about the settlement of the
-week strike at the Camden, N. J. plant of the New York
15
President Roosevelt on
Shipbuilding Corp. was named by'
Aug. 22. The board, appointed by Executive Order, consists of Rear Admiral Henry A. Wiley, retired, Chairman;
Aug. 24 1935
Robert Bruere, of New York City, and Colonel Frank P.
Douglass, of Oklahoma City. The strike, previous reference
to which was made in our issue of Aug. 17, page 1036, involves about 3,000 workers and has delayed construction on
five naval vessels costing $50,000,000.
The President's Order gives the shipbuilding company and
Local 1 of the Industrial Union of Marine and Shipbuilding
Workers of America, sponsors of the strike, until noon,
Aug. 27 to file with the arbitration board "their separate
written agreements to abide by the awards of the board,"
and calls upon the board "to embody them (the awards) in an
agreement, to be signed by the parties, to continue until the
completion of the existing naval contracts." The Order provides for the return of the strikers to the employment status
as of May 11 when the strike commenced. The following is
the Executive Order:
Executive Order
By virtue of and pursuant to the authority vested in me, under Title I
of the National Industrial Recovery Act of June 16 1933 (48 Stat. 195).
as amended by the Act of June 14 1935 (Public Resolution No. 26, 74th
Congress), and other provisions of law, it is hereby ordered as follows:
Section 1. The parties to the labor dispute at the Camden, N. J., yard
of the New York Shipbuilding Corp., having been unable to reach a mutual
agreement with respect to matters in dispute between them, there is hereby
created "The Camden Board of Arbitration" which shall be composed of
Rear Admiral Henry A. Wiley. United States Navy (retired), Chairman;
Robert Bruere of New York City, and Colonel Frank P. Douglass of Oklahoma City. Each member of the board shall receive necessary travel and
time
subsistence expenses and in addition thereto, each member who at the
he is serving on the board is not receiving any other salary from the United
States, shall receive $25 per diem.
Section 2. The board shall proceed immediately to investigate, hear evidence and make findings of fact with a view to formulating, within 60 days,
arbitration awards with respect to the following issues in controversy:
(1) The matter of piece work or of incentive work;
(2) The matter of adjustment of wages.
(3) Matters relating to employment and working conditions which have
the
been in dispute in connection with the renewal of the agreement, between
.
parties, of May 11 1934 and
in
(4) Miscellaneous questions which have been the source of dispute of
connection with the recent stoppage of work at the Camden, N. J., yard
the New York Shipbuilding Corp.
Provided, that the board, notwithstanding generality of the foregoing
language,shall not entertain any request by Local 1 of the Industrial Union
of Marine and Shipbuilding Workers of America,for a preferential or closed
shop, but in lieu thereof shall include in its award a provision that the New
York Shipbuilding Corp. will not fill any vacant or new positions with
other persons so long as employes who have been employed since Aug. 1
1933, are available, are competent, and willing to accept the same positions..
Section 3. In order that it may make its awards, the board
' the
(a) Shall request the New York Shipbuilding Corp and Local ,of file
to
Industrial Union of Marine and Shipbuilding Workers of Americawritten
with the board, not later than noon. Aug. 27 1935, their separate in an
the awards of the board, and to embody them
agreements to abide by
ent. to be signed by the parties, to continue until the completion
a
orterexisting naval contracts.
e
(b) Shall request that the New York Shipbuilding Corp. file with it not
later than Noon. Aug 27 1935, a signed agreement that all of the employes
upon the payroll of May 11 1935, will, upon their application, be taken
back without discrimination and under the same hours, Wages and working
conditions as prevailed when the strike commenced, and that the corporation will, pending a new agreement with the employes, operate the plant in
of
every respect in accordance with the provisions of the expired agreement in
May 11 1934. except that while the Camden Board of Arbitration is
are not settled by the employes, stewards, foreexistence, questions which
men, general manager, or vice president, as provided in Section 3 of said
agreement of May 11 1934, shall be referred for arbitration to said Camden
Board of Arbitration and during such time no other board, such as is contemplated in Section 4 of said agreement of May 11 1934, shall be created
or shall arbitrate such questions.
(c) Shall request that Local 1, Industrial Union of Marine and Shipbuilding Workers of America,file with it not later than Noon, Aug. 27 1935.
a signed agreement immediately to terminate the strike now in existence.
Provided that no agreement requested by the board in accordance with
paragraphs (a), (b) or (c) above shall be effective or binding, unless all
such requested agreements are filed.
Section 4. The board shall transmit copies of its findings and such
awards as it formulates to the President and to the parties to the dispute.
Section 5. In order to effectuate the purposes of this order there is
hereby allotted to the board the sum of $2,500 from the funds appropriated
to carry out the provisions of the National Industrial Recovery Act.
FRANKLIN D. ROOSEVELT,
White House, Aug. 22 1935
President Signs Omnibus Banking Bill Passed by
Congress—Federal Reserve Board to Be Known
as"Board of Governors of Federal Reserve System"—
New Open-Market Committee Provided for—Underwriting Clause of Senate Bill Eliminated—Federal
Deposit Insurance Assessment 142 of 1%—Statements by Senator Glass and Representative
Steagall •
The deadlock on the Administration's omnibus banking
bill which had followed the passage of the measure by the
Senate on July 26 was broken on Aug. 16, when agreement
was reached by the conferees of the Senate and House on
the differing provisions of the bills passed by the two branches
of Congress. With the completion of the conferees' action
on the bill, Congress quickly disposed of the legislation,
the conference report having been adopted by both the
House and Senate on Monday, Aug. 19.
President Roosevelt signed the bill yesterday '(Aug. 23)
Those who sponsored the bill in Congress, Senator Glass,
and Representative Steagall, were present when the President affixed his signature to the new legislation, as were
Secretary of the Treasury Morgenthau, Chairman Eccles
of the Federal Reserve Board, Leo Crowley, Chairman of
the Federal Deposit Insurance Corporation, and J. F. T.
O'Connor, Comptroller of the Currency. Associated Press
advices from Washington last night, reporting this added:
In genial mood, Mr. Roosevelt remarked the financial measure had more
"ten dollar words" in it than any he had ever signed.
Volume 141
Financial Chronicle
The veteran Senator Glass, author of the original Federal Reserve Board
act, related later that the President had asked the group if any of them had
read the bill.
"I told him I was the only one who had read it," said Glass in the presence
of Representative Steagall. Both men smiled. They had fought at length
over the measure in conference between the Senate and House. The two
rode away from the White House together.
The text of the bill as enacted into law will be found elsewhere in these columns to-day. Reference 'to the bill
as passed by the Senate on July 26 was made- in these
columns July 27, page 523, and Aug. 3, page 684; while
the earlier action of the House in adopting the bill on May 9
was noted in these columns May 11, page 3141. Under
the bill as finally enacted into law the Federal Reserve Board
is to be known as "the Board of Governors of the Federal
Reserve System," and the Governor and Vice-Governor of
the Reserve Board are to be known respectively as "Chairman" and "Vice-Chairman" of the Board of Governors of
the Reserve System. The heads of the 12 Reserve banks
are to be designated as "President" instead of "Governor,"
so as not to conflict with the Reserve Board titles. With
regard to the adjustments made by the conferees, a Washington dispatch Aug. 16 to the New York "Times" is quoted
in part as follows:
The end of the conference marks a long fight over the policies of Marriner
S. Eccles, Governor of the Federal Reserve Board, as expressed in the
bill passed by the House, and the views of the Glass group as set forth
In the Senate bill.
Opinion to-night was that Mr. Glass, veteran banking legislator, had
once more come out the victor.
Reserve Board Is Increased
He and the other Senate conferees succeeded in carrying out their views
on the Open Market Committee, particularly in the aspect that Government securities must be purchased on the open market and not direct
from the Treasury.
Likewise, Senate conferees prevailed in their insistence that the Federal
Reserve Board must be increased from the present six to seven members,
with the Secretary of the Treasury and the Comptroller of the Currency
eliminated as members ex-officio. . . .
The provision of the Senate bill that bankers may serve on not more
than two bank boards simultaneously was retained but made subject to
the discretion of the Reserve Board, however.
A big feature of the bill is the arrangement for the Open Market Committee, which would be composed of seven Reserve Board members and
five representatives of the 12 regional Reserve banks. This Committee
would have power to influence the flow of credit by purchase and sale
of Government bonds by the Reserve banks.
Policy Is Mandatory
The policy laid down by the Committee would be mandatory upon the
Reserve banks.
Following the view of Mr. Eccles, the House gave complete voting
control of open market operations entirely to the Reserve Board, with
representatives of the Reserve banks acting only in an advisory capacity.
Senator Glass, however, demanded that the Reserve banks must have
actual representation on the Committee, as now assured by the conference
report. Whereas the Senate bill provided that four of the Reserve banks'
representatives should be chosen to represent Reserve Bank districts, and
one elected at large, the conferees decided to confine the representation
to five districts. . . .
The conferees struck out Senate requirements that not more than four
Board members should be of the same political faith and that at least two
Board members must be "persons of tested banking experience." Board
members would serve 14 years at $15,000 annually.
A Senate provision keeping in effect the existing statutory requirements governing maintenance of reserves against deposits,' as a further
check against use of bank funds for speculation, was retained.
The conferees provided that by a vote of not less than four of the seven
Reserve Board members the existingxeserve requirements of 7.10 and 13%
could be doubled but not decreased,
The Senate bill had prescribed a
vote of five, whereas the House bill allowed changes in reserve requirements, without minimum or maximum.
When it came to rediscount rates the conferees kept the Senate provision, under which the regional Reserve banks could continue to urge
changes in the rates, subject to Board approval every 14 days. The
Board could approve, disapprove or change the rates. The House bill
gave the Board full authority to establish the rates, with their operation
mandatory.
As to Loan Provisions
Changes were made so that Reserve banks could make loans on paper
"described other than as eligible," but at a penalty of 3 of 1% as against
the 1% proposed in the Senate bill. Loans would be restricted to four
months and eligible paper would not first have to be exhausted before
loans were made on the other class.
Mr. Steagall's victory on his fight against "forcing" State banks into
the Reserve System on penalty of losing the benefits of deposit insurance
came when the Conference Committee agreed to postpone from 1937
until 1942 the date by which banks with deposits of $1,000,000 must join
the Reserve or lose the insurance.
In addition the Committee struck out a Senate qualification that all
banks organized after the bill becomes law must join the Reserve by a
certain date or relinquish the insurance.
In connection with the deposit insurance section of the Senate bill,
there is an annual assessment on banks for insurance fund membership
of 1-12 of 1% of-total deposits. The assessments as provided in the Senate
bill would continue until the fund reached $500,000,000 and would be
resumed when the fund was impaired by 15%•
House Demand Loses
The conferees retained the 1-12 of 1% provision in spite of a House
demand that the levy be
of 1%. This latter figure was declared by
many bankers to be prohibitive, and Senator Glass fought strongly for
the lower figure. The plan for suspension of the assessment fund was
stricken out.
Aid for the deposit fund was provided by the conferees in another part
of the bill. A year ago it was arranged that the Reconstruction Finance
Corporation should purchase $250,000,000 of Federal Deposit Insurance
Corporation bonds if this was found necessary through rapid failure of
banks.
The Senate Banking Committee stipulated that if the RFC failed to
respond in this purchase the Treasury would furnish the $250.000.000.
1205
To-day, however, the conferees agreed to increase their $250,000,000
backing to a total of $500,000,000.
An outline by Senator Glass of foremost points of the
agreement is quoted in part from a Washington account
Aug. 16 to the New York "Herald Tribune":
The Federal Reserve Board is changed to a Board of Governors of the
Federal Reserve System, with terms of 14 years. at $15,000 salaries. The
Board will consist of seven members appointed by the President, and the
two banker members of the Senate bill are eliminated.
The Secretary of the Treasury and the Comptroller of the Currency
are eliminated from the Board of Governors as of Feb. 1 1936. The bipartisan provisions were cut out.
Open Market Committee
The Open Market Committee requirements provide that the Committee
shall consist of the seven members of the Reserve System and five representatives of the Federal Reserve banks, following the general lines of
the Senate bill. A change is made, however, so that instead of these
representatives being chosen at large they will be appointed regionally,
with one each for the following areas:
Boston and New York;
Philadelphia and Cleveland;
Richmond, Atlanta and Dallas;
Chicago and St. Louis:
Kansas City, Minneapolis and San Francisco.
A highly important requirement, insisted on and obtained by Senator
Glass and the Senate conferees, is that the Open Market Committee must
buy securities in the open market, as in the Senate bill, and not buy from
the Treasury.
The much disputed clause which would have permitted banks to return
to the underwriting business for the first time in two years was eliminated
by the conferees. Senator Glass said the provision was removed "at the
request of the President." Representing a concession by the Senate
conferees, the elimination was not unexpected because of persistent indications from the White House that any changes in present law would not
be favored. Under the original Senate bill it was proposed to revise
bank underwriting under definite safeguards, with the objective of obtaining added funds for the capital market.
The Senate reserve provision of the bill prevails, with the exception that
the Federal Reserve Board by a vote of four instead of five as in the Senate
bill may alter reserves as the statute provides.
With respect to the discount rate, the conferees accepted the provisions
of the Senate bill. Under this, the regional banks are required to establish the reserve rate every 14 days, but the Reserve Board could veto
the proposed rates or change them. . . .
The Senate interlocking directorate provision was accepted with an
amendment,so as to permit a bank to interlock with one other bank under
regulation of the Reserve Board. . . .
Real Estate Loan Rule Eased
As to real estate loans, the Senate provisions are retained with reduction
of the amortization requirement from 50% to 40%. Moreover, the
territorial limitation is removed.
In connection with the Federal Deposit Insurance system, the House
conferees took the Senate 1-12 of 1% assessment.
On the whole, the upshot of the deliberations of the conferees, which
have been going on for weeks, is not entirely pleasing to the Administration. to Governor Eccles or to Chairman Steagall. The bill as it came
from the Banking Committee of the Senate some time ago was rushed
through that body without change. Administration Senators who did
not like some of its features were given to understand the Administration
strategy would be to outwit Senator Glass in conference. In the process
of the operations of strategy in conference, however, Senator Glass and
the Senate conferees more than held their own.
Chairman Steagall of the House Banking and Currency
Committee issued a statement on Aug. 17 in which he said:
It is well understood that the conference report represents a compromise
of views. The Open Market Committee provision is substantially the
same as that which was embodied in the bill first submitted to the Banking
and Currency Committee of the House, and introduced accordingly in
the House and Senate.
An outstanding accamplishment of the legislation is to declare and
emphasize the determination of the Government to control the open
market operations of the Federal Reserve System.
Under the existing law, policies are inaugurated by a committee representing the Federal Reserve banks, to be approved by the Federal Reserve
Board, but there is no authority to compel any bank to execute a policy
determined upon. The result is that one bank has the power to nullify
any policy, even though agreed upon by all the other 11 banks and approved
by the Federal Reserve Board. The House bill places this power in the
hands of a committee, a majority of which is composed of members of
the Federal Reserve Board, with authority to compel compliance. The
provision of the Senate bill requiring that two members of the Federal
Reserve Board be experienced bankers has been eliminated, and also
the provision requiring bi-partisan selection of members of the Board.
The measure as reported creates an Open Market Committee of 12
members, seven of whom are members of the Federal Reserve Board and
five appointed as representatives of the banks. This places control in
the hands of the Federal Reserve Board. It establishes the principle
of Government control of the open market operations of the System.
The President is empowered to appoint a Federal Reserve Board of
seven members, to be named by Feb. 1 1936 and to be approved by the
Senate. This will bring the Federal Reserve System fully into harmony
with the advanced policies of the Administration.
Another provision that represents a long step forward and a vast improvement over existing law is that which provides that Federal Reserve
banks may make advances to member banks on any satisfactory security.
This will get us away from the inelastic and restricted basis upon which
accommodations have been available to member banks in the past.
Such a provision before the unfortunate debacle through which we have
recently passed would have undoubtedly prevented many of the bank
failures and resulting suffering and distress of recent years. The Administration will be in position to utilize the vast powers and resources
of the Federal Reserve System in the stupendous tasks not yet fully accomplished.
The underwriting provision of the Senate bill has been eliminated.
and the provision permitting interlocking directorates has been amended
so that no private banker or officer of a bank may be a director in more
than one other bank, and then only when allowed by regulations of the
Federal Reserve Board.
1206
Financial Chronicle
Permanent Insurance of Deposits
Title I of the bill as reported provides for the permanent insurance
of bank deposits covering individual accounts up to $5,000, and the assessment for the support of the fund of the FDIC is levied upon the total
deposits of participating banks. It is estimated that not less than 95%
of the nation's depositors will be fully insured and nearly half of total
deposits protected. The initial capital of the Corporation is approximately
3300,000,000, which may be expanded three times that amount. The
Treasury Is authorized to purchase obligations of the Corporation, which
may be Issued to the amount of approximately $900,000.000. and is required to purchase not less than $500,000,000 of these obligations upon
requisition of the FDIC.
The provision agreed upon repeals the existing law requiring all State
banks to back members of the Federal Reserve System by July 1 1935.
as a condition precedent to participation in the benefits of deposit insurance
A provision in the Senate bill requiring all State banks hereafter organized
to become members of the Federal Reserve System as a condition to participating in the benefits of deposit insurance has been eliminated. A provision
is incorporated requiring that State banks with deposits amounting to
$1.000,000 shall join the Federal Reserve System in order to obtain the
benefits of deposit insurance, but this provision will not become operative
until July 11942.
Final Congressional action on the bill was indicated as
follows in Washington advices Aug. 19 to the New York
"Herald Tribune":
The.House and Senate passed the conference report on the omnibus
banking bill. In the House, discussion was brief, and there was no roll
call. In the Senate there was complete absence of discussion, and the
report was declared adopted by Vice-President John N. Garner within
a half-minute after it was taken up. Even Senator Carter Glass, in charge
of the conference report, was surprised at the suddenness with which
the report was adopted.
Railroad Pension Bill Passed by Congress—Provides System of Retirement Annuities for Railroad Workers—Bill Replaces Act Declared Unconstitutional
Both the House and Senate on Al g. 19 passed the WagnerCrosser railroad pension bill des:gned to replace the Railroad Retirement Act declared unconstitutional on May 6 of
this year by the United States Supreme Court. The text
of that decision was given in our issue of May 4, page 3109.
The new pension bill, as was reported in these columns
June 29, page 4319, was introduced in the House and Senate
on June 25 by Representative Crosser and Senator Wagner.
The bill was favorably reported on Aug. 2 by the House
Interstate and Foreign Commerce Committee, while the
Senate Interstate Commerce Committee approved the bill
on Aug. 15. References to the action of these committees
appeared in our issues of Aug. 10, page 847, and Aug. 17,
page 1028. Regarding the completion of Congressional action on the bill on Aug. 19 the Washington correspondent
of the New York "Journal of Commerce" on that date said:
Favorable consideration was first accorded the measure by the House,
after the Rules Committee had cleared the decks for the measure by reporting out a resolution enabling it to be called up immediately. In rapid
succesion, the Senate then passed the bill two hours later by a vote
76
of - to 3. . . .
Although of doubtful constitutionality in the estimation of railroad
officials, the bill was passed by the House and Senate with comparatively
little debate. In some respects it is regarded only as a stop-gap since provision is made that before the plan goes into effect next March a study
shall be made by a special commission of three House, three Senate members
and three representatives of the President of all facts pertinent to a retirement annuity system applicable by law to the railroads. Report to Congress
by Jan. 1 is provided.
Security Law Exemption
To insure against any overlapping in connection with the national social
security program already approved and enacted into law, an amendment was
made to the [railroad pension] legislation exempting all railroad workers
subject to this Act from the provisions of the new'security law.
A companion bill, meanwhile, is still under consideration by the Ways
and Means Committee of the House which is designed to raise the funds
necessary in carrying out the program. This bill, which is expected to be
reported and approved before the close of the week, will levy a tax of 4%
upon the payrolls of the carriers and 2% on the earnings of workers. Railroad officials estimate that it will mean a burden of approximately $72,000,000 annually.
House Rules Committee Chairman John J. O'Connor (Bern., N. Y.)
claimed that "there is no use hiding the fact that if the companion tax
bill le not enacted, the Federal Treasury must appropriate about $50,000,000
annually to finance this plan."
Representative O'Connor, despite objections from Republican Minority
Leader Bertrand H. Snell, New York, succeeded in getting through a
resolution to insure immediate consideration.
Mille Attack Recalled
C. A. Mille, general counsel for the American Short Line Railroad Association, had attacked constitutionality of the bills in a hearing before the
Ways and Means Committee.
He particularly criticized the tax bill, which he said was "inadequate."
Indorsing the bill, Representative Arthur H. Greenwood (Dem., Ind.)
told the House that "most railroads have their own pension plans, but this
bill will guarantee uniformity."
Representative Robert F. Rich (Rep., Pa.) charged "the Administration
would some day regret" its tactics in driving "these things through so
hastily."
The House, on a voice vote, then adopted the rule permitting one hour
of debate.
In the Washington dispatch, Aug. 19, to the New York
"Times" it was stated that the measure this week attempts
to meet the court's objections in setting aside the original
law, by basing it on the power of Congress to tax instead
of on its authority to regulate inter-State commerce and
provide for the general welfare.
From the "Herald Tribune" advices from Washington,
Aug. 19, we take the following:
Aug. 24 1935
Principal Features of Act
Principal features of the measure follow:
Payment of annuities from the Treasury based on wages and length of
service of employees. With no account taken of wages over $300 a month
or of service beyond 30 years, the maximum annuity is $120 a month.
Payment decreased for those under 85 years of age, except where retirement
Is for mental or physical disability. One-half the annuity for one year
goes to his widow or dependent.
A Railroad Retirement Board is created of three members appointed by
the President, one on recommendation of the employees, one of the carriers,
and one "without recommendation" of either affected parties. The salaries
will be $10,000 a year. Its duties consist of administering the Act and
preparing a special report within four years on changes in the proposed
system.
An investigation committee is set up, composed of three Senators, three
Representatives and three appointees of the President, to make a report by
Jan. 1 1936 of "pertinent facts" on a retirenient annuity system and more
particularly on the provisions of the present bill. Recommendations for
changes in the system are asked.
The effective date of the bill is March 1 1938, which means that in the
event that the companion tax measure is not reported in the final days
of this session there will be time for its enactment before the annuities
start next year.
Only one amendment was added to the bill reported by the committees.
Representative Robert Crosser, Democrat of Ohio, co-sponsor of the measure,
first introduced it in the House and it was identically adopted in the
Senate. According to Mr. Crosser it exempts the railroad employees from
provisions of the recently passed social security bill except for the unemployment insurance features.
Demanded by Rail Workers
Charges were made in both chambers that Congress was trying to avoid the
unconstitutionality of pension legislation by creating two bills, one establishing the annuity system and the other to raise its costs. This is designed, it was claimed, to circumvent the Supreme Court decision which
Wagner
was based on the earmarking of taxes for the pensions. Senator'
said that "this measure pursued the same legal background as the social
security bill and it meets the same constitutional requirements." Senator
Hastings, however, "cautioned" the Senate on a type of legislation, divided
into two separate parts.
Railroad employee Interests had been threatening to use their influence to
keep Congress in session to secure the legislation, and Democratic leaders
forced the measure through to prevent complications. It offers the
anomalous situation, however, of a law being passed on which recommendations for changes are asked before it could go into effect. A sum of
$60,000 is given for the study.
"It is recognized," the bill says, "that existing individual carrier pension
plans are wholly at the option of the cariers unless in any case express
provision is made otherwise, and no restriction is imposed under this Act
upon such plans; nor is it expected that carriers will modify existing
pension plans on account of this Act beyond a reduction of current pension
payments under such existing plans in amounts equal to the annuity payments
curently received by the employee under this Act."
Lose Money by Working
The employee who continues in service after he has reached the age of
85 will find his annuity, with certain exceptions, reduced by 1/15% for
each year he works after that age. An exception is made where, by
written agreement between the employee and the carrier, the employment is
extended for a year after the age of 65, with the possibility that the
agreement may be renewed for successive years but not beyond the age of 70.
The annuity, the bill provides, is to be determined by the multiplication
of percentages of a basic wage by the number of years of service. The
%
2
/
percentages, it says, are 2% of the first $50, 11 of the next $100, and
1% of the next $150 of basic wage. The maximum of $120 monthly would
mean that the employee would have the highest basic wage, $300 a month or
more, during every month of service for 30 years.
Senate Adopts Pittman Resolution Calling for Inquiry
Silver Purchase Act
into Administration
Investigation into the administration and effect of the
Silver Purchase Act of 1934 is called for in the Pittman
resolution adopted by the United States Senate on Aug. 16.
Under this resolution, said advices from Washington,
Aug. 16, to the New York "Herald Tribune," the inquiry is
put into the hands of silver Senators friendly to the Administration. The Pittman resolution was adopted in place of
one proposed by Senator Thomas (Democrat) of Oklahoma;
as to this, the "Herald Tribune" dispatch said:
a
Although Senator Thomas claimed that the Pittman resolution was designed to head off his activity and although he expressed fear that the
study would not be complete enough, he was placed on the committee
headed by Senator Pittman. Other members include Senators William H.
King, Democrat of Utah; William E. Borah, Republican of Idaho, and
Charles E. McNary, Republican of Oregon.
Senator Thomas is a caustic critic of activities of Henry Morgenthau Jr.,
Secretary of the Treasury, in attempting to meet the law requiring that
the United States purchase silver until the price reached $1.29 or until the
national reserves of silver are one-third the gold reserves. The Treasury
activity, Senator Thomas contends, is not vigorous enough to raise the
price. He contends particularly the policy of aggressive buying only in a
falling market.
On the other hand, Senator Pittman does not believe that all of the
vitriolic assault on the Treasury is justified. He also does not adhere to
the opinion that the effects of the Administration's policy abroad have
been extremely detrimental to manufacturers of this country.
"The tobacco interests," Senator Pittman said, "for example, have complained that the policy lost them sales in China. But it appears that
artificial measures which raised the price of our tobacco gave the Chinese
an opportunity to increase their production. Furthermore, not all our
interests have suffered sales losses in China. Automobile exports there have
gone up 300%."
From Associated Press accounts from Washington, Aug. 16,
we quote:
In outlining the scope of the silver investigation, Mr. Pittman said the
members first would confer with the Secretary of the Treasury.
"We can find out in two or three days how the Act is being administered," he said.
Volume 141
Financial Chronicle
He expected the Committee xnembers would remain in Washington long
enough after adjournment to complete that. Subsequently, he added, the
Committee would study the effect of the silver ,purchase program on
imports and exports, on prices here and abroad, and on international
exchange.
He said the aim of the Silver Purchase Act was to put a big load of
silver in the Treasury which might later be used in dickering for international stabilization of currency on terms suitable to this country.
The Silver Purchase Act announced as its goal the collection in the
Treasury of a quantity of silver equal in value to one-third of the gold,
an amount estimated by Senator Thomas at $3,000,000,000. About $2,000,000,000 now is in the Treasury. As an alternate the Act provided that
purchasing toward the ultimate goal should continue as long as the price
remained below $1.29 an ounce.
Mr. Thomas has complained that instead of forcing the price upward
the Treasury has at times dumped silver on the market to depress prices.
The introduction of the Thomas and Pittman resolutions
was referred to in these columns Aug. 17, page 1021, in our
item bearing on the purchase by the Treasury Department
of 25,500,000 ounces of silver on Aug. 14. The following is
the text of the Pittman resolution as passed by the Senate
on Aug. 16:
Resolved, That a special committee of five Senators, to be appointed by
the President of the Senate, is authorized and directed to confer with the
Secretary of the Treasury relative to the administration and the economic
and commercial effect in the United States and abroad of the Silver Purchase
Act of 1934, Public Law No. 438, Seventy-third Congress, approved June 19
1934 (48 Stat. 1178).
The said special committee, or any subcommittee thereof duly authorized
by the special committee, is further authorized to hold such hearings, to
sit and act at such times and places during the sessions and recesses of the
Senate in the Seventy-fourth and succeeding Congresses, to employ and to
call upon the executive departments for clerical and other assistants, to
require by subpoena or otherwise the attendance of such witnesses and
the production of such correspondence, books, papers, and documents, to
administer such oaths, to take such testimony, and to make such expenditures as it deems advisable. The cost of stenographic services to report
such hearings shall not be in excess of 23c. per hundred words. The
expenses of the committee, which shall not exceed $10,000, shall be paid
from the contingent fund of the Senate, upon vouchers approved by the
Chairman.
The said special committee shalt report to the Senate as soon as practicable the results of its investigations, together with its recommendations.
Agreement Reached by Senate and House Conferees
on Tax Bill—Borah Amendment Barring Tax
Exempt Government Securities Dropped—Inheritance Tax Provision also Eliminated, Along with
McCarren Silver Amendment and Amendment to
Repeal Tariff Tax on Whale Oil—Corporate Income
Tax Fixed at 123.4%—Protest by Republican Conferees Against Bill
Within a few days after the measure was sent to conference,
the conferees on the Administration's tax bill, announced on
Aug. 20 adjustment of the differences between the bill ILS
passed by the House on Aug. 5 and that adopted by the
Senate on Aug. 15. The bill, which is expected to yield new
revenue of $250,000,000 annually was placed in the hands of
conferees with the rejection by the House on Aug. 16 of the
Senate amendment designed to repeal the tax of 50% on
profits deiived from silver stocks. Another Senate amendment—that of Senator Borah—proposing to remove the taxexempt privilege from future issues of Government securities,
was also dropped by the conferees. Likewise the latter removed the provision inserted in the Senate bill, to repeal the
tariff excise on whale oil. It was noted by the Washington
correspondent of the New York "Journal of Commerce"
that despite the modified form in which the bill was offered
for final _passage, three Republican conferees, Senator
Metcalf, thode Island, and Representatives Treadway,
Massachusetts, and Bacharach, New Jersey, declined to
give it their approval. The statement issued by them is
given further below. Details of the provisions carried in
the Senate bill were indicated in our issue of Aug. 17, page
1026, while the features of the bill as passed by the House
Aug. 5 were outlined in these columns Aug. 10, pages 844846. It was observed in the New York "Times" dispatch
from Washington Aug. 20 that one unusual thing about the
compromise, and one not unexpected, was the deletion of the
inheritance tax, a major recommendation of the President.
From the same account we quote:
'The next major action, which differed in principle from Mr. Roosevelt's
suggestions, was adoption of the House surtax rase, beginning the increases
on incomes In excess of $50,000 instead of confining the increases to the
brackets above 31,000,000, as recommended by the President and adopted
by the Senate.
In working out the conference agreement, the conferees threw out the
Borah amendment, prohibiting future issues of tax-exempt Federal securities, the McCarran amendment repealing certain sections of the Silver
Purchasing Act of 1934,and the Copeland amendment,repealing the present
tariff tax on whale oil.
Loneroan Plan Is Dropped
The Lonergan amendment, also inserted by the Senate and providing a
special exemption for Insurance policies taken out for the purpose of pa3ing
estate and inheritance taxes, was surrendered by the Senate conferees.
lo The inheritance tax went out of the bill because of difficulties in drafting
suitable administrative provisions. The proposal, which the House shoved
through in record time, was found upon re-examination to be fraught with
administrative pitfalls, and tax experts urged allowing this levy, new to the
American tax system, to go over for further study next session.
The increased estate tax provision was adopted so as to make up the
revenue lost by deletion of the inheritance levy. The proceeds would come
from the same general source, namely, the large estates of the country,
although the principle of taxing inheritances as they are received by the
beneficiaries would not be written into our system as desired by the President
1207
The important provisions of the bill as finally agreed upon
by Senate and House conferees were thus summarized in
the Washington advices to the "Times" Aug. 20:
Estate Taxes—An increase in the rates of the present estate taxes, beginning the impost at 2% on net estates of more than 340.000. and ranging
upward to a maximum of 70% on that part of the estate above $50.000,000.
(A complete substitute for the inheritance tax as requested by the President
and adopted by the House.)
Oilt Taxes—Revision of the present gift taxes to make them approximate
three-fourths of the new estate tax schedule.
Individual Surtaxes—Increases in individual surtaxes beginning in income
brackets above $50.000, and graduating upward to a maximum of 75%
on income in excess of $5,000,000.
Graduated Corporation Tax—A new graduated corporation tax, to substitute for the present flat rate of 133t%,to be levied as follows: 12%% on
net corporation income up to 32,000; 13%. $2,000 to $15,000; 14%.$15,000
to $40,000, and 15% in excess of $40,000.
Capital Stock Tax—An increase in the capital stock tax, now levied at the
rate of $1 per $1,000 on the declared value of corporation stock, to $1.40
Per $1,000.
Excess Profits Tax—A graduated tax on excess corporation profits: 8% on
profits exceeding 10% and not over 15%, and 12% on profits exceeding
15% of the declared value of corporation stock.
Intercorporate Dividends—A partial limitation on the exemptions heretofore given dividends paid from one corporation to another, making 10%
of such dividends taxable at the new graduated corporation rate.
Personal Rolding Company Tax—An increase in the rates of tax on undivided profits of personal holding companies to make them conform to the
higher surtaxes.
Items Thrown Out—Senate amendments relating to prohibition of future
issues of tax-exempt Federal securities, for repeal of the impost tax on whale
oil and of certain sections of the Silver Purchase Act of 1934, and granting
additional exemptions from the estate tax for proceeds of insurance policies.
Opposition to two sections added to the tax bill by the
Senate last week was voiced on Aug. 19 by Secretary of the
Treasury Morgenthau, said a Washington dispatch on that
date to the New York "Herald Tribune," which went on to
say:
Mr. Mrogenthau said he was against the Borah amendment, seeking to
remove the tax-exempt privileges from future issues of Federal securities,
and reiterated his opposition to the McCarran amendment, which seeks to
revive the silver market in this country.
Pointing out that his position in favor of removing tax exemptions from
all securities, both State and Federal, was established a year ago, Mr.
Morgenthau disagreed that the Borah amendment should be adopted as a
preliminary measure, preparatory to a constitutional amendment necessary to remove all tax exemptions. Mr. Morgenthau explained that the
Borah suggestion would make Treasury borrowing more costly.
The Secretary said that long-term issues of the Treasury would be particularly affected, adding that the move "would put an unnecessary disadvantage on the Federal Government." While completely in favor of a
constitutional change, Mr. Morgenthau said that as a Federal officer "I
can't see" the Borah suggestion. The objective of the Federal Government is to borrow as cheaply as possible, he pointed out.
May Die in Conference
The Borah amendment, which was adopted in the Senate by only one
vote last Thursday, appears slated to be deleted from the tax bill in the conference report. Mr. Morgenthau said he had no figures as to how increased
tax revenue would offset the higher interest rates occasioned by the change.
However, if a constitutional amendment were adopted, he prophesied that
the Federal Government would "come out ahead" in the matter of revenue.
While the temporary measure would make Treasury borrowings in all fields
more expensive, the Secretary indicated that he thought obligations from
the Farm Credit Administration would particularly cost the Government a
great deal more.
With regard to New York reports that the Treasury has changed Its
attitude on the McCarran amendment, also in the Senate tax bill, which
would repeal present law with a view to re-establishing a silver market here.
the Secretary of the Treasury said "we are still opposed to it."
The present bill was dispatched through Congress following
President Roosevelt's message to that body on June 19
asking for legislation to provide a new taxation program
which would impose inheritance taxes on large bequests in
addition to present estate taxes, levy higher gift taxes to
prevent evasions, increase income tax rates on the largest
incomes, and set up a graduated scale of tax rates for corporations instead of the present flat corporation tax rate of 133 •
4
The President's message was given in our issue of June 22,
page 4155. ID addition to the provisions referred to above,
embodied in the compromise bill as agreed on in conference,
the "Times" advices from Washington Aug. 20 reported:
On surtax increases,the Senators yielded entirely to the House conferees.
Under the rates finally agreed upon to-day, the increase would begin on
surtax net income over $50,000 and step up steadily to 75% on income over
$5,000,000.
First Step 30 to 31%
The first step of the increase would be on net income between $50,000
and $58.000, where the rate would be raised from the present 30% to 31.
In the bracket of income from $100,000 to $150,000. the rate increase would
be from 52%, as in present law, to 58. It thereafter progresses gradually
until on incomes between 31,000,000 and $2,000,000 the rate would be 73%;
$2.000,000 to 34,000.000, 74%, and all over $5.000,000. 75%, in contrast
to the present flat rate of 59% on all incomes above 35,000,000.
The graduated corporation tax agreed to by the conferees was a composite
of Senate and House provisions and was largely in keeping with the President's recommendation.
The rates as adopted would begin at 12%% on corporation net incomes up
to $2,000 and then graduate upward in four steps to 15% on income in excess
-step graduation of 13% on income up
of $40,000. The House proposed a 2
to $15,000 and 144 on income over that amount, while the Senate amended
this to provide a 4-step graduation,ranging from 12M % on income not over
$15,000 to 15% on income over 3100,000.
Yield Set at $35,000,000
The House corporation rates had been calculated to yield 315,000,000,
while the Senate schedule promised $60,000,000 in new revenue. The
compromise is estimated to -produce $35,000,000.
The corporation tax at present is a flat rate of 13 %•
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Financial Chronicle
The capital stock tax agreed to was strictly a concession to the Senate.
This provision increases the present capital stock tax, levied at the rate of
Si per $1,000 of declared value of corporation stock, to $1.40 per $1,000.
The Senate had proposed to increase the levy to $1.50 per $1,000. The
House bill contained no provis'on along this line.
• The excess-profits schedule adopted in conference likewise was a victory
for the Senate. The House had adopted a series of high levies on excess
profits of corporations, intended to exact another $100,000,000 annually
from business and industry.
Senators insisted on softening this tax, making it more of a preventive
of under-valuation of corporation stock for the capital stock tax than a
revenue producer. The Senate amendment, which was adopted by the
conference, would raise an additional 810,000,000 from the corporation
tax structure.
Another Senate amendment approved by the conference would allow
corporations to make a new declaration of stock value.
The House provision allowing a limited exemption to corporations on
account of charitable donations was retained. The maximum exemption
would be 5% of a corporation's taxable income.
The intercorporate dividend tax ratified by the conference was a Senate
amendment, inserted in direct answer to President Roosevelt's attack on
holding companies through taxation.
Under present law dividends received by one corporation from stock held
in another are not subject to taxation. The Senate inserted a provision in
the pending bill making 15% of such dividends taxable according to the new
graduated corporation tax rate. Experts estimated that this would mean,
on the average, a tax of about 2.4% of this class of income.
10% of Dividends Taxed
The compromise provision as adopted by the conference would subject
10% of intercorporate dividends to tax, which is tantamount to a levy of
1% on all profits passing from one corporation to another.
The increased tax on personal holding companies ratified by the conference committee was strictly for the purpose of making this anti-taxevasion provision of present law conform to the new personal surtax rates
In the bill.
A personal holding company is defined by the law as a corporation owned
by not more than five persons(one family being defined as only one person),
80% of whose income is derived from interest, royalties,rents and dividends,
the law presuming that such companies are formed for the purpose Of pooling
such income as corporation profits and thus avoiding personal surtaxes.
In the tax-avoidance sections of the Revenue Act of 1934 a punitive tax
was levied on the undistributed profits of personal holding companies: 30%
up to $100,000 and 40% on undivided profits over $100,000.
Personal Company Rates
The bill now provides these rates:
Twenty per cent of the amount of the undistributed adjusted net income
not over $2,000, plus 30% of the amount thereof over $2,000 and not over
$100.000, plus 40% of the amount thereof over $100,000 and not over
$500,000, plus 50% of the amount thereof over $500,000 and not over
$1,000,000, plus 60% of the amount thereof over $1,000,000.
The new estate tax goes into effect on enactment of the bill, the levies to
be applied to all net estates where decedents die after the President actually
signs the measure.
The other provisions of the bill become effective on Jan. 11936. with the
exception of the capital stock and excess profits taxes. The capital stock
tax will apply for the year ending June 30 1936, while the excess profits
levy will be effective the first taxable year ending after June 30 1936.
Despite objections of President Roosevelt corporations are
to be permitted to take exemption from income for charitable
contributions in an amount not to exceed 5% of net income
it was noted in the "Journal of Commerce.'
Protest by Republican Conferees
In declining to approve the conference report on the bill
the three Republican conferees said:
We have not signed the conference report on the tax bill because we do
not wish in any way to be a party to the final enactment of this legislative
absurdity.
It is not a revenue bill, and as everybody knows,it was never intended to
be. The only reason it is before Congress is because the President asked
for it, and the only reason it will be passed is because the President wants
it passed.
No one can justify the bill. It is significant that neither the House Ways
and Means Committee nor the Senate Finance Committee even attempted
to do so in their respective reports on the bill. Their silence in this respect
is eloquent testimony of the absence of any valid excuse for its enactment.
It has not been possible for the conferees to work out a good bill from
either the House or Senate provisions. Their whole effort has been confined
to salvaging as many of the President's original suggestions as possible,
irrespective of merit, and at the same time they have kept in mind the fact
that they must provide at least $250.000,000 of revenue in order to keep the
bill from being made any more ridiculous as a tax measure. Under the circumstances it is no wonder that the compromise agreement is unscientific
and unsound.
The revenue to be raised would pay current running expenses of the
Government for approximately 11 days, and it is but one-fifteenth of the
amount of the deficit for the last fiscal year. Hence it is an absolute joke
as a revenue measure.
If it is necessary to come $250,000,000 closer to balancing the budget, the
amount could very readily be realized, without the necessity of imposing
.
further burdensome taxation, by the simple expedient of eliminating some
of the unnecessary wasteful and extravagant expenditures now being made
by the Administration.
Perhaps the most objectionable feature of the compromise bill is that
providing for a graduated income tax on corporations ranging from 123.i%
to 15% in lieu of the present flat rate of 13.4i %. This provision is in the
bill merely to satisfy a whim of the President. It is unfair and unjust,
and violates the principle of ability to pay. Corporations are merely aggregations of indivuduals, and under the graduated taxes the numerous small
taxpayers of a large corporation (for example, the 700,000 stockholders in
the American Telephone Sr Telegraph Co.) would have to bear a greater
burden than the very wealthy stockholders of smaller corporations. Aside
from this fact, any increase in corporation taxes at this time will only add
further impediments in the way of business recovery.
Potential Revenue Yield From the New Tax Bill
The prospective revenue yield from the tax bill as agreed
upon in conference was reported as follows in a Washington
dispatch Aug. 20 to the New York "Times":
Aug. 24 1935
Estate and gift taxes
Personal surtaxes
Graduated corporation tax
Capital stock tax
Excess profits tax
Intercorporate dividend tax
$102,000,000
45,000,000
35,000,000
44,000,000
10,000,000
29.000,000
265,000,000
Total
Loss to revenue for special exemption to corporations for4
15,000,000
charitable contributions
$250,000,000
Netrevenue yield
Conference Agreement Reached on Guffey-Snyder
Coal Control Bill on Differing Provisions of Bills
Adopted By House and Senate
The Guffey-Snyder Coal Control Bill was on its way
toward final action by Congress on Aug.22, when it was sent
to conference following its adoption by the House on Aug. 19
by a vote of 194 to 168, and in amended form by the Senate
on Aug. 22 by a vote of 45 to 37. Agreement on the part
of the Conferees was noted as follows in United Press advices
from Washington yesterday (Aug. 23):
House and Senate conferees agreed to-day to retain in the Guffey Coal
Control bill the Borah amendment striking out a House provision, which
would have exempted bituminous operators from the anti-trust laws.
Conferees also agreed to retain a Senate amendment exempting farm
co-operative organizations from marketing and labor provisos of the bill.
The section would permit cooperatives to deal in coal without regard for
minimum prices to be set up under the bill.
Senate conferees receded from an amendment changing the set-up of
marketing areas, and from one dividing membership of the National Vituminous Coal Labor Board among political parties. The House agreed to a
Senate provision placing employes of the Bituminous Coal Commission on
a civil service status.
Another Senate change agreed to by House conferees would permit local
employee organizations to choose representatives for collective bargaining.
The House draft specified that these representatives must be selected by a
"national" organization of employees.
.Despite the fact that the bill was sweepingly denounced
by the outstanding lawyers of the Senate as unconstitutional
(said Washington advices Aug. 22 to the New York "HeraldTribune"), 38 Democrats,6 Republicans, and 1 Progressive,
Senator Robert M. LaFollette, Jr. of Wisconsin, lined up
in obedience to the demands of the White House for passage
regardless of doubts as to constitutionality, and to the insistance of the United Mine Workers, led by John L. Lewis,
President of that organization. Twenty-four Democratg,
12 Republicans and 1 Farmer-Labor member, Senator
Hendrik Shipstead, of Minnesota, voted against it, said the
account to the paper indicated.
Under date of Aug. 22 the New York "Times" reported
the following from Washington as to the Senate action:
The Senate version's main differences from the measure passed by the
House are that it eliminates protection against anti-trust laws for operators
observing the code (although a section was left in the bill exempting approved marketing agreements from anti-trust prosecution): it provides
extension of labor representation on the district price-fixing boards to Members of any group and not merely "national organizations" as specified by
the House, and forces the appointment of employees of the Bituminous
Coal Commission and of the Labor Board according to civil service requirements.
Conferees Named
Senators Davis of West Virginia, and Barkley of Kentucky, Democrats,
and Davis of Pennsylvania, Republican, from the Senate. And Representatives Hill of Washington. Lewis of Maryland, Vinson of Kentucky,
Democrats, and Knutson of Minnesota, and Reed of New York, Republicans, from the House, were named conferees on the bill.
Favored by President Roosevelt as a means of preventing a threatened
national strike of miners, which had been deferred by the United Mine
Workers to Sept. 16. the measure narrowly escaped defeat in the House.
Its opponents attacked it on constitutional grounds and on the assumption that it would increase the cost of coal to the consumer.
The Measure would make use of a punitive excise tax of 15% of the sale
price of the coal at the mine to compel operators to abide by the bituminous
coal code, to be laid down by a commission of five members. Complying
operators would receive a rebate of 90% of the tax, thus being placed,
theoretically, at a distinct advantage over non-compliers.
Coal Labor Board Set Up
A Coal Labor Relations Board would be set up to adjudicate difficulties
arising out of the collective bargaining guarantees in the bill, which are
much like those contained in Section 7a of the Recovery Act invalidated by
the Supreme Court.
An attempt by Senator Bankhead to add a "compensatory tax" of onehalf cent a gallon on crude petroleum was rejected without a record vote
after considerable debate.
Mr. Bankhead said that the operation of the bill would increase the cost
of coal, encouraging the use of oil as a substitute, and that the price of oil
should be similarly increased to offset that advantage.
Senator King, in opposing the amendment,said that if the principle were
adopted he would demand "compensatory taxes" on California oranges and
on aluminum, which compete with and displace the apples and copper produced in his State.
Senators Connally, Thomas and Gore went to the support of the oil industry and the amendment was voted down.
Senator Bailey, who opposed the Coal Bill, predicted that if it were enacted similar code control over other industries would be demanded of Congress and that the textile industry would be the next to apply.
The bill, to which reference was made in these columns
Aug. 17, page 1029, affects the bituminous coal industry; it
was informally approved by the House on Aug. 17, and made
ready for the final vote on the 19th. As to the action of the
House on Aug. 17 a Washington dispatch that day to the
"Herald Tribune" said:
In a listless debate which dealt with the conditions in the coal regions and
the threat of a strike of miners rather than the constitutional questions involved in the measure, the House today finished the bill with one or two
minor amendments.
Volume 141
Financial Chronicle
It was the third day the House had had the measure under consideration
and both proponents and opponents of the bill appeared to accept the fact
that if enacted, it would be taken into the Federal courts for the earliest
possible test.
Providing for the establishment of a national bituminous coal commission,
an office of a coal consumers counsel and a bituminous coal labor board, the
measure seeks by regulation and tax to revive the defunt bituminous coal
code of NRA. Specifically the bill would set up a code offair trade practices
and labor relations, with 28 district boards throughout the nation to regulate
minimum prices. . . .
Chief among the amendments adopted today was one offered by Representative Glenn Griswold, Democrat,e Indiana, and opposed by the Ways
and Means Committee members handling the bill, which would provide for
representation on the district board on the basis of the number of operators
in the district rather than the tonnage produced. It was designed, its
sponsors argued, to help the small operator.
Another amendment, approved in spite of committee opposition, would
prohibit members of the bituminous coal commission from employing relatives in its organization. It was adopted after Representative Carl Mapes.
Republican, of Michigan, had been defeated in an effort to place the various
establishments, commissions and boards provided in the elaborate set-up
under civil service.
The House Ways and Means Committee, as noted in these
columns a week ago,favorably reported the bill to the House
by a vote of 12 to 11, and the House Rules Committee on
Aug. 15 approved a special resolution under which the bill
would remain the pending business until a final vote. In a
minority report filed by six Republican members of the
House Ways and Means Committee on Aug. 14 the constitutionality of the bill was questioned as follows:
"This bill proposes to establish a 'little NRA for the bituminous coal
industry, with the attendant regulation of wages, hours, prices and trade
practices. Although the code which the bill prescribes is supposedly voluntary, compulsion is directly applied by levying a tax on bituminous coal and
allowing a refund of 90% thereof to mine operators who assent to and comply with its provisions.
"It will be recalled that the original N. R. A.legislation was held unconstitutional by the Supreme Court on May 27 of this year. The court raised
two fundamental objections to that legislation: First, that the act involved
an unconstitutional delegation of legislative powers to the President and
second, that it attempted to regulate activities of a purely intrastate character which were not in interstate commerce and did not directly affectsuch
commerce.
"Although the pending bill, as applied to the bituminous coal industry,
attempts to obviate, in certain particulars, the first objection of the court to
the original N.R.A.,it fails completely to meet the second objection. . . .
"The Supreme Court has held in a number ofcases that mining is not interstate commerce, and under the doctrine of its recent decision in the Schechter case, the production of coal cannot be held to 'directly affect' such commerce. Hence, the attempt to regulate it under the bill is beyond the scope
of the Federal power.
"The taxing provisions of the bill only add to its unconstitutionality.
"On their face they show that their purpose is not to raise revenue, but
that they are in fact a penalty to compel, through direct coercion, the submission to regulations not otherwise within the power of Congress to enforce.
Hence, under numerous decisions of the Supreme Court,they do not constitute a valid exercise of the taxing power."
In its account of the passage of the bill by the House the
Washington dispatch Aug. 19 to the "Times" said:
Generally speaking, House members from the coal-producing districts of
the country favored the bill, by whose enactment the administration hopes
to stave off the nation-wide coal strike scheduled for Sept. 16.
Members from coal-consuming States were largely opposed to the measure
on the ground that it would increase the price of coal to their constituents.
Favoring the bill were 172 Democrats, 15 Republicans. 3 Farm-Laborites
and 4 Progressives while 93 Democrats, 73 Republicans and 2 Progressives voted "no."
The margin of 26 votes by which the bill slid through bore out the predictions of Representative Boland of Pennsylvania, Democratic whip, who
two weeks ago said a poll indicated passage by 20 votes, but who last week
predicted a majority of 30.
Opposition is Listless
The closeness of the vote had not been preceded by animated debate.
The opposition has been largely listless and uninspired, Representative
Fuller of Arkansas being the only speaker who fought the bill with conviction.
Even during the amending stage no important changes were offered and
opponents neglected the usual parliamentary procedure of moving to recommit the bill to the Ways and Means Committee with instructions to
modify it.
Those opposed to the bill apparently decided that oratory this late in the
Congressional session would avail little and contented themselves with
recording their votes.
The bill would, in effect, re-enact in permanent form the procedure under
which the N. It. A. regulated the soft
-coal industry until code enforcement
was abandoned following the Supreme Court decision in the Schechter case.
Mr. Fuller predicted that if the Guffey-Snyder bill were successful, Congress would be asked to pass similar legislaticu, "regimenting" public utill-1
ties and all industries dealing with natural resources.
A large number of Democrats regarded the measure as unconstitutional
and would not support it on that account . . •
A tax of 15% of the sales value of the coal at the mine-head (or the "fair
value" in the case of captive mines) would be collected from all operators.
Those who complied with the codes of working conditions and minimum
prices and trade practices would be entitled to a rebate of 90% of their
production tax.
In test votes on Aug. 21 the Senate rejected by 44 to 29 an
attempt by Senator Tydings to eliminate the controversial
punitive tax on the value of coal at the mine head, and later
defeated by 40 to 36 an amendment seeking to reduce the
tax from 15% to 5%. From the "Times" Aug. 21 advices
from Washington we also quote:
An amendment by Senator Borah, removing the permission to suspend
anti-trust laws in favor of codes, which might be laid down by the proposed
Bituminous Coal Commission, was adopted without a record vote when
Senator Guffey and Senator Neely,floor manager for the bill, accepted it...
To support his amendment to remove the tax of 15%, 90% of which
would be refunded to operators complying with the labor conditions, minimum prices and trade practices set up by the commission, Senator Tydings
1209
told the &flat' what he estimated it would cost each State, based on the per
,
capita national consumption of soft coal applied to the population of each
State.
Move in Congress to Adopt Legislation to Insure
Neutrality of U. S. in Event of War Between Italy
and Ethiopia --President Roosevelt Accedes to
Plan for Temporary Embargo on Arms—Modified
Resolution Agreed on by House with Its Rejection
of Resolution Passed by Senate
A temporary plan whereby arm shipments by the United
States to all warring Nations would be prohibited until
Feb. 29 1936, was accepted by President Roosevelt on Aug.
22, in yielding, said a Washington dispatch on that date to
the New York "Times," to pressure for neutrality legislation
at the current session of Congress. This embargo, it was
added, would if adopted, act immediately against Italy and
Ethiopia,if President Roosevelt proclaimed they were at war.
The dispatch further said:
The legislation, drawn by the President himself, is a direct compromise
between his insistence on power to discriminate in imposing embargos on
arms and the attitude of the Congressional neutrality bloc demanding
automatic and permanent barriers against shipment of munitions to any
combatant.
Yesterday (Aug. 23) House leaders agreea to speed the
neutrality legislation, under procedure barring amendments
and limiting debate. Last night (Aug. 23) Associated Press
accounts from Washington stated:
With only 40 minutes debate allowed, the required two-thirds majority
for approval was expected.
Then the resolution would have to go into conference with spokesmen
for the different Senate version and the adjustment of differences before
President Roosevelt could sign.
Chairman McReynolds of the Foreign Affairs Committee asked the Rules
Committee to sanction drastic procedure because of the lack of time remaining before adjournment.
Ile briefly outlined the plan, explaining that only the mandatory arms
embargo feature is temporary, expiring next Feb. 29, while the remainder
will remain on the statute books permanently.
It was indicated on Aug. 22 that the measure which would.
be rushed through Congress was the Pittman resolution
(passed by the Senate on Aug.21,) with four changes. From
Washington Aug. 22 the dispatch to the "Times" had the
following to say regarding this and the acceptance by the
President of the neutrality legislation:
Principal of these is the new temporary embargo on shipments to all
nations at war. The three others would remove the Chairman of the
two Congressional Foreign Affairs Committees from a proposed national
munitions committee; force arms manufacturers to keep permanent records
of shipments for inspection, and change from $20,000 to $25,000 an appropriation to carry out the resolution
Both Sides Disappointed
Every element in Congress is prepared to accept the new arrangements,
although both the administration forces and the neutrality bloc, including
members of the Senate Munitions Committee,are frankly disappointed over
the mutual concession. Leaders on both sides of the question said, however, that a compromise was inevitable.
On one hand, the administration stood out strongly for discretion in the
matter of imposing arms embargos, and this the Senate would not accept,
fearing that such an attitude would involve the old question of the "aggressor." On the other hand, a group in the House announced determination
to oppose adjournment unless neutrality legislation, and preferably the
Pittman plan, became an actuality.
In the face of this situation, the President decided at last night's conference to yield to the temporary plan.
He gave Representative McReynolds, Chairman of the House Foreign
Affairs Committee, a memorandum which the Chairman took to a committee meeting to-day. The memorandum stated the President's strong
opposition to mandatory embargos, but showed that the Executive was
willing to accept the temporary arrangement.
This forced the issue, which to a large extent is between the familiar
isolationist and internationalist schools of thought.
Representative Tinkham, Republican, immediately moved that the
committee report out the Pittman resolution then in Its custody.
This motion was defeated by a vote of 15 to 6, all the Democtats except
Representative Richards of South Carolina opposing Mr. Tinkham and all
the Republicans siding with him.
At once the committee designated a sub-committee consisting of Messrs.
McReynolds. Johnson. Castellow, Kloeb, Caldwell, Christianson and
Eaton to draw up the compromise, which at that time was expected to
include the matter of loans to combatants.
Later this was omitted on representations by Senator Pittman that it was
too complex and delicate to be dealt with.
President Roosevelt invited Mr. Pittman to luncheon at the White
House, whence the Senator left to confer with the House sub-committee
on the new resolution.
Acquainted with President Roosevelt's detailed views, Mr. Pittman and
Chairman McReynolds guided the sub-committee in drafting the measure.
Shortly afterward the full committee approved it by a unanimous vote,
and Chairman McReynolds arranged to file a formal report in the House
to-night in order to obtain preferred parliamentary position to-morrow.
The only clash in the committee was over the limitation date, but this was
ratified by a vote of 15 to 4, with a quartet of Republicans in the negative.
Regarding the efforts to force neutrality legislation, the
Washington correspondent of the New York "Herald
Tribune' on Aug. 20 said:
Alarmed by the European flare-up over threatened war between Italy
and Ethiopia and the signs of a British-French drive to involve the United
States In economic sanctions, a determined Senate bloc threatened a filibuster to-day for immediate neutrality legislation, and won the promise of a
vote before the session closes.
In substantial aid of the potential filibusters the Senate Foreign Relations
Committee rejected State Departments proposals for discretionary legislation and reported to the Senate floor a program including mandatory arms
embargos against all belligerents . .
1210
Financial Chronicle
After the advocates of neutrality legislation had held the floor the greater
part of the day and the indefinite delay of adjournment became a lively
possibility, Senator Joseph T. Robinson, majority leader of the Senate,
agreed to a ballot. The pending business of the Senate, however,remained
the Guffey coal stabilization bill.
la In this situation, Senator Gerald P. Nye, Republican, of North Dakota
and Chairman of the special munitions committee, announced he would
move to-morrow to lay aside the Ouffey bill and consider the neutrality
legislation at once. Senator Robinson promised that even should the Nye
motion fall he would give a chance later for a vote on the Senate Foreign
Relations Committee program.•
Points in Pittman Program
This program, embodied in a long Joint resolution presented by Senator
Key Pittman, Chairman of the Senate Foreign Relations Committee,
included the following:
1. Mandatory embargo by Presidential proclamation on shipments of
arms and munitions to all parties to a war.
2. Licensing of manufacturers and exporters of arms and the withholding
of licenses for exports in violation of the preceding point. Penalties are
provided.
3. Prohibition of shipment of munitions to belligerents in American
vessels.
4. Prohibition of shipment of men or arms from an American port to a
belligerent vessel.
5. Discretionary authority to the President to limit the use of American
ports by submarines.
6. Discretionary authority to the President to prohibit Americans from
traveling on the vessels of belligerents except at their own risk.
Senator Nye and his group demanding drastic action were not satisfied
with the absence of prohibitions on loans and credits to belligerents nor
with the omission of a ban on American travel in war zones. They had
also wanted a policy of making all trade shipments to belligerents proceed
at its own risk.
The State Department, on the other hand, despite a series of conferences
with the Foreign Relations Committee,failed to concur in the committee's
program because it went too far. The Department probably, not in open
but in behind-the-scenes action, will continue to insist upon purely permissive legislation which would permit the President leeway according to
the circumstances of a situation to embargo or not embargo arms shipments or to apply the embargo against one side in a war and not against the
other. Thus the application of an embargo might become an instrument
of national policy through pressure or threat. This is just what Senator
,
Nye and his bloc do not want.1
Regarding the adoption of the Pittman resolution in
modified form, we quote as follows from Aug. 21 Washington
advices to the "Times."
Based on suggestions made by the President, a modification of the
Pittman neutrality resolution, swiftly passed in the Senate to-day, was
worked out to-night at a White House conference to which Mr. Roosevelt
had summoned Secretary Hull, R. Walton Moore, Assistant Secretary of
State, and Chairman McReynolds of the House Foreign Affairs Committee.
lae The President was faced by the fact that although the Senate to-clay
passed the resolution, House leaders would not accept this plan, and also
by the threat of a filibuster to force the Pittman measure through the House.
IviRepresentative McReynolds, who had arranged to call his committee
together to-morrow forenoon, received the views of President Roosevelt
and the State Department which he will present in turn to the committee.
"I hope that something satisfactory will be worked out," Chairman
McReynolds said. "The committee will take up the Senate bill as well as
."
mine, and I hope that something satisfactory will be evolved . .
For Action on Credits
While the Pittman resolution contains no provisions affecting loans to
warring nations, Mr. McReynolds said he believed legislation would be
passed that would embody proposals regarding these credits.
"I have no objection to mandatory provisions in neutrality legislation
except in so far as they relate to arms embargoes," he said. "Personally.
I would wish to have the language permissive. I cannot say, however,
whether my view will be adhered to . . ."
Chairman McReynolds recently introduced a neutrality resolution, but
basis
only for the purpose of study during the Congressional recess and as a
but
for future action. He agreed to call his committee together to-morrow,
gave no promise of the outcome.
The McReynolds plan is permissive in character, allowing the President
very full discretion, as opposed to the Pittman resolution.
The latter formula,drawn up by a Senate Foreign Relations subcommittee
in consultation with Assistant Secretary Moore, Norman H. Davis, American Ambassador at Large, and others, was originally intended by State
Department officials to carry the same executive freedom for the President,
but the Senate committee members would not agree. They feared that
with this latitude the President would be allowed to designate the "aggressor" nation instead of having to take an absolutely impartial attitude toward
all combatants.
President Roosevelt's powerful influence could force compliance in the
House, but it is a question whether he would be able to compel the Senate
to approve the House legislation.
Senator Lewis Against Senate Action
Senate action on the Pittman resolution came with startling swiftness,
and obviated the filibuster threatened by Senators Nye, Clark, La Follette.
Bone and others, in order to ram the resolution through. No actual fight
was made against it, although Senator Lewis offered, but did not press,
a substitute providing that there be no neutrality legislation at this session
and leaving the whole matter to President Roosevelt.
The resolution would bar exports of arms to all belligerents after the
President declares that war exists; prevent American ships from carrying
arms into the ports of belligerent nations after a Presidential proclamation;
allow the President to proclaim that American citizens travel on ships of
belligerent nations at their own risk; license exporters and importers of
munitions, and restrict the use of American ports by submarines.
Senator Pittman explained that the subject or credits to belligerents
Was omitted from the legislation, saying this was too Involved a problem
to pass upon at this time.
Senator Pittman, Senator Robinson, the Democratic leader, and Senator
Hale, ranking Republican member of the Naval Affairs Committee, agreed
that the President could require submarines to travel on the surface if they
wished to enter American ports, or could bar entry.
"It would not be unusual to bar submarines, if this was applied to all
belligerents," Senator Robinson said. "The United States has the right
to preserve her neutrality and can say'Keep your ships out of our waters'."
Senator Borah for Ban on Travel
Senator Borah favored preventing Americans from traveling on any
shins of belligerents without waiting for the President to declare that
Aug. 24 1935
such a Journey would be at the traveler's risk. It had been expected that
either Senator Borah or Senator Vandenberg would offer an amendment
of this kind, but they did not do so.
Rail Pension Tax Bill Passed by House—Designed to
Raise Funds to Pay Annuities to Railroad Workers
A tax measure intended to raise funds for the payment
of pensions to railroad workers, was passed by the House
on Aug. 22 without a record vote. Describing the adoption
of the bill by that body Associated Press advices Aug. 22
from Washington said:
to
Speeding toward early adjournment, the House did not even bother
have the bill read. The clerk droned through a series of perfecting amendmeasure to
ments which were accepted without debate and then sent the
in
the Senate by a perfunctory voice vote. A similar bill was pending
the Senate Finance Committee.
The House Ways and Means Committee approved the bill
by a vote of 18 to 4 on Aug. 22, at which time it agreed to
raise the total proposed tax on rail employers and employees
to 7%. This would be divided equally between a pay roll
tax on the carriers and an income tax on workers. Originally
the bill provided for a 4% pay roll tax on employers and a
2% tax on workers' earnings.
The Associated Press advices from Washington on Aug. 22
stated:
Chairman Robert L. Doughton, Democrat, of North Carolina, brought
the bill to the House floor in a matter of hours after it had won approval of
the Ways and Means Committee.
Only after suggestions came from the White House did the committee
agree to an equal division of the tax and to increase the proposed total levy
from 6 to 7%.
The committee had worried over assertions that 6% would be inadequate
to finance the pensions and that the Government might have to contribute
$2,000,000,000 annually; in ten years perhaps $4,000,000,000.
Since the pension plan, which would provide a maximum of $120 a
month to employees who had worked 30 years or who had attained the age
of 65, does not become effective until next Marcia, the committee would
have time to study the need for higher tax,rates and make recommendations
to the next session of Congress.
Chairman Doughton said it was understood the rail pension was to impose
no obligation on the Government, "assumed or implied," and that "the
benefits would be scaled down if the tax bill would not raise sufficient funds."
Even as his committee was reaching an agreement on the measure, the
Senate Finance Committee, in anticipation of a quick House vote, heard
It endorsed and attacked. Speaking for 21 standard brotherhoods, Timothy
Shea, chairman of the Railway Labor Executives' Association, asserted
workers were willing to pay 2% of their incomes into the pension fund.
Word had not reached the Senate committee at that time of the increase
voted by the House committee. The 6% levy, said Edwin Erauthoff, counsel
for railway labor organizations, would protect the Government for ten
years, and after that the tax could be boosted.
Arguments of inadequacy and unconstitutionality were offered by It. V.
Fletcher, general counsel of the Association of American Railroads. He
suggested postponing action until the next session of Congress to allow more
time for study.
The following is from a Washington dispatch Aug. 21 to
the New York "Times":
Presidential guidance was sought by the Ways and Means Committee in
its endeavor to work out a suitable tax measure with which to finance the
Railway Pension Act, passed by both branches Monday in their spurt toward
adjournment.
Mr. Roosevelt was understood to have suggested an increase in the total
of excise and income taxes imposed by a tentative bill for financing benefits,
of from 6 to 7%, with the proviso that if this proved insufficient the benefits
provided should be scaled down.
His suggestion made no provision, however, for apportioning the total
levy as between management and workers, whereas the bill already passed
placed a tax of 4% on the carriers and 2% on the workers.
A further suggestion attributed to the President was that the pending
bill specifically provide that none of the workers' benefits authorized should
be considered, in any sense, an obligation of the Government. Consideration
was understood to have been given to a proposal to recall the revised bill
already passed from the President's desk by a joint resolution, but no action
on it was taken.
Chairman Doughton of the Ways and Means Committee called the White
House late today to arrange for a conference to-night between his committee
and the President on the railroad pension tax. The President told Mr.
Doughton that a conference would be unnecesary, that he was aware of his
position on the tax, and to proceed on that information.
Ile was said to have impressed upon Mr. Doughton the necessity for
enacting the Tax Bill at this session, intimating misgivings as to whether
the next session would approve it.
In another item we refer to the Congressional action on
the Railroad Pension Bill.
Resolution Passed by House Authorizes President
Roosevelt to Extend Invitation to World Power
Conference to Meet in United Sttaes
Under a resolution passed by the House on Aug. 13 by a
vote of 237 to 93, President Roosevelt is authorized to extend
an invitation to the World Power Conference to hold the
third World Power Conference in the United States in 1936
and 1937. According to Associated Press accounts from
Washington, Aug. 13, with the help of Representatives
Rogers of Massachusetts and Christianson of Minnesota,
Representative Snell, Republican leader, used every parliamentary wile to delay a final ballot on the comparatively
minor measure authorizing President Roosevelt to invite
the conference here and supply $75,000 for expenses. Mr.
Snell was quoted as saying:
The only reason I can see for calling this conference is to bring together
a bunch of Socialists who advocate Government ownership of power companies. That may be a campaign issue next year, and if it is we don't
need any help from a lot of foreigners to help us settle it.
•
Volume 141
Chairman McReynolds of the Foreign Affairs Committee,
who sponsored the legislation for the President, read a
statement in the House on Aug. 13 from Secretary Hull that
the power conference was of a technical nature.
The following remarks were made in the House on Aug. 13
by Representative Johnson of Texas:
The World Power Conference is a permanent international organization.
Iz operates through national committees which have been set up in 45
countries, including all nations having any significant industrial development. These national committees are representatives of the governments,
of professional institutions, associations of manufacturers, and organizations concerned with the production and utilization of fuel and with the
generation, distribution and application of power.
This World Power Conference has not only held periodical meetings at
which was discussed power in all of its phases, but it maintains permanent
.
headquarters, collects and disseminates statistical and other information,
and publishes a journal known as "The World's Survey."
These smaller, regional meetings have been held at different times, but
the meeting which is contemplated being held in this country in 1936 is
what is called a "plenary meeting." This win be the third plenary
meeting held. The first was held in 1924 in London, the second was
held in 1930 in Berlin, and the proposal is that we extend an invitation
to hold the third meeting in the United States in 1936.
The following is the resolution as adopted by the House:
H. J. Res. 350
JOINT RESOLUTION
To authorize the President to extend an invitation to the World Power Conference to hold the Third World Power Conference in the United States.
Resolved by the Senate and House of Representatives of the United States of
America in Congress assembled, That the President be,and hereby is, authorized and requested to extend to the World Power Conference an invitation to
hold the Third World Power Conference in the United States in 1936
and 1937.
Sec. 2. That the sum of 275.000, or so much thereof as may be necessary, is hereby authorized to be appropriated for the expenses of organizing
and holding the Third World Power Conference, including personal services
In the District of Columbia and elsewhere without regard to the Classification Act of 1923, as amended, communication services, stenographic and
other services by contract if deemed necessary without regard to section 3709
of the Revised Statutes (U. S. C., title 41, sec. 5); travel expenses, local
transportation, hire of motor-propelled passenger-carrying vehicles, rent in
the District of Columbia and elsewhere, printing and binding, entertainment, official cards, purchase of newspapers and periodicals, necessary
books and documents, stationery, membership badges, and such other expenses as may be actually and necessarily incurred by the Government of
the United States by reason of observance of appropriate courtesies in connection therewith, and such other expenses as may be authorized by the
Secretary of State, including the reimbursement of other appropriations
from which payments have been made for any purposes herein specified,
for the fiscal year 1936. to remain available until June 30, 1937.
Passed the House of Representatives August 13, 1935.
House Accepts Compromise on "Death Penalty" Provision In Utility Holding Bill—Action Followed
Request By President Roosevelt That Barkley
Proposal Be Accepted—S. E. C. To Reduce Holding Companies to "Single Integrated" Systems
The dispute between the Senate and House over the
"death sentencr provision of the Wheeler-Rayburn public
utility holding company bill was finally adjusted on Aug. 22,
when the House, by a vote of 219 to 142 voted to accept a
compromise proposal of Senator Barkley (Democrat) of
Kentucky. The proposed compromise would eliminate the
Senate requirement that holding companies considered unnecessary be dissolved by 1942 it would direct the Securities
and Exchange Commission to reduce all holding companies
to "single integrated" systems with a few exceptions.
Acceptance by the House of the compromise, came after a
letter from President Roosevelt to Chairman Rayburn of the
House Interstate Commerce Committee was read in the
. House on Aug. 22. The President's letter follows:
The White House, Washington, Aug. 21, 1935.
"My dear Mr. Rayburn:
"I have seen a copy of the proposed substitute for subsection B of Section 11 of the public utility holding company bill offered by the Senate conferees as a compromise of the differences between the House and Senate bills
on the subject matter of such subsection B.
"From the point of view of the House, this proposal certainly constitutes
a most generous concession on the part of the Senate conferees.
"From my point of view,it represents a greater recession from the Senate
bill than I should like to see made. But I understand the urgent desire of
many members of both houses to have a bill worked out at this session, and
to that end I hope the House will find this proposal of the Senate conferees
acceptable.
"Very sincerely.
"FRANKLIN D. ROOSEVELT."
From Washington Aug. 21 the advices to the New York
"Times" had the following to say:
The administration's last hope for passage in this session of a bill for utility
holding company control was staked tonight on the compromise propoSal
offered at the White House Sunday night which would prohibit control by a
holding company, except under certain conditions, of more than one integrated public utility system.
This hope was carried to House leaders to-night by Vice President Garner,
who assured them they would hear more on the subject from President
Roosevelt himself to-morrow. These assurances, it was said, would come
In the form of a letter from the Chief Executive to Chairman Rayburn of
the House Interstate Commerce Committee.
The letter was received by Representative Rayburn to-night, but he declined to make public its contents until he had received permission directly
from the White House. He confirmed, however, the fact that it was an
expression on the part of the President on the subject of the Barkley compromise.
Emerging from a night conference with the Vice President. Chairman
Connor of the House Rules Committee and Representative Boland, House
Democratic whip. Speaker Byrns said he had "very strong hopes" that
1211
Financial Chronicle
some holding company control measure would be passed this session: This
hope, he said, he based upon probable House acceptance of the, Barkley
compromise.
•
The "death sentence" provision was carried in the bill as
it passed the Senate on June 11 and noted in our issue of
June 15, page 3991. As to the House action on Aug. 22 the
Washington correspondent of the New York "Herald Tribune" on that date said:
Thef vote to-day, the fourth the House has taken in one form or another
on the controversial "death sentence." was a complete reversal of its
previous stand and virtually assured enactment of legislation providing for
drastic regulation of utilities holding con.panies. Speedy agreement in conference between the House and Senate on other provisions of the elaborate
bill was predicted with final action before adjournment.
•--.
-
The "Times" account from Washington on Aug. 22 had
the following to say regarding the proceedings in the House
on that day.
A vote of 219 to 142 brought adoption of a motion biChairman Raybourn
of the Interstate Commerce Committee that the House conferees on the
deadlocked measure be instructed to recede and concur in the proposed
"compromise." The vote on final passage of the motion found 203 Democrats, 7 Republicans, 6 Progressives and 3 Farmer-Laborites listed in the
affirmative column. Democrats numbering 59 remained adamant. with
83 Republicans against compromising.
Mr. Rayburn opened his fight for the motion by having read from the
clerk's desk a letter to him from President Roosevelt which termed the
Barkley proposal "a most generous concession on the part of the Senate
conferees" and "a greater recession from the Senate bill than I should like
to see made," but which asked the House to go along in the interest of passing some form of regulatory legislation.
Terms of "Compromise"
The "compromise" adopted by the House, less drastic than the original
Section 1011 of the Senate bill, directs the Securities and Exchange Commission. after Jan. 1 1938. to require by order that existing utility holding
company systems be limited to one such company and one subsidiary and
to Ise% ent control by the two companies of more than one integrated operating system.
Exceptions to the latter limitation may be permitted by the commission
on a finding that additional integrated systems presently controlled by the
two holding companies are incapable of independent economic operation or
operation without loss of "substantial economies not otherwise obtainable."
Exceptions to the general rule may be granted if the commission finds
that any additional operating systems controlled by the two holding companies are located in the same State or adjoining States or a contiguous
foreign country or that continued combination of such operating systems is
not so large as to impair advantages of localized management, efficient
operation or effectiveness of regulation.
The effect of the substitute provision would be to require widespread
integration of existing holding company structures through exchange of
securities or public sale. Not only would there be reductions in existing
holding companies, but those remaining would be required to relinquish
control over large numbers of operating units.
No fewer than 60 members who voted Aug. 1 against instructing the
conferees to accept the "death sentence" voted to-day for the"compromise."
All were Democrats except Representative Mott of Oregon. a Republican.
Twenty members not voting that day favored the "compromise." while
22 members who voted against instruction at that time were unrecorded on
to-day's roll-call.
Sixteen who voted "Aye" Aug. 1 were unrecorded, to-day and the same
number unrecorded that day voted "No"to-day.
In the vote of Aug. 1, on a motion that the House conferees be instructed
to accept the "death sentence" in Section 1111 of the Senate bill in substitution for the House bill provision, 210 members were recorded in the
negative and 155 in the affirmative.
The effect of the House action is to send the Barkley "compromise"
back to the conference committee with instructions that it be inserted in
substitution for Section 11B of both House and Senate bills. Thus the
chief controversy will have been disposed of and further consideration of
the measure expedited.
Disagreements Remain
As pointed out by House managers to-day, the conferees had not yet
passed Section 11 of the bill, leaving a large part of the first title and two
additional ones to be dealt with.
One of the House managers declared, however, that "substantial agreement" had been reached on Section 13, which, after the "death sentence"
provisions, was the chief obstacle.
The Senate bill would provide that servicing operations by parent holding
companies for operating units be performed only on a non-profit basis.
The more lenient House version would permit continuance of such service
for profit under regulation and control by the SEC. What sort of "agreement" had been reached on this section was not disclosed.
The "death sentence" provision of the Senate bill would have required
dissolution of all but "first degree" units by 1940 and of the latter class by
1942. unless permitted continuance thereafter on a finding and issuance of a
certificate of public convenience and necessity by the Federal Power
Commission.
The original House version would have directed dissolution of all holding
companies by 1940, but with complete jurisdiction vested in the SEC to
permit an indefinite continuance. The commission would be required to
find that dissolution was in the public interest as defined in the bill, whereas
the Senate bill would require a similar finding as a basis for continuance.
Speaker Takes the Floor
The debate that preceded House action on the Rayburn motion witnessed
the unusual spectacle of Speaker Byrns taking the floor in its support. He
appealed to the membership "not to be swayed by the eloquence and unusual powers of logic of the distinguished gentleman from Alabama, Mr.
Huddleston." who throughout the fight on the bill has led its Democratic
and Republican foes alike . . .
Move to Block Vote Fails
Presentation of the motion to instruct the House conferees was met
immediately with a point of order against its privileged status by Mr.
Huddleston, who contended that, under the rules of the House, not more
than one motion to instruct the conferees could be offered and that two
such motions had previously been offered. He was overruled by Mr.
Byrne from the chair.
Paving the way for the final vote. Chairman O'Connor of the Rules
Committee asked members to believe that the compromise Proposed
represented a victory for the House in that it contained provisions directing
the SEC in all its proceedings against holding companies to consider the
interests of investors .
.
1212
Financial Chronicle
In his motion to instruct the conferees, Mr. Rayburn was asking the
to the
House for the fourth time to give up its'position and surrender
Senate, Mr. Huddleston contended.
face"The House is now engaged in the noble and dignified custom of
saving,
saving," he continued. "Thank God, I haven't a face that's worth
worth
but I suppose the faces of members of this House are much more
of this
saving than those of Messrs. Corcoran and Cohen, the authors
'death sentence' bill . . .
a man
"This compromise proposal is like imposing a death sentence on
of
a keg- nails
and then granting him a reprieve on condition that he will eat
four holding companies in the
each morning for breakfast. Only three or
men
entire country can survive if this bill is passed. And at least 100,000
now gainfully employed will be put on the dole as a result.
sentence. This
hi"You are being invited again to pass on the death
jumble of
compromise is nothing but a sleight of hand with words, a mere
our weakwords that means the same thing. Its purpose is to enable
the dignity
kneed brethren an opportunity to repent. But it is an affront to
of every man here who voted against the death sentence."
proposal was not a surrender of the
Mr. Rayburn contended that the
conferees had
House but "a reasonable concession to which the Senate
already unanimously agreed."
Assurance by Rayburn
Mr. Rayburn told
Knowing the anxieties of members for adjournment,
for the Senate
them that adoption of his motion would make it unnecessary
body for a• separate
conferees to take the "death sentence" back to that
bill as reported from conference...
vote,since it would be voting on the entire
proposal from
There was only one essential change in the compromise
when presented
the form in which it wa rejected by the House conferees
managers. This was to
to them by Senator Wheeler as head of the Senate
holding company
direct that the SEC "shall" instead of "may" permit
system under the three
control of snore than one integrated operating
grounds for waiving the general limitation on such control.
A reference to the pending bill appeared in our Aug. 17
issue, page 1031.
House Committee Shelves Walsh Bill Imposing on
Industry NRA Standards of House and Pay in
Case of Government Contracts—Bill Opposed by
Business Interests—Congressional Committee to
Study Measure and Report at Next Session
On Aug. 20 the House Judiciary Committee decided to
shelve the Walsh bill, requiring compliance by industry
with hour and wage provisions of former National Industrial
GovernRecovery Administration codes as a condition to the Adment contracts. The bill was one of those on
ministration's "must" program. As reported in our issue
of Aug. 17, page 1025,it was passed by the Senate on Aug. 12
without a record vote. It is stated that although approved
at a White House conference of Congressional leaders with
President Roosevelt on Sunday night, Aug. 18, the House
Committee voted 13 to 7 against reporting it to the House.
From Associated Press advices from Washington Aug. 20
We quote:
late a date," said
"It is too important a bill to be pushed through at so
after a two-hour Executive
Chairman Ilatton W.Sumners (Dem.),of Texas,
session.
it
Business representatives vigorously opposed the measure, calling
said it would be
"tyrannical" and "un-American." Some witnesses
the NRA codes outlawed by the Supreme Court
harder to enforce than
in the Schechter decision last spring.
after Senator
The Committee concluded its hearings this afternoon
of the bill, had made
David I. Walsh (Dem.), of Massachusetts, author
Government write "the human quality" into its
his final plea that the
contracts.
which had been
Labeling the legislation an "Administration bill,"
Walsh said:
handed to him personally "by the President," Senator
announced that in all future time he would
"If Henry Ford to-morrow
regulations as to hours
require all who dealt with him to live up to certain
greatest labor leader in the world.
and wages, he would be hailed as the
the United States Government
All this bill would do would be to substitute
for Mr. Henry Ford."
contracts to abide
The bill would require all who bid for Government
by old NRA wage and hour provisions.
Committee after A. P. Haake,
Senator Walsh appeared before the
Manufacturers, had
Manager of the National Association of Furniture
passed or not as he knew
said he did not care "much" whether the bill
it could not be enforced.
to urge passage
Officials of the American Federation of Labor appeared
of the bill.
Representative Sumners, Chairman of the House Judiciary
Committee, according to United Press accounts from
Washington Aug. 20, stated that he was authorized to
appoint a subcommittee to study the provisions and possible
effects of the bill and report at the beginning of the next
session. The same advices said:
by representatives
The bill was assailed before the House Committee
industries as
of manufacturers, lumber, machinery, cotton and other
NRA decision.
an attempt to circumvent the Supreme Court's
Before the Judiciary Committee of the House on Aug. 19,
C. L. Bardo, President of the National Association of
Manufacturers, presented a statement in opposition to
the bill, in which he said in part:
e
The National Association of Manufacturers, representativ directly
ng associations of a
and indirectly through State and local manufacturi
with deep concern for inlarge segment of American industrial life, and
dustrial recovery and prosperity for all, submits below its views upon
Senate bill S.3055 now before your honorable Committee.
My remarks will deal only with the practical effect of the bill upon
industry, as it passed the Senate.
Industry wants to go full speed ahead. We believe that we are entitled by experience to call the attention of the appropriate authority
opposed to the bill
when obstacles are being put in the way. We are
for the following reasons:
distribution of all Government
The dollar value, volume and geographic
of approximately
purchases, direct and indirect, represent the products
Aug. 24 1935
effect
50% of the industries supplying Government material, so that the
upon industry would be more extensive than heretofore stated.
proIt proposes to exclude from its provisions all direct Government
duction by departments or agencies in competition with private industry.
that which the Supreme Court held
It attempts by ind rection to do
It was forbidden by law to do directly.
out of
It would do irreparable damage to private industry by driving
accept
Government supply, directly or indirectly, every industry failing to
most reprehensible type.
its provisions—a boycott of the
limiting
It would definitely injure the Government by narrowing and
competition and tending toward monopoly.
industries were subUnder the National Industrial Recovery Act many
when
ject to a number of codes. Many compliance-disputes were pending
without
the Supreme Court spoke. How many industrial could say
code
fear of contradiction and the double-barrelled penalties under what
or codes they were operating on Sunday, May 26 1935?
any private industry, or very few at the most, to
It is impossible for
police the chain of compliance certificates required by the bill.
diffiIt will inevitably enhance the cost of performance bonds and the
culty of getting them.
conIt will create labor unrest in many industries and localities where
ditions are now mutually satisfactory.
hours as
Will organized or unorganized labor accept the wages and
years,
fixed by the President for many contracts running over a period of
after
or will such fixation be used as a springboard for further demands
the contract is let?
pay. This
Section 1-A, lines 11 and 12, refers to minimum rates of
contemplates, as we understand it, not only the minimum rate for the
refer
lowest-paid class, but the minimum rate for all classes. Does this
to hourly, weekly or annual compensation?
restricts
This impairs the right of collective bargaining and further
management in the conduct of its business.
every
Time is the essence of every contract; inventories the bane of
industry. Both problems will be greatly increased under the proposed 'Act.
opposed to
May I declare that industry is emphatically and honestly
this
this bill? By what inherent right can the bureaus created under
has
bill prescribe the hours and wages of the American workman who
himself?
fought throughout the years to preserve his right to bargain for
and convict
Industrialists have no quarrel with the elimination of child
parlabor. We demand the right granted under the Constitution to
We
ticipate without interference in the American competitive system.
are reluctant to believe that in order to carry out this Act our Government
by every enwould resort to the use of the boycott which is condemned
lightened nation and forbidden by law to the private citizen. If undera
taken it rill be the most emphatic abuse of power ever imposed on
to
free people. It would constitute a denial of the right of industries
each other and
serve their country upon the same basis that tney serve
the consuming public. It will increase costs; slow up industrial recovery
by interjecting a requirement coincident with its passage that will literally
take months for industry, workini, day and night, to reach a point wiiere
new business can be quoted on for either Government or general use.
We maintain, and have assurances from industry, that it is their intention to continue on substantially code wages and hours. If we mean
to have recovery without further delay the normal forces of recovery
should be permitted to carry on.
Mr. Bardo suggested "that action upon this bill be deferred until an opportunity can be had to more fully develop
its implications and to determine more definitely that
such legislation is required in the interest of social and
economic just ice."
"Stupendous Expenditures" of Federal Government
Criticized by New York State Chamber of Commerce—Opposition to Tax Bill Recorded
The Chamber of Commerce of the State of New York at
a special meeting on Aug. 20 unanimously condemned "the
stupendous expenditures of the present national Administration" and denounced "taxation founded on the principle
of confiscation" rather than the essential needs of government. The meeting was the first to be held by the Chamber
in August in a quarter of a century.
President Parkinson, in opening the meeting said it had
been called for the purpose of considering whether there was
anything which the Chamber could do to help those charged
with public responsibility in handling the fiscal problems
which confront the Federal Government and especially
those charged with responsibility for the pending tax bill.
He referred to the bill as "a strange tax measure with little
or no precedent in the history of legislation in this country,
unless we are to include the recent history of Louisiana."
Mr. Parkinson declared that members of the House had
passed the tax bill without knowing what certain of its
provisions meant.
He said:
There was in the House bill a provision which made it impossible for life
Insurance companies to have paid maturing policies until months after the
death of the insured. To-day 95% of the claims on matured life insurance
policies are paid within 24 hours after presentation of the proofs. Under
the bill as it passed the House and is in conference we could not pay beneficiaries under such a policy until we knew how much tha beneficiary was
to receive from the estate ea the deceased insured in toto, and what would
be the rate of payment on his whole beneficial interest received from the
deceased insured, and if we did we might have to pay over again to someone
else the tax which was finally levied upon that portion of the beneficiary's
estate which he received from the insurance policy.
Mr. Parkinson said he knew that members of Congress
did not intend to put such a provision on the statute books.
"They passed the bill without knowing what was in it,"
he said, adding:
Is that representation of the taxpayers? Is that representation of the
? Gen-
average run of people who are the constituents of the congressmen
tlemen, I do not want to be extreme. but this country had its beginning
that, in
in a little fracas known to history as the Boston Tea Party, and
And
turn, was inspired by objection to taxation without representation.
the facts.
I submit that representation means intelligent observation of
and of proposals, and without the
intelligent consideration of the facts
time necessary for such consideration there is no representation.
Volume 141
Financial Chronicle
The country has been drifting into a situation where the
methods which characterized the evolution of the tax bill
will be likely to suggest even more dangerous experiments
to solve the Nation's important problems," said Mr. Parkinson, who continued:
It is enough to say that the Federal. State and local bonded debt in this
country forms a blanket of 50 billion dollars of first lien on all the property
and property values of this country. As the pressure of that vast debt
becomes greater the same easy going and political solution which has
characterized the consideration of this tax measure may very well resort
to measures for dealing with that huge onligation in terms of confiscation,
repudiation or inflation, which is a little bit above confiscation and repudiation.
The problem is growing more serious daily, and if the easiest way is to
be the way of solution, if the political way is to be the way of solution, as
it has been in the consideration of this pending tax bill, then we are face
to face, we who are responsible for tae administration of business and the
events of business, with the possibility of resort either through confiscatory
taxation, to hitherto unthinkable repudiation, or to the easy, indirect,
misrepresenting solution through Inflation.
Edwin G. Merrill, Chairman of the Board of the Bank of
New York & Trust Co., presented a report and resolutions
from the Committee on Taxation in the absence of James
T. Lee, Chairman of the Committee. The resolutions
urged that wasteful expenditures of the Federal Government should be stopped immediately and that any tax
measure should be based upon "deliberate and intelligent
consideration of the whole fiscal policy and financial position of the Federal Government."
George E. Roberts, Vice-President of the National City
Bank, in seconding a motion to adopt the report said:
I believe that in all the past the people of this city and of this Nation
never have faced conditions more alarming, more fundamentally serious
than those which are threatening to-day. . . . This tax bill is not a
revenue measure. It is a proposal to substitute the Communist manifesto
for the Constitution of the United States.
Two attempts to modify the critical phrases of the report
and resolutions failed. Herman B. Baruch, senior partner
of the New York Stock Exchange firm of H. Hentz & Co.,
moved to strike out from the resolution part of a paragraph
branding the tax bill as "a measure of political expediency."
"I believe that the matter before us to-day is of such importance, that it affects all of us so vitally and deeply and
immediately that we should not allow any of our deliverations to be thwarted by motions in our political partisanship,"
said Dr. Baruch in urging his amendment. The amendment was defeated. Arthur M. Lamport moved to delete
the words "radical schemes"from the report where it referred
to experiments engaging the attention of the Government.
This was also voted. down. The only amendment which
prevailed was the addition of the words "savings bank
depositors" in the last paragraph of the resolutions authorizing the President of the Chamber to take steps to coordinate the efforts of -employers, employees, stockholders,
policyholders, etc., to secure i wise solution of the serious
fiscal problems facing the taxpayers. The amended resolutions and report were finally adopted without a dissenting
vote. The resolution as adopted follows
Whereas, The Chamber of Commerce of the State
of New York. recognizing that the Tax Bill own pending before Congress involves
an important
phase of the Government's whole fiscal policy which will necessarily
affect
the future welfare of all the people, has assembled in extraordinary
meeting
for the purpose of considering that Bill: and
Whereas, As a result of the Chamber's consideration
of the progress of
that Bill, beginning with the proposal of legislation bearing some semblance
to it and culminating with its hurried passage by both Houses of Congress,
has concluded that there has been a lack of due deliberation in the formulation of an important phase of the Government's policies affecting the taxpayers of this country. therefore Ix it
Resolved. That the Chamber record its opposition to this Bill
which has
been shown to be not a serious attempt to deal in a representative
capacity
with a problem which vitally affects the Nation but rather a measure
of
political expediency; and be it further
Resolved. That the Chamber record its belief that
Federal revenue
any
measure should be based upon deliberate
and intelligent consideration of
the whole fiscal Policy and financial position of the Federal
Government
by representatives acting with a full realization that they share responsibility for and must concern themselves
the future welfare of the whole
with
people; and be it further
Resolved, That it is the view of the
Chamber that expenditures of the
Federal Government for experiments
of a nature commonly recognized as
wasteful should be stopped immediately
as tho first step toward bringing
all its expenditures within its income at as early a date as
possible; and
be it further
Resolved, That the Chamber request and authorize
the President of the
Chamber to take steps to co-ordinate
the efforts of owners and administrators of business enterprises, stockholders policyholders
,
, savings bank
depositors, employees and other
citizens whose economic interests are
associated with the future welfare of
this country in order to secure the
intelligent consideration and wise
solution of the serious fiscal problems
now facing the taxpayers of the United States,
Dr. C. A. Beard Defends Destruction of Large Fortunes
by Taxing Power—Historian Says Nation's Founders Accepted Principle—Col. M. A. Rorty Disputes
Program's Benefit to Average Man—Speakers at
Engineers Camp Discuss Taxation and Cost of
Government
Administration proposals that income and inheritance
taxes be employed to level down great inequalities in fortune are not a new departure, but this use of the taxing
power has been advocated by spokesmen for all parties
and
has been upheld by the Supreme Court, Dr. Charles A.
Beard, historian and author, said on Aug. 11 in addressing
1213
the fifth annual Economic Conference for Engineers meeting at the engineering camp of Stevens Institute of Technology at Johnsoiaburg, N. J. Dr. Beard was one of the
speakers who were featured on the program of the conference, which began on Aug. 10 and is scheduled to conclude
to-morrow (Aug. 18). The general theme of the conference
was "Taxation and the Cost of Government."
Certain of Dr. Beard's conclusions were disputed by
Colonel M. C. Rorty, President of the American Management
Association, who also spoke on Aug. 11. Colonel Rorty said
that we should redistribute wealth, but only if it will benefit
society as a whole over the long term. The flaw in the
current program, he added, "lies not in any injustice to
particular individuals, but in the complete fallacy of tho
assumption that it will benefit the average man."
Professor W. D. Ennis, in opening the conference on
Aug. 11, said that this country races a tax program fully
as burdensome as that of any European nation, and that
President Roosevelt's proposals are trivial from the standpoint of revenue production. He predicted the creation of a
large bureaucracy in the United Stales, and declared that
"something must be done to make it a good bureaucracy."
Walter Fairchild, Secretary of the American Association
for Scientific Taxation, told the conference on Aug. 12 that
until the Treasury is able to protect itself against private
exploitation by real estate manipulators, it will be impossible for housing projects to become self-sustaining, and
that public works undertaken for unemployment relief will
be similarly defeated in their purpose.
The founders of this Republic, Dr. Beard said on Aug. 11,
Including Madison, John Adams, Gouverneur Morris and
Jefferson, believed that all governments in all times bear a
close relation to the forms and distribution of wealth. He
recalled Daniel Webster's statement that a democratic form
of government can endure only as long as property is widely
distributed. Dr. Beard added, in part:
If we look closely at the history of Federal taxation in the
United States
we cannot escape the conclusion that from the beginning
Federal taxes
have been laid for economic or social ends other than mere
revenue. Indeed,
the Constitution expressly declares that Congress shall have
the power to
lay and collect taxes, duties, imposts, and excise, to
pay the debts and
provide for the common defense and "the general welfare."
What is the
general welfare? Is that not an economic or social end?
Ever since Congress began to lay taxes under the Constitution,
it has
used the power for ends other than revenue. It has laid import
duties not
for revenue, but to prevent the import of certain goods and
thus to avoid
revenue. It has collected taxes to pay bounties, subsidies
and bonuses to
industries, shipbuilding, aviation and other forms of business
enterprise.
It has laid taxes to build highways in the States and to subsidize
education.
Taxation for education is taxation for a social end. Congress
has taxed
sulphur matches for the purpose of destroying a poisonous
industry. Hundreds of cases may be cited to prove that taxation has been
used since
the beginning of the Republic for social and economic
ends other than
revenue. And except where the end has been regulatory
or prohibitory,
such taxes have affected the distribution of wealth
in American society.
That is the cold and inescapable fact in the case. Moreover,
the Supreme
Court has upheld such taxation in many cases as strictly
constitutional.
Nor is there anything new in President Roosevelt's suggestion
that income
and inheritance taxes be employed to level down more or
less great inequalities in fortune. This purpose was avowed by the sponsors
of the income
tax law of 1894. It was understood by opponents of this
Act when it was
declared unconstitutional by the Supreme Court. This
purpose was avowed
by President Theodore Roosevelt in a message
to Congress in 1907 and by
many sponsors of the amendment to the Constitution
expressly conferring
this power on Congress. The idea, therefore,
is not new. Nor is it confined
to the spokesmen of any political party. As long as
government endures
it will be a part of theory and practice. The
only question is: How far
and in what forms shall the taxing power be so
used?
Replying to Dr. Beard, Colonel Rorty said that while
it
is not unjust to promulgate rules that will govern the
future
accumulation of wealth, it is a different matter to confiscate
past accumulations of wealth, however lawfully or justly
acquired. He listed the following three major objections
to
the "share-the-wealth" program:
1. The amounts which may be realized from action affecting very large
fortunes and incomes will be relatively insignificant, as is
clearly indicated
by the recent Treasury Department computations.
2. It will be politically impossible to make the
program genuinely
effective by carrying it down to the level of those having
incomes of
310,000 a year and less, who receive about 90% of the
national income
and possess about two-thirds of the national wealth.
The great mass of
thrifty middle class American citizens may be misled into
making a
Roman holiday at the expense of a few very wealthy
individuals, but they
will vote in overwhelming majority against any real
program for the
sharing of their savings or their current incomes with the
unthrifty and
incompetent.
3. Even the temporary economic demoralization which
must result from
present proposals will very certainly cause losses in
national income far
exceeding the amounts that may be distributed. Our
annual gain in
national productivity averages between 1 and 2%. The
loss of even one
year of this gain would far exceed that fraction of the
national income
(about %%) which it is proposed to distribute.
In conclusion, Colonel Rorty said that the economic
losses
from the "share-the-wealth" program would be outweighe
d
by an accompanying degradation of political
and popular
morals. He said:
Civilization builds step by step from the suppression of
violence, thrdigh
the suppression of thievery and the protection of
the individual in the
enjoyment of the fruits of his own toil, to its final
stage in the penalization of perjury and the establishment of the sanctity
of contracts. To-day
we are witnessing one of the periods when civilization
moves backward.
The Federal Government has taken the lead in the
violation of contracts
with its latest proposal that holders of Government
bonds shall be denied
the right of recovery under the gold clauses, even in
terms of that dollar
of constant purchasing power which the Administration
itself has advocated.
1214
Financial Chronicle
Nation-Wide Increase in City Home and Apartment
Rents Looked for by Northwestern National Life
Insurance Co. of Minneapolis
A practically nation-wide rise in city home and apartment
rental rates is anticipated for this fall in a summary of
residential conditions recently issued by the Northwestern
National Life Insurance Co. of Minneapolis, Minn. The
report, covering 26 principal cities, Indicates that the rise
will average from 5 to 10%. An announcement issued In
the matter continued:
There are comparatively few home vacancies to-day, and apartments are
rapidly filling up, showing an average of only one-half as many vacancies
as last year at this time. Surplus housing space is now much below the
normal needed to accommodate population growth. Residential rent scales
In a number of the cities studied have already recovered between 10 and 40%
from their depression lows, the report shows.
With a 10% average vacancy considered normal for homes in predepression years, 16 out of the 26 cities covered report home'vacancies in
the summer of 1935 at 3% or less. The cities so reporting are as follows:
Newark, Bethlehem, Pa., Atlanta, Detroit, Kansas City, Omaha, Akron,
Cleveland, Dayton, Cincinnati, Tulsa, Dallas, San Antonio, Winnipeg,
St Paul and Houston. Houston reports "practically no vacancies";
St. Paul, less than 1%. Three more cities report vacancies of less than
6%, namely, Philadelphia, Camden, N. J., and Minneapolis. All 19 cities
just named report apartment vacancies of below the normal 10%. Camden,
N. J., Bethlehem, Pa., Washington, D. C., Detroit, Dallas and Houston
report their apartment vacancies at 3% or less.
In practically every city reporting the 1935 percentage of vacancies in
both homes and apartments represents a sharp decrease from 1934 figures.
In the majority of cases the vacancy percentage has been at least cut in
two in the past 12 months.
Increases in rental rates are definitely anticipated in 19 of the 26 reporting cities. In San Francisco, Philadelphia and Washington, D. C., rental
Increases for this.fall are uncertain; in Omaha, it is expected that increases
will be made only with changes of tenancy. Akron, Ohio, where rates have
already recovered some 40% from their depression lows, expects no further
advances this autumn. In Cincinnati, irregular increases are anticipated.
The summary, which was compiled by the company through the co-operation of real estate boards in the cities covered, reveals a great increase in
Inquiries by the public regarding both rental and sales property; a substantial gain over last year in residential building by individual property
owners as well as by contractors, and a notable increase in modernization
and improvement work both on residences and apartment buildings. Increases in construction costs since last year in some cities are offset by
decreases in other localities. In the majority of the cities studied the
prospects for fall and winter residential construction were reported as "good"
or "excellent."
Semi-Annual Survey of Real Estate Market by National
Association of Real Estate Boards—Prices Reported
Above Year Ago
Change in the real estate situation has already begun to
translate itself, generally, over the country, into highest
prices, it is pointed out in the twenty-fifth semi-annual survey of the real estate market by the National Association
of Real Estate Boards. issued Aug. 18. The Association
said that the survey draws from confidential statements of
member real estate boards in 251 cities. It shows:
Market activity increased in 81% of all cities reporting. Prices received
now higher than a year ago in 61% of cities. Not at any time since
activity-trend and price-trend tables have been compiled he the Association
(beginning December 1925 and December 1926, respectively) has so high a
proportion of cities shown an up-trend.
Definite trend of capital to •seek real estate investment.
Rents for single-family dwellings going up in 71% of cities. (Have
reached in metropolitan centers approximately 75.9% of the 1926 level.)
Apartment rent movement is upward in 65% of cities. (Rates still
at 52.5% of 1926 level. Currently marking time.)
Some up-movement in business property rents for downtown space.
Striking change in degree to which mortgage loans are available for new
home building. Real estate boards in 81% of the cities state it is now
actually possible to obtain such loans in their communities. But they add
that loans actually negotiated are still generally few and extremely conservative. Tend to be 50% loans, so% for new home construction. Muchadvertised long-term low-rate loans are non-existent as yet in most communities. Many cities say banks, particularly, are reluctant to act under
Federal Housing Administration plan. Few communities show loans on practicable terms for operative builders.
Extreme geographical variations, particularly in sales activity. But
Improvement is general over the country in every major real estate factor.
Large cities are very definitely leading in recovery.
Shortage of single-family space in 69% of cities. But with adjustment
going on as to loon terms and loan practices, uncertainty still felt by
families as to their future income, and construction costs still in unfavorable ratio to rent levels, there is in general an extremely conservative
amount, as yet, of new home building. Many cities cite need of new
dwellings but lack of available financing.
From an announcement issued by the Association incident
to the issuance of its survey, we take the following:
Real estate market activity has shown itself predominantly increasing
since midsummer survey of 1933. Price levels began to show measurable
up-change a year later. In the present survey every city of over 200,000
population reporting is experiencing a more active market. Over 75% of
these larger cities report higher selling prices.
Supply-Demand
Notwithstanding the so-called "hesitation period" observed in general
business, absorption of single-family space is shown to be proceeding steadily,
with 69% of the cities already showing a shortage.
The supply-demand situation for apartment space is little changed from
that of six months ago. Of cities reporting, 29% show a shortage, only 6%
of the cities show an over-supply, while 65% show normal balance.
Some further absorption is shown in business property, though 26% of
the cities still show over-supply here. While central business space is
renting higher in 41% of the cities, properties in outlying business districts tend to rise in only 20% of the cities, and on the level of last year
In 73% of the cities.
Aug. 24 1935
Office buildings are lagging behind business properties in the matter of
supply-demand, as measured by rent changes. Central office space is at
last year's rate in 80% of the cities. The present survey, however, begins
to show predominance of up over down reports both in office rents and
in rents for outlying business property. In respect to central business
properties, this turn came six months ago.
Mortgage Money Supply
Substantial advance is shown in degree to which money is available for
real estate mortgage loans. Of the cities reporting, 62% show capital
seeking investment, while only 34% show loans seeking capital. Six
months ago only 37% of the cities showed capital seeking mortgage placement, while 52% show loans seeking capital.
Interest Rates
Falling interest rates add to the favorable situation for real estate. But
means general. Rates are steady in 59% of the
they are as yet by no
cities, falling in 38% of the cities, rising in 3% of the cities. Six
months ago they were steady in 69% of the cities, falling in 24%, rising
In 7% of the cities.
Loans for New Home Building
The most striking change shown by the survey is in degree to which
mortgage loans are now obtainable for new home building. Of the cities
reporting through their real estate boards, 81% state that it is now
possible, in actual practice, to obtain such loans in their community. This
is against only 51% so reporting six months ago.
Regionally, the report on this question is as follows:
Percent of Replies Stating
Home Construction Loans
New Available
Section—
75% of cities
New England
59% of cities
Middle Atlantis Section
83% of cities
East North Central Section
West North Central Section
78% of cities
77% of cities
South Atlantic Section
East South Central Section
100% of cities
90% of cities
West South Central Section
Mountain Section
88% of cities
Pacific Section
93% of cities
Wide Gap Between Loan Terms Needed and Loan Terms Offered
But a considerable gap exists in most cities between loan terms practically needed for present home building and loan terms upon which money
is actually to be had. While 81% of the cities say home construction
money now exists, those which give a detailed analysis of the situation in
more than 80% of all cases indicate that the problem is not yet solved.
Approximately 20% indicate that solution, locally, is at least well begun.
Commonest report: home loans at 50% of present value, ranging to 60%
on new construction.
Mortgage money is the key to new home building. But the key in most
communities is still unturned.
Subdivision Activity Reopens
For the first time in years real estate boards in considerable number are
reporting a more active subdivision market. While 51% of the cities
show a market the same as a year ago, 42% report a more active market, as
against 14% so reporting six months ago.
Larger Cities Show Greatest Advance
Not a single city of over 200,000 population reports any remaining
single-family dwellings. More than 70% of these cities
oversupply of
show shortage. Every city of over 200,000 population reports mortgage
loans now actually obtainable for new home building. Every city of over
500,000 population reports capital seeking real estate investment, and 86%
report falling interest rates (as against 38% for the nation as a whole).
Report of Cabinet Committee Named to Inquire Into
Cotton Textile Industry—Agreement With Japan
Urged to Control Cotton Imports From That
Country—Recommendation That Practice of Trading on Gross Weight Basis be Changed to Net
Weight—Cotton Loan Policy Held to be of Concern
—Discontinuance of Processing Tax Opposed
Opposition to the discontinuance of the processing tax
"during the economic emergency as reflected by existing
price disparities," is voiced by the Cabinet Committee on
Cotton Textiles, whose findings and recommendations were
submitted to President Roosevelt on Aug. 20, and made
public Aug. 22. The Committee, whose hearings on the
ills of the cotton textile industry were referred to in these
columns May 4 1935, page 2978, at which time it was noted
that testimony was heard from Governors of New England
States who proposed remedies for the principal problems
confronting the industry. The Committee, composed of
Secretary of Commerce Roper, Secretary of State Hull,
Secretary of Agriculture Wallace and Secretary of Labor
Perkins regards the processing tax "as the most practical
among the available means for securing to the cotton farmers
of the Nation a return from cotton equivalent in terms of
purchasing power to that which existed in the pre-war
period."
According to the Committee "the cotton loan policy is of
concern to the cotton textile industry primarily through its
possible stabilizing effect. A substitute, for such stabilizing
effect might be obtained through the hedging of mill-holdings
of cotton which would afford considerable protection against
inventory losses.
As bearing thereon the Washington advices May 21 to
the New York "Times" said:
The report emerges at a time when President Roosevelt and officials
of the Treasury and Agriculture Departments have been devoting long
hours ofstudy daily to the question of whether Government loans on cotton
should be continued for the 1935 crop and whether the 12-cents-a-pound
rate governing loans on 1934 production should be reduced if loans are to
be continued. It was expected in some quarters that loans would be continued on the basis of 10 or 11 cents a pound.
Following another conference at the White House this afternoon, it was
Indicated that a decision would be announced early to-morrow afternoon.
The Committee in indicating that findings disclosed
"that the domestic market has been disturbed by recent
Volume 141
Financial Chronicle
imports of cotton textiles from Japan" recommended that
"to deal with this special situation steps be taken to control
these imports, preferably by means of a voluntary and
friendly agreement with Japan on limitations of shipments
of cotton products to the American market."
A further recommendation by the Committee proposes
"a change from the present practice of trading in cotton on
a gross weight basis to that of a net weight basis, to promote
market economies and to eliminate the present handicaps
to the use of cotton for bale covering."
Under date of Aug. 21 a Boston dispatch to the New
York "Herald-Tribune" had the following to say in part:
The textile Industry in New England. employing some 90,000 workers.
faces gradual and almost certain extinction if the processing tax is continued.
Is the opinion of ten leading New England textile manufacturers. They
said to-day that the industry's only hope for discontinuance of the processing
tax of about $21 on each bale of cotton purchased rested with the Supreme
Court. after learning that President Roosevelt's special Cabinet Committee
to-day had recommended continuation of the tax. The Supreme Court is
expected to hand down a ruling on the constitutionality of the tax in October.
when it decides the Hoosic Mills case.
Governor Curley Cheerful on Findings
The report of the President's Committee, flatly rejecting the request of
the New England textile industry which is almost the sole support of such
once thriving cities as Lawrence and Fall River, Mass., and Manchester,
N. H., was denounced by Governor H. S. Bridges. Republican, of New
Hampshire, as indicating that New England is "the forgotten land."
Governor James M. Curley. Democrat, of Massachusetts, on the other
hand was cheerful about the findings, declaring they would "prove most
helpful." . .
Mill Heads Blame Secretary Wallace
Other manufacturers charged Secretaries Roper. Hull and Perkins with
being dominated by the fourth member of the Committee, Henry A.
Wallace. Secretary of Agriculture, exponent of the processing tax and critic
of the New England textile industry, which he says Is impotent and whining.
They characterized the report as "a farce," said it was "evasive, dodging
and without the courage honestly to face the industry's problems." Moreover, almost all of the mill owners declared that they had expected such a
report, and that its effect was to leave the industry in the status quo without a single solution proffered for its many ills.
"The Cabinet's action brings New Hampshire face to face with a crisis,"
said Governor Bridges. "Within the next three or four weeks it is possible
that the Amoskeag mills at Manchester,largest of their kind in the world
may be forced to close. This would cripple the State's largest city.
"The attitude of the Administration may work hardship on the tens of
thousands employed in the textile industry in New England. The time
cads for decisive action within the industry itself in order that destruction
may be avoided. During the campaign we heard much of the forgotten
man. The New Deal is making New England the forgotten land."
"It is now quite plain to all who can or will read that the cotton textile
industry, like industry in general, can expect no constructive aid toward
recovery from Washington," said Dexter Stevens, Vice-President of the
National Association of Cotton Manufacturers.
"The so-called Cabinet Committee report, perfectly timed to be of as
little assistance to the cotton textile industry as possible, quite obviously
could have been and probably was written weeks and weeks ago."__
Ingratitude Charged
The delegation of New England manufacturers and-officials who repeatedly visited Washington in an effort to present the New England case last
Spring simply wasted their time, according to Russell T. Fisher, Secretary
of the National Association of Cotton Manufacturers.
The following is the summary of the Cabinet Committee's
findings and recommendations as made public at Washington
Aug. 21:
August 21, 1935.
The President,
The White House.
My Dear Mr. President:—On April 26 1935, you appointed the undersigned members of the Cabinet a Committee to investigate conditions in
the cotton textile industry. The Committee proceeded to hold conferences
at which members of the industry, representatives of labor and agriculture.
and public officials representing many of the leading localities in which
plants of the industry are situated, presented facts in regard to conditions
in the industry and their views and suggestions regarding possible remedies.
At these hearings not only were formal statements made but particular
matters were discussed in detail on a frank and friendly basis. The Chairman of the United States Tariff Commission, the Honorable Robert Lincoln
O'Brien, sat with the Cabinet Committee during its hearings. PR 5-...
In the meantime, your Committee appointed a fact-finding subcommittee,
consisting of the Honorable John Dickinson, then Assistant Secretary of
Commerce and now Assistant Attorney-General; Dr. Alvin H. Hansen,
Chief Economic Analyst, Department of State; Paul A. Porter, Assistant
to the Administrator of the Agricultural Adjustment Act; the Honorable
Intim* Lubin, Commissioner of Labor Statistics, and A. M. Fox, Director
of Research of the United States Tariff Commission.
The members of this subcommittee were present at the above mentioned
conferences and made a careful analysis of the briefs and supporting documents submitted by those who appeared at the conferences. In addition,
they undertook to assemble and analyze all pertinent existing data on the
cotton textile industry, and related problems, now available in the files of
each of the various Government departments and emergency agencies.
Necessarily this work has taken several months to complete, notwithstanding the fact that a considerable staff has been devoting practically
their entire time to the task. On the basis of these data, of the documents
presented, and of statements made at the conferences, the subcommittee
has prepared a thorough and comprehensive report on the cotton textile
industry, which has been submitted to us, and which we herewith transmit,
with the recommendation that it, together with our findings and recommendations, be immediately released and subsequently published
as a
public document.
Based upon the facts submitted in this report and other data and information available to your Committee, we herewith submit to you our
findings and recommendations. A summary of these findings and recommendations is as follows:
Excess Capacity, Obsolescence
Finding that excess capacity and obsolescence are serious problems
in
the cotton textile industry, we recommend such legislation and administrative action as may be necessary and feasible to deal with
this problem
through one or more of the following methods
1215
(a) Limitations on the hours of machine operations.
(b) A leasing system for retiring surplus equipment.
(c) The purchase and retirement of the most obsolete units after a probationary period under the leasing system.
Such withdrawal of excess equipment, financed by the industry, should
be controlled by adequate regulation in the public interest,.having due
regard to the importance of gradual but persistent elimination of inefficient
units and to the necessity of making adequate provision for displaced
workers.
Imports
Finding from the facts before us that the domestic market has been
disturbed by recent imports of cotton textiles from Japan, which, though
small in proportion to total national production, have nevertheless shown
sudden and unusual increase in certain countable cloths, we recommend
that to deal with this special situation steps be taken to control these
imports, preferably by means of a voluntary and friendly agreement with
Japan on limitations of shipments of cotton products to the American
market. We recommend this course among other reasons because Section
3 (e) of the National Industrial Recovery Act is no longer operative, and
because the only available mechanism under the flexible tariff provisions
would be broader than the problem sought to be dealt with. Other and
similar agreements already concluded with Japan hold out the prospect of a
successful application of this method to the problem of cotton textile imports
from Japan.
Exports
Representatives of the industry have requested that raw cotton now
financed by the Government be made available to the producers for the
Purpose of manufacturing articles for export with an allowance of 7c. per
pound upon exportation of the finished product. This proposal would
in effect subsidize cotton textile exports. In view of the possible retaliatory
measures which ntght be taken in foreign countries against such subsidy,
this suggestion is not approved.
Attention is called to the fact that discussions are in progress with Japan
with a view to regularizing the textile trade of the Philippine Islands whereby
an important part of the Philippine market would be retained for American
producers.
Furthermore, stabilization of the currencies of the world, a reduction
in trade barriers at home and abroad, and attention to the special meeds
of foreign markets by American producers should lead to a recovery of at
least some part of the foreign textile markets which have been lost..
Government Purchases of Cotton Goods
We recommend that Government agencies using cotton textiles for relief
or other purposes endeavor to anticipate their needs as far in advance as
possible, place orders for manufacture during periods of slack demand,
and provide for extended periods for delivery.
Increasing Use of Cotton
Finding that the utilization of cotton products has not in recent years
been increasing, we recommend, in order to promote the extension of the
use of cotton, especially along lines in which such extension is not primarily
at the expense of other products, that a committee of representatives of
the Departments of Commerce and Agriculture and of toe industry be
established to promote basic research in the use of cotton textiles, and that
the facilities of the Government be made available for such research.
Net Weight Trading
We recommend a change from the present practice of trading in cotton
on a gross weight basis to that of a net weight basis, to promote market
economies and to eliminate the present handicaps to the use of cotton for
bale covering.
Cotton Loan Policy
The cotton loan policy Is of concern in the cotton textile industry primarily through its possible stabilizing effect. A substitute for such stabilizing effect might be obtained through the hedging of mill holdings of cotton
which would afford considerable protection against inventory losses. We
recommend an investigation of the hedging requirements of mills looking
toward desirable revisions or additions to Ins functions of the cotton futures
markets. Connected with this is the matter of time, place, and quality
of deliveries on futures contracts, to which attention should be given in
any such study.
Processing. Tax
During the economic emergency as reflected by existing price disparities,
we recommend against the discontinuance of the processing tax. which,
after due consideration of the alternatives, we regard as the most practical
among the available means for securing to the cotton farmers of the Nation
a return from cotton equivalent in terms of purchasing power to that which
existed In the pre-war period and which has enabled them to increase their
purchases of the products of other industries, including the cotton industry,
thereby benefiting the workers in these industries.
Merchandising and Marketing
It appears from the facts before us that much of the present system
for the merchandising and marketing of cotton textiles Is wasteful and
involves undue hazards. We recommend that a study be made for the.
purpose of devising proposals for improving merchandising and marketing
methods and that if necessary the Government assist through administrative and legislative measures in putting into effect such improvements as
after due examination may be found to be beneficial. Any remedial
measures must stop short of monopolistic organizations which might
increase profits at the expense of the consumers.
Labor Standards
We recommend the attempt of the industry to maintain the labor standards provided in the code. We recommend that the Government supplemeat such voluntary efforts as are being made by such administrative and
legislative measures as may be feasible. We recommend, also, with regard
to such legislation as may be proposed, a further study to determine
the
specific improvement in labor standards which may be in the public interest.
Continuing Committee
We recommend the establishment of a continuing committee consisting
of representatives of the Government and of the industry, including labor
and other affected groups,(1) to formulate in more concrete terms methods
of carrying out the above recommendations, and (2) to undertake a detailed
examination of and report on the long-time problems of the industry,
including its inter-relation with other phases of national and international
economy. In formulating specific programs for the industry, it is essential
that adequate information be made available as to capitalization, earnings
and losses in the industry and their distribution.
In connection with the study of long-time problems, attention Is called
to the fact that an investigation of the textile situation throughout the
world is under consideration by the International Labor Office. This
Should be furthered by American aid and co-operation.
1216
Financial Chronicle
It must be recognized that many of the continuing problems of the
cotton textile industry cannot be treated apart from their setting in the
national economy. For example, the problem of regional wage differentials must be studied in conjunction with the general problem of furthering
the economic development of low income agricultural areas. Similarly,
while the export market will be benefited by the study of the demand of
foreign markets and a reduction of costs through greater efficiency, it is
also highly dependent upon stabilization of the currencies of the world
and the reduction of other trade barriers.
This report has concerned itself primarily with the problems of cotton
textiles as such, and more specifically with We immediate problems of the
industry, but it should always be borne in mind that the treatment of the
Problems of the cotton textile industry must be consistent with the broader
aspects of national policy.
DANIEL C. ROPER, the Secretary of Conunerce, Chairman.
CORDELL HULL, the Secretary of State.
H. A. WALLACE, the Secretary of Agriculture.
FRANCES PERKINS. the Secretary of Labor.
AAA Announces 9
-Cent Loan on 1935 Cotton Crop—
Compares with 12 Cents Last Year—Farmers Guaranteed Difference Between 12 Cents Per Pound
and Market Price
-cent loan on the 1935 cotton
The Government will grant a 9
crop, instead of 12 cents as it did last year, it was announced
by the Agricultural Adjustment Administration on Aug. 22.
The announcement said, however, that farmers will be guaranteed a minimum of 12 cents a pound on their cotton, the
same guarantee granted in 1934. The announcement was
made with the approval of President Roosevelt.
The 9
-cent loan would be made by the Commodity Credit
Corporation "at the farm, without recourse on the borrower,
on 13
-16-inch low middling cotton or better." The AAA.
explained that "this loan will enable any grower co-operating
in the adjustment program to obtain a loan at once and will
permit him to market his cotton in an orderly fashion throughout the year." The offers, it is stated, apply only to producers co-operating in the 1935 program and who agree to cooperate in the 1936 program. The announcement of the
AAA of Aug. 23 follows:
The Secretary of Agriculture and the CCC announce with the approval of
the President a cotton loan plan would be put into immediate operation on
the 1935 crop which would assure cotton producers an average return of not
less than 12 cents per pound on cotton grown in 1935.
The AAA will make payments to cotton farmers to equal such difference,
if any, as may eclat between 12 cents and the average price of h-inch
middling cotton as reflected in the 10 spot markets during the period from
Sept. 1 to Jan. 1. This period is chosen as covering the harvest months.
Such payments as may be made will be limited to the individual producer's
actual production up to the amount of his Bankhead allotment.
The CCC will offer a loan of 9 cents per pound at the farm, without recourse on the borro er, on 13
-16-inch low middling cotton or better. This
loan will enable any grower co-operating in the adjustment program to
obtain a loan at once and will permit him to market his cotton in an orderly
fashion throughout the year. 'I he rate of loan is obviously substantially
below the present or prospective price levels.
These offers will apply only to those producers who are co-operating in
the 1935 program and who agree to co-operate in the 1936 program. It was
stated at the AAA that plans for the 1936 program are being developed and
that the Administration would continue its efforts, in co-operation with
cotton farmers, to adjust production to effective demand and further to re-season carryover down to normal size
duce the end-of
It was pointed out at the Department of Agriculture that the plan that
has been announced would permit the free movement of the crop into consumptive channels and at the same time protect the producers' income from
the crop. With the 1935 crop currently estimated at 11,798.000 bales, it
was emphasized that at present levels of world consumption domestic and
foreign mills should require at least 11,500,000 bales of the 1935 crop and
that with less than 1.000,000 bales.of free cotton in the hands of the trade a
strong buying movement should result which would permit the new crop to
move readily into consumptive channels.
Stocks of cotton held by producers under the 1934-35 12 cent cotton loan,
it was emphasized, are not available at present price levels. Producers
cannot close out those stocks until the price goes high enough to cover the
loan plus carrying costs and that they probably will not sell unless prices
exceed 13 cents.
Prospects for cotton consumption are much improved as compared with
last season, it was stated by the AAA. Last month's domestic utilization
was 9% above July of last year and the general rising tide of industrial
activity promises higher cotton consumption through the whole of the
season.
'he plan as developed, it was pointed out, is expected to assure cotton
growers of an income of around $700,000,000 for their lint cotton for 1935,
exclusive of rental and benefit payments under existing contracts. This
compares with an income of $613,000,000 for lint cotton in 1934, $634,000,000 in 1933 and $424,000,000 in 1932.
The AAA emphasized that one important objective of this plan was to
produce the orderly marketing of the crop and that with the free movement
of the new crop into consumption, together with the certainty of a strong
control program for 1936, the cotton situation appeared more hopeful than
at any time during the past five seasons.
-cent-a-pound-loan followed several
The decision of a 9
conferences held the past week at the White House in which
Secretary of the Treasury Morgenthau, Secretary of Agriculture Wallace, Jesse H. Jones, Chairman of the Reconstruction Finance Corporation, Chester C. Davis, Administrator
of the AAA, and others participated. Incident to the an-cent loan on the 1935 crop, Washington
nouncement of the 9
advices, Aug. 22, to the New York "Herald-Tribune" of
Aug. 23, said:
By this ingenious plan, designed to please as many elements in the cotton
situation as possible, the President composed differences among members
of his Administration who started out debating the wisdom of continuing
or another year government loans at 12 cents a pound when the market
price was staying at only 11 Y.6 cents. The government, through the CCC
and RFC funds, has made the 12-cent loans on 4,500,000 bales and, on the
present outlook, will have the worries of ownership as well as the losses of
selling at a lower price.
Aug. 24 1935
The change in policy was taken to be indirect acknowledgment of the
force of some of the criticism leveled at the AAA for attempted price-fixing
and for holding up the market price so high.as to drive foreign purchasers to
foreign-producing centers such as Brazil, India and Egypt. The high price
has also been condemned for discouraging domestic consumption of textiles.
However, the AAA, which has always denied the justice of these criticisms, was still slated to seek the maintenance of the market price near the
-cent level through heavy curtailment of next year's production under the
12
extended Bankhead act. Senator John H. Bankhead, Democrat, of Alabama, revealed tonight that the Administration was considering a 50%
reduction of the basic acreage for next year.
Burden Still on Treasury
-cent return for their cotton
By sticking to the assurance to farmers of a 12
the Administration escaped the violent political reaction which it had been
upon a reduction in the money the South was getting
warned would follow
on its major crop. The new plan does not change the burden upon the
Treasury. The Government is made liable to pay a subsidy to the farmers
where it might have recorded a loss through loaning on the cotton and then
selling it. The difference is in a procedure which permits a more open
market.
From a Washington, Associated Press, account of Aug. 22
we take the following:
Sharp and immediate was the resentment among Southern Senators when
the administration announced a government loan of 9 cents a pound on the
1935 cotton crop, plus additional direct grants designed to assure contract
signers a total return of 12 cents on cotton produced under Banhead allotments.
As Chester Davis,the AAA Administrator,and his assistants departed for
their homes, apparently pleased with the final approval of the plan'at a
White House conference late in the afternoon, sharp repercussions came
from Capitol Hill.
-cent loan, asserted
Senator George of Georgia, a leading proponent of a 12
that President Roosevelt and Secretary Wallace had "yielded" to "the
shippers and shipping interests."
"The announcement," he said, "will be disastrous to the entire cottongrowing South."
Adding that details of the complicated loan plan would merely "confuse"
the farmers, he said he would "not ask another Southern farmer to sign a
contract with the government."
Senator Bankhead of Alabama, author of the Bankhead Cotton Control
Act, thought it was "a great misfortune that the President did not announce
-cent-a-pound loan."
a straight 12
"Of course, it is evident that Secretary Wallace, Chester Davis and
cotton shippers won a victory," he declared. "I think the plan will be very
confusing and may cost the government a great deal of money."
Last year's 12
-cent loan was made only on h-inch middling cotton or
that of a higher quality. The modified regulation this year, officials explained, will permit loans on about 200,000 bales more than was permitted
last year.
Last year's policy on the cotton crop was referred to in our
issue of Aug. 25 1934, page 1174.
Loans of Production Credit Association in July Above
July 1934, FCA Reports
More middle-season financing by farmers this year was
reflected to-day (Aug. 24) in a report from the Farm Credit
Administration, which showed that loans by production
credit associations in July amounted to $9,437,000 compared
to $6,938,000 in July, 1934. It was also stated:
The heaviest demand for short-term loans during the month was in the
northwestern states. With indications of the best marketing season in
several years, farmers' credit requirements for additional equipment and
for harvesting and marketing expenses are being financed in increasing
numbers by the production credit associations established under the Farm
Credit Administration in 1933-34.
Total loans to farmers by production credit associations January 1 to
July 31 1935 aggregated $106,970,000.
-Hour Week Solution of Unemployment, Declares
30
President Green at Convention of New York
State Federation of Labor—Expresses Apprehension over Attitude of Supreme Court Toward
Labor Legislation in Congress—Governor Lehman
Warns Labor that It Can Never Afford to Disregard Other Groups
Speaking before the New York State Federation of Labor,
in convention at Albany, on Aug. 20, William Green, President of the American Federation .of Labor, urged the passage of the 30-hour week bill by Congress as the only practical remedy for unemployment. He expressed apprehension,
however (we quote from Albany advices to the New York
"Times"), over the attitude the Supreme Court might take
on the Federal social security bill, the Wagner Labor Disputes Act, the Railway Pensions Act as passed by the
House in modified form, and other legislation before Congress sponsored by labor. The dispatch added that Mr.
Green indicated that it may be impossible to avoid a conflict over amendment of the Constitution to meet decisions
of the Supreme Court, but declined to discuss the issue in
detail pending developments.
Governor Lehman of New York addressed the opening
session of the convention on Aug. 20 and reviewed the social
legislation passed at the January session of the State
Legislature. In part, the Albany account to the "Times"
continued:
The Governor himself described the program as adopted by the Legislature
as "without parallel in the legislative history of this or any other State,"
and praised Republicans in the Legislature and organized labor for their
co-operation in making the program a reality.
Asks Co-operation with Employers
He appealed for co-operation between workers and employers and warned
labor in a friendly manner not to overreach itself by making unreasonable
demands. He characterized the new program of social legislation as
'
additional evidence of the efficacy of democratic institutions to cope with
fundamental economic and social problems.
Volume 141
Financial Chronicle
The same point was emphasized by Mr. Green and other speakers before
the convention. Mr. Green declared that American labor would never
accept dictatorship of either the Fascist or Communist type and again
pledged the support of the American Federation of Labor in the economic
boycott against the Hitler regime in Germany. . . .
The Governor warned that labor "never can afford to disregard other
groups of the population. The present situation particularly merits and
demands not only effort and thought but sacrifice, patriotism and devotion
in a common cause."
Groups All Interdependent
"I use the words 'common cause,'" he continued, "because the interests of all groups are so definitely interdependent. No one section, no
one group may profit at the expense of another. Neither social demands
nor economic considerations will tolerate selfish advantage at this time.
We stand together as a people and we will prosper or suffer together.
There must be the fullest degree of co-operation between all groups.
"Real co-operation can come only through a mutual understanding which
will recognize economic conditions and interests on the one hand and the
demand for sound standards of living and a reasonable share in the returns
Anhich increased and improved productivity make posible on the other.
"I have pointed out previously that, after all, the development of any
industry is like two-way traffic. Prosperity and contentment must run
both to the workers and the employer. Neither one can hope for any
length of time to profit at the expense of the other. Co-operation and
understanding between organized labor and employers and between both of
them and government and the consuming public will largely effect the
rapidity and permanence of our industrial recovery." . . .
Stressing what he characterized as organized labor's debt to Governor
Lehman, President Green said:
"It is wonderful indeed that a man who, like the Governor, is the
product of an entirely different environment from that in which the average
worker lives should be able to understand and appreciate so fully the great
human needs of the hour."
"What other man has led so courageously in a social program not for the
benefit of the group from which he springs but one designed to make
America safe for democracy I" Mr. Green asked.
"I venture to predict that the oGvernor of this State is cast for bigger
honors," he continued. "He will be called, in my judgment, to serve the
country in a bigger and broader way. And when that call comes he
will find the hosts of labor united solidly behind him in a full measure
of support."
1217
When the proportion of the total received by different groups in 1929
and 1934 is compared, we find again that those earners have taken the most
serious loss. In 1929, wage earners in the above industries received 21.9%
of the total national income; by 1932 their share had fallen to 14.6% and,
In spite of efforts to restore their income, in 1934 their share was still only
18.1%.
The share of property holders, on the other hand, is almost the same as
it was in 1929, 14.8% of the total in 1929, 14.4% in 1934. The share of
men in business for themselves has actually increased to 16.4% of the
total in 1934, compared to 15.8% in 1929.
Thus it is clear that the wage workers in our great production and transportation industries have been the greatest losers in the depression. They
number more than 12,000,000 persons, well over one-fourth of all persons
employed in 1929. They have borne the brunt of depression through
unemployment, short-time work and wage reductions, and millions of
them are still without work. They have lost more than $37,600,000,000
during the five years of depression, a greater financial loss than any other
group. And $2,031,000.000 in work-relief wages have been given them
to compensate for their loss.
What we need to-day is a lagre increase in the share of national income
Paid to workers in wages. Such a redistribution of income would act as a
tonic on our whole economic system, for It would go to persons who would
use it immediately to buy goods. It would lift us out of depression and
form the basis for a greater economic expansion than we have ever before
known.
Reference to the Department of Commerce estimates
of income was made in our Aug. 17 issue page 1031.
Chicago Board of Trade Suspends Beach, Wickham
& Co., Chicago, for 30 Day Period
The Directors of the Chicago Board of Trade announced
yesterday (Aug. 23) the suspension of the brokerage firm of
Beach, Wickham & Co., Chicago, and four of its partners,
T. Y. Wickham, a Vice-President of the Board of Trade,
C. S. Beach, Corwin Wickham and H. H. Wickham, Jr., for
a period of 30 days. A fifth partner, H. H. Wickham, Sr.,
was suspended for a period of one year by directors. All
suspensions will date from the close of business Sept. 14,
according to Chicago advices, Aug. 23, to the New York
"Sun" of last night, which also said:
The firm and its members were found to have violated rules of the Board
Expense Incident to Compliance With AAA Tax of Trade relating to minimum margin requirements. They were also found
Reouirements Forces Flour and Corn Meal Mill in to have failed to report to the secretary of the exchange information which
a partner had concerning irregularities on the part of a'correspondent
Ohio to Close
firm's solicitor.
Due to the necessity of furnishing detailed reports to the'
Charges against Beach, Wickham & Co. and its partners were an outCommissioner of Internal Revenue, Ben Belden, a miller of growth of the suspension of the Pletch Grain Company, a correspondent
Xenia, Ohio, notified farmers on Aug. 20 that he had closed firm in Algona,Iowa,several months ago for insolvency.
his flour and corn meal mills, it is learned from an Associated
Press account, Aug. 20, from Xenia. Mr. Belden said that Thomas M. Howell of Chicago Board of Trade Barred
his mills will remain closed until the normal operation of his
from Grain Trading Privileges on all Markets for
business may be continued without having to make the
Two Years Under Order Issued by Grain Futures
Teports. From the account quoted we also take the followAct Commission—Held Guilty of Violating Act
ing:
Thomas M. Howell, a member of the Chicago Board of
Mr. Belden, who also sells coal and feed, published a notice saying h:s
Trade, is denied trading privileges by all contract markets
"small business will not warrant the added expense of skilled help and
in the United States for two years, beginning Sept. 15 1935,
equipment necessary for keeping such detailed records."
under an order issued Aug. 16 by the Grain Futures Act
For more than a half century Belden has been swapping 40 pounds of
Commission. In making known the action of the Commisflour for a bushel of wheat. He also swapped coal,feed and meal for wheat.
sion, the Department of Agriculture on Aug. 17 said:
When the Agricultural Adjustment Administration came along with its
processing taxes Belden was up against it. He had no bookkepper. He
ran the mill with the help of a son. Fred, and a boy. Farmers came from
five counties to do business with him.
Keeping an accurate record of all the small transactions was a headache.
He just couldn't do it and keep up with his business.
So he wrote to AAA officials in Dayton, then to Cincinnati and Washington.
They replied that the law was the law and they could make no exceptions.
Exception Taken By President Green of A. F. of L. to
Figures of "Labor Income" in Department of
Commerce Survey
In a statement issued at Atlantic City on Aug. 16 by
William Green of the American Federation of Labor, it is
declared that the figures of the United States Department of
Commerce, crediting labor with larger proportion of the
present total National income than in 1929"are so misleading
that they must be clarified if the American people are to
understand what has actually happened to income in the
United States." The statement issued by Mr. Green,
endorsed by the Federation's Executive Council, said in
part:
It should be noted at once that the section of our national income entitled
"labor income" in the Commerce Department report includes all persons
who work for a wage or salary. It includes the manager of the plant as
well as the wage earner who sweeps the floors. It includes the president
of a bank as well as the boy who operates the elevator in the bank building.
The salaries of industrial executives, superintendents and managers of
factories, stores, banks, have declined far less in the depression than the
wages of workers. More significant still, unemployment has not affected
the management group to anything like the extents uffered by wage earners.
Thus from 1929 to 1932 wages in specified industries declined 59%.
while the salaries of management fell only 40%. The section "labor
Income" also includes a very large number of salaried workers who have been
particularly fortunate during the depression—those working for the Federal
Government, whose income as a group has increased since 1929; those
working in industries which have suffered relatively little from depression,
such as electric power plants, telephone and telegraph companies.
When figures are shown separately for wage earners, we realize that they
have lost more heavily than any other group. Their income had declined
by 1932 to 40.8% of what it was in 1929 and, even with the effort to raise
wages of minimum groups under NRA, they are still receiving scarcely
more than half their 1929 income (52%).
While these wage earners in 1934 received only 52% of their 1929 income.
property owners received 61.4% and men in business for themselves re-calved 65.2% of their 1929 income.
The Commission found Mr. Howell guilty of having violated the Grain
Futures Act by attempting to manipulate the price of grain by concealing
his transactions in the market, by making false reports, and by failing to
report.
The 15 contract markets—exchanges dealing in grain futures—which have
been ordered to deny Mr. Howell trading privileges are: Chicago Board
of Trade, Chicago Open Board of Trade, Minneapolis Chamber of Commerce,
Kansas City Board of Trade, Milwaukee Grain and Stock Exchange, Duluth
Board of Trade, St. Louis Merchants Exchange, New York Produce Exchange,
Seattle Grain Exchange, Hutchinson Board of Trade, Portland Grain Exchange, Baltimore Chamber of Commerce, Omaha Grain Exchange, Grain
Trade Association of the San Francisco Chamber of Commerce, and Los
Angeles Grain Exchange. Boards of trade are required to make these
orders effective and do so by notifying each of their members.
It is alleged that "by cornering the market in the 1931
July corn future" Mr. Howell "during the last three days of
July forced the price of that future from 58%c. per bushel
to 72e. per bushel." Sidney S. Gorham, attorney for Mr.
Howell, was reported in press advices from Chicago on
Aug. 17 as saying:
There is no basis in the Grain Futures Act for the action of the Commission. We will take the case to the United States Circuit Court of Appeals
and are confident the court will uphold us."
In addition to the extract given above from the Department of Agriculture's announcement we also quote therefrom the following:
This is the third case in which contract markets have been ordered to
deny trading privileges to a member. In November 1934 the Commission
ordered Adrian Ettinger and Ewing W. Brand of Cleveland barred for six
months. In February 1935 these markets were ordered to bar Arthur W.
Cutten of Chicago for two years, beginning March 1 1935. Mr. Outten,
however, appealed to the Federal Circuit Court of Appeals. When and if
thc Commission's order is sustained by the court, the two-year suspension
will then begin.
The Commission found that Mr. Howell, individually and through associates, purchased cash corn and July corn futures during the summer of 1931
and withheld practically all his purchases from sale to the end of the
delivery month for the purpose of manipulating the price of corn in
violation of the Grain Futures Act, so that prices jumped 14c. in three days.
In the original complaint, filed last November, Mr. Howell and his
associates are referred to as the "Howell group." They are, in addition to
Mr. Howell, his wife and his daughter, Helen; R. N. Meyer and J. R. Meyer
of Chicago, brothers of Mrs. Howell; H. F. Hall, Howell's secretary;
Kelley Butler, Arthur de Cordova and Frank Bliss, friends of Mr. Howell;
J. P. Bickell of Toronto, Canada, and the Barrington Co., a Delaware
corporation directed and controlled by Mr. Howell. Mr. Bickell and the
Meyer brothers also are members of the Chicago Board of Trade.
1218
Financial Chronicle
Aug. 24 1935
,
tically no sales. By withholding from sale his open long commitments in
July corn, the percentage of the total open commitments in July corn
futures controlled by respondent increased steadily from 55.50% on July 2
to 84.76% on July 31. During this same month open commitments totaling
8,463,000 bushels of corn sere settled by delivery on July contracts at
the Chicago market and 8,035,868 bushels, or approximately 94%, were
delivered on accounts controlled by respondent.
11. During July 1931, while deliveries were being made, respondent purchased and shipped out of the Chicago area considerable quantities of cash
corn, thus making it unavailable for delivery on futures contracts, althougb
all of the corn thus shipped out was not of a grade deliverable against July
contracts.
12. By controlling the greater part of the open interest in 1931 July
corn futures and withholding it from sale, respondent cornered the market
in that future. From July 18 to the end of the month respondent held
warehouse receipts for all the deliverable corn in Chicago which was in a
deliverable position.
13. By cornering the market in the 1931 July corn future respondent
during the last three days of July forced the price of that future from
58%c. per bushel to 72%c. per bushel. The July corn futures which2c.
/
respondent sold during the last three days of July were sold at 721 per
bushel, the price which respondent arbitrarily set for closing out such of
his contracts as had not been fulfilled by the delivery of corn. The
traders having a short open interest were forced to pay the price demanded'
by respondent because during these last three days of July he had virtual
control of the long interest in July corn futures, and the traders who had a
short position in that future could only fulfil their contracts by purchasing from respondent. This sharp advance in the price was caused by the
existence of the corner held by respondent and his withholding of futures
contracts from sale.
14. Respondent's conduct in cornering the market in 1931 July corn
futures, and in manipulating the price of corn and corn futures was
intentional. Respondent thus attempted to manipulate and did manipulate
the price of corn as charged in the complaint.
It was charged that Mr. Howell traded through this group to avoid violation of the agreement between the Board of Trade and the Grain Futures
Administration whereby the Administration is to notify the Board when a
member reports open contracts in any one future of any one grain equal
to or in excess of 5,000,000 bushels. All contracts of the group were made
in the names of individuals and were kept below 5,000,000 bushels.
It was charged that of all the open contracts in July corn, the holdings
of the Howell group increased from 32.16% on May 26 to 84.76% on
July 30, that by July 18 the group owned all the corn in Chicago deliverable
on Board of Trade contracts, and that on the last three days of July 1931,
due to the concentration of futures contracts and cash corn in the hands
of Mr. Howell and his associates, corn and July corn futures advanced
approximately 14c. a bushel, "squeezing" those who had sold corn for
July delivery.
This abnormal increase in price lasted only three days and was of
little, U any, benefit to the producer, as he was unable to get his corn to
Chicago to be sold at the "squeeze" price.
On June 80 1931 Mr. Howell and the Howell group had contracts in
July corn of 8,435,000 bushels. At that time the Board of Trade reported
the visible supply of corn of all grades at important grain centers in
authorized warehouses east of the Rocky Mountains and afloat on the
Great Lakes at only 7,197,000 bushels. In the Chicago district there was
then in store in public elevators recognized by the Board of Trade only
1,480,189 bushels of corn of deliverable grade.
Evidence in the Howell case was taken last January. Later Mr. Howell,
through his attorneys, demanded that the Government drop the case, maintaining that the Grain Futures Act does not cover past violations and is
unconstitutional in certain respects. This request the Commission, which is
composed of the Attorney-General, the Secretary of Commerce and the
Secretary of Agriculture, denied. Final arguments before the Commission
were heard June 17 1935.
The Howell case, as well as the Cutten, and Ettinger and Brand cases,
was handled under the general direction of Seth Thomas, Solicitor of the
Department of Agriculture. Each case was a violation of the Grain
Futures Act of 1922, administered for the Department of Agriculture by
Conclusion
the Grain Futures Administration, of which Dr. J. W. T. Duvel is chief.
Respondent's conduct as shown by the record constitutes a violation of
fact by the Commission are:
Findings of
the Grain Futures Act and the rules and regulations made pursuant thereto.
The Commission having duly considered the evidence and the argument
It is the conclusion of this Commission that an order should be entered
and briefs of counsel now makes the following findings of fact:
directing all contract markets to refuse all trading privileges thereon to
1. The Chicago Board of Trade was duly designated as a contract market
respondent for a period of two (2) years from Sept. 15 1935.
under the Grain Futures Act on May 3 1923, and it has been a contract
Accordingly, it is hereby ordered that all contract markets refuse all
market continuously since that date.
trading privileges thereon to Thomas M. Howell for a period of two years2. During the year 1931 respondent was, and now is, a member of the
from Sept. 15 1935.
Chicago Board of Trade.
It is ordered that a copy of this opinion, findings of fact, conclusion and
3. Under regulations promulgated by the Secretary of Agriculture pursuant
order be transmitted by registered mail to the respondent and to the
to the Grain Futures Act all members of contract markets in 1931 were
Secretary of each Board of Trade which is now operating as a contract
required to report to the Grain Futures Administraiton their net position
.market under a designation as such heretofore made by the Secretary of
long or short in futures owned or controlled by them, by future, when they
Agriculture.
had net open commitments in any one future equal to or in excess of
In witness hereof the Secretary of Agriculture, the Attorney-General and
500,000 bushels of corn, and also their daily trades in such futures. A
the Secretary of Commerce, sitting as a commission pursuant to Section 6
member who controlled more than one account was required to report the
of the Grain futures Act, 1922, have hereunto set their hands this 16th day
total long or short position of all accounts thus controlled, if it was equal
of August 1935.
to or in excess of 500,000 bushels of corn.
4. Respondent in 1931 had knowledge of the reporting requirements.
A reference to the allegations against Mr. Howell ap5. During the existence of the 1931 July corn future there was in effect
peared in our issue of Nov. 24 1934, page 3235.
an agreement between the Chicago Board of Trade and the Grain Futures
Administration whereby the latter was to inform the Business Conduct
J. G. Winant Nominated Chairman of Social Security
Committee of the former when a speculative account of any member should
Board-President Roosevelt Also Names A. J.
reach or exceed an open interest long or short of 5,000,000 bushels of grain.
•
Under this arrangement if the Grain Futures Administration informed the
Altmeyer and V. M. Miles
Business Conduct Committee that a member was long or short 5,000,000
President Roosevelt yesterday (Aug. 23) sent to the
bushels or more, the Committee was to prevent such member from increasSenate the names of the three members of the new Social
ing his open interest. This was generally understood and referred to by
Security Board. The nominees are John G. Winant, former
members of the Board of Trade as a "gentlemen's agreement."
Governdr of New Hampshire, Chairman, Arthur J. Altmeyer,
6. Respondent traded in 1931 July corn futures through 17 accounts,
which were kept with eight firms. Only two of these accounts were kept
of Wisconsin, Second Assistant Secretary of Labor, and
in respondents name, but he controlled them all.
Vincent Morgan Miles, of Arkansas, lawyer and 'former
7. On April 24 1931 respondent commenced purchasing July corn futures
member of the National Democratic committee. Mr. Winant
purchase through account No. 75 in his
in his own name. He continued to
was nominated for a term expiring Aug. 13 1941, Mr. Altown name until he held nearly 5,000,000 bushels. Thereafter he made
meyer for a term expiring Aug. 13 1939, and Mr. Miles
substantial purchases of July corn futures through other accounts controlled
for a term expiring Aug. 13 1937. The Board was created
by him. On May 26 1931 the aggregate holdings of July corn futures
under the Social Security Act, the text of which is given
controlled by respondent exceeded 6,000,000 bushels. His long position
elsewhere in our issue to-day.
continued to increase until it reached a peak of 8,435,000 bushels on
Summaries of the careers of the three nominees were
June 30 1931. During the month of July further substantial purchases
ccntained as follows in Washington Associated Press
were made but respondent's net long open position in the July corn future
advices of last night (Aug. 23):
decreased progressively as deliveries of corn were made upon contracts,
although the percentage of his holdings in relation to the open commitJohn G. Winant
as a whole increased.
ments for the market
Winant early this year was appointed assistant director of the
8. During the period that respondent was in the market in 1931 July
Labor Office at Geneva, Switzerland, connected with the
International
corn futures, he undertook to conceal and did conceal his market position.
League of Nations, in which Congress authorized the President to accept
(a) To aid in accomplishing this purpose respondent split his trading
membership for the United States. The organization is engaged in advancamong the numerous accounts, carried in the names of relatives and
ing the welfare of labor throughout the world through studies, recommendafriends, which he controlled. With only two exceptions, the accounts
tions, conferences and conventions concerning conditions of labor.
which he held in the names of other persons were not allowed to reach
He was born in New York City in 1889 and was educated at St. Paul's.
the size requiring reporting, although a number of these accounts approached
School, Concord, N. H., and Princeton University.
reporting size and their aggregate volume was far in excess of the amount
required to be reported. During June and July 1931 there was a number
Vincent Morgan Miles
of accounts controlled by respondent which were below the reporting require.
A native of Marion, Va., Mr. Miles was born in 1885 and was educated
ment ; nevertheless, during that period respondent continued to open new
at the University of Virginia and Washington and Lee University.
accounts, thus spreading his trading and holding down the size of the
He started practicing law in Fort Smith, Arkansas, in 1907. He was
separate accounts.
city attorney there from 1909 to 1918. He practiced law in Little Rock,.
(b) Further to aid in accomplishing his purpose respondent made to
after 1914, and was a member of the Democratic National Committee from,
the GFA false reports of his long holdings of 1931 July corn futures, and
1914 to 1916 and from 1920 to 1032.
of his daily transactions. On some days he reported no open commitments
Arthur 1. Altmeyer
and no trades when in fact he had made trades and controlled millions of
bushels of July corn futures. On other days he rendered reports which
Mr. Altrneyer, Second Assistant Secretary of Labor, has devoted most of
and trades.
did not set forth the true extent of his holdings
his time for the last year to the social security legislation. He was born
9. While respondent was building up his long position in July corn
in Be Pere, Wis., in 1891, and is a graduate of the State University. Hefutures prior to June 30 1931, very few minor sales were made of July corn
was a statistician for the Wisconsin Industrial Commission from 1920 to
futures in accounts respondent controlled. During the delivery month the
1922, and Secretary to that Commission until made chief of National Resales credited to the accounts controlled by him were negligible in comcovery Administration's compliance division in 1933.
parison with the volume of deliveries of actual corn received by him on his
long contracts. Normally only 1 or 2% of the total open commitments are
HFA-Mora-is L..
Officers Elected to Reorganized
settled by delivery, and traders who are on the short side generally expect
Cooke Made President
a liquidation of the holdings of those traders who are on the long side.
With respect to the 1931 July corn future, traders other than respondent
Announcement was made Aug. 15 that Morris L. Cooke,.
began to close out their commitments late in June 1931.
Administrator of Rural Electrification, has been elected
10. During the delivery month of July 1931 respondent purchased mere
President of the reorganized Electric Home and Farm
corn futures and until the last day of the month his purchases were much
Authority. Max O'Rell Truitt, solicitor of the R3construegreater than his sales. During the delivery month other traders having a
tion Finance Corporation, was elected general counsel,
long position liquidated their holdings while respondent was making prac-
Volume 141
1219
Financial Chronicle
William A. Weaver, Treasure, and A. T. Hobson, Secretary,
the announcement said. G. D. Munger, it was stated, continues Commercial Manager. The announcement of Aug. 15
also said:
ready been received from various parts of the country, it is
stated, and an unusually large attendance is expected at the
convention this year.
The operations of EHFA will be directed by a board of nine trustees.
The trustees are Mr. Cooke,(Madding B. Colt, George R. Cooksey, Thomas
-G. Corcoran, Sam Husbands, John K. McKee, Emil Schram, Mr. Truitt
-and Morton Macartney.
The headquarters of EHFA is at Chattanooga, Tenn.
For the present at least a fiscal office will be maintained at the offices
of the RFC, 1825 H. St., N. W., Washington, D. C., and an information
-office at the REA, 2000 Massachusetts Ave., Washington D. C.
Mr. Cooke announced that the EHFA does not presently contemplate
additions to its staff.
Operations of the Authority,limited heretofore to the States of Alabama,
Georgia, Mississippi and Tennessee, will embrace the entire country and
will extend into urban as well as rural territory.
Detailed plans of operation under the new set-up remain to be worked
-out. In the main, however,the method of operation will follow the pattern
of the original EHFA.
Electrical farm machinery, electric appliances and plumbing equipment.
the purchase of which will be financed by EHFA. will continue to be distributed through existing channels.
EHFA makes no direct loans to purchasers of electric equipment and
appliances but does purchase individual contracts through dealers.
These credit facilities will be open equally to all dealers able to meet
necessary requirements. Included among dealers are independent retailers and the merchandise departments of privately and publicly owned
Volume of Bankers' Acceptances Dropped $22,395,187
During July to $320,890,746 July 31—Slump Due to
Mid-Summer Quiet
Banks experienced little or no demand for acceptance
credits during the month of July, with the result that the
total acceptance volume declined $22,395,187 for the month,
according to the monthly survey report of the American
Acceptance Council, issued yesterday (Aug. 23) by Robert
H. Bean, Executive Secretary. The total of all acceptances
as of July 31, according to the survey, was $320,890,746,
a reduction from the July 31 1934 figure of $194,713,968.
The survey of the Acceptance Council continued:
The reorganization of the EHFA was noted in our issue
of Aug. 17, page 1035.
Senate Confirms Reappointment of C. H. March to
FTC—President Roosevelt Nominates M. M. Caskie
to ICC and R. B. Stevens to United States Tariff
Commission
The re-nomination of Charles H. March of Minnesota, as
a Federal Trade Commissioner, was confirmed by the Senate
on Aug. 16. Mr. March, who was nominated on Aug. 5 by
President Roosevelt, will serve an additional seven years on
the Federal Trade Commission from Sept. 26 1935.
President Roosevelt submitted to the Senate on Aug. 16
the nomination of Marion M.Caskie of Alabama,as an InterState Commerce Commissioner for a term expiring Dec. 31
1941, and on Aug.20 submitted the nomination of Raymond
B. Stevens of New Hampshire, to be a member of the United
States Tariff Commission. Mr. Stevens would succeed to
the unexpired term of the late James W. Collier, which expires on June 16 1937, while Mr. Caskie would fill a vacancy
now existing on the ICC,succeeding Patrick J. Farrell, whose
term expires on Jan. 1.
Charles F. Risk Takes Oath as Member of House of
Representatives
Charles F. Risk, a Republican, who was recently elected
to the House of Representatives from the First Congressional
District in Rhode Island on an anti-New Deal platform,
took the oath of office on Aug. 19. The election of Mr. Risk
over his Democratic opponent, Antonio Prince, was noted
in the "Chronicle" of Aug. 10, page 850. Mr. Risk's first
vote as a member of the House was against the Guffey Coal
Bill which was passed by the House on Aug. 19.
Final 1935 Edition of Rand McNally Bankers Directory
to be Available in Mid.September
The final 1935 edition of Rand McNally Bankers Directory is now in production and will be ready for distribution
the middle of September. It is the 119th consecutive
edition of the "Blue Book" and contains 2,500 pages of
banking information revised to September, with figures
taken from the June 29 (and later) statements of American
banks. Information on American banks is arranged in 18
parallel columns. Other features of the Directory follow:
Preceding the American bank data is Federal Reserve Bank information;
Federal Land Bank information; a list of all state and national bank officials
and examiners; a list of bankers associations and their officers; an explanation of the numerical system of the American Bankers Association with a
transit map of the United States to aid in routing items; and a list of all of
the city clearing houses in the United States, with total bank deposits for
each clearing house city as of July. 1934. January 1935, and July 1935.
Following the American bank information are complete data on banks
In the United States dependencies; a list of Canadian banks and their
branches; a list of foreign banks with their official personnel and latest
available statements; membership list of all the stock exchanges in the
United States; bank recommended attorneys in every comity in the United
States; a digest of the banking and commercial laws of each state and every
Canadian province; all of the non-bank towns in the United States with
their most accessible banking points; a list of all bank titles which have
been changed or discontinued within the past five years, giving year of
change, old title and new one (if any). and a complete list of directors
of State, National. savings banks and trust companies.
Annual Convention of National Association of Bank
Auditors and Comptrollers to be Held in New
Orleans, Nov. 11 to 13
Oscar G. Schalk, Comptroller of the Mercantile-Commerce
Bank & Trust Co., St. Louis and President of the National
Association of Bank Auditors and Comptrollers, has announced that the 11th annual convention of the Association
will be held at the Hotel New Orleans, New Orleans, La., on
Nov. 11, 12 and 13. James Gilly Jr., Vice-President of
the Whitney National Bank of that city is Chairman of the
hotel reservations committee. Many reservations have al-
Even in normal times when the acceptance volume totalled $1,000,000.000
or more, July was always the low point of the year in acceptance credit
demand.
Most of the reductions for the month in the classified acceptance totals
were moderate and in most cases, indicated the retirement or paying off
of credits taken earlier in the year.
Acceptances created for the purpose of financing imports, after remaining
above $100,000.000 since March, declined $2.860,917 to $99,100,857, or
about $5,000.000 more than was outstanding at the end of July a year ago.
Export credit acceptances went off $7,445.186 to a new low for the year
of $86,316,484.
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS
July 31 1935
Federal Reserve District
$27,691,582
240,286,618
12,230,246
1,596,163
133,905
1,358.138
16,674.690
369,463
549,201
1
2
3
4
5
6
7
s
9
10
11
12
1,263.962
18.756,780
$320,890,740
22,395,187
Grand total
Decrease for month
Decrease tnr van.
June 29 1935
July 31 1934
532,290.102
528.895,325
409,055.067
259,125,322
13,915.195
12,949,023
3,052,304
1,805,218
655,143
194,478
4,689,706
1,789,092 •
26,721.719
18,792,785
1,298.430
368,074
1,848,140
323,997
760,000
422,744
1,349.753
20,896.164
19,694.866
8343,285,933
$515,604,714
194.713.988
CLASSIFIED ACCORDING TO NATURE OF CREDIT
July 31 1935
Imports '
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
between foreign countries
June 29 1935
July 31 1934
$99.100,857
86,316,484
9,083,805
37.456,799
2.635.601
8101,981,774
93,761..670
9.147.270
47,652,598
1,581,360
593.824,573
135.409,261
8,237.090
130,141.053
3,574,496
86.297.200
89,181.261
144,418,241
CURRENT MARKET RA1ES ON PRIME BANKERS' ACCEPTANCES
AUGUST 23 1935
Days—
30
60
90
Dealers'
Dealers'
Buying Rate Selling Rate
3-16
3-16
3-16
Si
H
4
Days—
120
150
180
Dealers'
Dealers'
Buying Rate Selling Rate
31
%
34
3-16
5-16
5-16
Acceptances created for the purpose of financing goods stored in domestic
warehouses were off $10,195,799 for the month, while acceptances arising
out ofcredits based on goods stored in or shipped between foreign countries
were less by $2,884,061 than at the end of June.
As a partial offset to these reductions, acceptances created for the purpose of providing dollar exchange were up $1,054,241.
Domestic acceptance credits were reduced in volume $63,465.
As usual in the past several months, the accepting banks, principally
those in New York City, held, either of their own bills or other banks
bills, all but a small portion of the total volume. As of the date of this
survey, accepting banks held $148,158,239 of their own bills and $148.283.853 of other banks bills, a combined volume amount to $296,442,092,
which was within $24,448,654 of the grand total.
The first 40 largest accepting institutions reported a total volume of
$298,696,274, while the next 60 banks had a total of $22,171,326, making
a total for the first 100 leading accepting banks of $320,867,600.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made for the transfer of two New
York Stock Exchange memberships, one at $105,000, on
Aug. 21, off $20,000 from the last previous transaction of
Aug. 9, and the other at $114,000, on Aug. 22.
Arrangements were comple-ted Aug. 19 for the sale of a
membership in the Chicago Stock Exchange at $4,200, up
$200 from the last previous sale.
The cottonseed oil futures market, the tobacco futures
market and the tallow futures market on the New York
Produce Exchange will be closed on Aug. 31, the Saturday
preceding Labor Day (Sept 2), the Exchange announced
Aug. 19.
George C. Cutler, Vice-Pre-sident of the Guaranty Trust
Co., in New York City since 1930, has resigned from that
Institution to become President of the Safe Deposit & Trust
Co. of Baltimore. Mr. Cutler succeeds the late Joseph B.
Kirby and will take up his duties this morning (Aug. 24).
He joined the Guaranty Trust Co. in 1930 as a Vice-President
after retiring as a partner from Edward B. Smith & Co.
While with the Guaranty Trust Mr. Cutler served in both
the trust department and the general banking department.
During this period he was also active in the affairs of the
1220
Financial Chronicle
New York State Bankers Association and the Trust Companies Association. He was Chairman of the Legislative
Committee of the New York State Bankers Association and
is now President of the Trust Companies Association of the
State of New York.
The Bankers Safe Deposit Co., New York City, was
authorized on Aug. 15 by the New York State Banking
Department to open a branch office at 527 Fifth Avenue,
conditioned upon the discontinuance of a branch office
heretofore maintained at 501 Fifth Avenue.
The New York State Bank- ing Department on Aug. 15
issued authority to the General Motors Acceptance Corp.,
New York City, to open branch offices at Camden: N. J.;
Trenton, N. J.; Johnstown, Pa. and Amarillo, Tex.
Authority to open a branch office at 57 William Street
was granted on Aug. 15 to the Hibernia Safe Deposit Co.,
New York City, by the New York State Banking Department.
George W. Egbert, New Y- ork State Superintendent of
Banks, announced Aug. 21 that checks covering a 5%
dividend had been mailed that day to the depositors and
creditors of the American Union Bank, New York City, in
liquidation. With the payment of this dividend, the fourth
since the closing of the institution in August 1931, the
depositors have received 75% of their deposits. The last
previous dividend, also of 5%, was paid on Nov. 16 1931,
as noted in our issue of Nov. 25 1931, page 3793.
On Aug. 15 the New York State Banking Department
authorized the Huguenot Trust Co., New Rochelle, N. Y.,
to open a branch office at 22 Church Street, New Rochelle,
conditioned upon the discontinuance of its branch office at
467 Main Street, in the same city.
The Aug. 16 "Weekly Bulletin" of the New York State
Banking Department said that an application filed by the
Union Trust Co. of Rochester, Rochester, N. Y.,for permission to open a branch office in East Rochester, N. Y., was
approved on Aug. 15 by the Superintendent of Banks and
the Banking Board.
John H. Syinonds, former Vice-President of the Second
National Bank, Boston, Mass., died on Aug. 17 in Salem.
Mr. Symonds, who was 83 years old, retired in April 1929
after completing 60 years of service with the bank. Mr.
Symonds' career was summarized in the Boston "Transcript"
of Aug. 17, from which we quote:
Mr. Symonds was born in Salem April 12 1852. After graduating from
Salem High School, Mr. Symonds went to work as a clerk in the Merchants'
National Bank, Salem, remaining there in that capacity until 1869. when
he went to Boston and obtained a job as junior clerk in the Second National
Bank.
In 1902 Mr. Symonds was appointed discount clerk. Three years later
he was made Assistant Cashier, a position which he held until 1913, when
he became Cashier. Fifteen years ago he became a Vice-President and six
years ago he retired.
A meeting of stockholders of the Hartford National Bank
& Trust Co., Hartford, Conn., has been called for Aug. 27
at which time recommendations of the directors, to be made
at that time, will be voted upon to decide whether to change
the bank from a National to a State institution. The bank
has a State charter under which it could function. This
charter was granted to the Hartford Bank in 1792 and was
used until 1865. From the Hartford "Courant" of Aug..17
we take the following:
The directors are taking precautionary action to be prepared to switch
from a National to a State charter in the event the Federal banking legislation makes the present temporary Federal deposit insurance permanent.
The present status of the Federal banking legislation is such that at
the moment it appears that the Federal deposit insurance provision will
become permanently effective as of Sept. 1. Directors believe that the
interests of stockholders should be protected. Liability under the Federal
deposit insurance plan as now operated is limited. National banks and
others belonging to the Federal Reserve system are compelled to participate
in the insurance plan, whereas State banks in Connecticut. are allowed to
participate temporarily and as long as the liability is limited. They are
not permitted to join the Federal Deposit Insurance Corporation under
unrestricted liability.
If the Hartford National Bank & Trust Co. reverts to exercise of a State
charter there will be other incidental changes, such as restoring par value
from $10 to $100. . . .
Several months the First National Bank of Hartford obtained authorization from its stockholders to change from National to State banking.
The Naugatuck National Bank has also given notice that it proposes to
obtain a State bank charter, this also being a preparatory step in anticipation of the permanent deposit insurance liability.
Mahlon S. Drake, Jr., President of the Irvington National
Bank, Irvington, N. J., died at the Irvington General
Hospital on Aug. 11. He was 55 years old. Mr. Drake was
also a member of the Newark Chamber of Commerce and a
director of the Newark Social Service Bureau.
The Conestoga National Bank of Lancaster, Pa. has been
authorized to increase its capital stock from $200,000 to
$400,000, according to advices from that place, appearing in
Aug. 24 1935
"Money & Commerce" of Aug. 10. The new stock will_be
taken by Lancaster people, the dispatch said.
At a meeting of the board of directors of the Miners'
Savings Bank, Pittston, Pa., Leo A. Reap was elected President to succeed William L. Foster, who died recently. Mr.
Reap has been associated with the bank for the past 33 years,
and has served as Vice-President and Treasurer since 1917.
Others elected at the meeting were reported as follows in
•
"Money and Commerce" (Pittsburgh) of Aug. 17:
John A. Allan was retained as First Vice-President; E. B. Gregory was
elected Vice-President to succeed Mr. Reap. Stephen H. Wilson was
elected Treasurer of the bank and Secretary of the board of directors.
Bert W. Tennant was elected Assistant Treasurer. Donald J. Allan, son of
First Vice-President John A. Allan, was elected to the board of directors.
Edwin C. Luther, President of the Safe Deposit Bank,
Pottsville, Pa., died on Aug. 11. In addition to banking,
Mr. Luther was also interested in mining. He was President and Treasurer of the Peerless Coal & Coke Co. of
Vivian, W. Va., and President of the Powhatan Coal &
Coke Co. of Powhatan, W. Va.
From the Chicago "News" of Aug. 13 it is learned that
checks representing a 10% dividend were to be ready for
former depositors of the defunct First National Bank of
Wheaton, Ill., on Aug. 15. The paper added:
These checks amount to $31,285 and bring the total paid to $172.069 or
55%.
In addition to this, $243,000 has been paid to secured and preferred
creditors since the bank closed on Jan. 18 1933.
Judge Ralph J. Dady of the Circuit Court of Lake County,
Ill., has authorized a 10% payment Libertyville Trust &
Savings Bank, Libertyville, Ill., which was closed on July 19
1933. The Chicago 'Tribune" of Aug. 13, from which this
is learned, continuing said:
The payment to be made to-morrow, will amount to $32.000 and wil
bring total payments to depositors to $177,349, or 55% of the deposits.
The formal opening on Aug. 5 of the Farmers and Merchants Bank, Watertown, S. C., was reported in the "Commercial West" of Aug. 17. Harmon Kopperud is President
of the new institution and Fred F. Phillippi is Cashier. In
addition to Mr. Kopperud and Mr. Phillippi the directors
are John H. Hanten, Watertown; S. B. Crothers, Watertown; George C. Jorgenson, Oldham; Harry J. Eggen,
DeSmet and H. M. Larson, Lake Preston.
The American Savings Bank & Trust Co., Memphis,
Tenn., which closed its doors in December of 1926, is paying
a final liquidating dividend of 3% to the 7,000 depositors.
The dividend amounts to $66,400. In reporting this final
payment the Memphis "Appeal" of Aug. 15 stated:
This payment brings the total paid to the depositors to 83% of the
amounts they had on deposit when the bank closed, It. W. Hall, liquidating
agent, said;
"The depositors lost 17 cents on a dollar, but when the bank closed it
looked as if the dividends would be about 50 cents on the dollar," he said.
"All properties and securities of the bank have been disposed of and the
the payment of the dividend closes the history of the bank."
The deposits when the bank closed totaled about $2,214,600. The
depositors have received about $1,882,410.
•
Announcement was made Aug. 16 of the election of Q. T.
Hartner as President of the Security Banking Co., Pineville,
La. Mr. Hartner succeeds his brother, the late Henry E.
Hartner.
W. N. Greer and Wright Morrow have been elected to the
Board of Directors of the Citizens State Bank, Houston,
Tex., it was announced Aug. 17 by W. H. Irvin, President.
In addition to being elected to the Board, Mr. Greer has
also been made a Vice-President of the bank. He was
formerly a bank examiner for Texas, which office he held
for 16 years.
With the changing of its location from Elida, N. M., to
Portales, N. M., the First National Bank of Elida also
changed its name to the Portales National Bank, we learn
from the Aug. 19 "Bulletin" of the Comptroller of the
Currency.
Raymond Borden and Nolan Browning, Vice-Presidents
of the Seaboard National Bank, Los Angeles, Calif., have
been elected to the board of directors of the Institution, it
was announced on Aug. 14 by K. L. Carber, President.
Both Mr. Borden and Mr. Browning have been with the
bank since its organization in 1924.
At the annual meeting of the directors of the San Francisco
Bank, San Francisco, Calif., held Aug. 14, all officers were
re-elected and in addition Stanton Pitt and Marquette D.
Anderson were named Assistant Cashiers. The directors
also named Edward W. Vodden and Robert B. Leando as
Manager and Assistant Manager, respectively, of the new
Fillmore branch of the bank which will open shortly. The
stockholders of the bank, at their annual meeting, re-elected
the following directors:
Volume 141
Financial Chronicle
1221
E. T. Kruse, Chairman of the Board; Parker S. Maddux, President;
Hugh Goodfellow, Walter A. Haas, C. W. Doane, Arthur B. Cahill,
Adolph G. Rosenthal, Edgar Sinton, Walter E. Buck, J. Harold Dollar
and H. H.Herzer, Secretary.
63/i points to 63%, Safety Car Heating & Lighting 3 points
to 80, St. Regis Paper, cumulative pref. 4 points to 38 and
Central States Electric, convertible pref. 3 points to 15.
Curb Market movements were generally toward higher
levels on Wednesday though the advances were small with
M. J. Connell, Chairman of the Board of Citizens National the posiible exception of Sherwin Williams which forged
Trust & Savings Bank, of Los Angeles, Calif., since 1927, ahead 23/2 points to 104%, Consolidated Mining & Smelting
and a director of the bank since 1909, died of a heart attack of Canada which surged forward 7% points to 1713 and
%
at his home in Los Angeles, Aug. 21. He was 81 years old. Singer Manufacutring Co., which climbed upward 2 points
Mr. Connell came to Los Angeles in the 1890s from Butte, to 2943/2. Small gains were also recorded by Alabama
Mont., where he had long operated a large department store, Power Co. pref., Aluminium Limited, Celluloid Corporation,
and where he had engaged also in the copper mining busi- pref., Gulf Oil of Pa., Newmont Mining, Pittsburgh & Lake
ness. In addition to his banking activities in Los Angeles, Erie RR., A. 0. Smith and Jones & Laughlin Steel.
Mr. Connell was heavily interested in real estate, and through
Irregular price movements were apparent during the
his building activities largely developed the wholesale tex- greater part of the day on Thursday, and .while trading
tile district.
contmued active there was little net change as the session
the
Two Portland, Ore., banks recently opened branches in ended. Public utilities attracted a goodly part ofcomLa Grande, Ore., supplying that city with its only financial speculative attention but the changes were within a
paratively narrow range. Specialties and industrials were
institutions. The First National Bank of Portland opened slightly
lower
a branch in La Grande on Aug. 12 and on Aug. 15 the and alcohol at the close and so were most of the oil shares
issues. Charis Corporation moved up a point
United States National Bank of Portland established a La
following the announcement of a special 50 cent dividend on
Grande branch.
the common stock; Murphy Co. moved up 53% points to
115; Scovill Mfg. Co. advanced 25g points to 273 , and
%
/
Proposals for the amalgamation of the District Bank,
% points to
Ltd., and the County Bank, Ltd., both of Manchester, Typewriter gained 23were again 32%.
Price movements
early
irregular during
England, were announced on Aug. 6, we learn from the dealings on Friday, but the market steadied asthe day
the
London "Financial News" of Aug. 7. The District Bank, progressed and at closing hour some of the trading favorites
according to the plans, is to take over the County Bank, recorded small gains. The volume of trading was slightly
whose shareholders will receive shares in the former bank larger than
in exchange for their present holdings. The County Bank, proximately the preceding day, the turnover reaching ap494,000
up to November of last year, was known as the Manchester last week prices were shares. As compared with Friday of
lower, American Gas & Electric closing
and County Bank. The announcement of Aug. 6, as given last night at 36 against
38% on Friday a week ago; American
in the London "Financial News," follows:
Light & Traction at 14 against 155 ;Commonwealth Edison
%
It is intended that Shareholders in the County Bank shall receive in
at 833/2 against 853 ; Consolidated Gas & Electric of Balti%
exchange for each one share of £20 each. £4 paid, held by them in that
more at 823/2 against 873%; Electric Bond & Share at 147
4
bank, two and four-fifths share of El each, fully paid (a new class of shares
against 19%; International Petroleum at 36 against 37%,
to be created to rank part passu with the existing A shares) in District
and Niagara Hudson Power at 7% against 8
%.
Bank. Ltd., plus 58. in cash.
Particulars of the meetings to be called of the shareholders of the two
banks to sanction the proposals will be issued shortly.
The provisional proposals have been submitted to the Lords Commissioners of His Majesty's Treasury, who, while they take no responsibility
for the general terms or details of the arrangements, offer no objection to
the proposals.
The Banco Credito of the Balearic Islands, which suspended payments in December 1934, will be reopened under
a court approved agreement reached with creditors, it was
stated in Associated Press advices from Palma De Mallorca,
Balearic Islands, Aug. 18. The advices said that the depositors, many of whom are American residents and visitors,
will receive 20% and the remainder when the condition of
the bank warrants.
THE CURB EXCHANGE
Reactionary price movements were apparent on the New
York Curb Exchange during the early part of the week, but
the market firmed up on Wednesday and moderate advances
were recorded by a number of the trading favorites. Public
utilities and industrial specialties attracted the most of the
buying and there was also a moderate demand for the mining
and metal shares and some of the oil stocks. The volume
of trading on Monday was the largest since the first of the
year, but the transactions gradually fell off as the week
progressed.
Industrial specialties and public utilities were the features
of the curb trading during the short session on Saturday.
The trend of prices was generally upward and while the gains
were not particularly noteworthy, except in the case of
Central States Electric, convertible, preferred, which moved
up 532 points to 18, the advances were fairly steady. United
States Radiator moved ahead 3 points on a small turnover
and Pepperell Manufacturing Co. climbed 2 points to 67.
Technicolor and Montgomery Ward A were the heavy
spots. The volume of trading set a new high record for the
short session, the turnover reaching 344,000 shares as compared with 306,000 on the preceding Saturday.
Reactionary tendencies due to profit taking were apparent
on the Curb Exchange on Monday. There was no confusion, however, and selling was orderly, the total transfers
reaching 515,000 shares against 484,000 on. Friday. Prominent among the declines were Aluminum Company of
America which dropped 3 points to 58, Childs Co. pref.
which slipped back 2 points to 22, Consolidated Gas of
Baltimore which yielded 33% points to 84, Electric Bond
and Share which dipped 2% points to 17%, The Great
Atlantic & Pacific Tea Co., pref., which fell off 23 points
%
to 1273%, and Hiram-Walker which moved down 1% Points
to 27%.
Erratic price movements with a tendency toward lower
levels were again in evidence on Tuesday. The declines
extended to all parts of the list, though, on the whole, the
recessions were small and without special significance. Some
of the more active stocks scattered through the list were able
to hold their gains. These included among others Aluminum
Company of America 4 points to 62, Fajardo Sugar 23
%
points to 88, and Holly Sugar 3% points to 63. Stocks
on the side of the decline included Ford Motors of
closing
Canada B, 2% points to 31, Pepperell Manufacturing Co.,
GAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Bonds (Par Value)
Week Enema
Aug. 23 1935
(Number
of
Foreign
Foreign
Government Cotporate
Domestic
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
P40.1
343,955 $2,261.000
515,290 3,599.000
499,220 4,573,000
318,145 2,889,000
394,900 3,327,000
493,660 3,994.000
520,000 52,304.000
54,000 3,708,000
71,000 4,665,000
66,000 3.012,000
28,000 3,402,000
69,000 4,087,000
2.565,170 $20,642,000
Total
$23,000
56.000
21,000
57,000
47,000
24,000
$228,000
$308,000 521,178,000
Bales at
New York Curb
Exchange
Week Ended Aug. 23
1935
1935
Stocks—No. of shares_
2,565,170
757,390
Bonds
Domestic
$20,642,000 $11,267,000
Foreign government_ _
722,000
228,000
Foreign corporate
246,000
308,000
Total
Jan. 1 to Aug. 23
1934
$21,178,000 $12,235,000
1934
38,179,768
45,071,372
$784,603,000
10,886,000
8,319,000
5686,497,000
25,427,000
19.758,000
$803,808.000
$731,682,000
COURSE OF BANK CLEARINGS
Bank clearings this week will again show an increase 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,
Aug. 24) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
21.4% above those for the corresponding week last year.
Our preliminary total stands at $4,894,943,314, against
$4,032,725,586 for the same week in 1924. At this center
there is a gain for the week ended Friday of 24.6%. Our
comparative summary for the week follows:
Clearing—Returns by Telegraph
Week Ending Aug. 24
Per
Cent
1935
1934
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,424,695,912
193,808,469
260,000,000
139,000.000
79,879,460
63,900,000
106,441,000
74,414,917
59,401.807
50.044,983
39,834,285
27,288,000
51,945,290,187
164,880.602
198,000,000
121,000,000
64,161.815
52,400,000
97,497,000
62,335,109
42,000,000
46,338,096
33,419,353
22,472,000
+24.6
+17.5
+31.3
+14.9
+24.5
+21.9
+9.2
+19.4
+41.4
+8.0
+19.2
+21.4
Twelve cities, five days
Other cities, five days
53,518,708,833
560,410,595
$2,849,794,162
463,917,645
+23.5
+20.8
Total all cities, five days
All cities, one day
$4,079,119,428
815,823,886
$3,313,711.807
719.013,779
+23.1
+13.5
as MIA 042 Rld
CI 029 795 555
4-21 II
,
r...1 ou
rkl•lada fny. •rselr,
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 in all cases has to be estimated.
In the elaborate detai'ed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Aug. 17.
For that week there is an increase of 14.9%; the aggregat
Financial Chronicle
SUMMARY OF BANK CLEARINGS
Week Ended Aug. 17
Clearings at
1935
$
$
Seventh Feder al Reserve D istrict-Chi
Mich.
65,236
-Adrian _
.
72,649
Ann Arbor_ -__
474,146
520,035
70,911,274
Detroit
83,438,450
Grand Rapids_
1,646,750
1,878,904
1,107,953
Lansing
1,097,615
645,414
Ind.
-Ft. Wayne
718,502
12,188,000
Indianapolis
14,396,000
697,522
South Bend
773,973
3,479.440
Terre Haute_.
4,090,045
14,748.146
Wis.-Milwaukee
16,477.452
581,138
la.
-Cod, Rapids
848,533
5,909,342
Des Moines_
6.781,374
2,941,998
2,788,298
Sioux city
b
b
Waterloo
583,400
111.
284,534
-Bloomington
253,287,172 229,995,199
Chicago
554,886
Decatur
656,667
2,489,618
Peoria
2,715,280
634.115
912,738
Rockford
881,092
1,189,878
Springfield....
$
217.816,561
3,467.528,309
333,9.5,586
338,569,432
116,298,763
115,824,273
393,081,799
118,419,098
91,797,057
139,976,942
47,610,465
222,020,139
Total
111 (ghee 5,492,888,424
Outside N.Y. City
. 2.127,019,736
rlana,le
10 n1.11e.
mrs ...vs el^
$
200,511.962
2,963,530,048
284,818,838
201,805,892
110,552,210
99,148,998
350,381,469
107,123.814
90,272,129
125,275,106
44,878,120
201,426,832
•Ifv, ei a ene
$
$
%
210,395.099
197,640,974
+8.6
+17.0 3,368,032,379 2,625,627,243
248,245,651
247,552,017
+17.2
172,297,162
183,584,206
+13.3
102,628,034
+5.2
94,232,320
75,473,660
+16.8
87,290,245
290,496,006
+12.2
290,119,013
77,724,664
+10.5
915.529,420
67,021.684
+1.7
88,642,843
+11.7
91,111.002
88,912.417
34,549,459
32,880,678
+6.1
+10.2
170,075,623
172,400,682
5,781,807,260
2,499.372,904
4,150,665,109
1,606,008,981
nal
nly com an*
_171
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Aug. 17
Clearings at
1935
1934
Inc.or
Dec.
$
$
%
First Federal Reserve Dist rict-BostonMe.
-Bangor____
568,995
456,926 +24.5
Portland
1,832,680
1,579,031 +16.1
Mass.
-Boston _ _ 187,226,122 175.624,484 +6.6
Fall River
594,905
532,659 +11.7
Lowell
306.110
220,578 +38.8
New Bedford._
679.260 +16.0
787,831
Springfield_ _
2,558,741
2.199,345 +16.3
Worcester
1,353,408
1.105.452 +22.4
Conn.-Hartford
11.076,374
7,554,026 +46.6
New Haven. _ _
2,649,583 +12.9
2,990,147
7,589.300 +5.8
R.I.-Providence
8,029,100
N.H.-Manches'r
321,313 453.2
492.148
Total(12 cities)
217,816,561
200.511,962
Second Feder al Reserve D istrict-New
N. Y.
-Albany
11,405,097
6,592.413
Binghamton...
894,694
801,408
Buffalo
28,900.000
26,112,858
Elmira
552,731
402.790
Jamestown....
509,610
484,390
New York.... 3,365,868,688 2,879.419,123
Rochester
5,381,909
6,625,701
Syracuse
3,277,282
3,631,056
Conn.
-Stamford
2,946,157
2,402,284
N. J.
-Montclair
*435,000
375,688
Newark
14,816,934
15,832,606
Northern N.J.
29,926,969
23,462,969
+8.6
1933
$
1932
$
•
380,900
1,715,600
183,000,000
509.172
308,776
603.423
2,445.759
1,042,252
9.989,488
2,833,962
7,179,400
386.367
427,713
1.927.451
167,771,826
663,517
267.521
526,673
2,505,648
1,566,388
11,277,483
3,359,111
6.
978,500
369,163
210,395,099
197,640,974
York
11,443,634
4,219,422
+73.0
690,888
737,080
+11.6
24.377,463
22,120,475
+10.7
481,886
514.429
+37.2
304,644
438,358
+5.2
+16.9 3,282,434,356 2,544,646,128
5,117,196
4,896,833
+23.1
3,133,279
+10.8
2,983,283
2,550,015
2,817.901
+22.6
292,065
358,767
+15.8
12,861,458
+6.9
16,272.205
24,669,762
25,298.195
+27.5
Total(12 cities) 3,467,528,309 2,963,530,048 +17.0 3,368,032,371) 2,625,627,243
Third Federal Reserve Dist rict-Philad elphia Pa.
331,857
-Altoona_ _ _ _
409,426
301,599 +35.8
b
Bethlehem....
8404,618
a1,037,676 --61.0
271,007
Chester
259,811
244,997 +6.0
+3.8
624,855
Lancaster
875.491
909,073
Philadelphia__
320,000,000 271,000,000 +18.1 239,000,000
1.082,388
Reading
955,362 +32.9
1.269,486
2.010,671
Scranton
1,861,753 +43.7
2,674,606
1,532,316
1,105,078 -2.0
Wilkes-Barre_ _
1,082,689
York
1,083,557
1,532,495
1,151,558 +33.1
N.2.
7,323,000 -20.7
2,329,000
-Trenton
5,808,000
Total(9 cities).
285,784
81,617,417
329,360
886.111
236.000,000
2,336,739
1,868,832
1,481,919 •
1,055.272
3,308,000
284,818,838 +17.2
248,245,651
247,552,017
Fourth Feder al Reserve D 'strict-Clev eland
Ohio-Akron__
c
c
c
Canton
CC
c
41,482.427 +12.0
Cincinnati _ - .
46,467.352
Cleveland
63,380,049 +9.6
69,455,746
Columbus
11,178,000 +14.3
12,777,100
Mansfield
1,001,286 +19.1
1,192,061
, Youngstown_
b
b
b
P5.
-Pittsburgh _
98,677,173
84,764,130 +16.4
c
c
39.221,597
60,333,010
7,383,300
1,056.528
b
75,589,771
c
c
37,716,266
59,800,000
6,524,000
923,066
b
67,333,820
201,805,892 +13.3
183,584,206
172,297,152
Fifth Federal Reserve Dist act-Richm ond154,151 -2.5
W.Va.-HuntIon
150,249
Va.-Norfolk
2,425,000
2,779.000 -12.7
Richmond _ _ _ _
30,346,413 +11.0
33,696.053
S.C.-Charleston
585,125 +61.3
943,909
Id d.-Baltirrore _
63,137,423 -3.0
61,270,360
D.C.-Washing'n
17,813,192
13,550.098 +31.5
107,891
2,083,000
27,499,740
494,757
53,719.634
10,327,298
333,062
1,960,600
23.170,458
607,749
61,220,016
15,336,149
Total(5 cities),
333,945.556
228,569,432
+5.2
94,232,320
102,628,034
Sixth Federal • eserve Dist rict-Atlant a
Tenn.
-Knoxville
2,961,995
2,763,218 +7.2
Nashville
13,126,620
11,535.128 +13.8
Ga.-Atlanta....
44,500,000
37,300,000 +19.3
Augusta
• 750,803
778.433 -3.5
Macon
756,774
769,234 -1.6
1la.-Jack*nville.
11,416,000
9,900,000 +15.3
.Ala.-Birm'ham _
13,751,635
12,544,720 +9.6
1,139,669
1,136,826 -0.5
I Mobile
Miss.
-Jackson..
b
b
b
203,304
84,425 +140.8
I Vicksburg
27,226,473
La.-NewOrleans
22,336,997 +21.9
3,848,196
10,348,411
32,000,000
855,469
473.215
8,500,000
9,968,957
916,179
b
97,634
20,282,184
2.103,030
8,342,887
25,400,000
807.203
404,597
6,967,926
7,589,364
786,901
b
80,099
22,991,653
99,148,990 +16.8
87,290,245
75,473,660
Total(8 cities)_
Total(10 cake)
116.298.763
115,824,273
110.552,210
1932
$
74,030
679,452
59.217,674
2,871.467
1,367,500
897,022
9,474.000
875,938
2,457.307
12,024,912
569,510
4,332,769
1,817,934
b
367,369
189,240,180
438,563
1,723,327
414,462
1,152,590
350,381,469 +12.2
290.119,013
290,496,006
Eighth Federa I Reserve Dia trict-St. Lo uls-b
b
Ind.-Evansville.
b
77.600,000
71,600,000 +8.4
Mo.-St. Louis
23,108.095 +20.4
27.831,135
Ky.-Louisville._
12,074,719 +3.9
Tenn.-Memphls
12,548,963
b
b
111.
b
-Jacksonville.
341,000 +28.7
439,000
Quincy
b
63,000,000
18,570.736
9,683,684
b
275,000
b
52,400,000
16,022,008
8,911,235
b
391,421
107,123,814 +10.5
915,529,420
77,724,664
Ninth Federal Reserve Die trice-Minn eapolls3,373.043
2,872,853 -8.1
2,639,617
Minn.
-Duluth
64,746,788
61,580,451
60,254,950 +2.2
Minneapolis...
16,312,413
21,406,172
+2.6
21.957,397
Bt. Paul
1,554,964
1,721,836 +16.2
2,000,860
N. 03.
-Fargo_ _
.
507,654 +18.4
464,680
601,187
S.D.
-Aberdeen.
400,818 +37.3
271.917
550,223
Mont.
-Billings.
3,107,846 -20.6
1,919,038
2,467,322
Helena
2,065.485
47,094,961
13,978,806
1,531,359
579,894
242,592
1,528,587
393,081,799
1932
1933
4,779,625,412 +14.9
1,900,206.289 +11.9
1933
$
Total(4 cities).
118,419,098
88,642,843
67,021,684
Tenth Federal Reserve Die trict Kane as City53,213
80,687 +13.8
91.855
Nob.
-Fremont
b
56,032 +133.6
130,901
Hastings
2,013,272
2,004,589 +15.4
2,314,091
Lincoln
26,566,431 +15.1
20,943,116
30.586,249
Omaha
1,221,388
3,001,083 -29.5
2.115.372
Kan.
-Topeka
1,829,648
3,409,615 -17.6
2,811.194
Wichita
85,948,947 +13.2
61,342,491
97,279,528
Mo.Kansas City_
3,097,614 +5.1
2,712,000
St. Joseph....
3,256.760
611,914 +38.2
599,233
845,702
Colo.
-Col. Spgs.
396,641
498,196 +9.5
545,290
Pueblo
109,819
106,426
1,518,634
19,641,202
1,541,347
3,595,336
58,836.311
2,444,200
557.530
561,612
Total(7 cities).
91,797,057
90,272,129
+1.7
125,275,108 +11.7
91,111,002
88,912,417
-Da IlasEleventh Fede rat Reserve District
898,686 +11.6
Tex.-Austin_ _
1,003,113
34,947,189 +4.6
Dallas
36,549,637
4,621,621 +18.2
Ft. Worth_ _
5.462.052
2,671,000 -4.8
2,542,000
Galveston
1,739,624 +18.1
2,053,663
144.
-Shreveport_
615,386
26,101,895
3,974.689
2,147,000
1.710,489
584,139
23,623,025
4,725.857
1,935.000
2,012,655
+6.1
34,549,459
32,880,676
Franci sco-+24.8
22,976,185
+14.1
4,703,000
-23.1
290,132
+28.7
19,450,261
+5.3
8,924,549
+37.5
2,672.720
+18.7
2,154,620
--6.5
3,052,696
+3.5 102,215,595
+16.6
1,576,496
+20.4
877,233
-3.3
1,182,136
20,628,816
4,948.000
404,890
15,768,148
7,510,150
2,668,839
2,306,352
7,256.047
107,387,000
1,485,054
862,307
1,174,979
Total(10 cities)
Total(5 cities).
139,976,942
47,610,465
44,878,120
Twelfth Feder al Reserve D istrict-San
25,602,258
31,948,151
Wash.-Seattle
8,473.000
Spokane
9,670,000
741,160
Yakima
570,172
24,592,230
31,640,758
-Portland_ _
Ore.
11,484,371
12,073,253
Utah-S. L. City
2,771,240
3,809,597
Callf.-Vg Beach
2,221,079
2,637,450
Pasadena
5,862,247
5,479,141
Sacramento...
San Francisco. 119,066.704 115,089,477
2,200,771
2,565,568
San Jose
970,538
1,188,430
Santa Barbara_
1,438,461
1,390,915
Stockton
Total(12 cities) 222,020,139 201,426,832 +10.2 170,075,623 172,400,582
Grand total (111
5,492,888,424 4,779,626,412 +14.9 5,781,807,260 4,150,655,109
cities)
Outside N.Y.- 2,127,019,736 1,900,206,289 +11.9 2,499,372,904 1,606,008,981
Week Ended Aug. Id
Clearings al
1935
1934
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
5t. 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
$
91,180,757
73,415,670
43,899,152
14,481,726
14,777,542
3,705,634
2,052,523
3,314,279
4,150,570
1,409,138
1,473,381
2,232,165
3.331,340
2,803,649
266.355
407,021
1,287,844
395.682
760.600
655,381
604,900
217,908
577,027
504,504
804,203
1,902,149
324.829
632,374
493,065
391,458
409,244
838,540
$
95,346,113
75,391,084
77,713,166
14,669,056
3,943,237
3,458,682
1,992,948
3,117,779
4,984,413
1,683.536
1,250,748
2,108,567
3,189,993
2,825.630
267,455
360,147
1,117,275
400,130
727,355
716,364
496,836
194,828
540,372
491,108
1,035,195
1,941,666
256,417
574,868
532,638
419,286
356,382
817,334
Total(32 cities)
273,700,610
302,919,608
Inc. VT
Dec.
1933
1932
S
87,396,811
74.307,128
98.151,550
13,387,412
3,784,922
3,572,510
1,821,370
3,285,522
6,574,470
1,833,059
1,319,811
2,209,913
3.812.935
3,121,959
280,130
339.037
1,141,319
436,529
633,744
533,557
424.039
188.461
548,560
655.292
898.348
2,061.412
264.615
571.479
487,542
463.418
347,142
558,040
$
73,877,937
71,743.546
35,743,362
10,912,731
3,578,917
4,007,659
2,907,768
3.256,837
4,664,289
1,571.908
1,274,143
1,956,156
3,240,285
2,514,682
322,055
340,005
1,275,596
411,918
648,572
600,895
429,719
165,451
486,401
540,504
723,589
2.283,791
241,260
546,902
526,229
380,151
347,163
457,456
-9.6
315,316,093
231.977,877
!
Federal Reserve Diets.
let Boston. _ _ _12 cities
Ind New York.12 "
3rd Philadelphia 9 "
4th Cleveland__ 5 "
fith Richmond _ 8 "
0th Atlanta.....10 "
7th Chicago .....19 "
8111 St. Louis._ 4 "
9th Minneapolis 7 "
10511 Banana city 10 "
Iltb Dallas
5 1286 San Fran..12 "
Inc.or
Dec.
1934
1935
Inc. or
Dec.
19,040
447,896
49.776.350
1,109,762
581,024
429,636
8,901.000
431,240
2,870,968
11,802,486
186,978
4,152.320
2,039,008
b
268,145
203,365,741
438,948
1,973,571
585,997
738.903
Total(19 cities)
Week End. Aug. 17 1935
1934
1 1-1-,14-1
.P.
o.wcwo.OflO1P.00I'
bOo;.i4;42 O,LabL46b;..44.1
of clearings for the whole country being $5,492,888,424,
against $4,779,625,412 in the same week in 1934. Outside
of this city there is an increase of 11.9%, the bank clearing
at this center having recorded a gain of 16.9%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals record
an increase of 17.0%, in the Boston Reserve District of
8.6%, and in the Philadelphia Reserve District of 17.2%.
The Cleveland Reserve District has managed to enlarge its
totals by 13.3%, the Richmond Reserve District by 5.2%,
and the Atlanta Reserve District by 16.8%. In the Chicago
Reserve District there is an improvement of 12.2% in the St.
Louis Reserve District of 10.5%, and in the Minneapolis
Reserve District of 1.7%. The Kansas City Reserve District
enjoys a gain of 11.7%, the Dallas Reserve District of 6.1%,
and the San Francisco Reserve District of 10.2%.
In the following we furnish a summary by Federal Reserve
districts.
Aug. 24 1935
....4comow-44.8- ww
,
vomb:wwco.,i,,CoOL.Ibi4L1OpOo.m6;m;-WC.4.iolai4i:WC.
1222
a Not included in totals. b No clearings available. c Clearing house not
functioning at present. •Estimated.
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 7 1935:
GOLD
The Bank of England gold reserve against notes amounted to E192,774.457 on the 31 ult. as compared with £192,716,851 on the previous Wednesday.
In the open market about £1,100,000 of bar gold was offered at the daily
fixing during the week. There was a persistent demand over the gold
exchange parities and the premium was, therefore, well maintained.
Quotations during the week:
Equivalent Value
Per Fine
of Sterling E
Ounce
August 1
12s. 0.82d.
140s. 9)4d.
August 2
125. 0.77d.
140s. 10d.
August 3
125. 0.o9d.
1405. lid.
August 5(bank holiday)
August 6
12s. 0.82d.
140s. 9Xd.
August 7
12s. 1.20d.
140s. 5d.
Average of five days
12s. 0.86d.
140s. 9d.
The following were the United Kingdom imports and exports ofgold
registered from mid-day on the 29th July to mid-day on the 3d inst.:
Imports
Exports
British West Africa
£510.550
£130,129 Sweden
British South Africa
274.647
1,725,795 Netherlands
British India
96,190
726.949 France
British Malaya
1,965
32,783 Other countries
British Guiana
7.258
Hong Kong
49.080
Australia
147.777
New Zealand
19.414
Netherlands
822.220
France
31,366
Switzerland
24,916
Iraq
5.022
Other countries
13.368
£883352
£3,736,077
The SS. Cathay which sailed from Bombay on the 3d inst. carries gold
to the value of about £585.000 consigned to London.
SILVER
The price for cash delivery has again shown no change, having been
maintained at 30 3-16d., and the two months' quotation has varied only
between 30 3-16d. and 30 5-16d. The American Treasury have continued
their purchases and there have been further sales by China whilst the
Indian Bazaars have both bought and sold during the week.
The latter quarter, however, made resales to-day, following weakness
in the Bombay market, which it Is reported was due to disappointment
because America was not exerting more pressure.
The outlook remains unchanged, the market still looking to America as
the main rource of support.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 29th July to mid-day on the 3d August:
Imports
Exports
British South Africa
-via other ports £13,530
.£9,346 Bombay
Aden & Dependencies_ _ _
12,690 Other countries
1,127
British India
22,993
British Malaya
11,023
Soviet Union
72,398
Germany
13,606
Belgium
6,420
France
26.076
Austria
3,890
Egypt
10.613
Iraq
28.829
Japan
264,077
Other countries
7.079
£14,657
£489,040
Quotations during the week:
IN LONDON
-Bar Silver Per Oz. Std.
IN NEW YORK
2 Mos.
(Per Ounce .999 Fine)
Aug. 1___.303-16d.
30 5-16d.
68 cents
July 31
Aug. 2---.30 3-16d.
30 5-16d.
68 cents
Aug. 1
Aug. 3---30 3-16d.
30d.
68 cents
Aug. 2
Aug. 5
68 cents
Aug. 3
(bk.hot.)
68 cents
Aug. 5
Aug. 6----30
30 Id.
68 cents
Aug. 6
Aug. 7..---30 3-16d.
30 3-16d.
Av.5 days.30.1875d.
30.262d.
The highest rate of exchange on New York recorded during the period
from the 1st inst. to the 7th inst. was $4.96% and the lowest $4.95%.
Stocks in Shanghai on ..he 3d inst. consisted of about 276.000.000 dollars,
and 44.600,000 ounces in bar silver as compared with 277,000.000 dollars,
and 44,600,000 ounces in bar silver on the 27th ult.
Statistics for the month of July:
Bar Gold
-Bar Silver Per Or. Std.Per Or. Fine
Cash
2 Mos.
Highest price
141s. 7d.
313d.
31 5-16d.
Lowest price
140s. 5d.
301d.
30 3-16d.
Average
140s. 10.19d.
30.6458d.
30.50006.
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.,
Tues.,
Aug. 17 Aug. 19 Aug. 20
Silver, per cm_ 29 1-16d. 296.
29d.
Gold, p.fine on. 1408.4d. 1408.24d. 140s.1d.
consols. 254% Holiday
84%
84%
British 3%%W. L
Holiday 105%
105%
British 4%1960-90
Holiday
118
117U
Thurs.,
Wed.,
Aug. 22
Aug. 21
296.
29d.
1398.113‘d. 1405.
8334
8434
Frt.
Aug. 23
29 7-I6d.
140s.liid.
8434
10534
105X
105%
117X
116X
116X
The price of silver per oz. (in cents) in the United States
on the same days has been:
Bar N. Y.(forden)
U. S. Treasury
U. S. Treasury
(newly mined)
65%
50.01
65%
50.01
65%
50.01
65%
50.01
65%
50.01
65%
50.01
77.57
77.57
77.57
77.57
77.57
77.57
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTER ISSUED
Amount
-The Polo National Bank, Polo, Ill
Aug. 10
$50,000
President, Henry I. Stabler; Cashier, Will T. Graham. Primary
organization.
1223
Financial Chronicle
Volume 141
VOLUNTARY LIQUIDATION
50,000
-The National Bank of Wyoming, Ill
Aug. 12
Effective May 25 1935. Liq. committee, C. A. Rogers, Noble
Malone and W. M. Hartz, Wyoming, Ill. Succeeded by "The
First National Bank in Wyoming," Illinois, Charter No. 14332.
CHANGE OF TITLE AND LOCATION
Aug. 12
-Location of the First National Bank of Elide, Elide (Roosevelt
County). N. M.
Changed to Portales, (Roosevelt County), New Mexico, and title
changed to "The Portales National Bank."
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Per
Share
When Holders
Payable of Record
h1.5c Sept. 2 Aug. 18
Acadia Sugar Refining Co.6% preferred
Acme Glove Works,6)4% preferred
Sept. 16 Aug. 31
141
Adams Express Co.5% preferred (guar.)
$134 Sept.30 Sept. 60
Sc Oct. 1 Sept. 13
Affiliated Products (monthly)
Alabama Water Service, $6 preferred
Sept. 1 Aug. 20
Aug. 10 Aug. 3
Alms & Doepke 7% preferred
(5)
American Cigar (quarterly)
$2 Sept. 16 Sept. 3
Preferred (quarterly)
$134 Oct. 1 Sept. 14
American Crystal Sugar,6% pref. (initial)
American Envelope Co.7% pref. A & B (quar.)_
Sept. 1 Aug. 25
American Factors, Ltd.(monthly)
205 Sept. 10 Aug. 31
American Home Products (monthly)
205 Oct. 1 Sept. 140
American Investors of Illinois, B.(quar.)
1234c Sept. 1 Aug. 20
American Stores (quarterly)
SOc Oct. 1 Sept.13
American Sugar Refining (quar.)
50c Oct. 2 Sept. 5
Preferred (quarterly)
$ig Oct. 2 Sept. 5
American Sumatra Tobacco Corp
25c Sept.16 Aug. 31
Extra
50c Sept. 16 Aug. 31
Extra
50c Dec. 16 Dec. 2
American Telephone & Telegraph (quar.)
$234 Oct. 15 Sept. 16
Armour of Delaware preferred (quar.)
$131 Oct. 1 Sept. 10
Armour of Illinois $6 Preferred (guar-)
$134 Oct. 1 Sept. 10
7% preferred (quar.)
h$1X Oct. 1 Sept. 10
Atlantic & Ohio Teleg. Co.(guar.)
$134 Oct. 2 Sept. 16
Associated Investment new (initial)
20c Sept.30 Sept. 20
7% preferred (new) (initial)
$1.14 Sept.30 Sept.20
7% preferred (guar.)
$1 X Sept.SO Sept.20
Babcock & Wilcox
10c Oct. 1 Sept.20
Badger Paper Mills
50c Aug. 15 Aug. 5
Baldwin Co.6% Preferred A( "
$134 Sept. 14 Aug. 31
qua
Bayuk Cigars
50c Sept. 15 Aug. 31
First preferred (quar.)
$1 X Oct. 15 Sept. 30
Beneficial Loan Society (Del.) (guar.)
20c Sept. 1 Aug. 21
Binghamton Gas Works6)4% pref.(quar.)
$1.56 V Sept. 1 Aug. 24
Boston & Albany RR
$2- Sept.30 Aug. 31
Boston Acceptence, 7% pref. (quar.)
17Xc Sept.30 Sept. 19
Boston Elevated Ry.(guar.)
$154 Oct. 1 Sept. 10
Bower Roller Bearing Co.(guar.)
25c Oct. 25 Oct. 1
Brewer (C) & Co.(monthly)
$1 Aug. 25 Aug. 20
Monthly
El Sept.25 Sept.20
Briggs & Stratton Corp.(quarterly)
75c Sept. 14 Sept. 4
Bright (T. G.), Ltd.(quarterly)
734c Sept. 15 Aug. 31
Sept. 15 Aug. 31
6% preferred (quarterly)
Bristol Brass (quar.)
37 Mc Sept. 14 Aug. 31
British-American Tobacco Co., Ltd.(interim)
w 10d. Sept.30 Aug. 31
Brooklyn & Queens Transit $6 preferred
h50c Oct. 1 Sept. 14
Budd Wheel 7% cum. pref.(resumed)
$3X Sept.30 Sept. 16
Calamba Sugar Estates extra
61 Oct. 1 Sept. 14
California Ink (guar.)
50c Oct. 1 Sept. 21
Canada Malting (quarterly)
37Xc Sept.14 Aug. 31
Canada Permanent Mtge. guar.)
$2 Oct. 1 Sept. 14
Canadian Cottons (quarterly)
Si Oct. 1 Sept. 13
Preferred (quarterly)
$IX Oct. 1 Sept. 13
Canadian Silk Products A (quar.)
37Xc Sept. 1 Aug. 15
Central Illinois Light Co.6% pref. (guar.)
Oct. 1 Sept. 14
1
7% preferred (guar.)
Oct. 1 Sept. 14
Charts Corp. (special)
Sept. 3 Aug. 29
Chesapeake Corp.(quar.)
75c Oct. 1 Sept. 6
Chesapeake & Ohio (quar.)
70c Oct. 1 Sept. 6
Preferred (se:ni-annual)
$331 Jan 1'36 Dec. 6
Chicago District Electric Generating Corp.
E6 preferred (guar.)
$134 Aug. 31 Aug. 15
Oct. 1 Sept.14
Commonwealth Utilities Corp.,7% pref. A (qu.) $1
Oct. 1 Sept. 14
6% preferred B (quarterly)
El
Dec. 2 Nov. 15
6)4% preferred C (quarterly)
Consolidated Bakeries of Canada (guar.)
205 Oct. 1 Sept.20
Container Corp., 7% preferred
/47 Oct. 1 Sept. 11
Consolidated Film Industries preferred
h25c Oct. 1 Sept. 10
Continental Steel, preferred
h$1ii Oct. 1 Sept. 16
Cook Paint & Varnish $4 pref. (quar.)
Sept. 1 Aug. 26
Doehler Die Casting 7% pref.(quar.)
873.4c Oct. 1 Sept. 20
Oct. 1 Sept. 20
El
$7 preferred (guar.)
Dominion-Scottish Investors 5% pref
Oct. 1 Sept. 20
h2
Oct. 1 Sept. 16
Dominion Textile (quarterly)
Oct. 15 Sept.30
Preferred (quarterly)
11
Douglas Aircraft (resumed)
75c Sept.27 Sept. 9
du Pont (E. I.) de Nemours (guar.)
90c Sept. 14 Aug. 28
Extra
35c Sept. 14 Aug. 28
Debenture stock (quar.)
$1% Oct. 25 Oct. 10
$1% Oct. 15 Sept. 16
Duquesne Light Co.5% 1st pref.(quar.)
Electric Controller Mfg. (guar.)
50c Oct. 1 Sept. 20
Electrographic Corp.7% pref.(quar.)
$134 Sept. 3 Aug. 22
Emsco Drrick & Equipment
25c Sept.20 Sept.10
Esmond Mills 7% preferred
h$1 31 Au.g 1 July 26
7Xc Sept.27 Sept. 12
Falconbridge Nickel Mines
First Bank Stocks Corp.(increased)
I5c Oct. 1 Sept.20
First Holding Corp. (Pasadena, Calif.)
$134 Sept. 1 Aug. 20
6V preferred (guar.)
$1 X Nov. 11 Oct. 15
Franklin Telep. Co. 2)4% gtd. stk. (s.
-a.)
. General Railway Signal
25c Oct. 1 Sept. 10
Preferred (quar.)
$134 Oct. I Sept. 10
Georgia Power Co.$6 preferred (guar.)
$134 Oct. 1 Sept. 14
$5 preferred (quar.)
$131 Oct. 1 Sept. 14
Gillette Safety Razor Co. common
25c Sept.30 Sept. 3
sly Nov. 1 Oct. 1
$5 cony. preference (quar.)
Globe Democrat Publishing pref. (guar.)
Sept. 1 Aug. 20
sit
Globe Wernicke preferred (guar.)
Oct. 1 Sept. 20
Preferred (quar.)
50c Jan 1'36 Dec. 20
Goldblatt Bros.(quar.)
37%c Oct. 1 Sept. 10
Gold & Stock Telegraph (quar.)
$1% Oct. 2 Sept.30
$1% Sept. 1 Sept. 1
Goodman(H. C.) 1st pref.(quar.)
Gordon Oil Co.(Ohio)class 11 (quar.)
25c Sept.15 Aug. 31
Grace National Bank (N.Y.)(semi-annual)_
$2% Sept.30 Aug. 28
Grand Valley Brewing Co
10c Sept.25 Sept. 5
Great Western Electro-Chernical 6% pf. (initial)
30c Oct. 1 Sept. 20
Green Mountain Power Co. $6 pref. (quar.)_ _ _
Sept. 3 Aug. 15
751 pref. A (quar.)
Hackensack Water Co.
43 c Sept.30 Sept. 13
Harri:nan Investors Fund inv. shs. (guar.)
Sept. 3 Aug. 31
Harrisburg Gas preferred (guar.)
El X Oct. 15 Sept.30
Hiram Walker, Gooderham & Worts pref.(qu.).
25c Sept. 14 Aug. 23
Hollinger Consol. Gold Mines
Sc Sept. 9 Aug. 23
Honolulu Plantation Co.(monthly)
15c Sept. 10 Aug. 31
Humble Oil & Refining (quar.)
25c Oct. 1 Aug- 31
Hutchinson Sugar Plantation Co.(monthly)-105 Sept. 5 Aug. 31
Illinois Water Service6% roreferredguar.)
Sept. 1 Aug. 20
Indianapolis Power & Light 6% pref. (quar.)
$1.X Oct. 1 Sept. 5
% preferred (quar.)
SIN Oct. 1 Sept. 5
Industrial Rayon (quar.)
4zc Oct. 1 Sept. 16
1
Financial Chronicle
1224
Name of Company
Per
Share
.
When Holder,
Payable of Record
Name of Company
Aug: 24 1935
Per
Share
When Holders
Payable of Record
400 Sept. 30 Sept.14
Spencer Kellogg & Sons.Inc
15c Oct. 15 Sept. 20
International Harvester Co
25c Sept. 14 Aug. 30
Standard Oil of Kentucky (quar.)
$134 Sept. 3 Aug. 21
International Milling 1st pref. (quar.)
250 Sept.30 Sept. 14
Starrett (L. S.)
5134 Sept. 3 Aug. 21
Preferred A (auar.)
2c Sept. 15 Aug. 31
Preferred (quarterly)
$1.64 Sept.30 Sept.14
Investors Fund of America Inc. (quar.)
50c Sept.30 Sept. 10
35c Sept. 10 Aug. 31
Tacony-Palmyra Bridge (quar.)
Jefferson Lake Oil Co.,Inc.,7% pref.
50c Sept.30 Sept.10
75c Oct. 15 Oct. 1
Class A (quar.)
Jewel Tea Co.,Inc
10c Oct. 1 Sept. 10
Teck-Hughes Gold Mines
10c Sept. 15 Aug. 31
Kirby Petroleum
250 Oct. 1 Sept.14
Thatcher Mfg
75c Sept. 14 Aug. 31
Katz Drug (quar.)
12Mc Aug. 31 Aug. 21
$1.64 Oct. 1 Sept. 14 ' Title Insurance Corp. of St. Louis (quar.)
Preferred (quar.)
3s
Triplex Safety Glass (annual)
15c Sept.30 Sept. 6
Kennecott Copper Corp
15c Aug. 31 Aug. 15
Tri-State Tel. St Tel.6% pref. (quar.)
12340 Oct. 1 Sept. 12
Kimberly-Clark Corp. common (quar.)
Twentieth Century Fixed Trust Shares—
$134 Oct. 1 Sept. 12
Preferred (guar.)
Oct. 1 Sept. 16
4.822c Sept. 1
Original series (bearer)
Kings County Lighting Co. common (guar.)._ _ _
Sept. 1
Union Refrigerator Transit Co.635% Ff.(s.
7% preferred B par.)
*134 Oct. 1 Sept. 16
-a.)- $3
10c Sept.24 Sept.• 6
United Elastic Corp. (quar.)
6% preferred C guar.)
$134 Oct. 1 Sept. 16
$134 Oct. 1 Sept. 13
United States Gypsum Co. preferred
$134 Oct. 1 Sept. 16
5% preferred D (quar.)
15C Oct. 1 Sept. 16a
25c Sept.30 Beet. 11
United States Foil Co., corn. cl. A & B
Kresge (S. S.)
$134 Oct. 1 Sept. 16a
Preferred (quarterly)
$134 Sept.30 Sept. 11
Preferred (quar.)
United States & International Securities
50c Sept. 16 Sept. 2
Lake Shore Mines, Ltd.(guar.)
50c Sept.10 Sept. 3
50c Sept. 16 Sept. 2
55 1st preferred (resumed)
Bonus
/41 Oct. 1 Sept. 16
h8734c Oct. 1 Sept. 14
Upressit Metal Cap 8% preferred
Lehigh Portland Cement Co. preferred
Aug. 14
(0)
Victor Equipment preferred
Lehigh Power Securities Corp.$6 pref.(guar.)-- $im Aug. 1 July 25
,
$151 Oct. 1 Sept. 10
Virginia Public Service,7% pref.(quar.)
5134 Oct. 1 Sept. 10
Liggett & Myers Tobacco preferred (quar.)
$134 Oct. 1 Sept.10
3734c Sept.16 Aug. 31
Lily-Tulip Cup Corp
6% Preferred (quarterly)
$1% Aug. 31 Aug. 15
Welch Grape Juice Co., 7% pref. (quar.)
Long Island Lighting Co.,7% pref. A (quar.)__ _ 5134 Oct. 1 Sept. 16
Victor-Monaghan Co. 7% pref. (quar.)
$1% Oct. 1 Sept. 20
5134 Oct. 1 Sept.16
6% preferred B (quarterly)
Wisconsin Michigan Power,6% pref.(quarterly) $135 Sept. 16 Aug. 31
Loose-Wiles Biscuit Co.,7% 1st pref.(quar.)__ _ 11134 Oct. 1 Sept. 18
60c Sept .15 Sept. 1
$234 Oct. 1 Sept. 17
Viking Pump Co.$2.40 pref.(quar.)
Lord & Taylor (quarterly)
$161 Sept. 3 Aug. 26
Wolverine Tube Co.. 7% pref. (quar.)
Louisville Gas & Electric Co.(Del.)—
3734c Sept.25 Aug. 31
Class A & B common (guar.)
5134 Sept. 3 Aug. 17
Ludlow Manufacturing Associates (quar.)
Below we give the dividends announced in previous week$131 Sept. 2 Aug. 21
McCahan(W.J.) sugar Refining pref.(quar.)
and not yet paid. This list does not include dividends ans
3734c Oct. 1 Sept. 9
Mathieson Alkali Works (quar.)
$134 Oct. 1 Sept. 9
Preferred (quar.)
flounced this week,these beim/ given in the preceding table.
Aug. 31 Aug. 24
Mayer (Oscar) & Co.. Inc.,7% pref. (quar.)--Aug. 21 Aug. 24
8% 2nd preferred (quarterly)
When Holders
Per
$134 Oct. 1 Sept. 20
Me:nphis Natural Gas Co. $7 pref. (quar.)
Share Payable of Record
Name of Company
Mercantile Stores Co..Inc.,7% pref.(quar.)--- $161 Aug. 15 Aug. 7
30c Aug. 15 Aug. 10
Merchants Fire Ins. Co.(Denver)(quar.)
250 Sept. 1 Aug. 15
$1 Oct. 15 Oct. 1
Abbott Dairies, Inc. (quar.)
Merchants & Manufacturers Securities pref_ _ _ _
50c Oct. 1 Sept. 16
51X Sept. 1 Aug. 15
77 1st & 2d preferred (quar.)
Mesta Machine
Sept. 1 Aug. 15
1134 Oct. 1 Aug. 30
Affiliated Products (monthly)
Metropolitan Edison $6 preferred (quar.)
-a.)
200 Sept. 2 Aug. 15
Oct. 1 Aug. 30
Agnew Surpass Shoe Stores (s.
7% preferred (quar.)
200 Sept. 2 Aug. 15
$131 Oct. 1 Aug. 30
Extra
$5 preferred (var.)
25c Sept.1OAug.31
$3 Oct. 1 Sept. 9
Alabama & Vicksburg By. Co.(seml-ann.)
Michigan Steel '1 ube Products (resumed)
50c Sept. 1 Aug. 20
$1
Sept. 1 Aug. 24
Allen Industries. corn (guar.)
Milwaukee Gas Light Co.7% pref. A (quar.)..
750 Sept. 1 Aug. 20
Oct. 1 Sept. 20
Preferred (quar.)
-Honeywell Regulator Co. pf. A(qu.) $1
Minneapolis
Oct. 1 Sept. 14
$134 Sept.14 Sept. 3
Alexander & Baldwin (quar.)
Monarch Knitting Co.7% pref.(quar.)
Sept. 15 Sept. 1
$1 Sept.14 Sept. 3
Monarch Life Ins. Co.(Springfield, Mass.)(s.-a.)
Extra
25c Sept. 14 Aug. 31
r$134 Sept. 15 Aug. 31
Allegheny Steel
Montreal Cottons preferred (quar.)
$134 Sept. 3 Aug. 5
$135 Sept.30 Sept.20
Preferred (quar.)
Morris Finance Co.A (quar.)
10c Oct. 1 Sept. 25
30c Sept.30 Sept.20
Allied Laboratories, Inc.(guar.)
Class B (quar.)
8734c Oct. 1 Sept. 25
$134 Sept.30 Sept.20
7% preferred (quar.)
5334 cony. preferred (quar.)
$1% Oct. 1 Sept.20
20c Aug. 31 Aug. 24
Allied Stores Corp..5% pref. (initial) (quar.)
Motor Finance Corp.(quar.)
Sc Sept.20 Sept. 10
100 Oct. 1 Sept. 20
Aluminum Goods Mfg. Co.(quar.)
Mutual Telephone, Hawaii (monthly)
500 Sept.30 Sept. 15
75c Oct. 1 Sept. 16
(quar.)
Aluminum Mfgs.(guar.)
Nassau dc Suffolk Lighting Co.7% pref.
50c Dec. 31 Dec. 15
25c Sept. 16 Aug. 30
Quarterly
National Bond & Share
Sept.30 Sept. 15
$1
100 Sept. 15 Aug. 30
7% preferredarterly)
National Casualty
Dec. 31 Dec. 15
$134 Aug. 15 Aug.1
7% preferred quarterly)
National Credit Co.(Seattle)7% preferred
Aug. 31 Aug. 20
2
3134 Oct. 1 Sept. 4
American Arch Co.o (quarterly)
National Dairy Products pref. A & B (guar.)750 Oct. 1 Sept.11
30c Oct. 1 Sept. 4
American Bank Note. pref.(guar.)
Common (guar.)
2c Aug. 31 Aug. 15
15c Oct. 1 Sept. 10
American Business Shares
National Finance Corp of Am.pref.(quar.)---$1% Oct. 1 Sept.19
25c Sept. 1 Aug. 21
American Can Co..7% pref tquar?
National Oats (quar.)
$1% Sept. 1 Aug. 15
American Capital, prior preferred guar.)
50c Oct. 1 Sept. 3
National Sugar Refining (quar.)
75c Oct. 1 Sept.12
American Chicle (quarterly)
*1.3134 Oct. 1 Sept. 14
Nehi Corp. 1st pref.(resumed)
$2 Sept. 1 Aug. 15
American Dock. preferred (quar.)
25c Sept. 15 Aug. 31
Neisner Bros., Inc
American Elec. Securities Corp.,part. pref.(qu.) 7340 Sept. 3 Aug. 200
100 Sept. 16 Aug. 15
New Bradford Oil Co.(semi-ann.)
Sept.30 Sept. 10
American European Securities Co., pref.(qu.)_ _ $134 Aug. 31 Aug. 26
$1
New England Telep. dr Teleg. Co
relM Oct. 1 Aug. 30
American & General Securities Corp., ol..A com_ 734c Sept. 3 Aug. 15
New Jersey Power Sc Light $6 pref.(quar.)
Sept. 3 Aug. 15
$1.6if Oct. 1 Aug. 30
$3 cum pref
$5 preferred (guar.)
250 Oct. 1 Sept.15
$13 Sept. 1 Aug. 20
American Hardware Corp.(quar.)
New Rochelle Water Co. preferred (quar.)
25c Jan.1 '36 Dec. 14
h 1 Oct. 20 Sept. 30
Quarterly
North American Invest.6% preferred
200 Sept. 3 Aug. 14
h91 2-3c Oct. 20 opt.30
American Home Products (monthly)
534% preferred
25c Sept. 2 Aug. 21
American Hosiery Co.(quarterly)
$134 Sept. 1 Aug. 28
Northwestern Utilities6% pref.(quar.)
100 Sept. 1 Aug. 22
American Laundry Machinery Co.(quar.)
15c Sept.20 Sept. 10
Oahu Ky. & Land Co. (monthly)
h$2 Sept. 4 Aug. 21
Ametican Metals, preferred
20c Sept. 16 Sept. 5
Oahu Sugar Co., Ltd.(monthly)
American Paper Goods, 7% preferred (quar.).,., $1 h Sept.lb
34134 Oct. 1 Sept. 10
Ohio Finance 8% preferred
7% preferred (quar.)
$134 Dec. 15
5134 Sept. 14 Aug. 31
Ohio 011 preferred (quar.)
American Radiator & Standard Sanitary Corp.
h75c Sept.14 Aug. 31
Oneida, Ltd.. 77 preferred
Preferred (quar.)
$1% Sept. 3 Aug' 19
100 Sept. 5 Aug. 31
Paauhau Sugar Plantation (monthly)
h$6 Sept. 2 Aug. 9
American Smelting Sc Rerining 6% 2d prof
15c Oct. 1 Sept. 15
Pacific Indemnity (resumed)
Sept. 2 Aug. 9
7% 1st preferred (quar.)
50c Sept. 27 Sept.17
Paraffine Cos. (guar.)
50e Sept.30 Sept.16
American Steel Foundries, preferred
Light & Power,$5 pref.(quar.)_ _ _ $134 Oct. 1 Sept.10
Penn Central
$134 Sept. 3 Aug. 10
American Tobacco Co.. corn. & com.B
70c Oct. 1 ept. 10
$2.80 preferred (quarterly)
12)4c Sept. 3 Aug. 15
Anglo-Canadian Telephone, class A (initial)
$134 Dec. 2 Nov. 20
Pennsylvania Power Co. $6 pref. (quar.)
10c Sept. 4 Aug. 15
Class B (initial)
55c Oct. 1 Sept.20
$6.60 preferredrionthly)
250 Sept. I Aug. 21
Archer-Daniels-Midland (quar.)
55c Nov. 1 Oct. 21
$6.60 preferred monthly)
250 Sept. 1 Aug. 21
Special
55c Dec. 2 Nov.20
$6.60 preferred monthly)
10c Sept.25 Sept. 11
Art Metal Works, Inc., common
75c Oct. 1 Sept. 16
Pennsylvania Water & Power Co.(quar.)
1234c Sept. 2 Aug. 15
Armstrong Cork (guar.)
$131 Oct. 1 Sept. 16
Preferred (quar.)
Sept. 1 Aug. 15
hil
Ai tloom Corp., preferred
25c Oct. 1 Sept. 10
Pet Milk (quar.)
35c Nov. 1
Asbestos Mfg Co $1.40 cony. pref.(quar.)_
$16./ Oct. 1 Sept. 10
Preferred (quar.)
35c Feb.1'36
25c Sept.30 Sept.20
$1.40 convertible preferred (guar.)
Pfeiffer Brewing (quarterly)
h$3 Sept. 3 Aug. 9
Associated Dry Goods, 1st preferred
15c Sept.30 Sept.20
Extra
$2 Sept. 3 July 31
Atchison Topeka & Santa Fe
Oct. 1 Sept. 3
$1
Philadelphia Co.$6 cum. pref.(quar.)
$436 Sept. 2 Aug. 20
Oct. 1 Sept. 3
Atlanta & Charlotte Air Line By.(8.-a.)
$1
$5 cum. preferred (quar.)
250 Sept.16 Aug. 21
Atlantic Refining (quar.)
20c Sept. 2 Aug. 21
Pioneer Mill Co.(monthly)
30c Sept.16 Aug. 31
Atlas Corp. (initial)
VA Sept. 1
Powell River Co.,Ltd.,7% pref.(guar.)
750 Sept. 3 Aug. 20
$3 preferred, series A (quar.)
$134 Sept. 1 Aug. 21
Pratt Food Co. (quarterly)
50c Sept.10 Aug. 30
Atlas Powder (quar.)
50c Sept. 3 Aug. 20
Prentice-Hall, Inc., common (quar.)
4131c Sept. 11 Aug. 20
Automotive Gear Works,Inc., pref.(quar.)_ _
Proprietaries Mines, Ltd
51.623i Sept. 3 Aug. 15
Bamberger (L.) & Co..63j% pref.(quar.)
Public Service Co.of Colorado 7% pref.(mthly.) 58 1-3c Sept. 3 Aug. 15
63c Oct. I Aug. 31
common
Bangor & Aroostook RR
50c Sept. 3 Aug. 15
6,preferred (monthly)
Oct. I Aug. 31
1
Preferred
41 2-3c Sept. 3 Aug. 15
57 preferred (monthly)
Oct. I Sept. 10
Bangor Hydro-Electric, 7% preferred (quar.)
Pub ic 'Service Co.of New Hampshire
Oct. 1 Sept. 10
$134 Sept. 16 Aug. 31
6% preferred (quar.)
56 preferred (quarterly)
Sc Aug. 26 Aug. 9
Bankers National Investment Corp.(quar.)
$134 Sept. 16 Aug. 31
preferred (quarterly)
$5
15c Aug. 26 Aug. 9
600. preferred (quar.)
25c Aug. 15 July 25
Quebec Power Co
32c Aug. 26 Aug. 9
Class A and B (quar.)
Queens Borough Gas & Elec. Co.
$1
Sept. 3 Aug. 15
Baton Rouge Elec. Co. $6 pref. (guar.)
$134 Oct. 1 Sept. 16
6% cum. preferred (quar.)
$1
Stmt.14 Aug. 31
Oct. 1 Sept. 4
Belding-Corticelli. preferred (quar.)
1
Radio Corp. of America"A" pref.(quar.)
$1
Oct. 1 Sept. 6
Sc Sept. 14 Aug. 30
Bethlehem Steel, preferred
Raybestos-Manhattan, Inc
$1 2 Sept. 1 Aug. 17
1234c Sept.16 Aug. 31
Bigelow-Sanford Carpet, preferred (quar.)
Reeves (Daniel) (quar.)
$2 Sept. 1 Aug. 6
h25c Oct. 1 Sept. 15
Bird-Archer Co
Riverside Silk Mills class A
$4 Sept. 1 Aug. 6
-a.)
Preferred (s.
250 Oct. 1 Sept. 15
Class A (quar.)
$1
Sept.16 Sept. 3
Birmingham Water Works 00.6% pref. (qu.)
Rockville-Willimantic Lighting Co
$1.
Sept. 1 Aug. 25
Black-Clawson, preferred (guar.)
*134 Oct. 1
77 preferred A & B (quar.)
Block Bros. Tobacco Co., 6% preferred (quar.)_ $1% Sept.30 Sept.25
$134 Oct. 1
6% preferred, C,D & E (guar.)
$134 Dec. 31 Dec. 25
45334 Aug. 15
-a.)
6% preferred ,quar.)
Rosemary Mfg.Co.,7Yi% pref.(s.
m75c Sept. 1 Aug. 5
.82c Aug. 25 July 30
Blue Ridge Corp preferred (quar.)
Royalty Income Shares series A
50c Oct. 1 Sept. 18
10c Sept. 16 Sept. 6
Bon Amt. Clain B (guar.)
Ruud Mfg. Co.(quar.)
400 Sept. 3 Aug. 15
Borden Co., common (quar.)
100 Dec. 16 Dec. 6
Quarterly
$4 Oct. 1 Sept. 20
Boston Insurance (quar.)
100 Sept. 20 Sept. 9
St. Joseph Lead Co
52.125 Oct. 1 Sept. 20
Boston Sc Providence RR.(guar.)
200 Sept. 16 Sept. 3
San Carlos Milling (monthly)
52.125 an.2 '36 Dec. 20
Quarterly
$1 Aug. 31 Aug. 20
Sanford Mills
$131 Sept.30
Boston Storage dr Warehouse Co.(guar.)
San Joaquin Lt. St Pow.6% pf. A & B (quar.)_-- $134 Sept. 16 Aug. 31
250 Sept. 1 Aug. 10
Brach (E. J.) & Son (quar.)
$134 Sept. 16 Aug. 31
7% preferred A (quarterly)
$1 Aug. 25 Aug. 20
Brewer (C.) Sc Co..Ltd.(monthly)
$134 Sept.l6Aug.31
7% prior preferred (quar.)
$1 Sept.25 Sept.20
Monthly
50c Sept. 15 Aug. 31
Schiff Co. common (quar.)
600 Sept.30 Sept. 16
Bridgeport Gas Light Co
$134 Sept. 15 Aug. 31
Preferred (quar.)
/41 Aug. 30 Aug. 20
Bridgeport Machine Co
875c Sept. 3 Aug. 20
Schine Chain Theatres. $3 preferred
50c Sept. 3 Aug. 9
Bristol-Myers Co.. corn.(quar.)
200 Sept. 16 Aug. 30
Second Twin Bell Syndicate (monthly)
10c Sept. 3 Aug. 9
2.1c. Sept. 15 Aug. 31
Extra
Selected American Shares (semi-ann.)
$2 Aug. 31 Aug. 9
Brooklyn Edison (quar.)
e2% Sept.lSAug.31
Semi-annually
Oct. 15 Oct. 1
$1
Brooklyn-Manhattan Transit prof (guar.)
6c Oct. 10 Sept.20
Shattuck (Frank G.) (quarterly)
$I
1-15-36 Jan. 2
Preferred (guar.)
13c Aug. 15 July 24
Shawinigan Water & Power Co.(quar.)
4-15-36 Apr. 1
$1
Preferred (quar.)
2c Aug. 30 Aug. 26
Simon (Wm.) Brewing (quar.)
$1.25 Sept. 1 Aug. 20
Brooklyn Telep.& Messenger(quar.)
Sioux City Stock Yards Co.common (quar.)--- - 3714c Aug. 15 Aug. 10
4
,
$16 Oct. 1 Sept. 3
Brooklyn Union Gas (quarterly)
Sc Sept. 16 Aug. 31
31.scoe Gold Mines(quar.)
31 Feb. 29 Feb. 15
Brown Fence Sc Wire (initial)
Southern Acid & Sulphur Co.,7% pref.(guar.)_ 5134 Oct. 1 Sept. 10
$1 Aug. 31 Aug. 15
Class A (initial)
6234c Oct. 1 Sept. 14
Southern & Atlantic Teleg. gtd. (semi-ann.)-50c Aug. 31 Aug. 15
Class B (initial)
50c Oct. 1 Sept. 16
Southwestern Light & Power preferred
Name of Company
Per
Share
When Holders
Payable of Record
Brown Shoe Co. common (quar.)
75c Sept. .1 Aug. 20
7% preferred (quar.)
$12 Oct. 31
,
1
Bruck Silk Mills (quar.)
30c Oct. 15 Sept. 14
Buckeye Pipe Line Co
75c Sept.14 Aug. 23
Bucyrus-Monighan, A (guar.)
45c Oct. 1 Sept. 20
Buffalo Niagara & Eastern Power preferred
40c Oct. 1 Sept. 14
let $5 preferred (quar.)
Nov. 1 Oct. 15
$I
Burma Corp., Ltd., Am. dep. rec. (final)
w 5 ann Oct. 5 Aug. 27
Burroughs Adding Machine Co
15c Spat. 5 Aug. 3
Butler Water Co. 7% pref. (guar.)
$1% Sept. 16 Sept. 3
Calamba Sugar Estates, corn. (quar.)
40c Oct. I Sept.14
California Packing Corp.(quar.)
37%c Sept.16 Aug. 31
Campbell, Wyant & Cannon Foundry Co
20c Aug. 31 Aug. 10
Campe Corp. common (guar.)
20c Sept. 1 Aug. 15
Canada & Dominion Sugar,Ltd.(quar.)
r3731c Sept. 1 Aug. 15
Quarterly
r37)4c Dec. 1 Nov. 15
Canada Vinegars (quar.)
40c Sept. 3 Aug. 15
Canadian Hydro-Electric Corp.6% 1st pref___ _ r$134 Sept. 2 Aug. 1
Canadian Industries, Ltd.,class A & B (quar.)_ _
rgl Oct. 31 clept. 30
7% preferred (quar.)
r$1g Oct. 15 Sept. 30
Can. Western Nat. Gas, Light, Heat & Power
6% preferred (quar.)
$131 Sept. 3 Aug. 13
Canfield Oil
7% Preferred (guar.)
$1; Sept.30 Sept.20
Carnation Co..7% Preferred (quarterly)
Co..
Oct. I Sept.20
51
7% preferred (quarterly)
8131 Jan136
7% preferred (quarterly)
8131 Aprl'36
Carolina Telep. & Teleg. (quar.)
Oct. 1 Sept. 24
$2
Carter(Wm.) Co.. preferred
Sept.16 Sept.10
$1
(guar-)
Case (J. I.). 7% preferred
h$1 Oct. 1 Sept.12
Caterpillar Tractor (quar.)
25c Aug. 31 Aug. 15
Extra
25c Aug. 31 Aug. 15
Central Arkansas Public Service Corp., pf. (qu.)
Sept. 3 Aug. 150
Ceatral Mississippi Valley Elec. Prop. pref.(qu.) 1
Sept. 1 Aug. 15
Central Ohio Light & Power $6 Prof
141% Aug. 30 Aug. 15
Centrifugal Pipe Corp.(quay.)
10c Nov.15 Nov. 6
Century Ribbon Mills. pref.(guar.)
$I% Sept. 3 Aug. 20
Chartered Investors.$5 pref.(quar.)
$I% Sept. 2 Aug. 1
Chesebrough mfg.(guar.)
$I Sept.27 Sept. 6
Extra
50c Sept.27 Sept. 6
Chestnut Hill RR. Co.(quar.)
750 Sept. 3 Aug. 20
Chicago Corp. preferred (quar.)
25c Sept. 1 Aug. 15
Chicago Mail Order (quarterly)
25c Sept. 3 Aug. 10
Extra
1234c Sept. 3 Aug. 10
Chicago Rivet & Machine
37 c Sept.14 Aug. 30
Chicago Yellow Cab (quarterly)
Sept. 3 Aug. 20
Chrysler Corp.(guar.)
25c Sept.30 Sept. 3
Extra
25c Sept.30 Sept. 3
Churngold Corp
15c Sept.20 Sept. 3
Cincinnati New Orleans & Texas Pacific Ry.,
b% preferred (quar.)
Sept. 3 Aug. 15
$I
Cincinnati Union 'Permlnal, preferred (quar.)_..
$131 Oct. 1 Sept.20
Preferred (quay.)
Jan 1 '36 Dec. 20
$1
Citizens Gas Co.of Indianapolis,5% pref
Sept. 1
$1
City Ice & Fuel, common (quar.)
50c Sept.30 Sept.15
Preferred (quarterly)
$131 Sept. 3 Aug. 23
City of New Castle Water 6% pref. (guar.)
63131 Sept. 3 Aug. 20
Clark Equipment (quar.)
20c Sept. 14 Aug. 29
preferred (guar.)
$131 Sept.14 Aug. 29
Cleveland Electric Illuminating, pref. (quar•)
Sl5 Sept. 1 Aug. lb
87540 Sept. 1 Aug. 10
Cleveland dr Pittsburgh Ry.7% guar.(quar.)
7% guaranteed (quay.)
8730 Dec. 1 Nov. 9
Special guaranteed (quar.)
600 Sept. 1 Aug. 10
Special guaranteed (quay,)
50c Dec. 1 Nov. 9
Climax Molybdenum Co.(quar.)
6e Sept.30 Sept.16
Quarterly
60 Dec. 30 Dec. 15
Increased
50c Sept.30 Sept.14
Coast Counties Gas & Elec. Co..6% Pref. (:111.)- $134 Sept.16 Aug. 26
Colgate-Palmolive-Peet (quar.)
1234c Sept. 2 Aug. 6
Preferred (quarterly)
$154 Oct. 1 Sept. 5
Collateral Trust Shares of N. Y.. series A
lOc Aug. 31
Collins & Aikman, preferred (quar.)
$1% Sept. 3 Aug. 20
Colt's Patent Fire Arms (quar.)
3151c Sept.30 Sept. 7
Columbia Broadcasting System (quar.)
400 Sept.30 Sept.16
Columbia Pictures Corp.. preference (quar.)-75c Sept. 2 Aug. 15
Columbian Carbon Co.(quer.)
$1 Sept. 3 Aug. 16
Commercial Investment Trust,corn.(guard
70c Oct. 1 Sept. 50
Common (extra)
40c Oct. 1 Sept. Sc
Cony. preference (opt.ser. 1929)(guar.)
.
tS154 Oct. 1 Sept. Sc
Cony. preference($431 set', of 1935)(guar.)
$1.06 Oct. 1 Sept. Sc
Commonwealth Loan Co.. preferred (guard- -- $131 Sept. 1 Aug. 20
Commonwealth Utilities Corp.
631% preferred 0 (quarterly)
$1.31 Sept. 3 Aug. 15
Companla Swift Internacional (seml-annual)
$1 Sept. 1 Aug. 15
Compo Shoe Machinery (quarterly)
1231c Sept. 1 Aug. 24
Compressed Industrial Gases (guar.)
SOc Sept. 15 Aug. 31
Confederation Life Assoc.."Toronto" (quar.)..
Sept.30 Sept. 25
Quarterly
11 Dec. 31 Dec. 25
Congoleum-Nairn (quar.)
40c Sept. 16 Sept. 3
Connecticut Lt. & Power Co.,631% pf. (guard $1% Sept. 1 Aug. 15
531% preferred (guar.)
$1% Sept. 1 Aug. 15
Connecticut Power (quarterly)
621
4c Sept. 3 Aug. 15
Connecticut River Power,6% pref. (quer d
Sept. 2 Aug. 15
$
Consolidated Cigar. 7% preferred (guar.)
Sept. 2 Aug. 15
$1
Consolidated Gas & Electric Lt. of Balt
90c Oct. 1 Sept. 14
5% preferred (quarterly)
$131 Oct. 1 Sept. 14
•Consolidated Gas, N. Y
250 Sept.1 Aug. 9
Consolidated Paper Co. (quar.)
150 Sept. 1 Aug. 21
Preferred (guar.)
1731c Oct. 1 Sept.20
Consumers Power Co$5 preferred (quarterly)
Oct. 1 Sept.14
$I
6% preferred (quarterly)
Oct. 1 Sept. 14
$1
6.6% preferred (quarterly)
$1.65 Oct. 1 Sept. 14
preferred quarterly)
7'
$154 Oct. 1 Sept. 14
6 preferredmonthly)
50c Sept. 3 Aug. 15
6 preferred monthly)
50c Oct. 1 Sept.15
6.6 preferred (monthly)
55c Sept. 3 Aug. 15
6.6.preferred (monthly)
55c Oct. 1 Sept. 15
Consumers Glass.7% pref.(quar.)
$131 Sept.15 Aug. 31
Continental Casualty (Chicago) (quar.)
15c Sept. 2 Aug. 15
copperweld Steel (quar).
1254c Aug. 31 Aug. 16
Quarterly
1214c Nov. 30 Nov. 15
Corrugated Paper Box,7% preferred
631.3( Sept. 9 Aug. 16
Creameries of America, Inc.. $334 pref.(quj_
873lc Sept. 1 Aug. 10
Crown Cork International Corp., class A.(guar.) h25c Aug. 30 Aug. 160
Crown Cork & Seal Co., Inc..common (quar.)_..
25c Sept. 6 Aug. 22a
Preferred (quar.)
67c Sept. 13 Aug. 31a
Crown Williametto Paper,7% preferred
/41 Sept.14 Aug. 31
7% preferred
141 Oct. 1 Sept.16
Crown Zellerbach, preferred class A & B
75c Sept. 1 Aug. 13
Crum & Forster 8% pref (quar.)
$2 Sept.30 Sept.20
Crum & Forster Insurance Shares Corp.
Common A & B (quarterly)
15c Aug. 31 Aug. 21
Common A & B extra
10c Aug. 31 Aug. 21
7% preferred (quarterly)
3131 Aug. 31 Aug. 21
Ouneo Press. Inc., 634% preferred
$124 Sept. 1 July 20
Curtiss-Wright Export Corp. pref. D (quar.)... - $154 Oct. 1 Sept.14
Preferred E (quarterly)
$I% Oct. 1 Sept.14
Crishman's Bons, 7% preferred (quar.)
$131 Sept. 3 Aug. 23
$8 preferred (quar.)
$2 Sept. 3 Aug. 23
Daniels& Fisher Stores.634% preferred (guard- $131 Sept. 1 Aug. 21
Dayton & Michigan RR. Co.(semi-ann.)
87,31c Oct. 1 Sept.16
8% preferred (quarterly)
$1 Oct. 1 Sept. 16
Dayton Power & Light Co.,6% pref.(mo.)
500 Sept. 1 Aug. 20
Deere & Co.,7% cumul. prof
35c Sept.3 Aug. 15
Denver Union Stockyards. preferred (quar.)
'
513( Sept. 1 Aug. 20
Detroit City Gas,6% preferred (quar.)
$131 Sept. 3 Aug. 24
Detroit Hillsdale & southwestern RR.(8.-a.)-$2 Jan 6 '36 Dec. 20
Detroit Paper Products (quar.)
25c Sept. 2 Aug. 20
Dexter Co.(quar.)
20c Sept. 2 Aug. 25
Diamond Match (irregular)
50c Sept. 3 Aug. 15
Irregular
25c Dec. 2 Nov. 15
Preferred (semi-annual)
75c Sept. 3 Aug. 15
1225
Financial Chronicle
Volume 141
4
Name of Company
Per
Share
When Holders
Payable of Record
Dictaphone Co
75c Sept. 3 Aug. 16
Preferred (quarterly)
$2 Sept. 3 Aug. 16
Dominguez Oil Fields Co.(monthly)
15c Aug. 31 Aug. 24
Durham Duplex Razor $4 preferred
20c Sept. 2 Aug. 28
Eastern Gas& Fuel Assoc.,4g% pref.(guar.)
$1.125 Oct. 1 Sept.14
6% preferred (quarterly)
$1% Oct. 1 Sept.14
Sept. 1 Aug. 10
Eastern Shore Public Saw. Co.,$634 prof.(qu.)
Sept. 1 Aug. 10
$6 preferred (quarterly)
Oct. 1 Sept. 5
Eastman Kodak Co., common (guar.)
$1
Oct. 1 Sept. 5
2
Common (extra)
Preferred (quarterly)
$134 Oct. 1 Sept. 5
East St. Louis & Interurban Water Co.7,preferred (guar.)
$131 Sept. 3 Aug. 20
Sept. 3 Aug. 20
6 preferred (guar.)
$1
Eddy Paper (initial)
Aug. 31 Aug. 20
3
El Dorado Oil Works (guard
3734c Aug. 30 Aug. 20
Electric Shareholdings.$6 pref.(resumed)
p$1.50 Sept. 3 Aug. 5
Electric Storage Battery Co., corn. (guard_ _ _ _
50c Oct. 1 Sept. 9
50c Oct. 1 Sept. 9
Preferred (quar.)
Elgin Watch Co.(quar.)
15c Sept. 16 Aug. 31
Elizabeth & Trenton RR..(semi-ann.)81 Oct. 1 Sept.20
5% preferred (semi-annual)
$log Oct. I Sept.20
El Paso Electric Co.(Texas), 66 pref.(guard
$1)4 Oct. 15 Sept.30
Ely & Walker Dry Goods (guar.)
250 Sept. 2 Aug. 22
Emerson's Promo-Seltzer. 8% preferred (quay.)
50c Oct. 1 Sept. 1
Empire & Bay State Telep.,4% gtd.(quar.)_ _
$1 Sept. I Aug. 22
4% guaranteed (quar.)
$1 Dec. 1 Nov. 21
Empire Capital Corp., class A (quarterly)
10c Aug. 31 Aug. 20
Empire Power Corp.,$6 preferred (guar.)
$154 Oct. 1 Sept. 16
Equity Corp. $3 cony. preferred
h3731c Sept. 1 Aug. 5
Erie & Pittsburgh RR. Co.7% Iltd87310 Sept. 10 Aug. 31
Dec. 10 Nov.30
7% guaranteed (Guar.)
87
Sept..1 Aug. 31
Guaranteed betterment (quar.)
80c Dec. 1 Nov.30
Guaranteed betterment (quar.)
Faber, Coe & Gregg. inc
50c Sept. 1 Aug. 15
Fajardo Sugar Co of Porto Rico, com
$1% Sept. 3 Aug. 15
Oct. 1 Sept.11
Farmers & Traders Life Ins.(guar.)
$2
Federal Light & Traction Co., pref.(guard
Sept. 3 Aug. 190
$1
Firestone Tire & Rubber,pref.(guar.)
Sept. 1 Aug. 15
$1
First National Stores (quar,)
62SIc Oct. 1 Sept. 10
1st preferred (quay.)
Oct. 1 Sept. 10
$I
First State Pawners Society (Chicago, Ill.) (qu.) $131 Sept.30 Sept.20
Fishman(M.H.)(quarterly)
150 Aug. 31 Aug. 15
Fitz Simons & Connell Dredge (guard
12%c Sept. 1 Aug. 21
Extra
12Mc Sept. 1 Aug. 21
Florence Stove (quar.)
Sept. 3 Aug. 21
Preferred (guard
$131 Sept. 3 Aug. 21
Florida Power.7% preferred (quar.)
8734c Sept. 1 Aug. 15
7% preferred A (guar.)
$131 Sept. 1 Aug. 15
Florsheim Shoe Co.,class A (qua?.)
250 Oct. 1 Sept.16
Class B (quarterly)
12lIc Oct. 1 Sept.15
Fort Wayne & Jackson RR..5t4% pref.(s.
Sept. 2 Aug. 20
-a.)... $2
Franklin Simon & Co., preferred
Sept. 3 Aug. 17
31
Freeport Texas (quarterly)
25c Sept. 2 Aug. 15
Preferred (quarterly)
$I% Nov. 1 Oct. 15
Fulton Market Cold Storage,8% pref.(quar.)
$2 Sept. 3 Aug. 24
Gates Rubber Co. 7% pref. (quar.)
$1A Sept. 1 Aug. 15
General American Corp
Sept. 1 Aug. 15
'
General Capital
50c Aug. 26 Aug. 15
General Cigar preferred (quar.)
Sept. 2 Aug. 23
Si
Preferred (quar.)
Dec. 2 Nov.22
$I
Preferred (quar.)
Mar. 2 Feb. 20
Preferred (guar.)
Junel'36 May 22
Si
General Mills, Inc., preferred (guar.)
Oct. I Sept. 140
$1
General Motors(guar.)
50c Sept. 12 Aug. 15
Extra
250 Sept.12 Aug. 15
Preferred (quay.)
$1g Nov. 1 Oct. 7
Glens Falls Insurance Co.(quar.)
40c Oct. 1 Sept.14
Goodyear Tire & Rubber,7% preferred
h$1 Oct. 1 Aug. 31
Goebel Brewing (quay.) increased
50 Sept.30 Sept. 9
Extra
Sc Sept.30 Sept.30
Gottfried Baking Co., Inc.. preferred (quay.)......
Oct. 1 Sept.20
Grace(W. R.)& Co.. pref.6% pref.(s.
Dec. 30 Dec. 27
-a.)
Preferred A (quarterly)
$2 Dec. 30 Dec. 27
Preferred B (semi-annual)
$4 Dec. 30 Dec. 27
Grand Union.preferred
11.37ho Sept. 1 Aug. 9
Great Atlantic Sr Pacific Tea Co. of America
Common (quay.)
Sept. 1 Aug. 9
$1
Common (extra)
25c Sept. 1 Aug. 9
7% 1st preferred (guar.)
$1% Sept. 1 Aug. 9
Great Eastern Fire Insurance(N.Y.)
300 Oct. 1
Great Northern Paper (guar.)
250 Sept. 2 Aug. 20
Great Western Sugar (quarterly)
600 Oct. 2 Sept. 14
Preferred (quarterly)
$1% Oct. 2 Sept. 14
Greene Cananea Copper (quay.)
50c Sept.16 Sept. 6
Greyhound Corp., preferred A (guar.)
$1% Oct. 1 Sept.21
Gulf State Utilities.$534 pref.(quar.)
% Sept.16 Aug. 30
$6 pref.(quarterly)
Sig Sept. 16 Aug. 30
Hale Bros. Stores (quar.)
15c Sept. 3 Aug. 15
Hammerraill Paper Co..6% pref.(guar.)
Oct. I Sept. 16
$1
Hancock Oil.class A & B (quarterly)
Sept. 1 Aug. 15
2
Hanes(P.H.) Knitting Co.,com.& corn.B (qu.) 1234c Aug. 31 Aug. 20
Hartford & Connecticut Western RR.(s.-a.)
$1 Aug. 31 Aug. 20
Harbison-Walker Refractories common
25c Sept. 3 Aug. 15
Preferred (guar.)
Oct. 21 Oct. 7
Si
Hardesty (R.) Mfg.Co..7% pref.(quar.)
Sept. 1 Aug. 16
Dec. 1 Nov. 5
7% Preferred (quarterly)
$I
Hawaiian Agricultural Co. tmonthly)
200 Aug. 27 Aug. 20
Hawaii Consol. By.,7% pref. A (quar.)
200 Sept.15 Sept. 5
7% preferred A (quarterly)
20c Dec. 15 Dec. 5
Hazel-Atlas Glass Co
$IM Oct. 1 Sept.18
Hazeltine Corp. (quay.)
250 Sept. 14 Aug. 31
Extra
250 Sept.14 Aug. 31
Heyden Chemical Corp.. (quarterly)
250 Sept. 3 Aug. 22
7% preferred (quarterly)
$1% Oct. 1 Sept. 20
Hibbard. Spencer. Bartlett & Co.(mod
10.3 Aug. 30 Aug. 23
Monthly
10c Sept.27 Sept.20
Hires(Chas. H.)Co.,class A corn.(quay.)
50c Sept. 3 Aug. 15
Hobart Mfg.. class A (guar.)
Sept. 1 Aug. 19
373
Homestake Mining (monthly)
$1 Aug. 26 Aug. 20
Extra
$2 Aug. 26 Aug. 20
Hooven & Allison Co.,7% pref.(guar.)
$1% Sept. 1 Aug. 15
Horn & Harden of N.Y preferred (auarterly)- $14( Sept. 3 Aug. 14
Hudson Bay Mining & Smelting (Initial)
r50c Aug. 31 Aug. 9
Huntington Water Corp.7% pref.(quar.)
$I% Sept. 3 Aug. 20
6% preferred (guar.)
Sept. 3 Aug. 20
Si
Imperial Life Insurance(War.)
$3g Oct. 1 Sept.30
Quarterly
$3,' Jan.2'36 Dec. 31
Imperial Tobacco of Gt. Britain & Ireland
Interim
w734% Sept. 9 Aug. 16
Indiana Hydro-Electric, 7% preferred
87 c Sept. 16 Aug. 31
Indianapolis Water Co..5% cumul. pref.(guard
Oct. 1 Sept.12a
Ingersoll-Rand
50c Sept. 3 Aug. 5
Inland Steel (quarterly)
50c Sept. 3 Aug. 15
Extra
250 Sept. 3 Aug. 15
Insurapshares Certificates, Inc
Sc Sept.20 Sept. 12
International Business Machines Corp. (quar.). $134 Oct. 10 Sept. 21
International Harvester, pref. (guar.)
$131 Sept. 3 Aug. 5
International Mining
15c Sept. 20 Aug. 31
International Nickel of Canada
200 Sept.30 Aug. 31
International Safety Razor, A (quar.)
600 Sept. 1 Aug. 20
I uteri ype Corp.' first preferred.
_
$2 Oct. 1 Sept. 16
Investment Trust of New York.!sc.,collateral
trustee shares, series A (semi-ann.)
100 Aug. 31 July 31
Iron & Bessemer Ry.& Light Co..7% pref.(qu.) $I% Sept. 2 Aug. 15
iron Fireman Mfg.(quar.)
250 Sept. 2 Aug. 10
Quarterly
250 Dec. 2 Nov. ir
Irving Air Chute (quar.) & Co
15c Oct. I Sept.16
Extra
10c Oct. 1 Sept. 16
Jantzen Knitting Mills 7% preferred (quar.)-- $1% Sept. 1 Aug. 25
Johns-Manville
250 Oct. 15 Sept.24
Preferred (quarterly)
$I% Oct. 11Sept. 17
Financial Chronicle
1226
Name of Company
Per
Share
When I Holders
Payable of Record
Jewel Tea (quarterly)
750 Oct. 15 Oct. 1
Kalamazoo Vegetable Parchment (guar.)
150 Sept.30 Sept.20
Quarterly
15c Dec. 30 Dec. 30
Kaufmann Department Stores, pref.
$1% Oct. 1 Sept. 10
Kayser (Julius) & Co
65c Sept.10 Aug. 26
Relvinator Corp. (quarterly)
12%c Oct. 1 Sept. 5
Kendall Co., preferrea class A (guar.)
$1.50 Sept. 3 Aug. 100
Keraha Sugar. Ltd.(monthly)
20c Sept. 1 Aug. 26
Klein (D. E.) & Co.. common (guar.)
25c Oct. 1 Sept. 20
7% preferred (guar.)
$1.75 Oct. 1 Sept.20
Roloa Sugar, Ltd. (monthly)
50c Aug. 31 Aug. 26
hroehler Mfg. Co., 7% pref. (guar.)
$1% Sept.30
7% preferred (quarterly)
$1% Dec. 31
Class A preferred (guar.)
$1% Sept.30
Dec. 31
Class A preferred (guar.)
$1
Rroger Grocery & Baking (quarterly)
40c Aug. 31 Aug. 9
7% preferred (quarterly)
$14 Nov. 1 Oct. 18
6% preferred (quarterly)
$1% Oct. 1 Sept.20
Lake Superior District Power Co.
7% cumulative preferred (quar )
$1% Sept. 2 Aug. 15
6% cumulative preferred (guar.)
$1% Sept. 2 Aug. 15
Landers, Frau et clerk tquar
37%c Sept.30 Sept.20
Quarterly
37%c Dec. 31 Dec. 20
Landis Machine. 7% preferred (quarterly)
$1% Sept. 15 Sept. 5
7% preferred 'quarterly) _
3-1 Dec. 15 Dec. 5
Lanston Monotype Machine Co.(quar.)
$1 Aug. 31 Aug. 21
Lexington Water preferred
h$1% Sept. 1 Aug. 20
Libby-Owens
-Ford Glass (guar.)
30e Sept. 16 Aug. 30
Life Savers Corp
40c Sept. 3 Aug. 1
$1 Sept. 2 Aug. 15
Liggett & Myers Tobacco (quar.)
Class B (quarterly)
$1 Sept. 2 Aug. 15
Lincoln Stores (guar.)
25c Sept. 1 Aug. 23
Preferred (guar.)
$1% Sept. 1 Aug. 23
Link Belt
20c Sept. 1 Aug. 15
Preferred (guar.)
$1% Oct. 1 Sept. 14
Loblaw Groceterias,class A and B (quar.)
r25c Sept. 3 Aug. 14
Lock Joint Pipe. preferred (guar.)
$2 Oct. 1 Oct. 1
Preferred (quar.)
$2 Jana '16 Jan. 1
Loose-Wiles Biscuit Co.. 1st pref. (guar.)
$1% Oct. 1 Sept. 18
Lord & Taylor Co.. 1st pref. (guar.)
$1.50 Sept. 3 Aug. 16
Louisville & Nashville R.R.Co
$1 Aug. 24 July 31
Ludlum Steel, preferred (guar.)
$1% Oct. 1 Sept. 23
Lunkenheluier Co. preferred (quarterly)
$1% Oct 1 Sept.20
64% preferred (quarterly)
$1% Jan.1 36 Dec. 21
Macy (R. H.) & Co.. Inc., (quar.)
50c Sept. 3 Aug. 9
Madison Square Garden (resumed)
150 Aug. 30 Aug. 15
Manhattan Shirt (guar.)
I5c Sept. 3 Aug. 8
Marancha Corp. (liquidating)
$6 Oct. 30 Sept. 20
Masonite Corp. 7% pref.(semi-ann)
$3.50 Sept. 1 Aug. 26
Maui Agricultural Co
15c Oct. 1 Sept. 20
Extra
30c Oct. 1 Sept.20
May Dept. Stores (guar.)
40c Sept. 31Aug 1.5
Mayflower Associates (quar.)
50c Sept. 14 Aug. 31
May Hosiery Mills. $4 pref.(guar.)
$1 Sept. l'Aug. 15
McClatchy Newspapers,7% Pf•(qu.)
43%C Sept. 11Aug. 31
7% roreferTed (quarterly)
43%c Dec. 1 Nov.30
r20c Sept. 14 Aug. 15
McColl-Frontenac Oil (quar.)
McIntyre Porcupine Mines (guar.)
50c Sept. 2 Aug. 1
McLennan. McFeeley & yrior class A & B (qu.).
10c Sept.30 Sept. 23
McWilliams Dredging (quarterly)
50c Sept. 1 Aug. 20
25e Sept. 1 Aug. 15
Special
Metal Textile, preferred (guar.)
87%c Sept. 2 Aug. 20
Middlesex Water Co.(quarterly)
75c Sept. 1 Aug. 26
Sept. 1 1Aug. 15
Milwaukee Elec. By.& Lt. Co..6% pref.(qu.). $1
Sept. 11Aug. 20
Minneapolis Gas Light (Del.)7% pref. (guar.)-- $1
Sept. 1 Aug. 20
$I
6% preferred (guar.)
Missouri Utilities Co.,7% Preferred (quar.)---- $1 4 Sept. 2 Aug. 21
150 Nov. 11
Monogram Pictures Corp.(guar.)
15c Feb.I 30
Quarterly
Monroe Loan Society. $7 preferred A (quar.)
$34 Sept. 11Aug. 20
Monsanto Chemical (quarterly)
25c Sept. 14 Aug. 25
Extra
25c Sept. 14 Aug. 25
Montgomery Ward. class A (guar.)
$1% Oct. 1 Sept.20
Montreal Loan & Mortgage Co.(guar.)
62%c Sept.15 Aug. 31
Moore Dry Goods(guar.)
$1% Oct. 1 Oct. 1
Quarterly
$14 Jan 1 '36Jan. 1
90c Sept.14 Aug. 24
Morrell(John) & Co.(guar.)
Morrie 5& 10c to $1 Stores, Inc..7% pref.(qu.)_ $1% Oct. I Sept.20
Morris Plan Insurance Society. (quar.)
31 Sept. 1 Aug. 27
$1 Dec. 1 Nov. 28
Quarterly
Motor Wheel Corp
15c Sept.10 Aug. 20
Muncie Water Works8% pref.(guar.)
$2 Sept.16 Sept. 2
Murphy (G. C.) Co.(guar.)
40c Sept. 3 Aug. 22
$1% Sept. 2 Aug. 15
Muskogee Co..6% cum. pref. (guar.)
Sept 28 Sept. 19
Mutual Chemical Co. of Amer..6% pref.(qu.).
1% Dec. 28 Dec. 19
6% preferred (quarterly)
40c Oct. 15 Sept. 13a
National Biscuit Co. (guar.)
$1% Aug. 31 Aug. 15a
Preferred (quar.)
50c Sept. 1 Aug. 15
National Container (quarterly)
50c Sept. 1 Aug. 15
$2 cony. pref.(guar )
$14 Sept.30 Sept. 13
National Lead (quarterly)
$1% Sept.14 Aug. 30
Class A preferred (guar.)
$1% Nov. 1 Oct. 18
Class B preferred ((Mar)
35c Sept. 2 Aug. 20
National Life & Accident Insurance (quar.)___..
Sept. 1 Aug. 20
National Linen Service Corp., $7 pref.(3.-a.)_.20c Sept. 3 Aug. 5
National Power & Light Co..common (quar.)_ _
17 c Oct. 10 Oct. 1
National Short Term Securities. pref.(quar.)_
Sept. 3 Aug. 15
$1
Nebraska Power. 7% preferred (guar.)
Sept. 3 Aug. 15
$1
6% preferred (quarterly)
250 Sept. 3 Aug. 14
New Bedford Cordage
250 Sept. 3 Aug. 14
Class B
7% preferred tquar.)
$1% Sept. 3 Aug. 14
40c Oct. 1 Sept. 16
Newberry (J. J.) Co.(guar.)
7% pref,(guar.)
$1% Sept. 1 Aug 16
10c Sept.16 Aug. 15
New Bradford Oil
Niagara Shares Corp.of Md.,class A pref.(qu.)
$1% Oct. 1 Sept. 13
Norfolk & Western R' y.(guar.)
$2 Sept. 19 Aug. 31
North American Edison Co. preferred (quar.)-- $14 Sept. 3 Aug. 15
75c Aug. 31 Aug. 15
Northam Warren, pref.(guar.)
$1 Sept. 1 Aug. 20
Northern RR.Co of N.J.4% gtd.(guar.)
SI Dec. 1 Nov. 21
4% guaranteed (quar)
North Pennsylvania RR.(guar.)
$1 Aug. 25 Aug. 20
150 Sept. 10 Aug. 30
North River Insurance (guar.)
5c Sept. 10 Aug. 30
Extra
1.16 2-3 Sept. 2 Aug. 20
Northwestern Public Service, 7% pref
Si Sept. 2 Aug. 20
6% preferred
$1% Sept. 3 Aug. 15
Nova Scotia Light & Power pref. (guar.)
Sept. 3 Aug. 15
51
Nova Scotia Light & Power Co.,6% pref
Sept. 3 Aug. 20
$1
Ogilvie Flour Mills. preferred (guar.)
51% Sept. 3 Aug. 6
Ohio Power Co.6% preferred
Ohio Public Service Co.,7% preferred (monthly)58 1-3c Sept. 1 Aug. 15
50c Sept. 1 Aug. 15
6% preferred (monthly)
5% preferred (monthly)
41 2-3c Sept. 1 Aug. 15
Sept. 16 Aug. 31
Oklahoma Gas& Elec. Co..6% cum.pref.(qu.). 1
Sept. 16 Aug. 31
7% cum. preferred (guar.)
1
Sept. 3 Aug. 23
Oshkosh Overall, preferred (guar.)
10c Sept. 5IAug. 20
Paauhu Plantation (monthly)
15c Sept. 1,Aug. 15
Parker Pen Co.. common
25c Aug. 31 Aug. 15
Patterson-Sargent (quarterly)
Ponder (David) Grocery. class A (guar.)
87%c Sept. 2 Aug. 20
Penick & Ford (quarterly)
75c Sept. 16 Sept. 3
31% Sept. 1 Aug. 20
Penn State Water. $7 preferred (guar.)
Pennsylvania Gas & Elec. Corp.. cl. A (quar.)-- 37%c Sept. 2 Aug. 20
Oct. 1 Sept. 20
$1
$7 preferred (quarterly)
$14 Oct. 1 Sept.20
7% preferred (quarterly)
Pennsylvania Power Co.. $6 preferred (guar.).- $14 Sept. 2 Aug. 20
250 Oct. 1 Sept. 9
Peoples Drug Stores. Inc.(guar.)
$1% Sept. 16 Aug. 31
Preferred (guar.)
Peo,nes Telep. Corp., 7% preferred (quar.)__ $1% Sept. 1 Aug. 31
20c Sept. 1 Aug. 15
Pepper (Dr.)(quarterly)
20c Dec. 1 Nov. 15
Quarterly
Sept. 1 Aug. 20
$1
Co.. preferred (quar.)
Pfaudler
Name of Company
Aug. 24 1935
Per
Share
When Holders
Payable of Record
PetersburglIR.(semi-annual)
51% Oct. 1 Sept. 25
Semi-annual
51% Apr.1'36 Mar. 25
Philadelphia Co.,5% preferred (s.
-a.)
$1% Aug. 31 Aug. 10
Philadelphia Electric Power 8% cum. prei. (qu.)
50c Oct. 1 Sept. 10
Philadelphia Germantown & Norristown RR__ $1% Sept. 5 Aug. 20
Philadelphia Suburban Water Co. pref. (guar.). $1% Aug. 31 Aug. 12a
Philadelphia & Trenton BR.(guar.)
$2% Oct 10 Sept. 30
Phillips Petroleum
25e Aug. 30 Aug. 2
Pillsbury Flour Mills, Inc. (guar.)
40c Sept. 2 Aug. 15
Phoenix Finance Corp.. 8% pref. (quar.)
50c Oct. 10 Sept.30
8% preferred (quarterly)
50c Ian 1016 Dec. 31
Phoenix Hosiery, 1st preferred
887%c Sept. 1 Aug. 20
Photo Engravers & Electrotypers (s.
50c Sept. 3 Aug. 15.
-a.)
Pioneer Gold Mines (guar.)
r20c Oct. 1 Sept. 3
Pioneer Mills (monthly)
20c Sept. 1 Aug. 20
Pittsburgh Bessemer & Lake Erie (s-a)
75c Oct. 1 Sept. 14
Pittsburgh Ft. Wayne & Chicago By.(quar.)_
$14 Oct. 1 Sept.10
Quarterly
$1% Jan.:16 Dec. 10
7% preferred (guar.)
$1% Oct 8 Sept.10
7% preferred (guar.)
$1% Jan.? '36 Dec. 10
Pittsburgh Youngstown & Ashtabula RR.
7% preferred (guar.)
$1% Sept. 3 Aug. 20
. 1
ec. 1 D ov 0
7% preferred (guar.)
$1% 1: . 15 Nec.2
Plymouth Fund, Inc., class A
12c Sept. 1 Aug. 15
Pollock Paper & Box Co., pref.(guar.)
$14 Sept. 15 Sept. 1
$14
Preferred (quarterly)
Ponce Electric, 7% preferred (quarterly)
$1% Oct. 1 Sept.14
Potomac Electric lower Co..6% prof.(guar.)._ $1% Sept. 1 Aug. 15
% preferred (quar.)
$1% Sept. 1 Aug. 15
Prentice Hail (quarterly)
50c Sept. 1 Aug. 20
Preferred (quarterly)
75c Sept. 1 Aug. 20
Pressed Metals of America
12%c Oct. 1 Sept. 16
Procter & Gamble, extra
25c Sept.25 Aug. 30
Sept. 14 Aug. 23
5% preferred (quar.)
$1
Public Electric Light co..6% Pref. (guar.)._ _ _ $1% Sept. 1 Aug. 21
Public Service Corp.of N.J.. corn.(guar.)
60c Sept 30 Mei t.
$5 preferred (guar.)
$1% Sept 30 Sep...
6% preferred (monthly)
50c Aug. 31 Aug
6% preferred (monthly)
50c Sept.30 Sept. 3
7% preferred (guar.)
$1% Sept 30 Sept. 3
8% preferred (quar.)
$2 Sept 30 Sept. 3
Public Service Electric & Gas
Sept.30 Sept. 3.
$1
7% preferred (guar.)
Sept.30 Sept. 3'
$1
35 preferred (quar,)
Purity Bakeries(guar.)
25z Sept. 3 Aug. 23
Quaker Oats pref (guar.)
$14 Aug 31 Aug. 1
Rainier Pulp & Paper, A
832 Sept. 1 Aug. 20
Rapid Electrotype
603 Sept.15 Sept. 1Reading Co.. 1st preferred (quarterly)
50e Sept. 12 Aug. 22*
2nd preferred (quarterly)
50c Mt. 10 Sept. 19
Reeves (D.), Inc. (quar.
12%c (opt. 15 Aug. 31
$134 (opt. 15 Aug. 31
64% preferred (quar.
j pt. 14 Aug. 31
ie t. 1
c
Reliance Grain, preferre (guar.)
$1
Reliance International. $3 preferred
(opt. 3 Aug. 5
5
Reno Gold Mines Ltd.(quar.)
3c
Reynolds Metals Co. common
25c Sept. I Aug. 15a
% cum. preferred (guar.)
$1% )ct. 1 Sept. 16a
Rike-Kumler (quarterly)
25c iept. 11 Aug. 26
Itice-Stix Dry Goods, let & 2d pref. (guar.).— $14 let. 1 Sept. 15
Rochester Gas & Electric Corp.,7% pref. B (qu.) 51% (opt. 2 Aug. 14
$1% Sent. 2 Aug. 14
6% preferred C and D (quar.)
Rolland Paper Ltd.. preferred (guar.)
51% Sept. 2 Aug. 15
Rubinstein (Helena). preferred
h25c Sept. 2 Aug. 21
St. Louis Rocky Mountain & Pacific RR.Co.—
Preferrfxr (quarterly)
$1% Oct. 21 Oct. 54
Oct.Sept 3 Aug. 15
. 1
Sandusky Bay Bridge Co.,7% pref.(guar.)._ hl
Sept. 15
1% 0
7% preferred (quarterly)
San Francisco Remedial Loan Assn (auar.)____
75c Sept. 30 Sept 15
43%c Sept. 1 Aug. 20
Savannah Gas Co.. 7% preferred (guar.)
450 Sept.30 Sept. 16
Scott Paper Co., common (guar.)
Seaboard Oil of Delaware (guar.)
15c Sept. 15 Aug. 31
Extra
10c Sept. 15 Aug. 31
Second Investors Corp.(R. r.). $3 pref.(quar.)_
75c Sept. 1 Aug. 15
Secord (Laura) Candy Shops (guar.)
75c Aug. 31 Aug. 15
Serve!. Inc . 7% preferred (quar.)
$14 Oct. 1 Sept. 20
Shenango Valley Water. 6% pref. (guar.)
$1.50 Sept. 1 Aug. 20
Sherwin-Williams Co.. 6% preferred (AA)
$1% Sept. 3 Aug. 15
Sioux City Stockyards Co.$14 part pref(quar.) 37%c Nov. 15 Nov. 14
Socony-Vacuum Oil Co
ISc Sept. 16 Aug. 23a
_ $1% Oct. 1 Sept. 15
South Carolina Power Co.. $6 pref. (guar.)_
Southern California Edison Co., Ltd—
Preferred A (quarterly)
43%c Sept. 15 Aug. 20
Preferred B (quarterly)
37%c Sept. 15 Aug. 20
Southern Colorado Power Co.,7% pref.(quar.)_ hl% Sops.16 Aug. 31
Southern Pipe Line Co '
15c Octt. 3 Aug. 15a
Standard Coosa-Thatcher 7% preferred (guar.) 31% Oct. 15 Oct. 15
Standard Oil Co. of Calif
25c Sept. 16 Aug. 15
25c Sept. 16 Aug. 16
Standard Oil of Indiana (guar.)
Standard Oil Co.(Ohio). 5% Preferred
Oct. 15 Sept. 30
$1
90c Sept. 3 Aug. 15a
Sterling Products,Inc.(guar.)
Strawbridge & Clothier Co..6% pr. pref. A (qu.) $1% Sept. 2 Aug. 6
25c Sept.16 Aug. 26
Sun Oil Co.,common
$1% Sept. 3 Aug. 10
Preferred
Susquehanna Utilities, 6% pref. (guar.)
$1% Sept. 2 Aug. 20
10c Aug. 31 Aug. 20
Sutherland Paper (bi-monthly)
Sc Aug. 31 Aug. 20
Extra
Swan-Finch Oil, preferred
h43%c Sept. 3 Aug. 15.
12%c Oct. 1 Sept. 1
Swift & CO.(guar.)
Sept 15 Sept. 5
Sylvania Industrial Corp. (guar.)
Sc Sept.30 Aug. 24
Sylvanite Gold Mines (guar.)
,
Tampa Gas, 8% preferred (guar.)
$2 Sept. 1 Aug. 20
Sept. 1 Aug. 20
7% preferred (quarterly)
25c Sept. 1 Aug. 20
Telephone Investment (monthly)
Tennessee Electric Power.5% pref.(guar.)._ $1.25 Oct. 1 Sept. 14
$1.50 Oct. 1 Sept. 14
6% preferred (guar.)
$1.75 Oct. 1 Sept. 14
7% preferred (guar.)
7.2% preferred (quar.)
$1.80 Oct. I Sept. 14
50c Sept. 2 Aug. 15
6% preferred (monthly)
50c Oct. 1 Sept. 14
6% preferred (monthly)
60c Sept. 2 Aug. 15
7.2% preferred (monthly)
60c Oct. 1 Sept. 14
7.2% preferred (monthly)
Terre Haute Water Works.7% pref.(guar.)._ __ $14 Sept. 3 Aug. 20
25c Oct. 1 Sept. 6
Texas Corp. (guar.)
50c Sept. 16 Sept 3
Texas Gulf Sulphur (guar.)
Sept. 2 Aug. 21
Texas Utilities, preferred (guar.)
15c Oct. 1 Sept. 14
Tex-O-Kan Flour (guar.)
15c Jan 2'36 Dec. 14
Quarterly
15c Apr2'36 Mr14 '36
Quarterly
10c Aug. 31 Aug. 27
Third Twin Bell Syndicate (bi-mo.)
Sept. 1 Aug. 24
Thompson Products. preferred (guar.)
$1
*1 34 Sept. 1 Aug. 10
Tide Water Power. 36 pref (quar.)
$1% Sept. 3 Aug. 20
Timken Detroit Axle. preferred (guar.)
25c Sept. 5 Aug. 20
Timken Roller Bearing Co
50c Sept. 5 Aug. 20
Extra
Toledo Edison Co.. 7%, preferred (monthly)...... 581-3c Sept. 1 Aug. 15
50c Sept. 1 Aug. 15
6'7 preferred (monthly)
412 3c Sept. 1 Aug. 15
5% preferred (monthly)
10c Sept. 3 Aug. 20
Trans
-Lux Daylight Picture Screen Corp
15c Aug. 31 Aug. 15
Tri-State Telep. & Teleg. Co..6% pref.(quar.)_
-a.)
8.6c Sept. 1 July 31
Trustee Standard 011shares. ser. Ii (s.
$2 Sept. 5 Aug. 30
Twin Bell Oil Syndicates (monthly)
50c Sept.30 Sept. 12a
Underwood Elliott Fisher Co.,common
Preferred (guar.)
$1% Sept.30 Sept. 12e
10c Sept. 1 Aug. 1
Union Copper Land & Mining Co
Union Pacific. common
$I% Oct. 1 Sept. 4
Preferred (8.-a.)
$2 Oct. 1 Sept. 4
30c Sept. 3 Aug. 16
Union Tank Car Co. (quarterly)
40c Sept. 1 Aug. 6
United Biscuit of America (quar.)
SI% Nov. 1 Oct. 15
Preferred (quarterly)
14% Oct. 1 Sept. 16
United Gas & Electric Corp., preferred (quar.)
'25c Sept.30 Aug. 30
United Gas Improvement (guar.)
Preferred (guar.)
Sl% Sept.30 Aug. 30
Financial Chronicle
Volume 141
Per
Share
Name of Company
United Dyewood. preferred (quer.)
$1.75
United Light & Ry. Co. (Del.)
7% preferred (monthly)
58 1-3c
6.36% preferred (monthly)
53c
6% preferred (monthly)
• 50c
7% preferred (monthly)
581-3c
6.36% preferred (monthly)
53
6% preferred (monthly)
50c
United New Jersey RR.& Canal(guar.)
$2
United States Envelope Co
$2
7% preferred (s.-a.)
$3
U. Freight (quarterly)
25c
United States Gypsum (quer.)
25c
Extra
25c
United States Petroleum (semi
lc
-annuallY)
United State. Pipe & Fdy Co.,common (guar.)- 1234c
Common (guar.)
1234c
1s1 preferred (guar.)
30c
lit preferred (quer.)
30c
United States Playing Card (quer.)
25c
Extra
25c
U.S. Steel Corp.,7% pre
50c
United Wall Paper Factories. 6% preferred/i$13%
Upper Michigan Power & Lt. Co.,6% pf.(qu.). $154
0% preferred (quarterly)
$1
Utica Clinton & Binghamton Ry.—
Debenture stock (semi-ann.)32a
Utica Chenango & Susquehanna Vail,RR.(5.-a.)
Vanadium-Alloys Steel Co
25c
Van RaaIce Co. (initial)
25c
Preferred (quarterly)
$1 91
Veeder-Root (quarterly)
50c
Vick Chemical Co.(quer.)
50c
Extra
10c
Vicksburg Shreveport & Pac. By.Co.(semi,ann.) $239
Preferred (semi ann.)
$254
Va. Coal & Iron (quer.)
25c
Virginia Electric & Power,$6 pref.(guar.)
$1
Vogt Mfg. Co
25c
Vortex Cup (quer.)
37)4c
Class A (quer.)
62)4c
Vulcan Detinning preferred (guar.)
Wagner Electric Corp.. pref.(quer.)
lan
•
Waialua Agricultural Co., Ltd
$1.20
Warren RR. (semi-annual)
Washington Ry. & Electric Co.(quer.)
5% preferred (quer.)
$I
5% preferred (quar.)
$1
6% preferred (s -a )
$2
Washington Water Power $6 Pref.((Plan)
$1
Weaver Piano ks.-a.)
Weill (Raphael) & Co..8% pref. (semi-ann.)
$4
Wellington Fund (quer.)
15c
Western Auto Supply. A and B common (quer.).
75c
Wesson Oil & Snowdrift Co., Inc., pref. (quar.)Si
.
Weekly Return of the New
Clearing House
When Holders
Payable of Record
Oct. 1 Sept. 13
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Oct. 1 Sept. 16
Oct. 1 Sept. 16
Oct. 1 Sept. 16
oct. 10 Sept. 20
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Sept. 1 Aug 21
Oct. 1 Sept. 13
Oct. 1 Sept. 13
Dec. 15 Dec. 5
Oct 20 Sept.30
Jan 2036 Dec. 31
Oct 20 dept. 30
Jan 2016 Dec. 31
Oct. 1 Sept. 20
Oct. I Sept. 20
Aug. 30 Aug 2
Sept. 1 July 31
Nov. 10 Oct. 31
Feb 10'16 Jan. 31
Dec. 26 Dec. 16
Nov. 1 Oct. 15
Sept. 2 Aug. 20
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Aug. 31 Aug. 17
Sept. 3 Aug. 16
Sept. 3 Aug. 16
Oct. 1 Sept. 9
Oct. 1 Sept. 9
Sept. 3 Aug. 15
Sept.20 Aug 30
Sept. 3 Aug. 15
Oct. 1 Sept. 16
Oct. 1 Sept. 16
Oct. 19 Oct 10
Oct. 1 Sept.20
Aug. 31 Aug. 21
Oct. 1 50ct. 5
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Dec. I Nov. 15
Dec. 1 Nov. 15
Sept.14 Aug. 23
Aug. 31 Aug. 31
Sept. 2 Aug. 1
Sept. 1 Aug. 16
Sept. 3 Aug. 22
Sept. 2 Aug. 15
York
City
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, AUG. 17 1935
Surplus and
Clearing House
Members
undivided
•Capital
Profits
$
Bank of N. Y Sy Tr. Co6,000,000
Bank of Manhattan Co-20.000.000
National City Bank.-- 127,500.000
Chemical Bk.&'tr. Co-20,000,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
32.935,000
Cent. Hanover Bk.,k 'Fr
21,000,000
Corn Exch. Bk. 'tr. Co_
15.000.000
First National Bank____
10,000,000
Irving Trust Co
50,000,000
Continental Bk.&Tr.Co.
4,000,000
Chase National Bank.— 150,270.000
Fifth Avenue Bank
500,000
Bankers Trust Co
25,000,000
Title Guar.& Trust Co.10,000,000
Marine Midland Tr. Co_
5.000.000
New York Trust Co
12.500.000
Comml Nat. Bk. & Tr_
7.000,000
Pub. Nat. Bk.& Tr. Co_
8.250.000
Net Demand
Deposits,
Average
s
s
127,705,000
10,564,300
346,114,000
23,431.700
41,898,100 a1,164,685.000
382.607,000
48,725,100
177,067,100 61,254,896,000
330,866.000
10,297.500
662.779,000
61.523,900
199,410,000
16,538,000
443,943,000
90,301.700
462.630,000
57,918.100
34,756,000
3,689.000
70.850,900 c1,661,048,000
45,498,000
3,438,900
63,316.100 d715.480,000
15,546.000
7.957.900
63,841,000
7.780,700
271.008,000
21.361.500
57,159,000
7,682,400
57,151,000
5,272,500
Western Public Service. SIM preferred A
West Jersey & Seashore RR.
(a-a.)
Westinghouse Electric & Mfg
Westland Oil Royalty Co., class A (m0.)
Westmoreland, Inc. (quer.)
Westvaco Chlorine Products (quer.)
West Virginia Water Service. 56 preferred
Wheeling Electric. 6% pref (qua?.)
Whitaker Paper, 7% preferred (quar.)
Whitman (Wm.), preferred
Williamsport Water (quarterly)
Wilson & Co
Wisconsin Public Service Corp.—
7 cum. preferred
634% cum. preferred
6 cum. preferred
Woolworth (F. W.) qua?.)
Worcester Salt
Wrigley (Wm.)Jr. Co.(mthly.)
Monthly
Yale & Towne Mfg. Co
Zions Cooperative Mercantile Ins (qua?)
39,901,004
293.000
3,320,000
18,798,000
1.869,000
38,512,000
Totals
1114 QRS non 791 f19,1 Ann 8 297 122.000 554.789.000
• As per official reports: National, June 29 1935; State, June 29 1935; trust
companies, June 29 1935.
Includes deposits 113 foreign branches as follows: (a) $205,303,000;(0) $72,651,000;
(e) $65,467,000; (4) 624,932,000.
When Holders
Payable bf Record
h37
$134
50c
10c
30c
10c
AS136
$136
SI 9L
Sept. 3 Aug. 9
Jan.1 '36 Dec. 14
Aug. 30 Aug. 12
Sept. 15 Aug. 31
Oct. 1 Sept. 14
Sept. 2 Aug. 15
Oct. 1 Sept. 16
Sept. 3 114. 6
Oct. 1 Sept. 20
Sept. 16 Aug. 31
$136 Sept. 1 Aug. 20
1254c Sept. 1 Aug. 15
8734c
8134c
75c
60c
50C
25e
25e
15c
50c
Sept.20 Aug. 31
Sept.20 Aug. 31
Sept.20 Aug. 31
Sept. 3 Aug. 9
Sept.30 Sept 20
Sept. 2 Aug. 20
let. 1 Sept. 20
Oct. 1 Sept. 10
Oct. 16
Quarterly dividend, but amount varies
a Transfer books not closed for this dividend.
c The following corrections have been made:
e Payable in stock.
f Payable in common stock. g Payable in scrip, h On account of accumulated dividends. 5 Payable in preferred stock.
m Blue Ridge Corp.(opt. $3 cony. pref., ser. 1929) 1-32d of one share of
corn, stock, or at the option of holder. 75 cents cash. Holders desiring
cash must notify the corporation on or before Aug. 15.
o Payable in preferred stock and is on accou it of accumulations. Payment clears up all arrears, which amount to $6.75 a share on Victor Equipment.
p Electric Shareholding, pays 44-1000ths of oneshare of common stock
or at the option of the holder. 5134 cash
q Proprietaries Mines Ltd., div. in stock of one sh. of Omega Gold Mines.
Ltd.. for each share held.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
s Stockholders of Alms & Doepke on July 23 1935 approved plan for payment of unpaid accumulated dividends amounting to $5.25 on 7% preferred
stock through issuance of new 4% 2d preferred stock, $20 par. in lieu of
unpaid dividends.
I Commercial Investment Trust Corp. has declared a div. payable
in common stock of the corporation at the rate of 5-208 of one share of corn.
stock per sh. of cony. pref. stock, opt. ser. of 1929, so held, or, at the
option of the holder (exercisable in the manner stated in the certificate of
designation, preferences and rights of the cony. pref. stk., opt. ser. of 1929)(.
in cash at the rate of $1.50 for each share of cony. pref. stock, opt. ser. of
1929. 80 held.
u Payable In U. S. funds. o A unit. w Lass depositary expenses.
x Less tax. y A deduction has been made for expenses.
Condition of the Federal Reserve Bank of
New York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 211935,
in comparison with the previous week and the corresponding
date last. year:
Time
s
5,830,000
31.882,000
147,018,000
17,966,000
51.829,000
95.243.000
19,466,000
20.235,000
5,295,000
1,473,000
2,828.000
53,031,000
Per
Share
Name of Company
Aug. 21 1935IAug 14 1935 Aug. 22 1934
Deposes,
Average
1227
Assets—
Gold cienilleates on hand and due from
3
s
U. S. Treasury.:
2,737,074,000 2,668,224.0o0 1,763,815,000
Redemption fund—F. R. notes
1,149,0001
1.351.000
1,324,000
Other cash'
48,718,000
56,371,000
55,306,000
Total reserves
2,780,941,0002,725,946,000 1,820,445,000
Redemption fund—F. It. bank notes_
2,086,000
Bills discounted:
Secured by U. S. Govt." obligations
direct & (or) fully guaranteed
1,643.000
823.000
1,583,000
Other bills discounted
2,562,000
2,464,000
10,318,000
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates( and bills
Total U. S. Government securities_
4,105,000
3,287,000
11,901,000
1.810,000
6,965,000
1,808.000
6,967,000
1,846,000
40,000
98.412,000
486,479,000
154,427,000
98,412,000 165,750,000
485.227.000 401,060,000
155,679.000 210,945,000
739,318,000
739,318,000
Other securities
Foreign loans on gold
777,755,000
35,000
Total bills and securities
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
following are the figures for the week ended Aug. 16:
,INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, AUG 16 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans,
Other Cash, Res. Dep., Dep. Other
Disc. and Including N. Y. and Banks and
Investments Bank Notes Elsewhere Trust Co.,.
Gross
Deposits
Manhattan—
$
$
$
$
$
Grace National
20,892,800
67,700 2,261.400 1,298.900 22,893.500
Trade Bank of N.Y
4,450,469
106,044 4,219,849
901,111
154,049
Brooklyn—
people's National__ 4,256,090
91,143 1,132,468
409,035 5.431.752
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Cash
Rev. Dep., Dep. Other
N. Y. and Hanks and
Gross
Elsewhere Trust Co.,.Deposits
$
S
5
$
$
47,463,900 *11,058.600 8,727,900 2,627,700 57,977.300
7,146,492
192,694
759.539 1,703.999 8,066.417
10,398.173
579,614
*574,939
62,697 9.463,739
Fulton
18,748,800 *3,322.100
870.800
711,000 18,771.800
Lawyers County.-- 28.353,200 *9.087,400
995,800
35.910,700
United States
67.906,059 18,036,189 17,392,659
74,847,262
Brooklyn—
Brooklyn
79,892,000 2.678.000 26,984,000 • 110.000 100.629,000
Kings County
29.678297 9901 194 7 789 len
21040171
•Includes amount with Federal Reserve as to lows: Empire,
$317,264: Fulton, 63,128,093; Liwyara Cauaty, $3,433,41). $9,928,700; Fiduciary,
752,198,000
751.380,000
791,577,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
247.000
3,764.000
118,928,000
11,977.000
32,580,000
249.000
4,756.000
129.280.000
11,977,000
33,158.000
1,208,000
3,284.000
101,612,000
11,455,000
39,008,000
Total assets
3,706,635,000 3.656,746,000 2,770,675,000
LiabilUtes—
F. R. notes in actual circulation
716,517,000 714.410.000 650,068,000
F. It. bank notes in actual circulation net
31,355,000
Deposits—Member bank reserve steel_ 2,559.558,000 2,498,027,000 1,706,743,000
U. S. Treasurer—General account..., 20,170,000
21,282,000
3,571.000
Foreign bank
7,675.000
8.868.000
5,158,000
Other deposits
154.814,000 179.011.000 127,228,000
Total deposits
2,742,217.000 2,689,477,000 1,860,411,000
Deterred availability items
118.285,000 123.276.000
99,050,000
Capital paid in
59,498,000
59.474.000
59,509.000
Surplus (Section 7)
49.064.000
49,964,000 45,217,000
Surplus (Section 13b)
6,863,000
6,863,000
Reserve for contingencies
7,500,000
7.500.000
4,737,000
All other liabilities
5,791,000
5.782.000
20,328,000
Total liabilities
3,706,635,000 3,656,746,000 2,770,675,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
80.6%
80.1%
72.5%
Contingent liability on bills purchased
for foreign correspondents
103,000
Commitments to make Industrial adVS110(18
9,314,000
9.323,000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve ban* notes.
x These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, these certificates being worth less to the extent of the difference. the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
Aug. 24 1935
Financial Chronicle
1228
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, Aug. 22, showing the condition of the
twelve Reserve banks at the close of business on Wednesday. The first table presents 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 note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 21 1935
Aug. 21 1935 Aug. 14 1935 Aug. 7 1935 July 31 1935 July 24 1935 July 17 1935 July 10 1936 July 3 1935 Aug. 22 1934
•
8
$
$
$
$
$
$
$
$
ASSETS
4,963,361,000
Gold Otte. on hand & due from U.S.Treas.2 6,441,513,000 6,365,767,000 6,288,615,000 6,224,116,000 8,228,004,000 8,226,200,000 6,226,231.000 6,226,221,000
24,034,000
22,881,000
22,529,000
21.746,000
21,546,000
21,829,000
21.527,000
21,588,000
20,705,000
Redemption fund (F. R. notes)
227,630,000 236,987.000 238.926,000 269.230,000 265,497,000 251,848.000 241,301,000 216.175,000 228,660,000
Other cash •
6,689,848,000 6.624,281,000 6,549,129,000 6.515,175,000 6,513,247.000 6,499,594,000 6390,061,000 6.465.277.000 5,216,055,000
Total reserves
1,336,000
Redemption fund-F.B.. bast notes
Bills discounted:
S. Govt. obligations
Secured by U.
3,599,000
5,384.000
3.939,000
3.083,000
2,726,000
3,608,000
3,432,000
2,950,000
3,646,000
direct and(or) fully guaranteed
16,217,000
2,902.000
2,987,000
3,026.000
3,057,000
3,138.000
3,350,000
3,460,000
3.427.000
Other bills discounted
19,816,000
8,371,000
6.841,000
6,300,000
8,570.000
6,109,000
6,665,000
6,153,000
7,106,000
Total bills discounted
5.112,000
4,687,000
4.687.000
4,676,000
4,679,000
4.693,000
4,685,000
4,687.000
4,695,000
Bills bought In open market
298,000
27,904,000
28.175,000
28,358,000
29,147.000
28.288.000
29,096,000
28,354,000
29,284,000
Industrial advances
U.S. Government securities-Bonds
Treasury notes
Certificates and bills
Total U. 8. Government securities
290,255,000 290,213,000 290,297.000 292,212,000 292,214,000 292.222,000 292.416,000 292,743.000 467,565,000
1,602,284,000 1,597,783,000 1,583.826.000 1.569.963.000 1,564,987,000 1,543,136,000 1,528,108,000 1,533,137,000 1,271,709,000
537,701,000 542,209,000 556,209.000 588,034,000 573,034,000 594,889,000 609,889.000 604,879,000 692.250,000
2,430,240,000 2,430.205.000 2 430 332
. . .000 2.430.209,000 2.430,235,000 2.430.247.000 2.430,413.000 2,430.759,000 2,231,522,000
428,000
Other securities
Foreign loans on gold
2,471,325,060 2,470.198,000 2370,413,000 2,469.820.000 2,469,378.000 2369,859,000 2,470,118.000 2,271.721,000 2,457,180,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banksUncollected items
Bank promisee
All other asset.
628,000
18,490,000
479,811,000
49,966,000
45,040,000
631,000
18,484,000
530,511,000
49,965,000
45,717,000
646,000
637.000
836,000
18,977,000
17,127,000
19.771,000
443,728,000 455,435,000 259,960,000
49,904,000 49,904,000
49,908,000
46,230,000
44,577,000 247,520,000
643.000
22,075,000
543,628,000
49,904,000
45,325,000
637,000
21,863,000
472,720,000
49.849.000
44.709,000
3,141,000
636.000
16,727,000
17,940,000
527,436,000 404,761,000
52.775,000
49,839,000
54,759,000
44,652,000
9,755,108,000 9.739,787.000 90578363.000 29.555,812,000 9,558.342.000 9,631.028,000 9.549,955.000 9,577,501,000 8,207.734.000
Total assets
LIABILITIES
F. R. notes In actual circulation
Y. It. bank notes in actual circulation
.
3,340,983,000 3,321,026,000 3.303,113,000 3,261,622,000 3.242.240.000 3,258,418,000 3.267.401.000 3,299,860,000 3,105,028 000
32,303,000
Deposits-Member banks' reserve account 5,291,497.000 6,254,282,000 5,114,722,000 5.099.616.000 4,944,603.000 4,924,402,000 5,051,797,000 4,899,723.0004,072,321,000
43,773,000
63,724,900
33,798,000 112,811,000 125,981,000 282,077.000 250,869,000 101.588.000 181.686,000
U.8 Treasurer-General account__ .._
9,513,000
24,930,000
25,700,000
25,258,000
22,053,000 23,288.000
24,656,000
23,995,000
22,802,000
Foreign bank 1
207,161,000 226,588,000 231,342,000 229,553,000 239,827,000 277.405,000 277.526.000 286,484,000 201,775,000
Other deposits
5,575,184,000 5,538,663.000 5380,928,000 5378,438,000 5,491,765.000 5,477.332.000 5.455.841.000 5,393,593,000 4,327,382,000
Total deposits
483,442,000
146,730,000
144,893,000
22,621,000
30,776,000
10,479,000
Deferred avMlabWty Items
Capital paid In
Surplus (Sectior, 7)
Surplus (Section 13-R)
Reserve for contingencies
All other liabilities
524,540,000 438,997,000
146,685.000 146,655.000
144,893,000 144,893,000
22,621,000 22,621,000
30,782,000
30,782,000
10,597,000
10,174,000
460,873,000
146,647,000
144,893,000
21,572,000
30,781,000
210,786,000
469,872,000
146.630.000
144,893,000
21,287,000
30.780,000
10,875,000
542,264.000 470,026,000 531,850,000
148.608,000 146.613,000 148,570,000
144,893,000 144,893,000 144,893,000
20.871.000
21,288,000
20,870,000
30.780.000 30,777.000
30,780,000
13.530,000
9,445.000
9,088.000
408,230,000
146.514,000
138,383,000
22,545,000
27.439,000
9,755,108,000 9.739,787,000 9.578,163,000 29.555312,000 9,558,342.000 9,631.028,000 9.549,955.000 9,577,501,000 8,207,734,000
Total liabilities
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
75.0%
74.8%
74.6%
74.5%
74.6%
74.4%
74.4%
74.4%
70.2%
528,000
1-15 days bile bought in open market
18-30 days bids bought to open market....
31-60 days bills bought in open market.61-90 days bills bought in open market
Over 90 days bills bought In open market
Total bills bough In open market
1-15 days industrial advances
10-30 days industrial advances
31-60 days industrial advances
1-90 days industrial advances
Over 90 days Industrial advances
23,529,000
23,022,000
22,197.000
21,698,000
20,850,000
20.844,000
345,000
S
5,404,000
777,000
392,000
385,000
143,000
$
4,453.000
56,000
1,044,000
433.000
167,000
$
4,165.000
593.000
987.000
384,000
171,000
$
4,386,000
617,000
876,000
468,000
223,000
$
4,071,000
55,000
1,301,000
479,000
203,000
$
4.796,000
98,000
594.000
971,000
206,000
$
5.055.000
92,000
604,000
866,000
224,000
$
8.401,000
255,000
638,000
871,000
206,000
$
13.548,000
4.859,000
719,000
619,000
71,000
6,153,000
6,300,000
6.570,000
6.109,000
6.665,000
8,371,000
19,316,000
1,474,000
695,000
1,660,000
866,000
1,249,000
804,000
2,137,000
503,000
787,000
393,000
1,112,000
2,393,000
463,000
566,000
1,350,000
2,308,000
2,502,000
632,000
567.000
975.000
2,356.000
633,000
638,000
1,052,000
687,000
373,000
891,000
2.756,000
906,000
495,000
960,000
2,326,000
3,522,000
444,000
539,000
609,000
4,695,000
4,693,000
4,685.000
4.687,000
4,876,000
4,679,000
4,687,000
4,687.000
5,114,000
1,210.000
267,000
1,413,000
843,000
25.414,000
1,239,000
206,000
682,000
1,624,000
25,345,000
1,259,000
110,000
481,000
1,779,000
22,745.000
1,178,000
184,000
469,000
1,762,000
24.765,000
1,288,000
104.000
492,000
1,609,000
24,775,000
1,250,000
125,000
369,000
728,000
25,703,000
1,207,000
200,000
227,000
791,000
25,479,000
29,284,000
Total bills discounted
23,981,000
1,270,000
275,000
1,678,000
508,000
25,553,000
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
81-90 days bills discounted
Over 90 days bills discounted
24,781,000
7,106,000
Commitments to make industrial advances
29,147,000
29,096.000
28,354.000
28,358,000
28,268,000
28,175,000
6.841,000
3,000
3,000
9,000
283,000
27,904,000
298,000
51,255,000
43,023,000
44,853.000
31,870,000
32,260,000
40,614,000
52.407.000
46,050,000
1-15 days U. S. Government securities
50,419,000
43,023,000
40,614,000
32.260,000
20,183,000
24.853,000
24,930,000
31.870.000
16-30 days U. S. Government securities
57,190,000
88,034,000
52,033,000
55,066,000
52.393,000
109,576.000
50,963,000
82,679,000
31-60 days U. S. Government securities
50.963.000
52,393,000
51,360,000 103,930,000 109,344.000 115,812,000 109,072,000 105,834.000
61-90 days U.8. Government securities
2,171,961,000 2.197,138.0002.204.784,000
Over 90 days U.S. Government securities_ 2,217,271,000 2,214.019,000 2,197,541,000 2,117,339,000 2,185,493,000
69,347,000
23,022,000
110,497,000
120,268,000
369.116,000
2,430.240,000 2.430,205.000 2,430,332,000 2.430,209.000 2,430,235,000 2,430,247,000 2,430,413,000 2,430,759,000
692,250,000
Total industrial advances
Total U.8. Government securities
1-16 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Ovrer 90 days municipal warrants
Total municipal warrants
428,000
•
428.000
Federal Reserve Notes
issued to F. R. Bank by F. R. Agent__ 3,616,100,000 3,601,173,000 3,575,446,000 3,532,140.000 3,540,798,000 3.548,339,000 3,566,978,000 3,537.646,000 3,393,650,000
275,117,000 280,147,000 272,333,000 270,518,000 298,558,000 289,921.000 299,577.000 237.786,000 288,622,000
Held by Federal Reserve Bank
In actual circulation
3,340,983,000 3,321,026,000 3,303,113,000 3,281,622,000 3,242,240,000 3,258,418,000 3,267,401,000 3,299,860.000 3,105,028,000
Collateral Held by Agent as Security for
Notes Issued to Bank
0
Gold infs. on hand & due from U.S.Treas. 3,443,914,000 3,410,889,000 3,399,339.000 d 389.839 000 3.398,839,000 3,420,339.000 3,414,839,000 3.392,839,00CI 3,131,656,00
9,623,000
5,174.000
5,349,000
4,627,000
6,880,000
4,683.000
5,090,000
4,826,000
5,638.000
By eligible paper
207,000,000 230,000,000 222,400,000 205.000,000 201,000,000 175,000.000 188,000.000 165,000,000 289,500,000
B. Government securities
U.
Total Collateral
3,656,552,000 3,645,572,000 3,626,565.000 3.590,929,000 3.604,466.000 3.600,513,000 3,608,183,000 3,564,710.000 1,430,779.000
• Revised figures.
•"Other cash- does not include Federal Reserve notes.
z These are certificates given by the U S. Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06 cents
on _ran. 31 1934. these certificates being worth less to the extent of the difference, the difference itself having been appropriated as Worn by the Treasury under tne
provision, of the Gold Reserve act of 1934.
Financial Chronicle
Volume 141
1229
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STKIEMENT OF RESOURCES AND LIABILITIES OF EkCH OP THE 12 FEDERAL RESERVE BANICS AT CLOSE OF BUSINESS AUG. 21 1935
Two cspfurs (00) Omitted
Fea•ral Reserve Bank of
-
New York
.
Boston
Total
Clevesand gfcamond Atlanta
Phila.
CMC1100
M.Lofts Minneap Kan. City
Dallas
s
3
San Fran.
RESOURCES
$
$
$
3
$
$
$
$
$
$
Gold certificates on hand and due
from U. S. Treasury
6.441,513,0 417,699,0 2,737.074,0 313,648,0 434,243,0 197,495,0 141,863,0 1,237,029,0 188,674,0 142,637,0 186,239.0 98,312,0 346,600,0
Redemption fund-F.R. notes
3,543,0
20,705,0
1,395,0
2,005,0
1.149,0
1,764,0
3,157,0
477,0
1,051,0
1,572,0
593,0
479.0 3,520,0
0MM Mb•
48,718,0 30,369,0 11,723,0 8,194,0 9,739,0
227.630,0 31,978,0
28,737,0 11,398,0 12,325,0 12,502,0 . 6,594.0 15.353,0
•
s
Total reserves
6,689,848,0 453,220,0 2,786,941,0 346,022,0 447,361,0 207,453,0 154,759,0 1,267,338,0 201,123,0 155,439,0 199,334,0 105,385,0 365,473,0
Bills distmunted
See. by LI S. Govt. obligations
direct &(or) fully guaranteed
455,0
1,543,0
96,0
925.0
3,646,0
107.0
25,0
64,0
60,0
6,0
210,0
155,0
Other bills discounted
3,460,0
24.0
2,562.0
84,0
25,0
7,106,0
949,0
4.105,0
539,0
121,0
107.0
62,0
Bills bought in open market_ --345,0
4,695,0
Industrial advances__ ______
29,284,0 2,864,0
U.8. Government securities:
Bonds_
290,255,0 17,279,0
Treasury notes
1,602,284,0 105,036.0
Certificates and bills
537,701,0 35,362,0
1.810,0
6,965.0
475,0
3,850,0
445,0
1,685,0
173,0
4,585,0
169,0
1,061,0
Total bills discounted
Due from foreign banks_
Fed. Res. notes of other banks
Uncollected Items
Bank premises
All other resources
Total resources
57,0
557,0
1,926,0
81.0
456.0
115.0
64,0
98,413,0 20,005,0 23,032,0 12,330.0 9.959,0
486,478,0 117,979,0 145,880,0 78,094,0 63,035,0
154,427,0 39,136,0 49,113,0 26,292,0 21,222,0
Total U.8. Govt. securities_ 2,430,240,0 157,677,0
Total bills and securities
56,0
82,0
141,0
666,0
270.0
80,0
448,0
64,0
2,084,0
127,0
1,169,0
122,0
1,839,0
328.0
808,0
33,547,0 11.378,0 14,253,0 11,452,0 17,550,0 21,057.0
234,612,0 72,561,0 46,046,0 71,366.0 47,825,0 133,372,0
87,530,0 24,261,0 15,330,0 24,026,0 16,100,0 44,902,0
739,318.0 177.120,0 218,025,0 116,716,0 94,216,0
355,689,0 108,200.0 75,629,0 107,844,0 81,475,0 199,331.0
2,471,325,0 161,835,0
752,198,0 181,984,0 220,276,0 121,581.0 95,508,0
358,172.0 108,792,0 77,859,0 108,281,0 84.102,0 200.737,0
48,0
628,0
18,490,0
337,0
479,811,0 47.980.0
49,966,0 3,168,0
45,040,0
560.0
60.0
66.0
247,0
23,0
23,0
608,0 1,030,0 2,429,0 1,028,0
3,764,0
118,928,0 36,322,0 44,739,0 40,882,0 16,102,0
11,977,0 4,660,0 6,632.0 3,028,0 2.331,0
32.580,0 4,207,0 1,623,0 1,170,0 1,633,0
3,0
4,0
77,0
17,0
44,0
16,0
928,0 1,982,0
368,0 2.514,0
1,995,0 1,507,0
66,851,0 20,666,0 14,105,0 29,283,0 18,351,0 25,602,0
4,959,0 2,628,0 1,580,0 3,449.0 1,685,0 3,869,0
550,0
454,0
266,0
889,0
767,0
341,0
9,755,108.0 617,148,0 3,706,635,0 573,869,0 721,721,0 376,566,0 271,384,0 1,700,159,0 334.986,0250,464.0 342,687,0 210,796.0 598.693,0
LIABILITIES
F. R. cotes In actual eIrcuistIon. 3.340,983,0 291,178,0
716,517.0242,850.0 324,601,0 155,224,0 134,573,0
803,678,0 142.786,0 100,032,0 127.072,0 62.351.0240,121.0
Deposits:
Member bank reserve account_ 5,291.497.0295,908.0 2,559,558.0 250.860,0311.337.0 158,528,0 102,474,0
U. B. Treasurer-Gen. acct...
20,170,0 2.149,0 4,207,0 3,521,0 -1,866,0
53,724,0 4.398,0
Foreign bank
7,675,0 2.370,0 2,274,0
886,0
22.802,0 1,724,0
862,0
Other deposits
207,161,0 1,013,0 154,814,0 7.154,0 2.432,0 2,619,0 2,438,0
770,278,0 145,224,0 117,873,0 174,443,0 113,353,0 291,661,0
8,012,0 2,031,0 1,450.0
386,0 1,959,0 3,575,0
2.777,0
644,0
574.0
718,0
622,0 1.676.0
3,772,0 11,613,0 6,798.0 1.581,0 1,788,0 11,139.0
Total deposits
5,575.184,0303,043.0 2,742,217,0 262,533,0 320,250,0 165,554,0 107,640,0
Deferred availability Items
Capital paid in
Surplus (Section
Surplus (Section 18-b)
Reserve for contingencies
All other liabilities
Total liabilities
784,839,0 159,586,0 126,695,0 177,054.0 117,722,0 308,051,0
118,285,0 34,528,0 45,039.0 40,625,0 15.590,0
59,498,0 15,124,0 13,134,0 5,034,0 4,456,0
49,964,0 13,470,0 14,371.0 5,186,0 5,540.0
6,863,0 2,098,0 1,007.0 3,335,0
754,0
7,500,0 2.995,0 3.000,0 1,410,0 2,601,0
319,0
271,0
5,791,0
198,0
230,0
68,556,0 22,183,0 14,792,0 29,094,0 20,127.0 27,075,0
12,816,0 3.966,0 3,134,0 4,041.0 4,013,0 10,756,0
21.350,0 4,655,0 3,420,0 3,613,0 3,777.0 9,645.0
547,0 1,003,0
1,391.0
802,0 1,252,0
695,0
5,325,0
891,0 1,171,0
831,0 1,363,0 2,041,0
2,204,0
372.0
217,0
191,0
180.0
309,0
483,442,0 47,548,0
146,730,0 10,758,0
144,893,0 9,902.0
22,621,0 2,874.0
30,776,0 1,648,0
197,0
10,479,0
9,755,108,0 667,148,0 3,706,635,0 573,869,0 721,721,0 376,566,0 271,384,0 1,700,159,0 334,986,0 250,464,0 342,687,0 210,796.0 598,693,0
Ratio of total res. to dep.& F.R
note liabilities coiebined
Contingent liability on bills purchased for torn correepondee
Committments to mete Industrial
advances
75.0
76.3
86.7
68.5
69.4
64.7
63.9
79.8
66.5
68.6
65.5
58.5
66.7
24,781,0
3,313,0
9,314,0
711,0
1,834,0
1,799,0
611,0
521,0
1.928,0
143,0
1,035,0
448,0
3,119,0
•"Other Cash- does not Include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Resent Agent as-
New York
Boston
Total
Phila.
Cleveland Richmond Atlanta
Chicago
Si. Louts hfinneap. Ran, City
Dallas
SanPran.
Federal Reserve notes:
$
8
Issued to F.R.Bk.by F.R.Agt.. 3,616.100,0 323,245,0
Held by Fed'i Reserve Bank__ 275,117,0 32,067,0
$
S
$
$
$
816,090,0 257,077,0 339,934,0 163,748,0 152,033,0
99,573,0 14,227,0 15,333,0 8,524,0 17,460.0
s
830,647.0 148,680,0 105,312.0 135,851,0 67,623,0 275.860,0
26,969,0 5,894,0 5,280,0 8,779,0 5,272,0 35,739,0
In actual clreulation
3,340.983,0 291,178,0
Collateral held by Agent as security for notes Issue° to bits.
Gold certificates on hand and
due from U. B. Treasury_ ..... 3,443,914,0 326,617,0
Eligible paper.. _
949,0
5,638,0
U. S. Government securities__ 207,00(0
716,517,0242,850.0 324,601,0 155.224,0 134,573,0
803,678,0 142,786,0 100,032,0 127,072,0 62,351,0 240,121,0
818,706,0 242,000,0 315,290,0 130,000,0 99,685,0
539,0
2,642,0
121,0
107,0
62,0
• 15,000,0 25,000,0 25,000,0 55,000,0
847,546,0 133,632,0 105,500,0 125,000,0 59,675,0 231.263,0
63,0
141,0
82,0
666,0
266,0
17,000,0
12,000,0 8,000,0 50,000,0
821,348,0 257.539,0 340,411,0 164,107,0 154,747,0
847,546,0 150,695,0 105.582,0 137,141,0 68,341,0 281,529.0
Total collateral.
3,656,552,0 327,566,0
$
s
s
$
s
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 in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
he latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN
LEADING CITIES. BY Da siTRICTS. ON AUG. 14 lillS
lin Millions of Dollars)
Federal Reserve Dlsirta-
Total
Loans and Investments-total
Boston
New York Phila. Cleeeland Richmond Atlanta Chicago SLUM, Minneap. Ran. Ciro
---8,379
1.076
1.246
349
336
2,133
541
346
591
18,477
1,149
2,979
186
1,787
179
163
49
42
226
57
32
853
157
1,969
7
27
152
831
58
898
13
12
154
6
157
1
48
3
39
1
30
195
4
53
Acceptances and roman nape? bought
I oans on real estate
Other leans
297
951
3,140
39
87
273
131
237
1,297
23
70
180
4
72
143
7
17
74
3
12
108
31
31
308
7.5. Government direct obligations
Oblige, fully guar. by U. 8,(love__
Other securities
7.272
917
2,921
374
18
172
3,313
391
1,223
268
82
274
644
30
190
116
27
59
100
19
52
Reserve with Federal Reserve banke_.
Cash in vault
3,995
304
235
95
2.283
56
154
14
157
20
69
12
15,661
4,426
520
1.014
312
32
8,215
1.006
268
818
282
35
786
472
25
1,894
4,543
111
213
174
2,075
148
264
135
209
Loans on securitles-total
_
To brokers and dealers:
In New York
Outside New York
To others
Net demand deposits
Time deposits
Dovernment depovits
Doe from banks
Due to banks
Borrowires from F. R banks
Dallas
San Fran.
416
1,915
46
42
170
2
30
1
3
42
1
41
10
•
160
10
37
92
6
5
110
23
14
118
2
24
108
18
345
329
1,127
93
317
212
42
91
133
16
44
226
44
120
155
43
42
604
112
337
38
7
547
46
96
9
66
5
101
12
73
9
176
19
250
138
6
219
134
15
1,951
565
39
418
169
14
273
123
5
534
158
11
354
122
20
829
945
50
97
109
92
103
310
623
110
192
92
90
252
307
153
136
220
222
Financial Chronicle
1230
Tire
United States Treasury Bills-Friday, Aug. 23
finttnrial
Rates quoted are for discount at purchase.
arm-title'
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 Mos.
lg Mos.
Including Postage$9.00
$15.00
United States, U. S. Possessions and Territories
9.75
16.50
In Dominion of Canada
10.75
South and Central America, Spain. Mexico and Cuba- 18.50
Spain). Asia.
Great Britain. Continental Europe (except
11.50
20.00
Australia and Africa
The following publications are also issued:
MONTHLY PUBLICATIONS
COMPENDIUMSBANS AND QUOTATION RECORD
PUBLIC UTILITY-(seml-annually)
MONTHLY EARNINGS RECORD
RAILWAY & INDUSTRIAL-(fOW a year)
STATE AND MUNICIPAL-(.eWI ann.)
The subscription price of the Bank and Quotation Record, the State and
Municipal Compendium and the Railway and industrial Compendium
is
I. $10.00 per year each. The price of the Public Utility Compendium
$7.50 per year and the price of the Monthly Earnings Record is $6.00
per year. Foreign postage extra.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce. New York.
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange.
Quotations after decimal point represent one or more 32ds
of a point.
Aug.21 Aug.22 Aug.23
101.8
101.4
101.5
9
116.10
116.2
116.5
86
111.8
112.2
111.5
57
106.8
106.3
106.6
53
110.1
110.1
110.1
55
107.6
107.5
107.6
6
103.6
103.3
103.4
172
103.2
102.27
102.30
408
108.9
108.9
108.9
14
108.14
108.13
108.13
6
104.9
104.5
104.5
65
103.30
103.22
103.24
114
108.22
108.1^
108.2
10
105.2
105.2
105.2
38
100.1
100.8
100.1.
55
102.2
102.27
102.2:
4
101.12
101.7
101.11
14
101.24
101.21
101.24
21
101.5
101.5
101.5
9
116.6
116.2
116.4
21
111.9
111.2
111.5
216
106.8
105.31
106.4
177
109.30
109.30
109.30
100
107.1
107.1
107.1
0
2
103.4
102.30
102.30
69
102.27
102.23
102.24
835
108.8
108.6
108.6
25
180.12
108.9
108.9,
20
104.4
103.30
104
27
103.22
103.18
103.20
315
108.19
108.15
108.15
31
105.22
105.18
105.22
457
100.12
100.4
100.9
1,284
102.15
102.14
102.15
15
101.12
101.4
101.5
74
101.20
101.14
101.14
101.4
101.3
101.3
110
116.4
115.20
115.20
82
111.3
110.27
110.27
841
106.4105.16
105.16
163
109.26
109.17
109.20
95
106.26
106.13
106.13
30
102.26
102.10
102.12
1,536
102.22
102.6
102.8
182
108.2
107.22
107.22
35
108.6
107.18
107.18
57
103.26
103.6
103.8
417
103.16
102.23
102.29
213
108.41
108.1
108.1
161
105.17
105.6
105.6
156
100.5
99.26
99.27
4,529
102.8
102.8
102.8
25
100.24
100.12
100.12
41
101.1
100.20
100.20
°
8
99.22
99.16
99.16
116
1675- 101.1
101.2 100.13
101.2 100.14
90
54
99.31
100.9
99.3
100.1
99.10
100.2
840
244
8_
-_9
__
--
101:ii
101.7
101.9
27
100.11
100.7
100.10
89
Note-The above table includes only sales of coupon
were:
bonds. Transactions in registered bonds
101.3 to 101.3
I Fourth 4314 1933-38
0.20%
Jan. 161938
0.20%
Jan. 22 1936
0.20%
Jan. 29 1936
0.20%
Feb. 5 1938
0.20%
Feb. 11 1938
0.20%
Feb. 19 1936
0.20%
Feb. 26 1936
0.20%
Mar. 4 1936
0.20%
Mar. 11 1936
0.20%
Mar. 18 1936
0.20%
Mar. 25 1936
Apr. 11936.0.20%
Apr. 8 1936
0.20%
Apr. IS 1936
020%
020%
Apr. 22 1936.
0.20%
Apr. 29 1936
020%
May 6 1936
0.20%
May 13 1936
0.20%
May 20 1936
0.15%
Aug. 28 1935
0.15%
Sept. 4 1935
0.15%
•
Sept. 11 1935
0.15%
Sept. 18 1935
0.15%
Sept. 25 1935
0.15%
Oct. 2 1935
0.15%
Oct. 9 193.5
0.15%
Oct. 16 1935
0.15%
Oct. 23 1935
0.15%
Oct. 30 1935
0.15%
Nov. 6 193.5
0.15%
Nov. 13 1035
0.15%
Nov. 20 1935
0.20%
Nov. 27 1935
0.20%
Dee. 4 1935
0.20%
Dec. 11 1935
0.20%
Dee. 18 1935
0.20%
Dec. 24 1935
0 20%
Dec. 31 1935
R 1036 --------fl 2O
Inn
Terms of Advertising
45 Cents
Transient display matter per agate line
On request
Contract and Card rates
CHICAGO ODIUM-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON °ring-Edwards & Smith. 1 Drapers' Gardens. London. E.O.
-On account of the fluctuations in the rates of exchange,
NOTICE.
remittances for foreign subscriptions and advertisements must be made
in New York funds.
a
Asked
Bid
Asked
Bid
'al 8
Tatnnteril "
Daily Record of U. S. Bond Prices Aug. 17 Aug. 19 Aug.20
{High 101.7 101.6 101.5
Fourth Liberty Loan
101.5
AM% bonds of 1933-38- Low- 101.7 101.6 101.5
Clam 101.7 101.6
(Fourth 434s)
1
57
12
mtgs.__
Total sales is $1.000
{High 116.13 116.17 116.13
Treasury
Low. 116.13 116.13 116
194742
11340
Close 116.13 116.14 116
378
9
2
Total sales is $1,000 units. _
111411 111.12 111.18 111.11
Low. 111.12 111.12 110.31
di. 1944-54
Close 111.12 111.14 111.1
190
113
1
Total sales in $1,000 units. _
-h 106.11 106.15 106.11
{II Ig
Low. 106.7 106.9 105.28
4340-334s, 1943-45
Close 106.10 106.12 106.4
529
16S
45
_
Total sales Bs $1,000
units_(High ---- -- 110.7
109.28
---Low.
IMO. 1946-56
Close
------- 109.28
291
Total sal" is $1.000 sans_
107.1
iniiii 107.13
107.6
Low. 107.13
814.. 1943-47
107.6
Close 107.13
230
4
.
Total sales is $1,000
.
:-... ._ 103.12
illigh
units_- 103.12
103.3
Low. 103.12
Ii, 1951-55
103.4
Close 103.12
221
1
Total sales irs $1.000 mils_
ritih 103.9 103.10 103.5
Low. 103.6 103.7 102.25
ils. 1946-48
Close 103.7 103.7 102.26
575
155
19
_
Mel sales to $1,000
108.12
1111gh
units_- 108.15
---- 108.10
Low. 108.15
$345. 1940-43
-- 108.10
Close 108.15
12
4
Total sales is $1.000 units...
i
108.18 io- :ii 108.17
High
{
Low. 108.16 108.18 108.12
3140. 1941-43
Close 108.16 108.18 108.14
114
2 . 50
Total sales is *1000 units,-1111gh 104.12 104.12 104.12
Low. 104.10 104.12 164.4
854s. 1946-49
Close 104.12 104.12 104.4
245
15
2
Total sales irs $1.000 units...
(High 104.6 104.8 104.2
Low. 104.6 104.6 103.23
$KI. 1949-52
Close 104.6 104.6 103.23
935
35
3
Total sales in 31000 units._
High 108.23 108.23 108.22
Low_ 108.23 108.23 108.20
1134s. 1941
Close 108.23 108.23 108.20
26
1
3
Total sales is $1,000 units__
{High 105.30 106.1 105.30
Low_ 105.28 105.29 105.21
Ws,1944-46
105.28 105.31 105.24
moo
124
338
11
unit..,
Total sales in $1
(High 100.25 100.26 100.22
Low_ 100.23 100.22 100.8
334s. 1955-60
100.25 100.23 100.8
479 2,007
47
___
Total sales is *1.000 units,
{High 103.13 103.14 103.8
Federal Farm Mortgage
Low. 103.13 103.10 103.8
834.. 1944-64
103.8
Cl_ose
Tani sales in $1.000 unns . 103.13 103.10
6
7
101.22 101.20
Federal Farm Mortgage illliti 10.23
1.0w. 101.20 101.21 101.7
3s. 1944-49
Close 101.23 101.21 101.7
226
20
5
.
Total sales in $1,000
101.20
units.Mortgage(High101.30 102
Federal Farm
3 Low_ 101.30 101.30 101.16
3.s. 1942-47
Close 101.30 101.30 101.18
.133
28
2
Total sties in $1,000 units_ __
--- 100.15
---Federal Varna Mortgage (High
100.15
Low.
234s, 1942-47
100.15
Close
30
--. -Total salesin $1.000 traits. _
IIIIih 101.22 101.21 101.18
Home Owners' Loan
Is, eeriest A 1944-52.-- Low_ 101.18 101.18 101.6
Close 101.22 101.19 101.6
134
24
34
Total VIIM in 8i.000 units__
{High 100.18 100.19 100.13
Home 0••mers' Loan
Low_ 100.13 100.16 100.4
series B. 1939-49
2345,
Close 100.18 100.16 100.5
482
77
72
Total sales in $1.000 units._
Aug. 24 1935
Quotations for United States Treasury Certificates of
-Friday, Aug. 23
Indebtedness, &c.
Figures after decimal point represent one or more 32ds of
point.
maturity
June 15 1936._
Dec. 15 1939...
June 16 1940_
Sept. 15 1936_
Mar, RI 1940-JUDO 15 1939_
fiept.15 1938_
Dee. 16 1935Feb. 1 1938-
BIL
Rate
134%
134%
156%
134%
134%
234%
234%
234%
294%
I
100.28
100.18
100.23
101.16
101.6
103.8
104.23
101.4
104.30
DU.
Rate
Bid
Asked
214%
334%
234%
3%
3%
3%
834%
334%
103.16
101.30
105.23
104.4
104.18
105.23
103.1
105.25
103.18
102
105.25
104.6
104 20
106.25
103.3
105.27
Maturity
Asked
BM
100.30 Dec. 15 1936_
100.20 Apr. 15 1938_
100.25 June 15 1938.101.18. Feb. 16 1937...
101.101 Apr, 15 1937_
103.101 Mar. 16 1938._
104.25 Aug. 1 1936._
101.6 Sept.15 1937_
105
-For review
The Week on the New York Stock Market
of New York Stock Market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY
wee% Ended
Aug. 23 1935
Railroad
Slate.
Stocr.s,
Number of asd MOM& Municipal &
Bonds
Forelpfiaorsdi
Shares
1.076,230
2,068,660
1975,670
1,753,680
1667,660
1.891,150
$4,513,000
8,434.000
7,544.000
6,790.000
8,649.000
6.974,000
$547.000
1,404.000
1,339,000
1,481,000
1567.000
1.380.000
$277,000
1.553,000
6,923,000
2,252,000
4,108,000
9,167,000
$5,337,000
11,391.000
15,806.000
10,523.000
12,324,000
17.521,000
In 122 AAA
ran onA nnn
17712,1M
ens non Ann
ego on, onn
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Pmel
,
Sales at
New York Stock
Exchange
Weal Ended Aug. 23
1935
1934
3,807,510
-No. of shares. 10.433,050
Stocks
Bonds
424,280.000 S33,794,000
Government
9,061.000
7.718,000
State and foreign
Railroad &industrial._ 40,904.000 26,136,000
Total
Total
Bond
MISS
United
States
Bonds
Jan. 1 to Aug. 23
1935
1934
188,879,252
247,947,050
$491,049,000
250,761,000
1,385,443.000
$523,358,200
422,814,000
1,635.758,000
$72,902,000 868.991,000 32.127.236.000 42.581.930,200
CURRENT
NOTICES
-Rawson Lizars dc Co. of 231 S. LaSalle St.. Chicago, members of the
Chicago Stock Exchange, have prepared a comprehensive analysis of the
National Gypsum Co., part of which is devoted to a discussion of the
pending merger of the company with the Universal Gypsum Co.
-Swart, Brent & Co., Inc., 25 Broad St., New York, have prepared an
analysis of Scranton-Spring Brook Water Service Co. (Federal Water
Service System).
-Hare's, Ltd., 19 Rector St., New York, have prepared for distribution
an analysis of the Deisel-Wemmer-Gilbert Corp., independent cigar maaufaCturers.
FOOTNOTES FOR NEW YORK STOCK PAGES
• Bid and asked prices, no sales on this day.
I Companies reported In receivership.
a Deferred delivery.
a New stork.
r Cash sale.
s Es-divldend.
y Es-rights.
paid Oct. 1 1934.
52 Adjusted for 25% stock dividend
11 Listed July 12 1934; par value 10s. replaced El par, share for share.
34 Par value 550 lire listed June 27 1934; replaced 500 lire par value.
U Listed Aug. 24 1933; replaced no par stock share for share.
34 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no Par share.
sr Adjusted for 68 2-3% stock dividend payable Nov. 30 1934.
30
"Adjusted for 100% stock dividend paid April 31 1934.
1934.
I' Adjusted for 100% stock dividend paid Dec.
"Paz value 400 lire; listed Sept. 20 1934; replaced 500 Me par value.
AS Listed April 4 1934; replaced no par stock share for share.
Paid June 1 1934
43 Adjusted for 25% stock dividend
name.
43 Listed under this name Aug. 9 1934; replacing no-par stock. Former
Beet Sugar Co.
American
classification. loan 75% of current.
44 From low through first
m From last classification and above, loan of 55% of current.
44 Listed April 4 1934; replaced no-par stock share for share.
47 Listed Sept. 13 1934; replaced no-par stock share for share.
Socony-Vacuum Corp. $25 stock share for share.
44 Listed June 1 1934: replaced
on which low prises since
1 1933 were
The National Securities ExchangesIn tablee), are as follows* July
figures
made (designated by inverter
az Pittsburgh Stock
,3 Cincinnati Stock
New York Stock
c
Richmond Stock
4 gi
, o 0re rll
: l , do
New York Curb
Spring,
dtok Stock 14 St Louis Stock
New York Produce
U Salt Lake City Stock
Denver Stock
New York Real Estate Is Detroit Stock
04 San Francisco Stock
14
Baltimore Stock
It San Francisco Curb
LOS Angeles Stock
"
Boston Stook
"San Francium Minium
Angeles Curb
15 Los
Buffalo Stock
at Seattle Stock
1, Minneapolle-St. Paul
Calltornla Stock
"Spokane Stook
l• New Orlean ,Stock
Chicago Stook
II Washington(11.0.1
Chicago Begird of Trade 31 Philadelphia Stook •
Chicago Curb
Volume 141
1231
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE
-Cash and deferred delivery sales are disregarded In the day's range.
unless they are the only transactions of the day.
sales in computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
saurday
Aug. 17
Monday
Aug.19
Tuesday
Aug.20
Sales
for
the
Week
No account Is taken on such
OM,1
STOCKS
NEW YORK STOCK
EXCHANGE
Rano /Vacs Jan. 1
On Basis of 100
-share Lola
1933 to Range for
July 31 Year 1984
1935
Low Low
MO
Wednesday Thursday
share1
Frklair
Aug.21
Aug.22
Aug.23
Lowest
Highest
S per Mare 1 per share $ per share $ per
E per share 5 per share Shares
Par 3 per share
$ Per share $ Dor 4 $0.? skirt
*43l 49
6
*43
49
*4358 49
*4358 49
*4358 49
*4358 49
Abraham & Straus
No par 32 Apr 3 48 Aug 12
80
35
43
*113 115 *113 115 *113 115 *113 115 +114 115
60
115 115
Preferred_ _
100 110 Jan 10 115 Aug 23 89
89
111
56
57
5718 58 .55
597 +57
8
597
8 5812 5812 *573 59
4
500 Acme Steel Co
24 51 June 25 6258July 31
21
9
93
8
812
814 94
8
812 878
412 83
4
812 83 25,500 Adams Express
4
No par
93 Aug 17
414 Mar 15
8
401 ____ +9112 ____ *913
414
6
117
2
4 -___ *918 ____ *93.3 ____ 913 913
4
4
4
Preferred
10
4
100 843 Jan 2 913 Aug 23
4
65
4
701 585
4
31
3118 3112 31
31
313 *31
8
3112 31
3118 31
31
3,600 Adams Millie
347
2
16
No par 28 June 6 3312 Jan 2
144
1314 1358 123 1312 1214 1258 124 133
8
8 124 13
1214 123
4 7,600 Address Multigr 0OrP
6
8 Jan 12 1414 Aug 12
10
63
4 113
2
133 13
4
/ 133 133
1
4
4
4 123 123
4
4 1212 1314 134 1312 1314 133
4 5,000 Advance Rumeiy
No par
412 Mar 18 13 8 Aug 17
7
84
7+8
814
*712 7 4
3
78 78
5
5
712 712
712 712 *712 7 4
600 Affiliated Products kno....No par
3
712 7118
83 Feb 11
6 4 Jan 15
2
3
4
/
1
4
958
es
1413 1413 140 14014 *139 141
4
4
141 141
1418 1413 14214 14212
4
4
900 Air Reduction Ina
No par 1043 Mar 18 149%July 18
8
301s
913 113
4
114
114
11 114 *14 114
/
4
114 114
114
114
114 114 1,200 Air Way Mee Appliance No par
172 Jan 7
se Apr 3
1
4
11
/
4
3
/
1
4
153 16
4
15 4 16
3
153 157
4
8 153 16
4
8
153 15 4 155 163 10,500 Alaska Juneau Gold Min
8
3
8
10 15l July 25 52014 Jan 9
154
1652 WS
•152 2
*112 2
*112 2
*112 2
*158 2
*112 2
A P W Paper Co
No par
34 Jan 8
112Jnne 24
112
24
3
7
/
1
4
2
21
/
4
17
2 2
/
1
4
15
8 14
/
1
13
4 14
/
1
13
4 14
/
1
13
/
1
4 14 30,100 :Allegheny Corp
Mar 30
No par
24 Aug 17
3
4
ka
514
114
*73
4 7
/
1
4
63
2 7
/
1
4
6
/ 7
1
4
/ 74
1
4
74 74
7
74
7
1,500
Pref A with $30 war?
lis 1612
23,Mar 21
812 Aug 15
232
100
7
/ 712
1
4
63
4 74 *512 65
8
6
6
612
63
4 *6
6
Prof A with $40 warr
700
2 Mar 27
100
2
714 Aug 15
4
145
2
*63
4 73
2
612 612 *514 612
61s 64 *512 612 •512 612
200 Prof100
13 Mar 28
4
18
3
7 Aug 15
/ 1458
1
4
4
1914 1914 19
1958 1612 1718 *1714 1812 174 17 8 175 173
7
2 1,600
8
254% prior cony pref __No par
64 Apr 2 1938 Aug 19
4
63
$
---- ---2612 2612 2614 2612 25
2612 2612 27
2612 2714 2612 263
4 3,000 Allegheny Steel Co
No par 21 Jan 12 3012June 19
1314
15
2312
164 164
16218 165
16012 1603 162 102
4
161 16214 2,500 Allied Chemical & Dye-No par 125 Mar 18 165 Aug 14 1074 1154 16014
161 162
*12612 12714 *1264 129 *1267 129 *127 128
8
127 128 *127 128
Preferred
100 123 Apr 20 127 Feb 27 117
12
7
122
/ 130
1
4
714
65
2 7
618 '65
8
6 8 64
5
4 67
63
4 64 22,900 Allied Storm Corp
63
s
31s Mar 13
No par
73 Aug 9
2
3
/
1
4
3
13
314
714 733
/
1
4 733 73 4 70 4 7212 72 72
4
3
3
72
727
4
8 713 72181 2,300
5% Prof
100 x49 Stifle 17 733 Aug 17
4
49
2514 634
29 293
8 2714 294 265 273
8
4 273 285
8 28
8
283
4 273 285 27,500 41118-Chalmere Mfg
8
4
No par 12 Mar 13 293 Aug 17
8
103
2
10% 23%
163 163
4
4 1612 163 *164 17
4
900 Alpha Portland Cement-. No Par 14 Mar 13 2014 Jan 6
4 1614 1612
165 165 •1612 183
8
8
114
111s 20
31 33
/
4
3
8
33
8
312 312
312 312
33
8 312
314 35, 2,700 Amalgam Leather Oo
24 Mar 14
1
218
38 Aug 9
7
214
*27
71
4
31
•27
31
*27
29
+27
2912 *27
291 *27
7% preferred
2912
50 26 June 25 33 Apr 22
65
2114
25
8812 6812 6812 6914 68
68
68
6812 68
9,000 Amerada Corp
693
4 6914 71
No par 4812 Jan 11 71 Aug 23
27
39
555
8
54
543
4 5212 54
52
544 5434 563
54
543
4 55
56
4 7,600 Amer Acne Chem (Del) No par 4112June 1
5734 Feb IS
20
2514 48
2912 30
2812 2912 284 2812 28
2812 273 2818 2714 277
4
8 5,500 American Bank Note
8
10 1312 Jan 12 307 Aug 6
1118
114 254
6514 6514 65 65
*6014 6512 6312 6312 64
*61
64
64
200
Preferred
50 43 Jan 11 6514 July 23
344
40
504
3512 357
8 35 35
3484 3518 35
354 3512 2,200 Am Brake Shoe & Fily___No par 21 Mar 29 3818 Aug i 2
3512 35
35
1912
194 38
128 128
128 1284 128 128 *128 12814 128 128 *128 12812
160
Preferred
100 119 Jan 8 12814July 23
88
122
96
14012 14012 1383 140
4
13814 13914 137 8 13912 13712 13913 138 139
7
8,100 American Can
25 110 Jan 15 14614 Aug 3
80
9014 11454
*15812 160
160 160
160 160 *158 16112 160 160
160 160
800
Preferred
4
100 1513 Jan 4 168 may 3 120
12612 15212
23 23
2212 2312 2114 2214 2214 2212 2214 23
2214 2278 6,000 American Car & Fdy
No par 10 Mar 13 253
8July 31
10
12
337
8
52
52
5012 51
4914 5018 51
52
*51
52
52
51
1,500
Preferred
100 254 Mar 13 5712 Aug 2
254
82
564
17
1714 1614 1614 16
167
8 1612 1714 16
163
1614 *16
4 2,300 American Chain
No par
8 Jan 30 1714 Aug 16
4
618 1214
897 897
8
8 88
88
90
9012 +88
92
800
9018 90 8 *89
7% preferred
,
95
100 88 Jan 11 9012 Aug 20
14
19
40
*9014 93
+9012 92
*9014 92
9012 9012 9012 9012 894 905s
700 American Chicle
No par 66 Feb 8 96 June 8
4812
4614 7058
*30
35 '
*30
35
*30
35
*30
35
*30
35 •30
Am Coal of N J (Allegheny 470)25 30 Mar 26 8414 Aug 2
35
20
22
3512
414 414 *418 45
8 *418 4 8
5
418 418 *33
4 414
5
4 4 8 *33
200 Amer Colortype Co
2 8 Mar 14
3
10
2
414 Aug 10
218
64
26
26
2512 263
8 243 253
4
8 253 26
3
8 25 4 2614 6,200 Am Compaq Alcohol Corp-- 20 224 Mar 18 3314 Jan 3
4
255 267
8
20+4
20% 624
147 15
8
1412 1412 14
1412 1412 1478 14
1438 134 145
8 5,600 American Crystal Sugar
84 Feb 5 173
4Ju0e 11 41 518
10
64 1312
*11712 119 *11712 120
11712 11713118 11912 11912 1191 11912 120
7% 206 prat
330
104 57 Jan 2 12712June 14
8
32
64 72
/
1
4
*7312 7412 *7312 743
4 74
74
3
7412 7412 *733 743
4 73 4 7414
310
4
6% 1st prof
100 72 Aug 1 78 July 22
74
114 114
114 13
8
114 114
114 13
114 13
8 3,800 Amer Encaustic Tiling---No par
13
8 138
8
,3•May 24
3 Jan 3
114
114
5
88
4 88
7
83
4 83
*74 85
8 *818 914 *73
4 912 *814 918
400 Amer European See1
/
4____No par
258 Apr 2
8 2 Aug 17
7
24
3
6
10
*175 500 *175 500 *175 500 *175 500 *175 500 *175 500
Amer Express Co
100 150 July 22 150 July 22 105
818 914
8
9
718 812
8
8 12
012 713 114,400 Amer a Earn Power
712 83
4
No par 2 Mar 13
914 Aug 17
2
3. 1334
40
4114 38
3912 37
393
4 38
3514 3712 10,100
39
383
4 36
Preferred
No par 14 Mar 15 42 Aug 12
113
4
113
4 30
1612 143 17
15
4
14
1514 15
1512 14
15
52 1212 14
17,000
2nd preferred
No par
3 Mar 14 17 Aug 19
/
1
4
3
/
1
4
0
/ 1711
1
4
• 3712 37 2 34
7
36
33
3518 34
32
3412 33
33
3,400
46 preferred
35
No par 12 Mar 30 3814 Aug 12
1014
11
26
13
13
1212 1212 *123 1284 1214 1212 12
8
11
1114
12
900 Amer Hawaiian El B Co
10
8 Apr 18 13 Jan 10
5
814
104 22,
5
5
43
4 44
3
4
/ 4
1
4
/
1
4
1,600 Amer Hide & Leattier---No par
43
4 43
8 *458 5
4 47
4
43
612May 22
2 Mar 13
14
214
314 1011
3412 35
3412 35
3314 3358 333 34
4 343 3412 1,900
348
34
8
4
Preferred
100 17 Mar 13 3912 Aug 12
17
1784 424
3612 363
4 3612 3612 *3614 3688 3612 368
4 335 3618 5,500 Amer Home Products
4
4 363 363
8
1 z 2918 Apr 12 3714 Aug 12
248
4
2584 36111
278 3
278 3
234 27
8
234 3
8 3
•27
•27
8 3
2,000 American Ice
No par 238 July 24
47 Jan 17
8
28
3
3
10
*2418 2518 *247 2612 *247 2612 24 2418 5237 244 *234 2414
8
8
8
6% non-cum prof
400
10022 July 18 373 Feb 16
4
22
25 4 454
1
914
9
812 918
7 4 81
3
83
4 914
94 95 23,400 Amer Internal Corp
8
97
9
8
No Dar
978 Aug 22
44 Mar 18
412
414 11
*34 358
34 312 *312 418
4 44 •4
3 8 358 *33
5
20:
Am L France & Foamitepre110013 Mar 13
413
4
11
6 Jan 18
4
314 10
163 173
4
2 1614 1714 153 1614 16
4
163
4 1612 1714 1612 1634 7,200 American L000motive
No par
9 Mar 13 203 Jan 9
9
4
1412 38 1
5
52 8 527
8 52
7
5212 *49
51
5212 53
52
52
52
50
1,000
Preferred
100 82 Mar 19 58 July 30
32
3512 748
,
2412 2412 2314 245
8 2314 24
2312 237
8 5,000 Amer Mach & Fdry 0o-No par 1812 Mar 13 2458July 31
237 2438 2312 24
8
12
12+8 23 1
5
84 818
818 814
8
8
8
85
4,500 Amer Mach & Metals...
8
83
4 9
83
4 94
-No par
414 Apr 4
3
3
9 4 Apr 28
3
/ 101
1
4
,
*8
7 8 7 8 *738 812
813
5
5
83
8 812
812 85
812 83
4
8 2.800
voting trust Mfg
No par
412 Apr 4
Apr 26
3
412 10
91r
203 2114 214 2212 2112 2214 2218 2418 2314 2418 2318 24
4
16,800 Amer Metal Co Ltd
No par 1312 Mar 15 2418 Aug 21
127, 2751
137
2
*11412 120 *11412 120 1311218 118 3111312 118
114 114
114 114
400
6% cony preferred
100 72 Jan 2 114 Aug 12
91
63
83
*26
294 *277. 297 *27
2
2972 *28
297 *2812 297 *283 297
2
4
2
8
Amer News. N Y Corp__ No par s24 Jan 3 3012May 7
203
4
21
344
9
94
7
/ 92
1
4
3
7 2 8'3
3
7
814 94
7 126,200 Amer Power & ISitliS---'-No par
/
1
4
/
1
4
833 8
/
14 Mar 13
912 Aug 17
14
3
121
,
4634 473
4 41
4518 4114 44'i 43
385 4114 25,500
8
44
4112 44
26 preferred
No par 1018 Mar 13 4912 Aug 12
10
/
1
/
4
1
114 nil
39
3378 23,800
354 374 32
331 371 331 3614 345 36
49
/
4
8
/
4
/
4
$6 preferred
/ 261,
1
4
No pa
9
83 Mar 13 414 Aug 12
8
855
183 183
2
4 18
183
4 1714 18
7
7
4
173 1814 17 2 1812 17 2 1814 68,900 Am Rail & Stand Sisley
No par 1012 Mar 13 183 Aug 15
4
93
4
10
1751
*15114 ____ *15112 ____ *1514 ____ *15112 ___. *152 ___. •152 ____
Preferred
100 13412 Mar
152 8 Aug 9 10712 11112 18Th
5
2414 245
8 24
2538 2314 2413 2438 2514 245 25 8 2414 2514 54,900 American Rolling Mill
3
8
8
. 25 15 4 Mar Ig 253 Aug 19
121
8
8
1312 281
,
*8712 89
*87
90
8718 871 138714 9212 08718 9212 *87
9212
100 American Safety Razor __No par 66 Mar 14 953
4July 25
834
8
+151,
36
115 1218 1112 1218 11
4
111
1114 113
4 1112 1112 6,300 American Seating•1 o_.-No par
8
4 115 113
2
412 Mar 12 1218 Aug 17
218
7+
24
24
2312 24
2438 2412
231s 2311 2334 233
8
4 245 25
410 Amer Shipbuilding Co-No par 20 Mar 14 26 4 Jan 7
,
15
1758 30
4288 43
4212 4312 4218 43'2 4312 4413 435 4512 4412 4614 49,600
8
Amer Smelting & Refig___No par 3158 Apr 3 4718May 17
284
3014 511
139 139 *136 142 31135 140 *136 1394 +135 13918 •135 13912
400
Preferred
100 121 Feb 4 144 May 8
100
71
125
*10712 10912 *10712 10912 10912 1091 *108 1097 *108 110
110 110
2
200
2nd preferred 5% oum
100 103 Feb 14 1174 Aug 6
57
7114 1091
*713 74
4
*72
74
*72
74
7358 74
74
74 •73
*72
300 American Snuff
25 63 Jan 18 76 June 26
43
481
4 71
*138 140 *138 140 '
3138 140 *138 140 *138 140 13135 140
Preferred
100 125 Feb 20 143 July 1
106
1271
106
183 1913 1812 193
4
4 173 1858 1812 193
4
4 1912 2o1. 1812 2014 20,900 Amer Steel Foundrieo.---No vat 12 Mar 14 2014 Aug 23
1018
1018 261
103 103 *1003 103
8
10278 103
100 100
10212 105
103 103
200
Preferred
100 88 Feb 4 106 July 27
52
597
8 92
*3912 393
4 3912 394 38
3814 37
3612 365
8 1,900 American Stores
3712 363 37
4
No par 3312 Apr 4 43 Jan 9 11 3312
87
,
44
*55
5614 55
5614 54
547
4
547
2 2,400 Amer Sugar Refining
54
547
2 533 5414 54
100 5114 Aug 3 7012 Feb 16
72
45,
46
2
*1335 135
8
1347
8
13611.
/ 136 136
1
4
*13
312 1361 *134 1375 •135 4 137
3
8
300
Preferred
4 14012May 6 102
100 12612 J
1034 1291
3
264 26
/
1
/ 2512 263
1
4
4 254 24
2614 2612 6,900 Am Sumatra Tobacco--No vat' 1812 Jan 29 27 Aug 22
27
/
1
2614 2614
26
1
11
13, 24
8
14012 141, 13914 1405 1354 1393 137 13912 13912 140'2 138 139
2
/
1
22,500 Amer Telep & Teleg
511
100 987 Mar 18 142 Aug 13
2
987
8 1004 1251
98
98
98's 99
98
98
981 +98
9858 98
1,700 American Tobacco
9812 '98
25 7212 Apr 3 99 Aug 6
8312
6514 851
0014 100
100 10114 993 19014 100 100
4
4
4
10014 1005 1005 101
4,700
Common class B
25 74 4 Mar 21 10114 Aug 19
3
89
/
1
4
64
67
140 140 *1383 14
4 012 *1383 1401 *13812 13912 13812 1387 13712 13712
4
8
700
Preferred
100 1294 Jan 18 14052July 31 105
1074 13 1
0
*44 43
4
43
4 43
4
414 41
412 412
452
432 *412 43
4
500 :Am Type Founders
212 Mar 18
par
No
63 Jan 18
4
13
24
3
17
1612 17
17
16
1732 1712 18
990
1712 1814 1714 18
Preferred
100
9 Mar 15 19% Jan 18
734 281
7
1812 1914 16
18
15 2 1714
3
1612 173
4 1612 1814 1512 1612 111,700 Am Water Wks & Eleo---No par
718 Mar 13 1914 AUg 17
12% 27e
718
+8012 82
*7613 80
763 77
4
*7612 85
300
1s5 preferred
*764 85
No par 48 Mar 19 80 Aug 16
*77
85
48
54
80
814 8 8
5
8 8 814
,
814 83
78 8
7
4 4,700 American Woolen
9
8
818
8
43,
No par
171
9118May 21
Ale Mar 13
7
465 467
8
8 453 47
4
4412 453
4718 4758 6,600
48
4 453 46
46
4
Preferred
100 354 Mar 18 5112May 21
3512
36
831
3
4
3
4
3
4
34
3
4
8
4
3
4
vs
1
1
1
1
6,300 :Am Writing Paper
1
%Mar 29
13 Jan 10
4
52
1
414
*33
8 33 "
4
312 33
4
412 412 4,400
33
2 33
4
2 43
43
2
312 472
Preferred
4Mar 15
21
No par
612 Jan 18
/
1
4
2
2
/ 171
1
4
414 43
4
414
s
45
8 478
414 417
6,800 Amer Zino Lead & Smelt...100
412 47
8
43
4 47
538May 23
3 Mar 13
3
3+4
9
471 •45
*43
47
47
4813
471; 4712 49
*4714
47
47
600
Preferred
25 31 Mar 20 49 Aug 21
31
364 501
173 18
4
181 183
/
4
4 1814 1932 194 2018 195 2018 1914 20's 290,900 Anaconda Copper Mlning
8
50
8 Mar 13 204 Aug 21
10
8
171
*25
2614 26
27
26
2712 2632 271
26
*27
1,400 Anaconda Wire & Cable__No par 164 Apr
265 28
8
28 Aug 21
73.
IN 181
133 133
4
4 1312 137 *1314 133 *123 133
8
8 133 131
4
4
800 Anchor Cap
8
1212May 15 175 Jan 4
No par
8
/ 341
1
4
1212
13
•102 105 *102 105 *10114 105 *102 1043 10212 104
10312 10312
4
30
86.50 cony preferred
No par 100 July 6 109 Apr 26
80
Eia
106
714 71
712 8
712 814
P. 83.
812 811 1,700 Andes Copper Mining
814 812
10
34 Mar 21
83 Aug 22
4
34
/ 101
1
4
4
4972 497
4912 493 54814 4912 4912 5012 5014 50 4 497 501
4
3
3,500 Archer Daniel. MidI'd---No par 36 Jan 10 52 Aug 1
s
217
2
2614 39
*118 119 *118 119 *118 119
117 117
117 117
118 118
270
7% preferred
100 117 Aug 22 12214July 19 106
117
10
4
*106 106s *10412 1063 106 106 a106 106 *10512 10618 *10512 104318
300 Armour & Co (Del) pref.-100 97 Apr 3 108 Aug 15
64
7614 108
414 4
418 43
313
8
418 414
418 412 22,400 Armour of Illinois new
418
4
418
4
14
5
3 Apr 3
Ohs Jan 3
314
312
6
8 613 62
615 615
4
8
6112 613
62
62
621
4 6112 6112 62
2,300
$6 oonv prof
No par 5512May 1 708 Jan 10
s
461
/
4
6614 71 4
3197 114 *100 115 *100 115 *100 108 +100 110
102 102
100
Preferred
Inn 85 Jan 2 10612 Feb 4
3114
84
64
287 29s 2914 30 8 283 2918 29
8
3
4
295 3018 11,800 Armstrong Cork Co
8
2912 2912 30
No par 2538July 19 304 Aug 10 2 13
--- ..
137. 137
•
For footnotes see page 1230
New York Stock Record-Continued-Page 2
1232
-PER SHARE. NOT PER CENT
111011 AND LOW SALE PRICES
Saturday
Aug. 17
Monday
Aug. 19
Tuesday
Aug.20
Wednesday
Aug.21
Thursday
Aug. 22
Friday
Aug. 23
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Aug. 24 1935
Range Since dan. 1
Oa Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Rases for
July 31 Year 1934
1935
High
Low Low
$ per share 3 per 45 5 per 45376
Par $ per share
$ per share $ per share $ per share Shares
,
27
Pa
:
71 Aug 9
4
4 Mar 6
5
7 18 3,900 Arnold Constable Corp
7
8 714
67
8
4 67
63
4
4
73 Aug 14
1012
3
3 4 Mar 15
318
No par
4 714 *63
100 Artloom Corp
4 714 .63
4 714
*63
4 7018
633
6334
100 70 Apr 25 7018 Jan 22
Preferred
.
_
-.
_ *7014
*7014 _
*7014 _
714
8
714 1814
712 Mar 13 145 Aug 13
1
144 3,600 Associated Dry Goode
.
1312 134 1312 A-14 1414 390
46
8
44
100 807 Apr 3 104 Aug 21
6% lst preferred
300
104 104 *10212 105
103 104
644
36
36
100 48 Mar 12 8412 Aug 14
7% 26 preferred
86
"81
400
84
*80
84
84
294 4012
26
4
25 293 Feb 21 4012 Aug 7
10 Associated 011
*384 42
*3812 42
.3814 42
4514 734
4
353
4
8
8 503 5212 31,500 ttch Topeka & Santa Fe___ 1)0 353 Mar 28 5718July 29
8 5012 517
4
503 517
70,8 90
8
5314
100 665 Mar 28 91 June 26
Preferred
4 1,100
873
*87
88
88
88
*87
2412 5414
1913
100 1912 Apr 3 374 Jan 4
13,900 Atlantic Coast Line RR
4
8 253 2612 254 27
4
253 263
16
5
714 Aug 19
3
3 Mar 6
380 At (I & W I SS LInes____No par
8
8 77
8 *63
8 63
63
714 714
74 24
6
6 Mar 5 1012 Aug 17
100
Preferred
100
"912 11
4 *912 12
.912 103
4
2112 15,
2118
8
213 Mar 12 28 May 16
25
2318 233 17,900 Atlantic Refining
4
2338 24
4
233 24
354 5512
18
4
No par 323 Apr 3 4412May 16
40
4
8 403 4114 4112 4412 2,700 Atlas Powder
407
107
83
75
4
100 1063 Jan 2 114 Aug 23
Preferred
130
4
1133 114
*113 114 *11318 114
111 Apr 30 111 Apr 30 Ill
Pre( called
---- ---- ---- ---- ---- ---113 1814
4
3
7 4 Jan 8
4 Mar 13
No par
500 Atlas Tack Corp
4 714
*714 712
714 714 *63
8
8
1612 573
15
No par 15 Mar 18 365 Aug 21
35341 49.700 Auburn Automobile
8 3518 3612 3412
8
347 365
8
64 165
4
510.1ay 6 14 Jan 2
No par
4 818 1.200 Austin Nichols
8 14 *73
8
7
7
78 78
3512May 7 63 Jan 21 275
314 85
8
No pm
Prior A
*3712 42
20
*3712 42
45
*3712
/
5aS Jan 3
/ 108
33
3
3 Mar 13
Aviation Corp of Del (The)____5
_
- ---- -------- ---- ---- ---- ---- - -- -- - - - 414 Aug 23
4July 10
23
3
- 24
New
14
ais 1 16,865
18
8
57 1
44
8 37
8
4 37
33
8 44
37
8 418
37
16
111 -- 112
118 Feb 26
64 Jan 9
8 25,
23
8 212 14,900 Baldwin Loco Works-___No par
23
238 212
238
238
238
238
238 212
4
1614 643
4
712
712 Apr 3 263 Jan 21
100
Preferred
4,100
4
8 203 24
8
2012 1913 1912 197 2114 215* 223
1 2012 2012 20
4 341 2
123
712
711 /..1 ar 13 1714 Aug 17
100
4
4 153 1714 72,400 Baltimore ds Ohio
4 1614 163
1614 1614 163
4
8
4 165 1714 153 1714 15
374
15
918
918 Mar 13 2234 Aug 17
100
Preferred
3
2118 20 4 2214 10,700
8 21
4
4 203 213
2212 2018 203
4 2012
2214 223
861: 1024
86
100 WON Feb 21 1091: Aug 2
110 Bamberger (L) & Co pref
4
*1083
8
:
4
109 109 *1083 1091 *1087
4 __ 109 109
*1083
3512 464
291/
50 3618 Mar 12 4912 Aug 9
i-kl: 1,200 Bangor & Aroostook
4514 44 4312 :
: : 4713 471 *4514 46
*471 481
48
II 48 9518 115
9112
100 10614 Mar 18 115 May 8
Preferred
40
115 *114 11412 .114 11412
114
*114 115 .114 115 .114 115
012
214
314 Feb 25
612 Aug 9
214
No par
3
5 4 534 1,700 Barker Brothers
4
1 53
53
4
4 53
53
4
53
613 612
A
614 04
14
100 32 June 21 61 Aug 13
164 3812
63.4 % cony preferred
5812
"56
57
40
5714 5714 57
57
57
581
5812 *57
*57
2
57
8May 10
103
54 Mar
5
8 10
57
Barnsdall Corp
8
97 1014 1018 1012 49,500
3
9 8 1014
918 94
8 93
95
4
.
938 93
4594
23
23
No par 3718 Mar 24 5118 Aug 15
4612 4612 4731, 4,300 Bayuk Cigars Inc
4614 4612 4612 46
46
4618 48
4712 49
109 12
4
89
80
100 1073 Jan 11 115 May 16
1s8 preferred
10
8
4
1113 1114 *1103 112 '11034112 '11034112
8
8
.1103 112 *1103 112
834
1014 1934
25 1418 July 6 19 Mar I
Creamery
700 Beatrice
8
8 153 153
8
4
154 155* •1513 155* *153 155
8
8
155 153 *1513 16
100
55
55
:
100 1001 Jan 5 10818June 18
Preferred
4
8
1047 *__- 1044 .100 103 .100, 104
8
1047 .
8
3_ _ 1047 *
.
764
58
54
20 72 Feb 2 92 July 30
92
300 Beech-Nut Packing Co
*89
8
92
89 897
*89
90
90
92
*89
•11912 92
: 1514
87
4
7
Co__No par 1118 Mar 18 133 Aug 7
4 124 13
8
5.600 Belding Hemingway
8 125 123
1238 123
8
134 1312 13
135* 125* 127
85 Apr 28 11712 Mar 7
9518 127
4
833
200 Belgian Nat Rys part prat
8
*8512 8718 *853 875*
8
8618 8618 *8512 863 *8512 864 86 86
8
4
4 234
93
4
03
5 117 Mar 13 193 Aug 23
4
193 48,700 Bend's Aviation
8 18
8 1818 185
8 184 183
1718 183
19
1818 1812 18
121s 19,8
8July 5 3 12
8 1814 183
8 1814 183
1818 183
8 4,600 Beneficial Indus Loan____No par 1518 Mar 13 193
8 1818 1814
8 1814 183
8
183 183
40
26
21
No par 34 Jan 30 50 Aug 8
4713 4712 483 483
900 Best & Co
4 4914 4914 4812 49
4
484 49
.474 49
8
215
215* Mar 18 3912 Aug 23
24,s 494
4
8
4
8 3512 3712 3518 3614 363 3814 373 3918 373 394 108.400 Bethlehem Steel Corp__No par
363
36
3471 82
4
4438
4
100 553 Mar 18 1033 Aug 23
7% preferred
8 98 4 10212 102 1033 14,300
4
987
3
8 9312 9413 95
9312 947
4
*933 94
1111/ 10
/
148
560 Bigelow-Sant Carpet Inc__ No par 1414 Mar 19 2614 Jan 23
,
8 20 20 14 19 8 1918 1914 195*
2014 1918 197
8 20
2038 203
1614
6
958 Mar 14 14 Aug 22
6
No par
4
133 18.700 Blaw-Knox Co
13
134 1314 14
13
4 1212 13
133
134 134 13
26
17
8Juno 19 237 Aug 16
16
165
8
No par
30 Bloomingdale Brothere
8
:
,
4
*203 231 *215 2312 2314 23 4
23
2338 23
8
237 .23
*23
109
88
05
100 10314 Jan 22 112 June 19
Preferred
70
2 10812 *108 10812 10812 10812 *108 10812 *108 10812
•108 10812 1081
665*
28
28
100 2814 Mar 13 7212July 23
120 Blumenthal & Co prat
*6012 64
61
61
:
*601 63
:
*601 63
604 63
63
*62
4 1 114
63
518
618 Mar 18 145* Aug 23
5
8
4 1214 13
113
125* 1318 1238 145 46,800 Boeing Airplane Co
11
4
8 103 12
4
103 107
4
4412 683
5 3958July 10 594 Jan 8
4
333
8 4712 4812 4.200 Bohn Aluminum & Br
4614 4614 4612 4614 473
46
4618 4612 4512 4612
94
76
68
No par 90 Jan 31 100 July 18
600 Bon And clam A
98 98
98
98
4
073 98
98
98
98
98
98
*97
4July 17
45
No par 42 Aug 16 473
Class B
630
4 4412 45
4 4412 443
4214 4214 423
4 42
4
423 423
42 42
21's
4T4 -118
15 21 Mar 29 265*July 23
,
8 2512 25 8 12,900 Borden Co (The)
8 2512 257
8
255 257
:
264 251 2618 2512 26
26
1618 314
8July 31
1112
10 284 Jan 15 497
8
4 4712 4818 473 4812 10,100 Borg-Warner Corp
473
47
46
45
47
8 45
4712 477
74 Aug 13
514 1813
4
4
33
33 Mar 27
100
800 Boston & Maine
714
7
4 7
8 634 063
*63
63
.6
612 7
612 7
1
:
12June 6
112 Jan 9
3
8
7
500
112
112
112
138 1I2 112 112 *14 11 *118 1334 *14 141: *14 1438 26,200 :Botany Cons Mills class A___50 812 Apr 30 1412 Aug 22 812 -------No par
Bridgeport Brass Co
14
8
133
8
1314 133
4 13
8 1314 133
8
133 133
8
28
12
64
No put 2412 Feb 7 453 Aug 14
434 425 44 18 26,000 Brigge Manufacturing
8
4 43
8
8 427 433
4112 427,
8
8 417 4418
4414 447
2712
14
1012
No par 2318 Jan 17 45.4July 30
1,000 Briggs & Stratton
4258 43
4318 431 1
42
42
8
.403 42
3
4313 4312 *4238 43
37,2
28
25
5 30.4May 25 3612 Aug 7
5
Bristol-Myers Co
354 3512 354 3514 3514 3512 3513 3512 3512 3512 35 4 3514 2,000 Brooklyn & Queens Tr___No par
84
8
33
312 Jan 6
8
8
13
13 Apr 18
1,000
3
3
258 314
4
4 *214 23
8 23
8 25, •25
25
.214 25,
3114 5814
11
No par 14185lay 2 314 Jan 3
Preferri d
300
26
*23
24
2612 24
*24
24
24
24
*3314 2612 24
8
4
2814 447
4
253
No par 3618 Mar 15 463 Aug 10
: 8,900 Bklyn Manh Transit
8
447 451
4 4313 4418 434 441: 4313 45
4418 443
4
443 45
6914
834 97
No par 90 Jan 4 100 Aug 8
36 preferred series A
9912 9912 0912 09,
2 1,100
99
9912 99
,
8 99 8 995* 99
9912 997
8012
46
43
No par 43 Mar 18 7113 Aug 13
1,000 Brooklyn Union Gas
69
4 6918 6918 *68
693
*69
69
7012 7012 6912 694 68
61
4
45
41
No par 153 Mar 11 633 Aug 2
300 Brown Shoe Co
63
*62
63
63
63
63
63
*61
63 0611: 63
061
4
11814 125,
8July 24 1251/ Apr II 117
100 121,
Preferred
*12112 122 *1211: 122 *12112 122
*12112 122 *12112 122 *12112 122
104
4
8July 5
34
33
2
67 Jan 9
Bruns-Balke-Collender___No par
8 1,800
8 53
53
8
53
5
5
5
8 5
8 *47
53
5
*538 534
818May 23
414 Mat 14
34
10
Os
31 2
4 3.300 Bucyrus-Erie Co
64 63
4 68
63
4 64
63
8
612 63
8
8 67
67
4 7
*63
1414
6
818 Mar 15 15 May 23
6
5
Preferred
8 1318 1314 2.400
1314 1314 133
13
8
1312 123 13
13
13
13
76
5()
47
100 624 Mar 22 91 12July 16
7% preferred
220
86
86
86
*81
86
*85
86
86
88
086
88
.87
74
3
314 Mar 15
6 Aug 22
3
No par
8
8 57 47,100 Budd (E 0) Mfg
55
4 6
3
8
512 57
512
514
8
s 57
53
514 57,
44
10
100 23 Mar 14 48 Aug 22
16
7% Preferred
*4612 4815 4,100
4618 48
8 4412 46
4
433 4512 4212 437
4112 43
,1
53
21:Mar 21
2
618 Aug 19
2
No par
8
54 57 39,200 Budd Wheel
4 6
53
4 6
53
8
512 57
8 618
57
4 6
53
612
4May 13 1038 Aug 21
8
37
33
212
No par
914 1018 11,400 Bulova Watch
1014
8
97 104 10
Vs 94
4 814
73
4 81,
73
814 Mar 13 1938 Aug 12
418
No par
54 154
15,500 Bullard CO
8
8 1614 177
8 1712 183
4 1714 183
4 1714 173
4
4 173 183
14 July 9
184 183
244 Jan 25
0
14
14
400 Burns Bros class A ___..__No par
114
"1
1
1
4 1
*3
4 1
3
412
4 1
4
*3
38June 17
112 Jan 23
*4 1
No par
38
ClassA vt a
_ ___ __- - __-_ ---- ---- ---- ---- ---312
13 Feb 7
14 Mar 20
8
1
No par
1
Class It
400
1
"qx
8
7
4
3
h
5s
8
5
8
5
5
T2
; - -- 8
1512
16
3 Mar
97 Jan 23
4
100
8
3
7% preferred
630
,
,
52 52
8 512
7
5 8 *53
5
518
5
:
514 51
,
5 4 514
4
10,2 2194
1012
12,300 Burroughs Add Mach----No Par 1314 Mar 14 183 Aug 14
1712 18
4
8
4
4
3
1814 173 1812 1712 1818 177 184 173 1818
18
34 Jan 21
1 Apr 8
371
4
3
No par
600 tBush Term
4
8 2,
8 *17
17
14
218
2
4 3
*13
2
2
134
4
13
94
234
2
514 Apr 3 1012 Jan 22
100
Debenture
8
4 *614 77
3
4 •64 7 4 *618 73
83 *618 73
518 21
*618 81/ "018 7
418
100 10 Mar 28 2212 Jan 21
10 Bush Term HI go prat ctfs
4
8
4
8
4
8
4
*143 165 *143 163 *1412 1612 1614 1614 *143 165 *143 174 13,400 Butte Copper & Zino
23 Apr 26
14 Mar 12
5
4
2
1,
14
314
4
8 23
: 23
238 21
218 238
24
2
8 218
*17
4
43
14
8
3
38June 3
*14 2
134 Jan 3
No par
8 1,100 tButterick Co
7
8
7
5*
al
4
3
4
3
at
*12
4
84
S
1334 323
,
8
8
4
3
113 Mar 14 205 Jan 7
114
4
3
No par
Byers Co(AM)
20.200
19
8 18
8
4 183 193
8
8
8 163 1712 175 193
4
1712 163 183
17
Mar 14 603 Aug 21
674
40
100 32
4
32
Preferred
370
60
8
4
603 *573 60 .57
59
5812 57
8
5912 *543 59
*57
is
No par 3011 Aug 1 4212 Feb 18
1653
4133
34's 2,100 California Packing
4 34
4 3312 341 4 3414 3412 344 343
3412 3414 343
July
*34
1', Jan
53
4 9.800 Callahan
3
55
4
3
5*
8
5
52
52
4
14
: 6
2:
:
21
kt
8
12
14
211Nfar 13
3
,
53'4 Aug 21
52
Cop___25
Zino-Lead1
12
4
2 53 36,600 Calumet & Hecht Cons
5,
4
,
5 8 53
4
3
5 8 53
438 5
458
8
157
414
0
414 414
712Mar 13 2238 July 6
6
No par
3,400 Campbell W & 0 Fdy
21
4 2114 2113 201.4 2014 21
4
2114 2178 203 211
2134 22
124 295*
814 Aug 3 164 Jan 7
4
6
83
Canada Dry (linger Ale
1014 7,100
8 10
1018 104 1018 1012 1014 103
104 11
,
103 11
485* 564
44
100 50 Apr 9 54 Aug 19
20 Canada Southern
54
*53
54
*53
54
*53
54
54
54
54
*5212 54
8 184
107
8
938
93 Mar 18 124 Aug 9
25
8 1012 1114 53,800 Canadian Pacific
104 107
4
4 103 11
4
8 103 1118 1012 103
1114 113
2 3814
28,
2'214
No par 30 June 1 36 Jan 10
1,300 Cannon Mills
35
35
4
8 3412 3412 343 35
8
8 EPA
53
8
414
48 Mar 21
3418 3418 *334 3414 337 337
1
124 Aug 16
1,900 Capital AdmInis el A
12
12
12
12
12
1112 1112
8 1218 1212 11
:
8
127 127
26
10 321 Feb 25 4512 Aug 13
26.1 30
Preferred A
3 45
70
*441
8 444 444 *4412 45
85
74
4438 445* 4413 445
.4438 45
60
Carolina Clinch & Ohio Ry__100 8214 Feb 27 8714 Aug 14
92
*87
92
*8814 92 .87
92 ._ __ _ 92
*87
2
92,
92
70
*87
70
100 85 Mar 20 95 July 18
Stpd
30
4
943
4
943 .93
4
4
4
4
86%
4
4
, 943 943 *893 943 *893 943 .93
943
35
*93
4
4
35
100 453 Mar 18 733 Aug 23
I) Co
4
4 693 734 37,900 Case (J
654 6512 684 6818 713
64
8 6512 67
664 673
100 8312 Apr 81 112 Aug 22
564 03
2
567
Preferred certificates
110
112 112
112 112
*110 111
4
384
23
*110 115 *110 115 *110 1113
16
No par 3612 Jan 16 5512 Aug 1
4 6.200 Caterpillar Tra:tor
543
,
4
4
524 5112 5214 5112 5212 533 53 2 54
8 52
8
537 537
1718 417
1912 Apr 26 Ws Jan 7
No par
174
4
4 273 294 35.900 Celanese Corp of Am
283
8 28
4 2812 293
54
8 2712 283
118
118
2918 3012 2812 303
8May 21
2
17 Apr 3 • 47
No par
7
34 3 8 1,400 teelotaz Corp
8
4 37
33
8
1
4 37
33
7,
8
34 33
4
4
43
4 33
33
4
114 Mar 8
4 33
33
4May 21
No par
Certlficates
-- - ---82* 224
4June 13
100 1114 Mar 20 333
--- - -- - - -- -- -- - - - -- - - - -- -- - - ---- -304 -304 -31- --- 212
Preferred
140
31
4
4 303 31
303
3078 *29
8
307 *29
184 324
.30
184
2214 Feb 13 29
4 1,200 Central Aguirre Asso.--No par 34 Mar 18 6212 May 8
4
253 253
2 534 26
26
92
53
4
*2614 263 *2614 2612 2538 2614 26
34
100
Aug 17
of New Jersey
1,500 Central RR
60
57
60
*57
58
58
58
8
6112 56
54 121
: 58
621
8
123 Jan 16
:
51
618July 3
61
500 Century Ribbon Mills___No par
*712 8
3
712 7 4 *712 812 0718 8
11012
4
3
7 4 73
82
8
8
75
100 9614 Mar 14 10911 Jan 2
Preferred
102
*99
"99 102
*99 102
*99 102
*99 102
*100 102
2
304 44,
4
Jan 15 633 Apr 25
234
4
4
553 573 29,000 Cerro de Pasco Copper___No par 384 Mar 13
57
4
5314 5412 543 554 55
4
73
8 5312 56
65 Jan 7
314
358
4
543 553
8
258
8 2.500 Certaln-Teed Products___No par
4 57
53
6
6
4 *53* 531
4
512 53
4 6
53
6
6
17'1 35
1058
100 23 Mar 12 493 July 29
7% preferred
400
4812 4612 48
8 48
487
48
48
4 47
493
MS
412
4 48
4
483 483
8
65 Jan 7
8
2
43
43 Mar 27
5
100 Checker Cab
8
*7
8
7
612 61: *612 7 8 *7
8
487
34
*612 8
291:
8 8
*63
4
No par 36 Mar 12 473 Aug 15
4514 1,300 Chesapeake Corp
: 4418 4418 444 4412 45
4712 4512 4512 434 431
*46
374
3911 484
25 3718 Mar 12 4714 Aug 13
5 46
4
463 11,700 Chesapeake & Ohlo
46
4
4 453 4612 45
8
7
118
8
8
465 465 .4518 4612 447 453
213 Jan 12
1
1 Apr 28
100
III RI Co
100 :Chic & East
8
17
8 *1
17
112 11: *1
2
: *1
78
78June 3
8
252 Jan 8
Ps
*4 23* *112 21
100
6% preferred
200
8
8 23
8 .15
8 23
8 *15
: 23
24 *112 238 *11
2
21 4
*2
58 Feb 28
214 Jan 7
8
5
54
112
10
8 1,600 Chicago Great Western
13
138
8 138
13
8
8 13
13
313 117
8
13
114
8
112 15*
8
15
112 112
412 Jan 4
8
15 Feb 28
100
Preferred
400
35* 34 *312 4
314 34
*312 33
2 Apr 13
4 *313 331
4
4
1
7
4
13
1 Mar 30
,
/Chic Ind & Louis / pref__ _100
12 23
4
23
4 *Ill
4 *1
4 *113 23
4 *II: 23
4 *112 23
•112 23
4 111
83
4
5 1918June 7 3414 Aug 17 9 83
Chicago Mall Order Co
8
8
8 323 323 11,400
8 3214 327
327
8 32
8 3112 323
84
2
3414 3114 337
14
3 Jan 3
34
8 14 4 200 :Chic Milw tit P & Pao_ __No pa . '4Mar29
13
4
112 13
4
112 13
8
: 134
31
34
112 15
4
8 13
15
4
4
43 Jan 4
112 13
4 Mar 29
100
Preferred
24 212 5,300
4 234
23
4
25* 23
8 252
23
8
312 16
: 27
21
8
13
13,June28
54 Jan 7
25* 3
100
Western
8 278 7.200 Chicago & North
27
8
24 27
8 3
27
8
4 27
4 28
23
53
8 318
27
34
8
105 Jan 8
318
3
358July 1
100
Preferred
3
8 7 4 1,600
75
4
35,
2 794 *714 79
7,
s
73
94
7
3
34
4July 25
93
74 7 4
814
8
8
45 Mar 14
2,500 Chicago Pileumat Tool ___No par
4 9
83
84 918
8
878 87
8
818 83
4
4 914
1414 283
83
1414
4
4 83
83
par 20 Mar 13 4414 July 11
No
Cony preferred
4112 1,800
8 41
417
41
41
41
614
8
138
:
401 4114 387 40
4
3
42
8
25 Jan 9
34July 9
41
909 /Chicago Rock 181 & Pacific_100
4
13
4
13
4
4 *14 13
4 13
13
4
: 13
958
8
23
4 *11
8 13
14
41/ Jan 9
13
8
15 Mar 30
112 112
100
312 .318 312 1,3001 7% preferred
3
3
3
3
8
3
8
2
8 35
33
114
*31, 358
4 Jan 10
1 14July 22
100
4 1,800, 6% preferred
4 *24 23
212 23
4
8 23
23
134 2
8
918 216
914 July 19 12 Aug 1
8 23
918
25
,
*21: 23
No par
I Chicago Yellow Cab
8
8
8
: 147 *1012 147 *1012 144 •1012 147
8
8
147 *1012 147 *101
*8
$ per share $ per share 3 per share
64 64
714
7
,
718 7 4
4
4 73
*63
7
7
712
*7
__ *7014 _ - *7014
*7014
- 4 134 -- 1314
1418 1318 133
1418 -*10118 103 *101 103 *101 103
80 80
84
*80
84
*80
39
39
42
*39
42
*39
5112
5114 534 .50
8
533 54
8
884 8712 877
8814 8814 88
8
2514 2712 2418 257
8
273 28
714 714
714 714
7
7
11
*10
1012 1012 *94 11
0
8 2418 2434 2333 24
2412 247
40
4
4
393 393 *3914 401s 40
113 113
11212 113
*112 113
---- ---- ---- ---- ---- ---7
7
74 738
.74 712
354
8 33
4
4 323 363
3212 333
814 814
814 81
7
7 8 818
42 42
*4012 45 , *4114 43
For loO,,,nlrr see owe 1230.
Volume 141
New York Stock Record-Continued-Page 3
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug. 17
Monday
Aug. 19
i
Tuesday
Aug.20
Wednesday I Thursday
Aug.21
Aug. 22
1
Friday
Aug. 23
Sales
for
the
Week
$ per share 5 per share $ per share g per share' s per share $ per share Shares
2813 29
29
30
29
2913 284 2912 2912 30
2918 293
8 8,600
*5
43
8 518
513
434 612
47
8 54
514 53
4
5 4 512 5,800
,
225 24
22
8
22
23
23
233 243
4
4 243 25
4
2413 2412
690
614 583 6138 5712 585
8
61
8 5878 603
4 593 607
8
8 59
6114 125,700
187 187
8
8 1812 19
183 19
4
19
19
1878 187
8 184 183
4 1,800
8812 89
88
89
87
88
8712 877 x8713 8712 87
8
8713
410
*414 458
413 41
*4
413 *4
418 418 *44 414
412
200
4
163 1714 163 173
4
8 1612 165
8 164 1714 17
17
*16
164 3,600
313 3218 2958 3114 *3014 32
4
31
31
3238 32
32
3212 3,200
*84 --__ *84 ---- *7513 ____ *8414 ____ *84 ____ *84
____
___
---_
_ *48
__ *48
_ *48
_ ___
*48*2212 23
2314 231
24 21 *2212 2414 *2213 2412 *2212 21
500
11018 11018 110 1107 *11012 115 *11012 115 *112 115 *112 115
8
60
23312 23313 233 233 *23314 2347 23478 23712 24014 245
8
244 244
9,400
*58
5638 •56
563 *56
8
564 56
56
*56
8 56
563
.56
500
*435
*435 - _ *435 .
_ *435
*435
18:4 187- 1814 1812 *435-- 8 183 - 7
183 -4 19
8
183 185
8
8 11 g 1818 -- 8 12,000
183
104 104
*1033 104
4
104 104
104 104
1035 104 *1035 104
8
8
600
27
2718 2618 2714 2512 2614 265 285
8 28
283
4 2713 2858 25,500
8
097 100
8
x9912 9912 9912 993
4 984 987 *9718 99
*97
8
99
200
*8
913 *8
912 *8
913 3
8
912
8
93*
8
20
*8
214
238
214 278
238 258
258 27
8
23
4 23
4,300
4
25
2
212
15
16
1614 1612 153 153
4
4 16
1638 154 163
1612 16
8
660
18
*17
18
2012 *16
19
*16
2013 *16
2012 *16
30
2
013
*15
*15
17
1712 *15
16
*15
15
15
17
15
15
200
*1012 1313 12
12
*1014 144 *9
143 *1012 ' 143
4
4 1212 1212
20
8912 8913 8814 893
4 87
89
88 88
8914 893
2,800
4 89
90
75
76
73
75
7114 73
697 7212 65
8
6614 6812 7,700
69
125 14
8
113 1312 1138 1338 125 134 1218 1313 11
4
8
1238 303,400
86 8612 83
8512 *79
827
8 8213 8212 8212 8212 *7612 82
1,100
89
69
71
71
70
7013 71
74
71
74
*72
230
*68
5118 5014 504 493 5018 493 50
51
4
4
4912 5018 485 493 11.100
8
8
STOCKS
NEW YORK STOCK
EXCHANGE
par
Chickasha Cotton 011
10
Childs Cc
No par
Chile Copper Co
25
Chrysler Corn
5
City Ice & Fuel
No par
Preferred
100
City Stores new
5
Clark Equipment
Vo par
Cleve Graphite Bronze Co(The) 1
Cleveland 5 Pittaivirgh... _ _50
Spec grt 4% betterment elk 50
'
.
Cluett Peabody & 4..:0
No par
Preferred
100
Coca-Cola Co (The)
No par
Class A
No par
Coca Cola Internal C,orp_No par
Colgate-Palmolive-Peet_ No par
6% preferred
100
Collins & Alkman
No par
Preferred
100
Colonial Beacon 011
No per
IColorado Fuel & Iron
No par
Preferred
100
Colorado & Southern
100
4% lot preferred
100
4% 2d preferred
100
Columbian Carbon v t a __Nv par
C,olumb Pict Corp vs o___No par
Columbia Gas & Eleo____No pa
Preferred series A
100
5% preferred
100
Commercial Credit
10
7% 1*1 preferred
25
Class A
50
Preferred B
25
8 ti% first preferred
100
117 117 *11512 117
1163 1163 *11512 116
4
4
1153 11613 *114 1153
4
8
400
.
554% preferred
_ _ __ _
Clam A stock receipts
704 7112 685 - 12 0813 - 14
8 70
00
9,400 Comm Invest True%
- - -12 6914 69
70
No par
0112 11412 113 113 *1123 11312 *1123 11413 1123 1123 *113 11413
4
4
4
200
4
C0n* Preferred
No par
1017 102
8
100 10112 100 1003 1004 1007 1003 10114 101 10118 7,000
8
54.25 cony pf ser of 1935 No par
8
4
1918 19,2 194 2052 1912 20
194 2014
8 1912 1978 44,800 Commercial Solveute____No par
193 203
4
25
8 23
4
23
8 22
4
214 212
4
213. 23
2
23
8 212
2 14 150,800 Commonwith & Sou
No par
6213 6212 60
63
5612 GO
5912 594 6014 61
56
59
$8 preferred series
6,300
No par
*712 9
*712 9
*712 9
*712 9
*712 9
*712 9
Conde Nast Pub.. Ine_No par:
3678 3712 3614 3718 3614 3613 3612 371
3712 373 37:4 5.600 Congoleum-Nairn 1nc__No par
8
4 37
1413 1514 1413 1412 *1412 15
1412 1412 14
*1412 15
14
1,300 Congress Cigar
No par
42
4212 42
42
42
43
43
4413 433 4414 4312 4412
520 Connecticut Ry & Lighting_100
4
*55
56
56
56
*55
56
*54
Preferred
10
573*
5613 *55
100
57
*55
813 83
4
813 83
4
814 814
812 812
8
812 87
812 812 1,700 Consolidated Cigar
No par
*6412 69
*6414 69
*6414 69
*6414 68
*6414 68
*6414 68
Preferred
.,_100
77
77
77
77
77
77
7638 77
280
77
77
77
77
Prior preferred
100
*77 110
*75
. *75 110
*75
*75 110
79
79
Prior pre ex-warranta__100
*75
412 47
8
43 _- 4 5
43
8 43
4 *413 43
414 414 2,300 Congo' FlIna Indus
4 *44 438
I
1714 175
8 17
1718 167 1718
3
8 1612 17
167 173
3,300
8
8
8 167 167
Preferred
No par
333 3418 313 327
4
4
8 3012 314 31
31
317 112,200 Consolidated Gas Co
327
8
8 3114 33
No par
10112 10112 1004 101
1003 101
4
8
101 1013 1015 1015 101 10112 3,300
8
4
Preferred
No par
358 33
4
33
4 41
312 33
4
4
4
414
37
8 34 4,300 Consol Laundries corv_No par
4
95
8 93
4
9
'2
97
912 912
914 93*
4
9,
4 95
914 93 65,500 Consol Oil Corp
8
No par
*1097 110
1097 1097u 110 110 *110 1103 *110 1103 all° 110
8
8
300
8
8
8% preferred
100
*37
8 418 *378 41
337
8 414 *4
414
200 Consol RR of Cuba pref
38 4
7
*37
s 410
100
4
7
1
1
34
7
3
4
7
7
8
8 4,800 Consolidated Textile
3
4
34
7
8
No par
104 105
8 105 1114 103 1114 113 117
8
4
8
1114 115 28,000 Container Corp class A
8
8 114 12
20
35
8 352
35
8 414
4
414
37
8 414 19,900
44 412
414 412
Class B
No par
94 914
812 O'g
818 813
84 812 4,800 Continental Bak clan A No par
838 83
4 *818 812
114 13
8
114 13
8
118
114 9,500
114
13
8
14
114
13
8
Class B
114
No par
*65
6712 *64
67
*6312 657 *633 657
8
400
4
8 6512 6512 *6314 6512
Preferred
100
84
8412 8312 84
834 835
85
8 833 8412 843 86
84
6,100Continental Can Inc
4
4
'20
115 113
8
4 1114 115 *1138 117
8
8 1212 124 6,000 Cont'l Diamond Fibre
8 113 12
4
113 125
4
6
042
4214 403 42
4
40
40
40
4014 4014 4014 3912 3912 2,500 Continental Insurance
2.50
114
118
114
118
118
114
114
114
118 414
13 10,600 Continental Motors
118
8
No par
22
2218 214 22's 21
214 213 213
215 2214 19,900 Continental 011 of Del
8
8
8
4 215 22
5
60
6058 60
6034 5912 604 594 60
60:3
8 1,880 Corn Exchange Bank Trust Co 20
60
5914 60
673 6712 674 677
8
8 67
68
6814 6714 6734 6714 6814 6,300 Corn Products Refining
67
26
*158 161 *158 160 *14714 158 *148 158 *148 158 *148 158
Preferred
100
518 53
8
5
53
8
434 518
5
512
54 53 11,400 Coty Inc
53
8
5
8
No par
37, 37,
2
2 3712 3712 3712 3712 375 38
8
3712 374 3712 3712 5,100 Cream of Wheal cite
No par
8 143 1518 144 1412 144 1412 •14
145 147
8
4
14
143
8 14
3,900 Crosley Radio Corp
No par
3414 3414
333 333
4
4 3212 3278 *325 3314 33
*33
33
3314
500 Crown Cork & Seal
8
No par
*4514 4612 *4514 4613 *454 4612 *4514 4012 4612 463 *46
8
4718
200
$2.70 preferred
No par
*8918 907 *873 8912 *86
8
4
89
*865 8914 8912 8913 *8812 92
8
10 Crown W'mette Pap 1st p1No par
414 414
412 45
8
412 412
412 45
8 2,700 Crown Zellerbaak vs o
8
458 47
458 45
8
No par
2412 2458 2478 257
8 2412 2514 253 267
25
264 10,900 Crucible Steel of Amerloa____100
8
8 2614 27
7513 7512 74
78
*75
80
78
78
80
78
80
*75
2,200
Preferred
100
13
8 13
8
13
2 139
14 14 *118
114 *114
13
114
8
13
8
600 Cuba Co (The)
No par
*7
8
*7
77
8 *7
84 *7
10 Cuba RR 8% pref
712
713 713 *7_-'" 8
100
63
8 61
614 614
614 612
634
8 3,700 Cuban •American Bugs,/
63
8 65
612 64
10
*7118 727
8 69
69
69
71
7113 72
713
713 72
4
4
230
72
Preferred
100
*417 42
8
4112 417
8 4118 413
413
8 414 42
8
8 413 4138 *41
1,100 Cudahy Packing
50
197 197
8
8 1914 197
8 1914 1912 *1914 193
4
3,100 Curtis Pub Co (The)
8 183 19
8 1914 193
No par
1013 105
1047 1047 10414 10412 10412 10412 104 1047 *104 105
4
2
8
1,300
8
Preferred
No par
23
8 213
238 23
8
23
8 25
8
25
8 234
25
8 27 43,800 Curtiss-Wright
4
25
8
8 23
1
712 71
712 818
758 8
74 812 35,000
77
8 814
74 84
Class A.
1
*88 100
*88 100
*88
*8114 94
*8114 90
95
80 Cushman's Sons 7% pref __100
88
88
70
70
70
70
*65
70
72
70
40
x70
70
70
*69
8% preferred
No par
263 2712 263 273
4
4
4 2614 263
2812 6.100 Cutler-Hammer Inc
4 2714 283
4 2838 2834 *28
No par
.67
8 7
63
4 63
4 *612 7
300 Davega Stores Corp
.612 712 *63
8 74
2 *67
4 7,
5
384 393* 374 387
8 36
373 40
8
4
367
8 364 3812 373 39
19,300 Deere & Co
No par
27
27
27
273
4 263 27
4
27
8 2714 2712 27
3.200
263 273
4
Preferred
20
3914 403
8 3612 39
3734 373 39
3513 363
8
17.500 Delaware & Hudson
4 363 3713 37
4
100
17
173
8 1618 173
2 154 1614 157 165
1612 157 l710 18,900 Delaware Lack A Weetern___50
8
8 18
8
314 314
312 3 3
,
314 314
800 Deny .5 Rio Or West pref_100
33
2 312
34 37
312 312
93
934 923 9314 *9212 93'2 93 93
4
95
9312 9411 94
2,000 Detroit Edison
100
*312 5 4 *312 412 *313 41
,
312 412
*312 412 *312 412
Detroit & Mackinac fly Co 100
*713
_
4.313
4713
*34
_
*312
5% non-cum preferred
100
*3912 414 *3913 - 113 *3812 - 1383 - 3
8 3 4
71 38 28
700 Devoe & Raynolde A____No par
4
0
3812 383
*119 12012 *119 12013 *120 12012 12012 12012 *118 12012 *118 12012
10
1st preferred
100
383* 3813 3812 373 3812 *38
3134
4 1,100 Diamond Match
3614 363
4
37
4 36
383
No par
*3913 40
*3912 40
3912 394 *3918 40
4
*3812 393 *383 393
4
4
700
Participating preferred
25
37
373* 364 3718 363 37
4
5,300 Dome Mine, Ltd
363 363
8
4 364 3612 3612 38
No par
87
8 84
83
4 84
812 812 1,400 Dominion Stores Ltd.. -NO Dar
*812 84
83
8 9
8 9
.85
2918 2912 2914 3114 30
8 3014 3212 82,300 Douglas Aircraft Co Inc No par
8 3014 315
3113 3012 317
2212 23
23
233
4 2234 2318 *2212 233 *22
2313 *2112 23
1,700 Dresser(SRI Migoonv A No Par
4
10
1114 103 1113 11
8
11
11
*1012 11
6,000
1112 107 11
8
Convertible class B
No par
5,4
3
8
•18
3
8
.14
Duluth S S& Atlantic
3
,
8
s
*,
8
"
5
14
8
*3
8
3
8
100
Cl, 114
•12
3
4
*12
3
4
*12 114
100
11
12
*12
12
Preferred
100
4
4
4
4
32
4 32
8 *A 4
1,100 Dunhill International
33
4 34
3
4 4
1
316
177 *16
8
17
*15
1612
1612 *15
1612 *15
161 *15
Duplan Silk
No par
*10912 112
112 112
112 113 *112 113 *112 113 *112 113
40
Preferred
100
11212 113
111 11414 11013 114
8
4
114 1143 1133 1157 115 11714 17,800 DuPont deNemours(E.I.)&03.20
4
12713 12712 *1267 129
8
127 127
400
12712 12712 *12712 129 *12713 129
8% non-voting dela
100
*11414 115 *11414 115
11414 11414 11414 11414 *1143 115 .11438 115
8
30 Duquesne Light lst pref-.100
*1212 - -- *1212 _ _ __ _ ___ Durham Hosiery Mills pref _100
*13 - _ .1212 _ _ 512 - -- .12
65
8
8 --618 - 57
53
4 -578
63,
613 2
712
-- 2 12,900 Eastern Rolling Mills
73
7
7
14
5
*14612 14713 145 14812 14512 1463 147 147
147 14918 149 14912 2,500 Eastman Kodak (N J)___No par
4
15412 155 *15412 155
*15413 155
4155
90
15412 15412 *152 155 *1493
6% cum preferred
100
227 23
8
225 2312 2218 223
8
2314 23
234 12,900 Eaton Mfg Co
8
4 227 2278 23
No par
614 614
613 612
3614
613 61
612.
614 614
612 613
700 Eltingon Schild
No par
264 263
4 253 27
4
2552 271
2434 2512 25
2612 2814 48,400 Elec Auto-Lite (The)
26
6
11012 11012 11012 11012 *11014 11010 •11014 11012 11014 11014 *11014 11012
80
Preferred
100
738 73
4
714 758
7i4
77
8
8
74 834
8
818 85
858 34,100 Electric Boat
3
13 612
612 613
6
63
8 612
618 612
6 2 618
,
614 612 8,800 Elec & Mus Inv Am shares
74 712
614 7 8
3
612 714
518 614 105,900 Electric Power & Light __No par
54 67
8
612 7
31
32
28
303
4 2634 2834 2612 274 2658 291.
24
2541 38,000
37 preferred
'Jo pa,
2714 28
2512 2718 2412 2513 243 251
23 I 1..900
2312 257
te preferred
8 21
4
._ 'Jr en.
.
For footnote. ,e. nag, 1230
,
a d-,,,,, 6914
1233
July
1
1933 to Range for
July 31 Year 1934
1935 -Low Low
Lowest
Highest
High
----$ per share
$ per share $ Per Eh $ Per share
2512 Mar 12 30 Aug 19
15
1914 304
313 Mar 15
74 Jan 7
33*
34
1153
9 Feb 23 25 Aug 22
9
104 173
2
31 Mar 12 6234 Aug 10
2814
2914 603
3
4Nlay 20
16 July 31 243
1412
1714 3433
87 Jan 10 100 May 3
63 2
,
67 9212
21,
4
314 Apr 30
5 Apr 16
314
1214May 15 1814July 31
(Ps
83
4 3154
4July 27
2758July 3 353
2 8
75
70
80 Mar 26 85 July 20
60
13 7848 June 25 48 June 25
38
31
45'
247
20 July 27 2813 Jan 7
2 45
20
110 Aug 19 126 May 20
90
95
115
1617 Jan 2 245 Aug 22
85
8
9514 181 ,
1
534 Apr 20 573 Mar 8
8
4512
5018 57
200
314
314
1518June I
1919 Aug 15
9
932 1812
66
101 Jan 3 10.512 Mar 15
684 10213
10
9 Mar 13 2834 Aug 22
9
281
,
693 Mar 13 10112July 17
693
4
4
74
94
4
814 Aug 12
63 Jan 10
5
5
9
12 Mar 13
512 Jan 21
4
352
83
4
1012 32
5 Mar 14 2812 Jan 21
5
101 Feb 28 21 Aug 13
4
164 403
103
4
3
7
3314
13
7 Feb 28 1712July 19
8
65 Mar 9 135 Aug 1
8
853
II
30
45
67 Jan 15 94 July 23
58
7714
21 13 414
3414 Jan 16 81 July 8
174
332 Mar13 14 Aug 17
33
8
61
4 194
3513 Mar 13 8612 Aug 14
3512
52
7884
31 Mar 15 71 Aug 191 31
41
71
8
3913 Jan 2 533 Aug 10
114
185
8 404
22
234 3018
29 Jan 5 3212May 14
4May 13
38
32
5212 Jan 7 593
53
24
2912 Jan 3 33 Jan 25
23
301
,
85
3
109 000e 13 11814NIay 13
9112 110
112 June 27 11912 Aug 10 112
5738Nlay 2 60 hlay 22
573s
-5614 Feb 7 72 Aug 15 . 221
3 , 3i11- 61
4
Ill Mar 13 1154 Jan 29
91
844
114
977
8July 29 1023 Aug 15
8
9772
_-_- 175 Mar 13 234 Jan 7
8
1684
16
34 363
4
3 Mar 6
4
24 Aug 14
3
4
1
33
4
294 Jan 4 6514 Aug 12
214 524
173
8
578 Mar 18
10 May 17
5
5
134
27 Mar 15 377 Aug 5
8
22
1612
352
2
9 Feb 7 1514 Aug 17
74
,
73* 14,
233 Mar 1 49 July 19
4
2334
32
61
Apr 2 56 July 24
41
41
55
58
7 Mar 14
1012 Jan 9
514
514 134
82 Mar 28 74 Jan 24
3014
31
75
71 Apr 2 82 Feb 28
4514
453* 7471
73 Nf ar 28 80 Mar 6
4514
49
711
312May 31
74 Jan 16
152
152
614
1414Nfay 31
2212 Feb lb
74
104 203
2
1572 Feb 20 3412 Aug 11
157
8
1812 474
7218 Feb 23 1013 Aug 21 271
4
ill
95
112 Mar 12
44 Aug 12
112
113
43
8
612 Mar 13 1012May 17
612
714 1414
10812 Feb 5 112 Jan 28 103
108
1124
5 May 14
213 Jan 26
24
24
84
1,
4 Aug 10
112 Jan 5
la
218
4June 5 135 Jan 10
83
8
44
818
1334
2 8June 10
7
2
54 Jan 9
24
/
1
582
4
412 Mar 13
93 Aug 14
412
514 144
58
5 Apr 1
8
Ps Aug 17
7
2
23
2
4814 Jan 28 673 Aug91 444
4
4414 64
562, 8412
623 Jan 15 91's July 22
37
4
8
7 Jan 15 125 Aug 22
8
6
114
284 Nfar13 423 Aug 14
4
20
333
2 3614
3 Jan 2
4
14 Jan 8
3
4
3
4
41
/
4
1518 Mar 14 23 May 23
1214
153
4 224
413 Mar 11 603 Aug 19
4
4
4012
40'1 S1
Feb 6 7858 July 10
82
5512
5513 8414
149 Jan 2 165 May 23 133
135
15012
412 Mar 13
34
314
67 Jan 3
2
9.'4
357 Jan 15 397 Mar 4
8
8
23
28
3814
1212 Jan 15 163
4May 14
7
1712
8
2312 Mar 14 38 July 10
1834
183
4 3614
4312 Jan 4 474 Apr 20
354 44,
32
4
7413 Mar 13 8912 Aug 22 "40
47
34
Mar 18
313
352
314
53 Jan 10
652
2
17
14
14 Slur 15 27 Aug 22
3833
4713 Apr 12 80 Aug 23
44
30
71
3i,,
z,
i
1 Jan 28
15 Feb 19
8
34
5 Jan
10 May 15
314 101
,
3
812May 13
518July 22
34
213
U's
4013 Jan 3 8034May 13
1413
204 65
40 May 3 4712 Jan 2
354
37
524
15 Mar 15 2278 Jan 8
1313 293*
1312
8912 Mar 14 10514June 13
4313 053
3812
4
2
3 Jan 2
218
2 Mar 12
614
64 Mar 15 1012 Jan 2
33
4
514 12'a
7514 91
73 Mar 23 88 Aug 21, 73
644 90
61 June 8 72 July 271 61
4
912
11
16 Mar 13 '283 Aug 21
211
,
8 June 7
84 Feb 14
512
814
6
2234 Mar 18 40 Aug 23
1018
1018 344
19 Jan 15 274 Aug 19
1014
1014 1914
35
234 Mar 26 4313 Jan 7
2312
731
,
11
14
11 Mar 13 194 Jan 7
334
44 Jan 8
1 12 Feb 27
14
33
4 1314
534 84
65 Mar 13 , 95 Aug 23
55
2 Aug 12
4
6 Jan 17
5
23
7
1814
1(1
6 June 28 1212Nlay 1
113
3553July 15 503 Jan 2
29
20
5514
2
11412 Mar 8 12012July 8
99
8912
117
21
264 Jan 2 74034 Aug 14
21
284
8
343 Jan 7 4112Nlay 3
2752
2814 3413
3418 Jan 15 4312May 17
25
4814
32
4Nlay 29 123 Jan 28
23
8
63
64
11
1713 Mar 12 3212 Aug 23
1414 284
1118
4
1313 Mar 15 233 Aug 19
8
814
20
838 Mar 18 1112 Aug 19
117
8
5
3',
14
14.1une 13
58
12 AUg 7
153
14
14June 21
12
218
34 Aug 6
2 June 6
2
5)8 Jan 18
114
3
4May 21
123
19 Aug 6
13
124
234
103 Mar 20 113 Aug 20
92
11012
92
863 Mar 18 11714 Aug 23 41 5978
2
103
100
8
1287 Feb 8 131 Al" 2
128
10414
115
104 Feb 18 115 Aug 5
55
1074
90
1712May 16 23 Mar 6
13
3013
21
8 Jan 7
33 Mar 13
4
44 12
313
11012 Jan 16 152 July 9
654
116
79
141 Jan 4 164 July 26 120
120
147
8
165 Jan 15 234 Aug 23
10
1218 22
314 Mar 27
73 Jan 4
4
314
5
19
1938June I
29 Jan 3
113
8
15
31
107 Jan 23 112 Al,. 26
75
110
80
3 Mar 15
72
83 Aug 21
7
4
3
.3
53
4July 2
84 Feb la 44 212
9
IN
214
9
118 Mar 15
14
712 Aug 17
3 Mar 13 32 Aug 17
85
8
21
3
212 mar 13 28 Aug 17
10
A
213
/tang/ Since Jan. 1
Os Basis of 100-share Lots
1234
New York Stock Record-Continued-Page 4
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Aug. 17
Monday
Aug. 19
Tuesday
Aug.20
Wednesday
Aug.21
Thursday
Aug.22
Friday
Aug.23
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Rave Since Jars. 1
Os Basis of 100-s88re Lois
Lowest
-
3214 33
[109 109
-
327 10,600 Glidden Co (The)
8
8 32
8 303 3112 3114 324 3212 327
4
313 325
4
Prior preferred
170
10814 10814
108 108
108 108
109 10914 10814 109
NO Dar
100
5
i:, i
4 i
2-1 - 8
/ 1
4
5; - 8 ii;iiio :Ciotei (Adolf)
8
23 i3
2 4 27
3
8
21/4
No Dar
4 1614 1612 7,400 Gold Duet Corp VI e
8
8 164 163
4 163 168
167 1718 1612 1718 1618 165
2
No par
$6 cony preferred
*116 119 *115 120 *115 119 *115 119 *115 119 *115 119
No par
87
8 918 9,500 Goodrich Co(BF)
9
9 18
914 912
9
938
858 9
833 913
100
Preferred
2,300
8 5412 55
54
54 14 545
52
52
53 53
5214 5318 52
2034 197 203 21,500 Goodyear Tire & Rubb-No oar
8
8
20
194 2018 2014 21
21
203 2114 20
4
No par
83
1,000
181 preferred
83
83 83
82 827
8
82
82
8212 82 82
*82
No par
*5 4 614 6,300 Gotham Silk HON
3
614
57
8 6
6
55
8 64
614 612
512 64
100
4 45
Preferred
110
45
*45
473
4
45
4512 *4514 473
483 4838 45 45
8
1
6,100 Graham-Paige Motors
17
17
8 2
8
17
8
14 14
13
4 2
17
8 2
17
8 2
111, 13,000 Granby Cons M Sm it Pr--100
11
4
4 1012 104 103 11
8 103 103
8
1018 1014 1014 105
1
800 Grand Unfon Co tr offs
2
312 35
34 31
5
312 34
358 3 s
3
4 *3 4 4
*35
8 33
No par
Cony pref series
1812 *183 1912 1,000
8
*1812 1984 18
20 20
194 20
183 19
4
No par
28
28
500 Granite City Steel
8
277
*26
27
27
4 277 28
28
2718 *26
*27
No par
900 Grant (W T)
353 35 8 3512 357
8
3
8
351
3514 3512
*354 36
3514 3514 35
No Dar
125 127 12,500 (11 Nor Iron Ore Prop
8
8
1212 13
13
/
4
8 12
1114 1112 111 1112 114 115
100
8
8
21'2 207 2112 203 2112 67,600 Great Northern pref
2118 21
2112 22's 203 2214 20
4
Western Sugar--No vac
4
2914 3013 2914 293 *2914 2912 3,300 Great
4
293 293
4
4 293 3014 2912 30
100
Preferred
133 133
240
132 132 *132 133
134 134 *131 133
134 134
Green Bay & Western RR Co-100
*23
45
*23
45
45
*23
50
50
*23
*23
50
*23
100
*40
50 Greene Cananea Cooper
50 50
50
50
•50
80
50 50
4
'3712 50
5
53
5212 5312 8,200 Greyhound Corp (The).
52
5284 5112 5312 5012 5214 513 53
4
52
No par
8
600 Duantanamo Saga:
*152 15
*152 17
153 17
4
*13
4 17
2
15
4 15
*13
4 17
100
Preferred
10
8
4
293 •2612 293 *265 293
25 4 253 *26
3
4
*253 30
*25 4 30
3
4
100
9
:8
9
200 Gulf Mobile & Northern
9
4 9
*73
4 83
4
*73
4 814
8
*73
8
100
Preferred
24
24
500
24
*22
25
2358 *23
261 *23
*25
254 22
No par
28
5,100 Gulf States Steel
2158 2414 25
217
2014 20
*2014 217
2014 2212 20
100
Preferred
79
360
75
76's 77
*734 77
77
74
74 •70
77
*74
25
100 Hackensack Water
2914 2812 2812 *28
2914 *2814 291 *2814 291 *2814 2914
*28
26
34
110
7% preferred class A
34
*3212 34
34
*33
34
33
33
33
*3212 33
No par
Hahn Dept Stores
...
---_
-- - --- - 10
765 Hall Printing
5'x li
ij4 1
bis - ; 14 - 7- .ir4 57;
1
7
18
. 8 -7
5
No par
800 Hamilton Watch Co
113
8 1112 1111 1112 1112
4 11
8
*1018 111 •10
/ 111 *103 103
1
4
100
Preferred
280
94
934 9312
93
93
93
*90
92
9014 92
92
*90
1053 106
4
570 Hanna(M A) Co 37 pt___No par
3
10618 106's 106 10618 106 10612 106 10614 105 4 106
4 2312 234 5,700 Harbison-Walk Refrao-No par
7
3
23 231
2312 24 8 234 234 2312 23 8 2312 233
100
20
Preferred
__ *118
'118
_ *118
__ *118 _ 4
118 118 *118
1112 I155 7,400 Hat Corp of America el A____1
1
11 8 11 --112
1
1114 11 4 1114 -- -3
1112 117
115 1
8 2
100
260
64% preferred
10612 105 10612 1054 10512
105 105
105
4
1063 1063 *105 106
_ __-_ ---- ____ ____ -___ ____ -___ -- ____ ...... Havana Electric Ry Co --No vat
---- --__
100
Preferred
For tootnotee see pace 1230.
Highest
July 1
1933 to Raw for
July 31 Year 1934
1935
High
Low Low
I POT Mate s per 88
4912 Jan 7 41 335*
7 Jan 10
8
14
17 Aug 17
8
/
1
4
45
6514June 14
132 Apr 23 112
7 8 Aug 19
7
Da
41 Aug 17
104
4112 Aug 17
11
42 Aug 9
12
7 8 Aug 21
3
43
4
14 Jan 4
74
/
1
17 8 Aug 14
7
84
13 Jan 7
6
/
1
4
70 Feb 2
50
147 Aug 17
8
63
8
23 Feb 21
14
3
2
6 Jan 18
2 Jan 19
14
58
94 Jan 18
312
2612 Aug 23
48
7
120 July 18
25
1934 Aug 17
4
z85 Aug 16
33
72 Apr 26
40
50
95 May 24
738July 18 18 2 4
8
418 Jan 7
1
318 Aug 19
7
2
25 Aug 8
1618
414 Aug 12
204
24 Aug 2
18
114 July 3 285
18 Jan 7
/
1
4
1318
96 Aug 13
6718
537 Aug 12
8
45 4
3
234 Aug 15
12
/
1
4
8 8 Jan 7
2
8
4912 Aug 12 33 10 4
,
1712 Jan 2
84
90 Aug 23
444
104 Jan 7
28
5
3334 Aug 13
165
8
173
4July 15
814
60 July 24
20
2812May 23
1714
12012 Aug 23 11212
274 Aug 14
1212
12 Jan 24
43
4
25 Aug 22
8
7
11
9 8 Apr 22
5
7
10 Aug 16
54
100 June 24
644
44 July 15
25 4
3
2058July 31
111
/
4
124 Aug 14
64
146 Aug 13 100
814 Aug 23
6
64 Aug 21
2
14 Aug 22
4
49 Aug 2 i
14
6414July 27
244
143 May 21
97
33 Aug 14 • 16
377
8July 8
28
14 Aug 22
14
1512 Aug 19
514
18 Aug 20
63
4
18 Apr 6
74
618 Feb 5 34 3914
4
7012July 8
51
119 Aug 23 10012
4512 Aug 10 4 22'a
'
1184 Aug 22
84
1312May 10
8
/
1
4
4 Mar 21
34
36 Aug 23
104
108 May 21
6114
4 Aug 12
118
343 Aug 14
4
155
8
10812 Aug 2
80
214 Aug 14
/
1
4
3112 Aug 14
10
247 Aug 23
8
84
23 July 9
714
40l July29
14
1912 Aug 7 9 75*
93 Aug 6
45l,
514 Aug 22
24
4778 Aug 9
134
23 8 Feb 7 33 Aug 17
8
12
7
104 8 Jan 2 1093
8June 10
8052
7
8July 15
13
8July 19
7
8
424 Jim 28
tia
118 Apr 26
143
8May 2 18 Jan 7
144
11112May 3 120 June 29
9612
74 Mar 13 1178 Jan 7
712
410 Mar 15 55 Aug 23
264
155*Mar 13 267 Jan 7
8
15 4
3
70 Apr 11 92 Jan 10 "63's
24 Apr 4
64 Aug 16
24
20 Apr 3 60 Jan 3
20
114June 25
34 Jan 3
114
514 Mar 19 1114 Aug 23
4
214 Mar 15
6 Jac 7
214
143
8May 20 298 Jan 3
4
141
/
4
1818 Mar 29 2912July 31
1818
26 Mar 26 373 Aug 10
4
25
914 Mar 19 13 Aug 21
7
/
1
4
9:8 Mar 12 223
4July 15
95
8
265 Jan 15 323
8
8May 6
25
119 Jan 2 140 May 4
99
21 Apr 12 25 June 8
21
34 Feb 6 55 May 16
18
17 5514 Aug 3 9 5
4618 July
28
1 Feb 1
4May 13
5
8
/
1
4May 14
714
19 Feb 16 43
9 Aug 16
4 Mar 7
4
6
6 Apr 3 26 Aug 16
12 Mar 29 28 Aug 23
12
48 Mar 29 79 Aug 23
2514
214 Jan 15 2912July 31
197
8
30 Jan 18 34 June 29
26
34 Mar 13
614 Jan 13
318
4 Mar 19
7 Jan 2 • 314
12
612 Apr 30 1112July 23
38
5
20
83 Jan 4 96 July 25
101 Jan 2 108 June 3
77
/
1
4
12
18 Mar 15 24 Aug 19
4
82
993 Jan 7 118 Aug 17
8July :6
14
54 Feb 6 123
1412
81 Feb 6 109 July 24
18
4 Apr 27
I May 15
612May 25
3
4
24 Apr 17
Par $ per *hare
Eleo Storage Battery
No par 39 Mar 21
/Mar 29
1
4
No par
:Elk Horn Coal Corp
5 Apr 1
8
50
6% Dart preferred
4
50 523 Jan 16
Endicott-Johnson Corp
3
100 125 4 Jan 10
Preferred
14 Mar 16
Engineers Public Serv----No par
No par 14 Mar 19
$5 eon, preferred
No par 1412 Feb 7
35)4 preferred
No par 1514 Mar 19
36 preferred
44 Aug 8
No par
Equitable Office Bldg
74 Mar 20
100
Erie
812Mar 26
100
First preferred
100
834 Mar 12
Second preferred
12
50 69 Feb 18
Erie & Pittsburgh
Eureka Vacuum Olean
5 104 Mar 19
5 15 May 7
Evans Products Oo
2 Apr 30
Exchange Buffet Corp-No par
25
4 Mar 26
Fairbanks Co
100
4 Mar 19
Preferred
Fairbanks Morse & Co___No par 17 Jan 11
100 72 Jan 17
Preferred
18
538 Mar 15
Federal Light & Tree
No par 48 Jan 8
Preferred
Federal Min & Smell Co--100 40 Apr 3
100 54 Apr 1
Preferred
8
34 Mar 23
--No par
Federal Motor Truck..
2 July 6
Federal Screw Worics.....No Dar
7 Feb 25
8
Federal Water Serv A__--No par
Federated Dept Stores_ -No par 164 Mar 29
Fidel Phen Fire Ins N - -.2.50 28I2Mar 14
Y-Filene's(Win)Sone Co-No par 16 Apr 9
100 10814 mar 6
6)4% preferred
10 1318May 2
Firestone Tire & Rubber
100 844 Apr 8
Preferred series A
3
--No star 45 4May 6
First National Store,
Florsheim Shoe olaas A___No vas 19 Feb 21
24 Mar 8
No par
:Follansbee Bros
Food Machinery Oorp-No Par 2014 Jan 15
No par
97 Mar 15
2
Foster-Wheeler
3
No oar 80 8 Mar 14
Preferred
2 8June 7
5
No par
Foundation Co
1
1 19 4 Mar 21
4
4 3212 3212 3114 32
2,200 Fourth Nat Invete w if
32
323 323
333
4 32
3
335 33 4 33
8
8:8 Mar 15
No vat
163 15,000 Fox Film class A
8
8 157 1614 1618 1612 16
8
154 15 4 15 2 157
3
5
15 4 16
3
*52
564 55 4 553
20 Fkln Simon & Co Inc 7% of-100 3014 Apr 2
*52
564
3
*5414 55
:
*5512 5712 *5512 57
10 174 Mar 18
2612 267
8 7,100 Freeport Texas Co
2514 2618 2618 2614 2612 27
2514 26
26
26
100 1124June 27
8
20
Preferred
7
8
*12012 1247 *11912 124 8 *12012 12478 *12012 1247 *12012 1247 12012 12012
8
4 27 27
100 Fuller (GI A) prior pref-No par 15 Mar 13
26
2612 27
2614 2614 *2512 283
26
*243 27
4
4
48 Mar 13
No par
978
978
912 912
93 104
4
250
36 20 pref
98
7
9
10
10
107 11
8
78May 21
No par
23
8 25
8
17
8 238
212 24 8,100 Gabriel Co (The) ol A
218 214
17
8 2
2
214
7 Mar 30
No par
93
8 938
812 914
93
8 93
8 *812 912
700 Gamewell Co (The)
3
814 8 4
84 814
512 Mar 13
No pat
918 912
912 93
4
95
8. 94
93
8 912 5,800 Gen Amer Investors
9 8 10
7
94 10
/
1
4
No par 84 Jan 10
99
99
*94
200
Preferred
97
*94
*94
97
97
95 95
*95
97
8
5 325 Mar 12
8
4
384 383
8 3814 3878 385 3914 383 394 7,000 Gen Amer Trans Corp
3818 39
387 39
8
/
4
10 111 Mar 15
8
13,300 General Aephalt
193
8 1914 1912 193 20
8
20 2012 193 2012 185 1938 19
8
5
74 Mar 29
1238 6,600 General Baking
123
8 12
113 1214 12
4
1212 113 12
4
1218 123
8 12
26
No par 115 Jan 10
144 144 *140 14313
$8 preferred
143 145
144 144'2 144 144
144 144
5
614 Mar 4
7 4 814 25,900 General Bronze
3
718 84
67
8 74
6
/ 718
1
4
714
7
74 714
2 Mar 20
No par
5 4 618
3
512 54 11,600 General Cable
478 514
5 8 618
3
514
478 514
5
4 Mar 26
14
1258 1314 10,200
Class A
NO POT
4
4 13
123
4 123 133
8 11
114 1158 1114 117
/
1
100 19 Mar 14
48
49
473 483
4
1% cum preferred
473 49
4
4 2,00
46
47
47 47
*4514 47
:4714 8712 *5612 56
1,100 General Cigar Inc
No par 60 Mar 25
8 565* 567
8 587 57
8
/ 5614 5612 5658 565
1
4
100 12712 Jan 2
_
2
7% preferred
___ *13812 ---- *139
___ 140 141 4139
•141
*141
No par 204 Jan 15
114 89,900 General Electric
3214 3112 3212 3114 304 3112 3112 8 321
323 - 4 305 8 323No car 3214 Mar 15
3414 347
8 34 4 3514 13,600 General Footle
3
35
33 8 3414 3414 35
5
354 34
35
14 Feb 25
No var
112
118 14 182,400 Gen'l Gas & Elea A
114
8
114 13
114
s
1
4 1
1 18 13
3
100
Cony pref series A____No par 10 Mar 16
1512 *13
1512
1512 *13
154 •13
*14
16
1512 1512 *13
11 Mar 5
18
18
20
No var
25
$7 wet class•
25
*18
18
*18
18
*18
25
15
15
4
$8 pref claw A
No par 163 Jan 15
2412
•13
2412 *1812 2412 *____ 2412 •____ 2412 *____ 2412 *43 Aug 5
*454 50
100 Gen Ital Edison Mee Corp
*4512 50
45 45
50
50
*45
50 *45
*44
7
No par 59 8 Feb 8
6914 1,200 General Mills
8
2
4 687 6914 *687 694 69
4
6914 6914 6914 6938 683 683
Preferred
100 118 Jan 3
100
8
8
8
8 '
4
8
*1177 1197 4 1173 1197 *1177 1194 *11838 11912 *1183 11912 119 119
8
10 265 Mar 13
5
4
42 8 4314 42 8 433 130,800 General Motors Corp
7
43 8 4112 4212 4238 43
3
423 433
4
8 42
35 preferred
No par 11074 Jan 4
8
8
8
118 1183 1183 1183 11814 11812 118 11814 2,300
118 118
118 118
No par 10 Mar 20
Gen Outdoor Adv A
*1112 1214 *1112 1214 *1112 1214 *1112 1218
•1112 1214 *1112 1214
No par
3 Aug 9
Common
3
314 *318 312 1,500
318
318 34
31s 34
4
3
4 3
*3
Nova, 1758 Feo 5
36
1,660 General Printing Ink
355
8 343 3514 35
4
35
334 35
34
3418 3314 35
No par 9312 Jan 22
$6 preferred
270
8
10512 1055 10512 106
10512 1053
4
*10514 1053 10512 10512 n0511 106
4
No oar
118 Mar 13
3
/ 3
1
4
/
1
4
312 34 4,200 Gen Public Service
312 4
38 3 4
34 4
3
5
3
33
4 34
3
No car 1558 Mar 13
3314 3314 33 33
700 Gen Ralleay Signal
34
334 3318 *3214 33
4
3214 323 *32
100 80 Jan 2
Preferred
20
488 109
*88 109
*88 109
10712 10712 *83 109
*10712 108
1
3 Apr 2
4
214
218 218 9,500 Gen Realty it Utilities
218
24
/
1
2
2
2
214
218
2
2
No par 1434 Mar 20
900
*2812 30
$6 preferred
30
30
30
2812 281s 29
29
29
30 30
No par 163 Jan 30
4
2314 24 4 2412 244 14,800 General Refractories
3
8 2214 23
8 2214 225
213 2212 223 227
4
8
Voting trust certifs.-No par 164 Jan 15
-------------------------------- _ ___ ___
vat'
Apr
3636 364 270 Gen Steel Castings pref -.No par 14 Mar 13
,
612, i1
.513 IEi 55r, lit;
No
12
14
1814 16,000 Gillette Safety Rasor
8 18
1812 1818 1812 1818 183
18
183 19
4
183 19
4
No par 704 Jan 4
1,000
ConY preferred
92
92
9012 9112 9112 9112 9114 9112 92
9312 a92
*92
No par
218 Mar 13
514
518 514 21,000 Gimbel Brothers
/
1
4
4
418
418 438
44
41 4.
/
4
8
412 45
100 18 Mar 27
Preferred
47
467 4718 1,700
8
44
45
43
45
45 45
45 12 4512 *43
$ per share $ per share $ per share Shares
1.400
46
47
47 47
47
47
5
8
5
8 1,500
12
5
8
12
3
3
112 112 2,900
14 112
/
1
112
112
300
*6318 6312
63 4 63
3
/ *6318 64
1
4
128 128
100
128 12812 *12614 128
618
63
4
8 7,300
6
5t 57
*35
38
*36
37 •36
381800
*36
394 *3612 38
3614 3614 1,100
'
39
407
8 3812 3812 *3712 39
500
74 22,600
7
73
8
718 7 8
3
7
8 1178 127 16,300
8
1214 1212 1214 123
1612 1612 1512 1638 2,300
1612 1612
1034 11
900
105 105
8
8 1014 11
*68
74
*68
74
*68
74
137 14
8
134 1418 137 1414 5,700
8
1612 1612 165 163
8
4 167 167
s
8 3,400
2 8 24
7
28 3
7
560
27
8 278
310
114 114
14 14
118 114
380
6
6 18
614 612
*57
2 6
2412 2434 25
2514 25
2612 8,700
50
116 116 *11212 116
11412 11412 115 115
8
*11212 1147 115 115
1612 1818 18
183
8 1712 1814 1612 1712 4,600
1912 193
4 1712 19
*8112 86
*8112 86
*8112 86
*8112 95
*85
95
*85
95
67
200
62
65 65
4333
*50
68
*50
68
62
*55
68
83
100
83
79 79
4
16
*70
83 *65
83 •70
*65
83
618 64
618 618 1,300
638 612
6
/ 63
1
4
8
614 614
614 614
700
318 312
3
3
*23
4 34 *2 8 2 8
5
7
27
8 318 *27
8 34
212 234
2
234 15,800
212 258
3
25
8 3
2 4 34
3
24 2 4
2412 2212 2258
2278 227
8
8 227 2312 2358 2358 1,500
*23
243 *24
4
40
4058 *4014 41
4012 4012 40 40
1,600
41
4112 4112 41
2414 *22
2414 *22
10
4
2414 *22
2414
213 213 •22
4
•193 25
4
'110 113 *110 113 *110 113 *110 113
*110 113 4110 113 4
15
15
145 145
8
8 4,100
144 151
1518 155
8 15
1518 14 8 15
96
955 96
8
953 96
4
1,800
*95 4 96
3
96
95 8 96
7
*954 96
8
52
5012 5112 507 51
4,900
53
51
53
51
53
*5314 54
*227 25
8
*227 25
8
*223 25
8
*227 25
8
*223 25
4
*223 25
4
35
8 33
4
33
4 43
8
414 412
4
43
4 9,000
38 4
5
312 33
600
4914 4914 4914 4912 4912 4914 4914
4914 4914 4912 4912 *48
8 1614 1714 7,600
8 1514 157
8 16
168 1614 167
4 1512 163
1614 163
85
8712 86
90
470
/ 8512 86 86
1
4
83 83
*8014 8212 83
$ per share $ per share $ per share
47
4714 4714 4714 47
474
*12
3
4
3
4
3
4
3
4
3
4
112 178
8 17
8
15
8 15
8 *13
8
*6312 6418 *6318 6418 6418 645
*128 129 4128 129 *128 129
6
712
7
78
7
55
8 65
8
40
41
40
•37
3912
39
4112 4112 3912 395
8 38 38
*42
447
8 4058 41
*3712 407
8
614 614
614 612
618 612
123 1312 1214 1312 1112 1238
8
1712 173
4 17
16
1734 16
11
1112 12
12
*10
11
*71
74
_
*6812 74
145 147 *70-- ; 14
8
8 14
143
1418
173 177
4
8 173 17 8 1612 1718
8
7
27
8 278
3 3
27
8 3
114
*1
114
118 14 *118
4 53
4
53
4 5
/
1
4
54 54
3
3
53
2414
2514 26
2514 24
24
Aug. 24 1935
$ per shark
52
34
52
17
2
1
34
3
46
63
120
128
88
4
2
104 2312
254
11
2512
13
6
10 8
8
2
9 8 247
3
148
4 2814
9
23
68
50
7
148
2
274
9
104
3
1
22
8
3 4 124
8
7
183
4
30
7712
111
:
6
344 62
107
52
98
62
28
7
81
4
2
582
1
4
31
20
28 4 354
8
23
30
87
10
6
251
/
4
13
7118 9214
8914
53
26
15
8
17 8
2
104 2152
84 22
80
56
64 174
174 274
814 174
83
20
214 50
/
1
4
1134 16018
14
334
1952
5
I%
45
:
8
20
5 2 114
5
87
73
435
8
30
12
2312
612 14 8
1
100
1084
101a
5
214
64
44 12
144 33
27
593
4
1274
97
:
1678 251
367
2
28
4
1
64 19
ii
21
22
13
621:
80
644
61
103
118
24
/ 42
1
4
4
863 109
8
/ 21
1
4
314
65
8
104 254
7312 96
2
53
8
4
234 458
1011
:
90
3
52
1
2138
2
10
2
1018 238
10
20
175
8 484
84 1473
72
67 '
258
6
/
1
4
164 30
1358 2882
1074
83
- -- - 3
/ li s
1
4
,
3
16
2
964 120
8
18
1
54 62 4
184 411
/
4
8614
64
4
378 115
3812 714
44
14
13
/
1
4
4
4
834
40
23
311
:
21
28
405
2
84 154
1214 324
514
25
3
1184
102
...... -59
18
- - ,-11
4
-54
74 31
161
:
5
12
35
:
8
154 42
47
83
2011 2614
31
27
3
4
8_
4
34
94
4
2
3 2 113
5
63
25
1013
4
84
248
:
13
100
87
7
/
1
4
112
198
4 92
3
8
14
84
3
Volume 141
New York Stock Record-Continued-Page 5
1235
July 1
1933 to Rasa for
June 30 Year 1934
1936
Low Lao
High
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Sales
STOCKS
gangs Bina Jan. 1
NEW YORK STOCK
On Basis of 100-skare LOU
for
Monday
Tuesday
Wednesday Thursday
Friday
the
EXCHANGE
Aug. 19
Aug.20
Aug.21
Aug.22
Aug.23
Week
Lomat
Mama
$ per share $ per share $ per share $ per Mare $ per share
t per share Shares
Par 8 pa share
i Per share firer se
412 434
Vs 45
4
414
414 412
414 43
414 48 16,500 Hayes Body Oorp
/
4
2
434 Aug 17 .3 1
11 Mar 18
*106 108
10612 10612 104 104
10434 1043 *103 10512 •10512 1053
4
300 Easel-Atlas Glass Co
25 83 Jan 2 11712July 24
05
*131 141 *131 141 *131 141 *131 141 *131 141 *131 141 4
Helms (0 W)
25 127 Jan 5 141 June 4
94
*15914 --- _ *16012 _ - *16012 --- *16012 _ _ *16012
__
Preferred
100 14212 Jan 10 152 June 19 120
22 /2 *16012- - *2134 22 2212
214 1322 /3 *22 /212 225 -2458 _-,1_00 Hercules Motors
4
No par 11 Jan 8 2512June 18
54
138058 82 *803 8214 *8012 817g 815 82
4
8112 83
8178 83
1,700 Hercules Powder
No par 71 Mar 12 8514June 14
40
*1243 12712 1251$ 12518 12514 12514 12514 12512 126 12618 *12558 127
4
370
37 cum preferred
100 122 Feb 9 128 May 3 10418
*7812 80
7812 7813 *7714 80
7734 773 *7714 78 *7714 7712
4
200 Hershey Chocolate
No par 73 Apr 4 813 Jan 19
/
1
4
4
44
*11012 114 11312 11312 *11312 114 *11312 114 *11312 114 *11312 114
100
Cony preferred
No par 104 Jan 25 118 July 17 80
1338 1412 1312 1414 1412 1512 1453 15
137 14
8
1412 15
10,200 Holland Furnace
No par
53 Mar 15 1518 Aug 21
4
4
27
3 07
8
012 10
914 912
912 953 *94 912 1 912 94
Hollander &
65 Mar 29 11 Jan 2
8
5
518
*380 394 *378 394 *378 394 *378 385 *378 385 38178 38178 3,200 Homestake Sons(A)
100
Mining
100 338 Feb 5 412 May 14 200
4112 4112 *414 4112 4012 41
407 408 41
41
41
4112 1,500 Houdaille-Hershey el A -No par 3078 Mar 14 42 JUIY 31 • 7
18
183
8 18
1858 1738 1818 18
1859 1818 1812 18
1912
Class B
•
512 Mar 13 1912 Aug 23
No par
2
/
1
4
647 647 *623 6514 *6278 6514 649 647 *6312 6458 6458 64% 33,900 Household
8
8
4
400
Finance part pf_-_50 49 Jan 2 6812July 31
43
1538 1534 1518 1614 144 1434 1514 154 154 1818 18
1614 3,400 Houston 011 of Tex tem oth3 100
918 Mar 15 1734 Jan 2
94
/
1
312 312
312 358
312 352
353 338
3
/ 358
1
4
Voting trust Me new
358 358 8,700
14 Mar 13
25
358 Aug 19
14
4534 4614 4414 46
4458 45
45 47
47
4818 4814 49
9,500 Howe Bound Co
6 43 Jan 15 56 Apr 26
20
453 5
412 47
8
412 412
44 412
44 412 *413 4
/ 2,100 Hudson & Manhattan
1
4
100
23 Feb 27
4
612 Jan 21
24
2.1012 13
1018 1018 1018 1018 *1014 12
107 107 *1014 113
8
Preferred
300
4
612
613 Mar 14 1312 Jan 21
100
1012 103
4
912 1012
912 10
10
1012 10
1012 10
1038 20,200 Hudson Motor Car
04 Mar 26 1234 Jan 7 37 6
/
1
No par
17
2
17
8 2
134 11
/
4
134 178
179 2
17
2 10,100 Hupp Motor Car Corp
37 Jan 7
14 Apr 5
10
34
1512 16
1458 16
1414 1518 143 1514 15
4
1538 1434 153 19,500 Illinois Central
4
94 Mar 14 1714 Jan 7
/
100
1
94
2358 2212 2312 *1914 2314 *19
*20
2338 *19
2314 *22
2312
400
6% prof series A
100 15 Apr 11 2358 Jan 4
15
*55
57 *5 4
4
-- 54 5412 55 65
5412 5512 *5412 5512
130
Leased lines
100 40 Mar 21 574 Jan 10
/
1
40
878 87
8
8 -8
*8
812 *8
9
*8
9
*8
9
80
RR Bee Ms series A-1000
414 Mar 30 10 Jan 4
414
212 212 *212 253 *212 253
212 238 *212 258
238 259
500 Indian Refining
10
234May 10
24 Mar 16
218
2934 3118 2958 3153 29
297
3014 304 304 31
3014 3112 23,800 Industrial Rayon
No par 2312May 8 33 Jan 7 11 1314
*9312 95 *9312 95
9314 94 *93 96
95 95
95 9512
700 Ingersoll Rand
No par 604 Mar 13 974 Aug 7
45
*12914
-- *12914_
*12914 ___ *130
--- *130
-- *130
_Preferred
100 109 Jan 7 130 July 18 103
86 16
86 - 1- 86 81f 4
8612 8618 8714 -87
8912 883 ---- 6,900 Inland Steel
4 8978
No par 484 Mar 22 8978 Aug 23
26
314 3 2
3
312 3 8
7
353 4
44 43
4
458 5 18,800 Inspiration Cons Copper
43
4 5
24 Feb 27
20
5 Aug 22
24
/
1
4
358 83
64 63
4
* 12 63
6
4
65
8 653 *64 652 *612 63
700 Insuranshares CM Inc
4
I
4 Mar 1
678 Aug 2
2
1718 1738 1714 1814 16
/ 1712 1712 17 4 17
1
4
3
194 1812 198 22,000 IInterboro RapidTran v t o -100
8% Mar 16 1978 Aug 23
512
- - - -- - -Certificates
No par
;a
- / ;a
3
1
4
5
it
ia
i12 ;5 312 ;5 - , ;5 112
it
Internat Rya of Cent Amer-100
214May 27
2
432 Jan 23
*212 3
3
3
*212 3
*212 3
*212 3
*24 3
200
Certificates
No par
214 Apr 26
214
5 Jan 3
143 143
4
4 143 1514 1412 1412 *1458 1514 14
4
1414 *13
1412
300
Preferred
100
914May 21 1812 Jan 10
6
/
1
4
218 24
/
1
2
218
2
212 *212 24
24 218 *2
258 3,300 Interoontl Rubber
No par
112May 1
3 Jan 7
112
54 512
532 57
612 512
512 658
614 753
678 858 26,600 Interlake Iron
No par
414 Mar 7
83 Aug 23
8
4
358 3 4
3
3 4 44
3
33
4 4
37
9 44
418 44
418 414 17,700 Internet Agriou:No par
238July 11
8 Jan 2
112
4 3713 393 *3818 39
354 381
4
39
4112 39
4112 39 394 5,800
Prior preferred
100 28 June 1 4234 Jan 25
10
180 180 17914 17914 17912 1794 *176 180
180 18012 *179 18312 1,000 Ins Business Machines -No Par 1491s Jan 15 184
/
1
4July 29 1253
4
714
7
614 714
612 878
858 7 I
718
718
714 8,200 Internal Carriers Ltd
7
1
318 Mar 12
714 Aug 13
358
304 3018 2953 3018 29 2914 293 30141 293
4
5,700 International Cement____No par 22 s Mar 15 33 Jan 7
8 30 4 293 30
4
3
7
1838
534 5312 523 54
4
513 5314 5212 5453 54
4
5553 . 5414 5538 21,400 Internet Harvester
No par 3418 Mar 18 5538 Aug 22
234
*144 147 *144 147 *14478 147
144 1448 *144 14478 144 144
300
Preferred
100 135 Jan 2 152 May 9 110
414
438 458
4
33
4 44
414
4
418 438
312 4 18,700 Int Hydro-El Bye ol A
114 Mar 15
25
11
/
4
43 Aug 19
4
*234 318 *298 318
258 25
*212 23
4
24 23
4 *212 318
200 Int Mercantile Marine___No par
17
sJune 20
318 Feb 20
17
8
2812 287
8 2858 29
2814 2834 29
2914 29
2914 2838 29 42,100 Int Nickel of Canada---No par 2214 Jan 15 2938May 17 31 1458
*125 12834 *12512 1261 126 126 *12512 126 126 126 *126 1283
200
Preferred
.,._ _ ___
8July 11 1304 Mar 14 101
100 1237
Internet Paper 7% Prof
814
212 - 4
232% 2%
24 212
2$8 212 112
238
238 138 1:700 Inter Pap & Pow ol A......No 100
11 Mar 15
/
4
par
3 Jan 8
118
14 114
/
1
13
s Ds *118 114 *11 138
138 138
13
/
4
900
Class B
s 11
No par
38July 11
112 Aug 23
32
1
1
78 1
1
1
1
1
1
1
1
1
10,600
Class 0
No par
%May 7
11 Jan II
/
4
/
1
4
1112 12
1118 117
103 1153 11
4
1153 107 1134 1032 11
6,700
Preferred
412 Mar 13 1258 Aug 3
100
412
*27 2778 2734 278
4 27 27 *26
27
26
26
27
400 lot Printing Ink Corp.--No par 211 Jan 15 2878 Aug 14
/
4
9
*106 1063 *10611 10684 106 107 *106 107 *106 107 *2512 106
4
10512
70
Preferred
100 9812 Jan 2 107 Aug 20
65
294 2914 29% 2934 2934 2934 30
30 30 *2934 30
800 International Salt
No par 29 Jan 21 3814May 14
20
*47 4778 *47 4713 47 47 *4612 30
4714 4714 4714 4712 4758
600 International Shoe
No par 42 Mar 19 4814 July 28
/
1
4
38
*1712 2014 *1914 21
*194 2018 *18
20
19
200 International Silver
19
100 16 July 19 28 Jan 4
19
19
16
*88
70
68 68
6838 8638 65 68
65 66
05
290 7% preferred
6558
100 6012 Mar 21 75 Jan 3
40
12
1212 1112 1253 1118 12
1112 12
1153 1178 1118 1111 88,300 Inter Telep & Teleg
No par
%Mar 13 125 Aug 5
58
5
1618 1812 1538 181
15
153
4 153 154 153 16
1534 16
4
4
6,000 Interstate Dept Storm-No par
878May 8 184 Aug 12
214
*89 94
90 90
89
8978 *90
94 *90 93 *91
92
Preferred
400
100 7012June 27 90 Aug 19
1614
*1218 1212 115 1214 11
8
11% *1138 1212 *1114 1212 *1114 1214
700 Intertype Corn
Ni par
84 Mar 13 1312July 23
434
*261 27
/
4
/ 261 2614 26
1
4
/
4
26
264 2614 *2638 2712 *2614 2714
/
1
700 Island Creek Coal
1 25 June 3 36 Jan 8
2034
*113--- *113
--- 114 114 *113
___ .11212 --- *11212
10
Preferred
-1 110 Jan 22 12012 Apr 9 85
*5312 6518 *8212 641
634 633
4 5812 6212 5814 BO
1,400 Jewel Tea Inc
598 10
No par 49 Mar 13 37 Aug 8
26
64 647
8 8212 6414 603 63
4
6318 6458 6312 6434 8412 6612 15,400 Johns Manville
/
1
No par 384 Mar 13 6612 Aug 23
3512
*124 12834 *124 125 *124 126 *124 126 *124 126 *124 126
Preferred
100 1174 Mar 15 12534 Aug 14 87
*13314 153 *13314 153 *13314 153 *13314 153 *13314 153 1313314 153
Joliet &
7414 74
74
7518 7312 744 743 76% 773 8014 8012 8214 1,330 Jones &Chic RR Co 7% gtd.100 130 Feb 19 130 Feb 19 115
4
4
Laugh Steel pret-100 50 Apr 4 8214 Aug 23
45
*118 11912 *118 11912 4
'118 1191 *118 11912 11912 11912 *118 120
10 Hanna City P & L Wier BNo par 11514 Mar 20 120 Aug 1
77
977
8
8
78 8
7
718 7'l
4
732 753
753 712 2,300 Kansas City Southern
733 73
100
358 Mar 13
834 Jan 7
3
/
1
4
1278 13
11
13
11
111
1112 1258 1158 12
12
1253 1,900
Preferred
100
653 Mar 12 1338 Aug 14
6
/
1
4
3
*16
1612 153 18
154 1584 1534 1814 15
1614 16
16
2,600 Kaufmann Dept Stsres 212-50
712 Feb 6 1678 Aug 9
514
2014 207
8 20
2034 20
20
20 20
20 2018 z1978 20
3,900 Kayser (J) & Co
5 1534 Jan 17 2114 Aug 7
12
99 *55
*55
99
*55
99
*55
99 *55 99 *55
99
Keith-Albee-Orpheum pref-100 34 Mar 7 69 Aug 1
15
8
158 13
Ps 13
2
Ps 14
132 13
8
153 I% 3,900 :Kelly-Bpringfield Tire
153 112
5
/ Apt 4
1
4
238 Jan 17
ls
2114 214 2114 2114 2078 203
2114 2114 8204 2154 82078 2114
600 5% preferred
No par
6 Apr 4 22 Aug 12
5
2012 213
8 204 214 193 203 *20 203 *1912 20
4
203 2034 2,800 Kelsey Hayes Wheel oonv.cIA--1
4
6 Jan 25 2312July IS
212
184 1834 184 19
/
1
1734 1853 1818 1884 1738 184 18
18l
5,100
Class B
1
314 Mar 1 2114 July28
112
1214 1212 1214 1212 121 123
/
4
8 12
1218 11% 1218 1158 12 20,390, Kelvinator Corp
No par 1138 Aug 23 0 :as 9 11 67,
/
1
4
*85 8912 *88 8912 88 88
1388 891 *88
8912 88 88
20 Kendall Co pt pf ear A......No par 84 Mar 21 98 July 9
55
2134 22
217 223
4 2178 231
2278 2378 129,000 Kennecott Copper
2318 24
234 237
No par 13% Mar 13 24 Aug 21
1334
1712 1712 *184 174 *1612 18
*1612 1734 *1714 18
*1812 18
100 Kimberly-Clark
No par 10 Mar 5 19 July 16
9
/
1
4
*33
8 4
*33
8 41
*35
31
*338 4
*338 4
*338 4
Kinney Co
No par
3 Mar 19
/
1
24
538 Jan 3
*31
3112 3112 30 30'2 30 30
33
3014 3112 3112 3112
130
Preferred
No par 23 Mar 29 38 Jan 23
12
264 263
2 2818 2853 284 2653 2614 2653 2653 2612 2614 2612 6,500
(8S) Oft
Kresge
10 1984 Mar 13 264 Aug 22
/
1
101
/
4
111 111 *109 111 *109 111 *109 111
*109 111
111 111
20
7% preferred
100 1031 Apr 28 113 A .r 9
/
4
9914
*4
/ 478 *4
1
4
458 *4
41
*4
43
412 *4
*4
412
Kresge Dept Stores
No par
3 May 21
2
5 Aug 10
75 *66
/
1
4
36
75 *66
75 *66
75 *86
75 *68
75
Preferred
100 42 Jan 11 70 Aug 10
12
*61 64% *61
647 1081
647$ *6012 647 *81 64% *61
Bream (B H)& Co
647
8
No par 564 Apr 5 6912 Jan 7
273
4
3014 3034 3059 3114 304 304 302 307
2
3038 3118 3034 314 6,600 Kroger (Boo & Bak
No par 2214May 16 3218 Aug 12
19
27 27
27
27 *23
2614 26
*1818 2578
26 *1518 26
60 Laclede Gas Lt Co Bt Louis -100 12 Mar 22 27 Aug 16
12
4434 4514 4534 453
4 4534 46
461 *44
*44
4414 46
49
170
194 Mar 27 46 Aug 20
/
1
194
26
26
25 26
2434 2514 2518 251
2514 2553 25
254 4,900 Lambert CO (The)
No par 2218 Aug 10 3812 Jan 8
19
/
1
4
*63
8 9
*63
2 9
*834 712 *6
71
*6
71
Lane Bryant
•8
612
NO par
5 May 13
9 Jan 3
41
/
4
10
10
101
1018 10
10
10
978 10'2 10
101
1038 2,100 Lee Rubber & Tire
5
84 Mar 14 1378 Jan 7
/
1
612
138 133
8 123 13 *1212 1378 *123 137s 1278 1278 *123 137
4
4
4
3
500 Lehigh Portland Cement
8
50 103 Mar 14 1782 Jan 7
9
*100 1011 13100 10114 *100 10114 41100 1011 *100 10114 *100
10114
7% preferred
100 8934 Jan 3 102 June 21
73
93 1014
1012 107
88
912
912 93
934 10
93 1014 7.800 Lehigh Valley RR
4
50
5 Mar 13 1112 Jan 7
3
3
3
27
s 3
234 234
212 23
212 258
*24 2 4 2,100 Lehigh Valley Coal
3
No par
112 Mar 13
314 Aug 14
113
121 1254 1112 1214 105 11
/
4
11
11
11
11
114 1138 2,400
Preferred
50
512May 1 1314 Aug 14
4
02 4 9284 9212 923 *9112 9212 92
,
9314 923 9312 92 935, 3,400 Lehman Corp (The)
4
No par 674 Mar 28 95 Aug 12
5834
1312 131
1314 133
1312 1312 134 1318 1314 1338 1314 1314 1.800 rAhn & Fink Prod Co
8July 2
5 107
1078
174 Jan
3612 37
364 374 347 3534 3478 3534 35
3558 14,100 L1bbey Owens Ford (11222_ vo par 214 Mar 30 3814 Aug 25
35
358
21
1
6% 7
7
714
7
71
7
63
4 7
7
712 8,200 Libby, McNeill & L1bby_No par
7's
612 Aug 16
712 Au; 23 2 214
2358 2358 23
231
2318 2318 2318 234 2338 2338 23 23
5 21 Mar 14 244 Apr a
1538
/
1
*116 118 118 118 *118 118 *115 117 *115 118 13115 11712 1,700 Life Savers Corp
100 Liggett & Myers Tobseen......25 9414 Apr 5 120 Aug 6
11714 11714 11712 118
714
117 1174 117 117 I 11714 11714 13116 11712
900
Berlea B
26 9334 Apr 4 122 Aug 6
7314
*15814 183 *15812 183 015812 153 *15812 163 *159 163 *160 163
Preferred
100 15112 Jan 30 167 May 4
1812 194 1812 187
/
1
1812 181 *1778 1814 1778 18
1738 1814 2,100 Lily Tnllp Qui) Ourp_.--NO par 1612June 8 1912 Apr 25 1234
141
/
23
*22
2213 228 *21
221 *21
22
22
22
22
2212
600 Lima L000mot Worka....-No par 13)2 Mar 14 2412 Jan 5
1312
*3012 3114 30
31
28
30
2934 2984 2934 3018 30
33
3,800 Link Bell Co
N. par 17% Mar 13 34 July 18
114
31
3112 303 3112 30 3034 2912 30i 29
4
2912 5,300 Liquid Carboni()
29
30
No par 2412 Mar 13 348July 29
Ms
4138 417
8 4058 4178 4012 41
41
4ls 4118 4134 4114 4134
No par 314 Feb 7 4418 July 9
1912
105 105% 105 105 1047 1047 10514 1051z 10452 105 *105 10512 14,200 LOew4 Incorporated
1,700
Preferred
No par 102 Feb 1 10812 Apr 5 66
112 112
112 112
112 112 *112 132
112 i'll
112 111 2,100 Loft Inoorpcfralled
No par
I Mar 15
134 Jan 2
1
*13
4 11
/
4
14 13
/
1
4 *13
$ 178
.13
4 17
4 178 4 4 ira
8 *13
17
200 Long Bell Lumber A----No par
114 Mar 12
24 Feb 14
1
*394 40
/
1
3934 393
4 3934 398 *394 40
/
1
3912 391
394 394
500 Loose-Wiles Biscuit
26 33 Apr 25 4138July 25
33
12512 1253 12514 12558 125 12512 125 12512 4
2
4
'1223 124 r12378 12418
820
7% 1st
100 12114July 6 130 Al-? 16 116
243 247
8 2434 25
4
5l 24% 2478 8,400 Lorillard preferred
2458 2484 2459 247
2458 247
(P) Co
10 1812 Mar 28 25 Aug 13
1458
*13812 144
144 144 *142 144
142 142 *13614 144 *13614 144
120
7% preferred
100 124 Apr 5 14434 Aug 7
984
3
4
/
1
4
3
4
7
3
8
3
4
3
4
14
41
14
3
4
7
*3
4
2.500 :Louisiana 00
No par
14 July 16
14 Jan 7
/
1
*814 101
*912 1012 *978 1038 1038 1038 *834 101
/
1
4
*814 10'2
30
Preferred
412June 19 1412 Jan 8
100
41
/
4
2212 221
2112 2318 204 2112 214 2158 2112 221
2012 21
6.700 Louisville Gas & El A___No par 1081 Mar 18 2318 Aug 19
103
443 *41
8
44
42
43 43
43 I 43 43's 2,200 Louisville & Nashville
*41
4
423 423
4
100 34 Mar 29 471 Jan 7
/
4
34
2214 2038 228
22
4 214 23
2318 2412 233 243
4
24
2412 17,000 Ludlum Steel
1 1234 Mar 26 2434 Aug 22
11012 um 117 1191 118 118
74
/
4
120 12018 *122 12914 *124 12784
800
Cony preferred
No par 9014 Jan 4 12018 Aug 21
50
*43 44 *43 44
433g 4384 84314 44
4384 4334 *4312 44
300 MatAndrews & Forbes
11) 40 Jan 24 46 ken 19
21
*129 1291 *129 12912 129 129 *12812 130 *12812 130 1 130 130
20
8% preferred
100 113 Feb 8 130 May 13
87%
Saturday
Aug. 17
For footnotes see page 1230
8 pa lairs
11
/
4
04
74
96
/
1
4
101
146
12312 153
514 12
/
1
4
59
815
8
III
125%
4812 7334
83 1054
484 1014
554 13
310 14304
11
34
2
/
1
4
8
/
1
4
43
54
124 293
4
24
553
3512 574
4
1218
9
264
04 241
/
1
/
4
74
178
13
/ 387
1
4
2
21
50
484 66
/
1
74 344
238
4
/
1
4
1958 3214
4912 7354
105
116
/
1
4
344 55
252
08
7
218
43
2
54 174
54 1212
2
7
212
6
/
1
4
73r. 23
/
1
4
218
6
/
1
4
4
111
/
4
2
64
15
3714
131
164
412 121
/
4
184 371
/
1
4
234 467
/
1
8
137
110
218
918
2
0
21
291
/
4
1153 130
4
10
25
2
64
2
8
312
38
234
84 247
/
1
2
9
3512
66
I%
31
32
38
5058
19
254
59
8412
74 173
/
1
4
34 1818
21% 811
/
4
53
8 10
3434 36
90
110
,
7
33
574
89
665s
101
21
135
40
45
77
977
2 141
/
4
6
/ 194
1
4
1014 2712
6
104
/
1
13% 181
/
4
20
371
/
4
1
413
5
20
3
10
238
712
1113
2 211,
554 94
/0
2312
97
s 181
/
4
7
/
1
4
5
13
/ 41
1
4
1388 2258
101 2114
312
74
19
55
36
051
/
4
2314 3358
20
631
/
4
27
60
221 311
/
4
/
4
5
1414
7
141
/
4
11
20
73
/ 90
1
4
/
94 211
4
24
5
5
163
2
(3414 78
111 2312
/
4
2212 43 8
7
----174 14
73
110
7412 11114
129
152
/
1
4
16
2612
161 361
/
4
/
4
1112 Boa
164 35
/
1
4
207
8 37
72
105
112
3
1
a
334 24412
1195 12812
15
/ 2212
1
4
102 2130
3
4
38
3
7
/ 234
1
4
12
21
,
37 4 6212 '
3
84 191
/
4
60
97
30
4314
95
11114
New York Stock Record-Continued-Page 6
1236
-PER SHARE, NOT PER CENT
111011 AND LOW SALE PRICES
Saturday
Aug. 17
Monday
Aug. 19
Tuesday
Aug. 20
1Wednesday
Aug.21
Thursday
Aug.22
Friday
Aug.23
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Aug. 24 1935
Basis &SU Jos. 1
Os Basis of 100-shard Lots
Lowest
Highest
July 1
1933 to Ratted for
July 31 Year 1934
1935 ----High
Low Los
$ Per share $ Per sh 3 Per share
$ per share
22
,
41 4
8
185
18„June 1 2818 Jan 8
8
3514 62,
3012
3012 Apr 1 50 Aug 12
7
212
219
512 Jan 2 10 Aug 23
1312 42314
1214
1852 Jan 16 38 May 22
515 Aug 20 515 _Aug 20
is,
72
2
7
214May 14
2
7 Feb 6
114
9,4
1
4 Jan 7 10 May 24
,
81
3
3
8
65 Aug 15
3 Apr 29
41
20
14
29 Apr 23 51 Aug 14
1084 29 4
,
,
10 4
,
Mar 15 27 8 Aug 23
134
10
1012 20 8
,
10 Mar 28 15 July 10
38
118
,
1
3 May 23
1 Feb 23
51,
418
418
412 Mar 23 53132 Aug 7
9
54
5
812 Aug 19
514 Apr 1
„
23*
4
1'2 July 22
„June 14
84
2
2
5 Jan 8
8
25 Jan 2
3
12,4
3
4June 27
103
,
3 4 Mar 1
414
1
8
214 Jan 8
7
1 Mar 15
37
17
12
,
20 Mar 13 33 8 Aug 2
,
8 2 195
8
62'
4
63 Mar 14 1114 Jan 3
4
8
214
128
918 Jan 7
4 JlIne 27
,
2312 40 4
2312
23,4 Mar 14 32 Jan 8
130
136 Jan 2 150 Apr 1 10512 110
4
458
30
4
23
2
357 Mar 29 513 Aug 9
,
84
44
314
4
143 Aug 12
512 Jan 3
36
,
8, 10
4
33 Jan 15 503 Aug 13
3284
ii
8
3212 Jan 7 50 Aug 13
9212
49
27
8412 Jan 4 103 June 17
32
24
22
28 Mar 14 3512June 17
118 124
14
714 Apr 3 13 Jan 3
8
114 123
Ds
612 Apr 3 1212 Aug 13
8
54 033
312
5714 Feb 5 91 Aug 12
2
111,
4
4
714 Mar 26 14 Aug 16
3812 15012
2819
8
347 Aug 23 4554 Mar 4
954
79
6714
,
901 Jan 15 123 July 25
94
414
312
2
87 Jan 2
8May 22
57
2 424
117
912
32 May 24 45 Mar 4
52
1718
812 Apr I 15 Jan 3
1
4
3
,
8
938 921
8512 Mar 13 110 Aug 9
42
26
1712
41 Jan 2 6012 Aug 14
312 II
3
558 Jan 22
3 Mar 12
52
24
4
203
3
20 4 Mar 20 3812 Jan 23
,
2512 33 4
22 Apr 12 2714June 1 2 22
,
, 25 4
4 x201
8Ju1y 21 *2 83
244 Jan 15 353
8
335 3438 3318 3414
8
8
305 3118 3012 3238 327 34
4
64
8
8
27
305 303
212
5 8 Aug 22
,
,
21 Mar 13
518 512
8
47
518 55
514
418 412
8 914
37
8
3 8 37
, 14'4
91
918
8May 23
912 Mar 15 I37
8
107 1118 1054 1112 Ws 1112
4
8 103 11
113
1138 11
11
2
612 217
612
814 Mar 12 1914July 30
1814
1812 18
1814 18
8 1612 1712 18
1712 173
4 17 2 183
,
4
85,
44
44
6018 Mar 6 115 Aug 12
112 11278
111 112
109 110
110 114
113 114
65
*113 114
36
8
205
58 Jan 15 105 July 30
103 103 *101 103
8
8
107
87
103 103 *101 1025 *101 1025 103 103
105 Jan 9 211114June 19 • 68
109„ 109 109
8
8
8
4
4
1083 1083 *109 1097 •109 1097 *109 1097 •1091
54
112
,
5 4 Jan 2
Vs
8
37 Mar 15
9
53g 55
5 4 534
4 514
43
8
412 45
3
4 47
43
458 47
154 41
15
31 Mar 14 57122uly 8
5212 5212 53'2 5234 53
49
1a8
50
1,
4912 *47
4
*46
50
*47
2
3 Jan 7
4 Mar 4
„
*14
14
14
8
3
352
*14
54
8
3
4
8
*14
8
3
*14
212July II
14
14
04 Apr 24
4 '138 13
4
8 13
134 "13
8
112 *13
112 *13
*13
112
112
518
114
I
4 July 10
1 Mar 6
*218 3
*218 3
*218 3
*218 3
*212 3
*212 3
712
3 Jan 14
112
114
114 Mar 29
8
8 23
23
8
8 .214 212 *214 25
8 23
8 *23
8 23
23
8
238 25
8
103
1038 Apr 9 1638May 16
4
8
8 125 1219 1258 123
8
125 125
8
125 13
13
1438
8
Vs
*125 1318 13
614 Jan 7
212
212Ju1y 22
412 5
8 5
43
8
8 43
43
8
43
418
57
418 434
5
,
34 8
5
12
8May 7 1412 Jan 7
57
1114
10
,
97* 1012 1012 10 4 1012 11
8
6
112
31
I
113*8 1114 1014 115
3 Jan 4
1 July 8
214
*2
2
2
2
2
8
17
178
2
2
954
218
.218 214
4 Jan 7
11
112 Mar 30
,
8 38
35
8
312 35
5
312 3 8
,
34 3 2
4
1212 223
8
312 33
1034
5
,
10 4 Mar 13 1812 Aug 7
35* 3 8
8
8
167 1718 1612 165
1653 17
8
2
4
*163 1714 167 1714 165 17
014
39
55 Feb 29 7712.1uu! 12 • 24
8
727 7412
721
7112 271
71
71
7212 70
3552
20
7212 7212 '71
4
1514
4
213 Mar 12 353 Aug 10
8
9
345 355
8
8 347 351
353
4 3412
3312 343
8
8
363 3658 337 36
634
37
2
347
2
567 Apr 9 66 Feb 26
5812 *57
5812
*5612 5812 *5612 5812 *5612 5812 *56
71
58
•5612 59
5534
6113 Apr 18 6512May 24
4
63
4
623 623
*62
56
65 '60
*60
65
*6314 65 '60
14
I
1145lay 1
„
4 Apr -4
4 8.600 Mother Lode Coalition __No Par
3
4
3
3
4
3
4
3
„
4
3
„
s
4
3
1014 441
53
1514
5*
4
8,900 Motor Products Corp___ _No par 1718 Mar 18 39 Aug 23
4 3814 39
383
38
38
3614 36
35
37
8 36
375
8 MN
65
37
614
5
714 Mar 12 11„ Jan 7
8 3,500 Motor Wheel
,
9 2 97
4
4 93
93
8
93 10
4
93
4
93
,
,
514 15 2
104 1014 29 4 1014
2
8July 23
37
7 Mar 13 133
No par
700 Mullins Mfg CO
--- ---- ---- ---1114 1112 ____ ---_
4
1212 4652
8 113 12
117 117
10
2
No Dar 367 Jan 11 82 Aug 9
Cony preferred
---80
-----------------------81
8012 78
____ _
*78
81
81
1112 Aug21_914 Aug 21
7.50
Class A
00
914
8
7
14
11ls 1 12 1014
1
912 Aug 23 113 Aug 23
8
---Class li
8 1,400
912 113
1012
1014 1114 *10
'a par 65 Aug 23 65 Aug 21
Preferred new
100
70
*60
68
*63
65 65
"25
_
13
11 Apr 3 183* Aug 2 TO
No Dar
200 Munsingwear Inc
17
8
• 1612 1612 *157 1714 17
434 Mar 13 147 Aug 9
*1612 1112 .16i2 17l2 *1612 17
10
354
4 1 14
3
,
8 1314 1412 45,300 Murray Corp of Amer
8 1338 134 1338 137
1314 135
1312 14
1334 14
33 3
14
No par 30 Jan 12 3912May 17
'
1312
500 Myers F & E Broe
*3812 40
39
3812 3812 3812 39
*3714 3812 *37
1238 32
*3712 38
11
12 Apr 27 1912 Jan 7
No par
1512 17.200 Nash Motore Co
1514 15
3
4
,
4
1934 46,
8 1518 15 4 143 1518 1518 15 8 1518 2112 2112 22
8
155 157
14
70 Nashville Chatt & St Lou!, __100 14 Mar 14 2712 Jan 8
*18
*1912 22
22
*19
4
87
31,
2314 *1712 23
87 July 25
23
8
3
412 Mar 13
1
8 14 9,000 National Acme
8
8
818 83
,
738 8 4
4
714 73
4 812
73
614 1314
838 812
54
684 Feb 20 1014 Aug 9
2,500 National Aviation Corp-No par
3
92 10
914 912
938 912
914 914
2574 694
2214
914 10
4
10 2214 Apr 1 3312July 16
'914 93
Blecult
2912 18,100 National
29
,
28 8 29
4 287* 29
283
2912 28
14812
4 29
2912 293
100 141 181klar 7 152 Aug 17 12912 131
7% earn pref
200
_
.*152
233*
152 152 *152_ *152 . __ *152 1712 1678 17
12
12
152 152
No par 1312:Mar 14 1812 Aug 12
-38 7,800 Nat C14311 Register
4
8 73
167 1- 8 163 1712 17
1838
13
1718 18
4
173 173
4
114
No par 1272 Mar 21 1712July 23
19,400 Nat Dairy Prod
4
8 153 16
8 1512 157
8
,
4 15 4 1512 153 153
8
4 153 153
_ --- ---1512 153
100 10812July 25 109 Aug 19 2 80
7% pref class A
40
4 - - *1083 --4
4 ___ *1083
4
,
108 2 1083 *1083
*10914 --_ 109 109
100 101312 Aug 5 108 Aug 19
7% pref class LI
200
los
10712 108 1 107,4 los *10511 108*106
17;
108 108
12 "I
•107
8
112 Mar 7
45 Jan 17
3
214 2 4 9,500 :Nat Departmenttitores_No par
,
214 2 8
218 214
214 214
2818
8
5
218 23
4
214
218 -3
100 17 Apr 2 343 Feb 16
Preferred
1,360
4
2414 2412 243 27
2414 25
251* 2418 25
2514 2534 25
3158
10
16
No par 2318May 2 2914 Jan 3
4
2918 2814 283 46,700 Nat! Distil Prod
8
4
8 267 2712 2712 2838 28
1612 327
10
2814 2714 283
28
No par 21 May 31 32122uly 8
SOO Nat Enam & Stamping
*2618 2714
27
4 27
2612 2612 2612 268
170
,
87 4 135
*2614 2612 *2612 27
100 145 Jan 18 185 Aug 5
400 National Lead
4
4
4
, *180 1843 1848 185
8
184 184 *180 184
146,
100 150 Jan 18 162i2m ay 23 122
122
"179 184 '179 184
Preferred A
161
161 '15814
9954 10012 1214
4
4
*1583 16112 '1583 161 *15814 161 *15814 161 *15814 140 *1333 140
100 12152 Jan 26 14012July 30
Preferred B
4
4
4
4
638 1512
8
2
47 Mar 15 143* Aug 17
4
*1333 140 *13384 190 *1333 140 *1333 140 "1333 133
No par
47
8 1114 1214 98,600 National Pow & Lt
1112 1318 1212 1318 1214
8
23
14
8 1238 14
12J01y 12
1 Jan 10
1318 143
„
1
4
*3
Nat Rye of MCI lel 4% pf _100
4 1
*3
800
4 1
*3
4 1
*3
1,
4 1
12 Jan 2
1
14 Mar 19
is
100
1
213
30 preferred
12 1,500
12
12
12
12
12
8
2
3412 584
*12
33
12
12
25 403a Mat 13 6712 Aug 22
12
12
8 9,600 National Steel Corp
677
2
3
6312 6512 65 4 (3772 667
4 6414 6614 6212 64
9
214
9 Star 13 2078 Aug 17
4
10
653 653
25
4 8,500 National Supply of Del
4
193 193
1914 20
1912 20
20% 1814 19
334 60
8 19
33
1814 207
100 30 Star 20 777* Aug 17
Preferred
7512 1,860
75
,
1814
765* 75 2 70
74
11
7358 '75
2814
77
,
4
753 77 8 74
No par 384 Mar 13 111, Jan 4
1,400 National Tea Co
978 10
10
1018 10
8 1038 1012 10
,
714 10 8
1038 103
8
8 1012 105
712 Jan 15 12 June 11 1,1 35
No par
4 3,800 Natomas Co
4 1012 103
4 1038 1019 1038 103
4
4 103 103
8
8 105 103
4
64 30,4
105* 105
8
No par 2114June 6 313 Aug 12
2912 1,000 Nelener Brea
*28
29
29
2918 *2814 29
497
4
31
15
4
293 2934 2912 2912 29
No par 4312 Jan 2 61 Aug 9
Newberry CO GI J)
4 6012 6012 6012 6012 1,400
112
8 6012 6012 6014 6012 *6012 603
100
6012 603
80
100 109 Jan 25 117 May 7
7% preferred
114 *11214 114
25
6
8
35
8 July 29
35 July13
'11214 114 *11212 114 *11214 114 *11214 114 *11214 10
40 :New Orleans Texas & Mex_100
7
7
'7
10
*7
8
8
10
*8
8
1
512 13
8
8
45
8 Jan 3
45 Mar 12
8
4 2,000 Newport Induettlee
4 63
63
o
8 67
65
612 7
618 658
1112 2854
614 63g
114
8 612
*63
No par 18125.1ar 12 2814 Jan 4
1,600 N Y Air Brake
8 2512 2514
257
2412 25
24
*2312 25
24
24
24
,
24
1214
4
/
181 454
No par 1214 Mar 12 25 8 Aug 17
134,200 New York Central
4 2314 2418 2312 2414 2314 251 1
Ws
8 2214 233
8
6
6 Mar 12 13 Jan 4
9
2434 2538 223 247
100
8 1014 1014 101.4 1014 1,200 N Y Chic & St L061E100
*1014 103
4
93 10
43'4
8
117
16
8
97
978 Mar 12 25 Jan 7
1112 111* 10
130
Preferred series A
4 5,700
8
2112 203 223
4
4 203 2112 2112
203
84
2314 19
8
2
4 Aug 14
2312 22
25
23
2 Star 14
100
20 New York Dock
*218 4
4 33
33
4
*3
4
8 *3
37
*314 41s *3
20
5
8
4
97 Aug 13
4 Mar 29
100
Preferred
110
8
87
858 "8
8
4 812
139
818 814 *73
8
*818 85
812 812
108
60 112 Mar 11 139 June 12 101
20 N Y & Harlem
130
120
112
130 131 "126 130 '126 130 *126 130 *126 160
,
50 11414 Mar 14 1141 Mar 14 112
*115 134
Preferred
160 *12212
„
14
„
145.1ay 31
„ Aug 14
*12212 160 *12212 160 *12212 160 *12212 160 *12212
No oar
1.500 IN Y Investor, me
34
4
3
4
3
4
3
4
3
96
9
*2
34
83
8
2
7812
31
4
3
4
3
„
N Y Lackawanna & B utern_100 99 May 22 99 May 22
4
9912 *96
983
9912 *90
8
24,
6
_ __ *90 _ __ *90
272
4
812 Jan 4
27 Feb 26
*50 ___ *96
100
16,500 N Y N H & Hartford
738 8
4
718 73
4
714 73
714
612 8
7
818
4 73
1012 8758
6
6 Feb26 165 Aug 13
100
Cony preferred
4 14 .1514 10,900
4
8 133 143
144 145
, 1318 14
8
8
238
6 Jar) 19
8
44 115
153 1618 137 151
8
25 Mar 15
100
1,500 NY °Bark,& Weetern
8 5
45
8
8 45
45
412 *438 484
4
4 5
42
,
is
15
52
513 514
1 Jan 9
18 Mar 29
No par
2.000 NY Rallwayn pref
1
8
7
8
7
4
*3
8
7
4
*3
141 ,fay 22
,
8
7
14May 22
4
*3
8
7
4
14
4
3
- --:
4
3
Preferred stamped
_ -_
8
*7
8
*7 - 4
*7
4
*7 _ __
__
227
94 - ;
*34
ti t8
__
MI Jae 7
4
.3
64 Mar 14
Corp part stk-__I
,
31218 "ii 4 1214 12l2 12 8 1214 4,600 NY Shipbids
,
89 4
1112 1-2
72
4
113 12
6912
4
113 12
100 70 Apr 18 87 Jan 7
10
7% preferred
75
75 '72
*72
75
*72
75
75
75
994
"72
73
75
09
• '72
No par 69 June 5 9212July 15
380 NY Steam 36 pre:
8612 8612 8718 *8412 8612
8512 8612 86
109„
90
*8512 87
79
87
86
No par 79 May 28 100 Aug 2
3
99
$7 let preferred
90
4
98
8
3014 457
4 9912 9912 993 99 4 99
993
100 100
26
100 100
,
No par 30 4 Jan 15 43 May 22
5,700 Noranda Mines Ltd
393 40
8
2 3912 40
2
3812 387 397
4
7
8
4's
15 Aug 13
383* 38
111
8 38
34 Aug 6
383
38
100
400 :Norfolk Southern
112 112
114 *114 112
187
114
112 *I
112
161
112 112 *1
100 158 Mar 13 18818 Aug 21 133
,
4
1,200 Norfolk & We8ter77
82
10012
18612 18612 187 18818 *188 197 *1893 190
400 99 Jan 10 108 June 48
*18612 18812 *186 190
Adios .4% pret
90
105 106
104 2514
105 105 *105 106 *105 106
9
105 105
9 Mar 13 2414 Aug 17
•105 106
No par
8
9 2112 2218 116,100 North American Co
2318 2214 2312 223 233
46
21
24
34
Mar 15 53 8 Aug 16
,
31
2414 22
8
50 3512
237
700
Preferred
52
*51
53
5112 5112 *51
,
84
52
252
52
2
53
418 Aug 12
2 Mar 13
8 53
I
*5212 535
8 44 20,300 North Amer Aviation
37
7
38 4
3
34 4
4712 7414
312 4
35* 37*
39
8
4 37
38
pref____No Dar 57 Jan 3 973 Aug 16
600 No Amer Edison
4 9418 95
973
021.,
4
973 *96
.41
*96
94
94
71
95
20 99 Aug 20
50 1161, Mar
977* 95
'
20 4/1*th/we C'entrql
*95
,
*99 8 ____
8
____ *993
*9914
99
99
*99
*99
For footnotes see page 1230.
$ per share $ per share 46 per share $ per share $ per share $ Per share
4
4 213 213
8
8 2114 2112 2118 213
2112 217
8 2112 2212 2114 217
4714 4814
4 4712 48
473
4612 4714 47
49
48
49
49
912 10
914 912
914 914
94 914
2
914 9,
4
914 9,
8
8
4 345 345
4
4 343 343
3418 343
34
34
34
3312 3312 33
____ _
____ _
___ _
515 515
*515 _ . *515 _
333.
4 0114 14 *114 14 *114 14
17 4
8 13
13'118 - 4 *112 - 3- •13
8
8 67
8 '5,
8 67
4 '55
4 612 *512 612 *512 63
*53
4 65
*53
6
6
8 *6
65
63ti
612 *6
"6
67
8 *6
65
'6
51
4 50
.503
48
48
48
50
*46
50
*45
50
*45
4 2614 2738
,
4 23 4 263
2412 2414 253
2512 2412 2512 24
25
1418 1412
14
*13
14
,
1414 1312 13 4 *13
,
,
13 4 13 4 14
8
4 17
13
4
4 13
13
8
4 17
13
17
4
13
8
4 17
13
8
17
8
17
,132
53132 5
53,u 53132 *5342 6
51132 58132
53132
53122
*51,32 6
8'4 814
814
8
8 18
8
818
8
814 812
,
814 8 8
*12 I
*12 1
*12 I
*12 1
*12 1
*11 1
3
3
4
8 33
8 3 4 *27
* 33
4 *218 3 4 *27
4 *27
4 33
4 •27
8 33
*27
812 812 *81 2 912 *812 912
812 9
914
*9
*812 9
214 *Ps 2 4
,
8 138 "I„ 214 .13
13
214
214 *13
8
*13
32
,
32 8
4
,
3018 30 8 3012 303 32
30
4
,
30 4 30 4 203 I
,
4
93 10
,
10 8
1014 10
10
912 10
8
1
8
07
3
1018 10.8
618
6,
,
*512 612 *512 6
*512 7
4
4 *53
.512 63
2958 30
4
293 30
8 2912 30
2914 297
,
29 8
29„ 30
*148 150 *148 150 *148 150 *148 150
150 1
*148 150
4
493 5012
8
4812 4812 4912 4934 497 497
8 4914
*4914 497
4
133 14
4
1312 133 141
13
1314
13
8 1312
8
137 137
49„
50 "49
4 50
*4912 493
50
50
*471.2 L
50
*49
*4712 50
*4712 50
*4712
12
*4712*47
50
50
102 102
2 1013 1014 102 102
101 101
*100 102 *100 10
3218 3218
8
4
3312 3312 323 3318 323 327
4 3312 3,
*3312 333
1214 1178 13
1112 1112 1212 12
11
8
117 1218 1114 11
12
1212
12
8 1112 1218 12
113
8 11
*1118 117
8
117 12
8712 8712
88
*87
8612 87
86
86
90
90
90
*85
1214 1212 1212
12
4
4 123 *1214 14
1318 1338 123
14
•I3
8
3519 347 3712
4 35
8 3514 363
4
4
*363 3712 363 3714 3638 365
4
118 118 *118 12018 11814 11814 *1173 123
120 120
*117 120
719
7
3
714
74 7 8
8
8 714
65
718 73
74
712 734
8 387 39
8
395 305
4
383 39
4019 3814 39
3012 4012 39
4 123 14
1214 124 123
1238 12
1233 1212 12
8
127* 123
10312 10312 10312 10312
*105 108 *105 10812 *10312 10812 '10312 108
58
59
59
*5812 60
60
*59
5934 58
5914 591 4 59
414 414
414 412
418 47*
44
4
412
418
,
4 8 412
3414 *3414 3512 3412 3412 3412 3412
34
35
34
35
*34
22
22
22 22
24
2412 *22
2412 *22
2412 "22
*22
Par
Shares
No par
8,600 Mack Truck, Inn
No par
6,600 Macy (R 11) Co Inc
No par
4,200 Madison So Gard v I c
10
1,500 magma Copper
50
Mahon1ng Coal RR Co
100
:Manati Sugar
100
Preferred
No par
100 Mandel Brom
450 :Manhattan Ry 7% guar___100
100
Mod 5% guar
16,400
25
2,600 Manhattan Shirt
1
2,400 Maracaibo 011 Explor
5
1,500 Marancha Corp
I
9,100 Marine 541dland Corp (Del)
100
Market Street RY
100
Preferred
100
Prior preferred
120
100
2nd preferred
10
No par
2,400 Marlin-Rockwell
No par
6,700 Marshall Field & Co
No par
100 Martin-Parry Corp
3,700 Mathieeon Alkali Worke_No par
100
Preferred
10
10
1,500 May Department Stores
No pa,
4,800 Maytag Co
No pa,
Preferred
200
Preferred es-warrants...No par
10
,
No pa
Prior preferred
130
No par
1,300 McCall Corp
25,300 2MoCrory Store,claesA-No par
No par
Claes B
5,900
100
Cony preferred
600
800 McGraw-Hill Pub Co___No par
14,200 McIntyre Porcupine Minee____6
300 McKeesport Tin Plate___No par
5
15,700 McKesson & Robbtns
50
3,100
Cony prat eerie, A
No par
13,900 McLellan Stores
100
6% cony pref set A
30
No par
600 Melville Shoe
1
2,100 Mengel Co (The)
100
7% preferred
80
40 March & Min Transp Co_No par
5
13,800 Mesta Machine Co
5
18,300 Miami Copper
10
9,500 Mid-Continent Petrol
No par
7,900 Midland Steel Prqd
100
8% cum let pref
290
400 Minn-Honeywell Regu___No par
100
6% prat series A
20
49,600 Minn Moline Pow Impl --No Dar
No par
Preferred
1,800
200 :Minneapolis de St Loule_-100
100 Minn St Paul & SS Marle--100
100
7% preferred
100
4% leased line Me
70
No par
1,400 Mission Corp_
No Dar
6,000 Mo-Kan-Texae RR
100
Preferred eerie, A
8,600
100
400 :Miesouri Pacific
100
Cony preferred
4.500
20
3,200 Mohawk Carpet MI118
10
5,600 Monsanto Chem Co
,
70.800 Mont Ward 4 Co Ino----No Par
No par
Morrel (J) & Co
50
20 Morrie & Eager
New York Stock Record-Continued-Page 7
Volume 141
II1011 AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Aug. 17
Monday
Aug. 19
Tuesday
Aug.20
1Vednesday
AuO.21
Thursday I
Aug.22
Friday
Aug. 23
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share 3 per share Shares
Par
1812 1912 1752 1918 17
18
1714 184 1752 18
1712 183 26,000 Northern Pacific
2
100
4212 .41
42
43
*4112 43
43 43
042
43
*42
40 Northwestern Telegraph
43
50
*15
8 13
4 .13
8
13
4 *15
8 13
4 *15
8 13
4 *15
100 Norwalk Tire & Rubber -No par
8 13
4
I% 153
*20
2972 21
297 *21
8
297 *21
2
294 *21
2812 .21
Preferred
50
2972
114 117
2 1112 113
4 1112 1152 1114 113
4 1112 1134 1112 113 15,100 Ohio 011 Co
4
No par
177 1812 1812 1912 1812 19
8
187 2018 193 2158 20
8
4
2112 11,000 Oliver Farm Eaulp new_No par
Preferred A
No par
514 614
64 - 8
67
612 14
3652 - 7
8 - 812
i8
54,560 Omnibus Corp(The)vle„ No oar
77
8 712 9212 924 95
95 .90 100
*90 105
Preferred A
*90 103
100 100
400
100
*712 8'8
7% 73
4
712 712
73
8 758
900 Oppenhelm Coll & co_ ,.__No par
714 753 *73
8 83
2
20
2014 1912 2014 1914 197
8 193 194 193 20
4
2
1918 1952 5,300 Otis Elevator
No par
123 123 *123 124 *123 124 *123 12312 .123 124 *123 124
Preferred
40
100
113 113
2
4 1114 124 11
12
1214 133
4 133 143
8
4
4 137 16 148,300 Otis Steel
No par
*68
70
68
70 .70
74
74
7514 753 773
4,000
4
80
Prior preferred
4 79
100
*50 ---- *50 ---- *50 ____ *50
•50 ____ •50 ___ ______ Outlet Co
No par
1j5-.-_ *115
- *115
*115
_
*115
*115
Preferred
100
9914 9912 98 - 9
97 - 712 963 4 9812 9714 4 97
9E3- _ 1,660 Owens-Illinois Class Co
973 25
1514 15
15
1512 147 1512 153 163
2
2
2 1612 168 1612 174 25,900 Pacific Amer. Fisheries Inc____5
23
8 23
8 *2
214
2
2
*2
212 *2
30 Pacific Coast
212 •2
212
10
*53
4 612
53
4 53
4 *414 614 *43
lstpreferred
20
4 614 *43
4 72
No par
4 614 *43
3
234 23
4 *27
2 314
234 27
2
212
212 *212 3
*212 3
2d preferred
No var
80
28
2814 27
2818 255 271 1 267 2758 274 28
8
2
2712 15,700 Pacific Gas & Electric
27
25
44
441.2 4214 4412 403 424 42
4
4234 4218 43
403 413
4
4 9,100 Pacific Ltg Corp
No par
153 153
4
4 1512 153
4 15
15
1512 1512 153 153 *14511 16
4
800 Pacific Mills
4
No par
111 1117 11158 112
111 111
2
11112 11112 111 111 *109 114
520 Pacific Telco & Teleg
100
*13312 134 *13312 135
13312 13312 *13214 138 *13214 138 *1321 138
120
/
4
6% Preferred
100
1012 107
2 1014 103
4 10
1012 1012 1012 10
2
4
103
4 103 113 10 900 Pao Western 011 Corp____No par
453 0
% 0
43
4 47
8
478 5
43
434 5
4 47 40,200 Packard Motor Car
8
No pa
*1114 1112 *1114 1112 *1114 1112 *1114 1112 *1114 1112 1114 1114
100 Pan-Amer Petr & Trans
5
1
1
3 113 *1
1
1 *1
113
*7
118
1
1
500 Panhandle Prod de Ret___No par
*1714 1812 1612 1714 1612 1612 14
16
11
15
15
8% cony preferred
14
1653
100
47
8 5
43
4 47
8
43
8 47
8
45
8 43
4
412 43 53,400 :Paramount Publix etre
412 47
8
10
1718 1718 *153 17
4
1512 16
1558 154 •1514 161 *15
16
700 Park-TlIford [no
1
34 4
4
414
34 4
414 412 26,500 Park Utah C M
412 41
4
414
1
14
11 1
114
114
112 114 *114
118
118 2.200 Parmelee TransportaM___No par
132
118 18
1
lls
1
11s
1
Ds
1
11s
72 1
1
1
19,000 Pathe Exchange _ _ ___ __No par
113 113
8
4 1114 12
11
11
4
8 5,80
11
Preferred clam] A
1112 1118 1112 103 113
No par
1312 134 1314 1418 1314 14
4
1453 133 1418 13,100 Patin° Mines & EnterPr No par
143 147
8
8 14
114 13
8
114
114 *114
13
2
80 Peerless Motor Car
132• 13
2 *114
Ps *14
3
Ps
*71
72
7014 7014 70
70
90 Penick & Ford
704 7014 7014 7014 *7014 72
No par
4 80
80 803
803
4 80
803
5,200 Penney (.I 0)
8 80 8032 804 803
4
4 803 81
No par
2 578
6
6 12
54 6
51
57
53
8 61 ,
8 612
5% 8,60 Penn Coal & Coke Corp.. _ _ 10
53
..
414 414
4
412
4
418
4
4
372 372 1,700 Penn-Dixie Cement
33
4 4 -I
No par
2612 273
4 2512 2512 *2338 26
*2412 2678 *235 267 *2352 2612
8
500
8
Preferred series A
100
29
2914 2752 29
267 273
2
4 2712 283
8
8
4
2 273 2812 277 287 48.100 Penney'vanla
50
*3212 33
32
3212 3212 3212 33
3612 1,400 Peoples Drug Stores
35
33
35
33
No par
*115 11612 *116 11612 11612 11612 116, 11612 *115 11612 .
20
Preferred
3115 11612
2
100
4212 4312 393 4112 3812 407
4
8 40
413
8 391 403
401 8.600 People's a I., & C (Chic)
/
4
10)J
4 39
•17
2 234 *2
3
*17
*17
8 3
Peoria & Eastern
.17
*17
2 3
8 3
100
1612 167
8 17
173
4 153 1614
4
1612 167
8 163 1758 2.200 Pore Marquette_
8 165 163
8
100
31
31
30
30
2814 2814 *27
400
Prior preferred
29
*26
2912 2912 2912
100
23
23
*2212 2412 2212 2212 *22
200
25
*22
25
Preferred
24
*22
100
0143 153 *1412 153 *1412 15
4
4
4
1412 1412 *14
300 Pet Milk
1412 1412 1412
No par
103 1012 1012 1052
2
93 1012 1012 1012 10
4
10
1012 4.300 Petroleum Corp of Am
10
5
2
197 2014 197 21
2
195 2114 207 2112 204 2118 2014 2214 50,000 Phelps-Dodge Corp
8
2
25
4212 4212 *40
42
4112 413 .
4 4112 4112 1,000 Philadelphia Co 6% prig
4 340
8
414 415 413
50
7512 7512 .76
7812 76
8212
400
85 .76
$6 preferred
7612 *76
*75
90
No Par
*218 253 *43
8 213 013
8 212 *138 238 *178 238 *152 232
:Philadelphia Rap Tran Co___50
*412 5
*43
8 47. *458 5
*412 5
48 43
*412 5
100
7
preferred
50
3
3
27
2 3
4 24 6.700 Phila & Read 0 & I
8
4
8
23
23
23
8 27
2
a 23
4 27
No par
48
48
461 48
/
4
4612 4612 47
8 4914 5018 13,200 Phillip Morris & Co Ltd
4812 4812 497
10
918 9,
*912 1012
*9
200 Phillips Jones Corp
10
1012 .84 9
814 814 *8
No par
*7112 76
*7112 76
.7112 75
*7112 75
*7112 75
*7112 75
100
7% Preferred
2614 2659 2514 2659 2412 2512 2512 2614 257 27
263 2712 66,100 Philips Petroleum
8
No par
758 83
8
814 812
712 712
758
718 .718 752 1,800 Phoenix Hosiery
718
753
5
066
70
x6712 68
66
*68
40
70
Preferred
66
*6814 70
*67
70
100
53
12
3
*
8
4
33
12 3,800 Pierce 011 Corp
12
13
12
3
8
25
13
12
*414 412
412 43
4
4
43
4
400
43
43
4 *4
4
4 *4
*4
Preferred
109
4
7
2
4
1
*7
8
1
1,400 Pierce Petroleum
7
2
1
7
8
1
1
1
No par
34
3412 3412 3459 3412 3412 34
*333 343
4
8 1,100 Pillsbury Flour Mills
4
4 333 34
343
No par
*6553 80
*65% 80
*6512 80
Pirelli Co of Italy Amer shares__
*655 80
8
*6512 80 .655 80
8
•116 125 *116 125 *1154 _
Pltts C C& St Louis RR Co_100
_ __ ___
*116
_ __ •116_ *116
8 1112 1214 .11
118 117
12
1112 12
12
Pittsburgh Coal of Pa
12
*11 12
100
*36
413
4 41
41
*36
42
100
*3612 40
*3612 40 .3712 40
Preferred
100
*180 182 *180 182 *180 182
10 PItte Ft W & Chic pref
180 180 *180 181 *180 181
100
658 653
612 612
658 612
7,400 Pittsburgh Screw & Bolt__ No par
612 67
658 7
612 63
4
*40
4212 40
41
40
43
42
45
470 Pitts Steel 7% oum pref
43
44
44
*40
100
*112 212 *112 2
*114 2
100 Pitts Term Coal Corp
8 2
134 •112 2
*13
13
4
100
1812 *14
*13
1712 *1312 1712 *1414 1712 *143 16
.143 16
4
4
100
6% Preferred
*3
318
23
4 23
4
234 23
3
4
1,400 Pittsburgh United
27
8 27o
27
8 318
3
23
5212 5212 51
54
557
2 55
5012 51
5618 1,410
52
5658 54
Preferred
100
16
*1612 17
17
16
16
90 Pittsburgh & West Virginia _100
17
171* *14
1712
17
*16
2
2
*159 2
*138 2
100 Pittston Co (The)
8
*138 2
8 17
017
8 21 1 •15
No par
103 1053 10
2
1014
94 10
101 1 7.000 Plymouth Oil Co
1014 10
10
104 10
5
11
91,
9
93
2 *832 83
4
94 94 *94 912
912 2.500 Poor & Co class B
9
No par
14 354
35
3
358 3
3 8 1,500 Porto Rio-Am Tob el A
5
'2
312 353
33
8 33
8 •
353 312
No par
114
1,
4 *1
13
8 *1
13
13
8
8 •1
114 *1
100
Class 11
13
8 *1
No par
934 97
8
93
4
818 04
8,600 :Foetal Tel & Cable 7% pref _100
812 9
914 10
4
9 4 93
,
214 212
214 212
218 218
2,
8 3,300 :Pressed Steel Car
218 218 *2
218 218
No par
14
14
14
1412 *1314 137 *1318 13% 1312 1414 133 133
8
4 1,700
4
Preferred
100
527 534 52
2
527
2 51
523
4 4.800 Procter & Gamble
52
5134 5232 523 524 52
2
No par
*117 118 *117 11712 11712 1173 1173 1174 *11612 118
117 117
140
4
5% pref (ser of Feb 1'29)_100
44
45
427 4453 4112 43
8
4414 4012 42
50,900 Pub Ser Corp of N J
4234 433
4 42
No par
*9812 99
99 100
700
$5 preferred
4
8
4
993
4 993 993 *99 1004 *987 9912
99
No par
11014 11014 110 11018 110 11018 110 11114 1115 1115 *107 1107
8
900
6% preferred
100
*124 12514 *124 12512 *12314 1254 *12314 12518 *118 1238 *120 1241
7% preferred
100
*134 141 *134 137 .130 137
100
137 137 *13414 140 *130 140
8% preferred
100
31117 113 *112_ *112
112 112 '
8
_ .*112
200 Pub Ser El & Gas Dr $5....-No par
- 113 113
4314 435
8 4212 431
413 -4 423
4
4272 413 4212 8,600 Pullman Inc
4212 - 4314 4112 No par
014
915 914
9
83
4 9
84 914 17,800 Pure 011 (The)
83
4 9
87
2 9
No par
*905 91
2
9012 91
9012 92
92
9212 9212 9212 9212 9212
510
8% cone preferred
100
•72
75
733 733
2
2 75
7612 7612 *75
80
75
730
6% preferred
75
75
100
14% 134 1414 13 8 14
14
,
133 1418 8,600 Purity Bakeries
,
4
137 1414 213 4 14
8
No par
74 712
7
718 71^
4
73
718
8
718 714
7
63
71 95,300 Radio Corp of Amer
/
4
No par
5514 5514 6514 551
; 547 5514 55
8
5514 5514 5512 5512 5512 4,600
Preened
50
6212 6314 61
634 60
623 6352 12.700
2
613
4 62 6234 623 64
4
Preferred B
No par
23
4 27
2
23
4 27
2
212 25
8
212 25 11.400 :Radio-Keith-0mb
212 23
8
8
212 25
No par
1912 1912 1917 1914 1914 1914 2018 20
191
/
4
2014 2014 203
4 5,700 Raybestos Manhattan
No par
40
40
38
3912 3612 3712 3814 3814 *37
39
3814 39
1.000 Reading
50
*38
41% *38
4218 .38
4118 *38
3912 3918 3918
40
*38
200
1st preferred
50
12 3612 3612 *3512 3712 *35
3612 3613 *3612 37
35
35
36
900
2d preferred
5(1
10
103
2
912 1014
912 912 2,900 Real Silk Hosiery
94 912
912 959
912 912
10
6212 6312 62
62
62
623
53
4 5712 58
240
63
63% 60
Preferred
100
•152 13
4
152 152 *112 15
8
294 Reis (Robt) & CO
112 1 2 *112 158 *112 15
8
,
No par
*12
1312 *1112 1312 *1012 1312 *11
13% *1012 1312
1312 *II
10t preferred
100
103 107
4
8 103 11
8
1058 105
107 1118 20,400 Remington-Rand
8
8
4 105 11
8 103 103
8
1
04
9452 92
9452 *90
9434 *91
4
4 943 9514 953 97
1,700
4
943
1st preferred
100
943 913
4
*90
953 *9218 9458 *90
4
9614 97
94
9512 94
70
2d preferred
100
*1013 117 *1013 117 .1013 117
4
4
4
1013 1014 .98 105 *100 117
10 Ftenss & Saratoga RR Co
4
100
318 3
/
1
4
3
318
3
318
3
8%
3
318
2% 318 7,200 Reo Motor Car
5
1814 1812 173 1914
4
1712 1812 1833 1912 187 193
8 183 193 65,000 Republic Steel Corp
8
8
No par
703 714 6912 7212 68
4
4
7312 7212 7414 713 733 19.000 6% cony preferred
4
7014 70
100
*7012 71
713 713
6934 70
7312 7312 72
71
72% 1,300
73
6% pref Ws of deP
*7
73
*63
4 73
4 *72
8
818
74
3
600 Revere Coiner & Brass
8 •
812 9
833 87
5
*17
18
1853 16
1 16% 18
.
20
20
1914 197 20
1,400
18
8
Clam@ A
10
9112 92 .87
92
*90
92
9112 92
9112 *90
9112 *90
200
Preferred
100
217 22
2
22
2234 2112 22
2114 21
207 2114 21
3
214 5,000 Reynolds metale Co --No par
•10712 1077 1077 1077 1073 1073 1073 1073 *10712 108
8
8
8
10712 108
4
4
4
600
100
53% cony prof
214 2133 2212 23
22
203 2114 .21
4
22
22
217 22
8
1,900 Reynolds Spring
1
54% 5453 5412 543
54
545
8 5458 543
5153 547
8
8 547 55
11,100 Reynolds(R J) Tob class B___10
*6012 6312 *13012 6312 *6012 6312 *6012 6312 * 012 312 *6012 6312
Class A
10
*1412 1712 *1412 1712 *1412 171 *1412 1712 *1412 1712 *1412 1713
Rhine Westphalia Else Power___
*1114 12
*1114 12
*1112 12
*1112 12
*1114 12
12
12
100 Ritter Dental Mfg
No par
.2718 275
8 273 28
8
277 28
8
2814 283
4 2714 273
2814 2814 3,100 Roan Antelope Copper Mines__
For footnote:, see nage 1230
1237
Range Since Jars. 1
On Basis of 100-880re Loss
Lowest
Highest
July 1
1933 to Rang. for
July 31 Year 1934
1935
Low Low
High
3 per share
$ per 'hare 8 Per oh $ per share
1318 Mar 28 217 Jan 7
2
1312
1412 364
2
357 Jan 18 4412July 25
33
33
43
1 18 July 12
214 Jan 4
118
15
612
220 Mar 20 3212 Jan 3
29
20
404
812 157.
1418May 17
812
94 Mar 18
/
1
1659 Aug 14 2112 Aug 23
4Nlay 31 263 Jan 2
133
2
9
-9
;7
-32
812 Aug 22
312July 23
312
352
63
2
75 Jan 16
100 Aug 22
70
70
95
43 Apr 3
4
812 Aug 10
43
4
512 1453
114 Apr 4 22 Aug 5
1118
1212 192
s
92
106 Jan 7 125 July 5
93
108
44 Mar 14 16 Aug 23
3
352
8
223 Jan 16 80 Aug 23
712
4
9
25
38 Mar 12 50 Aug 7
30
28
47
11412 Mar 23 11412 Mar 23
97
97
11412
80 Mar 12 104 June 11
60
94
60
14 Aug r
1712 Aug 23 27 5
1 Mar 26
212 Jan 7
1
14
- -32
13
8 Mar 30
33 Jan 2
312
4
312 1114
I Mar 27
4 Jan 7
2
I
612
1312 Mar 6 283 Aug 12
123
4
2
1258 234
19 Mar 18 4412 Aug 17
19
203
4 37
12 June 19 21 Jan 2
12
Ill
34
70 Jan 2 112 July 23 '68'2
69
8512
11112 Jan 14 1343 Aug 12
116
9914 103
4
114 Aug 23
64 July ii
5
512
958
8
284
312 Mar 13
57 Jan 7 3, 25
64
8
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853
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/
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12June 20
2
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7
613 Mar 12 1912 Aug 14
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57
;
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11 May 20 173 Jan II
11
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6 Apr 26
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152 Feb 18
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12 Mar 8
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453
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1103 Jan 9 1163 Mar 28
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/
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/
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297 Mar 28 434 Jan 7
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212 Jan 7
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514
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8 71
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9812June 10 110 Mar 1
9812 114
126
512
24 Mar 13
/
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Hp
: 253
9 Mar 15 193 Aug 22
9
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334 6712
2852 Mar 18 7414 Aug 22
19
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90
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.953
15% 2734
101 June 10 1083
4July 5 101
121 Mar 20 237
/
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8July 26 47 6
4312Nfar 26 55 July 29
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5514 Apr 22 6112July 16
627
8
5514
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1212
1212 23
51. 1312
54 Mar 26 127
/
1
5%
8June 14
217t Feb 25 303
8May 17
20
20
33%
New York Stock Record-Continued-Page 8
1238
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Aug.17
Monday
Aug. 19
Tuesday
Aug. 20
Wednesday
Aug.21
Thursday
Aug 22
.
Friday
Aug.23
k$ per share $ per share $ per share $ per share $ per share $ per share
3
04314 448 *4338 4414 *4312 448 *437 445 *4312 4414 433 43
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5
514 *4
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2114 2012 2114 2012 213
4
1912 2018 193 2014 1912 20
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8
8
183 1812 183 183
185
1838 18% 1814 1859 18
For footnotes see page 1230
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Shares I
100 Royal Dutch Co (N Y shares).100
Rutland RR 7% prof
10
15,700 St Joseph Lead
1,500 :St Louis-San Franolsoo....100
100
1s9 preferred
1,100
Inn
40 St Lords Southweetern
100
Preferred
No par
10,200 Safeway Stores
100
6% preferred
160
100
7% preferred
240
No par
3,500 Savage Arms Coro
5
21,400 Schenley Distillers Corp
1
2,700 Schulte Retail Stores
100
Preferred
270
No par
100 Scott Paper CO
No par
16,000 :Seaboard Air Line
100
Preferred
1,200
8,900 Seaboard 011 Coot Del---No par
No par
Seagrave Corp
36,500 Sears. Roebuck & Co-No par
1
1,400 Second Nat Investors
1
Preferred
120
1
85,800 Serval Ins
No par
8,400 Shattuck (F 0)
No par
16,200 Sharon Steel Hoop
No par
2,100 Sharpe & Dohme
Cony preferred eer A___No par
1,000
Shell Transport as Trading---£2
No par
6,300 Shell Union 011
100
Cony preferred
1,100
-5
16,900 Silver King Coalition Mines
No par
29,800 Simmons Co
10
5,500 Simms Petroleum
25
5,500 Skelly 011 Co
100
Preferred
100
100
390 Sloss-Shett Steel & Iron
100
7% preferred
680
1,700 Snider Packing CorpNo par
Ino__15
41,000 Simony Vacuum 011 Co--100
Solvay Am Invt Tr pref
No par
4,700 So Porto Rico Sugar
100
Preferred
80
25
18,000 Southern Calif Edison
Southern Dairies class A__No par
No par
Class B
__ _
100
53,700 Southern Pacirio Co
100
20,200 Southern Railway
100
Preferred
13,500
Mobile & Ohio stk tr one -100
200
400 Spalding (A (1) & Broe..-No par
100
240
let preferred
430 Spang Chalfant& Co Ino pref-100
No par
4,000 Sparks Withington
No par
140 Spear & Co
100
Preferred
10
700 Spencer Kellogg & Sons --No par
1
51,600 Sperry Corp (The) v so
No oar
900 Spicer Mfg Co
No par
Cony preferred A
270
8,600 Howl may-stern Co-No par
100
200 - 6155% Preferred
Rights
_
1 -171
No par
7577.
..,........, Standard Brands
No par
40
Preferred
12,000 Stand Comm Tobacco-No par
40,100 Standard Gas & El 0o-No par
Preferred
No par
37,100
No par
3,900
$6 cum prior pref
No par
57 cum prior prof
10,800
No par
3,600 Stand Investing Corp
100 Standard 011 Export peel--100
No par
14,400 Standard 011 of Calif
25
11,400 Standard 011 of Indiana
10
Standard 011 of Kansas
19,000 Standard 011 of New Jersep-25
2,000 Starrett Co (The) L B____No par
10
1,900 Sterling Products Ins
700 Sterling Securities ol A---No par
Preferred
No par
1,700
Convertible preferred
50
100
5
-Warner
12,000 Stewart
No par
43,300 Eltocie & Webster
25,100 fStudebaker Corp (The) now_l
NO par
600 BUD Oil
100
Preferred
280
---No par
1,500 Superheater Co (The)
1
1,300 Superior 011
100
14,400 Stuaerlor Steel
50
1,800 Sweets Co of Amer(The)
25
6,700 Swift & Co_
No par
1,000 telymIngton Co
No par
Class A
1,000
5
1,900 Telautograpb Corp
5
..,,,
11,500 Tennessee Coto
25
36,700 Texas Corp (The)
No par
10,300 Texan Gulf SU11):or
10
62,700 Texas Pacific Coal & Oil
1
,
10,100 Texas Pacific Lane Trust
100
8,500 Texas & Pacific Ry Co
2,600 Thatcher Mfg __ _ ___No par
No par
$3.60 cony prof
400
. No par
400 The Fair
-100
Preferred
40
1
6,200 Mermaid Co
100
300 Third Avenue
1
500 Third Nat Inveetors
25
300 Thompson (J R)
4,500 Thompson Products Ina-- No par
7,000 Thompeon-Starrett 0o...No par
No par
$3.50 cam prof
No par
13,900 Tidewater Assoc 011
100
Preferred
3,000
No par
Tide Water 011
100
Preferred
10
28,900 Timken Detroit Axle
28,900
8,800 Timken Roller Beartng___No par
No par
23,300 Transamerica Corp
3,700 Transcon & Western Air Ino---5
3,800 Transue & Williams St'l- No par
No par
18,200 Tr -Continental Corp
No par
8% preferred
300
No par
Trio° Products Corp
No per
1,000 Truax Truer Coal
10
13,900 Truman Steel
600 Twin City Rapid Trans.- No par
100
190 Preferred
No par
2,400 Men & Co
1,000 Under Elliott nigher Co -No par
100
Preferred
30
8,000 Union Bag & Pao Corp_-No par
15,000 Union Carbide & Carb.-No par
25
7,200 Union 011 California
Aug. 24 1935
Range Mars Jan. 1
Os Basis of 100-8hars Lots
Lowest
5 per share
294 Mar 12
3 Apr 18
1014 Mar 13
34Jtme 6
1 Apr 3
6 Apr 15
12 Mar 4
4June 13
363
1043 Mar 11
4
10812 Feb 7
6 Jan 15
22 Mar 12
13* Apr 4
8 Apr 4
55 Jan 2
14June 29
5 Aug 1
8
20 4 Mar 12
8
34July 24
81 Mar 12
14May 6
40 Apr 3
738 Mar 13
714 Mar 14
9 Mar 14
3IeM sr 12
43 Aug 22
20 2 Jan 2
8
/
1
4
5 Mar 19
6318 Mar 21
83 Feb 15
8
6 Mar 15
5 July 19
612 Jan 15
60 Jan 22
13 Mar 20
24 Mar 12
15 Apr 3
/
1
4
11 Mar 11
/
1
4
107 Jan 15
20 Jan 30
132 Feb 4
1014 Mar 13
3 May 6
14July 12
4
123 Mar 18
54July 8
7 July R
15 July 23
5 Mar 14
62 Apr 2
5912 Apr 8
318 Mar 18
Vanua 25
65 Mar 23
32 API' 3
7 Mar 14
/
1
4
812 Mar 14
3314 Feb 14
437 Mar 27
4
1013 July 26
6 July 27
13 8 Apr 30
5
/
1
4
122 June 4
212 Mar 15
112 Mar 15
/
4
11 Mar 15
4 4 Mar 15
5
6 Mar 15
7
8July 17
111 Jan 3
2734 Mar 15
23 Mar 15
23 Aug 14
3
35 Mar 18
1212 Mar 14
68 4 Jan 15
8
/
4
11 Mar 19
34 Mar 28
86 Mar 5
52
6 Mar 6
24 Mar 14
2 Apr 17
/
1
4
604 Mar 20
11512 Jan 10
ill Apr 4
111 Jan 2
1
5 Mar 18
3 Mar 6
14
1514July 15
14 Apr 15
114 ADC 29
8July 18
65
4 Mar 15
1612 Mar 13
288 Apr 4
4
3 Jan 2
14
812 Jan 15
14 Apr 12
131
8May 8
50 May 4
5 Apr 10
/
1
4
5112 Jan 7
212 Mar 7
2 June 28
113 Mar 15
518 Jan 7
138* Mar 13
15 Mar 15
8
17 Apr 23
75 Mar 18
8
84 Jan 8
263* Mar 20
100 Feb 15
45* Mar 15
28 2 Mar 15
8
4 8 Mar 12
7
7 Mar 29
14
5 Mar 14
/
1
4
178 Mar 13
69 Apr 4
36 Feb 7
44 Jan 15
34 Mar 13
212June 5
18 Mar 18
118.11111e 10
2
53 4 Mar 29
12612July 17
29 May 28
44 Jan 15
14 Feb 6
/
1
4
litghest
$ Per share
443 Aug 14
4
54 Jan 3
211
4May 23
2 Jan 8
24 Jan 8
14 Jan 12
217
8May 13
40 Jan 2
11314June 29
114101112a 10
113 Aug 21
4
35 Aug 22
4 Jan 2
204 Jan 18
70 Aug 18
7 Jan 4
8
15 Aug 14
3578May 9
47 Jan 26
597 Aug 9
8
234 Aug 14
65 Aug 12
113 Aug 19
8
914 Apr 22
183 Aug 6
8
5141uly 31
50 July 23
37 July 29
13 May 29
9812 Aug 15
193* Apr 26
1614 Aug 14
183 Jar 9
4
1112 Aug 23
98 Aug 23
39 Aug 23
53 Aug 21
20 Feb 15
153
4May 24
1117 July 2
s
283
sMav 24
150 July 5
218 Aug 22
538July 12
2 June 10
2114 Aug 17
164 Jan 4
20% Jan 4
3314 Jan 12
8 Aug 17
6812 Aug 19
93 Aug 15
5 4 Jan 2
3
7 Jan 22
74 Jan 7
384May 11
1278 Aug 23
1412July 22
4712July 22
7912 Jan 17
1034July 1
918 Aug 12
194 Jan 3
130 Apr 9
5 Aug 19
914 Aug 17
11 Aug 17
/
1
4
2558 Aug 12
2712 Aug 17
17 Aug 23
8
116 Apr 6
387
8May 24
28 Aug 15
32 Feb 18
5012May 23
20 July 9
677 Aug 13
8
17 Jan 18
54 Aug 17
43 Aug 9
1314 July 30
103* Aug 3
44 Aug 16
7512June 13
121 Mar 23
213 Aug 23
8
3 Apr .7
117 Aug 23
8
53 Aug 21
4
1714July 18
78 Jan 4
2% IAD 4
97 Jan 9
54 Jan 26
23 4May 17
5
363* Feb 19
82 Aug 23
1218May 14
25 4 Jan 10
8
2612 Aug 17
583 Aug 16
4
117 Aug 13
8
91 Aug 20
5 8 Aug 1
7
5 Jan 5
253 Aug 12
4
718 Aug 21
183
8July 29
3 Jan 7
/
1
4
2314 Aug 6
12 May 23
1035, Aug 17
42 Aug 12
1063
8June 18
97 Aug 9
517 Aug 12
8
8 Aug 10
117 Aug 12
8
11 Aug 21
614 Aug 17
938 Aug 22
4212 Jan 7
67
8May 10
73* Aug 22
5 Feb 19
274 Feb 18
258 Aug 6
8912July 9
133 Apr 5
501s Jan 22
857 Aug 13
8
204May 23
July 1
1933 to /tangs for
July 31 Year 1934
1935
Higk
Low Low
$ per sit 5 per share
2858 3
28%
91s
4I
15
3
1514 277
1014
8
14
4
/
1
4
3
4
pa
04
1
8
20
6
13
27
12
3814 57
35%
843* 108
80
MI 11313
904
518 121*
44
17% 387
174
8
18
8
3
3084
15
8
3
,
41
60
3714
14
'2
2
31
3
4
1
*
203
4 388
19
55*
24
24
31
5114
30
112
1%
414
$2
52
80
62 9
8
312
6% 13%
0
4
54 1314
314
4
77
8
$84 49
30
19
19
2812
114
6
54
89
57
57 454
as 514
8
1212
818 2418
6
74 1718
5
0
1118
6
62
5112 684
12
15
274
184 12
15
661 BM
34
124 197
8
55 94
86
76
10812
20
392
*
20
115
137
112
104 224
104
54 103
8
3
118
14
314
4
14% 338
122
1112 3812
552
14
4114
7
311 473
/
4
4
15
13
5
5
Iota 74
304
66
30
20
22
2s
7
8
7
73
2
11
/
4
39
6412
8012
15% 334
124
38
5
5 8 11%
3
6
13
6
21% 4114
18
764
19
714
---- ---a 45
6
- 17
135
8
- 14 -304
12114 1127
120
8
3
212
3
52 17
14
4
/ 17
1
4
134
48
33
10
1114 3812
6
ra
Da
78
9012 214
944
264 42%
2612
2312 274
23
41
26
19
3318
394 0
04
153
8
0
6
6714 6012
653
4
14
3
1
3
2%
7
so
38%
2818
64 105t
,
41
/
4
3 8 1338
7
212
,.-24
511; 74.4
42
318
100
96
all
1112 261
/
4
114
314
14
6% 15 4
658
1
318
54
3
84
6 11
14
11
/
4
65
8
3.8
1613
220
212
6
1312
8
385*
4
65
24
2
13
44
10
13
1
17
7 74
s
37 438
18
62
8
21
478
74
4
/
1
4
17
51
25 4
3
14
35*
5
4
414
1
2212
95
29
15 34
1112
-- - - -.
38
212
11
/
4
5%
/18 154
63*
318
195* 29%
80
434
24
6h
684 12
1312 63
/
1
4
8
18
52%
39
12%
6
83
50
21m
9%
6
84
Dos 224
Vs 11
204
10
13
4
5
4
17
34 2
,
8
14%
/ 87
1
4
64
40
24
80
10018
3s
7
84
61
24
518
812
-.- 1
/ -1 134
4
538
3
owe 78
4212
33
114
54
38
5
9%
9'2
18
2
89
6
1
4
584
50
1287
8
102
39% 1107.
354 607
8
1112 204
Volume 141
New York Stock Record-Concluded-Page 9
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Sales
for
Saturday i Monday
Tuesday
Wednesday Thursday
Friday
the
Aug. 17
Aug. 19
Aug.20
Aug.21
Aug.22
Aug.23
Week
$ per share $ per share $ per share $ per share
$ per share $ per share Shares
10212 103% 9912 102
9612 99
9812 100
100 101
100 10012 8,400
8812 8812 8814 8814 88
8814 873 871
8
8 8814 8812 *86
90
900
*23
24
2212 2212 *2212 23
*2214 233
4 2314 233
4 23
23
1,000
1718 1712 1714 187
8 173 181* 183 187
4
8 1812 19
1814 1912 73,500
73, 70
74 7 3
3
4
714 7
73, 818 30,400
8*
78* 77
73, 784
*127 131 *1274 13
*1212 1312 13
133
4 137 137 *1314 15
8
8
500
2314 2314 23
2314 23
23
2278 23
2214 228
4 22
*1133 11812 *1133 11812 118 118 *11712 1177 *11712 1177 *11712 2234 2,200
4
4
8
4
10
1174
623 6312 6112 6314 607 617
4
8
4 6214 623
4 62
624 6112 62
4,000
68 6%
57
8 612
518 6
54 614
512 63
8
514 .53 300,500
,1
4312 4412 4214 434 4012 424 42
43
411g 43
393 4118 16,300
4
97 10
94 10
914 92
8
914 9 8
8
912 94
8 94 14,000
93
. 1214 1314 1212 133
4 1212 13
1212 1314 1214 1212 1218 124 14,600
8212 8314 82 4 82 4 8212 8212 *8214 8212 83
3
3
8312 *8218 8312
160
434 43
4
438 5
414 44 *44 44
44 44
412 44 2,800
70
71
69
70
6812 69
674 683
8 65
663
4 654 6614 13,800
17% 1814 1714 1818 1614 1714 17
174
1612 167 69,100
8
106 106 *106 10612 1057 1057 *1057 10614 1714 18
8
300
*24 314 •2 8 314 *24 34 *24 314 10614 10614 *1058* 107
8
.2 8 318 *24 318
8
_ ____ ____ ____ ____ ____ ____ ____
____ ____
STOCKS
NEW YORK STOCK
EXCHANGE
1239
Ramos 90428 Jas. 1
Ors Basis of 100-sh6re Lots
Loioes1
HIghast
Isle 1
1933 to Ramo for
July 31 Year 1934
1935
Low Low
Moll
Par $ per share
$ per share $ per se $ 047 shard
Union Paoli,
100 824 Mar 28 1114 Jan 10
821*
90
133 3
7
Preferred
100 7912 Mar 14 9012July 3
62 3
7
713
4 89
Union Tank Car
No par 207 Mar 13 2612July 17
8
133,
15
54 25114
United Aircraft Corp
97 Mar 13 194 Aug 23
5
818
814 154
United Mr Linea Tranep•3 o 5
413 Mar 13
818 Aug 23
314
314
04
United American Bosch-No par
7 Mar 29 153 Aug 2
4
7
8
17
United Biscuit
2014May 16 264 Jan 9
No par
19
2114 391
4
Preferred
100 113 Jan 18 118 Aug 7 10414 107
120
United Carbon
No par 46 Jan 28 6312 Aug 17
2014
35
503,
United Corp
No par
112 Feb 27
64 Aug 17
14
21s
87
a
Preferred
No par 203 Mar 13 4412 Aug 17
4
20 4
3
2114 3774
United Drug Inc
4JUne 14 134 Jan 7
83
5
64
0% 1814
United Dyewood Corp
10
/
4
44 Mar 13 131 Aug 19
21*
3
/ 107
1
4
3
Preferred
100 65 Mar 21 9012May 23
50
5934 754
United Electric Coal
314 July 18
No par
74 Jan 9
3
Vs
74
United Fruit
No par 65 Aug 22 92 4May 14
3
4913
59
77
United Gas Improve
No par
914 Mar 18 1814 Aug 17
94
,
114 2012
Preferred
No par 874 Mar 15 1073
*July 16
824
86
9324
:United Paperboard
100
21 Jan 28
/
4
3 8June 29
8
1
14
34
United Piece Dye Vikg-NO Par
palm 3
Vs Jan 7
74
6
138
.
6)2% preferred
_
-- 100 10 June 3 334 Jan 24
- - -- 3 la
--- 7- -- . -118 --i'8 -1 - - 14
ii2
30
8
4
68
7
8
513
5 4 14
:5 4 - 3 -17
68 21,i00 United Stores class A_-No par
314 Apr 4
74 Jan 3
*56
213
•57
64
63
24
814
61
61
*56
6518 *56
63
*6012 64
100
Preferred class A
No par 46 Apr 3 6512 Jan 19
6212 6212 *607 624 6118 617
46
4
54
76
8 603 603
4
4 6112 6112 613 621.1
4
1,000 Universal Leaf Tobacco No par 51 Mar 15 654Ju1y 15
153 153 *153 15312 *153 154
37
4014 63
15212 15212 *151 15212 *151 15212
30
Preferred
100 1334 Feb 9 153 Aug 17 10814 1124 140
/
1
333 333
4
4 333 34
4
333 333 *34
4
4
343
4 34
34
*333 35
4
80 Universal Pictures let pfd-100 29 Aug 3 40 4 Mar 15
11 114
/
4
14
3
13
4
15
10% 46 2
114
,
114
114
138
138
13
8
14 112 2,300 Universal Pipe & Racl
1 July 13
1
12
2% Jan 18
1212 117 12
4
7
a
7
2
1112 117
3
1212 113 12
8 12
4
1174 117
8
750
Preferred
100
94 Aug 15 1938 Mar 6
19
414
1918 188 2012 1914 20
414 24
2012 214 204 214 20
21
34,900 U S Pipe & Foundry
20 14% Mar 14 22 Jan 7
21
21
21
21
12
1512 33
*2012 21
*203 21
4
21
21
*21
2112
700
let preferred
No par 1914 Jan 7 2112June 25
*17
8 212
17
8
1314
1612 193
17
13* 17
2
4 *114 13
4
114
114
118
13, 1,000 US Distrlb Corp
No par
%June 2
*6
24 Jan 3
74
3
812 884
3
8
14
4
814 814 *7
77
4
74 74 •
50
64 73
Preferred
4
100
July 26 10 Jan 9
5
4
4
14
United States Express
12 Jan 4
100
-ZST8 - 1- -iiie -.
4 Jan
21 2
4
2g- iiiTe iiie -ii- iii4 -2
4
114
21e; -iiii - 1- _1ioo u 8 Freight
,
1 21 2
No par 11 Mar 14 254 Aug 17
1212 113 1212 1112 12
12
4
11
11
2
74
1212 12
12
1212 114 12
8,500 US & Foreign Sem
No par
*85
44 Mar 12 124 Aug 17
90
44
*85
90
0
*85
1514
90
*85
90
*85
90
*85
90
Preferred
No par 6514 Mar 26 90 Aug 16
644 65
60
63
6312 634 633
6314 78
4 623 6314 63
4
63
6312 6412 2,400 US Gypsum
20 4012 Mar 12 65 Aug 16
*154 157 *154 157 *14814 157 *149 157 '150 157 *150
344
/
1
3414 5114
157
7% preferred
100 143 Jan 11 15712June 11 110
7
7
*612 7
118
*64 63
146
4 *613 7
64 63
4
612 612
300 U S Hoff Mach
5 Feb 8
4212 433
8May 24
5
73
4 42
314
4314 42
VI 104
4218 4314 4334 4312 444 434 4334 4,400 U 0 Industrial Corp
Aloolloll---No par 352 Mar 18 667
.
4July 13
32
714 714
33
74 7'2
66 4
3
718 718 *714 712
714 8
2,500 U S Leather v I 0
77
4 8
No par
34 Mar 15
12% 1212 123 123
8 8May 22
3
8
4 1214 1214 1212 123
34
54 11%
8 123 137
g 13
4
1338 6,200
Class A v *0
No par
713 Mar 16 14 4Ma7 21
/
1
4
35
3
6912 *65
8
691 *65
7
6912 *65
7
19 g
6812 68
6812 68 68
500
Prior preferred v I a
100 53 Jan 22 0812 Aug 22
45
65
80
6
6%
53
4 61
512 53
4
53
4 614
4 534
53
573 57
8 4,800 U El Realty & Imr4
No par
3 Mar 13
144 1412 1312 1412 1312 134 1312 1434 1414 1412 14
7 Jan 7
3
4
1234
1438 18,500 U S Rubber
No par
918 Mar 13 17 Jan 3
373 383
8 3612 377
4
14
Vs
3514 3612 37
11
24
39
3714 3812 374 38
12,700
let preferred
100 2412 Mar 14 423, Jan 7
963 973
4
4 9612 9812 96
1718
Ws Si'.
9724 97
98
98 1003
4 9814 10114 15,300 U S Smelting Ref & Min
60 95 Apr 5 1244 Apr 25
*69
71% 71
534
9638 141
71
707 70
70 70
*70
7218 *69
7112
600
Preferred
44
50 627 Jan 3 7314 July14
4438 4314 45I4 4234 447
4
5118
5414 654
44
4512 4524 46
444 4614
100 2712 Mar 18 464 Aug 23
103 1037 105 1061 1043 10612 1064 11214 112 1134 1113 11212 140,200 U S Steel Corp
7
274
293$ 59 k
4
4
15,000
Preferred__
100 734 Mar 18 11312 Aug 21
*120 135 '120 137
6714
671
4 991
135 135 *133 137 '133 137 *133
,
100 U 8 Tobacco
No os 11918 Jan 4 140 4May 16
,
3
*16014 170 *16014 170 *16014 170 *16014 170 *16014 170 *16014 137
813
4
99
140
170
Preferred
100 1493 Feb 11 165 Aug 3 1243
4
4
418
8 120
38* 4'o
318 334
160
37
358 4
37,000 Utilities Pow & L1 A
414
4
3
1 Mar 15
1
414 Aug 13
. 7
3
4
8
3
4
7
8
113
5
/
7
1
4
*3
4
7
8
7
8
7
8
3
4
4
3
3
3
4 1,100 Vadsco Hales
4
No oar
12 Mar 15
•2234 244 *224 244 *2234 244 *2238 2488
I2
118 Jan 1
se
17
a
*223 244 *223 244
8
8
Preferred
100
1914 Apr 11
2414Iune 19
153 1312 153 167
8
194
1914 224
4
153 1838 183 198
4
4
184 194 173 194 49,800 Vanadium Corp of Am-No par 11141 Apr 11
8
4
II%
2312 2312 .2318 2334 23
14
313
211* Jan 7
4
2314 234 231
234 233
8 234 2414 2,200 Van Raalte Co Inc
1114 Feb 7 25 Aug 2
5
10614 10614 *10614 107
334
41 1218
/
4
10614 10614 *105 107 "105 107 '105 107
100
7% 1st prof
100 91 Feb 20 108 Aug 6
37 37
5414 s5414 98
*3618 373 *3612 3712 367 367
4
8 363 37
4
363 363
700 Vial Chemical Inc
4
4
5 34 May 28 3818June 24
234
1433 1*61
/
4
*5718 - .:- *574 *574 - -- *5718 100
*5718 100
*5714 100
VIcks Shreve& Pao Ry Co pf_100 70 Aug 6 70 Aug 6
314 -514
80
80
80
314 -3.3
8
314 '
314
8
318 33
4
312 312
34 3 8 5,100 Virginia-Carolina Chem --No par
212 Mar 18
22
2212 22
482 Jan 3
2234 21
17
17
8
6
/
1
4
2124 22
223
2212 211 22
4 22
5,200
6% preferred
100 1712June 1 2714 Feb 1
*96 100
96
LO
96
10
*95
20
9512 *95
9512 95
95
9712 9711
400
7% preferred
100 85 Jan 4 13014May 6
10212 103 "102 103
5714
59
103 103
/ 84
1
4
103 103
103 10312 103 10312
450 Virginia El de Pow $6 pf -.No par 724 Jan 4 10412July 16
7
60
"333 3
33
8 33
65
8 *22
8 374
80
34 34
4
412 •27
4 3
110 Virginia Iron Coal & Coke
412 Aug 22
100
*1514 25
2 June 22
2
*1514 25
*1518 25
3%
9
*1518 25
*16
*16
25
25
5% Drat
100 15 Feb 19 154 Feb 28
15
1013 27
4 7014 70% 3,701 74
77 77
723 728
4
73% 7312 74
74
100 Vulcan DetInning
100 6313 Mar 29 83 May 10
36
52
82
*773 - ..:- *115 - _-- *115 115 115 *115 _ __ •115
_ _
90
Preferred
100 1094 Feb 5 11612 Aug 9
*13 -z
4
*13 4 2
95
95
13 - 4 f34
112
2
2
*17
2
2
218
8 -400 2Wabash
314 314
100
1 Apr 1
WS JIM 8
1
3
3
278 3
11
s
4
338
338
33* 33
3 '314 312 1,200
Preferred A
100
134 Mar 1
*2
212
2
312 Jan 4
2
13
4
'14 21
2
/
1
4
8•
212 212
213 2% *14
234
120
Preferred B
100
14
I May 22
2 4 Jan 19
2
*7
714
1
74 7
14
6i
7
7
/
1
4
714 71
'74 74
714 714 1,100 Waldorf System
No par
3214 32
32
7
41. Mar 15
712 Jan 10 9 3
324 303 3114 31
4
4
8s
31
3114 32
31
31
2,600 Walgreen Co
No par 263,Jnne 8 323 Aug 5 9 15%
*11712 1187 118 118 '118 1187 *118
4
224 292
8
1188 118 118 *11712 1188
20
614% preferred
100 114 Jan 7 130 Apr 24 3 80
*23
8 23
4
212 212
8412 11638
24 234
2 4 27
3
23
27
4 3
4 27
1,900 Walworth Co
No par
11 Feb 28
4
'93
3 Jan 7
/
8 93
1
4
4 93
4 •8
4
14
83
24
4 83
63
8
4 •83
4
4 91
*83
4 91
100 Ward Baking class A
*834 98
No par
17
8 Mar 14 1014 July 17
2
1% 2
I%
5
5
12
13
10
4 1,100
18* 418* ix
*138
13*
Class B
No par
*41
42
14 Feb 28
42
2 Aug 17
4112 41
114
14
41
3%
*38
411 *38
*38
41
41
200
Preferred
100 2812 Jan 12 4314 Aug 6
512 5
24
4
514 5
24
4
36
5
514
514 538
514 54
518 5 8 23,000 Warner Brog Pictures
3
373 373
5
4
2 Mar 15
14
534 Aug 14
4 363 363
4
4 36
214
24
3
36
814
36
36
36
36
130
3714 3714
$3.85 cony prat
No par 144 Mar 13 404 Aug 14
1
118
12
1
15
1
1
317
1
4
*1
11
111
1
1
1,900 Warner Quinlan
i'8
No par
414 412
%Mar 1
414 44
37
3
8
11 Jan 2
/
4
1
4
414
4
41
4% 41
312 414 8,200 Warren Bros
24 Mar 15
113 113
No par
4
4 113 12
618 Jan 7
4
21
:
114 1112 *114 1312 114 114
314 131,
914 11
600
Convertible pref
77 Mar 20 17 Aug 6
*2318 233
No par
4 233 233
4
4 23 4 23
77
4
8
287
.
7
2314 241
2414 25'i 2412 241
2,500 Warren FOP & Pipe
No par 205 Aug 7 28 Jan 8
*
512 512
1314
57
8 53
8
1312 31
42
4 434 *5
53
514
*5
514 51
700 Webster Eisenlohr
No par
r80
4 Mar 14
- '80 - - *80 - _ _ *80 _
6 Jan 2
3
3
7
*80 _ _
*80 - __ _ _
_
Preferred
100 85 Apr 2
*114 --112 *114 -90 Feb 18
112
60
05
114. 90
114 *114 -114
112
114 114 14
150 Wells Fargo & Oo
4312 44
3
4
1
1 Jan 6
8July 3
4212 43 4 421j 43
13
3
4
2.
3
4314 44
4414 443* 44
45
12,100 Weapon 011 & Snowdrift --No par Ulls Jan 15 45 Aug 23
*80
813 *80
4
813
4 81
15
15 4 353
3
81
4
81 81
81 • 81
81
814
600
Cony preferred
No par 72 Jan 29 83 July 9
49
5313 744
/
1
*74
75
75
75
7412 75
75
75
*72
75
74
75
230 West Penn Eleo claw A...No par 34 Mar 6 77 Aug
82 83
84
85
4412 70
85
86
121 34
86
8612 86
86
86
87
270
Preferred
7512 7511 7512 7612 74
100 397 Mar 6 87 Aug 23
8
397
613
4 80
76
75
75
*75
76
73
73
320
0% preferred
100 36 Mar 14 7512 Aug 10
119 119
119 119
34
11914 11914 *11914 120 "11912 120
65
2681
/
4
11912 120
70 West Penn Power peel
*1134 114
100 10412 Jan 17 120 July 29
114 114 *113% 114
8912 110%
8824
/
1
4
1133 1134 113 1134 1133 1133
4
4
4
100
6% preferred
100 95 Jan 2 114 Aug 14
---- ---- -.-- -.-- ---- ---- -784
/
1
784 105
/
1
West Dalry Prod ol A__--No pa
118June 8
*12
214 Jan 8
3
4
11
*12
13
3
4
4
61
.
*12
3
4
12
*12
3
3
4
4
*12
3
4
Claes Et y 11 o
Nopar
38May 1
81
918 94
% Jan 8
9
3
3
8% 81
,
2
24
83* 85*
88 0
8% 83
4
8,000 Western Maryland
97 Jan 7
100
*1312 15
1513 Mar 15
*13
1414 *13
512
714 174
1414 *13
1438 1314 1312 1314 1314
200
3d preferred
214 214
100
712 Mar 30 143 Aug 14
214 214
4
74
914 23
2
214
214 214
214 2 8
8
23
8 24 2,700 Western Pacific
100
118July 19
5 4 512
3
5
3% Jan 7
43, 434
5
'2
118
33
8
812
43
4 434
47
58
54 512 5,600
3
Preferred
4934 5018 484 5014 463 4814
100
23, Feb 26
7 8 Jan 7
3
23
4% 174
8
8
4814 49
474 483
4 463 483 32,700 Western Union Telegraph--100
4
8
263* 2
264 2684 257 264 26
20% Mar 14 5134 Aug 12
65*
2084
8
2914 667
264 2614 264 • 26
s
264 8,100 Westinglege Air Brake___Ne pc,r 18
66 6612 64
Mar 27 2814 Aug 13 33 153,
657
8 62
1572 36
6434 64
6512 6414 663
664 39,200 Westinghouse El & Mfg
64
11712 119
11812 1181 *11512 118 *115 118 *115 118 8 *115
50 323 Mar 18 6712 Aug 12
8
2774
27% 471
.
117
40
let preferred
17
17
1712 1734 17
50
77
1738 1718 187
82
95
1812 1912 1814 183* 7,900 Weston Eleo lastruml-No par 90 Feb 5 119 Aug 17
*324 343 •3214 34
4
10 Mar 18 19 July 24
3
5
3112 3214 32
6
15%
3312 *338 34
*31
35
8
180
Class A
20% 2012 203 2084 20
No par
4
,July 24
15
1
16
2034 2014 204 *2014 203 *20
2913
2014 1,400 Westvaco Chlorine Prod- No par 29 Jan 4 368
4
*20
*22
35
le% Mar 13 3312 Jan 3
35
1214
*22
1678 27,
.
*22
*22
25
35
*22
35
Wheeling & Lake Erie Ry Co_100 18 Jan 3 2712July 18
*35
*35
40
40
40 18
244 29
40
*35
*35
50
*35
46
45
20
6% non-cum
23
233
4 23
243
221 23
21
24
36
2514 247 2514 5,600 Wheeling Steel preferred--100 25 Mar 14 40 Aug 20
237 2412 24
8
8
Corp
834 8314 8314 8314 844 85
No par
1414 Mar 28 254 Aug 23
114
1113 29
85
85
8712 894 8912 1,800
85
Preferred
100 461i Jan 12 8912 Aug 23
1118 113
8 103 1114 103 11
8
34
8
34
57
1114 103 10 4 107 1118 4,100 White Motor
11
4
3
s
60
7
67 Mar 15 18 Jan 3
g
/
1
4
6
15
28%
1514 1512 "1514 15g 153 151 *1512
8
4
153
4 1514 1512 147 147
8 1,100 White Rk Mln Spr off ____No par 1312 Mar 2
218 218
23
2 2 8 *2
244 Jan 9
3
1312
21
314 314
24 24
214 214
214
234
900 White Sewing Machine___No par
*13
133
114 Marl
4 134 131
23
41uly 29
14
13
13
Ds
13
*13
13
32
133, 13
13
7
400
Cony preferred
*2
No par
6 Jan 1
23, '218 214
1514July 27
4
214 214
5
214 24
1114
214 2 4
24 23
3
4 1,100 Wilcox Oil& Gas
5
1 Mar 1
___ ___
2% Jan 8
1
2
5114
____ ____ ____ __ ____ -___
Wilcox-Rleh Corp class A_No par 34 Feb
351238ay 27
514 53
514 512
227
8
514 538
274 3413
514 5 e
3
__ _____
514 512
514 57 33,800 Wilson & Oo Ina
s
37 Apr
__ ____
No par
7 Jan 2
___ ____
34
_ ____
Mg
9
__ _ _
Class A
No par 25 Feb
12
ev, ON 674 68 664 --712 6614 311 Jan 3
2
1114
1214 3238
6
67
67 -di
67 8 19 4 3,700
8
3
$6 pref
623* 623
4 6212 623
100 58 Apr
75 Feb 28
4 624 63
58
6212 614 6212 618 6214 7,900 Woolworth (F W)Co
62
8
10 51 Jan 1
1838 183
8 18
6514June 18
1914 177 1814 1912 20
35
414 5514
8
1934 194 193
19
4 3,900 Worthington P & W
41
100 113 Marl
41
4
41
43
2112 Jan 7
4014 41
113
4
1312 317
43
4412 433 4414 4314 44%
4
8
710
Preferred A
4814 July 17
100 2513 Mar 1
*33
3412 32 32
*32
2512
314 53
34
3412 3412 *34
35
*34
35
300
Preferred100 20 Apr
*47
48
36'g July 18
48
511
4 49
20
2338 42
5012 49
51
4914 49
47
514 1,180 Wright Aeronautical
No par 3512 Marl
x7712 7712 *7738 7713 *773 7712 77
77% 78
537 Apr 24
12
8
77
107
2 75
7714 774
600 Wrigley (Wm) Jr (Del)
25
25
25
3
25
823 Apr 26
4
243 25
475g
4
544 76
25
25
24% 254 2514 2514 2,600 Yale & Towne Mfg Co No par 73 4 Mar 1
37
8 4
35
4
3 4 37
3
2514 Auk 22
3% 33
113
3
4
14
33
414 412
4 418
4% 412 24,300 Yellow Truck & Coach ol B--.10 173 Apr
22 3
,
*5418 57
23
8June
57 57
411 Aug 22
57
23*
234
5714 60
714
84
67
65
67
67
270
Preferred
100 3112May
34
344 334 34
67 Aug 22
25
3112 323
28
4 323 33
4
323 33
4
33
474
3312 3,300
353 Aug 12
264 274 268 283
8
4 264 2714 2714 2838 274 2814 2714 2814 28,000 Young Spring & Wire__ No par 18 Marl
1018
13
2254
Youngstown Sheet & T_-No par 13 Marl
*71
73
*71
74
283 Aug 19
8
*71
12%
7312 71
128* 33
/
1
4
73
733 733
4
4 74
75
1.100
54 preferred
100 384 Apr 11
414 43,
438 4 8
7
7512July 24 "30
412 5
34
5
53
4
593
54 524
4
3
54 5 8 13,200 Zenith Radio Corp
No par
114May 6
34 34
1
3
312 3 4
5 4 Aug 21
3
113
Ili
4%
3
33
4 34
3
3 4 33
3
4
4
4
38 4%
9,100 Zonite Products Corn
1
Vaunt, 7
4% Jan 10
25
34
73
4
For footnote., see Page 1230
1240
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Aug. 24 1935
prices are now "and interesr-ereept for income and defaulted bonds.
On Jan, 1 1909 the Ezchange method of quoting bonds was changed and
outside of the
unless they are the only transactions of the week, and when selling
NOTICE-Cash and deferred delivery sales are disregarded in the week's range,
No account Is taken of such sales In computing he range for the year.
weekly range are shown in a footnote In the week In which they occur.
regular
July 1
Week',
r.
Week'sJuly I
..
1
Rouge
Range or ; 1933 to
..
BONDS
Range
;. 1933 to
/fence ot
'i' 4
Since
BONDS
V-t. July 31
Friday's
tt
Since
N. Y. STOCK EXCHANGE
.
.7 Juiv 31
,
1.1
Friday's
2
1- t
Jan. 1
N. Y. STOCK EXCHANGE
1935
...,0„. Bid db dated RI.2
23
Week Ended Aug.
Jan. 1
1935
.... a. Bid ct Asked Ca
Week Ended Aug. 23
11695
High No. Low Low
tom
Foreign Govt. & Munle. (Con.)
Costa Rica (Republic 0030% 377
1712
__
1951 MN
•79 Nov 1 1932 coupon on
1712 327
36
2534 __-- ___
24
*70 May I 1936 coupon on__ 196l ___ .38-9412 100
6812
1
9912
9912
1944 M II
Cuba (Republic) be of 1904
90 100
1
831
100
1949 F A 100
External 58 of 1914 ser A
84
9412
8
817
9912 ---1949 F A *96
External loan 4 39e
95
77
61
7
4
943
94
Sinking fund 548__ _Jan 15 1953 J J
2312 42
1934
61
36
3414
•PublIc wk8 530 ___June 30 1945 J D
8.
4
83 193
824
5
10
10
1959 51 N
•Cundinamarca 6 49
9512 10734
7794
4 36
4
1951 A 0 :1043 1073
Czechoslovakia (Rep of) 88
9512 108
77
26
singing fund Eu, ner B
1952 A 0 105 z105
4
083 105
2
797
93
1942 J .1 10114 103
Denmark 20-year extl 60
93 101
75
9912 179
98
1955 F A
External gold 539s
8212 96%
61
1962 A 0 8912 9012 123
g 4398__Apr 15
External
1932
Deutsche Bk Am part ctf 80
5514 70
4812
5
59
59
*Stamped extd to Sept 1 1935
6114 71 12
40
6
Dominican Rep Cust Ad 5349_1942 M 5 6812 '6914
65
55
36
24
1940 A 0 639 65
let ger 534s 01 1926
68
101.14 104.5
98
103.14
8
547 65
36
15
1940 A 0 624 65
2d serlea sink fund 5348
99.16 102.20
94.27
380
101.23
3014 431
27
1
3014
3014
MN
1945
355 100.20 100.20 102.24 *Dresden (City) external 79
102
100.15 146
9910 101.20
6512 6512
36
1948 J ------61 ____
*E1 Salvador (Republic) 89 A
82
35
35
4 42 __
J J .363
101.22 363
*Certificates of depoitit
99.18 102.16
9428
8412 96
4812
9412 11
94
1967 1 J
100.19 1,801
96.20 101.6 Estonia (Republic of) 73
9220
10312 108
70
4
4
1945 M 5 *1043 1053 est 89
Finland (Republic)
4
10118 1043
7012
25
1959 M 5 10214 103
External sink fund 6399
2118 3514
20
8
25
4
243
1953 M N
*Frankfort (City of) 9 f 844
16512 190
Foreign Govt & Municipals
4 126
1941 J D 17439 176
French Republic extl 748
16912 190
Agricultural Mtge Bank (Colombia)19493 D 17118 17312 14 12712
3312
External 79 01 1924
4
21
4
183
8
8
217
217
*Sink fund 6s Feb. coupon on__1947 F A
8
1912 32
213
8
*German Government Interns2
153
2214
*Sink fund Os April coup on ___1948 A 0 213
2139 3712
2534 165
2412
1965 1 D
Bona] 35-yr 534e 01 1930
84
9 42
953
9012 96%
95
1993 M N
9
304 475
31%
Akershus (Dent) elk 58
4 44
1949 A 0 3212 333
8
72
4
8% 11
81g
712 113 *German Republic extl 79
19453 J
•Antiouula (Dept) coil 71 A
8.4
1
814
1112 *German Pro, & Communal Bke
2
73
H.
19453 1
48%
38
*External s f 78 ser 13
40
2312
4214
41
1988 J D
(Cons Agri° Loan) 849
88 - -4
75ti 93
1945 1 1 0778
712
*External s f 78 ser C
8
714 103 Graz (Municipality of)
3
714
3
3
74
74
1
1945.0 86 10812
*External 9 f 712 ser D
49
1
9514
9514
4, unmatured coupons on__1954 MN
89
684 1014
5
639
7%
7
1957 A
11014 DO%
•External a I 7s let ser
8
8 40 1075
1937 F A 1115 1123
Or Brit & Ire (U K of) 539s
87 10
814
712 -- -*718
1957 A
a f 79 2d sec
10839 119
•External sec
958
89
1990 MN 011414 a118
64% fund loan £ opt 1980
7
834
99
r
612
712
718
A
1957
---3312 3912
*External sec a f 79 34 aer
22
8
*Greek Government e leer 76._ _1984 MN *363
88 126
9912 10012 31
7418
19583
37
37
Antwerp (City) external be
__
1984
.7s part paid
39
44
8
9018 9912
4 967
943
1960 A
33
25
Argentine Govt Pub Wks 68
1
2578 --18 --(1%
4
1988 F A -251*8 f secured 69
4
44
963 135
95
9839
90
1959 1
Argentine fis of June 1925
4 68
4439
963
95
90
985
1959 A
9112
82
Extle 1 69 of Oct 1925
67
27
4
91
1952 A 0 903
8
9014 987 Halt!(Republic) of 89 ser A
78
44
9718
9518
1957 151
External li t fin series A
2212 38%
2018
2418 13
1948 A 0 24
4 64
444
963
9018 9812 *Hamburg (State) 8a
95
1958 J
31
16
External 69 merles B
19
3
2112 22
J
90
46
4412
9839 *Heidelberg (German) rat! 7348_1950 .1
97
95
1960 M
Extl 8 I 88 of May 1926
10114 10418
6614
2
1960 A 0 10312 10418
983 Helsingfors (City) ext 83-46
4
4414
90
963 172
4
943
1960 51
External 81 68 (State III)
Municipal Loan8
985 Hungarian Cons
964 30
90
441*
9514
1981 F
2912 38
25
EU!8n Santtary Works
3
4
30
293
•73921 unmatured coupons on 1945 J J
4
983
45
30
96%
9514
61
-19 M N.
30
3714
2858
Extl 6s pub wka May 192732 ---8
1946.0 .1 *295
9314
•79 unmatured coupon on
76
4114
94
8412 9512
1982 F A
2912 35
2912
Public Workn exit 549
1
2912 2912
749_1981 M N
8
98 1065 *Hungarian Land M Inst
3
105 8 101
1955J 1 103
7739
-year 58
1
Australia 30
2939
30
30
30
33
1981 M N
78
135
*Sinking fund 7399 ser 13
98 106%
8
1957 51 B 1025 105
External 5s of 1927
92% 9912 Hungary (Kingdom 01)
73%
8
9612 987 181
1958 M N
3439 9918
3112
2
External g 4%e 01 1928
3812 3918
1944 F A
81
9812
29
4212
•748 February coupon on
96
9214
1957 J 1
108% 116
92
a 1 78
2
Austrian (Govt)
1960 M N 11512 118
Irish Free State extl a f 59
5412 9412
60
5412 6512 492
1951 J D
30i2 13
Italy (Kingdom of) extl 79
2614
29
37
30
1995 F A
99
68
80
0
•Bavarla (Free State) 8398
80
M
9314 109
8812
4 35
Italian Cred Consortium 79 A .....?37 81 8 68
1073
1949 M 9 107
1947
8 56
89
59
6114
17
Belgium 25-yr eat! 830
63
8612
9314 10712
External sec a f 78 ser B
1 J 10412 10514 54
1955
4514 85
External s f 66
49%
5212 86
4614
1992 J J
extl 78
Italian Public Utility
28
113
10118 119
9284
1
1955. D 112
90 100
External 30-year 8179
77
77
100
9812
1954 F A
91
29
97 11014 Japanese Govt 30-yr a f 64s
1958 MN 10612 108
Stabilization loan 79
7714 8939
6712
8612 8712 18
1985 MN
Eat! sinking fund 5349
95% 101
100
671*
I
1949 A 0 100
Bergen (Norway) 59
2
6214
93 100
Jugoslavia State Mortgage Bank
99
1960 51 5 99
43
25
23
External sinking fund 58
2
40
1957 A 0 39
•78 with all unmet coup
259 38
22
4 28% 21
1950 A 0 273
•Berlin (Germany) a I 13399
21% 3812
71
2012
25
24
1958 1 D
447
36
8
*External sinking fund 6a
1
293
38
36
F A
1947
1
*Leipzig (Germany) of 79
1134
4
113 18
1212
1945 A 0 1212
•Ilogota (City) extl a t 80
912 Lower Austria (Province of)
11
518
518
7
64
97 106
50
5
•Bolivia (Republic of) extl 89_ 1947 M N
100
.7399 June 11935 coupon on_1950 J D 100
8
4
13
4
618
6
1958.0 1
844 1014
*External Hemmed 79
4
63
4
731
8
75
1954 J D
4
4
814 *Medellin (Colombia) 6348
, 11
61
6
1969 M S
818
414
3
*External sinking fund 79
7
8
8
53
53
1943 MN
*Mexican Irrig Asstng 449
4
Lt 1899 E 1945 Q J *--5 ___
2412 3972 •Mexico (US) esti 59
8
217
2412 2518 44
1941 1 D
41
4
7 113
2
•Brazil(US of)external 8e
812
ifz
1945
*Assenting Ss 00 1809
175T3 3112
1912
34
195
1997 A 0 19
11
7
*External if 1339s 00 1928
5%
5
812
812
4
1758 313
19
1958 50
*Assenting 5a large
1957 A 0 1878
*External if 634e 01 1927
1939 30
1834
*Assenting 58 small
1812 3114
1858
1952 J D
4
3
5 4 53
412
•78 (Central Hy)
5 _-__
--1954 _--*49011904
29
6
35
3339 41 12
1935 M 5 35
*439
458
8
3
*firemen (State of) extl 7e
512 --,..
1954
8718 9714
•Assenting 49 01 1904
8 23
68
965
1997 61 8 94
0
41,
439
314
Brisbane (CRY) 13 1 58
314
7
*Assenting 441 01 1910 large
8539 9739
6812
908 27
935
1958 F A
7
Sinking fund gold be
4
314
314
412 54
75
5
•Aesenting 48 01 1910 small
97 10214
1950I J D 1008 10112
4
4 73
73
534
20-year a f (39
9 I--*6
•ITreas fla of'13 assent (large)_ 1933 1 J
1
84
6
4
53
Budapest (City of)--._ _ _ _l___ J 1 ____
•1Smali
16
23514
9914
35
32% 3914
1962 .1 D
coupon on
505
8
45% 8512
5012 177
•69 July 1 11)35
64
98
4
Milan (City. Italy) exti 8349 ____1952 A 0 .1518
96%
9514
4039
1955 J .1
Bosom. Aires(City) 63.4511-2
Mina8 Geraes (State of, Brazil)
93
82
38
93 ---1960 A 0 *9014
1414 1938
1418
2
1414
External a f 89 ser C-2
1958 M S 1414
•1349 Sept coupon off
9212
82
3814
9214 ---,
1960 A 0 *9014
1312 1912
1
144
1434
External 0 f 138 ser C-3
4
1959 M 9 143
*6 49 Sept coupon off
8618 771
2914
71
1
71
1981 M 8
•Iluenoe Aires (Prove) extl 69
5139 65
2539
4
593 173
1961 M 8 58
3114 42
2714
4
3912
3918
.118 stamped
1952.0 D
78
67
•Montendeo (City of) 70
2712
8
753 -- -7
1961 F A 07312
Ws
1959 MN
29
4
3612
3812
25
*External e 1 640
*External a f 6s series A
13
8
8514
253
585
8
52
.57
1961 F A
4
963 10212
4
733
06349 stamped
F & 10012 101% 62
New So Wales (State) extl 50 .,_,,j957
963 10212
4
7312
Bulgaria (Kingdom of)_Apr 1958 A 0 10012 10112 10
External 9 f 58
13
4
133 1839
1414
14
4
133
1 J
10312 10714
16
88
*Sinking fund 78 July coup 010_987 MN
1943 F A 10531 10614
Norway 20-year 990 89
1312 19
1312
1412 12
14
10319 107
8712
*Pink tund 73.4s May coup oft-1988
3
1944 F A 105 4 10612 30
20-year external 6s
10014 10414
8318
8 69
8
1952 A 0 1015 1027
30-year external 88
8
85 14
839
7
1012
10
8
787
56
9939 103
•Caldas Dept of (Colombia)7399_1946 1 1
1965.0 D 1017s 1027
e t 539s
40-year
61
8812 104% 10812
1960 A 0 10614 108
9812 102%
76
44
8
caned&(Uom'n of) 30-yr 49
1963 NI El 1015 102
External aink fund 59
9912 11014 1145s
8
1932 MN 1113 11414 106
8012
%
98 102
___ __-55
1970 .1 D •1021
Municipal Bank esti a 159
8 27
8 1017
9812 1010o 10312
1936 F A 21015
2214 3514
22
4
84398
2412 25
1952 F A
437 821 •Nuremburg (City) en! 68
4
453
1954 1 J 04312 46 _..-,
77% 90
64
3
8412
*Carlsbad (City) a t 89_
1953 M B 8414
97
82 1311 Oriental Devel guar 89
839
11
3
94
A 0
7439 853
12
5914
8218
4
8114
*Cauca Val (Dept) Colom 748_1946
1958 51 N
Exti deb 534e
5812
35
49
2912
40
1950 M 8 39
99 103
73
8
*Cent Agric Bank (Ger) 7e
1955 M N •1027 104 ---Oslo (City) 30-year 9 1 139
2614 47
21
26
3114
July 15 1060 J 1 3014
*Farm Loan at Cs
25
2814
2614 404
3114
0 3018
Oct 15 1960 A
4
5
10212 10712
89
*Farm Loan 8 I (la
1953 J D 10512 1053
35
5,514 Panama (Ref)) extl 540
15
2718
404
59
40
8
247
1
57
*Farm Loan 8sser A - -Apr 15 1938 A 0 3018
57
1963 M N
•Extle 1 ser A
7
17
12
1439 45
1
0 13A311
4
1962
5412 25
27
3612 5412
*Chile (Rep)-Ext1 8 I 7s9 0 MN
531.1
'
*Stamped
5
1012 1514
8 79
143
*External Molting fund (19
of)
612
)012 1512 Pernambuco (State
1414 89
8
133
Feb 1961 F A
8
1112 157
7
818
1212
•Ext sinking fund 65
4
113
1947 M S
1012 1512
*78 Sept coupon off
018
1412 119
1314
7
Jan 1961 J J
205s
49
12
'By ref est a f 68
2014
1959 M 9 1814
1012 1512 *Peru (Rep of) external 78
639
1412 55
5
Sept 1981 51 5 1314
738 1712
1412
•Ext(linking fund Co
J D
1539 278
1980
16
*Nat Loan extl 9 18* let ser
618
1412
103 1539
4
1312
e
1982 M S
712 173
434
1518 126
*External sinking fund 69
6
*Nat Loarrexti 5 f Co 2d tier__ 1961 A 0 1414
1418 35
4
103 1512
4
133
1983 M N
8318
71
56
8212 11
'External sinking fund 69
1940 A 0 8114
13
13
4
103 1412 Poland (Rep of) gold 69
1212
784
1957 .1 D
997 12812
Mtge Bk 848
63
1
0 11212 11212
•Chlle
1947 A
Stabilization loan a 1 79
25
13
4
11
143
9%
1212
1961 J D
*Sink fund (Me 01 1926
9 0
923
797 9
4
9512 51
6339
1950 1 .1
External oink fund g 88
8 21
127
11
1414
,
72
1961 A 0 1214
*Guar at (39
17
8
127
3
10 4 1414 Porto Alegre (City of)12
712
1982 M N
1612 22
8 f (is
1612
1912 ---,
*Guar
1981 J D 01112
a
1
118
8:4 1212 .8s Juno coupon off
1139
M S
1960
4
123 22
14
2
1458
*Chilean Cons Munk! 79
1439
1966 J J
•739s July coupon off
4
09 1053
17
77%
3
1952 M N 10314 105 4
Prague (Greater City) 7349
8
333 47
22
1951 1 D *3739 40 ---7
2212 37
13
2318
*Chinese(Hukuang Ry) 521
2512
75
3
10014
99 10239 *Prussia (Free State) extl 649_1951 51 5 23
100
1954 M 8
2212 364
Christiania (Oslo) 20-yr 9 f8a
23
21
25
1952 A 0 24
f 88
*External e
26
36
22
2
*Cologne (City) Germany 649_1950 M S 2712 2812
10619 11012
14
94
Colombia (Republic of)
194I A 0 1074 110
2112 3612 Queensland (State) extl a us
18
30
23
19
4 10318 109
•6o Apr 1 1935 coupon on__Oct 1961 A 0 22
833
1947 F A 10612 10814
2139 37
-year external 89
25
13
2018
23
2218
3214 4312
351a
•139 July 1 1935 CoUPon on_Jan 1961 J J
3
33
1950 M 9 3214
18
2412 *Rhine-Main-Danube 79 A
22 ---14
A 0 *2018
1947
*Colombia Mtge Bank 61.58
1812 2412 Rio de Janeiro (City of)
6 12
211
2018
1946 M N
1418 1939
15
1312
*Sinking fund 79 of 1926
15
0 144
1949 A
.8.3 April coupon off
18
2512
1439
234 ...- 1947 F A *2018
133
1214 1812
'Sinking fund 78 01 1927
36
1214
4
123
1953 F A
.6398 Aug coupon off
86
8012
8912 53
9439
1952 J D 88
Copenhagen (City) 58
-do Sul (State of)
21
5512
8114 9111 Rio Grande
23%
8512 8714
1953 MN
14
1614
-year g 448
4
1518
25
1946 A 0 15
12
.89 April coupon off
4434 5312
1
4912 4912
1957 F A
8
125 22
13
6
*Cordoba (City) extl s I 79
1234
4
123
1968 J D
383 475
*(is June coupon oft
4312 27
42
1957 _
4
123 21
1418
978 stamped.
9
14
13%
1966 M. N
•79 May coupon off
297
8
50
60
1937 M N *51
13
2112
4
*External sink fund 75
133
22 ._
1967 J D *13
•79 June coupon oft
4612 52
- -.53
1937 _
4612 8714
.75 stamped
51
6
171952 A 0 4612 57
70
8014 Rome (City) extl 64s
2518
74% ---1942 J J *715s
Cordoba(Prey) Argentina 78
Low
U. S. Government.
Fourth Liberty Loan
Oct 15 1933-1938 A 0 101.3
4th 44%
Oct 15 1947-1952 A 0 115.20
Treasury 4%e
Treasury 439-349 Oct 15 1943-1945 A 0 105.15
Dec 15 1944-1954 J D 110.27
Treasury 4s
Mar 15 1946-1056 M S 109.17
Treasury 3549
June 15 1943-1947 J D 106.13
/
Treasury 33 28
Sept 15 1951-195551 S 102.10
Treasury 30
June 15 1946-1948.0 D 102.6
Treasury 3s
June 15 1940-1943. D 107.22
Treasury 3%s
Mar 15 1941-1943 M S 107.18
Treasury 3399
June 15 1946-1940 73 103.6
4
Treasury 31 2
Dec 15 1949-1952,J D 102.23
Treasury 349
Aug 1 1941F A 108.1
Treasury 349
Apr 15 1944-1946 A 0 105.6
Treasury 349
Mar 15 1955-1960 51 8 99.26
Treasury 24s
Federal Farm Mortgage CorpMar 15 1944196490 S 102.8
34e
May 15 1944-1949 MN 100.12
30
Jan 15 1942-1947 J J 100.20
39
Mar 1 1042-1947 M 8 99.16
24s
Home Owners Mtge Corp1
May 1 1944-1952 5 N 100.13
3a series A
99.3
Aug 1 1939-1949 F A
249
State & City-See note below.
1:710 No.
Low
198
101.8
116.17 578
106.15 719
111.18 1,135
541
110.7
107.13 290
103.12 1,999
103.10 2,174
90
108.15
108.18 249
104.12 771
104.8 1,615
108.23 328
106.1 1,473
100.26 8.900
100.30
104.10
97.26
101.18
99.28
98.6
93.12
07.26
08.12
98.8
94.28
101.6
97.27
99.24
100.14
Low
NW
101.3 104.18
113.8 117.7
102.28 10828
108.24 1128
110 25
107
103.38 107.29
10220 104.10
100.20 104.10
104.15 108.23
104.14 109.28
101.25 105.11
101.15 106.9
104.18 108.28
102 24 10939
99 26 101.28
I
entirely over the counter.
For footnotes see page 1245.
very rarely on the New York Stock Exchange, dealings In such securities being almost
NOTE-Sales of State and City securities occur these securities, will be found on a subsequent page under the general head 01 "Over-the-Counter Securities.'
Bid and asked quotations. however, by active dealers In
New York Bond Record-Continued-Page 2
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 23
Plea'a
Jaw 1
Range or
..;
1933 to
.11..
,
Friday's
841. July 31
....., ,1; Bid et Asked C0.5
1
1935
F.1
,
Ler
Foreign Govt. &Munk.
Flo) No.
(Cowl)
Rotterdam (City) exti 6e
1964 M N *11218 114
Roumania(Kingdom of Monopolies).72; August coupon oft
1959 F A
29
303
4 19
•iaarbruecken (city) 611
1953 J J *
483
4
Sao Paulo (City of. Brazil)*85 May coupon off
1658 163
1952 M N
8
2
*External 614s May coupon eft 1957 MN *12
1412 ---San Paulo (State of).13s July coupon off
4
1936 J J
2312 24
*External fle July coupon of/___1950 J J
16
15
16
*External 7e, Sept coupon on _1956 M 5 14
1414
5
*External 65J017 coupon off ___I968 J 1 1318 137
8
5
*Secured et7e
1940 A 0 7614 784 86
'Santa Fe (Pro, Arg Rep) 713.._ _1942 M S .6352
_ ---*Stamped
61
1
*Saxon Pub Wks(Germany) 7s1945 P A 3213 33
9
1931 M N 2934 30
*Gen re( guar 6345
2
*Saxon State Mtge Inst 70
41
1945 J D 41
21
*S31nking fund 56(48
1946 J D *4058 4178
Serbs Croats & Slovenes (Kingdom).8s Nov 1 1935 coupon on____1962 ---- 2618 28
14
*73 Nov 1 1935 coupon on____ 1962 ---- 27
6
277
8
Micelle (Pro, of) ext1 75
.1958 2 10 7314 7414 12
*Sileelen Landowners Assn 135 ___1947 F A 48
2
48
Solesons (City of) eat' es
165 -___
1938 MN *161
Styria (Province of)•73 Feb coupon off____
9514 -r1944 P A *93
Sydney (City) Of 5345
9912 21
1955 P A 98
If
raiwan Mee Pow e f 514e
1971 J J 8314 8312 13
l'okyo City 55 loan of 1912
1
72
1952 M S 72
External *1 5345 guar
8314 17
1961 A 0 81
*Tolima (Dept of) ext1 70
113 ____
4
1947 m N •10
l'rondhlem (City) lot 51.4e
1
98
1957 MN 98
Upper Austria (Province of)*7a unmatured coupon on
1
110
1945 J D 110
•Exti (1345 unmatured coups
1957 J D *10312 10412 -.Uruguay (Republic) extl 8s__1948 F A 3
5
814 39
*External s II 6a
8 12
1980 MN 3814 385
*External a f 6s
5
1964 M N 3814 383
4
Venetian Pro, Mtge Bank 7s ___1952 A 0 GO
11
61
Vienna (City 00.811 May coupon on
___
1952 MN *853
4 90
Warsaw (City) external 7s
714 72
42
1958 F A
Yokohama (City) ext1 60
853
8 14
1981 J 17 84
RAILROAD AND INDUSTRIAL
COMPANIES.
•1:Abitibl Pow & Paper let 5s1953 J D 30
Abraham & Straus deb 51.4o
8
1943 A 0 1023
Adams Express coil tr g 4s
194 M S 9818
Adriatic Eire Co ext 7s
1952 A 0 WS
Ala Ot Sou let cons A 6s
1943 .1 I) *
1st cons 4s ser B
1043 J D 99
*Albany Perfor Wrap Pap 68____1948 A 0 44
*Gs assented
1949 _
46
Alb & duso 1st guar 314s
1948 A 0 10312
tAneghany Corp coil tr 55
77
1944 F A
Coll & cony 55
1949 1 13 67
mg 4 0 2512
*Coll & cony 5s
stamped
bs
1712
1950 Alleg & West let gu 4s
4
1998 A 0 *873
411eg Vol gen soars 45
1942 M ii 10812
Allied Stores Corp deb 434s
1950 A 0 9414
(Ills-Chalmers Mfg deb 5s
1937 MN 10118
*Alpine-Montan Steel 7s
__1955 87
Am Beet Sugar Cs ext to Feb 1 1940 P A
Am & Foreign Pow deb bs
2030 M 8
American Ices I deb 65
1953 .1 D
Amer IG Chem cony 5348
1949 MN
Am Internet Corp cony 534s.1949 J J
Am Rolling Mill cone deb 4348-1945 M S
AM BM& R lot 30-yr 5s aer A1947 A 0
Ain Telep dr Teleg cony 4.4
1936 M 13
30
-year coil tr 58
19463 D
35
-year Of deb 6s
19602 .1
-year sinking fund 5345
20
1943 MN
Convertible debenture 434s____1939 .1 J
Debenture 5s
1985 F A
1•Ain Type Founders 6s etts__1940 ---Amer Water Works & ElectrloDeb g 8s series A
1975 MN
-year bs cony coll trust
10
1944 M S
1•Ani Writing l'aper 1st g 88
1947 J J
*Certificates of deposit
*Anglo-Chilean Nitrate 7e
1945 MN
t•Ann Arbor lot if 45
1995 Q J
Low
9218
205
8
50
1512
1 358
1518
1212
127
2
103
4
81
17
38
2 58
9
28
40
383
4
____
42
2514
117
4714
75
68
533
4
59
812
6334
513
4
4112
33
264
264
704
523
8
41
63
86
32
5
1023
8
9812 16
5618 11
108
10
99
8
46
1
46
10312. 2
793 120
4
70
51
30
41
2012 176
4
923 ---3
1083
3
72
05
10112 138
88
8
153
8
87
61
6014
8012
74
38
7
363
3
116
58
700
128
6
52
80
79
23
47
58
80
32
62
7612
85
10312
92
1007
8
10111
1003
4
103
105
100
20
58
931
90
10418 1093 500
512 26
9
247
8 2512 21
4
1518
183 231
GO ---*55
68
80
18
2012
31,
27
10214
74
76
11112
0912
10812
10012
102
10914
11234
11213
1085
8
1123
4
42
Ark & Stem Bridge & Ter 5s
1964 M S *933
4
Armour & Co (III) lot 452s
1939 J D 10338
Armour dr Co. of Del 5SO
19433 ..I 105
lot NI 25
-year 4s s I ser 13
1955 F A 9128
Armstrong Cork cony deb 5s
1940 .1 D 103
Atch Top & S Fe
-Gen g49
1995 A 0 108
Adjustment gold 43
1995 Nov *10418
Stamped 4s
1995 M N 103
Cone gold 4s of 1909
1955 .1 D 1033
4
Cony 4s of 1905
19553 D 10434
Cony g 4s lesue of 1910
1960 J D *10018
Cony deb 434s
1948 .1 D 108
Rocky Mtn Div 1st 4.3
1965 .1 .1 105
Trans
-Con Short I. let 4.s
1958.1 .1 110
Cal-Ariz 1st & ref 4342 A
1962 M 8 10912
Atl Knox & Nor 1st 4158
19402 D *11318
Atl & Charl A I, lat 4(4* A
1944.1 .1 10014
-year 5s series IT
30
1st
1944.1 .1 100
Atl Coast Line 1st cone 4a Juls-1952 M li 9012
General unified 434, A
1964 J D 7618
L & N coil gold 4s____Ort .___1952 MN 74
10 yr coil tr 15e
May 1 1945 M N 9012
10212
761 1
7612
112
100
1123
4
1013
8
102
110
113
11314
109
11314
4512
9412 1037
8 46
10518 20
9314 607
103
1
109
97
8
104
1034
1
106
8
1053 4
1085
8 57
3
105
1
110
110
18
1214
1005
8 18
5
100
93
194
7712 43
75
23
91
16
1241
Week'e
/sly 1
t:n
Range .
... o
Range or ; 1033 to
BONDS
Range
Since
N. T. STOCK EXCHANGE
Friday's
i.' Lt
,...• .1, July 31
Since
Jan. 1
...a. Bid et Asked iia5
Week Ended Aug. 23
1835
Jan. 1
---Lem
Low
11108
mak V^
rdne Lose
Iliok
112 13918 MI & Dan 1st it 4s
1949 J 1 30
323
4 83
27
27
424
2d 4s
1949 / 4 2412 261s 11
2318
234 344
29
3612 All Gulf & WI SO coll 61 58
4212 44
15
1959 2 J
3514
3514 47
1937 J 1 10712 108
60
78
Atlantic Refining deb 5s
2 101
10718 10814
Austin & N W let gu g be
1
75
100
1941 J 2 100
90 100
1512 193
8
1113 197 :Baldwin Loco Works let 5s _ „1940 M N 1033 10312 13
8
8
9514
9514 105
Bait & Ohio let g 4s___July ____1948 A 0 1003 1013
8
8 62
8214
9512 10412
2314 30
Refund & gen 68 serles A
8
1995 J 0 7012 737 187
54
54
7712
2334
15
1st gold 55
_1948 A 0 10614 107
88
9418
July
101 10912
14
21
Ref & gen 6e series C
4
1995 2 0 7812 823 191
59
634 8614
P. L E dr W Va Sys ref 45
13
21
4 9912 64
1941 M N 983
763
8
9314 100
727 914
1950 J .1 9612 973
8
Southwest Div 1st 334-5s
8 44
7414
86
9912
Tol & Cln Div let ref 4e A
1959 3 .3 8612 8672 25
al
753 88
4
2000 M S 70
65
52
Ref & gen be series D
73
58
5212
5212 76
1960 F A
491* 6214
Cony 414e
56
6)12 466
3812
3812 604
2912 4214
Ref & gen M be ser F
73
116
5212 7612
1996 M S 70
5212
28
1943 J J 1137 114
40
Bangor & Aroostook 1st bs
8
5
9458
110 1144
39
65
Con ref 45
8
1951 J J 1053 10614 18
741s
1004 10614
1951 ____ 11012 112
4a stamped
383 5212
4
41 1914 103 11218
Batavian Petr guar deb 443
2
1942 1 J 11514 11514
945
8
103 118
2618 36
Battle Crk & Star 1st gu 35
mg J D .61
653 ---4
60
64
68
224 36
6512 75
Beech Creek 1st gu it 4s
ma J 1 0102
10214 ---88
100 103
43
6114
26 guar g 5s
1936 J J
.___.
8912
100 102
158 17512 Beech Creek ext 1st g 345
1951 A 0 *10014--98
98
4
66
98
95
Bell Telep of P85* series B
1163
1
8 19 103
1948 J . 116
11314 12012
99
86
1st & ref be series C
8
1960 4 0 *12112 1247 ___- 1034
1163 1264
4
9512 10212 Belvidere Delaware cons 334s_..__1943 J J -----------------------Beneficial Indus Loan deb 6* ,._194 M 1- Ill
1214 47
82
10714 11214
8
7412 873 *Berlin City Elec Co deb 634* ___1951 2 0 3012 3114
8
2712
2712 44
*Deb sinking fund 614s
6612 76
263
4 2712
7
25
2412 394
1959 F A
7452 86
1955 A 0 26
*Debenturee Se
2612
3
243
8
202 393
8
, *Berlin Elec El & Uerg 63411- -1956 A 0 302 31
83 121 *B
3
1
nd
3
3012 413
2758
2
91
100 Beth Steel let & ref be guar A-1942 M 3* 110
11112 18
9418
10512 1154
30
-year p m & impt 8155
4 11
94
1938 J 1 10311 1033
10318 1041 2
95 11012
8
82 1035 Rig Sandy 1st 45
1
1944 J 13 11018 11018
90
1025 1 1018
8
364 471s Bing 4 Bing deb 634s
ma al 18 *3712 48 25
3412 45
344 4112 Boston & Maine 1st be A C
117
1
80
1987 M S 78
5914
59.2 80
1st NI be series II
344 42
79
8114 29
1955 M N
6012
6012 8114
60
let g 44s ser .12
83
59t2 75
1961 A 0 713
4 75
66
56
Boston & NY Air Line 1st 4e__ 195t F A
35
3614 10
28
28
403
2
847 96
II•Botany Cons Mills 610
8
1934 A 0 1112 123
23
53
4
534 13
741s
63
*Certificates of deposit
A 0 103
4 12
24
6
6
12
804 90
11j*Ilowman-1311t Hotels 1st 7e_ __1934
Strap as to pay of $435 pt red
M S *514 --------413
43
4 43
4
83
473
4
41
13
8
62
93
8312
784
75
74
85
8414
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7518
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78
8813
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4
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8
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46
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6412
6212
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10512
9258
100
87
4112
1054
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4
10014
10814
10334
8452
4612
10358
793
4
70
30
2012
92
10014
95
102
9734
Brooklyn City RR 1st be
1941 1 2
Akin Edison Inc geu Be A
1949 J J
Gen mtge 155 merles E
1952 J .1
Bklyn-Manh R T see fle A
1968 .1 J
15
-year sec 8s. serles A
1949 2 17
Bklyn 4.10 Co & dub con gtd 55_....194 l MN
1st be stamped
1941 J .1
Bklyn Union El let 555
1950 F A
Bklyn tin Gas let cons 55.
1945 M N
lot lien & rot 65 series A
1947 M N
Cony deb g 548
1936 1 1
Debenture gold bli
1950 i D
lot lien & ref ta series B
1957 M N
88
10814
10312
107
10412
*
.7012
107
121
125
* __
1105
1073
4
88
109
10914
1073
8
10514
90
76
10814
121
1255
8
1103
8
105
1083
4
2
126
10
49
96
____
____
36
1
7
___
i
11
Bruns & West lot gu g 48
1938 .2 .1 10214 10212
6
Buff Gen El 434s series B
110
3
1981 P A 110
Buff Hoch & MU gen g es
1937 5.1 S 104
104
6
Consol 414s
8 65
1957 MN 627
41
II.Tlurl C it & Nor let & coil 511_1934 A 0 *17
19 ____
*Certificates of deposit-_ *1612 23 ____
II•Flush Terminal 1st 411
1952 /0 8814 8812
5
98 103
•Consol 6s
1955 1 J 415
8 4212 13
7612 Bush Term Ridge be FM tax ex--1980 A 0 63
49
66
12
70
8812 By-Prod Coke 1st 514s A
SIN 8014 8312 19
1945
10412 112
854 1007 Cal GA E Corp unf & ref Be
8
1937 SI N .1084 1081 ____
4
10212 1123 Cal Pack cony deb bs.
1940 .1 .1 10414 10412
3
1004 1057 *Camaguey Sugar 70 etre
8
1942--_
914
94
2
1011. 104
Canada Sou cons gu 15a A
1982 .G1 11212 1121
11
10712 11014 Canadian Nat guar 4 34*
1954 M S 10218 10232 21
11118 11312
30-year gold guar 4 345
11114 43
1957 .1 1 110
11134 11372
Guaranteed gold 5s
114
17
July 1969 .1 .1 113
10818 109
Guaranteed gold 5s
1163
8 14
Oct 1969 A 0 116
111 1134
Guaranteed gold 5s
116
13
1970 P A 116
4513
31
Guaranteed gold 434s_June 15 1955 J D 114
114
4
Guaranteed gold 434s
8
1958 P A 1115 11214 24
637 9312
8
Guaranteed gold 4118---SePt 1951 SI S 1103 11112 48
4
80 1093 Canadian North deb guar 7s__1940 J D 104
4
10414 37
193 2614
4
Debenture gold 630
4
1946 1 .1 1233 12412 40
2012 2512
738 183 Canadian Pao Ry 4% deb stock
4
___
4 91
8712 883
5012 6314
Coll trust 434s
4
,
1946 71 5 1023 10312 25
Is equip trust ctfs
1944 1 1 11158 1123
4 75
873 954
4
Coll trust gold 55
Dec 1 1954 I D 1045 1053
8
4 51
102 10412
Collateral trust 434*
91
1960 1 .1 10012 102
103 1083 Mar Cent let guar g413
4
1849 .1 J *41
48 ____
9138 :1472 Caro Clinch & 01st 5.
1938 .1 D 10714 1074
1
103 10434
1st & cons 565 set A ,.,.Dee 15 1952 JI D 1084 1087
8 10
10872 11112 Cart & Ad lst go g 43
1981 .7 D *7212 76 ____
101 10612 *Cent Branclill P let g 43
1948 1 D 28
28
1
10114 10618 Cent Dist Tel 1st 30-yr Be
1943 J 0 •10814 109 _--_
10012 104
t•Central of Gla lat g 5s
_Noy 1945 F A *3311 464
100 106
*corm' gold 55
1945 M N 22
22 14 16
100 10312
*Ref & gen 614s serial B
4
1969 A 0 1112 1112
10412 110
•Ftef &gen 55 series C
1259 A 0 1012 11
22
1004 105
•Chatt131• pur money g 43___1951 .1 D *____
20 ____
1074 11212
*Mac & Nor Div let g be
1948 .1 .1 0
25 ____
10878 11212
*Mid Oa A Atl Div put m 53_1947 .1 .1 0____
23 __ _
110 113
*Mobile Dly 1st g 5s
__ 1946 .1 2
. ____
100 106
Cent Ill Elec & Gae 1st be
F A *19--9613 9714 32
100 11038 Cent New Engl 1st gll 4a
1961 1 J
5314
5612 13
9012 10312 Central of NJ gen g be
1987 .1 .1 101
10214 101
714 9212
General 4s
90 12
1987 1 .1 90
5
6812 8212
90 100
For footnotes see page 1245
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchang•
49 WALL STREET
-
-
-
-
NEW YORK
Prirate Wires to Chicago, Indianapolis and St. Louis
6812
103
10212
864
98
523
8
574
7212
10312
10514
158
93
10012
84
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50
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101 1084
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1242
N
BONDS
Y. STOCK EXCHANGE
Week Ended Aug. 23
New York Bond Record-Continued-Page 3
Jule 1
w•cre
:-.
4 1933 le
r
or
C4 July 31
Friday's
it
1935
A ct. Bid & Asked sob
3 Raw.
Banos
Since
Jan. 1
BONDS
N. Y STOCK EXCHANGE
Week Ended Aug. 23
Aug. 24 1935
July 1
Woeh's
.3_ 1933 to
Range or
!Ili July 31
Friday's
I I,
... a. Bid a Asked 33 a 1935
L.13
Ranee
Fence
Jas. 1
High
Low Low
IVO No
Low
High
Low Low
Mob No.
Low
2
8
1047 1087
99
47
1945 F A 10512 106
8
973 10314 Consol Gas(N Y) deb 534e
6552
93
1949 F A 100
4
1
/ 102
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88
4
1
/
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4
1 D 1063 107 4 103
16214
1951
974
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6312
1
1954 A 0 10112 10112
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93
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8 43
4
1
/ 1053
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1957 J J 104
55
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1960 F A 8612 8812 124
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19
1
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19
30
3614
52
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6512 Coneol Ry non-cony deb 4s
1
65
Cent RR & Bkg of Ga coil Si -1937 M N 65
20
4
323
1955 J .1 *2812 --------20
114 12114
Debenture 46
1941 M N *12114 125 ---- 100
Central Steel let g a 1 8s
3
23 4 25
4
233
- ---1955 A 0
634 884
62
68
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1948 M 0 8314 85
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8
293
22
22
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1958 1 J *2812--- ---Debenture 4.1
1
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4
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1980 1 1 *1011 1023
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29
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177
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1947 MN 105
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44
29
10
3712 51
. 36
'Certificate, of depoalt
1
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-year oonv coil 5s
10
98
6
103 1053
4
8
1
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4
1
/
110 11318 Consumers Gas of Chic gU lie ---1938 1 , 1043 105
Chee & Ohio let con g be
1
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98
4
4
1043 1093
1952 MN 10514 1064 17
8 13
4
1
/
1167
1
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1992 M 13 118
General gold 434:
994 104
88
6
1946 1 D 1034 104
8312 108 11112 Container Corp let lis
4
1
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1993 A 0 109
Ref & impt 410
4912
1
/
954
9414 81
83
1943 1 D 93
15
10814 112
-year deb be with warr
84
1995.7 .1 10914 11014 34
Ref & impt 414e ear fl
93 100
8
693
6
95
1954 F A 95
105 10718 Copenhagen Telep 5: Feb 15
98
10912 ---Craig Valley let 58--MaY 4 .
-19 0 1 J *105
9612 10414 107
4
1947 3 D 1043 10512 10
102/8 10278 Crown Cork Beal of 6e
1946.7 J ------------85
Potte Creek Branch let 48
4
1013 105
75
4 18
Mg 10818 11234 Crown Willamette Paper 65
1951 1 .2 10414 1043
1989.7 .1 *11018 1212 ____
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9714 10214
65
4
10214
10514 108
Crown Zellerbach deb Sow w-..... 1940 M 8 102
2 87
19893 J 10712 10712
20 consol gold 4e
37 5412
15
3
50 4 22
1942 3 D 49
99
Cuba Nor Ry 181 534*
2
108 110
110
1941 M S 110
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29
4
1
/
13
8
4412
1952 1 J 4112 42
Cuba RR let be if
28
1318
4
4614
4
1
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1936 2 D 44
3314
4
1
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33
4514 99
let ref 734* series A
1949 A 0 44
Chic & Alton RR ref g as
4
1
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15
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1 D 3912 40
84
4 17
1936
10112 10614
let Hen & ref fla ear B
4
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4
1
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4 103
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1937 1 1 105
3949.7 J 10714 108
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8414 1054 11012
8 41
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1958 M 15 1063 1067
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8
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8314 184
1943 M N 81
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•
1
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1977 F A 1057 107
let & ref 434.ear B
100 101
93
___ ---1985 A 0
5s
8
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1971 F A 11112 112
let & ref 5s ser A
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1934 A 0 80
4:Chicago & East Ill let 6is
4 10612 1074
933
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538
134
13
Del Power & Light let 430
1971 3 1
:•C & E III Ry (sew co) gen 5e _ 1951 MN 11
102 105
88
104 ---*103
518 11
518
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1969 J .7 *10711
let & ref 41(e
10
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10412 11212
93
1969 1 J *10514 10612 ---let mortgage 430
2
4
1
/
4
1
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8212 1114 117
1982 MN 114
Chicago & Erie let gold be
um F A ------------96
2712 2712
97
1
/
4
1
/
103 1084 D RR & Bridge let g 46
1937.7 J 10612 10678 23
Ch 0 L & Coke let gu g be
85
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10214 10712
1
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183 35 8 Den Ga.& El L let & ref e 15s-1951 MN 1064 107
tee:lir:ago Great weds let 48
959 M $ 24
8
8
8312 103 10714
7
1951 M N 1067 1067
____
as to peuria 8182
204
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1959 ---- *24
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23
3012 83
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15
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1936 J .7 29
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25
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1936 J 7 283
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2412 ---155 22
5
15 8
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19473 J *21
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64 12
812
34
10
1947 J J *21
25 ---912
*Den & R 0 West gen 5e _ -Aug 1965 F A
3
155,15 8 21
*Refunding 4s series C
514 11
14
6
91
9
4
1
/
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_ 1
1966 MN
6
6
3
44
43
*Assented (alb: to plan)
4 814
*let & gen Missiles A
114
1112 2114
4
1
/
6 -4
1
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4
1
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418 8
Apr 1978 Co 1912 2114 23
*1st & gen lle series B_Mity -- _1966 J J *6
4 9214
7
70
19583 .7 913
8
887 924
-year as
Chic Ind & Sou 60
312 ---218
214 3
I'De, M & Ft Dodge 4e etre--1935 J J *212
65 72
4
1
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70 ---1947 M S *---10611 11134 :Dee Plaines Val let gu4 He
19693 D *110
--- ---, 99
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1
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95
1
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1053 109 4
1949 A 0 10718 10814 26
23
49
3432
8
34 8 685, Detroit Edison 5s ser A
1989 J J Ws *MN M & St P gen 48 Fier A
108 110
92
1
48 ---35
55
11)55 3 D 10818 10618
19893 7 *42
35
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10814 1104
93
3
1
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41
1902 F A *107 4 110 ---86
1989 J J 514 53
aa aase Gen & ref 5s eerie. C
*Gen 434s series C__May 1
10618 11338
33
8518
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1981 F A 111
20
53
884
8612 62 4
Gen & ref 41'4e eerie.D
3
*Gen alio series E_ _May 1 -1989 J J 52
4
1
/ 10818 11114
90
8
10
1952 A 0 10914 10912
54
3818
3414 6434
Gen & ref 5s series E
*Oen Alia series F__May 1 __,.1989.7 J 53
30
26
20
35 ---1995 J D 030
1414 1514 201
958
958 26
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:*i'Me Milw St P & PAC M A.- 1975 F A
30
26
3412 ---*30
1995 -518
538 393
24
24 758
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Jan 1 _2900 A 0
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1212 157
8
4
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1995 .1 15 *1534 30 ---8014 034
8014
31
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gold 4e
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11
7
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105 2 11218
84
41
44
84
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34
58
1961 MN 112
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4
102 104
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1
1942 .1 J 10212 10312
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4
/
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8 14 102
10714 108
4
1
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1937 A 0 10814 1083
1
/
464
5
36
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1
67 8 Dui & Iron Range 181 5.
1987 MN 46
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3112 58
8 . 20
4
1
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1937'S .1 47
9
4 4818
3634
4
363 614 Dul Sou Shore & MI g S.
1987 M N 473
*Oen 5s etpd Fed Inc tax
1
/
9914 10414 110
4
1
/
1987 M N *___
54 ____
41
47 Duquesne Light let 434e•
41
1967 A 0 10414 1044 24
*ills stamped
8
8
3
4 1103 11312
993
1
1957 M S 110 8 1103
17
444
444 70
4
1
/ 51
let Mg 434e series B
1930 MN 50
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21
1618
1618 81
May 1 -.2037 5 D 1912 21
Ise ref as.
4
1
/ 21
7
614
15
14
1438
7
1912
1458 28 *Mat Cuba StIg 15-yr et 7340 1937 M S 1314
2037 J D 19
1
let & ref &Ha stpd_May
894 10114 105
---1912 15
141e
East Ry Minn Nor Div let 4e -1948 A 0 _ __
144 28
lei& ref 61323/2C_Mity I __.,.,20373 D 18
4
1
/
99 11118
79
2
8 - 8
9971949 MN 1012 13
145
2212 East T Ya A Ga Div let 59
1958 MN 997
9
9
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4
1084 1083
99
5
1939 J .1 *107 8 --_---Ed El III Bklyn let cons 4e
I t•Chicago Railways let 5.5 etPd
7
4
1
/ 123 8 128
1995 J J *126_ ---- 107
F A 79
79
Ed Eleo(N Y) let cone g 5e
2
6814 79
3
42 4
Aug 1 193525% part pd
414
32
3114
4
1 i2
/ - -58 10
18
3214
324 457 'El Pow Corp (Germany) 610_1950 M El 32
8
19883 .1 3618 37
Mille It I& P Ry gen 4e
40
32
30
33 ---324
-- ____
3218 63
--- *33
*1st sinking fund 634e
1953 A 0 *32
•Certifloatea of deposit
2
10414 1083
89
. ____
14
4 -70
4
1
/
10
1
/
104 17
Elgin Joliet a East 1st g 5e1941 MN *10812
1934 A 0 123
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92 1013
4
8112
1312 21
1214
10
16
10
El Paso & S W let 50
1986 A 0 *10012 foI12 ---deposit
*Certificates of
4
1
/
101 10612
90
8 49
1063
.1 J 106
1940
4 14
26
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104 18
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1962 53 5 123
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10184 10618
90
8 -..---19
4 13
104
, 123
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1940 1 J *1063
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9718 102
69
4
1
/ 70
99
mg .1 J 98
612
712 61
44
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412 10
1960 MN
*Cony g 4J4a
80
70
52
76
4
1
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mg 1 .1 77
let consol gen lien g 4s
4
/
104 1051
99
--- ---4
1
/
1951 F A *105
10514 ____
75
4
1
/
96 105
June la 1951 1 D *103
Penn coil trust gold 4s
Cis St L a N 0 Si
78
65
5012
9
1
/ 75
cone 4. Heim A
. _ ____
Mg 89
6313
1953 A 0 744 D ____
Gold *34e
June 15 1951 1
78
65
5012
5
4
1
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1953 A 0 7412 74
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59
1951 J D *79
75
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Memphis Div let g 4e
76
68
82
5
4
3
8 27
2578
4
1
/ 75 4
25
3
Gen cony 4e serlea D
1953 A 0 73 4 733
1980 J D 6712 743
Clio T li & So East let 5s
464
5212 7414
34
51
1312
1987 M N 6718 7012 174
1312 68
Red & impt Se of 1927
Inc gu be
Dec 1 -1960 If 8 54
52
4
463
243
7418
70
1975 A 0 67
107
1
4
1
/ 108 8 109 8
93
3
1963 J J 107
Red & !mot 5.01 1930
3
Clue Un Sten 1st gm &He A
4
9014 11412 1173
118 ---1955 J J *117
4 10 100
3
1963 .1 J 10612 1073
106 8 11014
Erie & Jersey let e 16e
let be eerie, B
924 11212 11714
1
10712 12
1957 J J 11714 11714
95
1944 1 D 107
Gemeasee River let If Oa
10612 10818
Guaranteed sr be
4
1
/
109
105
88
106
6 108
106 1087
1947 M N *1094 --__ -__
1944 J J 106
8
N Y & Erie RR ext let 4a
Guaranteed 41
95
___ ---ton M
10918 36 108 4 108 1093
1963 1 J 108
ad mtge 4lis
3
1st mtge 95 series D__
4
7012 83
68
6414 -- __
e____
*1041954 F
14 9814 106
1952 J J 97
4
1
/
63
92 10034 Ernesto Breda 70
Cm & West Ind con 40
4
24
1962 el 8 1053 106
82
102 107
Jet ref 534e series A
0612
81
60
7
8
955
95
1942 M
106
9 103
1982 M 5 108
103 10758 Federal Light & Tr let 5c
let & ref 534:series C
96
83
75
6
9512
95
1942 M
1947 A 0 8212 6512 41
304
613 68
5: International series
4
Childs Co deb 58
12
69
3
3
79 4 96 4
9412 95
4
993 216
1942 M
66
4
993
1947 1 J 97
79
let lien a f 5e etamped
Chile Copper Co deb be
804 101
5912
7
99
99
35 ____
1942 M
36
4114
1952 M N *____
37
let lien (Ss stamped
2•Cisoc Okla & Gulf cone be
4
1
/ 94
63
4614
*9012 9212 ---1954 J
10314 68 .87 5 1014 10714
1950 A 0 103
1
/
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Cin0a E let M 40 A
8214 97
8214
7
77 8 ---*80
1946 1
1937 1 J *103 8 ---- ---3
4
1
/ 10212 10314 Flat deb eta 70
88
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4314 47
25
_ ---1943'S
974 10112 103
2•Fla Cent & Penis 5.
C 1 St L & C let g 4s__Aug 2 -.1936 @ F *10212 ---50112 87
68
.5812 ---*57
83
- ---1942 MN
1007s 10314 2•Florida East Coast let elie.....1959 1 D *42Cin Lab & Nor let con gu de
100
612
2
9
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712
1974 M S
3
109 4 110
J ------8
5
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512 12
54
812 57
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____
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let mtge be aeries R
1952
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1957 MN 11314 11314
1113 11412 Fonda Johns & Glov 434e
let guar bn series0
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4
1
/
8
19401 J
---- ---694 78
it*Proof of claim flied by owner5218
4 *453
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978 --Clearfield lilt Coal let 411
198i
1
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of claim filed by owner_ M N
12•Proof
2
4
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1
4
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65
---1993.7 D 9678 97
89 101
'Certificate, of deposit
Cleve Cln Chi A51 L gen as
4
/
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83
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8
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8
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60
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1977 J J 7212 7512 183
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/
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84
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1991 3 .1 92
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10412 11
4
7334 101 1053
1943 F A 104
96
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88
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1990 MN 98
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-- ---- 103
4
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5814 75
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1 *9112 --------72
1940
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99 105
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9
8
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1952 F A 102
87
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103 8 10534 Gen Amer Inveetore deb be A
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47
95
46
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1947 1 J 94
____
_ 11012 --__
1942 A 0 *110
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Clay & P gen gu 4He ger B
4013 50
8212
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105 105
--------105
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1942 A 0 *102
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4912
4812
60
33
3
3 D 48
1940
J *11112 1212 ---- 100
8
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1942
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4812 12
4
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90
__
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------•20-year e 1 deb 6e
4
1
/
8
8
5
Ion 1 J 1017 102
9018 1023
76
1960 A F *1041 ---4
/
- - ---- -___ Gen Pub Sery deb 514e
Berle.D 310 guar
54
40
04
54
-----1949J .3 7918 81
10512 10512 Gen Steel Cast 534e with warr
--------91
1977 F A *101
Gen 434s oar A
313
618 1518
24
1940 A 0 1312 15
____ __-_ ---- ---- --__ it•Gen Theatres Equip deb 6s
1981 J J ____
Gen & ref mtge &Ha ser B
812 15
214
137
15
13
__
*Certificates of deposit__
18
15 ---11
9
1940 i •1314
8
7313 10013 10714 f•Cla & Ala Ry let cone be
1961 A 0 1067 10714 16
Cleve Sho Line let go4He
24
18
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18
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1972 A 0 103
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923
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1977 A 0 92
80
lets t 4SO series°
34
4
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1
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Coal Rivet By let ire 4e
1
8912 ova Imps
mass
19473 J 1078 10814 20
38
1
19383 J 6512 6512
38
Goodrich(B F)Co 1.1 634,
67
*Colon 011 cony deb fle
924
83
1945'S D 9812 9912 131
Cony deb 13:
s•Colo Fuel Alt Co gen e 1 66 ___1943 F A 88 8812 15 2612 6612 90
8 55
1015
83 4 10313 106
3
-1957 MN 104
22
5
16 8
84
4
1
/ 89
Goodyear Tire & Rub let be it•Col Indue let & 0011 58 gu---1934 F A 2512 27
2 824
8312 9712
19363 D 934 94
140
50
4
513
4
733 Gotham Silk Hosiery deb 13:
1980 MN 5312 58
Colo A South 434e ear A
15
8
1940 F A 2412 25
17
4
363
M•Gould Coupler lot e f fle
4
101 101
19423 D *___ 1013 ---_ 101
157
97
5912
89
97
Clow & Oswegatchle let 5e
Columbia0& E deb 5s _ __ May 1952 MN 95
1
108
4
/
911 10412 10812
1941 3 1 108
1
/
684 97
6014
11
97
Or BA I ext let gu a 434e
Apr 15 1952 A 0 95
Debenture fs
4 23 10153 10314 1063
4
1940 A 0 10312 1033
89
68
963 Grand Trunk of Can deb Te
3
4 98 4 192
4
Jan lb 1961 1 .1 943
Debenture fos
10514 17 10014 105 1074
1936 M S 105
94
4
1
/
102 11018
1948 A 0 *10918 110 __-Deb guar (te
Col & H V let ext g 48
90 90
D
_ ---1247
90
42
73
9812 107
4
1
/ Grays Point Term let gu M
1957 1 J 10812 107
Columbus By P & L let 4 J419..
8814 97
9314 9412 IS
5818
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/
9014 1063 11212 Gt Cons El Pow (Japan) 7e
4
1942 A 0 11118 1114 13
Secured cone g blie
4
1
/
7838 90
56
J 9014 9012 11
1950
91
4
- ---1051 112
1955 F A
let & gene 1634:
Col & Tol lot ext 48
04
82
714
4 9714 185
J 963
954 11012 1123 Great Northern gen 7e ear A
1936
1114 1111
8
1949 F A *112-- 8 42
Comm'l Invest Tr deb 634.
96 1051
10518 83
6812
J 104
4
/
1961
92
____
___
100 10314
1943 A 0 *1013
let & ref 4li e series A
Conn & Passum RI, let as
75 100
9912 68
04
.7 98
1952
4
4General 834: series B
8818 1064 1077
8
1951 J J *1073 109 ---Conn By & L let & ref 410
33
9512
69
57
J 9212 94
1973
4
General 5s earIes C
9652 106 10812
1951 J 1 •1073 109 ---4348
Stamped guar
8912
83
6318
J 8414 8612 78
1976
General 434* series D
*Consolidated Hydro-Eleo Works
6234 89
584
4
1
/ 103
8 85
1977 3 1 843
29
30
1
4
/
411
29
General 434e series E
1956 J 1 29
of Upper Wuertemberg 7a
For footnotes see page 1245
.
Volume 141
New York Bond Record-Continued-Page 4
Week's
11..,
I July 1
',._ 6
Range Or
; 1933 to
_
,...1.Friday's
LIZ, Ju7y 31
,
:::ar. Bid & Asked5:5,
5 1935
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 23
Range
Since
Jan. 1
1
BONDS
N. T. STOCK EXCHANGE
Week Ended Aug. 23
1243
Weirs
JUIW 1
Rang. or ; 1933 to
Friday's
•. July 3
o
:41.; Bid ct Asked , c
nv.
1935
Z.
r. ,,
:I r.
Low
ROA No. Low Low
High
Low
FHA N.
*Green Bay & West deb ctfa A
Low
Feb *41
3418 3818 Lex ec East let 50-yr 58 gu
26
1965 A 0 *1143 11634 ---4
*Debentures ctis 13
8914
Feb
738
814 27
3
312 83 Liggett & Myers Tobacco 78
8
1944 A 0 13212 133
Greenbrier Ry let gu 48
8 117
1940 MN *106
8814
be
1951 F A 11914 12012 70 103
Gulf Mob & Nor 1st 53413B
1950 A 0 7514
774
535 7714 Little Miami gen 40 merles A
8
3
60
MN ____
1962
let mtge 58 Series C
---8112
1950 A 0 70
7312 34
4912
50
7412 Loew's Inc deb of 6s
1941 A 0 10318 1033
- __4 25
Gulf & 8 list ref & ter 55 ___ Feb1952 J .1 050
76
664 6614 Lombard Elec 7s oar A
--------55
1952 J D
42
4712 21
Stamped
44
__I .1 *50
_
4912
4912 5018 Long Dock console 88
1933 A 0 1007 10114 25
8
Gulf States Steel deb 534a-1942 .1 D 97
9712
985
8 27
50
90
9834 Long Island gen gold 48
1938 .1 D 10614 10614
Hackensack Water let 42
1
9814
1952 J .1 10712 1075
8
2
9512 1054 108
Unified gold 4a
1949 M 6 10434 1043
4
*Hansa SS Linea 6s with wart__ _1939 A 0 *3818 43 -__
1
8714
31
3818 463
8
20-year pm deb 58
8
1937 M N 1035 10334 12
*Harper' kilning Is
9218
19491 .1
38
3814
12
3412
3412 4912
Guar ref gold 45
1949 M El 10412 10518
Hocking Val lot cons g 434a
10
853
4
19993 .1 116
11612
6
91
11238 11712 Lorillard (P) Co deb 75
8
1944 A 0 13012 1323
9 110
f 1•11oe (It) & Co 1st 634s ser A_ _1934 A 0 *31
34 ---20
30
42
58
1951 F A 118
11814
19
•Holland-Amer Line 65 (flat)
985
8
1947 M N
_ ---1212
13
15
Louisiana & Ark 15t loser A
1969 J J
733
7612 76
4
Housatonlc Ry cons g 55
3812
1937 SIN •12--*8112 83
70
70
95
Louisville Gas & El (Ky) 58
1952 SIN 11112 112
4
H & 10 lot g 55 lot guar
86
19373 .1 *1061
--- ---9038
1043 1062 Louie & Jeff Bdge Co gu g 45 - - M 6 106
4
8
1945
10614
15
Houston Belt & Term 1st 50
754
1937 3 -1 103 28
103
89
101 10312 Louisville & Nashville 58
1937 WI N •107
Houston Oil sink fund 534a A __1940 MN
--- - 100
961 t
963
4 18
61
98
85
Unified gold 4s
12---- 36
4
19403 .1 10711 1073
Hudson Coal let of baser A
8812
1962 1 D 4012 42
43
35
35
444
lot refund 5%s series A
2003 A 0 10512 1053
8
13
nucleon Co Gas lot g 55
81
19411 MN 118
4 1015
119
8 1133 1194
lot & ref 58 series 13
4
2003 A 0 10414 10518 38
807
find & Manhat lot 5e ser A
8
1957 F A
8514
8612 57
633
4
80
903
8
let & ref 434/1 eerie! C
2003 A 0 101
102
40
74
*Adjustment Income 52 .. _ -Feb 1957 A 0 3212 35
73
2534
25 4 397
3
8
Gold 56
1941 A 0 1083 1083
4
4
2
9812
Paducah & Stem Div 45
1946 F A *1047
Illinois Bell Telephone 55
-- - -__
82
1958 .1 D 10812 109
58 10312 107 11114
St Louis Div 2d gold 3a
91980 M 6 804 804
Illinois Central 1st gold 45
5
5412
1951 -1 J *1037
8
83
103 10612
Mob & Montg 1st g 441
lot gold 334s
1945 M 4 *11012 --------92
1951 -1 J *10112 103
764
99 103
South Ry joint Monon 45
80
81
1952 J 1
8
Extended lot gold 3340
564
1951 A 0 *10152 1027 - 8
78
994 102
Atl Knox,& Cin Div 4s
80
4
8 15
1955 M N 1063 1073
lot gold 3s sterling
1951 M S
.--66
_ *Lower Austria Hydro El 6345. 1944 F A
8814
8814
3
Collateral trust gold 48
4412
1952 A 0 *7518--7418
7614 30
57
67
____--8313
Refunding 4s
1955 MN
77
78
0018
15
6711 863 11:McCrory Stores deb 530
2
1941
Purchased lines 33421
1962 J J *
74
56
70
71
Proof of claim filed by owner'
105
10612 49
Collateral trust gold 40
4612
1953 ki N
64
65
20
523
5912 7512 McKesson & Robbins deb 5345_1950 11114
N 1003 10112 84
4
Refunding 58
53
1955 MN
8612 87
8
7014
744 9412 It•Manati Sugar let of 7 Ms _ __1942 A 0 *1912 27 __
-year secured 634o g
15
9
9514
19363 J
96
31
82
90 101
*Certificates of deposit
•18
2412 --_40-year 43413
712
Aug 1 1966 F A
54
523
4212
4 56
4212 634
it•Stmpd Oct 1931 coupon_ _1942 --_-__ __
Cairo Bridge gold 4s
A 0 •18
612
1950 J D 10214 10212 11
704
985 10212
8
*Certificates of deposit
LItchfleld Di• lot gold 3s
4
--------------1951 J .1
854 8812
7
733
8812
2
81
It•Flat stamped modified_ -1942 ___. *18
2412 ____
Louis* Div & Term g 33421
4
1953 J .1
1
92
92
6512
893 923
8
4
*Certificates of deposit
•1812 202 ____
Omaha Div 1st gold 38
712
1951 F A
7
60
6518 68
6518 77
1•Manhat Ry (NY)cons g 4s ___1990 A 0 63
71
302
St Louis Div & Term g 3a
35
1951 J 1 *75
79
61
76
74
•Certiticatee of deposit
58
6612 147
Gold 334e
35
1951 J 1 *8112 823 6212
80
8714
4
•2e1 48
47
Springfield Div lot g 3 Ms
20133 D
503
8
39
'27
1951 3 3 *99
67
9718 971. Manila Else RR & Lt a f 5a
96
9612
Western Linea 1st g 9s
1953 M 6
5
82
1951 F A
87
87
2
75
8512 8912 Manila RR (South Lines) 413
75
75
5
1939 M N
III Cent and Chic St L & N 0-493
4
1st ext 4s
1959 M N *61
657 ____
Joint 1st ref 5e series A
s
51
19633 D
623
524
34
4 65
524 783 1.•Man G 13 & NW 1st 330
2
1941 J J *--4858 ---1st & ref 434s aeries C
60
1963 J D
6112 17
493
4
60
493 733 Mfrs Tr Co ctfs of panic In
4
4
Illinois Steel deb 434e
1940 A 0 10734 108
8 10114 106 10812
A 1 Namm & Son let (is
1943.1 D *92
9412 ____
•Ilseder Steel Corp mtge 6s
50
1948 F A
344 3414
31
5
323 434 Marion Steam Shovel a 1 6a
4
70
Ind Bloom & West let cot 4s
1947 A C
75
41
29
1940 A 0 5104
_-__ ---8912
101 104
Market St By 75 ser A.A wit
Ind III & Iowa let g 45
2
60
1940 @ J
87
87
1950 J J 0100
72
9514 9914 Mead Corp lot 68 with warr
963
t•Ind & Louisville 1st gu 4s
4 9814 37
1945 m N
47
1956 1 J
7
814
814
7
2
16
Meridionale Elec lot 7s A
56 1 11
Ind Union RY gee 58 ser A
1957 A 0 5514
5812
1965 .1 7 81053 10812 96
4
104 10614 Metr Ed 1st & ref 5s ser 0
Gen & ref 5a series It
1953 .1 2 10712 108 1 18
77
1965 J -1 10634 1063
4
1
9858
106 10634
let g 434e series D
1968 M 6 10712 10712
Inland Steel 151 4)4 ser A
67
8
1978 A 0 10412 105
34
79
1033 1073 Metrop Wat Sew & D 530
8
4
4
1950 A 0 083 10014 27
74
lot M a f 434o ser 13
*1 F A 10414 10514 36
10
4
80
1033 10614 ft•Met West Side El(Chic)4s
1938 F A *13
16 ---9
*Mei Internet 1st 4s asetd
1
1977 m s *____
2 ____
fInterboro Rap Tran let 5s
17
4
1968 .1 J
8958 92
419
56 2
,
8114 934 *klieg Mill Mach lot of 78
2912 2912
33
3
1956 J D
Certificates of deposit
8918 91
172
864
864 91
Michigan Central Detroit & Bay
4•I0-year 65
1
1932 A 0 69
763 448
1914
8
50
764
City Air Line 45
1023
4
1940 .1 j 102
8
9314
*Certificates of deposit
6612 73
143
2014
4812 73
Jack Lana & Sag 394e
88 ____
8•10-year cony 7% notes
1951 M 8 *____
873
4
1932 ki S 9013 9312 170
5712
95
84
1st gold 334s
10352
8
1952 M N 103
*Certificates of deposit
844
89
91
48
5712
9412
82
Ref & impt 434* series C
983
Interlake Iron let 5213
11
4
98
70
1979 J J
7314 78
1951 M N
8212 Mid of NJ 1st ext 5s
72
32
59
Int Aerie Corp 1st & coil tr 58-.
1940 A 0 *7014 8012 ___
614
Midvale St & 0 coll tr of 65
90
13
Stamped extended to 1942
1933 m e 113212 10214
51
9118 9934 Milw El Ry & Lt 1st
62
9734 98
55 13
lot Cement cony deb 58
57
1961 1 13 981
4 9912 51
M N 103
1948 M N
10312 45
74
9712 10412
lot mtge 5s
1•Int-Grt Nor let 68 ser A
1971 J J
984 9 I 21
9
66
1952 1 J
3614
333
25
8 43
2512 41
1:•Milw&Nor let ext 434s (1880)19343 D *---*Adjustment loser A __July 1952 A 0
93 __
6214
914
1012 135
47 114
8
44
lot ext 4.325
.
1939 ____
70
72
58
8
•Ist 5a series 13
19163 ./
3258
353
23
e 35
23
3814
Con ext 4 14s
*56
1939
65
__
•Ist g 5s serlea C
561 2
1956 I 1 3218
3538 49
23
23
373 iMil Spar & N W let pi 42
4
Internet Hydro El deb 85
8 414 14
1947 M 6 403
344
284
284 564 . .5411w & State Line
1944 A 0 4634 5414 294
1.4
70 .____
let 330..._1941 J .1 555
Int Mere Marine a I 135
6012
1941 A 0 56
5812 33
37
465 61
8
t•Minn dr St Louis 55 ctfs
Internet Paper 5s ser A & B
*412
5:4 ____
4
1934 MN
1947 .1 J
78
783
79
4 36
47
58
•15, & refunding gold 4e
Ref 51 65 series A
1949 M S *114
112. ---12
1955 65 S 5678
58
3114
54
3538 583
4
*Ref & ext 50-yr 50 ser A
lot Rya Cent Amer let 511 El
1962 Q F
01
11 1---112
1972 M N
11
7918 80
454
70
80
*Certificates of depoelt
7.
let coil trust 6% g notes
G F
*3
8
112 ---,
1941 M N
8514 857
4
4918
8
7412 857 M St P & 58 61 con g 4sint gu___1938 J 1
8
34
1st ilen & ref 6345
41
264
33
1947 F A
79
7912
5
434
8112
68
let cons 5s
1938 j j 273
tut Telep & Teleg deb g 4348
4
2812
7
194
1952 1 J
70
7212 147
37
50
7212
1st cons 58 go as to Int
1938 J j 384
39
Cony deb 434/1
31
17
1939 1 J
79
162
83
42
5812 8312
lst & ref Is series A
Debenture 5s
19483 J
18
- ____
1953 F A
7314
763 203
40
4
5512 7614
25-year 53421
Investors Equity deb 55 A
20
203
15
4
1949 M El *21-- - 20
1947 .1 D 10358 1033
4
2
804
99 104
lot ref 6l series B
-4o
82
Deb 5s set li with Warr
1978 -I .1
82
5158
6
1948 A 0 *103
10312 _
82
99 1037
8
let Chicago Term a 1 4s
1941 M N*80
Without warrants
I 85
1948 A 0 *102
103 L.....82
99 10314
I•lowa Central 1st 65 ctfs
1938 J D
634
7 I
5
35
8
44 9 2 :•Mo-Ill RR let 55 series A
7
1959 j J
•Ist & ref g 45
25
26
23
12
1951 M 13
1
138 23
3
4
34
17 Mo Kan & Tex lot gold 4s
8
James Frank & Clear lot 4s
1990 .1 D 66
693
4 95
67
1959 J D 8052 8112 22
8653
74
833 Mo-K-T RR pr lien 55 aer A
4
40
424 90
383
4
1962 .1 J
40-year 4s aerfee 13
Kal A & GB lot gu g 5*
3912 40
33
1962 J 3 37
19383 .1 *10014 101
99
11912 101
Prior lien 434s series 13
Kan et M let gu g 45
8 38
78
1973 .1 3 353
384
1990 A 0 *10012 1033
70
8
97 103
•Cum adjust be ser A
f•K C Ft S & M By ref g 48
12
1758 83
Jan 1967 A 0 1512
1936 A 0 3512 365
293
8 49
4
293 41
4
f•Mo Pac lot & ref 52 oar A
*certificates of deposit
28
26
20
27
1965 F A
A 0 33
3312 13
28
28
394
*Certificates 01 deposIt
K C Pow & It lot nage 4345____1961
26
26
3
19
F A 11212 11212
96
1
11014 114
*General 48
Kan City Sou let gold Is
1973 M 6
85
94 161
54
8
7112 27
1950 A 0 70
15114
6911 7834
*1st & ref 513 series F
Bet & impt 58
1977 202 B
253
4 2758 124
1912
Apr __l950.5 J
53
8 48
6038 617
53
744
*Certificates of deposit
Kansas City Term 1st 45
2512 267
1812
4
s
1960 1 J 10612 10718 33
8412
10558 109
•Ist & ref 65 series CI
Kansas Gas & Electric 434e
1980.1 D 10318 1043
8 18
70 4
3
10014 105
1978 M" *2512 27 4 __....
•Certificatee of deposit
•Karstadt (Rudolph) lot Is
2 12
6
2
733
61
19
18%
1943 MN
42
42
5
133
4
32
45
*Cony gold 534e
*Certificates of deposit
718 160
6
1941 MN
34
31
13
*27
42
26
*lst & ref g 5s seriee H
*Is stamped
1980 a 0 26
2718 22
1922
.
1943
38
6 ___ 2514 38
37
*Certificates of deposit
.63 etre stmp prin
193
8
104:1 2
31
_
31
307 31
8
'1st & ref 55 series I
Kelth (13 F) Corp lot 65
1981 F A
253
4 -3-7-38 4
1913
7
1946 M 8 8838 9018 16 44
6712 921.
*Certificated of deposit
2•Kelly-Springfield Tire Is
__ ____
187
8
1942 A 0 7934 . 793
4
6
293
4
444 80 •Mo Pac 3d 78 ext at 4% July _
4,65 stamped
*2512-85 ____
6952
_1938 MN *---1942 1_. 793
4 793
76
4
793 Mob & Birm prior lien g 513
4
Kendall Co 5355
_______
85
1945 J J *83
1948 ki S 10314 1035
8 12
61
10112 1035
8
Small
Kentucky Central gold 413
2 2 73
73
5
78
1987 J J *10312 1073 _
8
80
10412 1071*
1st M gold 4s
Kentucky & Ind Term 454o
1941 j j 45
45
3
353
8
1961 1 J
95
9512
4
73
77
951.
Small
Stamped
j 2 *40
55 ____
40
1961 .1 J
9912 10114
89
19
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Plain
gold 45---1938 M 5 *25
1961 s J *10034 --------93
_
88
99
99
31)
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Kings County El I. & P58
102 11 12 -77,
10
9
1937 A 0 10812 1 8 2
4 103
10814 10814
*Ref & inapt 434o
Purchase money 613
434
714
5
1977 Ni 5
612
1997 A 0 *14812 152
118
14512 150
*Sec 5% notes
Kings County Elev 1st g 4s
6
5
1933 M 5
64
7
1949 F A 1023 103
19
86
4
94 103
Kings Co Lighting lot 55
1954 J J 11414 11414
3 1003
4 110 11414 Mohawk & Malone 1st
First and ref 63421
gu g 43
8
827
9
1991 M S 82
70
1954 J 1 *12012 125 __
10512 118 122
monongahela Ry lst M
Kinney(OR)&Co 734% notes
4 36
__
774
1004 105
2
8
8
mous cent 184 gu 68 45 ser A 1960 MN 10314 1033
2•Ereuger & Toll el A 50 etre _ -1938 J D 1037 1037
1027 10314 14 87
8
1937
1959 M e
3512 3612 91 1014 2614 3714 lot guargold 56
"
10112 10
1937,, 101
7614
Montana Power lot 55 A
Lackawanna Steel lst5a A
1063 1063
9
4 36
1943
77
1950 M S 10712 108
7
9412 1053 1094
8
Deb 541 series A
Laclede Gas Lt re! SC ext 52
963
4 9712 44
1962 - .
5012
1939 A 0 101
4 31
1013
90
9714 10218 Montecatini kiln & Apia
Coll & rel 53.50 series C
1953 F A
7738
7912 50
463
4
5912 81
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Coll & ref 534s series D
7618 2785
J
1937 i
8 52
761
.
1960 F A
7812 79
46
14
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J J 101
80
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Lake Erie & West let g be
1013 ____
4
88
1937 J 1 10234 10231
1
77
10114 10312
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2d gold 50
1953 '''" 86
86
2
703
3
1941 .1 J
9814
81
5
9814
85 1003
A 0
8
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722*
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99
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79
8
9712 1021
.
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135. ;
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4
5
2
1954 J -I
1538
19 1439
414
19
7
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Leblen C & Na, s f 434s A
1957 ^" ------- ---7014
1951 J J 106
106
13
7712
1017 10618 Morris & Co 1st a 143.4°
8
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1939 J ,, ____
i
82
1959 1 .1 105
5
105
80
102 106
Morrie & Essex 1st gu 334a
Lehigh & N Y let gu g 4s
'
904 913
2000
4 77
70
1945 315 *5812 634
5212
M N
561
. 7314
Constr M Is ser A
Lehigh Val Coal lot & ref,f 55_1944 F A
1956
9612 97
17
77
4
933
3
4 933
64
874 974
Constr M 43.4o series B
let & ref of 513
1956 M .." 8812 89
80
653
8
1954 F A
71
71
3
33
55
80
Murray Body 1st mtg 6355
lot & ref a f 155
1942 ...," 135
144
J
135
98
1984 F A
65
6918
3112
3
51
72
Mutual Fuel Gas lot gu g 5a
lot & ref s 155
1947 .`..'..," *108
1093 ____
8
95
1974 F A
66
69
5
32
52
7312 Slut Un Tel gtd 60 ext at 5% - -1941
Secured 6% gold notes
'
*10612 ---- ____
893
2
1938 J J
95
95
2
73
9114 9612 Namm (A I) & Son-See MfrsLeh Val Harbor Term go Is
Tr
1959 F A
98
98
5
79
9712 104
A
Nash Chatt & St L 45 oar A
Leh Val NY lot gu g 434e
1978 F . 8813 8 13
,
6
5
19403 J
73
8612 88
10
757
2
82
99
Nash Flo de 13 lot gu g 58
Lehigh Val (Pa) cons g 45
'^ 105
1937
105
1
91
4124 101
2003 M N
39
3014
3014 503 Nassau Else gu g 48 stpd19
J J
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6012 61
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4278 45
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44
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'
1942
' 102
102
2
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4734
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F
Nat Dairy Prod deb 5Ma
Leh V Term By lot gu g its
1948 ,_ ... 1035 104
8
109
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1941 A 0 106
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10
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9912 100
'
1945 `
3
104
9.4
For footnotes see page 1245
.•
Ran!,
Since
Jan. 1
Low
Ills'
1134 117
130 1344
1157 1235
8
8
104 104
10318 106
804
42
1003 1034
8
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102 105
1021s 104,
a
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8
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4
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77
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99
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4
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818
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68
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8
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34
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8
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31
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20
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8
73
62
64
354
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27,
4
11'4
30
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4
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8
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2
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5
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2
8612
10218
504
8812
10218
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97
10514
62 4
3
10223
105
1003
8
1244
New York Bond Record-Continued-Page 5
Aug. 24 1935
Jody 1
71:
.
Week's
July 1
i_
Wears
Range or ; 1933 to
Range
r.
BONDS
RASO
.; _ 1933 10
Rams or
.. 7,
Since
Ls I, July 31
Prldao's
13
.
:
,
N. T. STOC'" EXCHANGE
g 1 Jury 31 Pines
Friday's
'it
Jan. 1
1935
.ta7. BO & Asked ror;
Week Ended Aug. 23
Jos. 1
1935
4 '4' Bid & Asked 5:163
---- -Mei
Low Low
;Rob No
III.A
Low Low
(.or
Stok No
1144 1184
1 100
118
1946 1 1 118
Ore Short Line let cons 850
1957 .11 .1 .218
*Nat Ry of Mex pr lien 448
11518 11912
3
903
4
1940 J 1 1174 1184
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212 6
112
4
33 -- -4
*23
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101 106
7714
78
1961 1 J 10412 105
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A (5
141i --*Guar 45 Apr '14 coupon
94 1003
6512
9
8
4
1963 M 8 10014 1003
44 Oslo Gas & El Wks exti 58
2
14
3 __-0214
____
*Ascent cash war ret No 6 on_
4
893 100
20
994 46
1941 M 8 99
Otis Steel lot mtge 68 set A
1925
*Nat RR Max pr lien 414e
45
36
25
4
41
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2
65 Pacific Coast Co let g 511
3
2
8
33
3
312
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4
984 1053 109
29
4
1942 1 1 1053 10614
_ Pacific Gan & El gen & ref 55 A
____
_ ____
A0 ____
1951 -*1st COnaol 45
9812 1014
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44
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99
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2
234
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314
252 _-'Assent cash war rct No 4 on___.. -- 93 100
84
96 ____
1938 J 1 *94
10252 1054
4
.2d extended gold 5a
i0458 10514 153
1965 J
s f 45
Not Steel let coil
106
14 10314 106 10712
1937 .1 .1 106
65
60
PacItic Tel & Tel 181 52
64
60
1954 M N *
Naugatuck ItR 1st g 48
10918 11312
12 10414
4
8
1952 MN 1103 1113
Ref mtge 5e series A
7 10112 1134 12018
12012
1948.1 D 120
Newark Consol Gas cons 55
10513 10512
93
Paducah & Ills lot s 1 g 4341 -1956 J .1 *10518 106 ___
81
78
3
683
68 ---1945.1 .1 *
New England RR guar be
3312 46
46
251s
15
4
413
65_1940 J D
1:•Pan-Am Pet Co (Cal)conv
70
60
60
1945.1 J *__ . 6012 ---Consol guar 45
3314 46
25
43
46
41
__
*Certificates of depoalt
44 10433 1154 124
121
1952 .1 D 120
New Eng Tel & Tel 55 A
4
423 641s
2718
10
6418
6418
_3
1123 1234 :'Paramount-Wway let 51.48____1951 .1 J
994
60
2
1981 M N 11712 1183
let g 44s series B
42
2712
6412
1
6412 6412
*Certificates of deposit
8812 884
824
1986 F A *100
NJ Junction RIt guar let 4s
--------65
GO
55
1951 ---- *64
8812
34
94 106
54S assented
1980 A 0 1047 10514
8
Light 1st 4348
14.1 Pow &
1947
6
8
483 70
Paramount Fam Lasky 68
4838
70
1983 J 1 6812
New Orl Great Nor 55 A
4
583 105
1318
102
8
10212
53
50
It•Proof of claim flied by owner_ __
50
4812 ---NO & NE lot ref&Impt 4!.4e A _1952 .1 .1*____
59 105
15
3
102
J D 102
*Certificates of deposit
5513 82
38
46
82
1952 A 0 794
:New Orl Pub Sery 1st be A
1950 F A
Paramount Pub Corp 5 48
3
553 82
82
38
7912
57
1955 J D
First & ref 55 series B
5912 10612
4
127
3
104
4
693 87
5844
18
74
7313
It•Proof of claim filed by owner__ ---- 103
1953.1 J
New Orleans Term Ist gu 4s
4
583 105
14
4
-s-- 10312 10412
2
1214
1538 2612
*Certificates of deposit
26
1935 A 0 26
f•N 0Tex & Mex n-e Inc 58
2 1044 13014 163
1968 M 8 13912 13978
1814 3212 Parle-Orleana RR ext 545
14
1954 A 0 3012 3212 18
*1st Is series It
174 35
8
2
33
33
144
1978 3214 I•Park-Lexington 1148 cgs_ _ _ _195'1 -_ 3214 44
3012
1956 F A
'1st 55 series( C
33
14
23
11
32
-1944 31 0 31
2
187 3112 Parmelee Trans deb is
1412
87
1956 F A
2812 31
•let 44a series D
118 11814
102
____
1949 M 8
Pat & Passalc GI & E cons ba
33
20
1412
41
33
1954 A 0 3012
•lat 530 aeries A
94
8',
3
45 4
.-867
..._*118- 2 --- 1942 111 8 •
10214 10713 •Paulista Ry 1st ref s t 78
92
---1945.5 J *1074
434a
N & C Beige gen guar
3
102 1023
1937 M S *10212 --------94
3
4 10034 1023 Penn Co gu 34s coll tr A
-- 1003
1935 A 0 *100
N Y B & Mn 1st con g bs
8 100 i027
813
s
4
1941 F A *1023 10312 --Guar 348 coil trust sec B
4
9834
983 11213
4
1944 MN 11012 1113 258
NY Cent RR cony Os
4
943 1023
4
833
4
____
1 D *99
1942
Guar 134e trust Ws C
7312 3773
64
1998 F A
2 8514 152
833
Coneo: 45 aeries A
08 103
1944 1 D •10114 --------8112
Guar 3 Sis trust etre D
4314 7012
4314
7018 215
2013 A 0 663
4
Ref & lmpt 4348 series A
4
993 103
8418
__ ____
1952 M N
Guar 45 oar E trust ctfe
7614 187
464
4613 7612
A 0 7231
2013
Ref & Impt be series C
4
4
1043 1073
82
10512 1053
1903 M N *103-- 8 27
Secured gold 442o
4
983
92
7374
1997 .1 J
9314
9412 39
NY Cent & Hud Rly M 3445
7112 9312
55
9278 28
88
974 Penn-Dixie Cement 1st 6s A
1941 M S 9118
137
8 35
1942 J J
9512 957
Debenture 4a
103 10612
78
3
Pa 0/110 & Det 1st & ref 4142 A 1977 A 0 10414 105
70
43
243
70
43
2013
674
Ref &!mot 414e tier A
4
1013
10413 1064
__ ____
414s series B
1981 1 1 *1061
3
783 8914
59
88
1998 F A
64
87
Lake Shore coll gold 348
8
983 10814
7513
1053
1981 A 0 105 2-- 8 168
79
8874 Pennsylvania P & L 1st 4145
86 12 24
65
86
1998 F A
MIch Cent coll gold 34e
107 111
9814
6
111
M N 111
1943
14
1937 A 0 10174 102
77
2
1003 1024 Pennsylvania RR cons g 4s
NY Chic & St I. 1st 8 48
108 11412
9412
5
8
1948 M N 1117 11212
41
Consol gold 48
741e
77
57
1974 A 0 7134
4312
Refunding 545 series A
108 11312
8
963
4 20
8
45 star) stud dollar May 1
1948 M N 1113 1113
47
31134
66
1978 M S 60
4
633 420
Ref 44s series C
11412 11912
9812
20
1960 F A 1153 117
8
39
4333 7112
ConeolsinkIng fund 4 tis
68
4113
1935 A 0 66
3-17 6% gold notes
2 10452 1691g
805
8 62
8
1965j D 1083 1073
General 434s series A
12
4
1953 F A 10612 1063
0212 10652 10814
NY Connect 181 911 4 1411A
3
3 109 1157
873
14
1988 1 11 11212 113
55 series B
General
107 10334
1953 F A •107
99
1st guar 55 series B
10218 106
8
1936 F A 1023 10212 25 101
4113
5952 7472
8
Secured 64e
70 12
70
1951 F A
N Y Dock 1st gold 45
105 108
81
1964 MN 10612 10712 48
Secured gold Se
66
4213 53
53
30
1938 A 0 5118
5% notes
Serial
5
903 974
68
9714 149
1970 A 0 964
4 16 10818
1111 1 11418
Debenture g 44s
1941 A 0 11114 1113
NY Fdloon 1st & ref 630 A
3
1003 107
4
753
1981 A 0 10412 10512 73
General 4 tie series D
3
10712 13 10212 10512 1093
1944 A 0 107
let lien & ref 52 serlee II
8
2
997 1967
9112
83
8
1984 J 1 1043 105
Gen mtge 445 sec E
9 1023
106 1104
4
108
108
1951 A 0
1st Ilen & ref 52 eerier, C
8
1103 118
6 Wu
1943 A 0 11614 117
Peon Gaol,& C let cons Os
NY & Erie-See Erie RR
4
983 1074
80
56
1947 M S 10618 107
Refunding gold Ss
4
3 1044 1161s 1243
1948.1 D 12214 12214
NY Gas El Lt 11 & Pow g be__
6012 734
50
11
6814
Peoria & Eastern 1st cons 4s
1940 A 0 67
1074 115
1949 F A 11212 11212 14
95
Purchase money gold 45
94
4
4
18
678
5
April ____1990 Alu
*Income 48
9214
8214 93
9214
1948 M N
61
3
NY Greenwood L gu g fie
8312 102 10814
5
1974 F A 10814 10814
98 10212 Peoria & Pekin 17n 1st 53.4e
2000 M N 5101
8314
N Y & Harlem gold 348
91
75
51
7
90
88
1 1
9234
42
98 10272 Pere Marutiette 1st oer A be __ 195P
1973 M N
8
993 100
N Y Lack & West 4s aer A
69
4813
814
28
4 80
1956 1 / 795
let 4s aeries B
8913 106 10833
-197358 N •106
414e eerier/ 13
8212
68
46
25
82
1980 M 8 81
1st g 41.5* aeries C
99 ____
764
99
94
1942 MN *95
NY L E& W Coal& RR 534o
105 107
--------87
N Y L E & W Dock & Impt 5(1_1943 J .1 *106
108 112
9872
8
1943 MM 11012 111
9512 10112 10418 PhIla Halt & Wash let g 4s
1941 M S •10312
NY & Long Branch gen 4s
1
113 1 914
9512
12012 ---1974 F A *115
General 5s series 13
10812 11312
87
--1977 1 1 *113
General g 435* series C
28
28
39
1
36
36
1947 M 18
NY Nil & 11 uss deb 4e
107 1 1212
4
2 1003
8
4---8
1981 1 D 1117 1117
General 4348 series D
384
27
27
2
4
323
1947 M S
4
323
Non-cony debenture 3345
7912 10 112
6114
8
1987 1 0 1003 10112 187
Phila Co see 5e aeries A
2413 37
34/3
13
1954 A 0 3112 33
Non-cony debenture 34e
10518 110
2 100
8
1967 MN 1063 10638
Phlia Else Co let & ref 4348
40
28
26
15
1955.1 J
3312 35
Non-cony debenture 48
3 1044 10814
891
1971 F A 10512 10612 37
1st & ref 45
3
263 3912
2638
30
3312 35
1958 M N
Non-cony debenture 42
4
523 75
4852
57
6012 6214
1973 1 J
3212
9
2414 3652 Phila & Reading C & I ref Is
3212
2414
1958 .1 .1
Cony debenture 34e
3013 534
3011
2 67
407
1949 M 8 384
Cony deb 6s
30
52
105
30
3912 43
1948 1 .1
Con• debenture 6e
2214 277
8
2014
10
264
25
1937 1 1
Philippine Ry Islet 4e
4013 63
4012
17
55
0 52
1940 A
Collateral trust 65
10112 104
8414
28
8
1939 J D 1023 10278
16
3014 Phillips Petrol deb 54s
16
34
27
2418
1957 M N
Debenture 4s
10514 10914
4 1024
108
Pillsbury Flour Mille 20-yr 68_1943 A 0 107
2712 45
2712
3812 133
4
343
1967.5 D
lot & ref 414s set of 1927
82 1044
85
1
a84
1952 M N a84
9514 Pirelli Co (Italy) cony 75
82
9212
11
87
94
Harlem rt A p2(Thee 184 4s
1954 M N
3
1083 11212
2 100
8
1940 A 0 11112 1113
Pitts C C & St L 448 A
61
40
40
531* 110
5114
June 1992 M S
NYO&Wrefg49
1084 112
1942 A( *11118 --------99
Series B 414e guar
3212 49
3212
10551 D
2 4112 18
403
48
General
, 109 11178
1942 M N *11112 --------1003
Series C 44a guar
__
8112
_ ____
342 A 0 *10112
NY Providence & Boston 411
4
4 1073 110
973
1946 M N *10812 ____ ---Berle/3 D 48 guar
8714
75
____-684
83
- _1993 A 0 080
NY & Putnam 1st eon gu 45
89,2 ---- ---1949 F A 01044 ____ ---Series E 334s guar gold
4
1812
8
1812 37
16
1965 APT
3•87 Y Ryo Corp Inc 65___Jan
964
__ ____
1953 J D
F 4s guar gold
Series
1014
29
1014 18
18
1612
1965
•Inc (la assented
- 98
10528 10913
*10912 110 _ _ _
1957 MN *10912-Series CI 42 guar
56
9
7052 9512
95 12
95
19651 1
Prior lien 11, series A
107 110
Ma
1980 F A *10912 ....... _--Series H cons guar 48
954
90
90
95
2
954
1965 Pr. lien 68 assented
3
1133 11712
99
---1963 F A *117
Series 1 eons 445
1
96
10514 11012
109
1951 m N 109
NY & Itichm Gas 1st 68 A
9612
2
3
1133 117
8
8
38---1989 M' 1167 1167
Series J cons guar 454s
3
24
8
13
114
*178
212 ---3oN Y State Rye 4145 A ars__ _19132 --1
8
1113 11614
4
863
114
1976 J 1) 114
General M 5a serlea A
118
234
14
21.
*2
1982
•6345 series 11 certificates
8
854 1113 1164
C. *
11412 ---MN 10812 1087
Gen mtge 52 ser B
1971 A
108 11154
98
5
8
1947
NY Steam (is series A
104 108
75
19
8
1977 J 1 10612 1067
Gen 43.29 series C
10434 10734
2
90
1951 M N 10638 1061.
1st mortgage be
110 114
97
2
10412 1075 PIttaSh & L E 1st g 58
9112
6
1956 M N 10614 10612
let mortgage 55
4
1103 113'8
4
____ ---- 1103
1943.5 .1 *114
lot cense] gold 58
83
46
4014
2
1937.5 1
5212 5372
NY Elusq & West 1st ref 5s
1074 10714
1947 MN ------------94
Pitts Va & Char 1st 4e guar
62
41
414
43 2 1937 F A *4114
,
211 gold 4 Sis
614
.53
63
3
61
& W Va let 4328 ser A _ _1959 1 11 64
4
373 5112 *Pitts
4
313
51 ____
1940 F A *40
General gold be
4
513 6612
5134
1
lot M 44s aeries li
1958 A 0 6612 6612
9712 100
4
723
6
/00
1943 M N 100
Terminal let gold 5e
68
47
4
47
65
1960 A 0 65
1st 81 434e series C
109 11134
52 10218
1939 M N illla 11112
NY Telco let & gen e f 434s
109 1093
924
4
110 ---1948 1 D 0__
Pitts Y & Ash 1st 4s ser A
86
56
4553
18
80
194313 D 80
NY Trap Rock ist 68
11613 11612
97
1982 F A 11012 118 ---1st gen Is series B
85
76
80
1016
7912 8012 13
(3s stamped
32
1714
1713
2734 190
1946 1 1 26
N Y Wench & B lot ear 1434s
7714 85 4
1953 F A
6114
3
8012
,
80
Port Arthur Can & Dk 66 A
82
75
1953 F A *79
84 ---66
let mtge 65 series II
10413 108
90
1955 A 0 10714 10712 11
Niag Lock &0Pow 181 50 A
601
5014 80
3712
7612 80
Port Gen Eire lat 4 48 set(2 .__logo M S
43
6214 9412
94
48
93
Niagara Share(Mo) deb 548 _ _1950 M N
.1 J 10712 10712 10 1 07
107 10712
1st 5s 1935 extended to 1950
85
38
6
63
85
8
831
•Norddeuteehe Lloyd 20-yr St 68_1947 M N
14
53
284
5)54
42
4
503
6213 Porto Rican Am Fob oonv 61_1942 J J
42
3678
4912 13
49
1947 M N
New 4-6%
2512 5214
2512
887
38
34
f•Poetal roles & Cable eon 52_1953 J J
42 10512 135 171
1950 A 0 14912 150
Nord Ry ext sink fund 63.45
384 564
384
4
5278
51
194 5 /*Premed Steel Car con• g 581933 1 .1
12
5
17
4
163
15
If•Norfolk South let & ref be_ _1981 F A
'1957 M N *25
29 ---35
20
20
1214 1934 Providence Sec guar deb 48
4
1
144
1478
*Certificates of denoeit
8838 0112
1958 M S ------------8111
2
357 5014 Providence Term 101 48
144
1941 Al N *5014
1:•Norrolk & South 1st g193
2
1014 10912
017
8
9818
6
Pub Serv El & Gist & ref 445_1967 J D 1047
11013 117
9114
43
1996 0 A 11411 115
N & W Ity let eons g 4a
10434 10914
16
97
1971 F A 10434 105
1st & ref 434s
98
11
4
106 10812
8
1941 J 0 1073 1073
Pocah CA C Joint 45
107
21
884
104 1084
1971 A 0 106
8114 10312
8113
75
4
1st a ref 411
1981 F A 1013 103
North Amer Co deb 5a
3
11
4
993 1023
82
1940 61 8 1014 10112
56
13
7418 10212 Pure 011 a f 54% notes
101
1957 M 8 10014
No Am Edlmon deb be set A
22
99
4
973
4
825 99
7814
1948 1 J
Purity Bakeries ,t flab Se
57
7812 103
56
Aug 15 1983 F A 10112 10214
Deb 634e set B
7112 1003
64
4
1004 30
99
1969 M N
ser C
Nov 15
Deb 55
•Radlo-Keith-Orpheum pt pel etre
118 120 :
98
12312 ---1974 M 8 •120
North Cent gen & ref 58 A
4514 54
for deb 13e & corn atk (68% pd)
110 112
88
112
1
1974 M 8 112
Gen & ref 43.01 series A
i
2612 6354
i512
- .
15
1941 ../ D .55
0•Debenture gold 13e
35
1
40 4614
43
43
1945 A 0
f•North Ohl° 1st guar g 521
73
14
9613 10012
Reading Co Jersey Cent coil 48_1951 A 0 9712 98
45
45
4
353
48 ---*43
*Ex Apr'33-Oct'33-Apr'34 cpna-___
22
79
8
10412 10812
1997 .1 .1 10438 1057
Gen & ref 44e serlea A
*SOW as te sale Oct 1933. &
10512 46
105 108 12
7914
1997 1 J 105
Gen & ref 41.4s series B
8
343
_
3818 45
4213
539
*Apr 1934 coupons
83
4
90 1043
4 28
1947 M N 10414 1013
2 1013 11012 Rem Rand deb 54s with Warr
747
11
8
4
1947 M 8 10912 1093
Nor Oblo Trig & Lt as A
8
994 1043
104
1947 M N 104
9912
1
545 without warrants
3
1013 107
76
108
8
1997 Q i 1023 103
48
North Pacific prior lien
--_
_ ___
1941 M N ____
504
8 Rensselaer & Saratoga 6s gu
94
7013 767
73
72
2047 Q F
Gen lien ry rk Id g as Jan
10
80
11351.4 106
1940 A 0 10618 10114
-34
7413 8978 Repub I & S 10-30-yr 53 s f
60
32
86
2047 J 1 8414
Ret & Inapt 434e series A
8
6113
4
943 1053
1953 1 J 1044 10412 21
8812
8812 1025
Ref & gen 514s series A
4
983 311
1
97 4
20473 .1
Ref &'mot 68 aeries B
2
108
76
4
10714 1083
1948 M 8 108
9814 Revere Cop & Brass 6e oar A
82
64
11
93
92
2047.5 J
Ref & impt be series C
2613
3212 334 12
43
23
1946 J .1
•Rheinelbe Union 51 75
96
82
81
9284 34
8
903
2047 J J
Ref &!mot 52 series D
25
27
9
2614 394
2714
105 10314 *Rhine-Ruhr Water aeries 13a __1953 J J
100
-- --1938 A 0 *1081
Nor Ry of Calif guar g 58
3478 44
35
31314
8
347
6
1950 M N
*Rhine-Westphalia El Pr 78
89
20
103 108
4-1941 A 0 10712 108
Nor States Pow 25-yr be A
3
33
3434
33
32
1952 M N
4312
*Direct mtge 68
10514 10812
93
8
1941 A 0 10814 10812
1st & ref 5-yr 65 eer B
35
1
3272
2
327
43
32
1953 F A
101 10114
*Cons mtge 6s of 1928
- ---- 100
1944 .1 J
Northwestern Teleg 44s ext
5
4
33
3213
314 434
*Cons 1465 of 1930 with warr 1955 A 0 323
9833
88
884
16
963
98
1957 MN •10234---4
Norweg Hydro-El Nit 53481
3412 63
3112
2
347
25
1944 M N
20
1:•Richfleld °H of Calif 88
89
se N
34
1912
3214
2412 344
291* 5014
*Certificates of deposit
30
3
2912 3112
1948 .1 J
OK & L Cham 1st gu g 4s_
1053 1073
4
3
8
-- 105 4
1943 M S *1073
Connecting 111 la% te
Ohio
1948 31 N *3658
48
42 ____
32
32
Rich dr Meek lat 848
10914 113
89
6
z11218
1948 A 0 112 8--Ohio Public Service 710 A
10714 ____
10452 10714
99
1952 1 I •106
8
1071 11214 Riehm Term Ry lst im be
78
5
4
1947 F A 1113 112
1st & ref 78 series B
60
48
54 -- -.
45
1955 F A *5214
1014 104
•Rima Steel 1st, f 75
90
3
1936.5 D 10112 10112
g 55
Ohio River RR 1st
8512 9512
,
95 ___70
193 1 0 590
1013 10414 Rio Grande Juno 1st gu 515
87
8
13
10314
1937 A 0 103
General gold 55
1
1
12
*1
f*Rio Grande Sou let gold 4s..._1940 J 1
10
4
133 18
4
193 _.__
1944 F A 01712
Ben Coal 1st fla
f'Old
1
1
1
___
*1
100 11312
*Guar 48 (Jan 1922 coupon)_1940 .1 J
99
2
1943 F A 1124 112381
Ontario Power NP 1st 511
4
81
8214
68
'i
6614 823
1939 .1 .1
Grande West let gold 4s
4
1693 1174 *Rio
9412
2
4
1945 M N 1093 1104'
Ontario Transm1oelon 1st 55
5
244
2412 44112
1949 A 0 3412 3512
•lst con & coil trust 45 A
105 109
8314
10812
194811 D *107
Oregon RR & Na,corn 848
BONDS
N. T. STOCK EXCHANGE
Week Ended Aug. 23
, e,
For footnote , -, ogee 1245.
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 23
New York Bond Record—Concluded—Page 6
Sc
Weeks'
Banos Or
Friday's
Bid & Asked
Jail, 1
1933 to
July 31
•2 15,
5
1935
Mak NO
Low
Roch G&E gen M 534s ear C___1948 M S 1097 1097
4
8
8
Gen mtge 4%s series D
1977 M S *11014
Gen mtge 5s series E
5
1962 M S 1083
8
It•It 1 Ark & Louie let 4 413
1934 M S 135
8
14
Royal Dutch 48 with warr
1945 A 0 *115
/
1
4
*Ruhr Chemical a 1 6s
4
1948 A 0 35
/ 1 313;
4
Rut-Canada let gu g 48
3
1949.8 1 32
3212
Rutland RII 1st con 434s
35
2
1941 I 1 35
St Joe & Grand Told let as
1
1947 J J 10612 1061z
St Joe Ry Lt Ht & Pr let 5s
1937 MN 10418 10412 14
St Lawr & Adr lat g 52
5
1996 J J 893
4
4 893
26 gold 6s
_
1996 A 0
St Louie Iron Mt & Southern—
•Iltly &0 Div let g 48
101
1933 M N 624 65
/
1
*Certificates of deposit
11
63
63
t•St 1. Peor & N W lat gu 58____1948 J J 38
4
4018
Ht L Rocky Mt & P 511 stP 1
1955.8 J 715
8 7212
-San Fran pr lien 4s s ____1950 J J
I•St 1,
123
s 1352 27
*Certificates of deposit
111 123
/
4
4 26
*Prior lien be series B
1950.8 .1 133
8 29
8 143
•CertifIcatem of deposit
1252 1312 18
•Con M 434(1 series A__ __ .__1978 M El 1012 1112 98
•Ctts of deposit stamped
1012 11
10
St L S W let 4s:' bond cths __ . 1989 MN 81
2e g 4a Inc bond Ws
No. 1989 J J *58
let terminal & unifying 5s_ __ _1952 .1 J 61
Gen & ref g bil tier A
1990 1 .1 51
St Paul City Cable cons be
1937 J 1 051,
Guaranteed 58
1937 J J 98
St P & Duluth let con g 4s
1968 .1 D •10214
I•St Paul E Or Trk let 434s__ _1947 J J *20
MB Paul & K C Sh L gu 4.54s_ __1941 F A
14
HI Paul Minn & Man 5
1943 J J 1063
8
Munt ext let gold 4s
1937 J D 10418
tPucitic ext gu 4s (large)
1940 J 1 •10212
St Paul Un Dap Begone
1972 J J 1173
4
8112
6314
63
5212
0514
0814
33
153
8
1063
4
10412
-118
53
33
31
1
5
3
20
5
8 A & Ar Page 1st gu g 45
75
1943 1 J
90
88
Han An'onio Publ Seri let 88 ____1952 J I 108
,
16
1081
Santa Fe Pres & Phen let 5e
1942 M S *11314 11412
Hchuico Co guar 631e
_
19461 J *4214 49
/
1
4
Stamped
1
4612 4612
Guar at 634s aeries B
1946 A 0 *4214
Stamped
1
45
45
Blefoto V & N E 1st gu 45
1117
1989 M N 110
8
3
if*Seaboard Air Line let g 48__--1950 A 0 *1618 2412 ---*(7ert,licates of deposit
•1312 17
180015 4s stamped
1960
4
1
153
4 153
•Certils of deposit stamped
AO 13
13
1
*Adjustment 5s
Oct 1949 FA
212
212
5
§•Itefund1ng 48
518
5
6
1059 AO
*Certificates of deposit
812
_
*458
•let & cone 6e series A
102
1945 M S
612
•Certificatee of deposit
534
6
/ 77
1
4
ti•Atl &131rm let g is
1933 1%.1 S 144 15
/
1
13
s•Seaboard All Fla 6e A ctte____1935 A0
13
4
35
8
*Series li certificates
33
4
2
33
1935 FA
4
Sharon Steel Hoop at 5;4s
65
1948 F A 9718 08
Shell Plpe Line e C deb be
1952 M N 10314 104
20
Shell Union 011 e f deb 55
1947 M N 10312 10412 15
Shlnyetsu El Pow let 634e
9
1952 J D 8614 87
•1811emetie & Ibtleke a t 7s
.
7
1935 J J* __
•Debenture *f 61Is
1951 M 5 3714 3914 15
Sierra & San Fran Power 58
11218 13
1940 F A 112
*Silesia Elec Corp s f 6;4s
4
1946 FA 293
8
8 295
tilleslan-Am Corp coil tr 7s
1
60
1941 FA 60
Skelly 011 deb 534/3
S 103
10312 18
1939
South & Nor Ala cone gu g 5a_ _1936 F A *10414
Gee cons guar 50-year be
1963 A 0 *1143 115 ----12
4
South Bell Tel & Tel let at 513_1941 J
10812
Southern Colo Power 68 A
1947 J 1 100
Ho Pac coil 48(Cent Pac coil) ____1949 J D 783
4
let 44s(Oregon Lines) A
1977 MS 84
Gold 4%e
1968 MS 7112
Gold 431a
1969 MN 713
4
Gold 445
1981 MN 7012
Ban Fran Term let 4e
8
1960 A 0 1053
So Pac of Cal let con gu g 68
1937 MN •10773
Ho Pac Coast let an R 4s
1937 J J *9812
So Pao RR let ref guar 4s
1955 J J 9614
lot 42, Stamped
1955
Southern By let eons g be
1994 J
793
4
Devi & gen 4e eerles A
1956 AO 36
Devi & gen 6s
1956 A0 4614
Devi & gen 6%.
1956 A0 4612
Mem Div let g 5s
8
1996 33 727
St Louis Div Isle 4e
1951 1.8 6912
East Tenn reorg lien a be
__
1938 MS
Mobile & Ohio coll tr 4e
1938 MS 35
Sweet Bell Tel 1s1 & rot 5s
8
1954 FA 1093
j•Spokane Internat let g be
712
195531
Stand 01101 N Y deb 4(4*
1951 ID 10214
Staten Island Ry let 4 lie
1943 ID
1:•Stevene Hotels 6e aeries A ____1945 Ii 20
*Studebaker Corp cony deb 81-__1045
51
J
Sunbury & Lewiston let 48
1936 J
Swift & Co let N1334e
1950 MS 10112
Syracuse Ltg Cu let g 5a
4
1951 ID 1213
Tenn Cent let 6s A or B
1947 A0 873
4
Tenn Coal Iron & RR gen 58
*115
1951 .1
Tenn Copp & Chem deb 68 B
1944 M
101
Tenn Eleo l'ow 1s1 6a ear A
1947 ID 9912
Term Assn of St L let g 445
1939 AO •111
let cons gold 58
1944 FA *11578
Gen refund 8 I g 4e
1953 11 10412
Texarkana & Ft S gu 5315 A
1950 FA 88
Tessa Corp cony deb 5a
1944 AO 103
/
1
4
Tex & N 0 con gold ba
1943
J 100
Texas & Pao let gold ba
2000 D 11312
Gen & ref ba eerlea II
1977 AO .9014
Gen & ref be series C
9012
1979 AG
Gen & ref 58 aerlea D
1980 ID 91
'l'ex Pac-Mo Pac Ter 534* A
1969 SI
100
10812
3
10014 21
8012 47
857 163
8
85
74
7414 131
7312 197
10512 89
9714 165
9612 -8114 gi
393 105
4
4812 52
5014 156
2
727
8
6
70
977
8
363
4 12
1101* 28
1
712
103
221
BONDS.
N. Y. STOCK EXCHANGE
Woek Ended Aug. 23
4.t!
Week's
Rat. or
Friday's
Bid
Asked
Low Low
Lola
Mon
96
1063 1097 Union Elec Lt & Pr(Mo) bs
4
8
1957 AO 106
88
108 11034 Un E L& P11113 lst II 5348 A _-__1954
106
8912 107 110
2•1Union Kiev Ry (Chic) 55
1945 A0 *17
74 14
/
1
Union Oil 30-yr 68 A
74
/
1
May 1942 FA 12012
903
8 1054 13612 Union Pac RR 1st & Id gr 4s ____1947 J
11014
3412
35
let Lien & ref 45
38
10512
June 2008 M
39
30
Gold 44s
4014
1967 J J 10534
313 51
313
4
4
let lien & ref be
June 2008 MS 11412
Gold 4s
1988 ID 103
United Biscuit of Am deb 5s __ _1950 AO 106
8314 103 107
70
98 10458 United Drug Co (Del) 5s
1953 MS 92
8812 90
U N J RR & Can gen 4s
8414
1944 MS 11212
331,
8014 85
70
I t•United Rye St L lat g 48
1934 .1 J
U S Rubber lat & ref ba ear A
1947 II 961s
5412 71
4518
United S S Co 15
-year tls
/
1
1937 MN *994
54
62
69
37
37
5618 •Un Steel Works Corp 6348 A__ __l951 J D 33
37
75
60
*Sec. 5 f 644* aeries C
1951 J D 33
934
93 17
4
*Sink fund deb 6%.tier A
14
1947 J J 3212
812
812 153 Un Steel Works (Burbach)7s ____1951 A 0 141
4
93
4
94 18
*Universal Pipe & Rad deb 138 ___1936 J D 1714
94
1
93 164 •Unterelbe Power & Light 68_ ___1953 A 0 323
4
4
7 4 1412 Utah Lt & Trac 1s1 & ref 58
3
73
4
1944 A0 89
74 137. Utah Power & Light lot ba
712
1944 F A 8914
Utica Elm L& P let at g 5s
1950 J J *11814
51
85
64
UM Power & Light 531s
1947 J D 6112
4112
4938 64
Debenture 5a
1959 FA 574
354 63
354
27
27
5358 Vanadium Corp of Am cony ba __1941 AO 7912
45
7814 98
Vendetta eons g 4s series A
1955 F A •106
454
9814
70
C01:18 a f 4s series 13
1957 7.1 N *106
64
10112 10214 •8 Vera Cruz & P 1s1 gu 430
1934 J .1
318
45
•LJuly coupon off
I J *24
1118 "iiT8 172s •Vertientes Sugar 7a etre
1942
97
8
9215 10412 1093 va Elec & Power Lss series B
3
1954 13 *1051,
101 1043
86
181 & ref 15.1 5s Ber A
4
1955 A0 10514
993 10214 Vs Iron Coal & Coke 1st g 5s ____1949 MS .6312
85
4
8
113 1187 Virginia Midland gen be
96
1936 MN 10114
Va & Southwest let gu 58
2003 J J
7412 9014
55
let cons lis
1958 A0 -66F8
1003 1094 Virginia Ry 1st 58 series A
70
4
/
1
N Ill
1962
95
108 112:
/
1
4
1st mtge 434a series B
1962 MN *10418
34
34
50
264
29
50 :Wabash RR 1st gold 55
4
1939 MN 943
324 59
29
•2d gold bs
1939 FA 75
28
28
50
let lien g term 45
J •604
1954
10912 115
90
Del & Chic Ext let 5a
102
1941 J
63
4
11
18
Des Moines Div let g 48
1939 3.8 *67
1512 17
1014
Omaha Div let g 345
1941 AO 57
10
10
Toledo & Chic Div g 4s
20
1941 M
107 20
8
1014
t•Wabash Ry ref & gen 534a A _1975 MS 2114
212
212 34
*Certificates of deposit
2014
414
414 9
*Ref & gen 6s aeries B
1976 FA 21
418
413 8
*Certificates of deposit
•1912
41, 117
412
2
•Ref & gen 434s series C
20
1978
312 10
312
*Certificates of deposit
203
8
812
812 174
*Ref & gen be aeries D
1980 A0 21
•CertifIcates of deposit
20
214 412 •Walworth deb 634a with warr__1935 AO 483a
214
214
24 418
*Without warrants
AO 474
35
984
/
1
80
•Ist sinking fund fis ser A
1945 A0 60
86
10314 10514
*Deposit receipts_
5914
785
8 1024 10414
58
7611 88
Warner Bros Pict deb 68
1939 MS 7612
39
58
76
Warner-Quinlan Co deb 8s
1939 MS 2912
36
3714 5014 Warren Bros Co deb 6.
31
1941 M
863
4
4 1033 113
Warren RR 151 ref gu g 331s __ __2000 FA
2572 394 Washington Cent lat gold 48 ____1948 QM *913
257
8
s
454 6014 Wash Term let gu 3413
33
1945 FA 10618
80
983 10312
4
let 40
-year guar 48
1945 FA •107
99
1037 1043 Wash Water Power a f S.
8
4
4
1939 J J 1113
112 11612 Westchester Ltg be stpd gtd __1950 ID 11912
89
West Penn Power set A 58
1946 MS 110
10312 107 110
lat 5e series E
119
1963 M
, 1st eec S. aeries 0
82 '001
6014
1956 ID 10612
46
6012 8334
1st mtge 45 ser H
1961 J J 10812
55
7312 8712
44
5612 7618 Western Maryland let 4s
1952 A0 9,518
43
5513 76
1st az ref 534s series A
1977 II 104
42
58
757 West N 7& Pa 1st g 55
8
1937
1053
4
804
9912 106
Gen gold 4s
1043 AO 10614
100
10714 1071 :•Western Pac let be eer A
4
/
4
1946 MS 311
95
*58 Assented
3112
1946
89
983 Western Union coil trust 58
4
804
1938 1.8 10414
97
97
97
Funding & real est g 445
1950 MN 983
8
74
77 10318
15
-year 634e
1936 FA 10212
28
28
6212
26
-year gold a
1951 ID 9912
3512
3512 81
30-year 5s
1960 MB 95 4
,
3518
3512 86
*Westphalia Un El Power (1s
1053 11 3212
7278 9212 West Shore let 45 guar
60
2361 '.8 82
5314
691. 88
Registered
2361 11 *75
73
07 103
21
53
5
147
1024
1213
4
90
2
29
104
6
96
9612
12
39
9814
1033
8
)03
9
69
1193
4
1
101
60
100
1113
4
_
11612
12
105
8812 17
10414 127
11
100
15
114
923
4 29
92
80
18
92
1004 11
4314
10118
60
5412
99
98
71
6414
9312
64
82
55
5312
54
67
Third Aye Ry let ref 48
1960 J J
88
5612 59
*Ad]Inc be tax-ex N Y_Jan
2514 86
1960 AO 24
Third Ave R.11 let g 5s
1937 1
102
102
3
Toho Elea Power let 75 A
1956 MB 94
5
943
4
Tokyo Elec Light Co Ltd—
let 85 dollar aeries
1953 ID 81
8212 139
Tol & Ohio Cent 58 West dly
1935 AO *1001,
l'ol tit L & W 151 45
1950 A () *0112 - - -172
02
Tol W V & Ohio 4a aer C
1942 NI 5 •105
Toronto ham & Buff lat g 48
1946 ID *1001
/
4
Trenton 0 & El let g 5a
1949 MS •118
11914
Truax-Traer Coal eon,64s
1943 let N •88
94
Trumbull Steel let *1 6e
1940 MN 10214 10212
*Tyrol Hydro-Elec Pow 73.4 s_ _ _ _1955 MN
8314 8418
3
*Guar sec a 1 7e
1952 F A 85
1
85
Ungawa Elec Power a t 7e
1945 MS 94
94
5
38
1852
8514
7014
Range
Since
Jas. 1
1245
5713
91
60
103
82
1015
8
35
6712
4511
434
6918
29
107
6
102
67
Wheel & L E ref 43.4* ser A
1966 MS *1023
s
111
Refunding be series II
1966 M S
912
RR lat consol 45
1949 M S
10412 Wheeling Steel Corp let 5348 ____1943 J
103
1st & ref 43.15 series B
1953 AO 1003
4
13
215 White Sew Mach 68 with wart
8
1836'.8 953
4
39
53
Without warrants
9612
J
Pattie a t deb 138
1940 MN *80
10112 10414 I•Wickwire Spencer St'l let 75 __1935
116 12134
•Ctf dep Chase Nat Bank
144
•Ctfs for col & ref cony is A .A935
N
1312
5414 69
Wilk & East let gu g be
1942 ID 43
113 1213
4
914 102
Will dr S F let gold 50
1938 3D 104
/
1
4
90 104
Wilson & Co lets f 68 A
1941 AO 1077
8
1084 112
Winston-Salem S B 1st 4a
1960 „I
108
10911 11614 /*WM Cent 50-yr 1st gen 4.-----1949 J J
103
8
10111 106
•Certificatea of deposit
87
8
8312 9614
5512
*Sup & Dul di,& term let 48..1936 MN
1021 10434
/
4
*Certificates of deposit
4
83 100
Wor & Conn East let 434e_
1943 1 J •____
113 120
Yount/mown Sheet & Tube 58_1978 .1 .1 97
79
94
let mtge f 5s ser B
1970 A0 9712
7912 9334
7912 9312
8912 10033
July 1
1933 to
July 31
1935
Mot No
7
10612
3
106
121
11118 41
20
106
1067
8 30
1
11412
10334 33
10612 18
70
95
1
11212
4
35
108
97
Range
Since
Jan. 1
Low Low
1110
9448 104 2 1093
8
,
994 1044 10612
13
23
104
11612 121
105
1077 11312
94
2
8012 10414 1085
8
103 108
81
113 1'20
90
991s 1047
765
8
8
1055 10318
10534
8
87
53
95
/
1
4
9712 107 11212
2534 35
1554
56
9012 981z
98 100
8514
8
x3314
5
3318
334 23
2
141
1914 57
1
3234
9112 30
9114 81
119 _
663 162
4
354
63
26
27
23
983
4
13
33
5012
553
4
109
204
/
1
18
3214 43
3212 4212
3214 41
120 141
16
313
4
323 41 2
4
,
65
92
697 9314
a
116 11612
244 663
4
2014 63
46
59
99
55
134
3
3
1014
86
50
91
757
2
55
89
844
102' 107
2
44
4
4
33 1612
4
10514 10814
111514 10774
5612 64
1003 102%
4
94 101
634 84
/
1
11012 113
103, 105
4
83
312
7
-1.1134
10534
1053
4
70
10114
25
49
09
1113
8
105
33
53
9512
75
64
102
72
57
71
1 11;
-- -11
11912
5
1
110
4
11912
10752 22
6
109
967
s
1043
4
106
10612
3212
32
1047
8
9914
103
100
991
/
4
333
4
85
7814
71
58
8
12
15
22
53
35
53
79
9
52
9414
573
8
48
50
70
45
38
56
124
11
12
1012
113
4
11
113
4
1012
1212
1212
1814
65
8912
577
8
5312
9812
53
4512
77
1214
13
12
1012
113
4
137
s
113
4
1012
33
36
3614
594
9611
81
56
102
717
8
6214
831
4
8
237
2014
2212
19
22
2058
22 2
,
20
5212
5012
6812
65
24
24
30
76
79
86
94
9818
10314
10014
1017
8
101
9014
4812
24
31
80
91
1033
8
I067
8
105
11514
106
1144
10614
10512
81
40
53
80
94
10612
I064
112
12258
111 12
122
Ill'!
10912
614
66
100
78
23
874 98
96 105
1053 107
4
102 1083
4
25
37
25
364
10112 105
82
9914
100 103
8212 100
80 100
31
4312
7412 8614
704 824
70
204 10
26
22
217
8
103
22
205
8
2211 42
3
20
5212
5
504
39
63
5
5914
784 128
18
32
37 4 90
,
8014
9314
10614
7
60
1S12
6712
92
715
8
72
27
66
1037 _
8
10238
10314
10214
10014
90
05
66
64
107 2
1
1033
4
10112
9534
9612
85
3
14
43
2
2
81
6518
83
70
80
4318
45
4212
1512
147
8
434
11
90
3
44
384
33
.
8!8 163
4
7
1512
36
48
7
1043
4
108
39
108
5
11 12 12
1
87
8
812
54
9
574
984 -HO
9812 51
86
953
4
83
75
8
718
412
412
66
6314
6314
/
1
4
102 105
/
1
4
107 1104
1044 10812
74 1312
718 1012
412 724
4
712
10412
104
109
105
10112
96
963
4
89
89'l 99
8912 9914
5012 59
r Cash sales not included in years range. a Deferred delivery sale not included in
185 2612
8
year's range. it Under-the-rule sale not included In yew's range. - Negotiability
10014 103
8211 9514 Unpaired by maturity. - Accrued interest payable at exchange rate of $4.8665.
72
853
8
10018 101
9412
81
103 103
9614 10212
1124 11734
94
70
100 1034
81
96
803 9012
4
87
9612
Companies reported as being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
• Friday's bid and asked price. •Bonds selling flat.
I Deferred delivery sales in which no account Is taken In c3mputing the range, are
given below:
Budapest 63, Aug. 17 at 3534.
Canada 434e, Aug. 20 at 10134.
Czechoslovak 8513, Aug. list 10634, 8s, 1951 Aug. 23 at 10311.
Nlontecatini 7s, Aug. 17 at 79%.
Ohio Pub. Serv. 7318, Aug. 22 at 11231.
Un. Steel Wks. 61 1s A, Aug. 20 at 33.!i•
Aug. 24 1935
New York Curb Exchange-Weekly and Yearly Record
1246
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of
the regular weekly range are shown in a footnote in the week In which they occur. No account is taken of such sales in computing the range for the year.
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 (Aug. 17 1935) and ending the present Friday (Aug. 23 1935). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Week's Range
of Prices
Sales
for
Week
High
Par Low
Acme Wire t com_
Adams Millie 7% lst p1100
•
Aero Supply Mfg cl A
•
2% 2%
Class B
Agfa Ammo Corp corn_ _1
39%
Ainsworth Mfg Corp____10 37
1% 1%
•
Air Investors corn
•
Cony pref
Warrants
Si
716
36%
A labamaGt Southern._-50
74
• 74
Ala Power 37 pref
• 66% 68%
$6 preferred
Algoma Consol 7% pref 5
Allied Internatl Invest_ •
Alliance Investment corn..
• 17% 18%
Allied mole Ins
Aluminum Co common__ • 5734 62%
97
100 96
6% preference
12% 1214
Aluminum Goode
30%
• 29
Aluminum Lie' corn
C warrants
IS warrants
100
6% preferred
134 234
American Beverage corn.. I
69
American Book Co._ _ _100 68
Amer()nisei
2% 2%
Claw A corn
14
14
Common class B
22
21
$3 preferred
•
55.50 prior pref
Am Cities Pow & Lt
25 44% 45
Class A
1
4% 5%
ChM B
Amer Cynamld clam A__10
10 21% 23%
Class B n-v
Amer Dist Tel NJ oorn •
7% (*oily preferred...101.
2% 234
Amer Equities Co corn.„I
Amer Founders Corp....)
"Is
37
50 37
7% met series B
6% let pre ser D___ _50 33% 35%
5%
4%
Amer & Foreign Pow warr_
385i
,
Amer Gas & Elea corn_ • 34
106 107
Preferred
19
17
Amer hard Rubber corn .60
20 1834 1814
mer Laundry Maon
29 13% 16
Amer L & Tr corn
26
25 23
6% preferred
Amer Mfg Co corn
1
%
Amer Maracaibo Co
Hie
• 14% 1614
Amer Meter Co
Amer Pneumatic Service.•
27
Amer Potash & Chemical.• 25
3%
2
Am Superpower Corp cow •
76%
68
let preferred
36
27
Preferred
4% 4%
Amer Thread Co pref.. _ _5
Amsterdam Trading
•
American shares
•
Anchor Post Fenee
716
716
Anglo-lranlan Oil Co Ltd
Am dep rets ord
Angostura Mintier Corp_ I
514
51.6
A pen Elec Mfg Co earn _ •
,
Appalachian El Pow pref.. 101 101%
1
14
Arcturus Radio Tube
%
214 2%
Arkansas Nat Gas eons_ _•
2% 2%
Common class A
•
6%
6
10
Preferred
75
Arkansas P & I. $7 pref_ _• 75
71.4
714
Art Metal Works corn __5
Associated Eleo Industriee
8% 8%
Amer deposit rots__El
Ammo Gas & Rico
2
1%
1
Common
234
1%
Class A
6% 10%
•
$5 preferred
Option warrants
'sr
lis
6
Associates Investment Co * 31% 3
Assoc Laundries of Amer.
1% 2
Associated Rayon corn...
•
Assoc Telep $1.50 pref
6
711
Atlantic Coast Fisheries_ ..•
29
Atlantic Coast 1.Ine Co__50 28
Atlas Corp common
• 12% 13%
• 53% 5334
$3 preference A
4%
Warrants
434
Alias Plywood Cow
•
8% 10%
AutomatloVoting Mach_•
A atoll-Fisher Tobacco
Class A common
10 54% 55
July 1
1933(0
July 31
1935
Range Since
Jan. 1 1935
Shares
STOCKS
3434
rdfe_.•
High
Low
Low
2i
July
834 Jan
6%
Feb 110% July
66% 103
July
5
1134 Mar
5
4
Mar
54 June
900
34
July
7
3% Jan
3
Aug
18% Feb 39
5
1,500
1% Aug
14 Mar
1,200
16% May
9
1234 Mar
700
Si Jan
're Feb
34
40
30
Apr
125 30
Jan
41% Jan
10 26
78% July
69% July
37
Jan
70 25
1,6
zi
% Feb
14 Feb
34 May
May
3-1
16
Aug
Feb
1
19% Aug
55
4 12% Jan
5,600
32
1,250 32
Mar 65
Aug
Aug
69% Max 101
250 54
13% Aug
9% Feb
100
33
17
Mar
May
500 17
2% Jan
231
7
Apr
634 Mar
5
Apr
50% Apr 6834 July
37
134 Feb
2% July
1
1,000
AI
57
Jan 69% May
30
5
100
2,500
300
350
22,700
20,300
100
5,800
25
150
2,400
21,000
1,150
450
800
12,600
500
1
31
93-4
46
23%
34
12%
811
7314
98
1
814
8
134
16%
574
4
1034
7%
le
3,000
1,200
250
118,900
900
5,400
200
11%
100
34
Apr
29
2 4
034
15
76
111
1%
13 18
%
1
13%
1%
1654
80%
4%
12%
7%
1734
3%
Si
8
1
12%
14
64
714
4
214 Aug
Si Aug
22
Aug
76
July
46
Aug
5% Aug
22
Aug
NI
Apr
23% Aug
Mar
Jan 80
Mar
Apr 113% Apr
2% Aug
Feb
15,6 Aug
Mar
37
Jan
Aug
35% Aug
Jan
534 Aug
Mar
39% Aug
Feb
Feb 107% Aug
Apr
19% Aug
1834 Aug
Mar
16% Aug
Mar
Feb 20
Aug
Apr
Feb
Mar
May
16% Aug
Mar
Jan
13.4 Aug
Aug
Apr 27
Mar
33-4 Aug
Feb 76% Aug
Mar 37
Aug
434 Aug
Jan
Mar
11% Jan
14 Mar
15% May
May
1534
500 s 2%
13 3%
140 5714
700
Si
3,200
34
21,800
54
5,500
1%
30 25%
1%
1,900
14.34 May
Aug
6)1 July
4
May
Apr
73-4 May
71
Jan 101% Aug
41e Mar
Aug
2% Aug
Si Mar
2% Aug
Feb
7
Mar
Aug
7714 Aug
4134 Jan
331 Mar
Aug
434
A
5%
500
Feb
9% Aug
2%
24%
104
30
13%
54
4%
6%
10%
Aug
Aug
Aug
Aug
Aug
Aug
Jan
Aug
Jan
Jan
Aug
July
Aug
Jan
Aug
Feb
2
234
10%
33z
36
2,900
70
33,600
700
6,400
13
2
18
7%
35
134
4,000
1%
Si Apr
% Mar
1% Feb
June
Aug
30
34 Aug
1% Mar
22
Apr
4% June
18
Mar
7% Mar
67
Apr
1% Mar
314 Mar
5
Jan
100
4314
43% May
60
28
49% June
8,000
49,900 4
5,500
64,100
1,500•
31
%
1%
is
400
75 1834
Babcock & Wilcox Co_ ___• 46
4614
Baldwin Locomotive Works
Warrants
Baurnann(L)&Co7%pfd100
3,900
4%
511
Bellanea Aircraft v I c___I
25
130
100 130
BellTel of Canada
Benson & Hedges corn_
•
Cony pref.
•
400
12%
Bickfords Inc eom___,.__•
12
100
• 33Si 33%
32.50 cony pref
1%
1,000
Bliss(E W)dr Co com
8% 8%
•
1
1
2% 2% 4,100
Blue Ridge Corp com
600 28%
44%
• 43
33 opt cony pref
5
700
Blumenthal (8) & Co
8% 9%
•
7
Bohack(H C)Co com_
•
7% let pref
40
100
Botany Comm! Mills com_•
34
34
34 200
3
100
•
4
4
Bourlois Inc
6
Borne Scryinser Co.__. 25
31% 10.000 ts 634
Hower Roller Bearing_ __.5 29
Bowman-Biltmore Hotels
134
_100
7% lot preferred_
BrazillianTr Lt & Pow...•
4,500
734 8%
8
•
Bridgeport Machine
300
7
34
7%
1% 1%
•
100
14
Brill Co p clean B
ChM A
74
•
5%
Brill° Mfg Co corn
• 25
350 22%
Clasa A
2534
• 16
16
100 12%
Brit Amer 011 coup
•
14%
Registered
British Amer Tobacco
100 24%
29% 2954
Am den rots ord beaterel
24%
Am dep rent ord reg_CI
British Celanese Ltd
2
334
500
334
Am deli rcts ord reg__10s
21%
British Col Power et A .•
- For footnotes see page 1251.
•
1%
1611 afaa
4 jy
a
76
July
Mar
34
34
Feb
40%
May
51.4
Apr
May 132
4
Feb
10
Mar
14
Feb
35
Apr
9%
Mar
234
Mar
Mar 46
loyi
Jan
11
June
Aug 65
May
31
414
June
7
Mar
Mar 31%
Jan
July
June
Jan
July
July
May
May
July
Aug
May
July
Jan
Feb
Jan
Feb
July
Aug
134
7.4
3%
SS
1
634
25
14%
16
Jan
Aug
Jan
Mar
Jan
Apr
Jan
Mar
June
Jan
Jan
May
Aug
May
May
Feb
June
June
27
26%
Apr
Apr
Si
15
134
123
134
5
8%
33%
3%
1
3534
2%
5
41
%
3
6
18
2
Mar
21'.I July
3
10%
9%
1%
1%
7
2714
16%
16
/Peek's Range
of Prices
STOCKS
(Continued)
31% Jan
2954 July
4
June
25, Mar
4
l'ar Low
High
Brown Co 6% pref
100
ay, 614
Brown korman Distillery_l
50
Buckeye Pipe Line
Buff NIac & East Pr pref 25 22% 23
• 98% 99%
$5 let preferred
Bulova Watch $334 pref •
4214 44%
Bunker Hill & Sullivan__10
2
•
114
13ureo Inc eom
'Is
Warrants
316
2%
254
Burma Corn AM deo rem
Butler Brothers
7
10
OA
Cable Eleo Prod v to
•
Cables & Wireless Ltd
Am deprcte A aril eb.s_ el
Am dep rcts B ord she El
'16
%
434
Amer dep rcts !ref she Li
434
Calamba Sugar Estate_ _20 2334 233-4
83-4
Canadian Indus Alcohol A.
83-4
73-6
B non-voting
•
714
2
1
13-5
Canadian Marconi
Canal Construct Co
234
Carib Syndicate
23-4
26c
Carman & Co
Convertible clam A _ - __•
Carnation Co corn
• 193-4 1914
Carolina P & L $7 pref...'
$6 preferred
12% 14%
Carrier Corporation__ ••
Ca.stle (A St) & Co
10
914
8%
eaten's Corp of Amer....1
Celanese Corp of America
7% 1st panic pref___100 107 110
7% prior preferred ___100 109 109
9
Celluloid Corp corn
0
• 29
30
37 die preferred
is preferred
•
Cent Hud G&Evt
• 15% 16%
Cent PA L 7%
__100 32% 37
2
1%
Cent & South West UM__
pref_1% 2
Cent States Flee corn..../
14%
12
el% pref without wart 100
7% preferred
100 18% 21
12% 18
Cony preferred
100
12% 13%
Cony pref on ter '29 10(
4%
Centrifugal Pipe
•
Charts Corporation new I
17% 18%
Cherry-Burrell Corp
•
Claesebrough Mfg
25
18%
Chicago Rivet & Mach..
• 18
25%
Childa Co ore
100 22
Chief Consol Mining Co_ _1
4051 41g
15
Cities Service can
•
Preferred
•
Preferred B
Preferred BB
Cities Serv P & L 37 pref.•
$6 preferred
•
City Auto Stamping
•
City & Suburban Homes 10
Claude Neon Lights Ine 1
Cleve Elea Ilium corn
Cleveland Tractor corn.. 5
.
Clinchfleld Coal corn. __100
Club Alum Utensil
_ •
Cockshutt Plow Co corn.
Conn & Rosenberger
•
Colon 011 Corp Orim
•
Colt's Patent Fire Arms_25
Columbia Gas &
Cony 5% pref
100
Columbia Oil& Gas vtc__ •
•
Columbia Pictures
Commonwealth Ecilson_100
Commonwealth & Southern
Warrants
Community PAL 36 prof•
Community Water Serv •
Como Mines
Compo Shoe Machlbery_ .1
Conn Gas & Coke sec $3 pf•
Consolidated Aircraft
_1
Coneol Auto Merchand'if.•
$3.50 preferred
•
Consol Copper Minee
5
Consol0E LAP Ball corn •
Consol MM & Smelt Ltd_25
Consol Retail Stores
5
8% Preferred w w___100
Continental()Hof Mex__ _I
Consol Royalty 011
10
Cont0 & E 7% prior pf 100
Continental Oil of Men._ _ 1
Continental Seouritiee___•
Cooper Bessemer cow _-__•
•
$3 pref A
Copper Range Co
Cord Corp
Corroon & Reynolds
1
Common
•
$6 Preferred A
Cos.:len 011 corn
Preferred
100
Courtaulds Ltd
/Sin dap rots ord reg__El
Cramp(Wm)&Sons Ship
& Eng Bldg Corp....100
26
Crane Co oom
Preferred
100
Creole Petroleum
Crocker Wheeler Elec
.
Croft Brewing Co
1
Crowley Milner & Co...
Crown Cent Petroleum 1
Crown Cork Internatl A _ _•
Cuban Tobacco coin vie.*
Cuneo Press corn
•
614% preferred
100
duel Mexican Mining_.50e
Darby Petroleum com___5
Davenport Hosiery Mill,.
De Havilland Aircraft Co
Am Dep Ras ord reg El
Dennison Mfg 7% pref.100
Detroit Gray Iron Fdy_...5
Derby Oil & Ref Corp corn'
Preferred
•
Sales
for
IPeelc
Shares
July 1
1933 to
July 31
1935
Low
314
2%
34
1,600
134
Si
3,6
334
20
7%
6%
1%
10%
1%
100
1,225
200
400
500
1,300
Mar
May
Mar
Feb
Jan
Jan
Mar
July
Mar
134
7is
5
23%
11
10
2%
10%
414
June
June
June
Aug
May
May
June
July
Slay
13%
33
27
414
10
334
6% Jan
17
Jan
54% Jan
57
Feb
13% Aug
41% Aug
4% Apr
8%
19%
60
66
19%
4114
9%
May
July
Feb
Slay
Feb
Aug
Aug
81
75
614
164
40
8
11
ala
90
97%
8
25
69%
8%
20%
'is
May 110
Mar 109
15
Apr
36
May
8034
Slay
I 7%
Mar
43%
Jan
2
Mar
2
Mar
14%
Mar
21
Mar
18
Mar
14
Mar
5%
June
18%
Mai
24%
Apr
Mar 157
19%
Jan
30
Apr
1%
Jan
Feb
Aug
Jan
Jan
July
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Feb
Aug
A in
Feb
July
Jan
Apr
1,000
300
300
400
400
1,600
3,500
17,000
400
450
300
100
300
125
17,200
43,100
2,900
1,900
500
250
1,900
2,000
2
134
Si
334
32
14
1934
3,800• 3014
1234 13%
9,900
334
3%
81% 87%
1713.4
168
2% 3
60
60
1%
134
81%
77
100
550
a
74
46
<3
29
le
2
2%
12
1,500
200
400
12,500 • 2
3
3%
354
1,800
Si
716
1,700
10
8
17% 18%
8% 9%
34
%
3.4
10%
3%
%
11
4
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Apr
Mar
Jan
Jan
May
Aug
Aug
Star
June
Jan
14
5
• 32
5%
24,200
3%
5,400
5,600
Si
,5 2%
200
1,300
5%
200
134
1534
69%
8,700
eta
1%
1%
1236
100
300
7%
9%
134
15,000
200
4%
8
4
5714
134
11
20
2% Aug
275e Aug
aq Aug
23
Aug
4234 Aug
39
Aug
834 Aug
4
Apr
Si May
46% Aug
18% Aura
2
June
Si Aug
8% Aug
7
Nam
1% May
35% Aug
88
Mar
32
lsis
34 Mar
38
Jan x70
4731 Jan 87%
Si
Jan
Jan
May
1% July
12% Ain
46
July
7
June
lis
Si Jan
Jae
I
52% Jan
134% Feb
2
June
343-4 Jan
3.4 Mar
1
Feb
38
Mar
/4 Mar
2
Apr
3% Apr
16% Jan
3% Feb
2% Mar
31
Si
20%
1
2%
1834
46
'Is
%
s%
8.34
Si
yi
Aug
Aug
July
July
Au;
.Au;
Jute
AJr
Mit
July
Aug
Jan
Jan
June
Aug
May
Feb
Aug
AI 41
M
60
%
2
84
AR
% May
4% AU!
,Ug
27
Jo.
Jan
4
A% Aug
July
Aug
Jr.,74
Feb
1% Mar
22
Mar
14 June
"ts July
4
43
1154 SNisaay,
7
Mar
lla.r
1414 July
34
3,000
5%
11
534
Si
6%
Si
6
7%
13%
3%
4
'is
23%
514
1%
35
8
54
14
25
5%
34
10,400
2,300
40
700
10
16%
34
1
2
134
Si
4%
12%
5
243-4
115
105
1214
500
434
16
5%
980
Si
3-4
31
% 27,700
450
17% 1834
400
76
%
2% 8,300
2
100
15% 1514
15
High
Aug
Jan
Aug
July
July
Aug
Am
Aug
Jan
Aug
Jan
Jan
26
14%
66
1054
26
54
'16
4,500
75% 88
'fie 20,200
14
434
5%
25
24
4
4
4%
4
Low
5% June
42
30% Jan
23%
14% Jan
89% Jan 100%
35
24% Mar
Mar 49%
30
Si Feb
2
'16
3-4 Jan
1% Mar
23-4
756
551 Aug
15 Aug
200
200
600
450
" Si
2% 2% 135,000
814
27% 11,300
20
400
04
3
3
6
140
23
19
714
6%
250
39
32
3
3
400
716
716
300 2134
46
45
114
2,000
1414 1514
14
1.4
509
%
34
300
8
7:4
8%
6%
1,100
34
"16 "16
3,150 15
3334 38%
8134 86
-
Range Since
Jan, 1 1935
87
10
4
21i
Feb
Mar
Mar
Feb
Mar
7li4 July
1
r
155 Feab
30
Feb
87
Feb
1% Mar
4% Mar
8
June
13
54734
Jai
May
%
20
Apr
Feb
2
li
17%
11634
18%
10
114
4%
34
11%
374
34
104%
2%
Aug
July
July
Julie
July
Jan
Slay
Jan
July
Aug
Mar
June
Jan
6% May
Jan
16
15%
5734
9%
2
20
Apr
May
Aug
May
Feb
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(CorUinued)
July 1
Week's Range Sales 1933 to
of Prices
for July31
Week
1935
Par Low
•
Diamond Shoe Corp
Pictograph Products
2
535
Distilled Liquors Corp 5 1134
Distillers Co Ltd
Ms ._.II 2234
Amer deposit
DIlitIlleel.Cori,Seap;rams• 23%
Doenler Die Casting__ - _• 18%
Dominion Steel &Coal 1325
Dominion Tar & Chemical*
• 97
Dow Chemical
• 61
1)raper Corp
Driver Harris Co
10 19
7% preferred
100 100
Dubtlier Condenser Corp.1
10 55%
Duke Power Co
Duval Texas Sulphur.___'
8
Eagle Fisher Lead Co
20
5
East Gas & Fuel Ammo
Common
436
•
435% prior preferred _100 62
6% preferred
100 4835
East States Pow corn B__•
134
$8 preferred series B __ _• 15%
$7 preferred seam A __ _• 1635
Easy Washing Mach "B"_•
6
Economy Grocery Stores •
Edison Bros Stores com--• 32%
•
Eisler Electric Cori)
1%
Mee Bond & Share com
15 1434
• 62
$5 preferred
• 70
$6 preferred
Else Power Assoc core__ _1
5
Class A
1
4%
Elea P & L 2d pref A
* 16
Option warrants
1%
Electric Shareholding
Common
1
4%
$6 cony pref w w
• 8535
itlectrographIc( oro corn.1
13
Elgin Nat Watch Co___15
Empire District El 6%_l00 37%
Empire Gas & Fuel 00100 24
6% Preferred
634% Prat
100 24
7% preferred
100 2334
8% preferred
100 29
Empire Power Part Stk_ •
Emsco Derrick & Equip.-5
Equity Corp corn
10c
2
Eureka Pipe Line
50
European Electric Corp
Class A
10
7
Option warrants
716
Evans Wallower Lead__ •
X
7% preferred
100
Ex-011-0 Air & Tool
3 1234
High Shares
635
11%
1,000
600
Low
9%
134
1134
23%
500
25% 31,700
20%
1,600
100
62
1934
100
6034
8%
5%
1734
832
3
234
351
1,400 923634
110 54
900
934
10 48
4
225 33
700
2
500
331
2,200'
125'
875
2,400
1,700
700
2,600
6
33
300
1% 2,900
20% 437,800
1,500
6734
78
5,700
6% 5,900
634 10,200
20
600
234 2,600
474
64
53
1%
18%
18%
7
5%
88
16
39
2,000
175
600
100
234
63
38
%
4
5
234
15(4
34
335
25
2631
231
235
251
35
34
634
12%
Range Since
Jan. 1 1935
Low
10% Jan
235 July
1135 July
High
Apr
15
7
Jan
1635 Apr
21
13%
10%
435
435
8035
55
13
9134
it
37
6%
3%
Mar 23% July
May 2535 Aug
July
Mar 21
5% Feb
July
7
Mar
Jan
Mar 10534 July
May 62
Aug
20% Aug
AP
July
Ma 100
1% Apr
Feb
Jan 6035 Aug
June 12% Feb
Ma
7% May
234
58
38
54
4
5
3
16%
24%
35
335
34
3
735
231
235
2%
X
5
Mar
Jan 66%
Apr 5335
1%
Jan
18%
Ma
Apr 18%
7
Jan
Aug 20
Jan 343(
134
Jan
Mar 2032
Jan 69
Jan 78
6%
Mar '
6%
Mar
Feb 20
234
Mar
Jan
July
Aug
Aug
Aug
Aug
Aug
Jan
June
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
6
9034
16
25
39
Aug
Aug
Aug
Aug
Aug
31 Mar
40
Jan
6
Jan
23
July
14
Jan
734
8
8
855
4
6 234
2% 32,700
1
30
751
8
8
851
9
12
1%
33%
Ma
Ma
Ma
Ma
Apr
Jun
Jan
May
35
36
37
40
1934
133(
232
38
6%
ale
34
6%
sis
34
335
6
Jo
July
Apr
Aug
Feb
9
June
. June
1,,
if May
May
7
1635 Aug
2534
24
2535
3035
7%
916
31
100
25
200 I.
100 13
1,200
1,120
300
1635 23,400 is 2%
May
May
May
May
July
July
Aug
Feb
Fairchild Aviation
1
734 8% 10,900
935 Apr
2%
755 July
Fajardo Sugar Co
100 88
May
71
Jan 105
50 59
8834
Falstaff Brewing
1
234 Jan
2%
3% 434 2,000
851 July
Fanny Farmer Candy
1
735 Mar
9% July
935 931
600 1 251
.
Fansteel Products Co.__'
5% May
151 Mar
4% 531
800
134
Fedders Mfg Co class A • 25
Aug
9% Mar 27
27
1,600 16 4
Ferro Enamel Corp corn..' 2231 23% 1,500
10% Feb 25% Aug
Fiat Amer dep recta
2535 June
2535 2534
100 15% 2134 Jan
Fidelio Brewery
7,
1
716
% Jan
36 5,300
716 July
Fire Ase0Clat1011 (Phila.) 10
57
Jan 7435 Aug
. 31
1
First National Stores
7% lat preferred___ -100 11534 117
112
Aug
Jan 117
20 110
Fisk Rubber Corp
1131 Jan
1
5% 6% 9,900
532
535 July
$6 preferred
100 72
Jan
June 88
72
100 35% 67
Flintokote Co ol A
• 2434 2735 3,700
2734 Aug
332 11% Ma
Florida P & L $7 pref
46
5 40
Aug
1034 Ma
4335
450
8%
Ford Motor Co Ltd
Am dep rots ord reg_L1
7% Ma
8
931 Jan
4%
8% 8,500
Ford Motor of Can al A • 27
3235 Jan
235$ Jun
2836 3,800
834
Class B
• 31
3751 Jan
33
250 1434 25% Jun
Ford Motor of France
American dap Ms _100
435 May
2% Jan
334 334
231
100
Foremost Dairy Prod com•
35 Mar
35 Ma
34
Preferred
•
1% Mar
916 Jim
3(
Froedtert Grain & Malt
Cony preferred
US 1634 16% 1,250 14% 14% AD
1735 Aug
General Ailoya Co
151 Feb
•
135
154
1,300
54 Apr
it
Gen Electric Co Ltd
Am der) rots ord reg__31
Aug
1434 14% 2,400
11% Mar 15
(ten Fireproofing com
935 July
•
435 June
735 735
200
Gen ()as & Flee
$6 cony pref B
• 14
Feb 1535 Apr
11
532
1535
100
GOD Investment oom
1
1% Aug
1% 8,400
34
ale Mar
916
$6 cony pref elms
18% Aug
18% 18%
15
Jan
3
100
Warrants
ou
. Aug
32
'Is Jan
Gen Pub Bars $6 pret----• 54
24
Mar 57% Aug
56
160 20
I% Feb
Gen Rayon Co A stock__'
52
1% 1%
200
51 Mar
General Tire & Rubber_ _ 25 44
July 7135 Jan
38
463.4
200 38
6% preferred A
100
Mar
Apr 99
5631 89
Georgia Power $6 pref___' 81
June
52
Jan 83
82
250 35
$5 preferred
•
July
50
Apr 68
50
Gilbert (A Cl corn
3% June
•
135 May
1
234 3
200
Glen Alden Coal
• 1934 2035 5,200 10
13% May 24
Jan
Globe Underwriters
7
1034 10%
Jan 10% Aug
534
500
Godchaux Sugars clam A..• 23
16% Apr 28
May
23
100 10
•
8
Claes B
Jan 11% May
7
8
100
3i1
Goldfield Consul Mines_10
34 Jan .34 Apr
34
35
200
34
Ills
Gold Seal Electrical
1
1
Feb
ars Apr
34 4,600
Gorham Inc clam A eom_..
2
134 May
335 May
2
1%
200
$21 preferred
• 13% 15
1151 July 19% May
250 11%
Gorham Mfg Cu
vs o agreement extended
18
1234 Ma
Jan
15
15%
300 1054
Grand Rapids Yarnish
•
1035 Aug
534 Ma
700
43.4
Gray Telco Pay Station_ •
1635 Aug
835 Ma
8
Great AU & Pee TeaNon-vot corn stook____' 135 136
Aug
121
Ma 140
90 115
7% let preterred____100 12734 12731
July
12235 Jan :135
40 120
(It Northern Paper
25
26
May
Jan
1934 20
Greenfield Tap & Die....'
6
Jan
434 Ma
5% 5%
100
3%
Grocery Stores Prod y t 026
600
34 Fe
31 Aug
34
%
Guardian Investors
1
Aug
35 Mar
M
34
"is 7,500
Gulf Oil Corp of Penna__25 62
50% Mar 7455 May
64% 3,300 43
Gulf States Mil $6 pref
55
84% 84%
25 40
Jan 85% Aug
Hall Lamy Co
•
3% Mar
6
4% 4%
300 II 8
Jan
Handley Page Ltd
Am dep rcts pref---8 eh.
Aug
332 Mar
7
Hartford Electric Light_25 6734 6735
July
25 4835 5035 Jan 71
Hartman Tobacco Co
134
151 May
51 Apr
700
34
13.4
Harvard 13rewIng Co
1
2% June
May
255
3
2% 2%
1,100
Haseltine Corn
•
7
June 1052 Aug
700
934 935
Heels Mining Co
25
935 9% 3,700
4
Feb 12% Apr
6
•
i 3,,
Helena Rubenstein
1% May
300
if Jan
34
Hayden Chemical
10 48
37
4835
400 14
Jan 5235 June
Hires(C E)Co el A
• 2334 23%
23% May 25% July
200 18
Eiollinger Consul 0 M
6 1234 13% 2,500
835 12% Aug 2035 Jan
Holly Sugar Corp sum...' 59.5 6634
700 17 8% 30
June
Jan 70
tiolophane Co corn
•
6
6
100
Jan
135
2
Aug
6
(jolt (Henry) & Co cl A..'
735 734
535 Feb
200
7% Aug
3
Hormel (Geo A) & Co...' 18
16% July 18
18
50 9 16
Aug
• 25
Elora & birders
450 1514 20
Feb 26% Aug
2634
7% preferred
100
8332 102% Jan 108
May
For footnotes see page 1251.
1247
RYAN & McMANUS
Members New York Curb Exchange
New York City
39 Broadway
A.'I'. & T. Teletype N. Y. 1-1152
Dlgby 4-2290
Private Wire Connections to Principal Cities
STOCKS
(Continued)
July 1
1Veek's Range Sales 1933 to
July31
for
of Prices
1935
Week
Par Low
Bud Bay Min & Smelt_ __• 14%
Humble Oil & Ref
• 5731
Huylers of Delaware Inc
Common
1
%
7% pref stamped_ __100
7% pre unstamped100
Hydro Electric elecurisies_•
4%
ITYgrade Food Prod
1%
5
ElYgrade Sylvania Corp.-' 32
Illinois P & L$6 prei
• 32%
8% preferred
100 34
Illuminating Shares cl A__. 49%
Imperial Chem Industries
Amer deposit rcta_-__11
Imperial Oil (Can) Coul)--• 19
• 2031
Registered
Imperial Tob of Canada_5 13%
Imperical Tobacco of Great
Britain and Ireland..
.41 34%
Indiana Pipe Line
5%
10
High Shares Low
15% 12,800
73.4
.
5935 4,700 1 22%
100
1,500
225
3,900
1,000
50
Mar
Apr
Aug
Mar
June
Jan
Jan
Jan
Jan
27
26
5
335
38
1735
36
50
300
8.4
20% 11,000
100
20%
800
14
6
1034
11%
954
835
15%
1535
12
Mar
Mar
Mar
Apr
935 Jan
22.5 May
2235 May
14% July
34%
554
2334
3%
31% Mar
355 Mar
35% Aug
June
6
48
55
8735 July
234
32
36%
36
49%
ManitelStores Corr)
w•
654% met w
100
Mapes Consul Mfg
Marconi Internet MarineAmerican dep receipts _ gl
Margay MCorp
Marion Steam Shovel--_-:
Maryland Casualty
1
Mass M A8B0C vto
Mil
1
Massey-Barnis corn
Mayflower Associates_
••
McCord Rad & Mfg
McWilliams Dredging..'
Mead Johnson & Co
Memphis Nat 05111 com--5
1
Mercantile Stores corn_ _.•
7% preferred
Merritt Chapman & 880.
.
102
634% A preferred_ _ _100
Mesabi Iron Co
•
Metropolitan Edison
•
$6 preferred
Mexico-Ohio Oil
•
Michigan Gas& Oil
•
Michigan Sugar Co
Preferred
10
Middle States Petrol
•
Class A v e
Clam B•t e
%
65% 96%
1151 1335
47% 5055
1% 2%
21% 21%
7
834
716
716
6534 67
7%
100
300
8%
134
7% 855
3% 3%
3831 39%
7%
Apr
Apr
Feb
Aug
8
72% Aug
3332 Feb
332
7%
234
15%
23
354
1055
3%
28
29%
234
31
Ma
Aug
Aug
Mar
Feb
Jai
July
13%
1532
651
3955
32%
435
1%
34
35
134
34
35
'is
Jan
Jan
Apr
Mar
Aug
% Aug
35
A 50
31 Aug
15%
13
7
1
331
25(
35
34
20
22
8
1
1455
344
34
Na
Jan
June
Jan
June
Apr
Jan
Mar
Jan
2536
27(4
27
2%
2334
1635
135
42
60
6034
43
60
6035
it
18
Feb
May
Apr
Apr
Ma
69
Aug
73
Aug
90
Aug
1% Am
3034 Jan
54
1%
54
15
6
135
51
July
Ma.
Aug
Jan
'Aug
Jan
Jan
255 Jan
May
3
Jan
22
May
714 Apr
3% July
716 May
100 9254
455
4,300
5935
2,900 3235
1,300
h
26
1
7
100
5%
3,900
500
800 1034
40
• 3
15
431
4,300
72
44
75%
4736
h
67
135
18
514
31
40
9134
335
1751
435
Apr
Mar 96
Mar 13% Aug
Mai
Feb 78
Mar
Aug 58
255 Aug
Mar
Jan
Jan 80
235 May
Mar
Jan 22% Aug
8% Aug
Mar
51 May
Apr
Jan 6735 Aug
Feb 106% July
652 Apr
Mar
1954 July
Feb
835 Aug
Mar
2
38
32
• 10%
134
6,800
2
100
1,100 9 15
2
48
37
2051
434
3%
26%
Mar
Jan
Jan
Apr
Jan
June
Mar
1551
1
200
3,700
200
200
100
34
9%
5
1
300
8
1
12
25
500
100
3
2
3%
2%
432
5
635
4
134
300
600
300
3
3
2236 23%
4%
4%
July
May
Mar
May
26
535 6%
37% 4034
71
70
3% 355
1432 1431
Jan
155 Jan
134 Feb
Jar
Aug
Aug
Aug
Jab
Mar
Aug
Aug
July
5i
1
52
29
1
8434
18%
5% 11,600
5
130
80
81
275
6734 69%
26
High
16% May
May
64
%
2035
26
235
135
26
1334
14
3436
100
1
132
23( 2%
55
716
18
18
634 6%
36
Low
11).$ Jan
44
Jan
656
2035
26
235
135
17
10
10
34%
%
Ind'polis P & L1335% pt100
Indian Ter Ilium 011
Non-voting clam A _ -*
300
2% 236
Clasa B
•
Industrial Finance
V t o common
200
1% 1%
1
7% Preferred
100
Insurance Coot 14 Amer_10 71% 7234
500
International Cigar Mach •
Internat Hydro-EleoPref $3.50 aeries
13% 3,600
50 10
Internal Mining Corp___1 12% 12%
400
Warrants
355 3% 2,500
International Petroleum-• 3535 3735 11,000
Registered
International Produeta___•
400
334 3%
Internati Safety Razor B-•
600
134
Internat'l Utility
Class A
3% 431
1,300
•
Class B
4,800
1
"Is
$7liorpret
•
Warrant,
700
'16
3-4
Interstate Equities Corp
33 cony Ore? A
10
50 25% 2536
Interstate Bus Mille
100
26% 26%
Interstate Power $7 pref-• 23% 27
510
•
Investors Royalty com__25
Iron Fireman Mfg Vt c__10 22% 2251
50
Irving Air Chute
1535 16% 2,200
Italian Superpower A
700
132 1%
•
1
Warrants
100
31
31
Jersey Central P & L150
100 67% 68%
6%%prepfererrfederred
53.4
20
72
7234
& nfeured ura __2.50 87
Pre a r m b
40
90
100
55
Jon%
7as
1,200
1
Jones & Laughlin Stee1.100 26
925
3035
Kingsbury Breweries
1
Kirby Petroleum
Kirkland Lake GM Ltd-1
Klein(Emil)
•
Kleinert Rubber
10
Knott Corp corn
Holster Brand.,Ltd
Koppers Gas & CokeCo% preferred
100
Kreuger Brewing
Lackawanna RR of N J 100
Lake Shore Mines Ltd_ I
Lakey Foundry te Mach_.1
Lane Bryant 7% Drat 100
Letcourt Realty min
1
Preferred
•
Lehigh Coal & Nay
Leonard 011 Develop_.-25
•
Lerner Stores oommon
•
6% ere with ware -100
Lion 011 Development •
Lobiaw Groceterias cl A •
Lone Star Gas Corn
•
Long Island LtgCommon
•
100
7P%retPerelassferrBea
100
Loudon Packing Co
Louisiana Land & Expinr *
I
Lucky Tiger Comb G 51 10
Lynch Corp coin
5
Range Since
Jan. 1 1935
S
i
38
134
1,200
900 a 1234
400 4432
134
500
832
400
60
100
34
300
5%
1,
48%
34
74
5%
1
6
34
700 Di
200
234
154
34
154
34
500
300
534 June
47
July
25
July
34
6
84
7035
2935
9%
3,35
42
Aug
Jab
Jan
May
Slay
Aug
Aug
Aug
Jan
Aug
Ma,
Aug
Aug
Aug
Apr
Aug
Aug
Aug
July
May
Apr
Aug
10
Jan
64
Aug
33% Jan
8
4
134
135
1
335
41
335
2151
55
155
935
70
51
8
'Is
Jun
Fe
Mar
Jan
Feb
Mar
Jan
Apr
Jan
Apr
Mai
July
Jan
Jan
Mar
May
835
832
3%
232
2
5%
56
734
41
71
455
16
7334
355
23%
'im
Jan
June
May
Aug
Aug
Jan
Aug
Jan
Aug
Aug
July
Aug
Jan
Aug
Aug
Jan
80
34
2
%
3
Jan
Jan
Mar
Mar
Feb
96
1
3%
155
8
May
Jan
May
June
June
34 Mar
31 Ma
2% May
May
New York Curb Exchange-Continued-Page 3
1248
STOCKS
(Continual)
IFeek's Range
of Prices
July 1 1
Sales 1933 to
July31
for
1935
Week
Range Since
Jan. 1 1935
1Peek's Range
of Prices
STOCKS
(Continued)
Aug. 24 1935
July I
Sales 1933 to
for
July31
1Veek
1935
Range Since
Jan. 1 1935
High
Low
High Shares Low
25
High
Low
pifflo Floe pow 8% preff:ar Low
High Shzres Low
Par Low
333-3 July
2934 333-4 July
216 Aug
14 Jan
3te
Middle West Util com___•
34 23,200
234 Aug Phoenix Securities
34 Apr
2,600
114 2
$8 cony pref ser A w w__•
34 Aug
134 Feb
1
34
2% 331 3,100
Common
1 4 Apr
,
2
Aug
1,300
114 2
Certificates of den_ _•
Aug
2731 Feb 48
100 16%
40
$3 cony met ear A-10 40
Midland Royalty CorPAug
84 Apr 12
334
1,800
94 1131
•
Jan Pie Bakeries Inc corn
10
June
8
4
•
$2 cony pref
634 Aug
Jan
2
1
400
534 6
•
1814 July Pierce Governor cram
Mar
5
500
Midland Steel Prod
• 174 17%
%
9
211 July
14 Jan
Jan 414 Aug Pines Winterfront Co..
25 184 35
41
Midvale Co
• 41
8% Mar 124 May
834
9% 9% 2,200
Pioneer
154 Apr Pioneer Gold Mines Ltd...
' Mar
316
Mining Corp of Canada_ •
19 734
Jan 19% July Pitney-Bowes Postage
12
25
19
Minnesota Mining & Mfg_' 19
5 Mar 7 June
6% 3,300
2%
6
Meter
34 Feb
'16 July
'Is
Mlas River Fuel rights_
234 Jan 534 Aug
2
300
54
5
1
May Pittsburgh ForgIngs
Feb 100
82
65
Miss River Pow 6% pfd 100
Feb 724 Aug
51
Jan Pittsburgh & Lake Erie_50 6834 7234 1,420 51
104 Mar 14
614
600
Mock Judson Voehringer_• 1134 13
4614 Apr 8131 Aug
400 304
Glass...25 784 814
250 30% 3034 Mar 764 July Pittsburgh Plate
71%
Mob & Mud Pow let pref.' 69
1834 Aug 2531 Feb
50 10
Mar 3734 July Pond Creek Pocahontas_ _• 184 1834
9
9
325
334
30
•
26 preferred
2% June
900
24 24
11 Jan
5
14% July Potrero Sugar corn
7.4 Jan
124 14% 20,100 2 34
Molybdenum Corp
74. Jan 124 Aug
•
Jae 14434 Slay Powdrell & Alexander_
127
340 56
138 13915
Montgomery Ward A._'
94 Feb
6,11 Slav
634
400 264 26 34 May 344 Aug l'ower Corp of Can corn •
3334
Montreal 1.1 HS & Pow..-' 33
Jan
300 154 23
July 30
Jan 304 Aug Pratt & Lambert Co_ __ _• 2334 2315
23
200 1631
!Moody's Invest Service_ _• 2931 304
24 Apr
134 Jan
134 4,700
114
1834 Feb 224 July Premier Gold
12
•
Moore Corp Ltd corn_
July
July 31
511 31
•
Jan 137 June Prentice-Hall Inc
125
90
ICO
Preferred A
93,4 June 134 Jan
93-4
Pressed AfeRols of y
Protiucers ta yolt Amer .
!Mtge Ilk of Columbia
Ire Jan
94 Jan
316 1,800
35
316
431 Apr
3% Aug
American Shares
N Feb Properties Realization
Feb
200
31
1
31
Mountain & Gulf 011
%
34
1234 Apr 194 Aug
550 /231
184 194
Voting trust etre 33 1-3r
515 May
44 Jan
314
534 1,300
5
'mountain Producers__
14 Feb
700
3-4 Nlar
34
Si
15
July Propper McCallum Hos'y *
1
31 Jan
1004
Mountain Sts Pow com •
934 Aug
434 Mar
1,000
44
911
9
•
10531 Mar 130% Aug Prudential Investors
20
Mountain Ste Tel & Te1100 1304 1304
July
83
Jan 99
59
•
$6 preferred
72
Aug
Jan 119
• 110 119
600 3114
Murphy(0 C)Co
8 • 8 Jan 2314 Aug
Apr Pub Serv of Indian $7 pref•
Apr 116
112
105
100
8% preferred
134 Aug
Jan
120
5
134
• 11
$6 preferred
Aug
174 Feb 40
931
4%o
,
Jan Public Seri Nor III corn_ •
8
Mar
6
Nachman-Sprinfilled Corp.
16
Feb 3511 June
Common
60
24 Jan
14 May
14
14 24 14,100
Nail Belles Hess com____I
July
7834 Apr 102
• 38
1110000:
preferred
6%
Aug
2931 Feb 41
400 2814
40%
Nat Bond & Share Corp..' 40
Feb
Jan 83
77
'
38
7% preferred
National Container Corp
1831 June 22/4 May Public Service Okla
50 10
2134 2134
Common
Slay
May 81
81
81
7° pr
1
pref
30
Afar
July 35
29
$2 cony pref
Aug
1
34, Feb
'
11
1,100 1154
1134 Mar 1851 July Pub CBI Secur $7 Pt Pf-•
• 17% 17%
National Fuel Gas
14 Jan Puget Sound P & L
34 ma
38
14 14 4,100
National investor, com_l
13
525
Mar 4034 Aug
$5 preferred
Aug
Mar 78
55
90 35
78
72
1
$5.50 preferred
1811 Aug
634 Star
•• 34% 3 %
825
134 17
634
5
$8 preferred
35 Aug
800
34 Feb
31
34
Warrants
161s
June
8334 3431 Mar 70
14 Jan Pure 011 Co 6% pre_ _101
St Mar
114 1,900
•
Nat Leather cam
Aug
7
214 Jan
8,300
134
4% 7
464 Feb 8435 Aug Pyrene Manufacturing-10
1,550 32
National P & L $6 pref_ • 78% 84
127
70 2106
Jan 13514 July
133 133
515 Aug
94 Mar Quaker Oats
2
1,800
64 6%
•
Nat Rubber Mach
July
30 111
145 145
13235 Feb 147
6% Preferred
900
/4 AprSi Jan
11
1
31
Nat Service common
31 Jan
34 Apr
Cony part Preferred- •
1614
350
614 Afar 16% Aug
may
corn•
•
16% Aug Ry & Light Recur corn_1_0_0 16
114 15
National Steel Car Ltd_ •
St Jan
11 Jan
3-5
Feb Sly & UM Invest A
800 25% 2534 June 35
28
• 27
Nat Sugar Refining
Apr
934 May Rainbow Luminous Prod
9
9
Tea Co 535% Di-- - 10
Nat
2 4 Feb
,
100
31
'is June
Class A
34
•
1035 July
831 Feb
700
Si
National Transit__ _12.50 1035 1034
316 Aug
June
9
Class 11
114
4 May
Si Feb
Nat Union Radio oom_
234 Mar
6
Slay Raymond Concrete Pile
500
4
4
34
•
Nehl Corp com
Il
334 Aug
25
435
331
334
Common
•
50
July 514 Aug
31
1st pref
a
aIl
13
125 17
14%
Aug 255
$3 convertible preferred • 13
Feb 101
Aug
25 204 90
Neisner Bros 7% pref_Illti 101 101
• %
114 Slay
31 Feb
4.4 Apr
8
Jan Raytheon Mfg v t c_- -50r
2
Nelson(Herman)Corp..-5
ti may
34 Feb
34
10
334
•
Aug Bed Bank 011 Co
400
10
8
Neptune Meter clam A _ _•
3.4
4% Feb
434
•
531 Jan Reeves(DI corn
234 July
• I
Nestle-Le MM.CO el A_ _•
II
.
3.4
300
312 Apr
316
316
Reiter-Foster 011
•
535 June
54 June
54
Ney Calif EICC COM- -1(10
•
34
74 834 5,900
131
4% Mar
14
234 Jan Reliable Stores Corp
Feb
234 214 1,700
2
New Bradford 011
2
871
Aug
Aauegni'
400
15 Mar
14 2
34
49
Apr 66
June Reliance Internal-al A 10c
25 6134 6231 1,050 47%
New Jersey Zinc
14 May
Si Fel
3-4
I
May
234 Jan Reliance /Management__ •
31
1,200
134 2
New Mex & Arts Land_i
335 Aug
Apr
300
2
114
334 34
3% May
135
i0
44 Aug Reybarn Co Inc
100
431
414
New Haven Clock Co____"
3
134
35 Apr
131 3,100
g
3411 Mar • 5414 Slay Reynolds investing
54% 9,900 34
Newmont Mining Corp_10 50
24 eh
124 Jan
•
July
9
12
10%
Jan
18
•
New Process COCO
May Rice Stix Dry Goode
134 Aug
4,400
14 July
Richfield Oil pref
1•14 134
_ 25
31.
Aug
23,4 Aug
3
234
600
200
3
4 Aug Richmond Rad corn (new) 1
%
131 Feb
N Y Auction Co corn
•
33.5 314
S5
65
A nt
Rochest (1 &E 6%
11
11
June 15
Apr
01 100
N Y & Foreign Inv pref 100
6
Mar
6
June Rogers-Majestio class A •
2534 Jan 32
15
•
N Y Merchandise
May
600
14 Apr
14 14
3-4
33
Feb 6915 Apr Roosevelt Field, Inc
250 1735
47
N Y & Honduras Rosarlol() 44
700
1
215 3
Feb
1
31
25 59
614 Jan 1004 Aug Root Petroleum Co
98
N Y Pr & Lt 7% pref-_100 98
AAjauy
500
936
334
8
$1.20 cony pref
314 Apr 852126329! J ll nr
20
5334 Jan 0034 Aug
53%
•
preferred
$0
716 May
Rofiela International
34 Feb
34
716 1,400
316
•
N V Shipbuilding Corp
Slay
264 2831 May
400
414
1331 Jan Royalite 011 Co
434 Mar
84 9
Founders sharer,
1
3214 Aug
324 2,100
28
84 15% Mop
Typewriter
Aug R
May
22
12
600 12
1935
NY Steam Corp corn__ _• 19
Aug
150 25
Jan 68
41
63%
Ruberoid Co
63
11314 May 121
125 113
N Y Telep 84% pref _100 111.1 11915
Mar
34 Apr
24
44 Aug Russets Fifth Ave
Apr
3
100
3
4
4
N Y Transit
5
5% A1a
1 4 1.e
.
400
134
14
Si Mar
774 Aug Ryan Consul Petrol......
464 Feb
20
N Y Wat Fiery 6% pfd__100
Aug
175 35
82
6014 Mar 83
Safety Car Heat & Ligh100 80
Niagara Ilud Pow
Jan
3‘ 1,300
316
316 Apr
83.4 Aug St Anthony Gold Mines I
24 Mar
235
7% 8% 23,900
Common
15
74
'4 Slay
a°
% May
4,700
4 Aug St Lawrence Corp com__ •
35 Jan
St
Claes A opt warr
116
334 Aug
1
334 16,400
215
Mar
1
in
14 Aug St Regis Paper corn
1 31 14
100
4 Mar
34
Class B opt warrants__ _ _
Aug
190 17%
4234
38
7% preferred
1715 Mar 43
Niagara Share
1
Jan
400
11
31 Jan
35
1°6
57ss
134 Aug Salt Creek Coneol 011 __1
234 Mar
814 6,800
24
Class 11 common
5
734 May
615 7
1,400
84 mar 26% July Salt Creek Producers_10
515 Mar
500
731
Nilee-Bement-Pond
• 2334 2435
Jan
1
•
4 Jan
31
Apr Savoy 011
800
3
July
14
24 211
2
Nipinning Mines
5
30
100 13
30
2534 Mar 3334 Jan
May Schiff Co corn
31
700
2
14 1%
34 Jan
Noma Electric
1
34
Schulte Real Estate corn_ -•
200
34
31
34 June
34
•
Nor Amer Lt & Pr
Au
1934 Mar
I% Aug Scoville Afanufacturing_25 244 273,' 1,250 17
14
315 414 10,000
34 Mar
Common
1
33%, Aug
311
3
Aug Securities Corp General.'
1,900
34 Mar
4,550
30
43.4 Mar 32
• 25
$6 preferred
June
50 18
2435 Jan 40
38
37
North American Match'
May
50
4334 Afar 50
100 34
50
435 Aug Seeman Bros Inc
31
500
335
34 Jan
No Amer Utility Securities'
3,000
34
34 Mar
N
31
*
335 May Segal Lock & Hardware..'
2
1%
900
Jan
2% 3
Nor Cent Texas Oil Co 5
J
21% j
134
300 13 3
134 July
11
200
'16 MaY Selberling Rubber corn...'
Jan
Its
35
14
Nor European Oil corn. _ _1
Apr
32
32
28
150 1534
Jan 34
Feb 6334 July Selby Shoe Co
32
21
Nor Ind Pub Ser 6% pfd100
Aug Selected Industries Inc- *
50 2035 3834 Mar 68
68
7% preferred
100 68
2
Aug
2
6,400
Common
114
Si Mar
g
Northern N Y Utilities
Aug
48
75
73
500 38
Afar 75
$5.50 prior stock
125 4534 4534 Jan 10234 Aug
99
7% let preferred _ _ _100 98
764 1,000 374 4634 Mar 764 Aug
Allotment certificates..15 73
May
7
400
Jan
44
ay, 634
Northern Pipe Line
10
Mar
23
Aug Selfrldge Pray Stores
1,400
2135
Nor Ste Pow corn class A100 18
214 Jan
24 Mar
1%
Amer dep tea
1434 July
3
200
12
Jan
Northwest Engineering..' 12
14 June
800
31 Jan
g
34
34
25% 2731 2,200 1 144 18% May 2714 Aug Sentry Safety Control__
Novadel-Agene CM
•
Slay
7
•
414 54
34 Mar
200
Beton Leather corn
314
334 Aug
134
214 314 4,900
Jan 3134 Aug Shattuck Dann AfInIng_ b
14 Jan
19
3134
100 910
Ohio Brass Cool B com__• 30
19% JIM
1411 Slay
200 1434
Aug Shawinigan Wat & Power_• 184 19
Feb 101
70
45%
Ohlo Edison $6 prat
•
304
734
30
20
200
Apr 31% Aug
Aug Shearer Pen corn
Jan 108
200 8134 89
Ohio Oil 6% prof
100 104 104
131 Aug
115
114
1,300
34 Apr
34
July Shenandoah Corp corn ;
8514 Jan 109
50 80
Ohio Power 6% prat _1(l0 107 1074
Aug
254
23
$3 cony pref
1231 Afar 26
700 12
9634 Aug
9031 Apr
71
1st pref _ _100
Ohio P
1,900 3231 84
Jan 10614 July
1134 May Sherwin-Willlame corn. 25 102 105
934 Feb
634
011etocks Ltd corn
5
6% preferred A A___ _100 107 1074
310 • 9011 10614 June 11334 Mar
134 Aug
400
111
1%
Si Mar
Outboard Motors B cona_•
31
July
235
294 2944
80 119
Mar 301
64
104 Aug Singer Mfg Co
Jan
800 16
4
1034
Class A cony pref
0
••
- 1°°
1,700
4% Aug Singer Mfg Co Ltd
131 Apr
134
34 435
Overseas Securltlee
334 Aug
2
24 Feb
Amer dep rec ord reg_el
Mar
1,000 7 134
34 Aug
2
334 34
.
Pacific Eastern Corp
1
May
29
1,700 154
Jan 72
2834 July Smith (A 01 Corp corn__ - 504 53
204 Jan
g
PacifIOU & E 6% 1st pref25 274 28% 3,400
1834 Jan
200 22 1631
253-5 July Smith (L C) & Corona
514% let met
25 254 25%
July
14
314
500
Feb
Typewriter v t corn_ _• 1134 13
Feb 102
25 11 66% 71
June
Pacific Ltg $8 pref
• 102 102
2.34 Aug
1
114 231 7,000
Apr
1
May
34 Aug Sonotone Corp
1
314 1,900 ir
Paelbc Pub Serv non-vote
3
434 Jan
134
314 Apr
13,500
334 4
1
1,100 7 13.4
714 Feb lag Aug So Amer Gold & Plat
• 17% 18%
let preferred
Sou Calif Edison
Jan 374 Aug
25
975 10
Pacific Tin spec elk
• 364 37
2811 Jan 3914 July
37
100 28
5% original preferred_25 37
June 4434 Feb
1,800 31% 36
Pan Amer Airways____10 3934 40
1,400 1834
2034 Jan 28% Aug
7% pref series A
25 27% 284
215 Jan
134 SOar
Pantepec Oil of Venal •
14 24 17,500
Si
Aug
21;
154
174 Jan
26
3% ma
700
Preferred B
28 254
4% Feb
3%
Paramount Motor
2411 Aug
15% Jan
25 234 24% 3,300 '• 14%
514% met series C
4734 July
700 194 3231 Jan
Parke, Davie & Co
• 4635 4734
Aug
100
104
Jan 124
South'n N E Telep_ __100
June
June 17
4
17
Parker Pen Co
10
A
9
44 Aug
1
Jan
July Southn Cob Pow al A._ _215
Aug 69
350 12 394 54
Parker Rest-Proof oora__• 554 564
1,
14
5,900
34
34 Jan 44 Aug
N
Feb 3714 June Southern Nat GAS COM- •
244 34
render I) Grocery A
•
Apr
331
335 Jan
• July
7
Feb Southern Pipe Line
6
•
Class Is
A
9
Apr
1
Southern Union Gas comi•
34 June
lu
July
531 Slar 12
50
12
Peninsular Wen corn _ ___• 12
614 July
43.4
600
431 Jan
531
53-4
.11
Aug Southland Royalty Co..
7914 Apr99
664
Preferred
100
k
2134 Mar 2834 Slay
900
25 234 24
Feb 4134 July South Penn011
24
25 24
Pa Cent Lt & Pow $2.80 pf• 3934 3935
50 344 454 Feb 5234 Feb
50 4911 4911
July Rawest Pa Pipe LIne
July 70
67
67
*
$5 preferred
Spanish & Gen Corp-11
514 July
Jan
Penn Mex Fuel Co
1
14 June
11
g June
Am dep refs ord bear_gl
24 Aug
134 Mar
13.5
Pennroad Corp v t c
1
2% 2% 17,600
Si Am'
Apr
116
Am dep Fete ord reg_51
9% Apr 174 Aug
400
174
• 17
Pa Gam & Elise class A
2914 Aug
May
500 16 70c 17
2614 274
_I
74% 8031 Jan 1044 Aug Square D class 1) com
•
Pa Pr & Lt $7 pref
29
550 IS 3
May 364 Aug
Class A pref
• 34% 3534
Jan
77
Jan
724 77
•
$8 preferred
3-4 Jan
200
3.4
3-4 June 354 July
34
.
8
4
Aug Standard Brewing Co....'
424 764 Apr 105
Penn Salt Mfg Co
50
23
29% Mar
300
7634 Aug Standard Cap & Seal com.5 33% 34
Jan
400 414 53
75
l's Water & Power Co___ _• 74
5231 Apr 89.4 Jan Standard Dredging Co
600 5231
100 6015 6931,
Mfg Co
Pepperell
9 13.4
84 July
53.4 July
•
Cony preferred
•
31
Apr
Feb 40
* 21
Perfect Circle Co
Aug
log Apr 28
150 1011
2614
May 120
Feb Stand Investing $5.50 01-• 26
9034 113
Pet Milk Co 7% prof__ _100
214 Feb
Jan
18
_ _10 20% 214 3,300 13%
4
4
Mar
1334 Aug Standard 011(Kr)
12%
800
Philadelphia Co cam__ • II 4
For footnotes see page 1251.
•
Volume 141
STOCKS
(Continued)
New York Curb Exchange-Continued-Page 4
July 1
Week's Range Sales 1933 to
of Prices
for July31
1935
1Veek
Range Since
Jan. 1 1935
STOCKS
(Concluded)
July II
Week's Range Sales 1933 to
for
of Prices
July31
1Veek
1935 I .
1249
Range Since
Jan. 1 1935
Par Low
High
Low
High Shares Low
Low
High Shares Low
Par Low
Mph
Standard 011 (Neb)
26 11
114
7% Mar 12
7454 Mar 833.4 May
May
500
Western Power 7% pref lot
731
85
Standard 011 (Ohio) corn 25 15
1951 May
12
154
600 1134 1134 Mar
Feb
Western Tab dr State t ci_ •
1534 Aug
154
5% preferred
100
Feb 994 May Westmoreland Coal Co_ •
764 91
7
June
61 43,4
12
Aug
,
Standard P & L corn
•
1
34 434 1,000
Mar
5
28
Aug West Texas Utll $6 pref •
Jan 47
22
July
1
Common class 13
•
61 Apr
3
314
44 Aug
200
Westvaco Chlorine Prod 4
25 60
Preferred
• 21
99
Mar 21
Jan 105
21
Aug
100
9
9
June
7% preferred
100 10131 10114
1I 16
Standard Silver Lead_ __ _1
65
3
431 434 4,200
June
Weet Va Coal & Coke_ _ __ •
1,‘
163 June
2,300
31 Apr
5
Apr
31
Starrett Corporation
1
1
7
34
July
10
14
174 Jan
1,300
tis Feb
Ape Williams(R C)& CO.. ...
zoi
8% preferred
10
264 264
200' 24
3
Apr
Milan 011-0-Matic Heat _ •
64 Aug
1,200
54 Mar
534 634
54
334 Anr
Steel Co of Can Ltd
• 49
Wil-lcm Cafeterias Inc- _ _ I
4235 Mar 504 July
34 Mar
49
15,6 I. en
25 32
4
Stein (A)& Co core
•
3
34
144 July
• 13
94 Mar
24 June
300
Cony preferred
24
6
Jan
14
700
5
•
634% preferred
100
18
Jan
go
103
Feb Wilson-Jones Co.
Jan 107
2734 May
Sterling Brewers Inc.....1
131
131 July
Apr Winnipeg Electric
314
4
131 July
334 Aug
•
Stetson (J 13) Co com_-__• 114 12
75
16 135
734
1034 June 154 Mar
314 June
Wolverine l'ort Cement_ 10
31.1 June
Stinnes (I Lugo) Corp
5
14 May
2
I
Jan
531 514 9,300
Woodley Petroleum
2
33,4 Jan
6
1
may
•
Stroock (9)& Co
914 July
Woolworth(F W)Lta631 Jan
44
Stuts Motor Car
300 1734 24
Mar
34 Feb
•
1
July
134
2831 Aug
M 273,4 27%
1
Amer deposit rcta
900
1
Sullivan Machinery____ • 11% 14
5%
I()
64 Aug
Mal
Mar 1451 Jan
Wright-Hargreayee Ltd •
531 10
1,725
611 734 17.300
14 114 3,100
Sun Investing corn
,
y
9
9
564 Aug Yukon Gold Co
234 July
•
234 Mar
1,200
4 Mar
431 514
24
$3 cony preferred .34 60
Aug
Mar 46
Sunray 011BONDSI
5
14 14 8,700
131 Jan
4 Apr
34
Sunshine mining Co-10e 184 2064 16,500 111 2.10 104 Jan 25
June Abbott's Dairy 61.___1942 10434 105% 7,000 8634 102
Jar 105% Aug
SwanFinch 011 Corp__ 15
234 Mar
Alabama Power Co
14
3
Feb
Swift Internacional
1.
8831 Jan 104% July
304 32% 3,200' 194 3034 Aug 3631 Apr
let et ref 5s
,
194 104 10434 19,000 63
Swiss Am Else pref____100 53
99 100% 32,000 544 8331 Jan 10I31 July
195
5434
let & ref 54
150 324 454 Jan 584 Feb
Swiss 011 Corp
igat 97% 98
8334 Jan 10134 July
5,000 55
2
1
24 264
Feb
900
1
34 May
let & ref 56
Syracuse 1411 6% prat _ -100
Jan 9564 July
Apr 100
89
73
196'. 904 914 62,000 474
89
Ist it ref 5e
Aug
corn
Taggart Corp
July
•
lat dr ref 414*
214 Aug
196, 8414 8534 57,000 4435 6634 Jan 90
4 June
2
214
600
4
Tampa Electric Co corn..* 344 3634
1,200 214 224 Mar 3635 Aug Aluminum Co.filch 55 53 107 1074 10,000 924 1.954 Jan 1074 July
Tastyeast Inc CIA
1
Aug 107
134 July
11,000 1054 105
14 July
5s called
1952 105 107
34
1
Aug
700
64
reclanicolor inc cow
26,000 59
9734 Jan 104
June Aluminum Ltd deb 54 194 102 104
Aug
734 114 Jan
27
• 1831 1934 6,400
Task-Hughes Mines _ __ i
.
.554 Aug
151 July
14
534 18.000
454 Mar Amer Conalty Pow 5%,53
311 4
3
364 Jan
334
14,100
Tenn El Pow 7% 1st pt 100
Jan 102
93
A!'
Feb
Amer dr Continental 6.1943 1003,4100% 6.000
8
76% July
48
45
Tenn Products Corp corn.
xi
Am El Pow Corp aeb fle 57
17% July
17,000
734 Mar
1564 17
734
11 Jan
'16 July
leans Gulf Producing_ _, •
:
464 May
Amer G & El deb 5...202" 10561 10664 86,000 34
8931 Jan 10864 Aug
24 July
34 334 9,700
214
Texas)' & L 7% pref.-100
Jan
4331 27,000 13%
, 41
18
July
Feb 93
Am Gas & Pow deb 65.193
75
75
433.4 Aug
Taxon Oil& Land Co.....'.
Mar
Secured deb Se
4034 24,000 12341734 Jan 4011 Aug
64 Jan
5
1951 38
514 6%
1,100
434
Thermold 7% pre?
100 37% 4134
914 252,000 384
2234 May 41% Aug Am Pow & Lt deb(4_2011
. 89
5031 Jan 9134 Aug
250 20
robacco Allied Stocks____•
3734 60
13,000 973. 10334 Jan 106
Aug Amer Radiator 434s _ _1947 104% 105
Mar 68
l'161
robacco Prod Export,...'
Jan
Am Roll Mill deb 58..1948 9934 100
261 Jan
134 Feb
89,00
9434 Al,, 100
2
82
24
4
500
Tobacco Securities Trust
Jan 9934 July
Amer Seating cone 65_193e 9834 994 108,000 41
74
Am dep rcts ord reg _ _CI
Jan
Jan 1064 May
1961 Apr 24
101
Appalachian El Pr 55.1950 105% 10534 26,000 64
1834
Am dep Lets dot reg__£1
7
Jan Appalachian Power 53_1941 10734 10734 3,000 99
Mar
July
1054 Feb 109
5
5
Todd Shipyards
Apr
• 264 2834
6,000 58
June
Deb 6e
233.4 Jan 33
844 Jan 111
2024 109 110
600 18
Toledo Edison 6% pref 10(3
Corp---Aug Arkanime Pr & Lt 58._1950 9534 964 70,000 50
July
Jan 98
68
51
7394 Jan 95
7% Preferred A__ -100 104 104
July Associated Elea 445_1951 47% 5431 284,000 204 29.4 Felt 5494 Aug
Jan 104
10 5834 83
Tonopah Behnont Devel..1
34 Apr64 Apr Associated Gae & El CoA
Tonopah Mining of Ney__1
19,000 12
Aug
Cony deb 5441
1938 324 40
1434 Mar 40
35 Feb131 Apt
35
rranti Lux Plot ScreenFeb35
22,000
13
Aug
Cony deb 6348 C
964
1948 2834 35
Common
11
1940 2834 3431 384,000
Mar 3134 Aug
Cony deb 43.4,
334 Feb
Apr
2
2%
134
1
931
23,4 3,800
PM-Continental warrants__
124 Ma
Cony deb 55
34 Mar
134 Aug
1960 2931 37% 335,000 11
3731 Aug
114
134
1,800
34
Triplex Safety Glass CoDeb se
12
Aug
Mu
37 342,000 1134
37
1963 30
Am dep rots for ord
reg,1977 32
144 Ma
3834 43,000 11
Cone deb 535s
384 Aug
1834 18%
100 114 164 July 18% Aug
Tri-State Tel&Tel 6% Dr 10
104 June
If 7%
An7554 Feb
69
1031 Apr ASSOC Rayon be
3,000 3834 60
1950 69
Trunz Pork Stores
•
764 99
Jan
Jan 105
9
June
July
Assoc Telephone Ltd 58'65
7
7
Tubize ChatIllon Corp_ _ _1
7434 15,000 34
Aug Assoc T &T deb 534, A '55 73
Apr
7
7534 Feb
3
5731 Jan
3
6,000
5% 7
,
Claas A
9
28
144 Jan
Aug
1064 July
1934 Aug Assoc Telep 1411548_1944 2634 28 111,000
• 19% 1834
400
Tung-Sol Lamp Works_ ...•
Aug
2635 28 155,000
8
731 July
1434 Jan 28
Certificates of deposit
34 Apr
214
74 2,500
. 7
$3 cony pref
20
July
3,000 13%
Jan 45
Jan 6334 Aug
68
29
1933 574 60
- 4434 444
300 12
Unexcelled Mfg Co
10
271 May
231 Mar
32,000 1334
20
Aug
574 61
Jan 63
Cite of deposit
2
•
Union American Iny'g
Mar 86
19% Mar 25
78
Aug Atlas Plywood 53.0_1943 804 8134 28,000 47
Jan
18
On El I.t & Pow 6% pfd 100
10334 1034 June 1034 June
Union (Jae of Can
Jan
May
6164 48,000 324 324 Apr 81
634 Aug Baldwin Loco IV 6s w w '38 55
a
3
700
514
511
•
(In 011 of Calif rights
Jan
68 without warr____1938 52
57% 225,000 3034 3034 Apr 68
Si June
34 June
Si
Union Tobacco corn
•
31 Jan Bell 'relay of Canada
A Jan
11.
1,300
34
316
Union Traction Co
50
1 33.4
1094 Mar 11534 Ant
Apr
let M Se series A___1955 1144 114% 15,000 98
5
4
June
United Aircraft Transport
let M bs series 13_1957 11734 11834 12,000 97
1114 Feb 11834 Aug
Warrants
634 Aug
364 Mar
974 11231 Jan 120
5s series C
July
1960 119 119 34 5,00
44 634
3,200
3
Grated Carr Fastener_ __ _• 194 1935
Aug Bethlehem Steel (91_ _1998 134 135
12864 Jan 138
7.000 102
July
534
1434 Jan 20
100
United Chemicals corn...'
6% 6%100
734 July Binghamton L H it P ba .
3,000 7634 102% Jan 107
49 106% 107
24 Mar
J11,17
24
•
Apr40
$3 cum & part prat
Aug Birmingham Flee 43.41 1968 9061 014 119,000 4531 69% Jan 91% Aug
21%
13
.00i, . (a.t warrants
,
111 Aug Birmingham Gaa 58_1954 78
Jan 8055 Aug
804 37,000 384 56
54 Star
14 134 4,100
if
United Dry Docks corn .._•
May 109
1.000 10254 106
Boston Comm]Gam 58_1947 109 109
Jar,
91a Jan
fit AP
3
4
300
4
4
United Founders
70
15.000 29
Jan 914 Aug
90
134 Aug Broad River Pow 55..1954 89
% Mar
161
, 134 75,100
31
1
United (Sfte Corp com . 335 44 70,400
I
44 Aug Buff Gen Elea be -1939 10661 1074 3,000 10214 106% Aug 109% Jan
4 Ma
34
)'ref non-voting
July
Mar 80
Gen it ref be
35
105
Apt 110
May
102
1956
" 7214 77
3,500 15
°Litton warrants
Itis Aug Canada Northern Pr be '5a 10164 102
34 Slar
Apr 103
33,000 71
97
July
34
Isis 13,000
United 0 & E 7% pret_100 8014 81%
jai
814 Aug Canadian Fag Ry 68...1942 111 112
54
80 46
25,000 98
Mar 1124 Jae
105
United Lt .5 Pow corn A..*
11 Ma
Aug Capital Admints 5s...1953 101 101
8834 Jan10154 May
6,000 85
if
335 53,200
. 261
Common claim B
Feb
611 Aug Carolina Pr & Lt
1
.1956 96% 9734 83,000 4614 8361 Jan 10036 May
: 414 614 2,600
1
$6 cony let pref
33,4 Mar 224 Aug Cedar Rapids M & P 5s '53 110 1114 3,000 9434 110
Aug 11331 Aug
' 15% 214 17,200
5e.34
Milted Milk Product....'3
464 July Cent Arls Lt it Pow 6. 1960 104% 105
Jan
JaU 105% July
3
9,000 724 89
•
$3 preferred
Aug Cent German Power 681934 4331 43% 5,000 33% 39
Jan 38
29
Mar 444 June
20
United NI olitanes CoCent III Light 08....1943
Apr 10931 Slur
108
99
434 4%
Am (ley rctis ord ref__ _ £1
600
234
44 Jan
534 Jan Central III Pub Service
United Profit-Sharing
•
34 Mar
114 Apr
5s series E
784 Jan 994 July
1956 9864 9931 32,000 50
4
7C10
74
34
Preferred
TO
let & ref 434s ser F..1967 9134 92% 163,000 454 67
74 Apr
Jan 9331 Aug
6
7)4 Feb
United Shoe Mach com_25 81 % 83
Jan 85
70
July
be series G
7L
Jan 9735 Mao
196/. 97% 974 31,000 49
450' 47
Preferred _ ._ .. ____ 215 39
39
6731 Jan 9334 Aug
Jan 404 Aug
44% series II
9334 22,000 46
92
1981
50 30% 36
•
._U S Dairy Prod Cl B
II
4
4 July
11,‘ Feb Cent Maine Pow be D_1955 105 105% 10,000 80
Jan 1054 Aug
101
(314 Flee Pow with warr _1
.
7,6
34 Jan
Si Aug
44eserles E
954 Jan 10235 Slay
34,000 72
1957 wog 101
4
3414,600
Warrants
Jan 9814 July
'it Jan Cent Ohio Lt & Pow 55195( 9714 9735 17,000 5534 72
532
32100
42 Jan
930
9
•
US Finishing corn
64 Mar
Jan Cent Power bs ser D_ _1957 85% 8634 15,000 3735
4
2
87% July
59
Jan
US Foil Co class 13
1334 Jan Cent Pow it LI 1st 55_195r
10% Mar
534
1
1134 1331 4,400
80 153,000 3735
593,4 Jan 8434 Aug
78
U S Intl Securities
ti Mar
2
Aug Cent States Elea 5s _1948 554 614 351,000 25
28
134 2
Mar 614 Aug
•
1,500
if
1s1 pref with war,'
Aug
• 6831 72
634s ca-war,'
1,100 8935 414 Apr72
19e. 5534 6234 709,000 2535 2534 Mar 6235 Aug
U S 1.1tte.s pref
7154 Aug
51 Feb Cent States Pit L 5346.53 673.4 7131 87,000 29
4834 Jan
•
31 Apr
100
54
a34
a%
US Playing Card
10 35% 353.4
924 Jan 10514 July
200" 144 8011 Slur 3134 May Chic Dist Elea Gen 448'7, 104% 10434 37,000 62
,_•
U 9 Radiator Corp corn _,
161 Jun
134
311 Aug Chic Jai Sty it Union 9th
334 3%
300
7% preferred
100 21
July 22
Aug
2.0006 90
10
1054 Jan 1104 May
194(. 110 110
22
450 • 5
Varela be
1
(38 Rubber 'Reclaiming ..•
34 Feb
164 Aug Chic Pneu Tools 5345_1945 1014 1024 8,000 51 31 87% Jan 10231 Aug
1
35
100
•
U S Stores Corp
Ism Aug
18,000 43
Chic R73 51 Mrs
654 Jan 80
June
80
9
1927 77
16 Aug
United iitoree v $0
151 Jan
1,600
35 Mar
34
Isis 134
•
(in Verde Extension___50e
24 Apr44 June Cincinnati St Sty 534s A '52 8934 89% 10,000 4035 58
24
214 3
Feb 893,4 Aug
4,000
United Wall Paper
III Aug
6634 Feb 92
5,000 47
13s series B
92
331 Aug
2•
Aug
24 231 6,500
1
1955 92
Universal Consol 011.... _10
331 3a.
634 Feb Chiles Service M
29 1.20
5634 6031 56,000 2834 3034 Slur 6031 Aug
1961
Universal Insurance
8 1735 18
Jan
19
7
534
195(
2954 Feb 6134 Aug
Aug
5534 6134 857,000 284
Cony deb se
150
Universal Pictures corn
1
2% 23,4
200
Aug
534 June CMOS Service Gas 534e 41
2
1
9034 9364 49,000 4334 6354 Jan 9331 Aug
Universal Products
•
July
, 434
I
1834 July Cities Service Gas PIP(
13
Utah Apex Mining Co_ _ _b
7„.6.
35
8431 Jan 1004 Aug
900
Line tle
151 Jan
34 July
1941 10031 1003-6 28,000 55
Utah Pow it IA 17 pref...' 2864 3034
Jan 3114 Aug Cities Sem( Pit L 534e 195: 54
18
225 1334
6134 301,000 284 264 Feb6134 Aug
Utah Radio l'roducts_
•
9
4
1
Aug
I
Aug
5341
5331 6261 155,000 274 2734 Feb 6214 Aug
1941
Utica 41as & Fier I% pl.-100
A pr 100
84
Aug Cleve Elea Ill 1st 51...1930 10264 1024 9,000 10264 10264 Aug 106
77
Mar
Utility Frailties Corti.......•
4 Mar
334
364
374 Aug
108
Aug 114
1,500
Jan
102
fie series B
4
1961 1
Priority stock
30 4334 Jan
72
• 6635 72
Aug Commerz & Privat 54s '37 334 3334 5,000 33
1,250
3334 Aug 47
Feb
Utility it Ind Corp
•
1% 1%
14 Aug Commonwealtn Edison'
4 Slay
1,200' 4
Cone preferred
•
3
1
Mar
4
435 Aug
17,000 8634 10934 Jan 11314 July
lel NI 158 series A _ __let,: 110% 111
4% 1,300 9
0(11 Pow it 1.4 corn
q Feb 111 Aug
13,4
1
161 26,000'
Jan 113
111% 4,000 884 109
h
let M be series B___1954 111
June
7% preferred
100 13
1735 Aug
33i May
34
1st 434, series 0_ _195t 11061 11131 35,000 8031 10534 Jan 11131 Aug
174 4,100
Venezuela Met 011 Co- -13
2
155 Mar
14
2
3
IlegiAt ered
May
200
110
110
Aug 110
110
Aug
Venezuelan Petroleum--- b
14 1% 10,100
2
Aug
9111 Jan
%
1,000-as 44e Bence D._ 1957 11034 111% 25,000 7934 10431 Jan 111)i Aug
Vogt Manufacturing
• 1434 1431
17
8
100
Jai,
234
Aug
tat M te series F. .1981 104 10431 104,000 6935 9465 Jan 105
July
Waco A'reran Co ____ •
54 634
34 Mar
700
334
635 July Com'wealth Subsid 530'0 101% 1024 26,000 54
Jan 10211 July
85
wahl (The) Co corn
•
234
Aug
234
SI
24 Aug Community Pr it 1.41581957 70
2
300
72% 63,000 3334 514 Mar 7334 Aug
Waltt tr Ilona el &
10
•
a% Feb
100
991 931
834
Aug Connecticut Light & Powe,
•
Class B
134 May
34 Mar
Si
112
1194 Jan 122% June
7a series A
1951
walgreen Co warrants....
600'
14 Feb
916 Aug
31
984 108% Jan 110
35
35
July
4 Sis series C
1951
Walker Milling CO
1
1%
1
134 May
61 Jan
100
9
IE
May 10931 Jan
M serial D
108
1962 10714 108% 2,000 102
561alkerilliram)-Cloodertrn,
Conn River Pow Si A 195r 105 106
31,000 8734 10334 Jan 10634 June
it Worn; Ltd com.....• 2634 29
5,600 2034 2354 Apr 3234 Feb Consol Gas (Balto City)-cumuli preferred
.....• 7164 18
1634 Jan
900 1234
1834 Mar
8,000 103
Jan 113
be
1939 111 112
111
May
wayne Pump corn (nevi') _1 13% 1434 5,600
134 Aug
1434 Aug
1954 12031 12031 2,000 994 11434 Jan 122
Gee mtge 430
July
Weuden(Joyner
1
34
016 22,400
31 Mar Consol Gas El Lt & P(Balt
116 June
'16
Western Air Express
1
2
331
365 2,100
Jan
2
34 Feb
445 series H
1970 107 107
1,000 9634 1064 July Ill
Apr
Western Auto Supply
• 55
57
45
1,300 17
July 6051 Mar
let ref s t Le
July
1981 10754 10711 12,000 8814 1064 Jan 112
Western Cartridge pref_ 100
6234 98
A..
Jan 102
July Conrail Gas
Western Maryland R71et coil0t1100 _194A 764 80
60
it
July
68 ser A_
Jan 83
39,000 33
51
3 ,, 60
70; lat n•ere,...,,,i
10 33
May
484 Mar 83
Cony 11.1154, w w 1041 IS
44
20
22.000
434 Jan
7214 May
For footnotes see page 1251.
93
.
4
New York Curb Exchange-Continued-Page 5
1250
BONDS
(Continued)
July 1
Week's Range Sales 1933 to
of prices
for
July31
Week
1935
Low
Consolidated Publishers1939
7,5s stamped
Consumers Pow 44e..1958
1938
let & ref 56
Cont'll Gee & El be_ _1958
Crane Co 14_ __Anil 1940
Crucible Steel 56
1940
Cuban Telephone 745 1991
Cuban Tobacco 65_ _....1944
Cudany Pack deb 63451937
1946
e (St
Cumberld Co P& L 410'56
Dallaa Pow & Lt St A.1949
1952
be series C
Dayton Pow & Lt 5s...1941
Delaware El Pow 5 A e__'59
Denver Gas & Elea 55_1949
Derby Gas & Elea bs__1946
Del City Gaa as set A.1947
1950
551st series B
Detroit Internet Bridge-Aug. 1 1952
614s
Certificates of deposit_
Aug 1 1952
Deb 7e
Certificates of deposit_
Dixie Gulf Gas 6146_1937
1967
Duke Power 415/5
Eastern Utll Invest 58_1954
Elea Power & Light 5e_ 2030
Elmira Wet.Lt & RR 55'58
El Paso Elea be A_ -.1950
Et Pmo Nat Gas 84-6_1943
With warrants
1938
Deb 615s
Empire Dist El 55_ _ _1952
Empire Oil & Ref 51;1 1942
Ercole !quoin Elea Mfg1963
634e A ex-warr
1967
Erie Lighting be
European Elea Corp Ltd1966
694s x-ware
European Mtge Inv 75 C'67
Fairbanks Moral 5e _ _1942
Farmers Nat Altge 76_1963
Federal Sugar Ref 6a._1933
Federal Water Herv 5146'54
Finland Residential Mtge
Banks 65-baStamped19111
Firestone Cot Mills 5a '48
Firestone Tire & Rub be '42
Fla Power Corp 5115-1979
Florfda Power & Lt be 194
Gary Elea & Gas 56 ext_'44
Gatineau Power let be 1966
Deb gold 65 June 151941
1941
Deb fis marten B
General Bronze tle_ _1940
, General Pub Sart 14 __1953
Gen Pub Uttl 6165 A_ 1956
General Rayon 64 A...1948
Gen Vending fle ex war '37
Certificates of deposit_,.
Gen Wat Wks & El 58_1943
Georgia Power ref 58..1987
Georgia Pow & Lt 5/1_1978
°corneal 13e x-warrants 1913
Gillette Safety Razor 5s '46
Glen Alden Coal 4s___1965
0obel (Adolf) 645_1936
with warrants
Grand Trunk Ry 614s 1936
Grand Trunk West 45_1950
lit Not l'ow 5s stmp__1951..
Great Western Pow 54 1946
Guantanamo & West 65'58
Guardian Investors 53_1948
Gulf 011 of Pa 5s
1947
Guff States Util 56_1956
1961
445 serial B
High
3
10634 1074 24,000
1014 1014 9,000
7634 7914 331,000
10234 10334 53,000
119,000
10034 101
834 8334 9,000
52
9.000
50
10216 103
6,000
1034 1034 5,000
10434 10515 16,000
108 1084 6,000
107 10734 8,000
18,000
1014 102
9634 9634 1,000
964 97
8,000
1034 1034 12,000
9834 70,000
98
415
415
414
5
3,000
4,000
4
4
10134 102
3,000
4,000
14
64
10034
10334
164 10,000
7234 537,000
1,000
1004
4,000
104
1034 1034
9,000
934 944 43,000
7034 734 81,000
106
106
70
45
1034
454
70
1,000
453-4 10,000
1034 8,000
4514
1,000
724 77
994
10334
105
95
8934
814
8834
77
754
954
94
764
1,000
124,000
9934 5,000
1044 17,000
1j5
14,000
95% 43,000
904 255,000
87
53,000
atm', 69,000
16,000
80
7914 16,000
9615 7,000
5,000
94
81 114,000
15
14
1314 14
82
8334
9514 964
743.4 75%
33
33
10234 102%
9134 93
14,000
10,000
48,000
165,000
24,000
5,000
1,000
00,000
92 219,000
88
102% 10215 9.000
944 695
10,000
10714
4634
57
10614
10315
101
107%
4634
63
107
105
10316
6,000
4,000
89,000
10,000
23,000
28,000
Hackensack Water 56.1938 1094 10
0% 12,000
1977
Se aeries A
73
34,000
Hall l'ritit ris .itmp____1947 70
Hamburg Elec 7s_ _1935
Hamburg El Undergrouna
1938 3034 3134 5,000
& St Ity 5145
Hood Rubber 514s____1936 100 10014 7,000
3,000
101
1936 101
71
Houston Gulf Gas 66._1943 1023-4 103
26,000
2,000
815s with warranta_ 1943 a9614 97
Houston Light & Power1953 103% 1044 6,000
let be set A
5,000
1st 4149 set D
1978 104 104
36,000
let 414s aer E
1981 104% 105
Ilungarlan-Ital Bk 74s'63
Hydraulic l'ow 5.s. .1950
Ref & impr 51
1951 10714 1074 2,000
Ilygrade Food ga A _ _ _1949 5414 554 11,000
1949 574 574 3,000
as aeries B
Idaho Power 54
1947 108 1084 12,000
Illinole Central RR 65 1937 66
6714 3,000
III Northern Ut1155.__1957 10714 1074 9,000
III Pow & L 1st 65 ser A '63 983-4 9834 81,000
lat & ref 646 see B_1959 94
95% 55,000
9214 71,000
1st & ref Steer C.....1956 91
89
14,000
S 1 deb 5165 __May 1957 88
Indiana Electric Corp65 eeriee A
1947 894 914 12,000
944 5,000
6145 series B
1953 94
56 seri ea C
1951 7934 8219 32,000
Indiana Gen Herr 5s1948
Indiana Hydro-Eleo Ss '58 874 884 18,000
Indiana & Mich Elea Se '55 106 106
11,000
11114 2,000
54
1957 111
Indiana Service ba____1950 583.4 6134 51,000
11,000
1st lien & ref 5s. -1967 5814 61
.9_1952 10414 10534 93,000
Indianapolis Gas 55Ind polls P & L be set A '57 104 10434 86,000
Intercontinents Power65 series A ex-w_ _1948
International Power Sec1965 60
645 series C
62
15,000
5,000
75 series E
65
1957 61
75 seriee F
624 5,000
1952 60
InternatIonal Salt 56_1951 107 10736 8,000
International Sec 5s 1947 85
8834 31,000
Interstate Ito & St1414e'48 9834 99
8,000
Interstate Power 58..1957 79% 83% 116,000
Debenture Se
1952 66
7194 70,000
Interstate Public Service-1958 753-4 7735 33,000
Miseries D
33,000
1968 70
74
414s aerlee F
Invest Co ot Amer1947
13s @erten A w w
without warranta
lowa-Neb L & P 55__ _1957 102 1033-4 18,000
1961 102 1024 9,000,
&aeries B
7,0001
Iowa Pow & T.t £4s.,1958 1054 105%
For footnotes see page 1251.
Range Since
Jan. 1 1935
Low
Low
BONDS
(Continued)
High
97
10934
104
8134
104
10235
854
52
104
1074
1054
11034
107
109
103
110
9834
10434
99
June
Mar
Jan
Aug
July
Aug
June
Aug
Jan
Feb
Aug
Mar
Mar
Mar
July
July
July
Feb
Feb
714
Jan
24
3
14
2
Jan
7
24
4 Jan
14
/4
14
X Mar
1014 Aug 1034
76
Jan 10834
105
85
10
June 164
10
22
334 Feb 734
8534 Jan 101
55
894 Jan 104
64
Apr
Apr
Apr
Apr
May
Mar
Jan
Aug
July
Aug
70
88
10034
33
774
6034
60
35
9334
102
65
10034
94
994
65
924
5634
76
674
564
25
46
41
87
10634
10134
42
102
9514
614
38
10274
1034
9531
1064
10414
1054
8615
1054
83
99
91)1
Mar
Jan
Aug
Jan
Jan
Apr
Mar
Aug
Aug
Mar
Jan
Apr
Feb
Apr
Jan
Jan
Jan
Jan
Jan
91
Jan 104
June
904 Jan 1004 June
67
Jan 944 July
Jan 7315 Aug
54
Jan
584 5814 June 69
Jan 10614 July
78
100
80
344
9634
454
135
314
Aug 98
Apr 5515
Jan 101
Aug 5535
Feb
24
Jan 77
Apr
Jan
July
Jan
May
Aug
86
9835 Mar 100
85
10234 June 1054
103
Apr 10516
89
48
76
Jan 97
4434 6811 Jan 9134
87
634 834 Jan
7134
793.4 Apr 9914
go
go
Apr 994
5916 5934 Apr 9834
55
814 Mar 96%
74
mar 95
54
234 5114 Jan 81
Aug 874
35
52
2
4
Jan
15
4
Jan
2
15
384 5614 Jan 8414
644 814 Jan 100
5634 Jan 80
40
30
3134 May 564
93
1024 July 10514
844 Jan 92
63
Apr
Mar
Mar
July
July
July
Jan
Jan
Jan
Aug
A ug
Aug
July
July
July
Aug
July
July
Jan
Feb
Mar
694
24
68
3834
135
15
70
Apr 9334 Feb
69
9834 10234 Aug 10535 Jan
63
Aug
864 May 95
10214 1024 Feb 1C8/4 Aug
July
Jan 108
9314 107
1711 Jan 524 May
10
24
Aug
25
Mar
63
Apr 107% Jan
97
105
62
9416 Jan 10514 July
873-6 Jan 1024 July
55
NM 10815 Jan 11134 July
98
Apr 10611 Feb
105
60
60
July 774 Apr
Feb
37
37 June 51
28
55
65
40
2911
30
84
87
93
78
9134
79
80
44
10014
100
4034
42
86
60
824
48
48
4219
3219
10314
102/4
104
42
111%
10516
47
53
1053-4
60
10231
7534
693-6
665-4
57
5434
58
45
93
44
70
8811
2319
22
68
73
114
107
1054
1064
55
114
10774
643.4
63
109
804
10714
100
9534
94
89
Mar
mar
Mar
Jan
July
June
Jan
Apr
May
Jan
Aug
July
July
July
Aug
64
Jan 94
88
Jan 96
80
Jan 83%
10714 Jar, 107%
824 Jan 91
99
Jan 108
10714 Jan 112
3611 Jan
6534
353.4 Jan 65
80
Jan 10535
9734 Jan 10514
July
Aug
Aug
Mar
July
May
July
July
July
Aug
July
Aug
Feb
Jan
Aug
Jan
Afar
Apr
Slay
Jan
mat
Jan
Jan
Jan
Jan
Jan
14 Mar
58
51
60
80
60
60
884 10434
684
48
5334 89
87
67
264 38
41
42
Aug 414 Feb
Jan 10115 July
Jan 1024 July
Jan 1034 July
Mar 9935 June
52
474
92
67
87
91
88
56
584 86
72
100
44 Mar
Aug 7734
July 854
Mar 804
Apr 108
Jan 8815
Apr 9934
Jan 834
Jan 72
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Aug
May
Aug
Aug
794 July
7614 July
100%
10034
10334
103%
106
Aug
July
May
May
July
Iowa Pub Serv be
1957
learn° Hydro Elea 71_1952
Isotta Franshini 7s _ _ _1942
Italian Superpower of Del
Deb Si without war_1963
Jacksonville Gas 55_1942
Stamped
Jamaica Wat Sup 510'56
Jersey Central Pow & Light
1947
be series 13
1961
41 serles C
5a
Jonas & Laughlln MI 66 '39
Kansas (1st & Elea 65_2022
1947
Kansas Power be
Kansas Pow & Lt 6s A.'55
1957
Se settee II
Kentucky Utilities Co
lot mite 56 ser H._1951
1948
614e Belled D
1965
5145 series F
1969
be series I
Kimberly-Clark 5e__..194)
Koppers0 & C deb Se 1947
Sink fund deb 5141.1951
Kresge(SS) Co 5a _ _ __1945
Certificates of depoalt....
Laclede Gas Light 5461935
Lehigh Pow Secur 65_ _202(
Lexington Utnities5a_1952
Libby MaN & Libby 58'42
Lone Star Gas 58
1942
Long Island Ltg 66-1945
Loa Angeles 0& E fis 1939
1961
1942
85
1947
6145 serlea E
1943
5145 series F
514s serlee 1
1949
Loulalana Pow & Lt 551957
Louisville 0 & E (3a ___1937
4 lie series C
196,
Manitoba Power 54t 1951
Mansfield Min & Smelt
70 with wart
1911
Maas Gas deb 55
1951
194e
514e
McCord Radiator & Mfg
65 with warrents
1943
Memphis P & L As A _ _194s
Metropolitan Ed 4s E_1971
196;
55 series F
Middle States Pet 53ft '18
Middle West Utilities
55 etre of depoall-1932
1931
Mosta or den
Stotfn of flap
1934
54 cftn of deposit_ 193r
Midland Valley 56
1043
Milw Gas Light 4411_1987
MInneap Gan Lt 410_195r
Minn P & L 414e
1979
1955
55
Missisalppl Pow 59
1951
Miss Pow & Lt 55
1957
Miakilasippi River Fuel
(la ex warrants
1941
Mine River Pow let be 1951
Missouri Pow & Lt 5 411'5r
Miesouri Pub Serv 515_1947
Monongahela West Penn Pub fiery 54 set B _ 1953
Mont-Dakota Pow 514e '4
Montreal L IT & P Con
let & ref 55 ter A__1951
55 eerier, 11
1070
Alunson S S 64s ww_.1937
Narragansett Elea be A '57
1957
Se series B
Neiman & Suffolk Ltg 55 45
Nat Pow & Lt fis A _ _ _2026
Deb 55 Fierier' B____2031)
Nat Pub Serv 58 ells_ _1978
Nebraska Power 446_19/31.
68flatten A
2022
Neisner Bros Realty 65 .48
Nevada-Callf Elea 5s_1956
New Amsterdam Ga 5t'48
NE Gas & El Assn 55_1947
1948
Cony deb 5a
Cony deb 55
1951.
New Eng Pow Assn 56.194S
Debenture 5 45___.1959
New Orl Pub Serv 445'Sr
5s stamped
1942
!Miseries A
194.
N Y Central Eleo 510 .60
NY & Foreign by 514s '48
N Y l'enn & Ohio 44.5 1950
N Y P&L Corp 151 410'137
NY kltatela& E 445_1980
let 510
1969
N Y& Westch'r Ltg le 3004
Debenture be
1954
Niagara Falls Pow 61.1960
1959
55 series A
Nippon El Pow 6346_1953
No Amer Lbk Pow 65_1938
1956
546 series A
Nor Cons UM 514s_ _1948
No Indiana G & E 6s _1952
Northern Indiana P51968
65 Bence C
&leerier]D
1969
1970
414a series E
No Ohio P & L 5343...1951
Nor Ohio Trim & Lt 551 '56
No States Pr ref 046_1981
1940
514% notes
N'weetern Elect 66__ _1935
Certificate:1ot
N'weetern Powerdeposit_-64 A.1960
Certificates of deposit _ _ _
N'weetern Pub Bert 541957
,
Ogden Gas 56
194o
Ohl° Edison let 55
1960
Ohio Power let be 13_1952
let & ref 434s tier D 1956
Ohio Public Service Co
65 series C
1953
1954
Se series D
514a series F
1961
Okla GM & Elea 66_1950
1940
14 scrim A
Okla Power & Water Se '48
l' • rre I alio 6s__
1941
•
Aug. 24 1935
July 1
Week's Range Sales 1933 to
of Prices
for
July31
Week
1935
Low
High
3
Low
994 10034 29,000 674
48
24,000 51
44
72
4234 48
98,000
534 5534 12,000
1,000
1074 10734
1034 104
7,000
10234 10334 43,000
1154
974
106
1064
11534 8,000
9834 65,000
1064 3,000
1064 6,000
87
89
99 100
914 93%
87
8834
1034 10314
10334 1034
10434 105
101
102
45
High
Low
824 Jan 10034 Aug
Aug 834 Apr
44
72
July 95
Jima
4234 Aug
48
48
May
964 1054 Air
6634 Feb
June
Mar
57
108
77
1014 Jan 10534
9334 Jar 105
7034
1024 1064 Jar 1074
Jar 11534
6134
90
9834
773.4 Jar
513
Jan 1074
8034 105
Jar 107
100
70
July
July
July
Aug
July
Mar
July
Jar
Jar
Jar
Jar
Jar
Feb
Fet
914
105
98
92
104
1044
10534
July
July
July
July
July
June
June
100
Aug
10314 Feb
564
9134
75
9834
101
954
10514
103
4
108
107
1044
1054
884
100
104
50
Apr
Jar.
Jan
Jan
Jar
Jan
Feb
Jan
Jan
Jan
Jar
Aug
Jai
Mar
Jan
July
84
108
1004
106
1053.6
1064
1089-4
10734
110
1094
1074
110
1034
103
10814
664
27,000
12,000
5,000
54,000
4,000
27,000
26,000
46
824
73
55
50
69
454 624
8214 102
1014
72
103
78
18,000
85
8234 8.000 50
10716 53.000 54
9934 34,000 5935
10434 28,000 57
10514
1,000 82 ,
,
1064 8,000 65
1074 2,000 100
1074 6,000 874
1,000 9914
10834
94
10534 1054 9,000 94
10534 10534 3,000 94
43,000 614
101 102
90
79
5715 41,000 224
55
8214
1064
984
103
10515
10514
1064
107
10834
894 914 116,000
964 964 43,000
33
70
go
894 90
102 10234
10134 10234
1064 107
87
86
12,000
31,000
62,000
17,000
7,000
33
70
63
73
te
19
19
19
1934
7934
10634
10434
944
9934
87
914
143,000
165,000
93,000
196,000
11,000
47,000
29,000
31,000
27,000
10,000
77,000
15
15
15
15
79
19615
1044
924
984
865-4
90
Range Since
Jan. 1 1935
Aug
June
July
AUg
Aug
Aug
Mtn
Aug
Feb
Feb
May
Feb
June
June
Apr
Feb
Aug
33 June 37
854 Mar 96
June
8714 Mar 1024 Jan
67
904
89
100.4
66
Aug
May 91
Jan 1044 June
July
Jan 103
Jan 10734 July
Jan 8814 Aug
34
5
3%
435
34
44
314
441
53
624
90
10615
67
9441
64
794
58% 8835
3539 6234
40
72
1914 Aug
Jan
194 AUg
Jan
Jan 194 Aug
194 Aug
Jan
July
Jan 82
Aug 108.4 Jan
AUg
Jan 106
Jan 9634 July
Jan 1014 July
Jan 9114 July
Jan 934 July
102 102% 12,000
10634 106% 8,000
1074 10714 3,000
514 524 56,000
89
94
Mar 103
954 1064 Jan 1084
704 10116 Jan 1074
33
4134 Slat 58
1024 1034 66,000
85
1,000
85
58
474
10614 106% 9,000
106% 106% 10,000
34 511 49,000
944 1044 Mar 1074 Jan
9331 1054, Mar 108% Apr
2
54 Aug
June
2
10474
1044
103
97
86
1234
10934
1054 25,000
1044
1,000
103
9,000
98% 27,000
88
73.000
15% 980,000
1103-4 11,000
100 1014
83% 85
1084 108%
6915 7134
694 71
6914 713-4
7514 7734
793.4 82
664 68
634 6514
5814 60%
89
9034
913.4 914
1064 10634
10516 105%
1024 10214
14,000
78,000
13,000
93,000
37,000
100,000
81,000
69,000
35,000
32,000
15.000
12.000
1,000
15,000
26,000
65,000
10314 10314
2,000
1063-4 107
15,000
2,000
10815 109
894 8915 5,000
824 89 197,000
17,000
48
45
10515 1054 15,000
914
934
98
61
42
331
83
7034
35
64
85
34
3314
3334
464
50
324
624
25
511
55
1034
73
684
77
81
96
104
994
63
814
2519
184
71
88
5715
10311
103
1004
714
614
34
1074
10134
90
87
10016
474
48
47
5434
574
474
624
3034
77
90
10314
8954
85
9916
9934
1044
10614
1054
824
1004
4414
2015
994
Aug
May
July
Feb
Jan 10414 July
Jan 874 JUIY
Apr
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Mar
Mar
Mar
Mar
Jan
July
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Aug
Apr
Feb
Jan
Mar
Mar
Jan
10814
1054
10414
9814
8954
1536
111
11634
10294
8534
10915
71%
711.4
71%
81
85
88
66
6334
9714
9234
107.4
10514
10234
1084
106
112
110
1094
9()
1024
89
48
1064
Feb
Feb
May
July
AUg
Aug
Mai
,
July
July
Aug
May
Aug
Aug
Aug
July
July
May
Aug
July
June
July
May
June
July
June
Slay
Apr
Mar
Feb
June
June
Aug
Aug
July
9754
97
93
1074
10635
1044
1024
994
99
344
35
9535
98%
98
934
10715
107
105
10314
99714
9936
36%
354
964
62.000
14,000
22,000
27,000
8,000
104,000
26,000
12,000
17,000
3,000
21,000
21,000
10314
1054
1054
1044
104
106
10634
10534
29,000
53,000
13,000
20,000
7339 98
Jan 10516 July
5394 974 Jan 106% June
88
10455 Apr 1084 Jan
83% 1044 Apr 10835 May
104%
106
104
10214
78%
85
1044
1064
10514
10215
814
86
2,000
15,000
14,000
17,000
21,000
8.000
7034 10534
604 994
63
1004
884 99
63
904
40
48
4514 654
514
524
49%
89
85
71
89
54
90
835
834
4714
77
Jan
7614 Jan
714 Jan
10135 Jan
1011
Jan
9014 Jan
88
Jan
7434 Jan
90 June
28
Jan
28
Jan
72
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10014 July
July
101
9574 July
107% Aug
1074 July
July
105
July
104
100
Aug
1004 Aug
384 Feb
Feb
37
964 July
1104
105
107
1053-4
101
8115
87
July
June
May
Aug
June
Aug
July
New York Curb Exchange-Concluded-Page 6
Volume 141
BONDS
(Continued)
Pacific Coast Power 58 1940
Pacific Gas A El Co1941
tel &leaden B
1955
58 series D
1957
lot & ref 434. E
1980
lit & ref 415s F
Pac Invest 58 ser A _1949
Pacific Ltg & Pow 5s 1942
Pacific Pow & Ltg 5a 1955
1938
Palmer Corp 68
Park & Tilford 6s
_1936
Penn Cent L & P 114s 1977
55
1979
Penn Electric 4/ F.. _197J
Penn Ohio Edison1960
fis series A xsy
_1959
Deb 516saeries
5316
['eon-Ohio P & L B.- 1954
1958
Penn Power 55
Penn Pub Sera 65 C 1947
1954
58 series D
Penn Telephone S. 0_1980
1940
Penn Water Pow 5a
1968
44s series B
Peoples Gas L & Coke1981
48 series B
1957
Be series C
1979
Peoples Lt & Pr 58
Phila Electric Co 56_1966
Phila Elec Pow 514s-1972
Fhlia Rapid Tranelt fit 1962
Phil Sub Co 0 & E 434557
Phila Suburban 'Hat 59 '55
Pleam't Hydro-El 6141 '60
Piedmont & Nor 58.__1954
Pittsburgh Coal 6s____1949
Pittsburgh Steel 68_1948
Pomeranian Elea 8a__1953
1939
Poor & Co es
Portland (ian & Coke St'40
Potomac Edison 5s
1959
1961
448 merles F
Potomac Elea Pow 58_1936
Parer° Sugar 7s
1947
Stamped
PowerCorp(Can) 414n 13•5i.
Power Corp of NY 548'47
Power Securitiee 6e__1949
Prusalan Electric 6s_1954
Pub Serv of NH 44,B '57
Pub Fiery of NJ 6%Pet ct15
Pub Sere of Nor 1111noin1958
1st & ref bn
1966
ba series C
1978
43.4e aerie/ D
1980
1.148 merles E
let & ref 441 ser F-1081
1952
6148 series II
Pub Serv of Oklahoma5aseriesC
1961
558erleaD
1957
Pub serv Subsid 541-1949
Puget Hound P& L534.'49
let & ref Si series C_1950
1st & ref 448 ser D_ 1950
Quebec Power 5s
1966
Queens Boro G & E 44E1'58
1952
54e series A
Reliance Managemt 501954
-------IVIth
Republic Gas es
Certlficaten of deposIt___
Rochester Cent Pow 501953
Rochester Ry & Lt 65_1954
Ruhr Gan Corp 614/.._1953
Ruhr Housing 634s-1958
Safe Harbor Water 44s'79
Eit Louis Gas & Coke 6,'47
San Antonio P 850 IS.. -'
611
San Joaquin T.& P 6513'52
Salida Falls as
1965
Saxon Pub Wks65____1937
SCOUILO Real Eatate-68 with warrants ___I935
1935
85 ex-warrants
scripp(E W)00 534.1943
Seattle Lighting 58.._1949
Serval Inc 55
1948
Hhawinigan W &['434,'67
44s/orlon B
1968
1970
1st &tirades C
1970
Int 411nnerles D
Sheffield Steel 5 168_ _1948
Sheridan Wyo Coal is 1947
Sou Carolina Pow bs_1957
Southeast Ph. L 68___2026
Without warrants
Hon Calif Edison 50
1954
Refunding 6s Sep 1952
Sou Calif Oas Co 410_1961
lat ref 55
1957
5148 series 13
1952
Sou Calif Gas Corp 5s 1937
Sou Counties Gas 4%8.'68
Hon Indiana G a& E 5345 '57
Hon Indiana Ity 4s____1951
Hou Natural Gas 68_1944
Unstamped
Stamped
trweatern Assoc Tel .58 '61
douthwent0dc ES. A.1957
1957
be serial] II
S'western Lt & Pr 5a._1957
S'western Nat Gas 65_1945
Ho'West Pow & Lt 55_2022
S'Weat Pub Sere Oa__ _1945
Staley Mfg 65
1942
Stand Gas & Elea 60._1935
Cone 60
1935
Debenture fle
1951
Debenture 6e _ Dec 1 1066
Standard Inveetg 5345 1939
1937
Sees warrants
Stand Pow & Lt 6s
1957
Standard Telep 510_1943
Stinnes (Hugo) Corp1936
Deb 78 ex-warr
7-4% stamped_ 1936
1946
Deb 78 ex-warr
7-4% stamped
1946
Super Power 01 111 434/ '68
1970
1.1 4Sig
1961
68
Swift & Co 5% notes_1940
Syracuse Ltg 648____1954
1957
58 series It...
TOMO:088C Elea Pow 681960
Tenn Publle Service 551970
Terni Hydro Flee 5l.. lima
1Veek's Range
of Prices
Low
High
10515 1054
Sales
for
Week
$
5,000
July 1
1933 to
July31
1935
Low
85
Range Since
Jan. 1 1935
BONDS
(Concluded)
Low
High
July
9911 Jan 106
119
107
106%
1064
97
11111 Jan 12016 July
10554 Jan 1084 Jan
Jan 10734 June
101
10014 Jan 10734 June
Mar 994 July
87
Jan 117
Apr
110
8634 July
6734 Jan
Jan 10434 June
102
9234 Jan 1004 June
8434 Jan 1004 July
9311 Jan 1054 June
July
98
7434 Jan
9715
934
106
10534
1074
103
106
108
10134 26,000 3934
6615 Jan 10116 Aug
96
July
6134 Jan
954 79,000 35
1034 Jan 1063.4 Mar
106
13,000 74
Apr 10815 Feb
1054
7,000 9234 105
Jan 108
10734
July
1,000 684 100
103
Aug
Jan 106
95
7,000 60
7,000 86
10634
10334 Jan 1074 July
1134
1104 Jan 11434 July
1,000 103
108
10534 May 1083-4 Jan
2,000 89
87
1014
511
11211
1094
85
884
10216
815
113
1104
85
10314
42
100%
1064
954
26
10314
824
106
1064
1044
10334
46
101%
1064
96%
26
1034
8514
10615
106%
10414
10234
94
29%
1044
13035
103
9435
30
106
13116
107
10516
1004
9954
9054
105
10815
1053,4
101
1003.4
10016
105
42,000
2,000
11,000
30,000
83,000
4,000
10434
103
9711
81
7715
73%
10415
1044
1034
99
8315
80
7615
105
6,000
15,000
23,000
192,000
16,000
100,000
14,000
094
100
11916 11,000 101
107
6,000 91
10615
7,000 8214
10634 13,000 8234
97% 9,000 69
102
81
83 113,000 35
103 103
2,000 85
62
984 994 84,000 57
102
103
13,000
95 954
51,000 5134
11334
92warnts
02
69
6911
113
39
11334
39
72
89
14
1114
1074
754
1064
1034
42
9334
1054
89
25
9834
6715
9954
9315
104%
34
41
7815
76
76
2915
104
118
Jan
Jan
Mar
May
Apr
Jan
July
Aug
Aug
Jan
Jan
Apr
June
Apr
Feb
Jan
Jan
June
Jan
June
Mar
Jan
Feb
Aug
Jan
Jan
816
11434
1114
854
109
106%
754
103
10835
984
35
104
8834
106%
1074
105%
68
52
8854
103
96
42
106%
132
July
June
Aug
Mar
July
May
Mar
Mar
Jan
July
Feb
Jan
Feb
Aug
July
July
July
Jan
Aug
Aug
Jan
Aug
June
Feb
May
June
62
5834
534
533
5334
894
9034
89
81
8016
80
9815
Jan
Jan
Jan
Jan
Jan
Jan
10935
1054
104
103
1024
107
July
July
July
July
July
May
22,000
1024
53
106
101
100
1054
100
Aug
92
Jan
554 82
7034 Aug
4014 Mar
14
704 Aug
3934 Mar
1314
Aug
224 3115 Mar 65
11215 Jan 11314 Mar
7,000 100
Mar 4334 Feb
36
4,000 2834
2511 Aug 3415 Feb
23
21,000
36,000
1,000
38,000
5,000
7,000
20,000
97% 120,000
1064
8,000
105
3,000
10554 17,000
106% 107
52
60
9615 98
3,000
109,000
81,000
82% 85
19,000
103% 104
38,000
103 103% 15,000
9516 9511 20,000
90
914 21,000
894 904 9,000
99% 10016 11,000
105 105%
4,000
5635 62% 117,000
5615 62% 115,000
5515 5911 150,000
53
68% 183,000
9415 944 3,000
05
954 7,00
52% 584 283,000
44
2,000
45
534. 5315
44
4516
49
50
40
40
1024 103
102
103%
106
10634
10716
10715
92
83
42
Jan 10435 July
July
Jan 104
9916 Aug
Jan
8411 July
Jan
July
Jan 83
Jan
7734 July
Apr 105.% July
Jan 1064 Mar
Jan 109
May
1,000
63
63
2,000
0515 95% 28,000
9515
106
105
1054
6034 944
934
56
7934
4034
5534
3711
534
3615
50%
3314
101
85
88
102
WS 86
10234
2,000
106 106
2,000
1216 1414 47,000
13,000
1034 104
124% 124%
2,000
102%
50
106
9934
994
105
9934
89
33,000 5611
79,000 6815
14
132,000
20,000 1044
18,000 100
5.000 444
98
2,000 9515
31,000 44
34,000 89
3,000 89
36,000 79
2,000 25
1,000 80
.58,000 6715
3,000 72
3,000 65
1,000 101
13
41
53
21,000 50
12,000 4115
3,000 29
41,000 823.4
42,000 102
1,000
5,000
2,000
16,000
32,000
16,000
11,000
107% 8,000
1074 4,000
16,000
94
834 6,000
4714 23.000
91
311
64
88
101
38
7
4%
6611
17
61
834
63
73
6334
7714
38
41
10915
1415
105
126
111
4234
June
Aug
July
June
Jan
Feb
20
Jan
11
20
1034 Feb
Jan 103
96
53
28% Jan
Jan 10654
101
Apr 1014
90
Apr 100%
90
Apr 106%
98
914 Apr 101
10514 Aug 108%
63
Jan
47
Jan
90.11
73
Apr
AN
July
Aug
June
Aug
Aug
July
Aug
Mar
Aug
July
99%
108
10834
10614
1064
10515
1024
105
11014
6134
July
Feb
Feb
July
Feb
Feb
Mar
Aug
Jan
June
1053i
6
9251
.
107%
108%
38
May
June
Jan
Jan
Feb
Jan
643-4 Jan
37%
9034 10511 Jan
Aug
9234 105
9714 Jan
784
Jan
8554 102
92
1024 July
8315 10154 Jan
75%
9615 Jan
963-5 1054. July
Mar
25
25
53
66
40
60
60
45
25
37
55
83
37%
3734
30
28%
84
64%
2511
16
81
8016
6314
93
9214
714
60
49
77
103
3714
3715
32
31
824
85
253-4
234
304
304
29
25
59
56
70
9454
103%
97
48
40
43
4314
3414
36
2916
88
8516
10031
101%
106
10614
814
7534
42
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Feb
Feb
Feb
Mar
Jan
Jan
Mar
Jan
98%
9815
87
104
1033-4
9511
954
91
10034
106
68
88
61
6014
95
9514
5915
45
Aug
Aug
July
Aug
Aug
July
Aug
Aug
Aug
Mar
Jan
Jan
Aug
Aug
May
June
Aug
Aug
Texas Elea Ser rice 58_1960
Texas Gas Util 65____1945
Takagi Power & Lt 58_1956
55
193,
6s
2022
Thermold Co as 00_1937
Tide Water Power 65_1979
Tietz (Leonard) 7%s_1946
Toledo Edison bei
1962
Twin City Flap Tr 634s '52
Ulan Co deb as
1944
6s ad :damped
1944
Union Amer Inv be A.1948
Union Elea Lt & Power
5a aeries A
1954
Si series 13
1967
434s
1957
United Elec NJ 45____1949
United El Serv 7s x-w_1956
United Industrial 611s 1941
lot of 65
1945
United Lt & Pow 8a
1975
6145
1974
545
Apr 1 1969
Un Lt & Rya (Del) 8345 '52
United Lt & Rya(me)
650eriee A
1952
&leaden A
1973
US Rubber 65
1938
1938
64% serial notes
84% serial notes_1937
64% serial notee
1938
64% serial notes _ 1939
64% serial notes_1940
Utah Pow & LI as A 2022
434s
1944
Utica Gaa & F.lec 5s D_195t
50 Series E
1952
Week's Range
of Prices
1251 _
Sales
for
Week
Jab/ 1
1933 to
July31
1935
Low
High
$
Low
99% 1004 61,000 60
12
103 10314 25,000 66
105% 1064 13,000 87
1,000 51
102 102
39,000 55
85
93
63,000 49
9634 98
25
59.000 29
10634 107
6034 62 103,000 19
61
4,000 33
57
7,000
60
6116
78
10516 1054
1,000
404 4314
15,000
37
57
6034
97%
75
3714
61%
634
984
79
3,000
325,000
58,000
49,000
75,000
Range Since
Jan. 1 1935
Low
High
854 Jan 10034 Aug
134 Jan
24
Aug
9415 Jan 10414 July
10334 Jan 1063,4 Aug
834 Jan 103
July
67
Jan
93
Aug
7634 Jan
9834 July
32
Feb
404 Feb
1054 Jan 10734 Feb
4531 Jan
6415 Aug
4214 Apr 64
July
60
Aug
63
Aug
9434 Jan 10134 Aug
106
99
9234 104
9034 10516
9834 10814
4034
43
39
35
37
334
28
26
29
263-4
60
78
394
31
Apr
Apr
Mar
Jan
Aug
Jan
Aug
Jan
Mar
Jan
Mar
10834
10815
10734
116
76
42%
43
63
6434
9834
7915
Feb
Feb
Mar
July
Jan
July
Feb
Aug
Aug
July
Aug
514
25
89%
65
60
80
69
80
45
523-1
92
91
824 Jan 1024 July
6415 Aug
Feb
30
101% Apr 103
Feb
Feb
10014 Aug 102
Aug
994 Jan 103
9834 Jan 1034 Aug
Jan 104% Aug
98
984 Jan 105
Aug
Jan
8434 July
55
Jan
62
8834 July
104
May 1084 July
10435 Jan 1094 July
Valvollve 011 Is
1937 964 064
1,000 75
Yam= Water Pow 534.57 10215 10211
4,000 76
VaPublicSery 64s.1_1946
9234 9415 31,000 62
let ref Slier B
1950
90
9134 19,000 46
150
1918
84
86
12,000
45
Waldort-Astoria Corp7s with warrants
1954
434
Ward Baking 6s
1937 106
106
4,000 924
Wash Gas Light 5s
1958 1064 10615
2,000 76
Wash Sty & Elect 4a_1951
II 83
Warm Water Power 58_1960 1054 105% 11,000 75
West Penn Elec
_2030
90% 914 50,000 464
Wein Penn Traction 53.'60 10054 101% 27,000 60
58West Texas URI 68 A1957
78
803,4 66,000 41
West Newspaper Un es '44
29
30
20,000 21
"cat United 0& E 514s'55 105 10515 12,000 64
Westvaco Chlorine 5.165 '37
101
II heeling Elec Co I8.1041 107 107
3,000 100
Wt3c Elea Pow tie A__1954 10515 106% 9,000 97
Wlso-Minn Lt & Pow 5844 105 10535 51,000 61
\Viso Pow & Lt Ss E__1956
9814 9815 47,000 52
68 series F
1958
98
98%
6,000 51
Wise Pub Serv 65 A
1952 1054 105%
6,000 784
Yadkin RI, Pow 53
1941
6334
York Rya Co 5s
1937 103
1034 14,000 70
974 June
9014 Mar
9534 Jan 1034 June
994 July
Jan
73
95
July
6834 Jan
5615 Jae 8814 July
102
5834
102
100%
1024
10334
104
105
8134
88
1024 46,000
624 27,000
103
20,000
10015
1,000
103
6,000
103%
1,000
10415 12,000
2,000
105
7,000
8234
88
1,000
105% 106%
3,000
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Aug
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
10%
10634
10616
1054
106
9314
1024
824
50 14
10516
104
108
106%
10515
99
99
106
106
104
June
Aug
Aug
Slay
June
June
July
May
Feb
July
Jan
Slay
Mar
July
June
July
July
July
Aug
4.000
1914
21
21
Aug
26
Apr
21
Aug
214 Aug
38
344
354
34
Jail
Jan
Jan
Jan
13,000
24,000
3,000
2534
2734
714
54
Apr
Jan
59
715 Mat
66
70
11
8,000
2,000
2,000
30
22
884
61
July
34
Aug
30
9234 Slay
Apr
86
5516
49
984
933-4
Jan
Feb
Jan
Jan
4,000
16,000
22,000
4,000
15,000
364
24
2114
23
22
44
34
1234
5434
23
2215
30.4
21
6.14
514
15
104
915
524
4411
Aug
Aug
Aug
Jan
Aug
Mar
Mar
Aug
Aug
June
Jan
Jan
72
384
37
39
34
12
104
1711
1534
13
63
654
Feb
Feb
Feb
Feb
Feb
July
July
Jan
Jan
Feb
May
Apr
174
1811
1115
834
11.4
1115
12
Mar
APn
Apr
May
Aug
June
July
Aug
June
Jun
June
Mar
Jan
Jun
Ma
ms
24
2434
1315
94
1454
1415
1514
14
414
4%
b
414
5614
53%
1116
12
4
Jan
Jan
Jan
Jan
Fe
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Apr
June
Aug
July
5
10434
10054
99
964
834
84
63
21
91%
1004
10614
1044
94
7651
75
96/5
9514
904
FOREIGN GOVERNMENT
AND MUNICIPALITIES
Agricultural Mtge Ilk (Col)
20-year 70.....1934-194()
With coupon
20
-year 7s
1947
Baden 75
1951
24
2434
Buenos Alm (Province)
75 stamped
1952 58
60
734a stainped
1947 61
65
Cauca Valley 7s
1948
814
8%
Cent Bk of German State at
Prov Banks 6$ B.._1961 374 384
Cs series A
1952 30
324
Danish 614s
1955 9515 9515
as
1953
Danzig Port & Waterways
External 64a
1962 64
66
German Cons Muni° 71 '47
2534 2616
Secured 68
1947
25
2515
Hanover (City) 71
1939 3354 35
Hanover(Prov)6145_1949 24
2516
Lima (City) Peru 6115.._'58
Certificates of deposit
Maranno 78
1958
75 coupon off
1958
1214 124
Medellin Toner 1
,
1951
1034 1015
Mendoza 7341
1951
45 stamped
1951
50
5035
Mtge Ilk of Bogota 76_1947
Issue of May 1927
Iseue of Oct 1927
Mtge Bk of Chile(is___1931
124 1215
Mtge Bk cf Denmark 68'72 8714 88
Parana (State) 75____1958
1215 1216
Coupon off
Rio de Janeiro 64s...1959
Coupon Off
Russian Govt 611s___1919
114
114
634s certitleates____1911)
531s
1921
14
14
534 certificates __ _ -192!
,
134
15,4
Santa Fe 7a
1945 544 54%
7s Stamped
1945 46
4654
Santlag° 75
1949 114 114
7s
1081
18%
8,000
5,000
8,000
9%
264
234
20,000
30,000
3,000
1334
134
74
824
0
1134
1,000
10,000
11,000
2,000
6,000
3,000
134
115
114
134
13
514
634
10%
134
115
1%
134
46
44
94
10
June
June
Jan
_ ,
.
No par value. a Deferred delivery sales not Included in year's range. n Under
the rule sales not included In year's range. r Cash sales not included in year's
ange. z Ex-dividend.
e Cush sales not Included In weekly or yearly range are shown below:
. randadju.iedWer.lis u59, A g. 22 at 954.
Gri m l rurtk fost 4 r pu
p
'
us
22 Price adjusted for stock dividend.
Abbreviations Used Abore-"cod," certificates of deposit; "cons," consolidated;
"cum," cumulative; "cony," convertible; .in," mortgage; "n-v." non-voting stock.
"v t c," voting trust certificate.; "w 1," when Issued; "W w," with warrants; "x w,"
without warrants.
The National Securities Exchanges on which low prices since July I 1933 were
Apr
56
Feb
made (designated by superior figures In table8), are as follows:
May
51
Feb
New York Stock
, Cincinnati Stock
t
. Pittsburgh Stock
2
May 55
Aug
New York Curb
It Cleveland Stock
44
tt Richmond Stock
July
May
New York Produce
.. Colorado Springs Stock 24 St. Louis Stock
Jan 1034 July
New York Real Estate It Denver Stock
ta Salt Lake City Stock
Jan 104
Aug
Baltimore Stock
‘t Detroit Stock
n San Francisco Stock
Jan 10614 Aug
27 San Francisco Curb
Boston Stock
'. Los Angeles Stock
Aug 1049'a Jan
Buffalo Stock
ol Loa Angeles Curb
. San Francisco Mining
8
June 10815 Feb
California Stott
n Minneapolis-St. Paul
n Seattle Stock
Apr 10995 July
ze New Orleans Stock
Jan 1004 July
Chicago Stock
n Spokane Stock
11 Waahington(D.C.) Mock
Feb 854 July 1 Chicago Board of Trade 11 Philadelphia Stock
Aug 75.4 Feb . Chicigo Curt)
Financial Chronicle
1252
Aug. 24 1935
Other Stock Exchanges
July 1
Week's Range Sales 1933(0
of Prices
for July31
Week
1935
New York Real Estate Securities Exchange
Closing bid and asked Quotations, Friday, Aug. 23
Unlisted Bonds
Bat
Ask
BM
Ask
59
82
— Mortgage Bond (N Y) 532s
1934
(Bar 8)
___
Alden 68
1941
Allerton NY Corp 512s 1947
35
9
TIrierfield Apt Bldg ars__
Carnegie Plaza Apra
Bldg as
1937
Chrysler Bldg 68
1948
Dorset 138 Ms
1961
1612 20
5th Ave & 28th Bid 6320'45
6th Ave & 29th St Corp 6848
Unlisted Bonds (Concluded)
Park Place Dodge Corp—
With v t c
9
23..
68A 69'z 79 Madison Ave Bldg 5s '48
2912 — 2124-34 Bway Bides ctfs _ -2450 Bway Apt Hotel Bldg—
Certificates Of deposit
__
33
--52
Unlisted Moats—
City & Suburban Homes _
1211
1012
11
12
8
---
312
-
—
STEIN BROS.&,)BOYCE
Established 1853
6.S. Calvert 31'.
BALTIMORE, MD,
Hagerstown. Md.
39 Broadway
NEW YORK
York- Pa.
Louisville, Ky.
Low
High Shares Low
Stocks (Concluded) Par Low
Mass Utilities Atla0c etc _•
Feb
1
635
2
2
1
175 2034 2414 May
28
Mergenthaler Linotype • 27
,
362 75
New Eng Tel & TM . 100 110 112
8834 Ma
782
NY N Naven&Rartford100
634 832
234
234 Feb
103
Feb
55 83
Northern RR (N H)___100 10934 110
out roiony RR
108 58
5614 A ot
loo 6534 63
A
270
32 550
Old Dominion Co
25
14 Feb
1732 Mar
788 1736
Pennsylvania RR
50 2634 2932
P c Pocahontas Co--- •
155 10
18
19
19
July
A
25
34 Jan
A
32
346
Quincy Mining
8
30
Reece Button Hole Muhl() 143.2 1434
1334 Mar
1% Aug
2
2
116
40
Reece Fold Mach Co
10
Members New York,Baltimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange,Inc.
Baltimore Stock Exchange
Bbawmut Assn tr etas— _•
•
Stone h Webster. .
Suburban Elea Sec cam_ _•
_ •
rormagton uo .
Union Twist Drill Co__ __5
United Founders Corp_ __I
1
United Gas Corp
I)Shoe Mach Oorp --__ 2a
Preferred
100
Utah Apex Mining
6
Utah Meta; h r unnel
i
•
Waldorf System Inc
Warren Pro. rin
__ *
•
SD Warren Co corn
934
712
34
8234
1834
1
332
8114
3832
32
112
734
334
1134
Bonds—
East Mass St Ry—
Series A 4148
Series B 58
Series D 13s
Orders Executed on Baltimore Stock Exchange
Range Since
Jan. 1 1935
$3,000
62
62
65
653-2 21,000
600
7416 7436
1948
1948
1948
10
1034
A
84
20
13-4
434
8332
39%
32
134
734
432
1134
5%
720
2,062
214
12
15
157 35
18
936
32
861
1402
%
843 47
40 30%
300 6232c
1,672
60.
125
314
2i
876
432
20
3234
34
35
8
234
A
69
1234
32
134
70
3532
32
132
434
3•4
432
High
234 Aug
3234 Jan
112
Aug
832 Aug
Aug
112
72 June
550 June
2934 Aug
Jan
27
Feb
1
UM July
232 June
Feb
M r
Aug
Jan
Jan
mar
June
Jan
inn
July
July
Mar
Mar
Jan
4934 Jan
Mar
60
63
Jan
10
1034
A
93
20
232
434
35
4032
132
234
731
614
1132
Aug
Aug
Aug
July
May
Aug
Aug
JUIY
July
Jan
Jan
Jan
Jan
Aug
July
63
6834 July
7634 Aug
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
TVeek's Range
of Prices
Par Low
Stocks—
* 20
Arundel Corp
Atlantic Coast L (Conn)50 2834
* 16
Black & Decker corn
25 33
Preferred
Chen & PotTel of Baltpf100 11734
* 82
Consol Gas,E L & P
100 115
5% preferred
36
Davison Chemical Co_ _ _ _*
July 1
Sates 1933 to
July31
for
Week
1935
•
Range Since
Jan. 1 1935
Listed and Unlisted
Low
High Shares Low
High
1534 Mar 22 June
1,263 1134
2034
20
Mar 31
7 18
2816
Jan
1,255
434
17
734 Jan 1734 Aug
Aug
834 2334 Jan 34
120
3334
2 111
111
Apr 120
Mar
11734
229 4532 63
Aug
Jan 90
85
10432 Jan 116
111 91
Aug
116
32 July
9c
I
Mar
500
12
Eastern Sugar Assoc com_l
1
Preferred
20
Fidelity & Deposit
Fidelity h Guar Fire__ _10
Finance Co of Am classA.*
100
Houston 011 pref
Mfrs Finance corny t___25
25
lsr preferred
25
2d preferred
Md Cos Jr cony pf ser B.. _1
March& Miners Transp.25
Monon W Penn P S7%pf25
7
1334
81
3834
8
946
36
732
%
2
23
213.4
734
1334
84
39
8
1034
34
8
32
2
23
22
393
40
91
65
83
520
440
26
14
150
. 60
381
116
3%
1534
8
4
4
A
536
34
1
21
1234
634
11
4134
2234
612
5
36
5%
34
134
21
1534
July
July
Feb
Jan
Jan
Feb
July
May
June
Mar
Mar
Jan
9
1316
8a
40
SA
1034
132
9
134
254
28
2234
July
Aug
July
Aug
July
May
Apr
Jan
Jan
June
May
Aug
New Amsterdam Cas_ _5
Penne Wat ds Pow com___*
2
.17 S Fidelity & Guar
Western National Bank_20
932
75
1132
32
1034
75
1116
32
1,199
100
1,970
15
532
4134
234
24
6
Mar
53
Jan
536 Jan
28
Mar
1034
76
llg
3234
Aug
July
June
July
35
35 June
9932 Aug
132 Jan
45
Aug
9934 Aug
July
6
Bonds—
Ga Marble 1st 6s (flat) 1950
Read Drug & Chem 5%% *
WashB&A(Md)5%trctfs'41
$2,000
45
45
9936 9912 2,000
1,000
4% 43%
1%
Boston Stock Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 1933 to
of Prices
for
July31
1935
Week
High Shares Low
Par Low
Stocks—
194' 4
• 1134 12
American Cont Corp
Amer Pneumatic Serv Co—
175
A
I% 132
25
Common
100 13534 14134 3,707' 98%
Amer i ei & Tel
Bigelow-Sanford Carpet—
6 60
90
100 90
Preferred
242 88
lia. 116 119
Boeton & Albany
70 55
iloston Elevated
100 6934 70
Boston & Maine—
6
8
432
100
6
Common
575 1234
toy 2434 2532
Prior preferred
148
334
Class A lit pref stPd.100
731 8%
8
25
3
8
100
Class A 1st pref
30
10
9
534
CIB ist prefst pd_ _100
40
436
9
10
Class C ist pref stpd.100
12
10
632
Class D 1st pref stpd_100 12
10
834
Boston Personal Prop_ ___* 1334 1312
150
132
Brown & Durrell Co com_*
2
2
Calumet & Hoch
434 57,4
25
Conner Range
26
354 436
East Boston Co
•
134 132
East Gas & Fuel Men—
434
•
4
Common
6% cum prod
100 4832 53
6434
454% prior preferred 100 63
Eastern MaasSt Ry—
Common
A 800
100
let preferred
12
100 10
Preferred B
5
100
4
Adjustment
100
1% 212
Eastern SS Lines com___*
6
7
20 preferred
41
• 41
Economy Grocery Stores_. 1532 17
Edison Elea Ilium
100 15194 15336
Employer,'Group..
22
* 20
General Capital Corp__' 3276 3332
Gilchrist Co
*
432 432
'Rime Safety Reser.......• 17% 19
Hathaway Bakeries—
Preferred
* 28
28
Class B preferred
16
A
•
Helvetia Oil Co tr NM. —1 35c 35o
3% 432
Int Hydro El System clA25
A
A
Isle Royal Copper Co _ __25
7
7
Libby McNeil & Libby_ _10
Maine Central—
20
100 20
Preferred
For footnotes see page 1255.
1.173
1,435
20
234
3
36
62
762
226
300
640
220
186
170
15
23
526
1,699
220
30
462
Range Since
Jan. 1 1935
Low
7
Apr
High
12
Aug
A Mar
2
July
9832 Mar 141% Aug
82
May 96
July
88
Mar 12034 Jan
5854 Apr 7114 Aug
412
1214
33.2
3
4
432
6
July
Mar
Apr
Apr
Apr
June
Mar
an
13-4 July
2
3
1
6
2632
934
712
12
11
14
14
4
CHICAGO SECURITIES
Aug
Aug
Aug
3uly
July
Aug
July
Aug
Jan
Aug
Feb
Feb
55-1 Aug
416 Aug
3% July
2
3734
53
2
Mar
3714 Apr
5434 Mar
432 Jan
6312 Aug
683-4 July
34
432
1
95c
432
33
1432
9751
634
18
236
734
34
5
132
760
412
34
1434
9734
II%
2434
3
1234
May
1
Feb
Jan 12
Aug
Apr
5
Aug
July
212 Jan
Apr
734 Aug
Mar 45
Aug
Apr 2034 Jan
Feb 154% Aug
Jan 22
Aug
Mar 3354 Aug
Apr
432 Jan
Mar
1934 Aug
10 1054
32
300
A
100
846 I 134
30 30c
62 232
4%
8
10
1732
34
A
134
A
8
May
July
Mar
Mar
Mar
June
28
A
43e
454
80c
832
Aug
July
Apr
Aug
Jan
Apr
1131
Jan
21
Aug
Paul FLDavis &.(?co
Members:
New York Stock Exchange
Chicago Stock Exchange
New York Curb (Associate)
Chicago Curb Exchange
37 So. La Salle St., CHICAGO
.
Chicago Stock Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
July I
Week's Range Sales 193310
of Prices
for
July31
Week 1935
Par Low
Stocks—
Abbott Laboratories corn_ • 99
Adams(JD) Mfg cora_ _ _* 1834
Adams Royalty Co nom_ _*
53-4
Advanced AIUM Csatings_5
234
Allied Products Coro el A.• 2334
2636
Altorfer Bros
Amer Pub they Co prof _100 2234
Armour & Co coramon_b
4
3
Asbestos Mfg Co com__1
Associates Invest Co—
30
New
9
Automatic ProduCtseom _6
Backstay-Welt Co com__*
Bastian-Blessing Co com-•
Hearn Aviation oom___•
1
Berghoff Brewing Co
Borg Warner Corp oom_ 10
7% preferred
100
Brach & Sons(E J) nom_ _*
Brown Fence & IN ire cl A.•
Class 13
*
Bruce Co(E L) com
*
Hover Brothers
_ 10
Castle & Co(A M)com _ _10
Cent Cold Storage com _ _20
Cent 111 Pub Barr, tire!...'
Cent Ill Secur corn
1
Convertible preferred_.*
Cent Public ULU ctfs
1
Central 8 W—
1
Common
•
Prior lien pref
•
Preferred
Central States P & L pref *
a
Chain Belt Co corn
Cherry Burrell Corp coin.*
Chicago Corp common_ •
•
Preferred
Chia Flexible Shaft com...6
Chicago Mail Order com_ _5
Chic & N W Ry oom ... _ 100
•
Chic Rivet & Mach cap..
Chicago Yellow Cab Inc..*
•
Chita Service Co earn
Club Alum Uten coin...*
Coleman Lp & Stove com.•
Commonwealth Edison 100
Continental Steel
•
Common
100
Preferred
O
Cord Corp Cap Stock
26
Crane Co common
100
_100
Cudahy Packing pref _l00
1314
534
1734
432
45
10812
16
23
13
7.34
634
4032
II%
4512
34
1434
34
IA
37
16
10
29
34
312
3832
2714
3132
231
18
1034
234
A
23
80
High Shares Low
510 3434
10034
40
5
1834
5%
1.32
100
600
212
134
950
24
am
70 __
2636
720
25
3
1,100' 334
436
332 2.100
13.4
3516
932
1332
634
1912
432
4834
110
1634
24
1332
735
7
41
1 13-4
47
34
1412
A
3,950
3,400
20
550
9,100
1,900
3,150
60
100
100 r
350 r
150
2,050 8
700
100
1,060
400
650
80
High
Low
June
Jan 103
60
12
Mar 2212 May
634 May
334 May
July
3
134 Mar
12
Jan 2514 Aug
2634 Aug 2634 Aug
734 Jan 2734 July
612 Jan
334 Apr
314 Aug
136 Mar
2936 Aug
6
Jan
434 11
212
234
12
934
2
234
1132 2812
87
108
632
1334
ILIA
1436
4
536'
5
5
234
534
10
1734
412 1134
1334
1034
h
A
534
712
__
1(
N.
132 21.0008
3714
160
2
18
2
1.000
130
11
132
29
10 14
150
36
5
332 10 8
I
. 00
40
40
0 2034
650
7
2834
34
1,050
8%
250
132
3
19
250 a 432
250
11
93.6
212 17,750
32
500
31
32
100
23
5%
8534 1,200 3034
18
2012 3,650
50
102 106
432 434 19 75
. 0
15
1634 2,270
20
110 1112
10
105 105
6
Dayton Rubber Allg cam_•
35 18
Cumul al A pref
2%
Decker (Alf)& Cohn coral()
83-1
Dexter Co (The) corn_ _S
814
Preferred
Elea Household WU cap.5 16
Elgin Natl Watch Co_ __15 25
Fitz-Slm & Son(D&D)com* 16
EM
Gen Candy Corp cl A____5
434
Gen Household 1311 corn.'
Godchaux Sugar Ino—
* 2214
Class A
732
•
Class B
Goldblatt Bros Inc corn
' 2236
Great I aim D & D oom__• 2136
Hall Printing Co corn —10
532
2ii
Range Sines
Jan. 1 1935
w
1231
334
134
2132
1812
1
29
1394
1512
154
13
934
32
32
1734
47
3534 Aug
9% Aug
14
May
7
July
Mar 1934
412
Jan
Jan 50
May 113
1712
Jan
2634
Jan
Jar' 16
9
Apr
7%
Aug
Jan 42
Apr
1436
Jan 48
116
Jan
143-4
Feb
34
Aug
Jan
AUg
Aug
Apr
July
Mar
June
Aug
July
Aug
Jan
AUg
Jan
July
Aug
AUg
Aug
1%
39
1834
12
29
36
312
4034
2834
34
54
1932
12
2%
A
23
8534
Aug
Aug
Aug
Aug
Aug
June
Aug
Aug
Aug
Aug
Jan
July
July
Aug
Jan
Aug
AUg
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Jan
Mar
June
mar
may
Apr
may
Apr
Jan
5
40
2
5
32
90
6
70
2
7
83
105
Feb 21
Jan 106
434
Mar
1734
Mar
Jan 115
Aug 10634
Aug
Aug
Aug
July
July
Feb
May
May
Jan
Jan
Aug
Ain
Feb
Jan
Jan
Juue
7
19
234
914
854
1734
2534
1632
9%
732
Aug
Aug
June
Aug
Aug
Jan
Aug
Aug
Aug
Jan
7
19
212
836
854
1654
2534
1616
931
536
5,350
950
230
20
160
MOO
500
150
400
4.850
294
834
A
354
_—
6
634
834
3
232
231
836
1
414
-, 816
12
1494
816
514
234
2536
8
2234
2334
6
250
160
1.050
1,200
250
10
332
834
1234
334
1514 Jan
094 Jan
1734 Jan
Mar
17
4
May
2834 May
1114 May
2334 July
244 July
734 Jan
Financial Chronicle
Volume 141
Week's Range
of Prices
July 1
Sales 193310
July31
for
1935
Week
Stocks (Concluded) Par Low
High Shares Low
Harnischfeger Corp corn _10
130
9
455
9
7
74 1,750
Heileman Brew CoO cap_l
655
Hormel & Co (Geo) corn A* 38
100 16
184
Roudaille-Hernney Cl B_ • 1755 1955 11,650
214
Illinois Brick Co
25
50
54 5%
355
100 96
Ill North Util pref
10 4255
96
z 7
Interstate Power $7 pref..' 24
170
25
$6 preferred
40
* 20
5
20
Iron Fireman Mfg v he _ • 224 22%
400
3%
Jefferson Electric Co corn_* 27
250
9
28
Kalamazoo Stove
Common
• 35% 3631
570 07
1 36(4 374
Katz Drug Co COM
700 19
Kellogg Switchbd com__10
300
655 8
100 4455 52
Preferred
90 17
Ken-Rad T & Lamp com A•
64 735 3,60
1(4
50 35
37
210
KY Util jr cum pre
100 724 73
6% preferred
7
72%
Keystone SU & Wire corn.
750
• 43% 44%
7%
Preferred
100 103 104
13
65
Kingsbury Brew Co cap_.1
30
Kuppenheimer cl B corn.
.5 12A 1255
5
5
Leath & CoCumul preferred
3
* 1155 1155
Libby McNeil& Libby _10
6% 7% 3,70 • 231
Lincoln Prtg Co
Common
•
200
315 354
4
_10
Lindsay Light com
455 455
400
2
Loudon Packing
•
New cons
1,100
734 7%
Lynch Corp corn
250 15
5 3855 39%
McCord Rad & Mfg A • 22
850
2451
2
McGraw Electric com
1,400
5 23
25
39S
McQuay-Norris Mfg corn -• 60
130 24 39
6055
MoWilIlaInS Dredging Co-• 40
250 124
40%
Manhatt-Dcarborn corn_ -•
1
1%
200
Marshall Field common_ •
9% 10% 4,200
A
34 5
Mer & Mfrs Sec el A corn_ 1
4,85
%
Prior preferred
500 20
* 224 22%
Slickeberry's Food Prod
Common
135
1
65
134
Middle West Utilities
•
Common
12,15
34
•
$6 cony pref A
194 2% 3,05
Midland United Co corn,..•
Si
5' 5.15
Convertible preferred_ ..*
250
1
1
34
Midland Utilprior lien
100
6%
220
if
34
99
7% preferred A
100
50
1,94
294
7% prior lien
100
790
Si
194
34
6% preferred A
80
114
,
34
12%
Miller & Hart cony pref __•
455
455
20
Stodine Mfg corn
• 26
250
7
26
Mozirin Chemical
•
Common
280
2
755
7
Preferred
190 2035
50
51
National Battery Co pref _* 26% 264
60 19
Natl Flee Pow 7% pref_100
380
15
135
34
Class A
4
51 2,820
Natl Gypsum el A corn. _5 184 2155 5,200
National Leather corn,.,10
1,350
1
Si
Nat Rep Inv 'Fr cony pre(•
120
394
454
National Standard corn • 33
450 17
36%
NoblItt-Sparke Ind com • 2055 21%
1,850 10
•
North Amer Car corn
2,500
3
355
1%
Northwest Bancorp cons_•
60
234
6%
5
Northwest Fag Co com * 1135 1135
10
3
North West Util 7% p1100
20
7
854
Oshkosh Overall corn
•
Penn Gas & Elec corn
Perfect Circle (The) Co •
Pines Winterfront com
b
Potter Co(The) nom
•
•
Prima Co common
Public Service of Nor 111Common
•
Common
60
6% preferred
100
7% preferred
10(
Quaker Oats Co
Common
Preferred
100
Reliance Internet A corn.*
Reliance Mfg Co com _ _10
Ryerson & Sons Inc corn __•
Sangamo Ilect,le Co
Sears-Roebuck & Co corn.*
Signed° Steel Strap pref _30
Common
•
Sivyer Steel Castings corn*
Sweat Gad & (21 7% p1100
Southwest Lt & Pr pref._*
Standard Dredge
Common
•
Convertible preferred..'
Storkline Fur cony pref_ 25
Sutherland Paper Co corn10
Swift International
15
Swift & Co
25
•
The Fair
Thompson (J R) coin_ 25
Utah Radio Product cons.*
•
lint& Ind Corp corn
•
Convertible pref
Vortex Cup Go
Common
•
Cia.ss A
•
Wahl Co corn
"
Walgreen Co common._ •
Stock purchase warrants
Ward (Montgom)& Co A •
Waukesha Motor Co cam •
Wieboldt StorMs Inc com•
Williams-011-0-Matie corn*
Wisconsinliankshares corn'
Zenith Radio Corp corn.,'
•
Bonds
Chicago City Ily 5s ctfs'27
La Salle Street B 550_1958
Pure 011435s(w w)___195
614 7%
1655 1755
3755 38
14 194
355
215 3
36
37
103
110
38
37%
103%
110
133 133%
145 145
14 1%
134 14
47
50
24
24
57% 59
3555 36
8
855
1755 18
93
95
46
46
2
255
8
851
6
6
18
19
3014 32%
154 1655
9% 0(4
64 735
235 3
13-4
3% 451
184
35
2
3055
54
13735
7715
16%
5
2%
455
800
1,20
15
30
150
900
Range Since
Jan. 1 1935
Low
May
6
655 July
July
10
5(4634 Mar
Mar
Jan
(SO
855 Jan
Feb
5
134 Feb
184 Jan
3
21
1
134
1534
33
34
174
3
6
724
22
85
34
10
IVeek's Range
of Prices
If ttih
94 Aug
854 July
1935 Mar
194 Aug
755 Jan
9655 Aug
Aug
25
Aug
20
July
23
23
Aug
Jae 37
Mar 404
8
Jan
Apr 52
755
Jan
Jan 34
Aug 75
Mar 4415
Jan 1(51
255
July
14
May
Aug
May
Aug
Aug
July
Aug
Aug
Aug
Aug
Jan
Jan
Feb
Ma
Aug
12
899 Apr
Jan
1
355 Ma
415 July
.5
July
6
5
735
26
9
13 A
51
22(4
31
894
1%
20
Aug84
Mar 919i
Mar 25
Jan 25
Mar 60%
Jan 41
Apr
155
Mar 11%
5
Jan
July 2235
%Apr
Aug
July
Aug
Aug
Aug
Aug
Jan
Jan
Aug
Aug
24 Aug
55
4
55
34
Jan
Mar
Jan
Apr
34
24
55
14
Aug
Aug
Aug
Aug
3-4
55
34
3.4
1%
16
Apr
Ma
Apr
Mar
Jun
Jan
1%
24
24
155
44
26
Aug
Aug
Aug
Aug
Jan
Aug
635
42%
22
A
35
8
34
14
26%
134
255
394
514
1%
Jan
Jan
Jan
Fe
Au
Mar
Ma
Fe
Mar
Feb
Mar
Jan
Jan
Jan
93§
51
264
155
Feb
Aug
July
Aug
Aug
Aug
Jan
Aug
Aug
Aug
Jan
July
July
Aug
494 May
Mar
Feb
31
94 Jan
151 June
July
2
2155
1(4
434
37
2134
33j
14%
10
15(4
16%
614
7391
Jan 42
Jai
4055
-flu 105
Jan 115
140 106
10 111
50 z
1,550
9
3,250 11
4
100
200 30
20
6%
110
115
20
354
90 39 4
30 14
28
33
1%
9%
20
8
33
11%
14
5
544
254
Jan 135% July
July
Fe
148
Fe
14 Aug
144 July
Fe
50
Aug
Ja
Jar
24
Aug
59
Ma
Aug
Jan 3794 Aug
Aug
Jan
12
Aug
Mar 18
Jan 954 Aug
Aug
Jan 46
300
1,250
100
1,550
2,700
2,900•
100
700
2,950
1,800
1,050
55
34
315
10
3055
14%
955
5;5
4
%
35
Mar
Mat
Jai
Jan
Au
Man
Aug
Mar
Mar
Mar
Mar
1,000
1934
300
35
1,300
2%
700
32
100
4
230
139
50
78
100
1655
5.650
651
2%
700
555 23,250
$1,000
75
75
1,000
29% 294
95
4,000
95
1%
3
54
19%
11
_
4%
34
36
34
15
5%
24
31
ti
1
264
15
Si
3.4
127
56
21
30
11
9%
2%
25(
2
134
155
1A
36
355
94
64
194
36
1994
03-4
74
3
14
435
Aug
Aug
July
July
Aug
July
July
Aug
Fen
Jan
Aug
Aug
Aug
Aug
Aug
Jan 20
Aug
Jan 3531 June
Apr
255 Aug
June 324 Aug
July
14 Jan
Jan 143% May
Jan 92
June
Feb
1755 July
Max
655 Aug
June
3% Feb
Mn
6%. Aug
02
Jan
29% Aug
95
Au
75
Aug
2955 Aug
994 Aug
Los Angeles Stock Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Week's Range
of l'rices
July 1
Sales 1933 to
July31
for
1Vrelc 1935
StocksPar Low
High Shares Low
Wway Dept St 1st pref _100 8434 85
125 42
Buckeye Union 011
1
3c
7c
7c 1,000
V tc
1
7c
7c 2,000
60
l'ref v t c
I5c
120 14c 7,500
For footnotes see page 1255.
July 1
Sales 1933 to
July31
for
Week
1935
Stocks (Concluded) Par Low
High Shares Low
Byron Jackson Co
200 t• 334
1334 134
Central Investment_ _ _ _100 13
45
1
14
Chapman's Ice Cream_ _ -*
14 2
1
500
Chrysler Corp
5 6055 6054
200' 264
Citizens Nat Tr & S Bk_ _20 30
350 18
3154
Claude Neon Mee Prod_ _ _* 1035 1035
1,300
74
Consolidated Oil Corp_ _ _ _*
500 1 64
94 94
Consolidated Steel
135 2
2,400
•
90c
Preferred
455
500
9
10
Douglas Aircraft Inc
700' 114
303-4 3135
Ernsco Der & Equip Co_ _5 14
24
15
600
Exeter Oil Co A
1
120 12c 1,000
12c
Farmers & Mer Nat Bk 100 395 397
40 275
Gladding Mel3ean & Co..*
435
100
935 94
Globe Or & Mill Co
655
800
25
6
5
0
-year T & It (Akron)
100 I 1555
* 204 2055
Hancock Oil A corn
1,400
6
• 15% 16
flintier Airpl & Motor._ _ _1
460 50c 2,000 1 10c
Lincoln Petroleum
1
20c
320 35e 4,900
Lockheed Aircraft Corp..!
7,100
355
90c
334
LA Industries Inc
2
155
50c
135 6,200
LA Gas & Mee 6% pref100 10535 106
208 734
LA Investment Co
10
5
155
5
200
Mills Alloys Inc A
•
3
50e
3
230
Nordon Corp
5
18c
6c
18e 3,000
Pacific Clay Products__ _ _•
54 64
300
255
Pacific Finance Corp__ _ _10 2055 214 3,200
655
Preferred A
10 14
14
9
200
Preferred C
10 1134 1134
100
634
Pacific Oats & Elec Co_ _ _25 27
28
800 I 1255
6% 1st pref
1002 1834
25 2755 2734
534% 1st pref
25 254 254
200 26 1635
Pacific Indemnity Co_ ..l0 19
19
7.4
100
Pacific Lighting Corp _ _• 424 443-4
500 1 19
Preferred
101 101
52 26 664
Pacific Public Service__ _ _*
55
355
400
33-4
Pacific Western 011
1035 11
800 1 5
Republic Petroleum Co.10
355 356 4,600
155
Samson Corp 6% pref _ _10
255
255
255
500
SJ L & P 7% pr pref___100 110 110
4 26 6755
Sec-First Nat Bank
20 463.5 4835
1,800 25
Security Co Units
• 304 31%
151
13
Shell Union Oil Corp
1055 1035
100' 555
Signal Oil& Gas A corn.. _*
8
84
700
14
So Calif Edison Co
25 2034 2134 6,300 I 104
Original pref
25 35
384
367 26
7% preferred
25 27(4 2855
1,300 1855
6% preferred
25 25
263-4 2,200 1 1555
25 2355 254
1,500 1454
5(4% preferred
Southern Pacific Co____100 1834 214 2,700' 124
Standard Oil of Calif
34
3455
600 2655
Taylor Stilling Corp
19
19
200
F3
Transmerica Corp
74 8
11,700
4%
Union Oil of Calif
25 184 19% 3,300' 114
Universal Cons Oil Co_.,10
1,80027 1.20
4 6%
Weber Showcase & Fix pf *
53-1
90
53.4
3(4
Wellington Oil Co
900 90c 1,700
50c
Aug
174 Aug
39% Apr
2% July
4
Aug
Apr
93<4
9
28
38
350
150
140
130
1253
Range Since
Jan. 1 1935
Low
High
60
Jan 87
July
70 Aug
250 Feb
6c Aug
240 Feb
180 Aug 5755c Feb
Mining
Alaska Juneau Gold_ __ _10
Black Mammoth Cons_ 10c
Calumet Mines Co
10c
Imperial Development_25c
Torn Reed Gold Mines_ _ _1
Zenda Gold Mining
1
Range Since
Jan. 1 1933
Low
High
71.1 Jan 134 Aug
Aug
64 Star 14
355 Feb
155 Aug
314 Mar 6155 Aug
Aug
194 Apr 33
1155 Mar
July
10
655 Mar 104 May
255 May
1.10 Feb
May
454 Mar 10
1935 Mar 3035 Aug
Aug
15
Jan
7
18e Apr
120 Aug
Jan 399 June
340
455 Mar 1055 July
734 Mar
555 July
Jan
1655 Mar 26
996 Jan 224 May
38c Jan 67540 Feb
80c Feb
28c July
394 July
1.10 Jan
155 July
60c Feb
Jan 10755 Aug
81
5
Aug
Aug
5
534 Feb
24 July
150 July
7c June
655 Aug
255 Jan
935 Jan 2055 Aug
Aug
14
1074 Jan
1155 Aug
Jan
9
1334 Feb284 Aug
204 Feb2734 July
1855 Feb254 July
164 June
84 Jan
20% Mar 4434 Aug
Jan 102 June
72
335 Aug
14 May
Aug
735 Jan 11
Jan
21
Aug 45
254 Jan
3 June
Jan 1094 July
88
Apr 4955 Aug
33
15% Mar 31% Aug
54 Mar 1155 May
July
555 Mar 15
1055 Ma
20% Aug
29
Feb 294 Jan
20% Jan
2834 Aug
17% Jan 254 Aug
1655 Jan 24% Aug
1335 Ma
214 Aug
28.4 Mar 3855 May
Aug
11
Jan
19
8
Aug
44 Star
15
Jan 2034 May
2
Jan
83-4 May
July
July
5
5
1.00 July
55c Slay
100 1 1555
1534 1534
9c
Ile 6,000
7c
60
6c 1,000
3c
lc
lc 20,000 135c
45c 45e
1,000
25e
655c 635c 2,000
6c
Unlisted
American Tel & Tel___100 136 141%
Bethlehem Steel
374 3755
Cities Service
24 3
General Electric
324 3255
General Motors
10 42N 43%
Montgomery Ward
344 3555
Packard Motor Car Co_ •
435 455
Radio Corp of America
*
7
74
Tide Water Assoc Oil _ _ _ _* 1015 1015
Warner Bros Pictures _ _ 5
53.4 5 15
635 98%
100 2155
2,60
100 6 16
1,000 2222%
600 1514
100
2%
500 1 4
100 26 735
901) t 214
15%
7c
3c
lc
35e
50
Au
194 Jan
Jun
17c Jan
July 13Me Jan
4c Jan
Aug
July
51c Jan
Aug
22c Jan
9955
234
31
214
27
22
3%
455
855
255
Mar 141% Aug
Mar 3655 July
Mar
2% Aug
Mar 3255 Aug
Ma
45
Aug
Mar 3655 Aug
Ma
535 Jan
74 Aug
AP
Apr
11
May
Ma
5% Aug
OHIO SECURITIES
Listed and Unlisted
GILLIS WOOD & CO.
Members Cleveland Stock Exchange
Union Trust Bldg.
-Cherry 5050
CLEVELAND, - - - OHIO
Cleveland Stock Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
lVeek's Range
of Prices
JuLy 1
Sales 11)3310
for
July31
1935
Week
Range Since
Jan. 1 1935
StocksPar Low
Low
High
High Shares Low
Allen Industries Inc
• 284 2951
83-4Jan 2034 Aug
265
2
Preferred
• 3955 3954
Feb
Apr 45
58 1735 3
Apex Electric Mfg
Jan
240
*
755 May
351
4
6
656
City Ice at Fuel
• 1834 19
64 July
877 1455
13
Cleve-Cliffs Iron pref....' 30
243134 SlayA ue
31
200 15
6% preferred
100 1124 1124
75 994 11035 Jar 115% July
Cleveland fly ctfs of deD100 6515 66
Aug
Apr 66
78 3455 50
Cliffs Corp v t c
418
• 134 144
144 Aug
5
Apr
5
Corrigan McKinney vot _ _1
Mar 19% Aug
19
194
623
8
8
Non-voting
1
19
19% Aug
194
566
8%
83-4 Mar
Edwards(Wm)6% pref100 48
4955
July
Jan 52
367 14% 21
Faultless Rubber
Jan 34 June
• 33
33
30
65 21
Gen T & R 6% pref A _ _100 91
91
Mar
Aug 97
15 56% 91
Interlake Steamship
• 27
53 20
284 Jan
28
2054 Ma
Jaeger Machine
171
*
94 10
1
434 Jan 10% July
Kelley Island Lim & Tras_• 17
95
Aug
11
17%
Jan
6%
McKee(A G) class B_.....* 13
130
5
13
9
Jar
17X July
4
Medusa Portland Cem
10
* 1655 16%
12
Jar
17 June
6
Murray Ohio Mfg
• 1694 164
30
255
Mar
Aug
3
Myers(F E) & Bra
• 3655 384
50 134 30
Jan 3854 Aug
National Refining
593
25
74 Apr
24 Ma
334 44
2%
National Tile
875
494 Pi
•
1
Mar
555 Aug
1
National Tool
2,446
50
2
251
251 Aug
Nestle LeMur elm el A. _•
.
255 234
392
Jan
Nineteen Hund Corp el A.
2955 29%
70 21
At,
2355 j
2 i5.4 Jan 17 51 Aagt
uunn
315429
5
Ohio Brass B
31%
311
* 30
10
19
Jan
6% cum preferred_ _ _100 103% 104
125 43
July
96
Mar 105
Richman Bros
5455
711 38
* 53
46
May 55
3 June
Selberling Rubber
•
30
135
1
Jail
155
1
June
S M A Corp
1
1255 13
98
14
June
a'
9
Jan
831
Truscon Steel 7% pref _100 65
68
297 25
25
Apr 68
Aug
Vlchek Tool
•
100
54 555
1
2
Feb
54 Aug
Weinberger Drug toe. _ _• 154 1655
.
564
7
1254 Jan 16% Aug
1254
Financial Chronicle
Aug. 24 1935
July I
Week's Range Sales 193310
for
July31
of Prices
Week 1935
BALLINGER ak CO.
High Shams Low
Stocks (Concluded) Par Low
250 2 13
Armstrong Cork Co com_* 29% 30
845
12% 15%
6
Blaw-Knox
4
451 8,645
90c
Carnegie Metals
1
150 • 3
Clark (D L) Candy Co.._*
534 554
Columbia Gas & Elec Co.* 11% 13% 3,477 I 334
5
75
4
Crandall Mck & Hend Co.*
5
10
14
8
Devonian Oil
10 14
364 3 1
Duquesne Brewing tom_ 5
7% 7)4
.
202
445
Class A
5
855 8%
Members Cincinnati Stock Mebane.)
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System-First Boston Corporation
Cincinnati Stock Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Week's Range
of Prices
July 1 •
Sales 1933 to
July31
for
1935
Week
Range Since
Jan. 1 1935
Low
StocksPar Low
High Shares Low
5% July
Aluminum Industries _ _ _ .55
654 7
240
534
Amer Laundry Mach_.20 1855 1834
_20
554 2 lox
1234 Mar
8 May
Amer Products pref
30
4
* 10
10
154 Aug
Burger
100
2
*
3
3
Champ Fibre pref
2 7851 10034 Apr
100 110% 11051
255 Jan
Churngold Corp
503
1
•
614 7%
9
1% Aug
134
Cinti Ball Crank pref__ *
154 154
7231 Jan
Cinti Gas & Elec
476 62
loco 99 loo
76
245 Apr
Cincinnati Street Ry _ _ _50
4% 444
234
108 6054 6234 Jan
Cincinnati Telephone_ _ _50 90
91
94 1634 21
Feb
Cinti Stock Yards
* 2651 2634
9
20
Aug
Cohen (Dan) Co
20%
115
* 20
551 July
37
2
Dow Drug
*
651 651
351
445
Eagle Picher
20
551 555
33-4 May
954 Mar
Formica
• 1255 12%
10
8
* 2854 2834
741
1641 Jan
25
Gibson Art
65
Apr
100 90
91
29 50
Kahn 1st pret
100
Feb
Little Miami Guar
5 75
50 105 105
8
Apr
Lunkenheimer
• 1231 1251
7
8
54 Jan
54
Magnavox Ltd
•
151
145
134
53
24 3334 4331 Jan
Procter & Gamble
* 53
5 101
114 • Jan
5% preferred
100 119 119
58 14% 29% Jan
10 35
Li S Playing Card
36
3
Jan
151
2
*
4
5
IJ S Printing com
en
on
on
IA
AS.,
2,1
inn
•,......----.
Li4
...04
High
854 Jan
1834 Aug
10
Aug
4
Apr
11051 Aug
7% Aug
251 Jan
100
July
451 July
Aug
91
May
28
23
Feb
9
Jan
634 May
14% May
29% Aug
92
Aug
105
Aug
12v, Aug
134 Aug
5334 July
120
July
39
May
734 May
OM
Range Since
Jan. 1 1935
Low
Mar
17
9% Mar
1% Jan
Mar
3% Mar
4% Jan
10% Jan
3% Jan
555 Jan
High
30
Aug
1555 Aug
434 Aug
534 Aug
1354 Aug
5
Aug
1454 June
Apr
8
8% Apr
Jan
Apr
Aug
Mar
Mar
Mar
Jan
July
Jan
3
15
254
2454
96
851
35
5%
2
Mar
July
Jan
Aug
July
Aug
July
Aug
Jan
Electric Products
Follansbee Bros pref__100
Fort Pittsburgh Brewing..1
Harb-Walker Refrac corn *
Koppers Gas & Coke 91100
Lone Star Gas
Mesta Machine Co
5
Mountain Fuel Supply __
Nat'l Fireproofing pref_100
254
11
1%
23
9555
7%
3055
555
1
234
13%
154
2434
96
851
34
551
1
18
240
1,150
370
35
5,454
1,935
2,673
235
2
5
156
,
12
54
834
4%
1
2
8
134
1644
73
455
2454
455
1
Pittsburgh Brewing pref_•
Pittsburgh Forging Co_ 1
Pittsburgh Plate Glass. 25
Pittsburgh Screw & Bolt.*
Pittsburgh Steel Foundry *
Plymouth Oil Co
5
Renner Co
1
Ruud Mfg Co
5
20%
5
78
654
154
934
154
1354
2055
555
80
7
151
1051
155
1314
150
965
55
1,060
12
154
200
10
15
2
3051
455
1)4
634
1
7
15
234
47%
5%
1%
9
1%
7
Mar
Mar
Apr
Mar
June
May
Feb
Feb
2551
555
81
8%
4
1154
155
1434
Apr
Aug
Aug
Jan
Feb
May
Apr
Aug
Shamrock 011 & Gas
•
*
Standard Steel Spring
United Engine & Foundry..
1
VictorBrewing Co
Westinghouse Air Brake_*
Westingh Flee & Mfg_ _50
155
13%
23
75c 85c
26% 26%
62% 6654
300
75c
80
8
1,383 1854
1,338 3
36
240 1551
111 27%
750
9
1844
750
18%
32%
Jan
Feb
July
Aug
Mar
Mar
3
14%
24
155
27%
67%
July
Jan
July
Jan
Aug
Aug
Unlisted
Lone Star Gas 634% p1100 105 105
Penroad Corp v t c
2% 2%
•
10 74%
189 2 1%
1%
13
2134
Bonds
Pittsburgh Brew 68_1949 10554 105% 81,000
43(
86
July
Jan 107
90
2% Aug
134 Apr
102% Apr 10554 Aug
T..
....
Established 1874
WATLING,LERCHEN ak HAYES
Members
New York Curb (Associate)
New York Stock Exchange
Detroit Stock Exchange
Buhl Building
DETROIT
DeHaven •St Townsend
Members
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
1415 Walnut Street
30 Broad Street
Telephone- Randolph 5530
Philadelphia Stock Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Detroit Stock Exchange
1July 1
Week's Range Sales 1933 to
of Prices
for
July31
Week
1935
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Week's Range Sales
of Prices
for
Week
StocksPar Low
154
Auto City Brew corn__*
Baldwin Rubber A
• 21)4
Bower Roller Bear com 5 29
Briggs Mfg corn
• 42
Burroughs Adding Mach_* 18
5 58%
Chrysler Corp corn
Consolidated Paper corn 10 22
Diesel-'w emm-GII corn_ -10 10%
2
Det & Cleve Nay com_ _10
Detroit Edison com_ _ _100 93
751
Detroit Gray Iron cora...5
145
Detroit Mich Stove corn.!
Detroit Paper Prod com • 15%
5 14
Eureka Vacuum
-0 Air corn
3 1354
Ex-Cell
5%
Federal Mogul corn
•
Fed Motor Truck cora-_•
634
2%
•
Fed Screw Works com
General Motors com- _ _ _10 42
4
1
Goebel Brew corn
151
Graham-Paige Mtrs com _1
431
Hall Lamp corn
•
Hoover Steel Ball corn_ _10
551
Houdaille-Hershey B
* 17%
945
•
Hudson Motor Car
Lakey Fdry & Mach cem_l
174
•
McAleer Mfg corn
2)4
Mich Steel Tube com
• 18
%
Michigan Sugar com
*
3
*
Midwest Abr
* 38%
Motor Prod corn
Murray Corp corn
10 13%
451
Packard Motors com____•
Parke-Davis & Co
• 46%
Parker Rust
-Proof com-* 5654
Pfeiffer Brew corn
* 12%
tee Motor Car corn_ _S
3
_ _5
lickel (H W)
2
334
liver Raisin Paper
334
•
5cotteri-Dillon corn
10 25
-A
3quare D
• 35
ltearns corn
• 1134
851
riniken-Detrolt com---10
155
fivoll Brewing corn
1
7
Cruscon Steel corn
10
Jolted Shirt Dist corn_ _*
43-4
351
J S Radiator corn
•
6
Jniversal Cooler A
•
B
134
•
Ilia
Varner Air Corp
1
Volverine Brewing com 1
%
vAlvprinA 'nib. onm
• 14
July 1
1933 to
July31
1935
High Shares Low
145
1% 2,700
654
1,226
23
2,257
31
641
877' 654
44
806' 10%
18%
6044 1.606' 26%
654
950
2351
455
400
10%
144
100
2
329 1 55
9454
2
9% 7,108
51
5,525
2
351
610
1651
385' 6%
1455
254
517
15
3
985
6
234
350
641
300 1 1
3
3,584 22 22%
43
341
454 6,924
1%
1,448
2
3
455 1,194
534
1
10
0
234
1934 3,027
645
1034 3.187
51
234 1.850°
100
254
134
3
870
1934
54
4,125
1
254
354 2,907
440 1534
3834
3%
3,687
1334
434 2,970°' 2%
738° 1934
47
155° 36
57
12% 5,025" 2
2
580
3
241
354 2,650
1
970
4
520 17%
2554
250'° 3
35
434
357
1134
3
951 2,810
151
2,421
2
1,239' 354
751
34
454 1,565
151
300
351
134
105
6
554
134 2,715
54
y, 1,700
%
900
34
Inn 4
14
Range Since
Jan. 1 1935
Low
High
2
Jan
154 Mar
63-4 Mar 24% Aug
Aug
16
Mar 31
25
Feb 4434 Aug
Apr 18% Aug
14
Mar 62% Aug
31
1254 Jan 24% Aug
851 Feb 11
Aug
254 Apr
154 Mar
65
Mar 9454 Aug
934 Aug
334 Apr
Aug
2
51 Apr
9% Jan 1751 Aug
1034 Mar 1455 Aug
Aug
555 Feb 15
3% Mar
634 July
751 July
33-4 Mar
434 Jan
254 June
26% Mar 45
Aug
4% July
351 June
33-4 Jan
141 June
6 . Jan
354 June
6% Aug
355 Feb
655 Mar 19% Aug
655 Mar 12% Jan
2% Aug
51 Aug
Jan
4
134 June
Jan 1934 Aug
3
144 Ma:,
% Apr
4)4 July
Aug
3
1734 Mar 3834 Aug
Mar 1454 Aug
5
354 Apr
574 Jan
July
Jan 47
33
July
53
Aug 69
774 May 1344 Aug
455 May
234 Mar
351 Apr
234 Feb
451 Aug
255 Jan
20% Jan 2651 June
21
Jan 35
Aug
July
774 Mar 12
451 Mar
934 Aug
251 May
134 May
73-4 Aug
353 Mar
5
Aug
23-4 July
2
334 Aug
Mar
63-4 Aug
354 Feb
155 Aug
Apr
1
134 Jan
54 July
144 May
S Aug
12
Aug 1534 Aug
Range Since
Jan. 1 1935
High Shares Low
StocksPar Low
High
Low
American Stores
. 365i 3934 1,190 3334 33
Apr 4234 Jan
115 10951 11434 Apr 121
Bell Tel Co of Pa pref__100 11834 11934
Aug
554 634 3,913
3
*
Budd (E G) Mfg Co
354 Mar
651 Aug
247' 16
100 4134 4531
Preferred
23
Mar 45% Aug
1,894' 2
*
Budd Wheel Co
63-4 Aug
254 Mar
534 6%
608 3334 40% May 5345 Aug
Elee Storage Battery.._.100 4574 4751
80 68
Horn&IJardart(Phila)com• 98 100
8155 Feb 10051 May
15° 1534 21
25
Horn & Hardart(NY)corn* 25
Jan 2551 Aug
755 8% 1,761
554
Lehigh Coal & Navigation•
531 May
831 Aug
319' 5
951 1034
Lehigh Valley
50
53S May 1136 Jan
%
%
Mitten Bank Sec Corp-25
13-4
1
Preferred
25
231 234
*
Pennroad Corp v to
50 2634 293-6
Pennsylvania RR
Penne Salt Mfg
50 101% 10251
Phila Elee of Pa 35 pref___* 112% 11234
Pink% Electric Pr pref_ 25 3334 3431
2355
• 23
Phila Insulated Wire
434 455
Phila Rap Transit 7% p150
254 255
Phila & Read Coal & Iron.*
Philadelphia Tractlon___50 1234 1251
270
886
7.948°
3,045
532
107
583
15
281'
655'
15
54
,
134
% Apr
% Aug
55
134
151
I% Mar
234
1731
1731 Mar 2934
4234 70
Mar 104
90
10334 Jan 11355
2934 3134 May 3444
19% 1934 Feb 2536
3
351 Mar
655
131
434
134 June
1251 1234 Mar 225S
10 17%
Tacony-Palmyra Bridge_.• 2534 2554
200
Ile
Si
%
Tonopah-Belmont Devel_ 1
420
336 434
50
Union Traction
33-4
United Gas Impt corn...* 1636 1854 15,562' 9%
* 10555 10654
154' 8255
Preferred
12
• 12
50
Westmoreland Inc
654
50
454
6% 654
•
Westmoreland Coal
Bonds
Cleo & Peoples tr ctfs 48'45 1354
Phila. Elec(Pa) lst s 14s'66 103
1966 11234
1st 5s
oh.. ol.,... 72v On X 1.20 1079 vintr
1854
1,5
334
931
8751
63-4
65,5
Feb
Jan
Aug
Aug
Aug
July
July
May
Jan
Jan
Jan
Apr 26
Aug
Feb
°is May
Mar
674 Jan
Feb
183-4 Aug
Feb 10745 July
Aug
Feb 12
July
934 Feb
1374 514,000 12
Jan
12
May 21
200 100
103
103
Aug 1063-4 Feb
11255 1,000 104% 11054 May 1133-4 Feb
2... ,,n,, 20*
1 win 2 inn ins
11014
ST. LOUIS MARKETS
I. M.SIMON & CO.
Business Established 1874
Enquiries Invited on all
Mid-Western and Southern Securities
MEMBERS
New York Curb (Associate)
New York Stock Exchange
Chicago Board of Trade
St. Louis Stock Exchange
316 North Fourth St., St. Louis, Mo.
Telephone Central 3350
Pittsburgh Stock Exchange
St. Louis Stock Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Week's Range Sales
of Prices
for
Week
Puy I
1933 to
July 31
1935
Range Since
Jan. 1 1935
Stocks1.420
High
Par Low
High Shares Low
Stocks10054 Febl 110 June Brown Shoe corn
15 90
Allegheny Steel pref___100 110 110
1
Feb
51
254 Aug Burkart Mfg com
2% 234
375°
Nat Gas corn_•
Arkansas
,
nn
a
R01
0.2/1 2
111
9
Mar
1114 Am, Columbia Brew coin
For footnotes see page 1255.
Week's Range
of Prices
Par Low
* 61
* 20
5
3
dun, 1
Sales 1933 to
July31
for
Week 1935
High Shares Low
5' 41
61
510
I
20
110
2%
3
Range Since
Jan. 1 1935
Low1
H
igh
53
Mar 62
Aug
Aug
Jan 20
6
234 July
334 June
Week's Range
Of Prices
Stocks (Concluded) Par Low
High
Ely & Walker D Gds com25 20
20
100 112 112
1st preferred
1
Falstaff Brew coin
4
434
Hussman-Ligonier corn. •
434 5
•
2
2
Huttig S & n am
Hyde Park Brew com---10 1534 16
International Shoe corn...* 47
4734
20 2054 2034
Laclede Steel corn
Landis Machine com
25 17
18
• 1634 1634
Moloney Electric A
Mo Ptld Cement com---25
8
834
• 11
National Candy com
1134
• 12
National Oats Co
1234
Rice-Stix D Gds corn
•
934 10
: 154
Scullin Steel pref
154
Securities Inv com
3914 3934
Sowestern Bell Tel pref 100 124 12434
Stix, Baer & Fuller corn. _• 10
10
Wagner Electric corn _ _ _ _15 19
1934
July 1
Sales 1933 to
for July31
Week 1935
Range Since
Jan. 1 1935
Shares
High
Low
Low
Feb
17% Jan 21
70 13
Aug
Jan 112
105
9 90
534 July
2% Jan
555
23.4
5
Aug
2
July
1
125
2% June
2
Aug
2
100
Apr
15% Aug 20
100 1 10
42% Mar 4831 Aug
109 38
50 1231 15% May 20% Aug
Aug
Mar 18
10
6
35
731 Feb 16% Aug
ao
6
9
May
(134 Apr
6
273
140 10% 1054 Aug 1631 Mar
Apr
Aug 15
12
116 10
1231 Jan
8% July
631
88
134 Feb
75° July
40c
95
Jan 3954 Aug
75 15% 28
May 124% Aug
49 115% 119
834 May 1034 Jan
55
734
485
635 12% Jan 2031 July
DEAN WITTER&CO.
Municipal and Corporation Bonds
PRIVATE LEASED WIRES
San Francisco
Los Angeles
Oakland So ramento Fresno New York
Portland Honolulu Tacoma Seattle Stockton
Members
New York Stock Exchange
San Francisco Stock Exchange
San Francisco Curb Exchange
Chicago Board of Trade
Chicago Stock Exchange
New York Curb Ex. (Asso.)
New York Cotton Exchange
New Fork Coffee & SugarEx.
Commodity Exchange, Inc.
Honolulu Stock Exchange
San Francisco Stock Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Week's Range
Of Prices
StocksPar Low
High
Alaska Juneau Gold Min 10 1634 16
Anglo Calif Nat Bk S F- _20 1534 16
Assoc 'near Fund Inc--_10
334 331
Bank of California N A.100 185 186
Byron Jackson Co
• 1234 1334
Calamba Sugar corn.---20 2234 2334
20 2134 2134
7% preferred
Calaveras Cem Co com_ *
2% 334
50 55
7% preferred
55
10
California Copper
34
%
Calif Cotton Mills com_100 15
17
• 40
Calif Ink Co A com
40
California Packing Corp..* 3431 3431
Calif Water Service pref100 9434 95
Caterpillar 'Praetor
• 5231 543.4
Claude Neon Mee Prod -• 1034 1034
Clorox Chemical Co
• 36
36
Cat Cos G dr E6% latpf100 10134 10234
• 30
Cons Chem Indust A
3031
Zellerbach v t c
Crown
*
434 43
Preferred A
• 69
7234
Preferred B
• 7054 7334
DiGiorgio Fruit corn
334 334
83 preferred
100 31
32
Eldorado Oil Works
• 24
24
Emporium Capwell Corp_• 13
1334
Emsco Derrick & Equip-5 1334 1534
Fireman's Fund Indem-10 3434 3454
Fireman's Fund Insur_25 8934 91
First Nat Corp of Portld_• 2234 2231
Food Mach Corp com___...* 4834 4934
Foster &KleLser corn.---10
254 234
Galland Mere Laundry...* 53
53
Gen Paint Corp A com
* 28
29
B common
*
434 634
Golden State Co Ltd
635 731
*
Hale Bros Stores Inc
* 15
1534
Honolulu MCorp Ltd_ • 1834 1834
Hunt Bros A corn
73.1 731
*
Hutch Sugar Plant
16 19
19
Island Pine Co Ltd pref_25 2534 26
Langendorf Utd Bak A_ __•
834 874
Leslie-Calif Salt Co
• 2554 2534
Libby McNeill & Libby_ __
634 734
Los Ang Gas & Elec pref100 106 10634
g
Lyons-Magnus Inc A_. °
g
B
•
231 3
Magnavox Co Ltd
234
134 231
(I) Magnin & Co com .• 1274 1274
Marchant Cal Mach comb0
834 834
Natl Automotive Fibres...* 2534 27
Natomas Co
* 1034 1031
No Amer Inv 6% pre 100 51
51
534% preferred
100 48
48
North Amer Oil Cons...AO 13
1314
Occidental Insur Co____10 29
2934
Oliver United Filters A- __• 26
31
B
6
•
931
Pacific G & E corn
25 26
2834
6% 1st preferred
25 2734 28
654% preferred
25 2534 2531
Pac Lighting Corp corn- --• 4134 4431
6% preferred
• 10034 102
Pao Pub Ser (non-v) corn_•
23.
334
Non-voting preferred.. _• 1731 1854
Pac Tel & Tel com
100 110 11131
6% preferred
100 131 133
Paraffin° Co's corn
• 4431 4534
Phillips Petroleum
• 26
26
Pig'n Whistle pref
•
234 234
Ry Eq & RIty 1st pref..._.* 19
21
Series 1
• 15
15
Series 2
• 15
23
A
•
234 334
B
•
2
2
Rainier Pulp & Paper Co.* 3434 3634
Roos Bros corn
1 21
21
Preferred
100 103 103
SanJL &P 7% Pr pref_100 111 112
_ _100 10134 103
6% prior
preferredSchlefinger&Sons(BF)com•
%
34
Shell Union Oil corn
• 1034 1034
Southern Pacific
_ _100 1934 1974
CoSou Pac Gold Gate A •
3
3
Spring Valley Water Co •
634 634
Standard Oil Co of Calif • 34
343.4
Thomas-Allee Corp A.__•
134 2
Tide Water Ass'd 011 coin.* 1034 1073
6% preferred
100 10034 10134
Transamerica Corp
a
734 8
Union 011 Co of Calif_ _25 1831 1954
union Sugar Co corn_ _25 1134 1134
7% preferred
25 22
22
1255
Financial Chronicle
Volume 141
July 1
Sales 1933 to
July31
for
1935
Week
Range Since
Jan. 1 1935
High
Low
Share Low
Jan
310 1 1534 1531 Aug 20
Aug
Jan 16
12
75.4
1,042
434 July
134 Jan
400
74
Aug
Jan 187
115 12034 143
731 Jan 1334 July
4,822
354
Jan 2334 Aug
1534 19
1,915
Aug
235 1734 2134 Apr 22
Aug
331 Aug
1
744
%
Aug
Feb 55
31
20 30
% Aug
4,741
54
51 Feb
1034 Jan 1834 Aug
4
715
Feb 4031 July
30
211 17
Aug 4234 Feb
31
1,125 17
July
Jan 96
70
60 59
3634 Jan 5531 Aug
991 1 15
100 17 734 10.4 Aug 1134 Feb
July
172 1834 2934 Jan 37
Jan 10234 Aug
53 5634 77
3,155 2154 2734 Jan 3234 July
554 Jan
334 Apr
5,8351 331
5034 Mar 7234 Aug
389 27
5034 Mar 7331 Aug
340 26
434 July
354 Aug
100
334
Jan
2234 Jan 38
656 16
Jan 2
18
634 May
588 13
3,483
5
531 Jan 1434 July
3,041 7 254 1234 July 1534 Aug
2654 Jan 3534 Apr
55 17
July
7134 Jan 92
855 44
25 1354 2134 Jan 2234 Aug
718 1034 2031 Jan 4934 Aug
Feb
234 Aug
1
34
441
Aug
Jan 53
30 3134 39
1,154
5
1454 Mar 29
Aug
634 Aug
134 Mar
34
13,364
4
Mar
754 Aug
4
5,489
834 Jan
741
8
1534 Aug
Aug
1434 Jan 19
800 1031
Jan
754 May 10
100
33.4
Jan 1934 July
7
45
7
May
434 2034 July 29
55
383
534
934 July
534 Mar
Jan
2234 Apr 26
155 21
734 Aug
63.4 Aug
973
July
8131 Jan 108
148 75
931 July
634 Jan
6
200
Aug
Mar
3
1
1
560
2,232 *2 54
34 Jan
234 Aug
Aug
854 Jan 13
135
6
Aug
9
Jan
2
2,581
1
Aug
Feb 28
5,12521 3
13
734 Jan 1174 May
3,866
33.4
Aug
313.4 Mar 51
35 14
Aug
Mar 48
5 1434 26
934 Mar 15 June
654
680
2154 Mar 2934 Aug
13
41
Aug
1234 Jan 31
5
3,649
Apr
134
2
934 Aug
12,207
5,500' 1254 1334 Feb 2831 Aug
3,4772 1854 2034 Jan 28
July
Jan 2531 July
18
1,635 1631
2034 Mar 4431 Aug
2,835 19
Jan 102 June
236 6634 71
334 Aug
% Feb
11,928 7 %
Aug
734 Feb 19
174
3,463
308 6854 7031 Jan 11234 July
Jan 13454 Aug
94 1 9954 111
4534 Aug
Mar
36
1,354 • 21
100* 11
143<1 Mar 26
Aug
234 Aug
150
31
34 Jan
Jan 21
Aug
10
5
1,040
554 Mar 1531 July
47
2
Aug
534 Feb 23
134
290
334 Aug
277
54 Feb
31
Aug
2
134 May
%
121
Jan 3634 Aug
30
786 15
Aug
9
Jan 22
100
5
Aug
85
Feb 103
25 61
Aug
25 6734 8834 Jan 112
July
Jan 104
77
19 65
31 Aug
54 Jan
100
34
599' 534
534 Mar 1131 May
13
Mar 2034 Aug
1,385' 1231
334 Aug
134 Jan
34
100
50
4
534 Jan
631 Aug
Mar 3834 May
2.250' 2634 28
134 Jan
75
134
234 Feb
600
May
734
731 Mar 12
25 433.4 8334 Feb10174 Aug
8
Aug
474 Mar
51,272
474
2,609' 1134 1474 Feb2034 May
Jan 1631 May
5
300
4
35 16
173.4 Jan 26
May
Week's Range
of Prices
July I
Sales 1933 to
July31
for
iVeek
1935
Range ante
Jan. 1 1935
Low
High
High Shares Low
Stocks (Concluded) Par Low
July
Jan 280
230
60 179
Wells Fargo Bk & UT100 273 275
5,434
735 1034 Jan 2334 Aug
Western Pipe & Steel Co 10 ' 22
2334
Feb
11
6
21
4
20
Aug
Yellow Checker Cab A _ _50 1014 1034
San Francisco Curb Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
JUty I
Week's Range Sales 1933 to
July31
for
of Prices
Week
1935
Range Since
Jan. 11935
High
StocksLow
High Shares Low
Par Low
Mar 14034 Aug
Amer Tel & Tel
400 1 9874 99
100 137 14034
470 July
Amer Toll Bridge
210 Mar
20e
1
30e 37c 6,750
1134 Aug
734 Jan
Anglo Natl Corp
• 11
1134
100
3
July
Jan
19
1.75 10
Argonaut Mining
1,085
5 1431 16
502 754 1331 Aug
1331 Aug
Atlas Corp
• 1334 1331
434 Aug
Aviation Corp
3
July
250' 234
•
374 454
63.4 Aug
634 Aug
625
•
Bancamerica-Blair
654 634
634 Aug
Calif Art Tile A
July
1.00
4
270
5
634
•
Cal Ore Pow 6% 1927..100 46
2531 Mar 50
30 20
Aug
47
334 Aug
Cities Service
750 Mar
750
•
254 354 11,432
320 Apr 55e May
IN
Claude Neon Lights
1
48c 550 1,7302
Aug
Mar 92
Crown Will 1st prof
68
505 40
92
• 87
2d preferred
375 1634 38 June 5934 Aug
• 55
593.4
Elec Bond & Share
July 2031 Aug
9
450 2 334
5 1934 2031
May
Ewa Plantation
110 4034 4034 Jan 50
4931
20 49
General Motors
4354 2.7272 2234 2651 Mar 4534 Aug
10 42
Aug
Cr West Elec-Chem_100 48
Aug '60
48
10 17
48
3.95 May
Idaho-Maryland
3.00 Jan
2.50
3.25 3.40 1,670
1
Inter Natl Tel
100' 554 1154 Aug 1134 Aug
• 1134 1154
28c Feb
Italo Petroleum
130 Jan
Sc
180 21c 2,200
1
1.20 Jan
Preferred
650 Jan
47c
920 98e 2,900
1
3.95 July
Lockheed Aircraft
1.30 Mar
1
3.20 3.65 4,900 ,7 90c
July
Natl Auto Fibres pref ___ _• 150 150
Apr 150
101
55 46
May
Oahu Sugar
2031 Jan 31
31
50 15
20 31
33e Mar
Occidental Petroleum_ _ _ _1
22e Aug
20c
220 25c 1,198
Onomea Sugar
3234 Jan 4274 Aug
45 30
20 4274 4274
Pacific Amer Fisheries...5 1431 1674
3,827
1674 Aug
5
934 Jan
Pacific Eastern Corp
134 Mar
3,415
131
331 334
1
354 May
Pineaplle Holding
1934 May
11
Jan
235
5
20 1634 1634
Radio Corp
Mar
4
4
515
73.4 Aug
731 7.34
•
3.50 Aug
Republic Pete
2.00 May
200" 13.4
3.40 3.50
10
Schumacher W Br
900 Mar
1.50 Aug
• 1.35 1.50
35e
50
Shasta Water
22
Jan 3474 July
25 11
• 3131 3131
South Cal Edison
4,232' 1034 1031 Mar 2131 Aug
25 2031 2154
Aug
25
312" 1434 1634 Jan 25
25 24
534% preferred
3.0632 1534 1734 Jan 2634 Aug
6% preferred
2654
25 25
1834 2034 Jan 2834 Aug
7% Preferred
661
25 28
2834
Aug
90
Aug 90
11 57
Stecher-Traung
90
100 90
270 May
United States Pete
180 Mar
160
25e 250 1,000
1
834 May
Universal Cons 011
2.00 Jan
180
1.20
10
631 631
Waialua Agricult
3631 Jan 5834 Aug
135 29
20 5774 58
Warner Bros
160' 234
534 Aug
sq
534 Aug
•
534
•No par value. c Cash sale. s Ex-dividend. 1,
name. cussed. tin dentin.
g Price adjusted to 100% stook dividend paid Dec.29 1984(Kalamazoo Stove Co.)
r Now stock. 9 Low price not including cash or odd-lot sales.
z Mountain Fuel will succeed Western Public Service Co. July 15.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures In tables) are as follows:
,
New York Stock
22 Pittsburgh Stock
1z Cincinnati Stock
New York Curb
zz Richmond Stock
"Cleveland Stock
New York Produce
le St. Louts Stock
,4 Colorado Springs Stock
New York Real Estate II Denver Stock
Ze Salt Lake City Stock
IS Detroit Stock
Ze San Francisco Stock
Baltimore Stock
Boston Stock
27 San Francisco Curb
"
Lee Angeles Stock
Buffalo Stock
z• San Francisco Mining
"Los Angeles Curb
California Stock
Ze Seattle Stock
.Minneapolis-St. Paul
1
Chicago Stock
10 Spokane Stock
z• New Orleans Stock
•Chicago Board of Trade Z Philadelphia Stock
11 Washington(D.C.)Stock
,
Chicago Curb
CURRENT
NOTICES
-In a recent study of the general financial structure of the Missouri
Pacific RR.System, which owns or controls almost 12,000 miles of trackage,
plans for whose reorganization, variou igroups at interest are endeavoring to
work out, Bennett Bros. & Johnson, members of the New York Stock
Exchange. 120 Wall St., New York, express optimism for holders of the
company's funded obligations at present market values.
This survey covers a period from 1921 to 1933 inclusive; compares Per
mile revenue with gross and net earnings of competitive roads; approximates
the amount expended for new lines, second main track, right of way and for
structures and other equipment; shows increase in operating revenues of
about 40% from 1922 to 1929. An interesting fact relative to the Missoui
Pacific is that gross income available for all charges for the period 1921-1933
totaled over $247,000,000 or more than twice the present market value
of the entire funded debt structure; amount spent for replacements and
betterment has kept the physical property at a high standard, the road is in
better condition than it ever has been and in a good position with improvement and pick up in business to convert any increase in operating revenues
into net income.
In their study they express the opinion that the disappointment and
despair in Missouri Pacific has been marketwise and due as well to the
state of business within the country, not to lack of foresight or able management.
-Ward, Gruver & Co., members of the Ntwr York Stock Exchange,
announce the opening of a branch office at 57 West 57th St. under the
management of F. Leigh Richmond, who has been with the firm for 30
years. Mr. Richmond has been manager of the 86th St. office of Ward,
Gruver & Co. since 1923 and will be succeeded in that position by William
J. Doody.
-Zimmerman & Forshay, Inc. announce that under a new plan AskiMario may be used by importers of German goods in payment for merchandise embraced in 14 groups manufactured in Germany. According to the
announcement these Aski-Marks sell at a considerable discount from the
Free Mark quotation.
-Foster & Co., Inc., announce that Gordon C. Thayer is now associated
with their New York office. Mr. Thayer was formerly with Brown Bros.,
Harriman & Co. and before that was connected with the firm of W. A.
Harriman St Co., Inc.
-Norman H. Jensen, who started with Barr Brothers in 1919. remaining
there until 1932 when he joined the municipal trading department of
Myth & Co., is now associated with Eldredge & Co.
-Bruce & Lohr, members New York Curb Exchange announce that
Russell A. Sutart has been admitted as a general partner in their firm.
-Holt, Rose & Troster,74 Trinity Place, New ork, have ready for distribution the August edition of their "Facts and Figures."
Financial Chronicle
1256
Aug. 24 1935
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
Province of Alberta—
Jan
1 1948
iis
49
Oct
1 1957
Oct
1 1956
6345
Prov of British Columbia—
Feb 15 1936
6345
July 12 1949
lisi
Oet
1 1953
4345
Province of Manitoba—
Aug 1 1941
4345
June 15 loll
lie
Dec 2 1959
Si
Prov of New Brunswick—
June 15 1936
434s
Apr 15 1980
434e
Apr 15 1961
4349
Province of Nova Scotia
Sept 15 1952
434s
8141 Ask
99 100
94
93
9412 96
8
10014 1007
9712 9912
99
97
1013 1023
4
4
105 107
10812 10914
102 103
11014
10812
Province of Ontario—
Jan 3 1937
530
Oot
1 1942
55
Sept 15 1943
Oa
May 1 1959
58
June 1 1982
da
Jan le 1965
4345
Province of Quebec—
Mar 2 1950
4345
Feb 1 1958
45
May 1 1961
4345
Province of 8115k/it01113W/M—
dYis
May 1 1938
June 15 1943
Se
Nov 15 1946
5345
Oot
1 1951
6348
Bid I Ask
1053
4'10614
111 1112
115 116
114 11511
'0412 10511
1083 1093
4
4
1113 1123
4
4
109
112 113
10012 10111
10112 1023
4
10212 104
96 1 97
LAIDLAW & CO.
Members New York Stock Exchange
26 Broadway, New York
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets
107 10812
Montreal Stock Exchange
Wood,
Gundy
14 Wall St.
New York
&
Friday
Sales
Last Week's Range for
Salo
of Prices
Week
High Shares
Stocks (Concluded) 2 Par Price Low
Canadian
Bonds
Brit Col Pow Corp A
CO.,
Private wires to Toronto and Montreal
Industrial and Public Utility Bonds
Abitibi P & Pap otts 5e 1953
Alberta Pacific Grain 85 1948
Asbestos Corp of Can 511942
Beauharnole L H &P 5%573
Beauharnole Power 85_1959
Bell Tel Co of Can 55_1955
British-Amer Oil Co 68_1945
Brit Col Power 514.___1960
March 1 1960
5e
British Columbia Tel 55 1960
Burns & Co 5345-3348_1948
Calgary Power Co 58___1980
1941
Canada Bread (le
Canada Cement Co 5345 '47
Canadian Canners Ltd (te'50
Canadian Con Rubb 68-1946
Canadian Copper Ref 65 '45
Canadian Inter Paper Os '49
Can North Power 55_1953
Can Lt & Pow Co 55_1949
Canadian Vickers Co (le 1947
Cedar Rapids M & P 5.1953
Consol Pap Corp 534s__1981
Dominion Canners 68_1940
1940
Dominion Coal 55
Dorn Gas & Eleo 8345_1945
1949
Dominion Tar 65
Donnaconna Paper 5345 '48
Duke Price Power 65_ _ _19136
East Kootenay Power 75'42
1949
Eastern Dairies 65
Eaton (T) Realty 5s-1949
Earn Play Can Corp 68_1948
1950
Fraser Co (le
1950
68 stamped
1956
Gatineau Power 5/
General Steelwares 68_1952
Great Lakes Pap Co 10* 81/150
Hamilton By-Prod 78_1943
cm....... 1,.. vb. •
MILm lax,
Bid
Ask
13012 31
89
90
7912 -- 9312 9412
49
51
4
11414 1143
10412 10512
10214 103
99 9912
4
4
1033 1043
66
155
101 102
1063
4 ___
10314 104
1043 10512
4
103
10514 ___
68 89
10118 10112
10012 ___
7312 75
11014 111
1812
/16
108
__10414 —
823 8312
4
9912 100
40
37
10314 104
___
86
89 91
10112 10112
10214 103
....._
/55
49
__
4
8814 883
9412 9512
/43 44
10214
Ir.,.
Int Pow & Pap of Nod 55'88
Lake St John Pr & Pap Co—
Feb 1 1942
6341
634e
Feb 1 1947
MuLaren-Que Pow 6345 '81
Manitoba Power 5345_1951
Maple Leaf Milling 53451949
Maritime Tel & Tel(is--1941
Massey-Harris Co 58..1947
McColl Frontenao 011081949
Montreal Coke & M 5345'47
Montreal island Pow 534557
Montreal L H & P (350
1939
par value) 38
Oct 1 1951
5
1
Mar 1 1970
55
Montreal Tramvraye 55.1941
New Brunswick Pow Ife 1937
Northwestern Pow 65 _1980
Certificates of deposit— _
Nova Scotia L & P 55_1958
Ottawa Lt Ht & Pr 55_1957
Ottawa Traction 5348__1955
Ottawa Valley Power 534570
Power Corp of Can 4301959
Dec 1 1957
55
1943
Price Bros & Co 85
Certificates of deposit__
Provincial Paper Ltd 5348'47
1988
Quebec Power 55
Shawinigan Wat & P 4%5'87
1949
Simpsons Ltd 6ii
Southern Can Pow 58-1955
Steel of Canada Ltd 68_1940
United Grain Grow 58-1948
United Securles Ltd 5%5'52
West Kootenay Power 55'56
Winnipeg Ele0 Co 59-1935
Oct 2 1954
Si
Ask
Bid
993 100 4
4
3
119
21
182 84
6912 701
!
5714 58
135
36
108
-873 8814
4
10414 10514
103 104
103 104
150
501
.
1063 10711
4
1063 10714
4
101 1.0134
86
871
:
13512 37
/35 36
10312 --1043 10514
4
9512 90
9312 95
8712 89
-_.
93
92
90
90 92
10214 103
105 106
99 4 1001,
3
10414 105
1044 --•
112
941
93
81
813
,
108 1063
,
9812 —
60 603
.
Railway Bonds
Bid Ask
Canadian Pacific RyCanadian Pacific Ry—
Sept 1 1948
4As
es perpetual debentures_
8712 88
Dec 1 1954
513
4
68Sept 15 1942 11114 1113
July 1 1960
4341
Dec 15 1944 9712 9812
4345
58
July 1 1944 11112 11214
Bid
Ask
103 10312
105 1053
4
1011 1017
8
8
Dominion Government Guaranteed Bonds
Bid Ask
Canadian Northern He—
Canadian National RI
Dec 1 1940
n
4345
Sept 1 1951 1103 11118
8
July 1 1946
6.345
Sept 15 1954 10213 1023
8
4348
4545
June 15 1955 114 11412 Grand Trunk Pacific Ry—
Jan
11962
es
4345
Feb 1 1958 111 1117
s
38
Jan
11962
July 1 1957 110 110 4
3
4348
July 1 1969 11312 114 Grand Trunk Railway—
58
Sept 1 1938
11969
11612 (la
58
Oct
Oct
1 1940
78
Feb
1 1970 11512 1102
58
Ask
Montreal Stock Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Stocks—
Sales
Friday
Last Week's Range for
Week
Sale
of Prices
High Shares
Pa Price Low
934 9%
*
Agnew-Surpass Shoe
10034 10034
•
Preferred
18
18
Alta Pac Grain pref_- - _100
12
12%
• 12
Associated Breweries
754
7
7
Bathurst Pow & Pap A_*
100 131% 131 131%
Bell Telephone
754
7% 8%
*
Brazilian T L & P
6
63-4
55
57%
3
4
30
30
2054 21%
21
1.60 1.80
1.60
7% 834
7%
31
31%
31
114 114
111
6
326 51
3
0
105
2
100
275 1754
1.
0
10
1.00
191
440 20
5%
5 110
Mar
A00
Apr
Apr
6% 7%
Cndn Car & Foundry_ --_*
651
25 13% 1354 1434
Preferred
22%
•
22
Canadian Celanese
118% 119
100 119
Preferred 7%
1935
Rights
1934 19
40
40
160
Cndn Cottons
19
20
Cndn Foreign Invest
* 19
51
56%
Cndn Hydro-Elec pref_100
Ciadri Industrial Alcohol_ _•
836 834
834
•
7
754
Class B
10% 11%
Canadian Pacific Ry___25 11
8
8%
Cockshutt Plow
•
8%
165 173
Con Mining & Smelting_25 172
2,050
8%
570 12%
310 18%
90 100
50 18
25 40
60 18
684 3
7
1,695
485
8
1,780
9%
300
6
1,352 126
10
so
465
600
111
4,594
Range Since Jan. 1 1935
Low
7%
98
17%
10%
434
118
734
Dominion Bridge
Dons Coal pref(new)_ 100
Dominion Glass pref. _100
Dominion Rubber pref_100
Dom Steel & Coal B„....25
Dominion Textile•
•
Dryden Paper
•
Foundation Cool Can_ - *
General Steel Wares
G'year T Pfd Inc(new)_100
Gurd (Charles)
Gypsum, Lime & Alabas_•
High
Jan
10
Aug
Jan 10034 Aug
July 28
Jan
Mar 13% Jan
Mar
8
Aug
Apr 135
Jan
Aug 10% Jan
8%
29%
16%
234
2
11034 11134
534
4
89
68
66
4
4
4
13% 13
1335
3% 3%
3%
52% 53%
53:1, 534 534
5% 6
29
15
29
14,‘
Hamilton Bridge
334 354
24
24
100
Preferred
Hollinger Gold Mines __5 13.00 12.75 13.50
9% 10%
Howard Smith Paper_.*
9%
100 91
91
91
1.• Preferred
1334 14
Imperial Tobacco of Can_5
28% 2954
lot Nickel of Canada
• 29
3
•
2
International Power
i•Preferred
100 45
4734 4734
9
9
Lake of the Woods
•
4%
12%
23
70
32%
32
58
98%
5
1334
23
79
3334
32
58
9834
• 3634 38%
National Breweries
40
25 41
Preferred
16%
National Steel Car Corp_ _•
20
Niagara Wire Weaving_ *
51
5 51
Preferred
162
• 185
Ogilvie Flour Mills
7534
Ottawa L H dr Pow__ _ _100
105
100 105
53 Preferred
45%
•
Penmans
8%
Power Corp of Canada_ __•
14%
*
Quebec Power
•
ex
534
Regent Knitting
37%
41%
17
20
51
185
7734
105
4534
9
15
534
1.15
834
34
11%
19
1235
105
11
91
12%
5036
48
*
Massey-Harris
McColl-Frontenac 011____•
100
Montreal Cottons
100
Op Preferred
Mtl L H & Pow Cons
*
Montreal Loan & Mtge_ _25
Montreal Telegraph_ _40
Montreal Tramways _ 100
•
St Lawrence Corp
50
A preferred
St Lawrence Flour Mills100
104 10414. St Lawrence Paper pret 100
1233 124
4
Shawinigan W & Pow___*
Sherwin Williams of Can •
10
614 107/2
100
Preferred
99 10014 Simon (H)& Sons
•
100
Preferred
105 10518 Southern Canada Pow_ _•
10312 1035
8 Steel Co of Canada
*
25
Preferred
Bid
High
Low
July
Apr
Jan
Apr
•
Canada Cement
100
Preferred
Canada Forgings class A__.
Canada Iron Foundries_100
•
Can Nor Power Corp
*
Canada Steamship
100
Preferred
*
Canadian Bronze
100
Preferred
Inc.
23% 24%
3% 3%
18
16%
30%
30
21
234
14%
2834
Bruck Silk Mills
Building Products A
23%
334
16
3034
Range Since Jan. 1 1935
13
3336
1.15
8
1.00
6
33
1034
18%
19
1234 12%
105
11
11
91
91
12%
49% 49
4634 48
Tuckett Tobacco pref_1(10 145
100
Irian Biscuit prof
e 20
Wabasso Cotton
*
2
Windsor Hotel
*
Winnipeg Electric
100
Preferred
145 145
16
18
1934 20
2
2
1.50 1.50
7
7
Banks—
50 54
Canada
100
Canadienne
100 141
Commerce
100
Montreal
100 265
Nova Scotia
100 144
Royal
• No par value. f Flat price.
52% 54
128% 128%
142
141
183 185
285 285
144 14531
891
880
441
24
30% Jan
Jan
5
17% Jan
31% July
8%
8434
7
35
22%
2.75
1154
3134
115
Jan
Jan
Feb
Mar
Aug
Jan
Jan
Aug
Apr
8%
Mar
Mar 17
Apr 24%
Jan 120
May 20%
Aug 66
Aug 30
Apr 8234
Ja
1034
9)4
Jan
July 13%
7%
Mar
Mar 184%
Jan
Jan
June
July
Jan
Feb
Feb
Jan
May
May
Jan
Jan
May
809 24% Mar 33%
18%
1,240 15% Aug
75 138% Apr 145
54 80
3x Apr 80
8
1,930
328 63 June 82%
5%
104
July
3
275 11
Apr 1354
5%
50
3
July
83 5134 July 55
634
165
434 Jan
734
370
434 July
Jan
July
May
Apr
Jan
Jan
Jan
June
Jan
Aug
Jan
Jan
Mar
ar
July
May
Jan
5
534 Jan
3 June
Jan
32
22 19% July
3,050 12.65 July 20.20 Mar
Feb
175
9
July 13
10 84
May 9554 Feb
1,445 12
Mar 1434 Aug
6,969 22% Feb 29% Aug
Jan
6
20
Apr
1
Jan
75 40
July 64
80
7 June 1335 Jan
554
15%
25
97
3434
32
58
99
Aug
Mar
May
2,541 31
395 38
580 14
25 15
155 4534
40 140
49 75
105 100
110 45%
455
7
195 13%
90
5%
Jan 3736
Mar 42
Mar 1834
Jan 20
Feb 52
Mar 190
July 85
Apr 105
Aug 6334
Apr 1034
July 17%
5,14
Aug
Aug
Aug
Jan
June
June
Jan
Feb
June
Feb
Feb
Jan
Aug
835
600
285
3
50 33
452
834
3,379 15
570 1134
20 100
5
9%
5 90
290
9%
315 4234
61 4134
1.90
July
g%
Jun
Aug 3955
July
1834
20
AD
Aug 17
Jan 110
Jan 14
Apr 109%
May 1435
Mar 5034
Feb 4834
Jan
Jan
Jan
Jan
Jan
Jan
Feb
May
Feb
Jan
July
Aug
15 13334 Jan 145
6 12
Aug 2034
27
50 16
Jul
3
10
2
Ma
2.25
10
1.00 May
Apr 10
5
4
Aug
Mar
Feb
June
Jan
Feb
560
1,558
30
25
8,427
72
18
16
169
4
80
2
149
1254
21
73
28%
32
54%
80
52%
125
139
172
265
14454
Mar
June
July
July
Apr
Aug
Jan
Jan
Aug
Jan
Aug
June
July
Aug
Jan
Jan
May
Feb
Aug
May
68
Mar
132
16934 Feb
Jan
204
San
304
17334 Jan
1257
Financial Chronicle
Volume 141
Canadian Markets-Listed and Unlisted
HANS N' 13ho S Canadian Government
0
Municipal
INCORPORATED
ESTABLISHED 1883
255 St. James St., Montreal
56 Sparks St, Ottawa
330 Bay St., Toronto
Public Utility and
Industrial Bonds
CANADIAN SECURITIES
GOVERNMENT, MUNICIPAL, CORPORATION and RAILROADS
ERNST
8c
COMPANY
Members New York and Chicago Stock Exchanges
New York Curb Exchange- Chicago Board of Trade
Montreal Curb Market
Stocks-
Friday
Sales
Last 1Veek's Range for
Sale
of Prices
Week
Par Price Low
High Shares
Acme Glove Works
Asbestos Corp voting trs_.
Bathurst l'ower & Paper 135
Belding-Corticelli Ltd
Cum preferred
100
British Amer 011 Co Ltd_ _*
B C Packers
•
Preferred
100
Can Dredge & Dock Ltd_ _•
Can Pow & Paper Inv Ltd *
Canadian Vickers Ltd
*
Cum preferred
ioo
Canadian Wineries
_*
Catelll Macaroni Prod B_*
Ltd_Champlain 011 Prods pref.*
Dist Corp Seagrams Ltd..*
Dominion Stores Ltd_ ..*
Dorn Tar & Chem Co Ltd_*
Cum preferred
100
English Elec Co of Can A_ 5
17%
2
15%
14
10
231
25
5
4% 434
16% 18
2
2
125 125
15% 16%
750 75c
14
15
2834 29
10
10
1.25 1.25
10
10
4% 434
234 234
6% 6%
24
25%
8% 8%
4% 4%
5934 59%
9% 9%
6
5
434 5
3% 5
55e 55
19
20%
3534 37%
8% 8%
334 4
79% 7934
5%
5
2
2
26% 28
17% 18
5
5
9234
90
Fraser Companies Ltd.._..5
Voting trust
Home Oil Co Ltd
Imperial 011 Ltd
Int Petroleum Co Ltd..-_ _*
Melchers Distillers Ltd .A_°
Mitchell & Co Ltd (Robt) 5
Page
-Hersey Tubes Ltd.„.*
Regent Knitting Mills Ltd*
Thrift Stores Ltd
Walker-Gooderhm & W._*
Preferred
•
Whittal Can Co Ltd
Cum preferred
100
92%
Public UtilityBeauharnots Powr Corp_ _•
C North Power Ltd pref100
City Gas & Elec Corp Ltd •
Foreign Pow Sec Corp Ltd*
Int Utilities Corp cl A_ __..•
Class B
1
Montreal Island Power Co*
Sou Can P Co Ltd pref_100
3% 4%
103 104
1.75 1.75
75e
75c
4
4%
4
60c
60c
85c
1.00 1.00
90% 90
90%
5
20
38%
335
27%
1734
3%
1.75
36
3,454
75
Low
3
Jan
Mar
6
1.00 Apr
3
530
30 98%
1.50
40
75e
25
120 125
301
1,840
1.00
16
27 80
Toronto Stock Exchange
High
Feb
10 116
485 143i Mar
50c Feb
105
July
276 13
200 19% Mar
25 10 June
1.00 Apr
205
10
6% Jan
10
4% Aug
1.50 Jan
10
263
6% July
2,275 13% May
100
6% July
334 June
50
Jan
5 44
7% Feb
20
4% Feb
95
2% June
670
1.75 July
1,932
50e July
200
4,080 15% Mar
2,750 2834 Mar
Mar
7
510
334 Mar
48
Jan
10 78
60
4% Jan
1.00 Feb
25
586 23%. May
240 16% Jan
1.50 Jan
15
Jan
25 75
7
Feb
Aug
18
2% Aug
125
16%
1.75
18
30
15
1.50
16
6
2%
7%
2534
12%
7%
72
12
6%
534
5
750
22%
39%
11%
534
87
7
2
33
18%
6
9234
Aug
Aug
Jan
Jan
Aug
Jan
Mar
Jan
Feb
Aug
Feb
Aug
Jan
Feb
Feb
Feb
Feb
Aug
Aug
Jan
May
May
May
Jan
June
Apr
Aug
Feb
Apr
July
Aug
7%
AD
May 107
2%
Jan
234
July
4%
Ma
Ma
8.50
1.00
Au
Apr 100
Feb
Feb
Apr
Jan
Aug
Aug
Aug
Jan
1.79 July
1.15 Feb
1.65 1.68 1,200
2.90 Apr
1.15 Feb
3C
1.49 1.49
58c Feb
36c 36c 1,000 3534c June
94c May
45c Ma
76c
63c 85c 4,100
14e Jan 31340 Mar
21 he 23c 16,900
2.65 Mar
2.00 Jun
100
2.05 2.05
Jan
2
55c July
450
90e
1.00
9% Jan
331 July
200
4%
1.05 July
50c Jul
340
80c
800 90c
434 Jan
234 Au
665
2%
3
755 1534 Apr 22% May
16%
16
1834
Aug 60% Apr
25 55
55
55
55
Apr 34% July
965 29
33% 3434
65e July
2% Jan
950 1.10 4,938
95c
1,901 23% June 32% Jan
27% 27% 28
Feb
Jan
55
100 37
43
43
43
Jan 19% July
5 18
18% 1834
Aug
200 1834 Apr 29
28% 29
Mar
96
130 93% Apr 100
95% 96
3% Feb
1.50 June
675
2% 23.5
July 34
Jan
50 15
21
21
May
400 18% Jan 27
23% 24% 25
Jan
10 30 June 46
31
31
Toronto Stock Exchange
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Stocks
-
Sales
Friday
Last Week's Range for
Week
Sale
of Prices
Par Price Low
High Shares
Abitibi common
6% preferred
100
Alberta Pac Grain pref.100
Assoc Quality Canners..__*
•
Brit Amer 011
•
Beatty Bros corn
Beauharnois Pow corn.- _ _•
90c
15%
9%
3%
85c 1.00
4% 5
18
18
80
70
15% 16%
934
9
334 4%
625
425
140
20
3,612
540
534
PRIVATE WIRES MONTREAL, TORONTO AND CHICAGO
Range Since Jan. 1 1935
Mining
700 July
Afton Mines
48c Jun
1
500
670 67c
93c Apr
440 Ma
Base Metals Mining Ltd_ _°
200
70c 62c
750 May
Big Missouri Mines Corp_l
30c Feb
600 61c 1,350
610 June
Brazil Gold & Dlamond 1
200 Jan
Soc 15,800
47c
4'2c
Bulolo 001(1 Dredging Ltd 5 34% 34% 34%
100 3331 June 38% May
Cartler-Malartic G M Ltd!
6c Mar
2c Jan
2c 2,500
2c
Castle-Trethewey 51 Ltd.'
1.32 Apr
100 6434c Mar
85c
85c
85c
Dome Mines Ltd
Feb 43% May
• 38
130 36
37
38
4.30 Aug
Falconbridge Nick SI Ltd.*
3.25 Jan
405
4.35
4.22 4.30
200 Mar
J M Cons
1 1234c
120 14310 6,200 11%c Feb
90 Mar
Lebel Oro Mines Ltd
39%o 93%c 4,000 3%c Feb
McIntyre-Porcupine Ltd_5
200 35%c Aug 45%e Mar
3534e 35%c
Noranda Mines Ltd
Jan 42% May
• 39% 38% 40
2,319 31
320 Feb
Parkhill Gold Mines Ltd_l
181 July
20c 1934c
200 6,400
830 June
Perron Gold
1
56c Aug
64c
64c 64c 1,000
2.96 Mar
Pickle Crow
2.10 May
1
2.60 2.63 3,400
Pioneer Gold of B C
1
100 9.00 Mar 12.00 May
9.55 9.55
Quebec Gold Mining Corpl
80c June
200 9340 Jan
60e 60c
99c June
Read-Authier Mine Ltd..
60e Jan
990
85c
84e 851
3.28 Mar
Slscoe Gold Mines Ltd.._1
2.50 Jan
4,830
2.51
2.54 2.69
890 July
380 Jan
Sullivan Cons
1
77c
77c 82c 5,920
Teck-Hughes G St Ltd A
4.55 Jan
3.67 Jan
3.89
3.77 3.90 2,320
Towagmac Explor Co Ltd 1
25c Mar
15c July
100
17o
17c
Ventures Ltd
1.05 Jan
810 June
97c
92e 97c 1,700
Wayside Con G 11 Ltd_50c
99e Feb 2434c Mar
100
12c
12c
12c
Wright-Hargreaves M Ltd*
9.85 Mar
7.05 Aug
350
7.05
7.05 7.20
Unlisted Mines
A
Central Patricia G
Eldorado Gold Mines Ltd 1
Kirkland Lake Gold Min_ I
Sherritt-Gordon Si Ltd_ _1
Stadacona Rouyn Mines •
Sylvanite Gold Mines Ltd 1
Abitibi Power ee Paper. *
Cum preferred 6%.....100
Brewers & Dist of Van _•
Brewing Corp of Can Ltd_ 5
Preferred
Can & Dom Sugar
Canada Malting Co Ftd •
Consol Paper Corp Ltd._•
Ford Mot of Can Ltd A._ 5
Gen Steel Wares
A00
Loblaw Groceterias Ltd A •
pref.Massey Harris pref
_100
McColl-Frontenac pref_100
100
Price Bros Co Ltd
Preferred
100
Royalite Oil Co Ltd
5
Weston Ltd
New York
One South William Street
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Range Since Jan. 1 1935
Low
55c
4
17
SO
14%
8%
2%
July
Aug
Apr
Aug
Apr
May
Apr
High
2.00
9%
29
80
16%
15
7
Jan
Jan
Jan
Aug
May
Jan
Feb
Sales
Friday
Last Week's Range for
TVeek
of Prices
Sale
High Shares
Stocks (Coneluded)-Par Price Low
Bell Telephone
132
131
100 131
Blue Ribbon 634% pref _50 22
22
22
Brant Cordage 1st pref._25
29% 30
Brazilian corn
735 8%
•
735
Brewers & Dist corn
80
85
85
Brit Col Power A
23% 24
3
3%
Building Products A
30
30%
5
Burt(F N)com
3334 34%
25 34%
Canada Bread corn
334 4
•
B preferred
28
30
100 30
Canada Cement corn
6% 6%
5
6%
Preferred
5734
• 5534 55
Canada Packers corn
58
57
• 58
Preferred
112 113
100
Canada Steamships pref100
7% 8%
4% 4%
Canada Wire & Cable B. •
3% 4%
Canadian Canners corn_ _ _*
334
let preferred
80
78
100 78
Cony preferred
5
5%
•
Canadian Car corn
634
735
•
13% 14
Preferred
25
Cndn Dredge corn
28% 29%
•
Cridn Gen Elec pref
.50 59% 59% 60
Cnein Ind Alcohol A
8% 8'%
834
5
B
•
7%
7
7%
Canadian Oil corn
12% 13
• 12%
1034 11%
Canadian Pacific Ry__..25 11
4% 4%
Canadian Wineries
434
•
7% 8%
Cocksbutt Plow corn
5
14% 15%
Consolidated Bakeries_ _ _* 15
Consol Smelters
25 171% 164 174
190 192
Consumers Gas
100 190
18% 20
Cosmos Imp Mills
• 18%
Preferred
106% 10634
100
Dominion Coal pref
15% 16%
•
Dorn Steel & Coal B____25
534
5
5
Dominion Stores
8% 9%
•
8%
Eastern Steel Products_ "
7
7
.
Preferred
80
80
Economic Invest Trust.,
15
15
.50
Fanny Farmer corn
934 93/
•
9%
Ford of Canada A
28%
27% 27
Frost Steel & Wire corn_ *
3
3
3
Gen Steel Wares corn
3% 334
*
Goodyear Tire
65
5934
•
54
Preferred
100 5334 53
GYPsum L & A
534 6
*
534
Range Since Jan. 1 1935
Low
264
30
336
4,065
2,585
34
6
110
479
650
105
175
206
215
74
65
6
303
100
230
500
95
1,160
390
1,300
215
260
2,503
95
1,700
571.
877
172
225
10
180
410
50
2
26
10
2,590
6,949
5
10
135
302
1,040
Apr
19% May
27% Jan
7% Aug
Jan
50
July
21
2% Apr
26% Apr
28% Apr
2 June
17
Apr
5% Mar
Apr
51
50
May
Jan
110
Jul)
6
4% Aug
334 Aug
July
75
Aug
5
5% Jun
12
Mar
1934 Mar
5834 Ma3.
734 Jan
6% Jas
11
Slay
9% Aug
434 Aug
634 Mar
11% Jan
125% Mar
May
184
14% Apr
102% Jan
15% Aug
334 Apr
6% July
5
Aug
5835 Jan
1434 Jan
7% Ma
2334 Jun
2
Mar
3
Aug
65
Aug
5134 Jun
434 Jul
234
Harding Carpets
3
100
3
*
Ham United Theatres pf100
52
40 50
52
Hinde & 1)auch
11
55 10
11
• 11
Imperial Tobacco
215 12
13% 14
5
Int Milling lot pref ____100 110
156 110
110 11034
A preferred
5 10234
107 107
100
Int Nickel corn
5 28% 28% 29% 10,981 22%
Int Utilities A
590 1.50
3% 434
100 25
80
80
25
Kelvinator corn
7% 7%
634
10 102
Preferred
10434 10434
100
7
Lake of Woods corn
10
9
9
•
Laura Secord Candy corn." 61% 6034 61%
20 60
878 17%
Loblaw Groceterias A
1834
18
• 18%
B
• 1634
532 16%
16% 17
1.00
10
Maple Leaf Milling pref100
1.25 1.2
334
2,815
Massey-Harris corn
4% 5
•
5
10
Monarch Knitting
5
5
•
15 7134
90
90
Preferred
100
505 17
Moore Corp corn
* 23% 2334 24
115 118%
141
A
141
100
49 135
B
160 165
100 165
15 25
60. 60
Muirheads Cafeterias corn*
150 16
National Sewer Pipe A_ _ _ 5 16
16
16
Ont Equit (10% paid)_100
160
6
7
7
7
190 78
Page-Hersey Tubes cora _ _. 79
79
7934
60 21
2234 2234
Photo Engravers & Elec. *
8
208
11
11
Pressed Metals corn
11
5
50 27
29% 2934
Riverside Silk Mills A. •
10 70
96
96
Russell Motors corn_ .._ _100
24
5
8
8
Simpson's Ltd B
5
30 62
68% 69
Preferred
100 69
870 42
Steel of Canada corn
6034
• 49% 49
296 41
48%
47
Preferred
25 47
2
103
Sterling Coal
2
2%
100
80
9% 9%
7
Tip Top Tailors corn
•
5 90
95
95
Preferred
100
2
5
3
3
Traymore Ltd pref
20
4
1,56
Union Gas Co com
534
534 5
2
69
2% 3%
United Steal Corp
234
•
23
2,90
28%
Walkers (Hiram) com_ _ _ _• 2734 26
16%
1,06
Preferred
17% 17% 18 .
15
27
3134
31
Weston Ltd (Geo) corn.* 31%
*
10 108
113 113
Preferred
100
35
2%
2% 3
Zimrnerknit corn
•
Banks
Canada
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
50 53
100 140
100
100
100
100
100
100
Loan & Trust
Canada Permanent_ _100
National Trust
100
Toronto General Trusts100 103
• No par value.
52%
140
165
180
183%
265
145
200
5334
14134
166
180
183%
267
145%
200
127% 127%
200 200
103 103
175
134
23
36
25
12
32
4
High
118%
5234
140
162
178%
173
264
143
200
1 126
7 175
100
135% Fe!)
Feb
29
Mar
30
1031 Jan
1.10 July
Jan
30
Jan
5
3134 July
Aug
35
534 Jan
Aug
30
8% Jan
64% Jan
Aug
58
116
July
11% Jan
1334 Jail
634 Jan
Jail
94
9% Jan
8% Jan
Jan
17
Aug
30
6434 Jan
1034 May
9% Jan
Jan
15
13% Jan
Mar
6
8% Aug
May
17
183% May
193
Aug
20
Aug
May
108
18% July
Jan
6
12% Jan
Jan
10
PO% Feb
20
Feb
9% July
3234 Jan
4
Aug
534 Feb
7234 July
54% Aug
7% Jan
Jul
Jul
Apr
Apr
Aug
May
Feb
May
July
May
Jan
July
July
Jan
Aug
July
Mar
Aug
Jan
Jar
Jai
Jar
Apr
Aug
July
Jan
Ma
Mar
Jan
Jan
Jun
Jun
Mar
Apr
Aug
May
Jan
Mar
Slay
Aug
May
Jan
June
May
Aug
3% Mar
May
60
Jan
12
1434 Aug
May
114
June
109
29% Aug
4.25 Aug
80
Aug
8% Feb
May
106
12% Jan
Jan
63
19% July
1834 Mar
5.00 Mar
5% Jan
5
Aug
Aug
90
Aug
24
June
143
June
166
1.10 Jan
Jan
22
8% Feb
June
88
24% May
15
Jan
May
30
96
Aug
Aug
8
Jan
90
5034 Aug
4834 Aug
4
Jan
1234 June
98% Feb
4% Feb
6
Aug
5
Jan
33
Feb
18% Mar
46% Jan
Aug
115
534 Jan
Aug
Aug
July
July
Jan
July
July
Aug
8834 May
16934 Jan
201% Feb
208% Mar
Jan
Jan
305
Jan
173
Mar
230
Aug 150
Jan 204
June 125
Feb
Feb
Feb
1258
Financial Chronicle
Aug. 24 1935
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Curb Section
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Stocks-
Sales
Friday
Last Week's Range for I Range Since Jan. 1 1935
Week
of Prices
Sale
Low
High Shares I
Par Price Low
High
Biltmore Hata corn
20 13
18
Apr
18
* 18
15 25
Jan
Bissell Co (T E) pref
30
30
*
2,717
254 Aug
Brewing Corp corn
*
234 3
254
• 16
16
550 1574 Mar
Preferred
1834
Canada Bud Brew corn...*
870
534 July
634 634
674
440 29
Canada Malting corn_ ..5
Apr
3334 34
40 25
Jan
Canada Vinegars com- •
2734 2734
Can Wirebound Boxes A_*
135 15
17
Apr
17
15
5
Consolidated Press
Apr
534 534
33 25
25
Consolidated S & 0 Co pr_
25
MIS
DIstillers-Seagrams
• 2434 2334 2534 15,067 1334 Apr
275 2434 Mar
29
• 29
2934
Dominion Bridge
150
Dom Tar & Chemical corn
434 434
334 June
61
Jan
15 42
Preferred
100
60
5 20 June
Dafferin Paving pref-100
25
25
20
7
Jan
English Electric A
934 934
•
125
3
Jan
•
B
434 434
40
3
July
Hamilton Bridge com____*
334
334
334
July
7 19
24
24
Preferred
100 24
19
• 20
2034 9,671 1534 Feb
Imperial 011 Ltd
175
33.4 June
Internat Metal Industries *
4
43.4
International Petroleum_* 3634 3534 3734 13,288 2834 Mar
McColl-Frontenac 011 com* 1234 1234 1334 1,050 1234 June
45 94
100 96
Preferred
9534 9634
July
599 27
May
Montreal L H & P Cons.* 3334 3234 333.4
10 31
37
Feb
National Breweries corn_*
37
165 14
Mar
National Steel Car Corp.*
1634 1734
5
1.15 1.15
70e Jan
North Star Oil corn
•
100
8
Ontario Silknit corn
Jan
1234 1234
*
25 75
100
96
Preferred
93
Jan
Power Corp of Can corn.*
380
834
834 934
1334 June
80e May
20
Prairie Cities Oil A
1.25 1.25
*
Rogers
155
-Majestic
*
534 Mar
634 634
Apr
Robert Simpson prat _ _100 108
108 108
3 103
260 1434 May
Shawinigan Water & Pow •
1834 1834
855
70: July
Standard Paving corn.__t
1.00 1.40
13
5
100
9
13
Preferred
July
1,033 2134 Feb
Supertest Petroleum ord.
•
2634 28
5 110
Tamblyns Ltd (G) prat 100
Jan
11234 11234
10 33
Thayers Ltd pret
•
33
33
Aug
26 108
Mar
Toronto Elevators pref_100
117 117
190 1534 May
United Fuel Invest pref 100 20
20
2134
1,195
Walkerville Brew
*
234 Aug
234
23.4 23.4
Waterloo Nita A
50
•
1
2
July
2
18
Aug
30
Aug
434 May
2234 May
834 May
35
July
29
May
1734 Aug
6
Feb
2834 May
2534 Aug
34
Jan
73.4 Mar
70
Mar
40
May
1234 Feb
634 Feb
334 Jan
33
Jan
2234 May
6
Apr
3934 May
1534 Jan
10034 Mar
3434 Aug
3734 Aug
1834 Jan
1.90 May
1334 July
July
99
1034 Jan
234 July
9
Jan
109 June
20
Jan
1.75 Jan
15
Jan
2834 June
114
June
4134 Jan
12934 Jan
29 June
43.4 Jan
234 Jan
Toronto Stock Exchange-Mining Section
Friday
Sales
Last Week's Range for
Sale
Week
of Prices
Stocks (Concluded) Par Price Low
High Shares
Perron Gold
1
63c
63e 64c
Peterson Cobalt
1 334c 334: 354c
Pickle Crow
1
2.45
2.31 2.65
Pioneer Gold
9.40 9.75
1
1.42
Premier Gold
1.40 1.47
1
Prospectors Airways
* .170
1.60 1.79
Read-Authier
840 84c
1
880 8034: 1.05
Reno Gold
1
Red Lake Gold Shore_ _ _ _*
270
270 30c
Roche Long Lac
1
Mic Mic 63.4:
Royalite 011
* 233.4 2334 25
San Antonio
1
3.25
3.20 3.45
1.00 1.00
Sheep Creek
50e
610 87e
1
76:
Sherritt-Gordon
SLscoe Gold
1
2.60 2.58 2.70
So American G &P
3.75 3.80
1
South Tlblemont
3: 3lic
*
St Anthony Gold
180 2034c
1
21c 23c
Stadacona Rouyn
•
21c
Sudbury Basin
• 1.55
1.50 1.65
Sudbury Contact
tiNo 634c
1
78c 83c
78e
Sullivan Consol
1
Sylvanite Gold
2.02 2.15
2.08
1
Tashota Goldfields
300 360
1
36:
Teck-Hughes Gold
3.77 3.98
*
3.98
Texas Canadian
78e 82c
•
82c
1.00 1.07
1.05
Toburn Gold
1
170 19c
19e
Towagamac Expl
1
Vanson Manitoba
30
3c
*
• 9634c 9034c 98c
Ventures
700
Waite-Amulet
650 74:
•
Wayside Consol
50c 1134c 11340 130
* 1340 1340 134c
White Eagle
30
Wiltsey Coglan
1
4c
Wright-Hargreaves
• 7.00 6.90 7.30
310 330
Fmk Yankee Girl
*
Stocks-
190 20c 8,050
570 67c 36,489
51c 51c 1,400
420 45c 1,000
823
3.91 4.00
90
9c 1,500
3340 334c 3,000
60 63.500
3340
334c 3340 4,400
51c 71c 168,556
90c 1.02 280,275
1.50 1.70 2,800
570 63c 23,313
18e 200 13,650
620
4.80 5.10
9c 7.
800
8340
2.40 2.65 6,575
lc 134c 3.000
6340 83.40 18,850
550 60: 1,650
58e 59c 4,200
800
1.10 1.20
85: 920 26,530
1.50 1.74 61,860
1.00 1.09 2.710
123.40
15e 60,000
334: 434e 40,850
2.50 2.50
500
1.76 1.89 2,375
1,250
3634 3734
5c 2,000
434e
1.43 1.58 23,910
3.98 4.40 22,286
234c 2340 1,000
300 37c 76,200
1134c 1134c
500
1.36 1.58 43,024
1134c 1134c 2,700
25c 300 1,500
734o 7340 1,000
200 2274c 22,032
60 1,400
6o
19340 20740 6,000
700 820 74,000
500
2:
2c
5c 13,000
434c
12.75 13.60 6,291
MO Mic 1,000
700 75c 10,585
120 1434c 19,800
24340 25c 3,000
3434c 36340 10,500
4734 5034 4,853
500
2340 23.4c
3: 334c 10,700
4.55 5.20 13,600
73.4c 8340 2,000
1.35 1.56 21,475
Mie 534c 4,000
3340 33.40 14,500
3474 3754 2,125
1.12 1.24 25,450
9: 110 23,400
130 153.4: 10,900
1.45 1.65 01,550
500
16340 16340
1.30 1.30 2,900
134o 1140 5,000
9: 110 6,000
673.4o 740 15,300
3: 35,500
134c
2.15 2.31 2,520
38
40
9,554
20e 24c 3,500
36e 400 2,000
40
40 6,000
92r 20r RA 775
180 June
380 May
50c July
400 Apr
3.75 Mar
9c Aug
2340 Jan
334c July
23.4c May
390 Feb
14e Feb
1.27 June
31e Feb
180 July
4.30 July
73.40 July
2.40 Aug
lc Aug
4e Jan
50c June
Mc Feb
95: July
460 Jon
1.12 Jan
90e July
8: Jan
20 Jan
2.50 Jan
1.35 July
35
Jan
434c May
1.02 Jan
3.25 Jan
2c Jan
30: Aug
9c Aug
1.24 Mar
11e May
25: May
40 June
180 July
Mic Aug
170 May
480 Feb
20 June
4c June
12.70 July
5: July
650 July
11c Feb
22e Feb
3334: July
4734 Aug
234: Aug
234c Jan
4.15 Aug
70 June
1.31 July
3: Feb
3e July
343.4 Aug
1.06 Mar
734c Aug
10: June
45c Jan
16: Jan
90e Mar
10 June
9c July
47c Apr
154c June
2.10 July
31
Jan
160 July
3034c May
3: Feb
Mr Frh
26cMar
740 July
1.09 Mar
57: Apr
4.60 May
32: Jan
80 Mar
14c Jan
80 Jan
940 Apr
1.02 Aug
2.16 Jan
750 May
380 Jan
12.50 Jan
24e Apr
3.50 Mar
33.40 Jan
834: Aug
820 Feb
73e Feb
1.50 Jan
1.34 Apr
1.79 July
2.35 Jan
27c Mar
8c Apr
3.60 Feb
2.60 Jan
4334 May
100 Apr
2.93 Apr
4.40 Aug
434c Feb
40c Aug
150 Apr
2.24 Jan
20e Jan
42c Jan
110 Jan
400 May
120 Jan
45c Jan
97c May
834c Jan
10: Jan
20.25 Mar
13: Mar
1.10 Jan
200 Mar
300 Jan
650 Mar
58
Mar
80 Jan
80 Apr
7.25 Feb
1334e May
2.75 Jan
170 Jan
1334c Jan
46
Mar
1.45 Jan
4634c Jan
40c Jan
2.15 Mar
270 May
1.50 July
4c Mar
16: Jan
74: Aug
4e Apr
2.95 Apr
43
May
310 Jan
75 Mar
:
6350 May
22r .Tons
High
CANADIAN SECURITIES
SILVER FUTURES
C. A. GENTLES & CO.
Toronto Stock Exchange-Mining Sectien
Acme Gas & 011
•
19e
Afton Gold
1
60c
Alexandria Gold
1
Algold Mines
*
Anglo-Huronian
*
Ashley Gold
1
Astoria Rouyn
1 334c
Bagamac Rouyn
1
Barry-Hollinger
1 334c
Base Metals
*
620
Bear Exploration
1
98c
Beattie Gold Mines
" 1.51
1
57c
Big Missouri
1
18e
Bohlo Mines
* 4.80
Bralorne Mines
BRX Gold Mines
9c
50c
1
2.50
Buffalo Ankerite
Buffalo Canadian
'
Bunker Hill
*
Calgary & Edmon
•
Mc
*
Canadian Malartic
1
Cariboo Gold
1 9034c
Castle Trethewey
1
1.62
Central Patricia
*
1.00
Chemical Research
* 1434c
Chlbougamau Pros
* 334c
Clericy Consol
Conlagas Mines
5
*
1.80
Conlarum Mines
* 3634
Dome Mines
Dominion Explorers
1
1
1.45
Eldorado
• 4.27
Falconbrldge
Federal Kirkland
1
1
310
Franklin Gold
Gabrielle Mines
1
God's Lake
*
1.48
Goldale
1
Gold Belt
50c
Goodfish Mining
1
734c
Granada Gold
1 2134c
Grandorc
*
Greene Stabell
1 1934c
Gunnar Gold
1
700
Halcrow Swayze
1
Harker Gold
1
Sc
Hollinger Consol
5 13
Homestead Oil
1
Howey Gold
1
720
J M Consolidated
1 12340
Kirkland Hudson Bay_ _ _1
25c
Kirkland Lake
1 3534c
Lake Shore Mines
1 4834
Lamaque Contact
1
23.4c
Lee Gold Mines
1
334c
Little Long Lac
• 4.65
Lowery Petroleums
*
Macassa Mines
1
1.56
Manitoba & Eastern
* Mic
Ma-le Leaf Mines
1 334:
McIntyre Porcupine
5 3734
McKenzie Red Lake
1
1.17
McMillan Gold
1 914c
McVittie Graham
1
McWatters Gold
• 1.55
Moriand Oil
•
Mining Corp
•
Moffatt-Hall
1
Moneta Porcupine
1
100
Morris Kirkland
1
70e
New bec Mines
• 234e
Niplssing
5 2.25
Noranda
• 3934
*
North Can Mining
1
O'Brien Gold
40e
*
4c
Olga 011 & Gas
1.............. Onnwnl
1
94:
Low
830 June
2,750
59: July
15,000
Mc Feb 93.4e Apr
4,240
2.96 Mar
2.10 May
990
9.00 Jan 12.25 May
7,548
2.05 Apr
1.40 Aug
3.05 Mar
2,300
1.25 Jan
980 June
1,400
55c Jan
1.67 Mar
27,175 8034c Aug
410 Apr
21,850
270 May
13,700 43-ic Feb 10340 Mar
1,358 18
May
Mar 27
5.20 Mar
7,868
3.10 May
1.25 Apr
400
55c Jan
1.00 May
95,598
45: Mar
3.28 Mar
21,880
2.49 Feb
1,150
4.60 Jan
3.30 Apr
150 Mar
5,500
3o July
39: Jan
8,700 143-4c July
320 Mar
22,650 3340 Jan
1.65 Aug
14,205
1.25 Jan
110 Mar
3,100
Sc June
880 July
12,300
38c Jan
14,200
2.70 Mar
2.01 May
14,000
670 Apr
280 Aug
4.65 Mar
50,395
3.70 Jan
95: May
9,700
55e Feb
1.45 Jan
2,250
1.00 Aug
5,500
140 June 303.4c Jan
500
320 Mar
20 Aug
22.785
1.07 Mar
80: May
9,488
86e May
50: July
240 Mar
7c Jan
15,300
5,000 1340 July 1034c Jan
70 Jan
3,000
30 July
9.90 Mar
5,845 6.90 Aug
850 Mar
1,100
260 July
Complete Brokerage Service
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
Sales
Friday
Last Week's Range for 'Range Since Jan. 1 1935
Week
of Prices
Sale
High Shares
Low
Par Price Low
High
Range Since Jan. 1 1935
lglrantogredflfic a Zn„,Inc.
members e
(a
t
z
42 BROADWAY, N.Y. Tel. BOwling Gr. 9-5934
TORONTO:347 Bay Street
Toronto Stock Exchange-Mining Curb Section
Aug. 17 to Aug. 23, both inclusive, compiled from official sales lists
StocksAldermac Mines
Brett Trethewer
Brownlee Mines
Canadian Kirkland
Central Manitoba
Churchill Mining
Coast Copper
Cobalt Contact
East Crest Oil
Glibec Gold Mines
Home 011
Hudson Bay Mining
Kirkland TownsIte
Lake Maron
Label Oro
Malroblo Mines
Nordon Corp
011 Selectlins
Osisko Lake
Parkhill Gold
Pawnee Kirkland
Pend Oreille
Porcupine Crown
Preston East Dome
Ritchie Gold
Robb Montbray
Sudbury Mines
Wood Kirkl%nd
•No par value.
Friday
Sales
Last Week's Range for
of Prices
Sale
Week
High Shares
Par Price I.4W
Range Since Jan. 1 1935
Low
High
*
8c
7c Mie 15,300 434c June
110 Apr
1340
2: 4,000 1.340 July
1
3: Mar
10 June
30 Jan
1
134c 1340 13-ic 15,500
1
1340 1340 134c 9,500
10 June 334c Jan
1
3740 33-4c
4c 4,500
30 July 714: Feb
43-4o 43-4c
700
3e Jan (1)40 July
1
5 2.70 2.50 3.00 1,855 1.50 May 3.25 May
1
134c 134: 13.ic 9,300 134e Aug
80 Apr
8: 3,000
7.3
50 June
120 Jan
'
• 134c 1740 1340 5,000 13.4e Mar 33-40 Mar
•
550 55c 1,155
50e Apr
800 May
* 1534 1514 1534 2,376 11.50 Jan 16
May
1434: 15c 1,000 1234c July 3334: Jan
1
2340 234c 1,500 234: Aug
70 Apr
*
I
40 16,000 3340 Aug 934c Mar
314c 33.40
120 7.800 ' Sic July
120 Mic
5
1
120 Aug
130
17c 53,900 3340 Mar
17e Aug
5 15Si c
• 334c 3540 434c 6,000 3340 Jan
70 May
50
60
Sc
1
500
4c July
0: Feb
20c 193-40 21e 6,800
1
18: Aug
320 Feb
20 234e 19,100
23'4c
1
lc Feb 434: Apr
65e
75c 27,900
1
45c Mar
840 May
5c 21,000
4c
4c
1
3c Jan
60 Mar
1
13.jc 154a 1 he 19,000
lc June 23.4: Jan
1 134c 1340 13.4e 4,500
Sic July 2540 Feb
3: 23.4: 334c 36,030
1
2c Apr 4540 Feb
5c 17,000
1 434c 454:
3e Jan 7540 May
Sc
I
7c 8,000 33.40 Feb 7740 May
6e
CURRENT
NOTICES
Hemphill, Noyes & Co. announce that John W. Upp, who recently
retired as Division Administrator, Manufacturing Division, of the National
Recovery Administration, has become associated with their Philadelphia
office. Mr. Upp was formerly with the General Electric Co. and was engaged in engineering and managerial work from 1900 to 1933. He is a
graduate of Cornell University, Class of 1889.
-Boar,Cohen & Co., members New 1ork Stock Exchange, have opened
a branch office at 1 Montgomery St., Jersey City. N. J., under the management of Joseph G. McIntyre, with whom will be associated Hugh Evans,
formerly of Massachusetts Distributors. A department will be maintained
at this new branch to specialize in the shares of both management and fixed
investment trusts.
-Munds, Winslow & Potter, 40 Wall St., New York, have prepared an
analysis of Twentieth Century-Fox Film Corp. $1.50 preferred stock.
When, as, and if issued.
IIoward & Robbins, Inc., 115 Broadway, this city, are distributing
an analysis of General Public Utilities Co.first mortgage and collateral trust
% bonds.
Henry M. Ferguson, formerly of Moss & Ferguson, Is now associated
with Minds, Winslow & Potter in their office at the Hotel Savoy Plaza.
-Allen & Co., 20 Broad St., New 1 ork, have prepared a circular on
the Corn Exchange National Bank & Trust Co. of Philadelphia.
Allen & Co., 20 Broad St., New York, are distributing an analysis of
the Home Insurance Co.
Volume
141
Financial Chronicle
1259
•
Over-the-Counter
We Specialize in
SECURITIES
Stocks & Bonds
HOIT,kS) E&T%.,)STER.
Established
74 Trinity Pl., N. Y.
of
Reorganized Corporations
1914
Whitehall 4-3700
Members New York Securilp Dealers Association
• Open-end telephone wires to Baltimore, Boston, Newark and Philadelphia.
Inquiries Invited
•
Private wires to principal cities in United States and Canada. •
Quotations on Over-the-Counter Securities—Friday Aug. 23
New York City Bonds
Bid , Ask
4334s May 1 1954
997
811003 a43e June 1 1974
8
997
a33.4, Nov 1 1964
811003 a43te Feb 15 1976
8
a3;is Mar 1 1960
9912 100 a4318 Jan 1 1977
048 may 1 1957
103 1033 a43.4s Nov 15 1978
4
1 1958
a4s Nov
103 1033 (Ake March 1 1981
4
ate May 1 1959
103 1033 a43is May 1 dr Nov 1 1957—
4
ate May 1 1977_
10212 10314 a4 Sis Mar 1 1963
ate Oct 1 1980
10212 10314 at;is June 1 1965
za4;is Mar 1 1960 opt 1935_ r.50%
a4;is July 1 1967
(Wit; Sept 1 1960
106 1063- a434s Dec. 16 1971
4
a4;iii Mar 1 1962
106 1063 a434s Dec 1 1979
4
a43.ie Mar 1 1964
106 1063 Ms Jan 25 1936
4
stke April 1 1966
106 1063 Os Jan 25 1937
4
a4(s April 161972
10612
Bid 1 Ask
106121 1074
1063
410712
1063 1 10712
4
1063 10712
41
107 11073
4
10812 10912
10912 11012
1093 110 4
4
3
110 1111
11012'11112
111 112
8
102 1023
106 10612
Highway Imp 434, Sept'63_
Canal Imp 412e Jan 1964_ __
Can & Imp High 4;is 1965_
131
131
128
Bid
World War Bonus
434:13 April 1940 to 1949_
Highway Improvement—
As Mar & Sept 1958 to '67
Canal Imp 48J & J '60 to'67
Barge C T 4, Jan 1942 to '46
Barge CT 414s Jan 1 1945_
Ask
r2.25
12234
1223
4
11312
116
Port of New York Authority Bonds
Bid
Ask
l'ort of New York
Geo. Washington Bridge—
()en Ar ref 4s Mar 1 1975_ 10312 1033
t,series B 1936-50._ _J&D
4
35 series F March 11541...
1011 1
414, sec B 1939-53__M&N
Arthur Kill Bridges 434e
Inland Terminal 414s ser D
series A 1936-46
M&S
M&S 10714
1936-60
Bayonne Bridge te series C
Holland Tunnel 414s series E
1938-33
J&J 3 10318 104
MesS
1936-60
Bid I Ask
10012,102
Honolulu be
103 1104
S Panama 3s June 1 1961_
103 1104
Govt of Puerto RICO
10112 10312
434a July 1958
103 108
its July 1948
1946
110 112 U S Conversion 3s
1947
Conversion 33
125 129
MUNOS WINSLOW & POTTER
40 Wall Street, New York
Whitehall 4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
Ask
Par Bid
Bank of Manhattan Co. 10 2712 29
Bank of Yorktown__ 66 2-3 34
___
Bensonhurst National_ _WO
_
35
Chase
if
13.55 35
City (National)
32
34
1234
Commercial National Bank
& Trust
100 164 170
Fifth Avenue
100 990 1025
First National of N Y 100 1800 1840
Flatbush National
100
30
Par
Kingsboro Nat Bank____100
National Bronx Bank____50
Nat Safety Bank & Tr..1234
Penn Exchange
10
Peoples National
100
Public National Bank &
25
Trust
Sterling Nat Bank & Tr 25
Trade Bank
1212
Yorkville (Nat Bank of) 100
Bill
Ask
55
15
20
.812 911
612 712
46
51
3712
2138
14
30
3912
223
8
16
40
New York Trust Companies
Bid
Ask
10312 1041 1
4
111 1113
10314 10414
1113 113
4
United States Insular Bonds
Philippine Government—
t, 1946._.
434e Oct 1959
43.48 July 11152
bs April 1955
59 Feb 1952
534s Aug 1941
Hawaii 43tsOct 1956
Bought, Sold and Quoted
New York Bank Stocks
New York State Bonds
Bid
Ask
Canal & Highway
5,Jan & Mar 1946 to 1971 r2.90
Bank and Insurance Stocks
Bict
122
114
Ask
125
117
112
111
112
112
115
114
114
114
Par Bid
Ask
BaseaComm Italians_ _100 140 150
Bank of New York & Tr _WO 460 463
Bankers
70
72
Bank of Sicily
20
10
12
Bronx County
.7
7
8
Brooklyn
100 93
98
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
2
0
P,iii
; B414 Ask
21
100 230 250
ln 31N .1 311
1634
100 1670 1720
25 41
43
CentralHanover20 33
20 136 139
Manufacturers
Chemical Bank & Trugt__10 4815 5012 New York
25 120
Clinton Trual
65 45
2
0 10
l_ _ Title Guarantee & Trust _20 10
i
Colonial Trust
Continental 13a ATr100 55
10 1712 19 Underwriters
Corn Each Bk & Tr
20 593 603 United States
4
100 1915
4
35
123
11
65
1963
We specialize in
Underlying Inactive Railroad Bonds
Also in Public Utility Bonds and Insurance Stocks
Federal Land Bank Bonds
3s 1955 optional 1045...1.40
3345 '55 optional '45 __NI&N
as 1946 optional 1944 __Mei
45 1957 optional 1937_M&N
as 1958 optional 1938_M&N
43.4i 1956 opt 1936____Jd2.11
LAND
Bid
Ask
083 9914
4
10012 101
10512 106
103 1033
4
10312 10412
10214 103
414s
434ot
4348
-is
43
4341
Bit
1957 opt 1937____J&J 103
1957 opt 1937__M&N 103
1958 opt 1938__M&N 105
1942 opt 1935___M&N 1003i
1956 opt 1938--Jea 10114
Ask
1033
4
1033
4
106
10114
10131
BANK
Bid
BONDS
eg491-61449n F VC410451/123b
MUNICIPAL BOND BROKERS.COUNSELORS
120 So. LaSalle St.,Chicago
State 0540
Joint Stock Land Bank Bonds
LaFayette be
Louisville be
Maryland Virginia 5e
Misaissippl-Tennessee bs
New York bs
North Carolina be
Ohlo-Pennsylvania 55
Oregon-Washington bs
Pantile Coast of Portland Se
Paciflo Coast of Los Ang Eal
Pacific Coast of Salt Lake bs
Pacific Coast of San Fran.fe,
Pennsylvania be
Phoenix 55
Potomac be
St. Louis bs
San Antonio 55
Southwest 58
Southern Minnesota bs
Tennessee 58
Union of Detroit 53
Virginia-Carolina bs
Virginian foi
Bt4 !Ask
95
97
100 101
100 101
9912 10012
9812 9912
9612 98
96
98
9812 9912
100 101
100 101
100 101
99 100
105 10612
99 100
/50
51
100 101
91
93
.145
48
9912 10012
97
98
99 100
0512 9612
Chicago Bank Stocks
Par i
Bid
Ant
American National Bank &
100
First National
Trust
100 180
Harris Trust & Savings_ 100
Continental III Bank &
Northern Trust Co
1001
'Trust
331
, 7238 7412
For footnotes see page 1261.
E. SLOANE & CO.
Members New York Security Dealers Association
41 Broad St., New York
HAnoyer 2-2455
Railroad Bonds
Bought — Sold — Quoted
Comparative analyses and individual reports of the
various Joint Stock Land Banks available upon request.
Old
Ask
Atlanta be
99 100
Atlantic be
100 101
Burlington 55
99 100
California be
100 101
Chicago 58
f2812 2012
Dallas 5s
100 101
Denver 58
91
93
Des Moines 55
100 101
Mat Carolinas 58
97
08
First of Fort Wayne 55
100 101
First of Montgomery Ss
113
94
First of New Orleans EA
95
97
First Texas of Houston be
97
98
First Trust of Chicago 54s
99 100
Fletcher 5s
100 101
Fremont 55
95
07
Greenbrier 58
100 101
Greensboro be
9812 991,
Illinois Midwest 5s
91
93
Illinois of Monticello bis___ _
96
98
Iowa of Sioux City be
98 100
Lexington be
100 101
Lincoln ba
95
97
JOHN
Bit Ask
166 17212
260 275
530 550
Akron Canton & Youngstown bAis, 1945
ge, 1945
Augusta Union Station 1st 95 1983
Birmingham Terminal 1st 4s, 1957
Boston & Albany lot 4 14s, April 1 1943
Boston & Maine 38. 1950
Prior lien 48, 1942
Prior lien 434s, 1944
Convertible be, 1940-45
Buffalo Creek let ref 58, 1981
Chateaugay Ore & Iron lot ref 48, 1942
Choctaw & Memphis bit bs, 1952
Cincinnati Indianapolis & Western 1st bs, 1965
Cleveland Terminal dr Valley 1st 4.8, 1995
Georgia Southern & Florida 1st be, 1945
Goshen & Deckertown 1st 53.45, 1978
Hoboken Ferry 1st be, 1946
Kanawha & West Virginia 1st 58, 1955
Kansas Oklahoma & Gulf 1st be, 1978
Lehigh & New England gen dr mtge 4s, 1965
Little Rock es Hot Springs Western 1st 4s, 1939
Macon Terminal 1st be, 1985
Maine Central 6s, 1935
Maryland & Pennsylvania 1st 4s, 1951
Meridian Terminal 1st te, 1955
Minneapolis St. Paul & Sault Ste. Marie 2d 45, 1949
Monongahela Ry Co 1st mtge is, May 1 1960
Montgomery & Erie 1st be, 1956
New York & Hoboken Ferry gen be, 1946
Portland RR 1st 334s, 1951
Consolidated Ea, 1945
Rock Island-Frisco Termina 4345, 1957
St. Clair Madison & St. Louis 1st ta, 1951
Shreveport Bridge & Terminal lot bs, 1955
Somerset By 1st ref 48 1955
Southern Illinois & Missouri Bridge 151 48 1951
Toledo & Ohio Central By 3qs, June 1 1960
Toledo Terminal RR 434,, 1957
Toronto Hamilton & Buffalo 43.45, 1966
Washington County Ay let 3.30, 1954
/4612
1461n
86
9312
9612
60
80
79
83
100
85
/48
9312
8912
40
99
87
94
10014
103
47
09
79
58
70
54
90
74
66
84
78
90
81
56
7812
97
107
85
5612
Ask
4812
4912
05
97
82
82
93
53
95
01
45
103
90
9512
10114
10412
50
101
81
62
68
8512
81
59
8012
98
108
59 2
-1-
Realty, Surety and Mortgage Companies
Par Bid
Ask
Par am lAal
Bond & Mortgage auar__20
12
1 11Lawyers Mortgage
201
1
112
Empire Title & Guar . 100
6
13
Lawyers Title & Guar_ _100
2
2 7,
Financial Chronicle
1260
Aug. 24 1935
Quotations on Over-the-Counter Securities-Friday Aug. 23-Continued
Guaranteed Railroad Stocks
Associated Gas & Electric System
Securities
Inquiries Solicited
Joseph Walker & Sons
S. A. O'BRIEN & CO.
Members New York Curb Ere/lane
Members New York Steel Exchange
120 Broadway117)rslen hi
NEW YORK
GUMMED
1 STOCKS
Since1855,
150 Broadway, New York
COrtlandt 7-1868
Tel. RE ctor
2-6600
Guaranteed Railroad Stocks
(Guarantor to Parenthesis.)
Melanie
Par Is Dollars.
100
klabama & VIckebtirg (III Cent)
klbany & Sueeuehanna (Delaware & Ilu68on)_100
100
kilegrieny & Western (Buff Roth & Plitg)
50
lieech Creek (New York Central)
100
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
100
'anada Southern (New York Central)
100
'aro Clinchfleld & Ohio(L &N A CL)4%
100
Common 5% stamped
Chic Cleve One & St Louis pref(NY Cent)_100
50
:leveland & Pittsburgh (Pennsylvania)
50
Betterman stook
23
Delaware (Pennsylvania)
Fort Wayne & Jackson pref(NY Central)____100
100
.leorgia RR & Banking(L & N,A CL)
!ackawanna RR of NJ (Del Lack & Western)_100
100
441012100n Central (New York Central)
50
Morris & Esner (Del Lack ds Western)
New York Lackawanna & Western(DL & W)_100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N H & Hartford)
.
•iswego & Syracuse(Dc' Lack & Western).__ 60
50
Pittsburgh Bess & Lake Erie(0 S Steel)
50
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)._
100
Preferred
Rensselaer & Saratoga (Delaware & Hudson)_100
100
St Loula Bridge lit prof (Terminal RR)
100
2nd preferred
100
runnel RR Al Louis (Terminal RR)
100
United New Jersey RR & Canal (Penne)
Utica Chenango & Suseuehanna(D L As W) 100
100
Valley (Delaware Lackawanna & Western)
Vicksburg Shreveport & Pacific (Ill Cent)._ -.100
100
Preferred
60
Warren RR of N I(Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
6.00
10.50
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
5.50
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
6.00
5.00
6.00
5.00
3.50
3.00
75 Federal St., Boston
Hancock 8920
Direct private telephone between New York and Boston
Public Uti ity Bonds
Asked
Bid
80
186
97
36
120
148
55
75
181
93
33
117
143
52
89
93
86
285
49
45
75
162
77
900
63
9712
99
65
z68
37
74
161
179
102
146
73
146
255
87
97
64
68
47
66
95
90
87
52
48
78
168
80
iL
100
101
68
72
-ia
182
106
75
250
90
102
69
--Li
68
Par
Albany Ry Co con 561930_ _
General 5e 1947
Amer States PS 545 1948_
Amer Wat Wks & Eke Sc '75
Arizona Edison let 55 1948.
lot (is nerlem A 1945
Ark Missouri Pow let 65 '53
Associated Electric fe 1961
Assoc Gan & Eloc Co 4 rla '58
Associated Gas & Eleo Corp
Income deb 34.4r.._..1978
Income deb 34e......-1978
1978
Income deb 4s
1978
Income deb 414e
Cony debenture 45 1973
Cony debenture 44e 1973
Cony debenture 55 1973_
Cony debenture 54e 1973
Participating 8s 1940._ _ .
Bellows Falls Hydro El 5e58
Bklyn C & Newt'n con 5a '39
Cent Ark Pub Serv 5s 1948
Central0& E 5440 1946_
let lien coll Or es 1948._
65
CentITudsonG&Elst34s.
Cent Ind Pow let lie A 1947
Cleve Rice Ill gen 348_1965
,
0010110 . l'OWer ,.. 1,153
Commonw Edison 343_19(35
Con Sold & istlyn eon 43 48
Como] Elee & Gas 5-605 Al'
Consumers Pr 1st 345.1965
Duke Prier 'ow 1966...
Duquense Light 3424._1965
Edison Elec III (Bos)34a'65
Federal via)serv lot tis 194,
Federated 1101 54e 1957....
424 St Man & St Nick 58'40
Green Mountain Pow be '48
III Commercial Tel bs A '48
Iowa So URI 61411960
Kan City Pub Serv 351951.
fite
130
f25
6018
8034
160
fel
f57
5212
26
Ask
___
___
8
623
82
61
6212
5812
55
29
23
22
24
23
251 1 2614
2812 30
46
44
4712 4812
5112 5212
57
--90
92
101 10212
88
84
90
89
8
683 6938
4
723 74
103 10312
76
75
4
1053 106
10514 --4
993 1001s
75
70
3912 4012
8
10312 1037
4
103 1033
10131 1021 1
10112 102
___
f38
64
62
___
75
101 102
97
95
93
92
34
f33
Par
KeywtoneTelephone 54555
Lehigh Vail Trans ref be '60
long Island Lighting Sr 195r
Mtn States Pow 1st els 1938
Nassau El RR let 5, 1944
Newport N & Ham 6s 1944
New England 0 & E 681962
'low York Cent Flee 5a 1952
Northern N Y Utll 55 1955
Northern States l'r Os 1964.
Oklahoma Nat Gas 6s A1946
5s aeries B
1948
Old Dom Pow 68_ May 1501
Pacific G & El 4s, Dec 1 '64
Parr Shoals Power 68 1952
PeninsularTelephone54851
Pennsylvania Elee 5e 1962
Peoples L & P 54a 1941__.
Public Seto or role 6P 1961
Pub Serv of Nor Illinoislot & ref 43.48 July 1 1960_
Public Utilities Cons 54s 48
Rochester By 1st be 1930
San Diego cons G & E 45'55
Schenectady Ry Co let 5e41,
Sioux City Gas & Elec (Is '47
Sou Blvd RR let be 1945....
Sou Calif Edison 3.4s 19A0
Sou Calif Gas 1st 4s_ ..__1965
Sou Cities Utilities Sr A 1968
Tel Bond & Share bs 1958_ _
Union Ry Co N Y Sc 1942_
Un Tree Albany 441 2004._
United Pow & Lt 60 1944___
65 series B 1947
Utica Gas & Elec Co 59_1957
Virginia Power 5. L940 __
Wash & Suburban 5We 1941
Westchester Eleo RR 5a 1943
Western PS 544a 1960_
Wisconsin Pub Serv 51es '59
Venter! RR Co gtd Si 1946_
As
Bid
9912 101
48
46
10612 108
9012 9212
10212 10312
4
1043 -6912 71
84 86
10214 10334
107 108
99 100
.
901 9112
76
75
4
1033 1041
_94
10512 -102 103
591
f58
104 1041
100 1003
6414 66
23
121
106 10612
12
16
__
104
6212 -9812
98
101 10112
50
49
7114 7212
02
86
8
lb
10512 --104
121 12212
106 2 -,
86 87
65
8612
85
4
1043 1061
-60
EQUIPMENT TRUST CERTIFICATES
Quotations-Appraisals Upon Request
STROUD & COMPANY INC.
Private Wires to New York
PUBLIC UTILITY BONDS
Philadelphia, Pa.
R.F. Gladwin & Co.
Established 1921
Railroad Equ'pment Bonds
804
Atlantic COIL61 Line 64s__
448
Baltimore & Ohio
513
Boeton & Maine 448
58
Canadian National 445._
55
Canadian Pacific 4 4s___ _
Cent RR New Jer
Chesapeake & Ohio 54a
Sis
414a
Sc
Chicago & Nor West 445.
50
Chic Mllw & St Paul 44s.
50
Chicago It I & Pao 44e
Sc
Deriver & R CI West 4145
Sc
5 tie
Erie RR 54a
6s
4345
Sc
Great Northern 44e
Sc
Hocking Valley 50
Illinois Central 445
Sc
54e
64e
75
Internet Great Nor 4345
Long Island litis
be
Louisa & Naahv 44e
Sc
64a
Maine Chntral Sc
54a_
Minn St P &S S M 4a
4145
1.00
2.50
3.00
3.00
3.75
3 75
3.25
3.25
3.50
2.00
ass
Ask
72.00
r3.25
73.75
73.75
74.25
r4.25
73.75
73.75
73 75
r2.75
72.00
r1.50
r3.00
72.75
80
80
80
80
56
55
r8.50
78.50
r8.50
73.70
73.70
r3.85
r3.85
73.00
73.00
r2.75
r3 80
r3.8(
73.80
r3.80
71.60
r6.76
r3.00
73 00
73.00
73.00
r2.00
r4.25
r4.25
77.00
r7 00
35 Nassau St.
410
Missouri Pacific 44s
Sc
545
re 75
r6.75
76.75
r6 50
r3.75
73.75
74.00
74.00
17.50
17.50
73.00
72.50
72.50
6.00
3.00
3.00
3.25
3.25
6.50
6.50
2.00
150
1.50
.50
2.00
2 00
86
73.75 3.07.5
86
74.00 3.00
85
73.25 2.75
85
73.25 2.76
63
56
63
63
63
56
6,50
63
56
6.50
74.50 3.75
8.50
74.50 3.75
3.00
73 50 2 75
3.00
73 50 2 75
3.25
76 00 4.75
3.25
r6 00 4.75
2.50
76 00 4.75
2.50
74.00 3.50
2.00
74.00 3.50
3.00
74.00 3.40
3.00
r2.50 1.50
3.00
72.50 1.50
3.00
73.00 2.00
1.00
73.00 2.00
6.00
2 00
83
88
2.00 Wabash Ry 445
83
88
Sr
2.00
83
88
5145
2.00
83
88
Sc
1.00
3.75 Western Maryland 4411._ 74 00 3.00
74 00 3.00
Sc
3.75
78 00 7 00
6.00 Western Pacific Sc
r8 00 7 00
645
MO
ABBOTT, PROCTOR & PAINE
120 BROADWAY, NEW YORK CITY
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
or footnote.
Alirf
1261.
New York City
A. T. T. Teletype-NY 1-951
6.25
6.25
6.25
New On Tex & Mex 4
New York Central
6s
NY Chic & St L 4s
as
NYNH & Hartford 44a_
Sc
Northern Pacific 44e_
Pennsylvania RR 4341...._
be
4s series E
due Jan & July '36-'49
Pere Marquette 445
Reading Co 441
Sc
St Louie-San Fran 45
43.45
Sc
St Louis Southwestern 6s.
6348
Southern Pacific 4341
Sc
Southern By 445
Sc
54.45
Texas Pacific 45
44a
Sc
Union Pacific 43.4,
58
Virginian By 44a
Sc
Tel. Cortlandt 7-6952
Public Ut'lity Stocks
411
Par 845
Par
Miss Riv Pow 6% pref__100
Alabama Power $7 pref---• 743k 76
4
4
Arkansas Pr & Lt $7 uret_.• 763 783 Mo Pub Serv $7 pref._ __WO
214 3 Mountain States Pr com--•
Assoc Gas & El wig Pref _•
312 6
•
$6 50 preferred
7% Preferred
100
7
4
•
Nassau & Suffolk Ltg pf 100
27 preferred
Atlantic Clly Else $6 pref... 9 , 10114 Nebraska Power 7% pref100
82
Bangor Hydro-El 7% pf.100 105 108
Newark Consol Gas
100
New Endl GA E 54% pf.'
Birmingham Elec $7 pref• 5612 58
New Eng Pow Asen
pf100
Broad Riv Pow 7% pf_ _100 3012 34
New England Pub Serv Co
8
Buff Mart & East pr pret_25 223 2338
57 prior lien prof
•
New Jersey Pow & Lt $6 •
pref...• 87
89
New On Pub Serv $7 pf. •
Carolina Pr & Lt $7
79
• 71
1% preferred
N Y & Queens E L P el 100
85
Cent Ark Pub Sere prof _100 80
orthern States Pr $7 pf 100
57
Thio Edison $6 pre
Cent Maine Pow 6% pt_10(' 55
•
$7 preferred
27 preferred._ _____ 100 58 62
•
36
Cent Pr & Lt 7% pre_ .100 34
Ohio Power 6% pref._
10)ohi
Cleve Else III 6% met-10( 11112 11312
Pub Serv
pf100
Columbus Ry Pr & Lt
7% Preferred
100
preferred A__ _100 98
Jkla G & E 7% pre__ ._100
1st
98 166101
$6.50 preferred B _
Poe Gas & Elee 6% PL-25
Conan!Traction(N J)- _ .101 4012
4
993 Pacific Pow & Lt 7% Pr- 10t
Consumere Pow $5 urst_.• 99
100 10434 1053 Penn Pow & Light $7 prat*
4
6% preferred
100 10512 10612 Philadelphia Co $5 prof__ _•
860% preferred
Continental Gal & El
Piedmont Northern Ry _100
101
78
80 Pub Serv of Colo 7% pi-.100
Preferred
7%
l'uget Sound Pow & L5•
$5 prior preferred
Dallas Pow & Lt 7% pref 101 11118
Dayton Pr & Lt 6% pref101 111 113 Queens Borough G&E
78
100
Derby Gas & Elee $7 pref.. 75
6% Preferred
Roth Gas & Eleo 7% 13.-100
100 189
Essex -Hudson Gas
86
6% preferred C
Foreign Lt & Pow units_
100
Gas & Eleo of Bergen__ _10( 11812
10( 189
:Moue City 0 & E $7 pf. .100
Hudson County Gas _
93 Sou Calif Ed pref A
• 92
26
Idaho Power $6 pref
100 100 102
Preferred 13
25
7% preferred
4
Illinois Pr & Lt let pref___• 3334 343 South Jersey Gas & Elec_100
2012 Penn Elec Pow 6% pref.100
Interstate Natural Gas.....' 19
100
7% preferred
Interstate Power $7 prof __• 241 1 2512
Jamaica Water Supply pf_50 5312 5412 l'exas Pow & Lt 7% fif .100
Poledo Edison 7% pi A_100
88
Jersey Cent P & L 7% pf100 85
4
Kansas Gas & El 7% pf 100 104 1053 United 13 & E (Conn) 7% P1
Hinge Co Log 7% pref_100 9712 100,2 United Cl & E(N J) pre 100
Long Island Log 6% of _ 100 6712 6912 Utah Pow dr Lt $7 pref __•
Utica Gas & El 7% prer.100
82
100 80
7% preferred
OBI Power & Lt 7% Dref100
Loa Angeles & E 8% pf 100 106 107
Virginia Railway
100
90
Memphis Pr & Lt $7 pref__• 88
Wash RI & Elec cora.....100
Metro Edison $7 prat B___• 103 107
100
6% preferred ear C____• 10012 102
5% Preferred
4712 Western Power $7 Draf-100
Mississippi P & L $6 pref..* 46
844 415
10312 10512
614
5
23
20
2114 2312
40
11014
118
31
4
473 4812
21
92
29
102
7234
9614
103
107
92
96
9612
2212
31
75
4
973
105
10812
94
98
9912
2912
28
7012
69
10312 10412
7112
69
_
96
4
34,
70
100
100
4
353
4
713
101
101
7712
76
29
27
2518 261s
189
67 &z
75
74
95
93
4
103, 10514
81.
79
56
31
30
9712 9912
1714 18
69
350
105
101
Financial Chronicle
Volume 141
1261
Quotations on Over-the-Counter Securities-Friday Aug. 23-Continued
Specialists in
VIE OFFER
PRUDENCE BONDS
100 Shares Christiana Securities Common
Information on request
Statistical Information Furnished
Title Company Mortgages st Certificates
BOND & GOODWIN
Incorporated
Whitehall 4-8060
63 Wall St., N. Y. C.
Portland, Me.
Mass.
A.T.&T.Teletype NY 1-360
Boston,
PULIS,COULBOURN &CO.
25 BROAD ST., NEW YORK
Specialists in-
Real Estate Securities
WATER WORKS SECURITIES
Complete Statistical Information-Inquiries
Reports-Markets
Invited
-Railroads
Public Utilities-Industrials
WART,BRENT& CO.
AMOTT, BAKER & CO.
INCORPORATED
'N COP 00 RAT E Cr
- 25 BROAD STREET, NEW YORK
TEL.: HAnover 2-0510
Water Bonds
Alabama Water Serv 5s, '57
Alton Water Co 5s, 1956_ _
Arkansaw water co 5a, 1958
Ashtabula Water Wks 58.'58
Atlantic County Wat 5s, '58
Birmingham Water Works
55. series C. 1957
55, series B. 1954
5345, series A, 1954
Butler Water Co 58. 1957
CaliforniaWater Serv 55,'58
Chester Water Serv 445.'58
Citizens Water Co (Wash)
55, 1951
534e. series A, 1951
City of New Castle Waterras, 1941
City W (Chat) 55 B _1954
let M series C
1957
Clinton W Wks Co 5s, 1939
Commonwealth water(N
5s, series C. 1957
5345. series A, 1947
Community Water Service
5345, series B, 1946
65, series A, 1946
Connellsville Water 58.1939
Consolidated Water of Utica
4345, 1958
151 mtge M. 1958
Davenport Water Co 5s, '61
E St L & Interurb Water
55, series A. 1942
65, series B. 1942
55. series D. 1960
Greenwich Water & Gas
55, series A, 1952
55, series B. 1952
Hackensack Water Co 5.1,'77
5345, series 13, 1977
Huntington Water 58 13, '54
6s. 1954
5s
1962
Illinois Water Serv 53 A.'62
Indianapolis Water 4345,'40
let lien & ref 5s, 1960____
let lien & ref 5s, 1970____
1st lien & ref 5345. 1953__
1st lien & ref 545, 1954__
Indianapolis W W Securities
5s, 1958
Interstate Water 68, A, 1940
Jamaica Water Sup 514s,'55
Joplin W W Co 5s, 1957_
Kokomo W W Co 5s, 1958_ _
Lexington Wat Co 5345, '40
Long Island Wat 534s, 1955
801 Ask
91112 9812
10414
104
103
101 103
1043 107
4
101
10212 165
10414
10512 107
10314 10514
100 10212
10212 10412
10214
101
105
10112 16610514
10312 10514
63
(15
6612 69
10012 102 2
,
100 10112
10212
1053
4
101
10312
10134
913
4
91
105
109
102
10312
102
101 163
-10512 107
10512
10512
2
10412 1661105
9312 96
102
107
_
10314 106
14
10412 _
10214
10212 104
Bid
Ark
88
114
130 132
119 12012
8812 91
40
_
5412 _
39
44
80
8312
9312
128 132
10912 111121
Par
New York Mutual Tel-100
Northw Bell Tel pf 64% 100
Par & Atl Teleg US 1%..25
Peninsular Telephone com_•
100
Preferred A
Roch Telep $6.50 1st pti00
So & Atl Teleg $1.25__.._25
100
Sou New Engl Telep
100
9'western Bell Tel, pf
Tr States Tel & Tel
10
Preterred
pref 100
Wisconsin Telep
BArclay
2360
•
7
150 Broadway, N.Y.
Alden 1st 6e, Jan 1 1941____
Broadmoor, The, let 6s, '41
B'way Barclay 1st 68, 1941
Certificates of deposit_
B'way & 41st Street
1st leasehold 834s, 1944_
B'way Motors Bldg 6s 1948_
Chanin Bldg Inc 48 1945
Chesebrough Bldg let 13s,'48
Chrysler Bldg 1st Os, 1948_
Court & Remsen St Oft Bldg
1st 8s, Apr 28 1940
Dorset, The, 1st 6s, 1941._
Eastern Ambassador Hotels
1st & ref 54s, 1947
Eaultable Off Bldg deb 58'62
60 Bway Bldg 1st 35, Inc '46
600 Fifth Avenue
4s, 1949 stamped
602 Part Avenue 1st 68, 1941
52d & Madison Off 13Idg65, Nov 1 1947
Film Center Bldg 1st Os. '43
40 Wall St Corp M. 1958
42 B'way 1st (is, 1939
1400 Broadway Bldg
1st 634s stamped, 1948_
Fox Metrop Playhouse
6345. 1932 Ws
Fox Theatre & Oft Bldg
1st 612e, Oct 1 1941
Fuller Bldg deb 65, 1944
6945, 1940
Graybar Bldg 5s, 1946
Harriman Bldg 1st Os, 1951
Hearst Brisbane Prop (Is '42
Hotel Lexington let 65, 1943
Hotel St George 1st 54s,'43
Keith-Albee Bldg (New
Rochelle) let 6s, 1936_
Lerman Empire Bldg
1st 53
4s, June 15 1941___.
Lercourt Manhattan Bldg
1st 54a, stamped, 1941_
1st 3-5s extended to 1948_
Lewis Morris Apt Bldg
1st 612s, Apr 15 1937
Lincoln Bldg Inc 534s, 1983
Loew's Theatre Realty Corp
let 6s, 1947
London Terrace Ants (is, '40
Ludwig Bauman
let 65 (Bklyn). 1942
1st 634s (L I), 1936
Specialists
Bid Ask
22
25
115 1161,
15
1712
113 1212
8
98 100
109
1812 26 2
112212 )2412
123 125
1012 113
8
11412
Bid
ASS
Majestic Apts let 6s, 1948__
f3G
/4912 5312 Munson Bldg 1st 6 tks, 1939
N Y Athletic Club
f3012
1st & gen 65, 1046
/3014
N Y Eve Journal 6345. 1937
/4112 4412 NewYork Title & Mtge Co
4
594s series BE
433 453
4
413 series C-2
59
62
545 series F-1
60
58
69
72
53.4s series Q
19th & Walnut St (PhIla)let 68, July 7 1939
146
49
Oliver Cromwell, The
132
1st 65, Nov 15 1939
812 I Park Ave (is, Nov 6 1939__
17
103 East 57th St 1st (Is. 1941
6312 65
f3814 3914 165 B'way Bldg let 545,'51
Postutn Bldg let 614s. 1943
PrudenoeCo 545 stmpd,1961
136
Prudence Bonds
/17
Series A to 18 inclusive___
13419 37 Prudence Co MN
Hotel Taft
4412 4812
. Hotel Wellington
7119 731
Fifth Avenue Hotel
.5712 6112
360 Central Park West
422 East 86th St
14312
Realty Assoc. Sec Com15612 5712
bs, income, 1943
Rosy Theatre
1st fee & leasehold 64e'40
1212
./11
52 Savoy Plaza Corp
50
Realty ext 1st 545, 1945_
/4112 43
65. 1945
70
65
Sherry Netherland Hotel
4812 51
151 5 4s, May 15 1948___
3
92
90
148
4912 60 Park PI (Newark) Os, '37
.
15012 521 616 Madison Ave 1st 684a'38
61 B'way Bldg 1st 5345. 1950
General 7s, 1945
72
Syracuse Hotel (Syracuse)
1st 612s, Oct 23 1940
/4512
Textile Bldg lot (is, 1958
Trinity Bides con,
60
let vie. 1939
601 1
2 Part Ave Bldg 1st 45, 1941
Walbridge Bldg (Buffalo)
14512
1612 151 6125, Oct 19 1938
5812 (
Westinghouse Bide
1st tee & leasehold 6e,'39
0112 93
13512 38
Biet
96
102
106
142
142
9112
10212
Ask
97
___
_
63
103
92
_
983 987
8
8
9954 10014
124
27
98 100
139
42
,
973 98 9
s
9712 98
15214 5314
110
11
70
10314 161-
Bid
Ask
Merchants Refrig 6s_ _1937 9912 ___
Home Owners' Loan Corp
Aug 15 1936 101.6 101.9
145
Aug 16 1937 102.8 102.9
1.4s
Aug 16 1938 102.24 102.28
2e
June 15 193. 100.16 100.28
1%s
1946 13012 3212
Natl Radiator 5s
1948
95
N Y Shipbidg 5s
75
No. Amer Refract 645_1944 170
9919
1941 198
otte Steel fie ctfe
13
Pierce Butler & P 6349_1942 110
4
Pure Oil Corp 434s_ _1950 943 9514
4
1945 1043 1053
4
Scoville Mfg 545
13
9
1t.'d.Tex.Prod.Ist6 49 a5.'42 /11
Struthers Wells Tit us630'43 70
-34
Union On of Calif 45_ 1947 108 168
Wilson & Co 1st 4s_ _ _ _1955 9312 94
J8
10
Witherbee Sherman 68_1944
A952 13512 3712
Woodward Iron 55
* No par value.
a Interchangeable.
e Registered coupon (serial)
if Coupon.
I Flat price
r Ba515 price.
WI When issued.
z Ex-dividend.
t Now listed on New York Stock Exchange.
Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure gold.
z Called for paym nt (let 1 1035 at 100
Bea
Asd
/2914 3114
12914 3114
12714 2914
10012 1021::
/41
1323
8
1443
4
/43
43
335
8
46
45
/29
/15
6312
67
47
19118
/67
1712
66
69
4912
-__
13-90
40
38
45
45
55
__
__
__
__
__
45
47
J25
27
/1512 1612
ft6
1712
/26
150
/223
4
41
20
2712
52
243
4
4312
25
/45
-/4112 44
100 102
5412 57
/2712 2912
60
__
71
71
Members
New York Stock Exchange
Baltimore Stook Exchange
Washington Stock Exchange
Associate Member N.Y.Curb Exch.
in
SURETY GUARANTEED
MORTGAGE BONDS
Mackubin,Legg & Co.
Redwood & South Sts., 13altImore, Md.
BANKERS-Est, 1899
Baltlinore-Plaza 9260
New York-Andrews 34630
Philadelphia-Spruce 3601
AT.& T. Teletype-Balt. 288
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Miscellaneous Bonds
Adams Express 45 ___ A947
American Meter 65 __ -1946
Amer Tobacco 45
1951
Am Type Fdre 65
1937
Debenture (is
1939
Wire Fabrics 7e _1949
Am
Armstrong Cork Co 48_1950
Bear Mountain-Hudson
River Bridge 7s
1953
Beth Steel Corp 448_ 1960
Brown Shoe Co 334s- 1900
ButterickPublishing 641936
Chicago Stock Yds 55._1961
Consolidation Coal 4 451934
Cudahy Pack cony 45 1950
1st 33.is
1955
Deep Rock 0117e
1937
Elaytlan Corp 88
1938
Journal of Comm 6 4s 1937
Kresge Foundation 4s _ _1945
A.T. & T. Tel.
N Y 1-588
Real Estate Bonds and Title Co. Mortgage Certificates
Bid
Ask
Manufacturers Water 58,'39 10212 _
_ -Middlesex Wat Co 534e, '57 107
9812
Monmouth Consol W 5s,'56 90
Monongahela Valley Water
102
534s, 1950
Morgantown Water 5s, 1965 100
Muncie Water Works 58,'39 10014
New Jersey Water 55. 1950. 10214
New Rochelle Wat 5s. B.'51 10014 102
10012 10212
54s. 1951
New York Wat Serv 58, 1951 10112 10312
Newport Water Co 5s, 1953_ 10412
4
Ohio Cities Water 534s, 1953 843
Ohio Valley Water 5a, 1954 109
;
1
Ohio Water Service 5s, 1958 8914 61
8112 8312
Ore-Wash Wat Serv 58, 1957
4
Penna State Water 5348,'52 993 10134
106
Penna Water Co 55, 1940..
Peoria Water Works 001st & re/ 55, 1950
9914 10114
9612 9812
1st consol 4s, 1948
10012
let consol 5s, 1948
10312
Prior lien 5s, 1948
PhIla Suburb Will 434s,'70. 105
10312
let mtge 5s, 1955
Pinellas Water Co 534s 1959 9712 9912
Pittsburgh Sub Water 5s,'58 101 10212
Plainfield Union Wat 5s,'81 10S
Richmond W W Co 58, 1957 10312
6
Roanoke W W 5s. 1950___ _
8612 8
Rods & L Out Wat 5s, 1938 101
103 165
St Joseph Water 55, 1941
Scranton Gas ,k Water Co
103 105
4345, 1958
Scranton Spring Brook
9414
92
Water Seri 58, 1981..
921, 9414
let & ref 5s, A, 1967
Sedalia Water Co 54s, 1947 10012
80
South Bay Cons Wat 5s.'50 78
South Pittsburgh wat 58.'55 103
10212
5s, series A, 1960
1960 105
5s series B
Terre Haute Water 5s, 13,'58 10212 10414
68, series A, 1949
10314
.
Texarkana Wat let 5s__1958 9612 961;
Union Water Serv 534s, 1951 9912 19112
Water Serv Cos, Inc, 5s,'42 80
-12
West Virginia Water 5s. '61 9912 161
Western N Y Water Co100 10112
bs, series 13, 1950
9812 100
1st mtge 55, 1951
10112
let mtge. 5385. 1950
-12
Westmoreland Water 58, '52 9912 161
Wichita Water Co 5s, 13, '56 103
105
5s, series C, 1960
105 4 - -,
Os, series A, 1949
102 105
W'maport Water 5s, 1952
Telephone and Telegraph Stocks
Par
Amer 131st Teleg(NJ)corn •
Preferred
100
Bell Telep of Canada
100
Bell Telep of l'enn pref 100
()Mein & Sub Bell Teleri_50
Cuban Telep 7% orer
100
Empire & Bay State Tel_100
Franklin Teleg $2.50_ -100
Int Ocean Teleg 6%_100
Lincoln Tel & Tel 7%
Mount States Tel & Tel_100
New England Tel & Te1.100
Tel.: HAnover 2-6286
Allied Mtge Cos, Inc.
All series, 2-5s, 1953
Arundel Bond Corp 2-5s. '53
Arundel Deb Corp 2-68, 1953
Associated Mtge Cos, Inc
Debenture 2-6s, 1953._
Central Funding Corp
53 & 65, 1935-44
-is
Cont'l by Ild Corp 2-5s,'53
Cont Inv Deb Corp 2-6s'53
.
!
Home Mtge Co 634s &
1934-43
Mortgage Bond Co of Md.
Inc., 2-5s. 1953
Mtge Guar Goof Amer
534s & 6s, 1937-38
Mortgage Security Corp
5355 & 6s. 1933-46
Nat Consol 13,1 Corp 2-53.'53
Nat Debenture Corp 2-65 '53
_
4212 4412
/32
34
64
_
4112 43 2
1
/4412 4612
73
/27
Bild
Ask
69
73
43
__
29
/26
28
64
4112 46 2
1-
Nat Union Mtge Corn
Series "A" 2-68, 1954 ___
Series "B" 2-5s. 1954 _
Potomac Bond Corp (all
Issues) 2-5s. 1953____
Potomac Con' Mated Deb
Corp 2-68, 1953
Potomac Deb Corp 2-6s,
Potomac Franklin Deb Cot
2-6s, 1953
Potomac Maryland Debenture Corp 2-6s, 1953
Potomac Realty Atlantic
Debenture Corp 2-88, 1953
Southern Secur Corp 13s, '36
Union Mtge Co 68, 1937-97
Union Mtge co 5sis &
1937-47
Universal Mtge Co 6- 34- 39
Ask
5112
64
64
_
4112 4312
4112 4312
42
5112
44
_
4112 4312
/31
33
/31
33
/4412 4612
/441_ 4612
Sugar Stocks
Par Bid I Ask I
Par Bid
Cache La Poudre Co__20 2134I 2212' Savannah Sugar Ref
• 105
Eastern Sugar Assoc
100 112
7% Preferred
Preferred
West Indies Sugar Corp...
13
15
13
4
7 I 83 I
Bastian I ort) Amer
1
14
•
Ask
_
214
Financial Chronicle
1262
Aug. 24 1935
Quotations on Over-the-Counter Securities-Friday Aug. 23-Continued
u LLER. CRUTTEN DEN & COMPANY
An International Trading Organization
Brokers for Banks and Dealers Exclusively
em hers:
Chicago Board of Trade
Chicago Stock Exchange
Chicago Curb Exchange Association
ST. LOUIS
CHICAGO
Boatmen's Bank Bldg.
120 So. LaSalle St.
Phone: Chestnut 4610
Phone: Dearborn 0500
A COMPREHENSIVE SERVICE
in the
Over-the-Counter Market
Bristol & Willett
Established 1920
Members New York Security Dealers' Association
Tel. BArclay 7-0700
115 Broadway, N. Y.
Industrial Stocks
German and Foreign Unlisted Dollar Bonds
Par Btcl Ask
Poi Bid Ask
Herring-Hall-Mary Sate_100
13
-Millis Corp. pf__100 109 112
Adams
Bid
Beg
4,1
All I
Kildun Mining Corp
American Arch 51
• 1712
1
23
4
Hungarian Discount & Ex2S
Anhalt 75 to 1948
f
23
American Book 54
100 68 I 71 King Royalty corn
• 19
change Bank 75, 1983..._ 139
30
Antioquia 8%, 1946
41
127
92
16181 18
__
American Hard Rubber__50
$8 preferred
100
Hungarian defaulted coups 126-52
Bank of Colombia, 7%.'47 119
22
25 2514 26 Kinner Airplane & Motor _1
American Hardware
12
14
Hungarian Ital Bk 734s,'32 143
22
Bank of Colombia. 7%.'48 119
153 1712
4
20 Lawrence Port Cennent 100
Amer Maize Products
• 18
Jugoslavia 5s, 1956
34
Barranquilla
36
100
41s
American Mfg
512 8 Macfadden Publica'ne corn
518
18
Coupons
140-51
8s 1935-40-46-48
113
41
Preferred
100 3512, 3912
• 39
Preferred
f29
32
• 15
Bavaria 614e to 1945_
3012 Koholyt 834e, 1943
129
12 1
153 Manson It 11 Inc corn
4
American Meter corn
Land M Bk, Warsaw 8e,'41 85
Bavarian Palatinate Cone.
8612 American Republics corn •
6
5
Preferred
23
81 31s
Cit. 7% to 1946
12012 2210 Leipzig Oland Pr. 8)4e,'48 13412 3710 Andlan National Corn- • 451131 47 Merck & Co the corn
2618 28
1
Leipzig Trade Fair 7e, 1963 130
14
Bogota (Colombia) 634.'47 110
33
8% preferred
1914
100 117
Art Metal Construction..10
Ps 914
Luneberg Power, Light &
8
Bolivia 6%, 1940
16
BaDcocs & Wilcox
• 56
• 4512 47 National Casket
Water 7%,1948
27
Brandenburg Elec. 8s, 1953 126
130
33
Bancroft (Jos) & Sons com_•
Preferred
• 110
Mannheim & PeJat 75, 1941 130
32
Brasil funding 5%. '31-51
5214 .53
912 14 Nat Paper & Type pret_100
100
4
Preferred
Munich 7e to 1945
Brasil funding tong
12814 2 4 Beneficial Indust Loan Pf_•
15214
8312 New Haven Clock prof.,100
83
52
Manic Bk, Hessen, 7e to '45 /2512 2712 Bowman-Biltmore Hotels_•
British Hungarian Bank
North Amer Match Corp...' 73- 3612 3912
Municipal Gas & Elite Corp
54
j52
734e, 1982
,
_100
2
Int preferred
98 10012
312 Northwestern Yeas t___100
Recklinghausen, 7e, 1947 130
Brown Coal Ind. Corp.
32
36
Norwich Pharmacal
Brunswick Balke Collander
34
5
Nassau Landbank 834e,'38 137
132
39
6345. 1953
Ohio Leather
16
100 70
Co 7% pre(
• 14
Natl. Bank Panama 834%
54
Buenos Aires scrip
152
Germaine Ccianese coin. • 2114 223 Oldetyme Distillers
24 312
4
1
1948-1949
68
13ormelster(Wain 6s..1910 /63
5912 621,
100 11612 11912 Paramount P.ctures corn_
Preferred
83
4 93
8
931 Nat Central Savings Ilk of
()all (Colombia) 7%. 1947 18 4
,
Carnation Co $7 pref -A00 10812 -1 Paths Exchange 8% pref 100 107 11112
Hungary 734e, 1962...,... 152
54
Callao (Peru) 735%. 1944 /012 1012
8
29
8
Climax Molybdenum
• 617 637 Publication Corp corn
• 27
412 National Hungarian & Incl.
Ceara (Brasil) 8%, 1947_
1212
Si 1st preferred
Clinchfleld Coal Corp p1100 32 1 _100 98
147
City Savings Bank, Buda49
Mtge. 7%, 1948
: 414 -1
Coils Patent Fire Arms_ _25 383 3914 Remington Arms corn
8
54
45
Oberpfalz Elec. 7%, 1948
Deal, 7e, 1953
142
12310 2612 Columbia Baking new com_
25
6 1 8 Rockwood & Co
15
82
Oldenburg-Free State 7%
Columbia scrip Irene of '33 178
1112 1312
77
Preferred_
Now $1.00 cum prof
74
100
to 1945
issue of 1934
14112 43
126
2712 Columbia Broaactietum ol A • 38 1 3912 Ruberolci Co
10)) 6212 64
141
49
Costa Rica funding 5%,'51
Panama 5% scrip
46
45
• 38
Claes B
27
28
3912 Scovill Mfg
26
Porto Alegre 7%, 1988_ _ _ _ 111
21
Costa Rica l'ac. Ry 734s'49 118
13
4
Columbia Pictures pref
-• 463 4814 Singer ManufacturIng_100 294 297
45
Protestant Church (Ger40
Is. 1949
Crowell Pub Co corn
• 3434 3612 Standard Cap &Seal
3314 35
5
many). 75, 1946
125
32
Dortmund Mun UHT 65,'48 130
2710
_l Standard Screw
57 preferred
100 105 1
100 100
--Duesseldorf 7s to 1946__ _ _ 12512 2710 Prov Bk Westphalia (is, '33 /41
353'Taylor Milling Corp
4
20
• 33
Dictapnone Corp
• 17
-17
Duisburg 7% to 194.5
12512 2710 Prov Bk Westphalia Os,'36 12912 12 2
312 614
4 ___' Taylor What I & S core_ _ _ _•
100 1183
Preferred
Rhine Westpti Elea 7%,'38 133
Earn Prussian Pr. 85, 1953_ 126
28
53 Trico Products corn
._100 49
Dixon (Joe) Crucible..
• 385 Ws
5
Rio de Janeiro 6%, 1933.... 112
European Mortgage & In16
Doehler Die Cast pref
• 95 100 Tublse Uhatillon cum Dr_ 100
7514 -Born Cath Church 634e.'46 J25
vestment 734e, 1968_ _ _ 15512 57
28
50 Unexcelled Mfg Co
50 411
2 318
Preferred
23
_ .11)
2512 Douglas Shoe preferred __100
Frankfurt 7e to 1945
r2712 2912 R C Church Welfare 7s,'46 123
14
Ls
16 United Piece Dye IVks pref..
14
Saarbruecken NI Bit 6a, '47 131
French Govt 534a, 1937
152
36
'
• 58
6112 U s ,
512
3
Draper Corp
Wishing ore(
100
Salvador 7%. 1957
French Nat. Mall SS.8s,'52 152
/28
100 99 102 Warren, Northam
Driver-Harris pref
Salvador 7% Of of dee '57 /25
/61- First Boston Corp
2
German All Cable is. 1945 130
43
10 5414 553
53 con pref
40
4
Salvador 4% scrip
125
German Building & Land28
95
Flour Mills of A merles _ _•
90
12 1 I Wekin Grape Juice pref__100
Santa Catharine (Brasil).
bank 634%. 1948
32
129
412 53 West Va l'ulp & Pap corn _• 1414 153
Foundation Co-Foreign shs
8
4
.1(812 2010
German defaulted coupons. f4 I-58
8%. 1947
8
American shares
3 I 37
Preferred
100 9812 - -150
60
German scrip.
67 Santa Fe scrip
8
43
4 6 ' White(S 5) Dental Mfg ..20
.f852
16
Gair (Robert) Co com___(.3
15
Santander (Colom) it. 1948 110
11
German called bonds
f25-40
Preferred
(*) 2712 2912 White Rock Min Spring
Sao Paulo (Brasil) 6s, 1943 11212 1312 Gen elreproofing $7 0_100
German Dawes Coupons
57 1st preferred
100 10112 --50
10-15-34 Stamped
37
978 Baton State Mtge. 8e, 1947 132
19%
.
Wilcox-Gibbs corn
1
10 74 I 48 2
Golden Cycle Corp
20 i 23
Serbian 58, 1958
34
36
April 15 1935.
1191s 20
23
4 33 Worcester Salt
4
Graton ar Knight coin•
55 1 61
100
Serbian coupons
German Young Coupons
/40-51
20 I 22 . Young (J 81) Co corn....., 100 11118 11518
Preferred
100
238
12-1-34 Stamped
f125
8 1318 Siam & Halske deb Os, 2930 1228
2112 2212
Great Northern Paper _ 35
7% preferred.
100 110
7s 1910
130
40
1538
June 1 1935
11518
Stettin Pub Utll 7s, 1946_, 1'29
Guatemala Ss 1948
31
3012
.121
Tucuman City 7s. 195L_ _ 150
92
52
Haiti 6% 1953
88
Tucuman Prov. 75, 1950_ _
Hamb-Am Line 630 to '40 93
88
98
91
Ask
TliellMaD Scrip
Par, Bid
65
Ask
Hanover Hare Water Wks.
160
Par rid
_ Investors Fund of Amer__ Veeten Elea Ry is, 1947
Administered Fund
• 15.69
/28
25
30
8%. 1957
120
.94 1.03
1.52 1.66 Investment Trust of N Y_•
Housing & Real Imp 7s,'46 13012 3212 Wurtemberg 75 to 1945_
Affiliated Fund Inc corn.
13012 3212
514 --A merex Holding Corn
4
45
Hungarian Cent Mut 7s.'37 142
Internet Security Corp(Am)
-• 133 15
12
114
Amer Business Shares
Clue A common
1
1.01 1.11
•
12
Amer & Continental Corp..,.
113 13
4
Class B common
•
Am Founders Corp 6% pf 50 33
37
- 38
634% preferred
100 35
7% preferred
50 34
38
6% Preferred
100 3512 3812
Amer General Equities Inc_
1.07 1.19 Major Shares Corp
s
23
•
7
9 Maryland Fund Inc corn_ Amer & General sec ci A__•
16.77 18.14
• 50
53
$3 preferred
Mass Investors Trust
21.58 23.46
and all Over the Counter Securities
Amer Insurance Stock Corp'
334 Mutual Invest Trust
3
1.35 1.48
Assoc Standard 011 Shares_2
53
8 6'. Nation Wide Securities_
3.77 3.87
DlgbyTeletype
I
63
63o 718
Bancamerica-Blair Corp
s
Voting trust certificates.,
1.37 1.49
N.Y. 1-901
Bancshares, Ltd part she 50c
4-4524
.50 .75 N Y Bank Train Shares.33
s
418 45 No Amer Bond Trust etre_
8
Bankers NMI Invest Corp.
-8
887 92
8
• 3.63
Basic Industry Shares
No Amer Trust Shares. 1953 2.12 -British Type Invest A,......1
.48 .68
Series 1955
2.76
Private 'Phone Wires to Philadelphia, Boston, Hartford
14
Bullock Fund Ltd
1
1514
Series 1956
2.73 --Los Angeles
Pittsburgh
Canadian by Fund Ltd
3.45 3.8
1
Series 1958
2.76 Central Nat Corp class A_• 25
51
Northern Securities
100 46
Class 13
I
212 Pacific Southern Invest pi-• 39
•
42
Century Trust Shares
25.87 27.82
•
6
8
Class A
Commercial Nati Corp
3
4
Class B
3
4 112
Par Bid 48k
Ask
Par Bid
•
Corporate Trust Shares__
2.25
Plymouth Fund Inc el A_10c
.92 1.03
Aetna Casualty & Surety _10 92
10
95 Home Fire Seeurity
318 418
Series AA
2.24
Quarterly Inc Shares.. 25e 1,31 1.53
Aetna Fire
10 223 241,
10 5712 5012 Homestead Fire
,
2.24
Accumulative series
Representative Trust Shares 9.74 10.24
Aetna Life
10 3214 3414 Importers & Exp. of N Y.._5
412 612
2.65
Scrim AA mod
Republic Investors Fund 5 2.46 2.61
Knickerbocker
Agricultural
5 12
26 81
84
14
2.65
Series ACC od
:
Royalties Management__
400 60
218 31
American Alliance
10 2514 2634 Lincoln Fire
4
4 43
33
30 Second Internet Sec ci A_'
American Equitable
1
278 Crum & Foster Ins com_10 28
178
273 30 4 Maryland Casualty
4
3
8% preferred
100 113
Class B common
Mass Bonding & Ins
Americar Home
25 30
•
32
16
10 14
Crum & Foster Ins Shares48
6% preferred
MerchantaFireAssurcom2 34
American of Newark____2 ti
60 44
51
56
1412 16
Commor B
10 3312 3512 Selected Amer Shame Inc__
American Re-insurance,. _10 55
58 March & Mfrs Fire Newark _
814 1014
7% preferred
100 107
Selected American Sharee_
6
5
7 86 1
17
23
American Reserve
10 16
10 4114 4314 National Casualty
17
Cumulative Trust Sharee_.• 4.64
Selected Cumulative Shs_-_
American Surety
10 76
25 3912 4112 National Fire
78
2.47 2.75 Selected Income Shares
Deposited Bank She aer A__
Automobile
- 4.05
2
10 4012 4212 National Liberty
8
9
4.18 -.65 Selected Man Trustees She_
Deposited Insur She A
614
Baltimore Amer
234
20 135 138
612 712 National Union Fire
Diversified Trustee She B__
83
8
Spencer Trask Fund
8
7 3 .15
.0
Bankers & Shippers
New Amsterdam Cars
• 13.. 5768 18. 1
26 92
2
95
934 103
4
3.50 3.80 Standard Amer Trust Shares 2.90 3.15
New Brunswick Fire
Boston
10 293 3154
100 641 651
4
al, Standard Utilities Inc
53
8
Camden Fire
•
10
5 2212 2412 New England Fire
15
250 1.41 1.59 State Street by Corp
• 74.47 80.29
Carolina
10 273 291, New Hampshire Fire_ _10 4724 491 4 Dividend Shares
4
36
40 Super Corp of Am Tr She A
City of New York
20 4412 4712 Equity Corp cv pref
..i0 26
2712 New Jersey
44.68 48.13
AA
.47 9
3..76 2.47
23 6
Connecticu t General LHe_ 10 39
New York Fire
5 1612 1912 Fidelity Fund Inc
40
4.20
Five-year Fixed Tr Shares__
Continental Casualty-----S
12.50 94
1834 2012 Northern
98
BB
• 9.44
Eagle Fire
2.50 26
234
212 4 North River
2712 Fixed Trust Shares A
7.93
6.65
Employers Re-Ineurance_10 3612 3812 Northwestern National _ .25 138 143
Fundamental Investors Inc 2.29 2:49
6.66 --Excess
25 105 110
1612 1812 Pacific Fire
Fundamental Tr Shares A__ 4.93 5.50 Supervised Shares
351
10, 1.48 1.04
Federal
10 88
10 78
83 Phoenix
90
Shares B
4.67
Trust Fund Shares
Preferred Accident
Fidelity & Deposit of Md_20 82
5 1412 1612
86
Trustee Standard Invest C.._
2.48 --Firemen's of Newark
914 1010 Providence-Washington _.10 4312 4512 Group Securities
Agriculture shares
1.41 1.56
2.43 --Franklin Fire
10 20
5 28
22
2912 Rochester American
1.08 1.18 Trustee Standard Oil She A
Automobile shares
6.14 -General Alliance
1 143 1634 Rossia
a 1214 1334
4
1.35 1.49
Building shares
5.17 Georgia Home
10 25
27 St Paul Fire & Marine_ 25 202 208
1.28 1.41 Trusteed Amer Bank She B _
Chemical shares
1.06 1.20
Glens Falls Fire
Seaboard Fire & Marine
5 39
5
41
812 1012
1.11 1.23 Trusteed Industry Shares_
Food shares
1.21 1.34
Globe & Republic
,
10
5 133 1614 Seaboard Bur...
131
, 15
4
1.20 1.33 Trusteed N Y Bank Shame_
Merchandise shares
1.52 1.69
Globe & Rutgers Fire____ 15 32
35 Security New Haven__ 10 3614 373
4
1.14 1.26 united Gold Equities (Can)
Mining shares
Great American
IC 24
5 2714 283 Southern Fire
26
4
1.05 1.15
Standard Shares
Petroleum shares
2.03 2.27
1
Great Amer Indemnity
1
7
8 Springfield Fire & Marire_25 137 140
1
.83 .92 US & Brit lot class A corn •
13
RR Equipment shares _
Halifax Fire
10 1914 203 Stuyvesant
.
5
7
• 13
Preferred
Steel shares
1.25 1.38
16
Hamilton Fire_
2
100 435 450
15 Sun Life Assurance
157 163
8
Tobacco shares
1.37 1.51 U S Elise Lt & Pow Shares A
8
Hanover Fire
10 1012 4212 Travelers
100 628 638
21
2.34 2.44
ElarmOnla
10 2614 273 U S Fidelity & Guar Co_2 103 1214 Guardian Invest Trust __• 19
.
4
Voting trust ate
.20 .30
Huron Holding Corp
.90 .98
4 54
Hartford Fire
10 79
80 US Fire
56
Incorporated Investors____' 18.65 20.05 On N Ir Bank Trust C 3
31 i
358
10 72
Hartford Steam Boller
Ti S Guarantee
10 75
74
80
lin N Y Tr Shs ser F
172
23
8
Westchester Fire
31
Home
2.50 3314 3514 Investment Co. of Amer
33
Wellington Fund
Common
10 27
15.33 17.03
1201.
FortoOtnoteS see cage
704 nreferreef
_ • 27
___
Investing Companies
TRADING
MARKETS
Bank Stocks • Insurance Stocks
_1
HARE'S,LTD.
19 Rector Street, New York
Insurance Companies
5
5
Financial Chronicle
Volume 141
Quotations on Over-the-Counter Securities
Friday Aug. 23-Concluded
SHORT-TERM SECURITIES
Railroads-Industrials
-Public Utilities
Specialists in Called Bonds-New Issues
Short Term Securities
10014 10114
1011 1013
4
10432 105
1027 10318
8
1057 10614
s
10614 107
10818 10812
1023 103
4
10712 10812
102 1023
4
10234 1031
4
10518 10512
10941 110
10234 10312
101 102
10214 1023
2
10312 10414
1057 10614
8
Bid
Louisville & Nash mai 48'40
Midvale Steel & Ord 56 1936
Morris Jr Co lot 41.4e 1939..
N Y Chic & St L 1st 4a 1937
New York Tel lot 4Ks 1939
Nor American Lt & Power
be April 1 1936
Nor By of Calif Si 1938
Pacific Tel & Tel fis 1937._
Penn-Mary Steel os 1937 _
Pennsylvania Co 3330 1937Pennsylvania RR 63a5 1936
Phil& & Reading C & 148 37
Phillips Petroleum fiXe 1939
Potomac Eleo Power 58 1931
Roeh & L Ont Water be 1938
•-it Joseph Ry L FT & P 5.9'37
St Paul Min & Man
Montana Ext 4.3-1937
Scranton Electric 5a /937
Southern llellT&T5a.l041
Sou Par Branch Ry 6E11937_
TerminalaR(StLou)410'39
Texas Pr & LI let bs 1937United States Rubber Co-.
fla 1936
Virginia Midland Sty fet 103e
Ward Baking Co let Os 1937
Washington Wat Pow 58 '3"
Western Mass Cos 4s 1939_
W N Y & Pa RR let ati 1937
Weatern Union Tel 6K0 193r
Rs Jan. 1 20323
Willmar & Sioux Falls Sty
1938
Ask
4
10714 1078
8
10218 1023
10412 105
1013 10214
4
8
111 1113
10112 10214
10814 10914
1057 10614
8
4
104 1043
103 4 10412
1
8
10228 1023
103 104
4
102% 1023
1033 104
6
10114 10214
10412
104
104 10412
4
1063 1073
4
10812 110
10714 10814
1103 11112
4
105313 106
102 103
10114 102
106 10612
4
11114 1113
4
10314 I033
10528 106
10212 103
10415 104148
1043 10524
4
Federal intermediate Credit Bank Debentures
Bid
F I C 1146 Sept. 16 1935.. r.30
F 1 C 1 Ks Oct. 161935.. T.39
F I 0 1Ms Nov. 16 1935.. r.30
F SC 154. Dec. 18 1935.. r.30
Bid
Ask
.10%
.15%
.15%
.15%
$ per Shan
355
9034
47
7
993.
935
By A. J. Wright & Co., Buffalo:
Ask
8
10112 1013
10812 109
10512 10614
10314 10312
1073 1073
8
4
9212 9314
102 10238
1033 1037
8
s
10414 1013
4
10814 1083
8
108 10814
1113 11254
s
10612 1067g
10214 10314
10214 10211
10214 102%
$ per Shan
43k
924
273
81 10
24?
263
53
16
By Barnes & Lofland, Philadelphia:
24 BROAD ST.. NEW YORK
Members N. Y. Stock Exchange
Tel. HAnover 2 4500
Allis-Chalmera Mt.fa 1937.
Amer Tel dr Tel 414s 1939..
Appalachian Pr 7s 1936_
Armour & Co 4338 193 -9
Atlantic Refg Co 5a 1937B &0 RR See 4301939._
Beech Creek RR let 4s 1938
Bethlehem Steel 5e 1936_._
Buffalo Roch & Pitts 55 1937
Calif Gas & Eleo ba 1937...
Caro Clincht & Ohio 153 1938
Chet & Ohio RR let fs 1939
Chia Gas Li & Coke lot 5837
Cln Ind St L & Chic 48 1936
Cleve Eleo Ill Co 68 l939._
Columbus Powet let Se 1936
Consumers El Lt & Pr(N 0)
lot 55 Jan I 1936
Consumers Power 101 Se 1936
Consurn Gas(Chic) let 58'36
Cudahy Packing 5338...1937
Cumb'I'd Tel & Tel lot 5e '87
Dayton Lighting Co 5s 1937
Duluth & Iron Range Is '87
Edison El Ilium Co Boston
58 April 16 1936
48 Jan 1 1939
Fox Film oonv 6,4 1986.....
GliddenCo 514a 1939
Or mink By Can (gu)08'86
Hackensack Water 5a 1938..
Lake Erie 2: West 5s.....1937
wag Dock Co 68 1935._
Long Island Lt8 let bs 1938
Long island RR 56 1937_
nen 48 lore 1 loag
By Crockett & Co., Boston:
Shares
Stocks
S First National Bank, Boston, MIAs., par $21.
10 Norwich & Worcester RR. preferred, par $100
15 Sanford Mills, par 5100
500 Cons. Automatic Merchandising Corp coat v. t. 1).. par $1
14 Eastern Utilities Associates common
12 Boston Herald Traveler Corp
25 Johnson Educator Biscuit preferred, elms A
5 New England Power Ass'n $2 preferred
Shares
Stocks
3 Fidelity-Philadelphia Trust Co., par $100
5 Philadelphia National Bank, par $20
15 Corn Exchange National Bank & Trust Co. par 520
100 Real Estate-Land Title & Trust Co., par '
65
10 Horn & Hardart Baking Co of Phila., pa., no par
10 Girard Lift Insurance Co., par $10
Pell, Peake & Co.
Bid
1263
F I C 1 Ks Jan. 161936.. r.35
FTC l34s Feb. 15 1936.. r.35
F 201348 Mar. 16 1938. r.35
F IC 1348 Apr. 151936.. r.40
FTC i34sJUlY 151036.. r.40
Ask
.20%
.20%
.20%
.25%
.25%
Shares
Stocks
20 Zenda Gold Mines
$ per Shar.
5
Prices on Paris Bourse
Quotations of representative stocks as received by cable each day
of the past week
Aug. 17 Aug. 13 Aug.20 Aug.21 Aug.22 Aug.2'
Francs Francs Francs Francs Francs Francs
Bank of France
9.90l.
10,100 9,900
9,900 9,900
Banque de Parts et Des Pays Bas
934
927
926
__ -936
Banque de l'Union Parialanne._
440
448
430
447
Canadian Pacific
187
-166
179
167
167
Canal de Suez
17,900 17,900 18,100 17,900 18.001
Cie Distr. d'Electricitie
1,145
1,138
1,135
1.120
Cie Generale d'Elearicitie ......
1,450
1,436
1,450 1,460
1,440
Cie Generale Transatiantique
16
17
Citroen B
__-85
65
--6:1
--6r3
Comptoir Nationale d Esc/emote
883
890
889
888
Coty 3 A
81
82
82
-iii
78
Courrieres
231
...-_
229
231
234
Credit Commercial de Franco
567
565
570
567
Credit Lyonnais.
1,710
7
1.740
1,730
1,720
1.740
Eatic Lyonnaise
2,450
2,500
2,540 2,530 2.530
Energle Electrique du Nord
502
502
505
496
-Energie Electrique du Littoral
761
761
766
758
-Kuhlmann
565
572
571
560
L'Alr Liquid°
830
830
820
-63
.
9
820
Lyon (P L M)
867
875
875
_
875
Nord Ry
Hon1,155
1,155 1,159
1,125
Orleans 11.32
435
day
437
436
-455
436
Paths Capital
21
21
20
Pechiney
1,070
1,072
1.065
1,15-V7
Rentes, Perpetuel 3%
79.25
79.40
19516
79.30
79.10
Rentes 4%,1917
82.50 82.80 83.30
82.80 83.10
Rentes 4%. 1918
81.40 81.80 82.10 82.00 82.30
Rentes 4K%,1932 A
88.90
89.10 89.00 88.90 89.20
Rentes 4q7„, 1932 B
79.60 89.90
89.80 89.75 89.80
Renter 5%.1920
109.60 109.40 109.50 109.10 109.80
Royal Dutch
2,010
2,020
2,010
2,010
2,010
Saint Gobain C & C
1.695
1,745 1,740
1,740
Schneider & Cie
1,636
1,645
1,815
1,645
Societe Francaise Ford
58
57
58
58
57
Societe Generale Fonciere
32
32
33
33
---Societe Lyonnais.]
2,530
2,450
2,540
2,525
Societe Mareeillalse
530
531
533
535
Tublze Artificial Silk pref
81
83
84
80
Union d'Electricitie
582
585
594
588
_:__
Wagon-Lits
49
49
____
49
48
Chain Store Stocks
Par
Boback (H C)corn
•
7% preferred
100
Diamond Shoe pre'
100
Edison Bros Stores pref.100
Fishman(M
•
Preferred H)Storee--160
Great A & P Tea Pf---.100
Kress(S El)8% prof
10
Lerner Stores prof
100
Lord & Taylor
100
let preferred 8%
100
2nd preferred 8%. _ 100
Bid Ask
512 7 2
,
34
44
90
108 111"
12
1434
90
127 131
ills 1212
105 10312
145
102
104
Par
100
Melville Shoe pref
Miller (I) & Sons pref-100
MockJuds&Voelieger pf 100
Murphy(0 C)8% prat-100
Nat Shirt Shops (Del)....'
100
lot preferred
Reeves (Daniel) pref...100
100
Schiff Co preferred
United Cigar Stone 6% Pref8% prof Ws
U S Stores preferred--100
85.4 .4 et
4
1103 1113
4
10
15
8512
112 111312 412
4012 44
57
102
- 83
8
8
4
718 73
4
2
/Soviet Government Bonds
Bid
B10 I Ask
.451
Union of Soviet Soo Repub
Union of Soviet Soo Repub
7% gold rouble„...19431
87.02 89.03 1 10% gold rouble...19421 87.891
For footnotes see page 1261.
AUCTION SALES
The following securities were sold at auction on Wednesday
of the current week:
By Adrian H. Muller & Son, Jersey, City, N. J.:
Shares
Stocks
$ per Share
42 Rockhill Coal& Iron Co.8% cum. pref. (Pa.) Ws.of dep
$10 lot
34 13udd Lake Realty Co.(N.J.), par $100
$25 lot
10,000 Great Eastern Natural Gas Co., Inc. (Del.), par $1
$50 lot
BondsPer Cent
$14,000 Rockhill Coal & Iron Co. (Pa.) lot & coll. trust 6% sinking fund
bonds due March 1 1940, Ms.of dep
$1,000lot
By Adrian H. Muller & Son, New York:
Stocks
Shares
4,000 The Onondaga Hotel Corp.(N. Y.), common, no par
500 Albany Hotel Ceti). (N. y.), par groo
500 The Ten Eyck Co.(N. Y.), par $100
170 Labourdette & Co., Inc., stamped (N. Y.), no par
$ per Share
$25 lot
$25101
$45 lot
$100 lot
By R. L. Day & Co., Boston:
Shares
Stocks
2 Amerlean Felt Co. pref., par $100
7 Merrimack Manufacturing Co. pref.. par $100
38 Arlington Mills, par $100
1 Concord & Portsmouth Road, par 2100
1 Old Colony Road, par $100
3 Norwich & Worreater Road prof par $100
5 Chicago-Wilmington & Franklin Coal Co. pref., par $100
15 Draper Corp
8 Boston Woven Hose
.. itiititier a-". common
o
8 Haverhill Gas Light Co., par 525
30 Heywood Wakefield Co. common, par 3100
15 Saco Lowell Shops 1st preferred, par $100
800 San Juan Ramsey, par 10 cents
50 Consolidated Investment Trust, par El
20 Warrants Consolidated Investment Trust
437 Henry Duncan Corp. preferred, par $100 and 1,687 common
Bonds$500 Portsmouth, Gt Falls & Conway 11.d. 413s, June 1937
$ per Share
7841
2931
2034
6534
64
9214
21
61K
1733
15
2
30
16c.
2634
1
.34
$500 lot
Per Cent
9334 & Mt.
The Berlin Stock Exchange
Closing prices of representative stocks as raceived by cable
day of the past week
Aug. Aug. Aug. Aug. Aug.
21
19
22
23
17
Per Cent of Par
Allgemeine Elektrizitaeta-Gesellschatt
41
41
41
41
41
Berliner Handels-Gesellachaft (6%)
119
118
121
119
119
Berliner Kraft a. Licht(8%)
143
143 143
144
143
Commerz-und Privat-Bank A 0
94
95
96
95
94
Deaaauer Gas (7%)
137
137
139
138
138
Deutsche Bank und Disconto-Gesellschaft
95
96
95
95
94
Deutsche Erdoel(4%)
113
113
114
114
115
Deutsche Reichsbahn (German Rys pf 7%) 124
124
124
124
124
Dresdner Bank
94
95
96
95
95
Farbenindustrie 10(7%)
158
159
159
159
160
Gestuerel (5%)
129
130
132
132
134
Hamburg Electric Werke (8%)
142
143
145 ____
145
Hapag
14
14
15
14
15
Mannesmann Roehren
93
91
94
95
94
Nordeutscher Lloyd
16
16
13
17
16
Reichsbank (8%)
188
188
189
187
188
Rheintsche Braunkohle (12%)
225 225 223 221
225
Salzdeturth (734%)
198
199
201
198
201
Siemens & Halske(7%)
___
185
181
185
186
CURRENT
each
Aug.
23
40
118
143
93
135
92
113
124
92
156
128
142
14
90
18
185
216
197
179
NOTICES
-"The Annual Financial Review," a manual of Canadian corporate
life, has made its 35th consecutive appearance. Familiarly known in
financial circles of the Dominion as the "Blue Book," the current editior
again goes exhaustively into essential details of the changes in corporate
statistics of the past year and records with all the accuracy possible trends
of Canadian financial and commercial activities. The new book treat,
some 1,700 companies, giving their histories; description of plant and properties; details of funded debt; capital authorized and issued; latest balanci
sheet; changes in dividends and market records, all carefully compiled and
edited in a Manner calculated beet to serve the interests of the reader.
In addition, the "Annual Financial Review", which has the official
sanction of the Toronto and Montreal Stock Exchanges, contains a record
of high and low prices of all listed stocks and bonds extending back ft!
10 years, while the number of shares transacted each month is set out for
each of the issues for the previous 18 months.
There are lists of the Toronto, Montreal and Montreal Curb Exchanger
with rates of commission applicable to trading on each market; a list of
representative brokers in other Canadian cities; details of Dominion and
Provincial financing; bank debits and a host of information otherwise
difficult to obtain.
Primarily compiled with a view of providing a record of stocks listed 02
the two Main Canadian Exchanges, the "Blue Book" has grown from 31'-'
pages in 1901 to 1,184 pages to-day. At the ti:ne of the first issue in 1901
only 126 stocks were listed on the two Canadian Exchanges then in existence. The "Annual Financial Review" Is published by Houston',
Standard Publications, Toronto Stock Exchange Bldg., 238 Bay St..
Toronto, Canada.
264
Financial Chronicle
Aug. 24 1935
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY-INDUSTRIAL-MISCELLANEOUS
---- Abbotts Dairies, Inc.
-Preferred Stock Called
-
The company is calling for redemption on Sept. 1 next all of its outstanding 1st and 2d pref. stock at $110 and div. There are at present
outstanding 6,500 shares of 1st pref. and 5,509 shares of 2d pref., of which
about 1,785shares were held by trustees on Dec.31 1934.-V. 136,P.
Sugar Refining Co., Ltd.
-Accumulated Dim• en
The directors have declared a dividend of 15 cents per share on account of accumulations on the 6% cumulative preferred stock, par $5,
payable Sept. 2 to holders of record Aug. 18. Similar payments were
made in each of the five preceding quartets and on Dec. 1 1933.
After the payment of the Sept. 2 dividend accruals will amount to 2234
cents per share.
-V.140, p.4220.
„.....-Acme Glove Works, Ltd.
-Accumulated Dividend
-LS
The directors have declared a dividend of 8134 cents per share on account
of accumulations on the 634% cumulative 1st pref. stock. par $50, payable
Sept. 16 to holders of record Aug. 31. Similar payments were made in each
of the five preceding quarters. The last regular payment of 8134 cents
per share was made on Dec. 15 1930.
Accruals, after the payment of the Sept. 16 dividend, will amount to
-V. 140. p. 4384.
310.5634 per share.
Addressograph-Multigraph Corp.(8c Subs.)
-Earnings
6 Months Ended June 30Net operating profit, after charging all
selling, gen'l & administrative exps.
Maintenance of non-operating property, less rental income therefrom_ _
Patents, development and engineering
including amortization
Depreciation of operating plants
Int., debenture discount and expense
Exchange profit
Income tax (estimated)
Pref. diva.on minority stks.not owned
1935
1934
1933
$657,821
$664.368
$215,821
26,182
20.439
16.652
79,383
154,946
49,817
Cr335
51,251
20,758
83,016
157.653
43.345
Cr15.128
53,104
14.544
84.585
152,867
39,414
9.415
7.790
Net profit
$275,819
$307,395 loss$94,902
Earnings per share on 746.313 shares
capital stock (par $10)
$0.37
$0.41
Nil
Note
-The net profit, as above stated, is after deducting operating reserves amounting to $22,831 as of June 30 1935 and $45,059 as of June 30
1934, unexpended at dates shown.
-V. 140, p. 4060.
-...---Alabama Water Service Co.
-Resumes Pref. Div.
The directors have declared a dividend of $1.50 per share on account of
accumulations on the $6 cumulative preferred stock, no par value, payable
Sept. 1 to holders of record Aug. 20. This payment will be the first made
on this issue since Dec. 1 1932 when a regular quarterly dividend of like
amount was distributed.
Accumulations after the payment of the Sept. 1 dividend will amount to
$15 per share.
1934
1935
1933
12 Months Ended June 30
$747,505
$791,880
Operating revenues
$716,504
252,901
277,406
Operating expenses
255,937
Cr4,683
Gen. exps. charged to construction
9.251
9,617
Rent for leased property
8,730
31,119
Maintenance
22,625
30,580
15,106
9,845
Prov. for uncollectible accounts
14,389
75.810
69,387
General taxes
89.256
Net earnings
Other income
$392,766
4,067
$370.280
4,426
$325,566
4,399
Gross corporate income
Interest on funded debt
Miscellaneous interest
Amortization of debt aisct. and exp.._
Prow,for Federal income tax
Prov, for retirements & replacements
Miscellaneous deductions
$396,833
213.436
3,179
960
9,761
81,144
$374,706
212,579
2,159
960
6,911
75.500
3,380
5329,965
211,566
593
956
3.407
82,574
4,982
Net income before pref. stock diva.
and int. on notes and 5% debs.
subordinated thereto
$88,353
$73,219
$25,886
Notes-Interest on $372.000 5% debs., owned by Federal Water Service
Corp.,is subordinated to the payment of pref. dividends.
At June 30 1935, the cum. pref. dividends not declared amounted to
$105,245 and the subordinated interest on the debentures, not accrued,
amounted to 348,050.
Balance Sheet June 30
Liabilities-.
1934
1935
1934
Assets1935
Funded debt
$4,926,000 $4,192,500
Plant, prop. vat.,
872,000
&a
$9,210,077 $7,448,450 Cony. debenturm. 872,000
132,466 Def. liab. & unadl.
Inv. in other cos__ 144,100
229,422
191,527
credits
147,776
86,959
Cash
31,021
18,525
Working funds_ __
3,340 Notes & accts. pay.
4,258
Accrued liabilities.. 151,384
97,141
Notes, accts, and
22,611
97,465 Due to Mill. cos
warrants, rec.__ 155,870
25,209 Reserve
1,269,876
543,447
Materials & suppl.
47,672
16,592 y $6 cum. pref.stk. 679.000
679,000
Accrd. unbilled rev. 14,610
x Deferred charges
x Common stock
600,000
600,000
91.491 Capital surplus_ _ 802,436
548,740
dr prepaid accts _
68,732
Earned surplus...,.. 231,956
136,481
Total
Total
$9,793,096 $7,901,971
$9,793,096 $7,901,971
x Including unamortized debt discount and expense and commission on
capital stock. y Represented by 6,790 shares (no par). z Represented by
-V. 140. p. 3028.
6,000 shares (no par).
-Refunding Reported
Allis-Chalmers Mfg. Co.
The company is planning an early refunding of its 5% debenture issue,
outstanding to the amount of $13,963,000 and maturing May 1 1937 it is
reported. The bonds are redeemable at 10034, the next call date being
Nov. 1. Since only 30 days' notice of intention to redeem must be filed by
the company, it is expected that the old bonds will be re-ired this year.
The company and its bankers are said to have progressed far in the
preparation of a registration statement on a new 4% refunding bond issue.
Two types of bond are being considered at this time, it is stated. If a
convertible bond is offered, it is understood that holders of the old bonds
will be given the right to convert and the untaken portion will be underwritten. The other type being considered is a straight investment issue.
-V.141, p. 580.
American Agricultural Chemical Co.(of Del.)-AnnuaI
Report
Horace Bowker, Chairman, and L. H. Carter, President, state in part:
The balance sheet as of June 30 1935 shows net asset values of $18,173,411
attributable to 224,239 shares of capital stock outstanding June 30 1935 in
the hands of the public. The June 30 1935 book value of the company's
net assets is $81.04 per share, which compares with $75.25 per share as
at June 30 1934.
The net quick assets are shown to be $12.483,401, equal to $55.67 for
each share of the net outstanding stock. This figure compares with net
quick assets on June 30 1934 of $49.80 per share, showing an increase in
the net quick asset value of $5.87 per share on the present net outstanding
Mtock.
The profit and loss statement reflects the operating results for the fiscal
year ended June 30 1935. It shows a gross profit from operations of $3,-
168,564. From this gross operating profit there is deducted for general
operating and administrative expenses $786,273. and a provision for losses
on time sales on shipments made during the year of 3196.375, leaving a
net operating profit of 32,185,914. From this net operating profit there
s a deduction of $573,801 for depreciation of plants and depletion of phoshate rock mines, and $79,509 for company insurance reserves, for which
ems these was no cash outlay. The balance reflects a net profit for the
year of $1,532,604 before provision for Federal income taxes of $105,000.
or a net profit after Federal income taxes of $1,427.603. equivalent to $6.37
per share. This profit compares with a net profit for fiscal year 1934 of
$977,118, an i.mprove.ment of $450,484.
Profits contributed from the other-than-fertilizer activites were larger
this year than heretofore. Company has maintained, during the past
few years, a competent research and operating staff for pursuing a policy
of gradual expansion in other-than-fertilizer operations.
Consolidated Income Account Years Ended June 30
1935
1934
1932
1933
Gross profit from oper__ $3,168,564 $2,663,579 $1,176,5571
Gen.oper.& admin. exp. x786,274
774.434
716,800} Not avail.
Prov,for loss on sales, &c
196.376
259,859
299,9161
Prof. from operation_ $2,185,914 $1,629,285
Res. for doubtful receiv_
Interest paid & accrued..
Res. for self-insurance _79,509
120.615
Plant depr. & mines depi
573,801
531,551
Prov. for Fed. inc. taxes
105,000
$159.841 loss$147,587
325.000
34,596
107,551
100,400
609,322
567,569
Net profit
$1,427,604
$977,1191054508.128 1oss1224,057
Earns, per sh. on 233,206
abs. no par cap. stock_
$4.19
x Includes additional compensation to officers and executives under profit
sharing plan amounting to $56,900.
Consolidated Balance Sheet June 30
Assets1935
1934
1932
1933
x Land, bldg., mach. &
equipment
54.249,688 $4.081,522 54.421,630 $4,834,101
x Phosphate rock depos. 1,635,284
1,718,672
1,663,831
1,693.390
x Prop, not required for
operating purposes.... 1,086,106
1,062,762
1,015,630
1.039,179
x Purch. money oblig.&c
708,617
826,388
1,269,228
1,142,623
Cash
5,338,569 4,461,251
5.201.960 3,632.803
Accts. & notes receivable 2,801,479 2,874,687
5,080,572 x5.808.900
Inventories
5,092.637 4.857,801
3,482,959 3,994,587
Brands.pats. & good-will
1
1
1
1
Unexpired ins.,taxes, &c
207,221
406,352
395.370
207,004
Total assets
$21,119,603 $20,234,596 322,269,318 522,669,293
Liabilities
Capital stock
$8,969,560 Y$9,328,240y$12,628.040 $12,684,840
Capital & earned surplus 9,203.851
8,220.158
7,238,812
6,779,688
Accts. pay.& accr. liabil.
749,284
581,013
445,016
478,918
Res.for contingencies_
1,611,972
1,594,728 2,014.003
2,027,940
Res. fox self-insurance
547,160
467,951
253.345
347,060
Deferred credits
37,774
19.339
42,505
21,606
Total liabilities
521,119.603 $20,234,596 $22,269,318 $22.669,293
x After deducting reserves. r 233.206 shares (no par in 1935 (317.875
In 1933) issued or issuable including shares reserved for capital stock of
predecessor company not yet exchanged, less 8,967 (84,669 in 1934) shares
held in treasury.
-V. 140. p. 2690.
Austin Car Co., Inc.-Pittni-gerlti-Federal Judge R. M. Gibson at Pittsburgh, Pa., on Aug. 21 confirme
the sale of the company's assets to E. S. Evans, Atlanta automobile dealer
Mr. Evans agreed to pay $5.000 and assume a $150,000 mortgage, accrue
Interest of approximately $40,000 on this loan and $35,000 in unpaid taxes.
-V. 141, p. 736.
American, British & Continental Corp.
-Earnings
--
6 Months Ended June 30Income-Dividends
Int. earned on securities, loans & bank balances
Miscellaneous
1935
$889,292
59,417
1934
$75,184
71,996
482
Total income
Expenses
Loss on foreign exchange
Provision for State franchise, Federal capital stock
and other taxes
Interest on 5% debentures
3148.710
31,194
704
$147,662
26,569
102,548
12.840
106,738
Net income *
$1,517
514.262
* Net income is after all expenses and interest but before profits and
losses on sales of securities and adjustments of investment valuations to
market quotations. Such profits, losses and adjustments are treated as
deductions from or additions to deficit account.
Statement of Capital Surplus for the Six Months Ended June 30 1935
Deficit, Dec. 31 1935 (after application of 88,600,000 of capital
surplus and as reduced by net unrealized appreciation in investments at that date)
$1,594,073
Net excess ofamount at which investments were carried in statement offinancial condition at Dec.311934. over cost thereof,
less provision for Fed.income tax on net unrealized apprecia'n
652,871
Total deficit
32,246,944
Capital surplus arisingfrom change in preferred and com,stocks
from shs. of no par value to abs. of par value, in accordance
with amendment to ctf. ofincorporation dated June 29 19352,241,290
Excess of par value over cost of$919,500 principal amount of 5'7;
debs. purchased and placed in treasury during the period... _ _
131,240
Excess ofincome over expensesfor the 6 mos.ended June 30 1935
(as above)___________________
2
024
6
14;06
Net profit on sales of sec:lirales Cluring tlie six moniiii emlea
15
June 30 1935(computed on the basis of"first-in,first-out")
Total surplus
$28109:393182
Adjustment of carrying value ofsecurities owned at Jan. 1 1935
en
_
:
from average cost basis to cost based on latest purchases__
Additional provision for contingent liability in connection with
foreign stock
13,500
Reduction of carrying value of sundry foreign loans, less
recoveries
105,623
Capital surplus balance, June 30 1934
$160,452
Change in Net Assets for the Six Months Ended June 30 1935
Net assets(valuation based on market quotations), Dec.31 1934 $7,262,692
788,260
Cost of$919,500 par value of debs. purchased for the treasury__
56,474,432
Balance
14,262
Net profit from operations before profit from sales of securities
150,064
Net profit from sales of securities based on cost
Increase in unrealized appreciation of securities owned, less
$278,689
Federal income taxes of $57,650
Dr129,459
Miscellaneous charges
Net assets (valuation based on mkt. quotations), June 30 1935 $6,787,988
Volume 141
Financial Chronicle
Balance Sheet June 30 1935
Assets
Liabilities
Cash in banks
$1,330,910 Due for securities purchased
$168,630
Divs. receivable & int. accrued
35,934) Accts. payable & accrued exps_
2,307
Accounts receivable
3,326 Accrued int. on 5% dabs
69,792
&curs. owned,at values based
Reserve for taxes (incl. $57,650
on market quotations (cost
provision for Fed.income tax
$4,673,241)
5,662,451 applicable to net unrealized
Foreign loans (face amount
appreciation of securities and
5659,714) at estimated realiforeign loans)
71,075
zable values as independReserve for contingencies
28,500
ently appraised
90,000 5% gold debentures
3,350,000
Other assets
5,674 $6 cum. 1st pm!. stock
2,285,975
Common stock (par 100.)
60,000
Capital surplus balance
160,453
Net unrealized appreciation of
securities owned
931,560
Total
$7,128,291
Total
$7,128,291
-V.141, p. 1082.
American Chain Co., Inc.(& Subs.)-Earnings
-6 Months Ended Jane 30
Manufacturing profit
Expenses
Depreciation
Amortization of patents
1935
1934
$2,462.103 $2,158,578
1,246,081
1,134,185
473.572
480.586
32,232
31,215
1933
$875,071
927,781
441,404
129,130
Profit
Reduction in foreign exchange reserve
Other income
$710,218
660
$512,592 loss$623,244
48,896
3,409
50,971
Total income
Funded debt expense, &c
Federal and foreign income taxes
$710,878
x124,851
68,321
$516,001 loss$523,374
235,620
131,564
35,881
Profit
Minority interest
$517,706
$244,500 loss$654,938
Dr1,815
Net profit
$517,706
$244.500 loss$656,753
x Funded debt expense includes $49,116 current amortization, to
tive retirement dates,of bond discount and refunding expenses. The respecbonds,
which were to mature April 11938. were retired, partly on March 20 1935
and partly on May 24 1935. and upon retirement thereof the unamortized
balance of bond discount and refunding expenses, amounting to $492,970,
was charged to earned surplus.
-V. 141. p. 906.
i,...-American Electric Power Corp.
-Reorganization Effective
The plan of reorganization as confirmed
Court for the District of Delaware has beenby order of the U. S. District
effected.
The new company mentioned in the plan which will take over the assets
of American Electric Power Corp. is Penn Western Gas ct Electric Co. The
securities of Penn Western Gals dr Electric Co.are now ready for distribution
pursuant to the plan.
Holders of6% convertible gold debentures,series A,of American Electric
Power Corp., or deposit receipts representing these debentures, are now
entitled under the plan to receive one share of common stack of Penn
Western Gas & Electric Co.for each $100 of debenture held, together with a
subscrittion warrant of Penn Western Gas & Electric Co. entitling holders
to purc ase an/ part or all of 9,264 additional shares of'common stock of
Penn Western as & Electric Co. at $12 per share for and auring a period of
30 days from the date of the subscription warrant,subject to allotment as
provided in the warrant.
If any of the 9,264 shares are not subscribed for by debenture holders,
the balance will be offered to stockholders
Subscription warrants will be void and will in the order of their priority.
terminate at
wholly cease
3 p. m., Sept. 20 1935, unless exercised prior to that time. and subscription
No
warrants will be issued to holders of debentures or deposit receipts who
delay in surrendering said debentures or deposit receipts beyond Sept. 20
1935. .
Holders should forward their debentures
deposit receipts to Bankers
Trust Co., 16 Wall St., New York, togetheror
order to receive the new securities to which with a letter of transmittal in
holders are entitled.
-V. 141.
p. 1082.
American-Hawaiian Steamship Co.
-Comparative Balance Sheet June 301935
$
AssetsFixed plant, vessels in comm. &
shore plant.... 5,401,975
Investment at cost 1,000,000
Unexpired ins.,&e. 120.576
Ship overhaul cost
Mixed claim award
& accrued int__ 1,873,956
Marketable seeur_ 856,839
Accts. receiv.,
disaster & other
claims recov'able 653,220
Supplies
44,470
Cash in banks and
on hand
1,151,174
Insurance fund_ 757,191
_
1934
5,886,458
1,000,000
87,748
133,268
1,808,445
1.400,052
717,686
49.992
1935
1934
Liabilities
4,550,000 4,550.000
Capital stock
Excess of revenue
over disbursem't
on incompleted
225,803
voyages
152,954
Accounts payable. 280.405
304.583
Reserve for Federal
income tax
58.324
Res. Corp.& I. ins. 819,262
535,950
Res,for coll, mixed
claim award and
accrued interest 1,873,956 1,808 445
4,109,974 5,102,029
Surplus
892,686
535,950
Total
11,859,401 12,512,284 Total
11,859,401 12,512,284
Our usual comparative income statement for the six months ended June 30
was published in V. 141, p. 1082.
1265
The company has decided to give up the manufacture of the Ames vacuum
heating pump and therefore that branch of the business has been discontinued.
Consolidated Income Account
6 Mos.End. June 301935
1934
1933
1932
Net loss after deducting
mfg., maintenance and
adminis. expenses____ $460,735
$944,264
$994,913 $1,225.221
Depr.on plants & equip_
289,902
278,193
307.429
746,612
Federal stock tax
21,588
66,510
60.000
Net loss
Preferred dividends-
$772,226 $1,288,967 $1,362,342 $1,971,833
1,256,493
Balance, deficit
$772,226 $1,288,967 $1,362,342 $3,228,326
Comparative Consolidated Balance Sheet June 30
1935
1934
1935
1934
Assets$
Liabilities
t
3 Cost of property.35,039,233 35,467,141 Preferred stock _ ..35,196,100 35,196,100
,
Investment Can.
x Common stock.. 3,839,500 3,839,500
Steel Castings._ 2,500,000 2,500,000 Adv. pay. rev. on
Other investments 1,662,461 1,719,048 contracts
53,578
100,514
Cash
3.179,016 1,594,342 Accounts payable. 700,026
862.434
Marketable securs. 4,468,722 4,725,158 Sundry accr. exps. 311,143
247,582
Accts.& notes rec.,
Reserve Federal &
after reserves._ _ 3,915,000 3,590,875 States taxes.._
183,254
187,053
Inventories
3,579,414 6,413,424 Res, for coining_ 1,496,403 1,596,982
Deferred charges._ 214,063
98,902 Minority interest.
10,658
10,827
Capital surplus
4,178,250 4,178.250
Earned surplus... 8,588,996 9,889,649
Total
54,557,908 56,108,889 Total
54,557,908 56,108.889
x Represented by 767,900 no par shares. y After depreciation reserves.
-V. 140. p. 3884.
American Public Service Co. (8z Subs.)
-Earnings
Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
Totalgross earnings__ -.. $1.123,434 $1,139,282 $2,074,017 $2,128,890
Operation
395,855
413,287
747.634
747,945
Power purchased
82,528
37,814
Maintenance
62:941
59,984
108,146
110,623
Prov. for retirement...143.104
144,863
286,231
289,371
Taxes-State, local. &C..
71.769
87,831
135,119
154,956
Fed. 3% on electricity
17,093
16.734
33.294
33.716
Federal income
Cr2,729
5,443
7.090
46
Net earnings
$415,811
$369,107
$725,306
$703,080
Other income (net)
2,500
Dr5,827
6,675
Dr6,481
Net earns, before mt..$418,311
$363.279
$731.982
$696,598
Int.& amortiz. deduc'ns
330.917
337,106
662,944
673,062
Balance
$87.394
$26,173
$69.037
$23,536
Divs. on pref. stock of
of sub., West Texas
Utilities Co., in hand
of public
37,474
74,949
74.949
37,475
Balance surplus
$49,920 def$11,301
def$5,911 def$51,412
-V. 140. p. 3885.
merican Rolling Mill Co.
-Definitive Bonds Ready
The Chase National Bank of the City of New York announced that it
will be prepared to deliver at its coporate trust department, 11 Broad St..
on Aug. 26, definitive 10
-year 4X V. convertible debentures due May 1
1945, in exchange for the temporary debentures.
-V. 141, p. 736.
American Safety Razor Corp.(& Subs.)
-Earnings
Period End. June 30- 1935-3 Mos.-1934
Net profit after deprec.,
Federal taxes, &c____ $268,452
$221,082
Shares cap.stock(no par) 174,800
176,130
Earnings per share
$1.26
$1.53
-V. 140, p. 3708.
1935-6 Mos.-1934
$532,866
174.800
$3.04
$427,892
176,130
$2.43
American Seating Co.(& Subs.)-Eamings6 Mos.End. June 30-1935
1934
1933
1932
Sales
$1.426,922 $1.145,656
$674.613 $1 258,783
Cost of sales
k 1,328,034 1.131,206
778,559
1956,542
Admin. and sales ex138--1
530,358
Depreciation
73.152
60.360
60.780
65,454
Operating loss
prof$25,736
$45,910
$164,726
$293,571
Other income
50,727
51,508
43,161
44,070
Profitfrom direct oper. $76,463
$5,598 loss$121,565 loss$249,501
Interest on gold notes__
84,819
89,540
86,549
94,221
Other expenses
19.534
39.828
37.642
27,098
Net loss
$27.890
$120,779
$248,747
$370,820
,
Current assets as of June 30 1935. Including $1,346938 cash and short
term securities amounted to $4,030,877 and current liabilities were $190.810
compared with cash and short term securities of $1,073,270, current assets
of $3.639.272 and current liabilities of $147,557 on June 30 1934. Inventories at close of period were $1,349,608 against $1,241,033 on June 30
last year. Total assets on June 30 1935, amounted to $6,788,129 compared
with $6,521,220 on June 30 1934: capital surplus was $1.065,083 compared
with similar amount on June 30 1934, while operating deficit amounted to
$718.746 against deficit of $1.030.825.-V. 141, p. 736.
American Home Products Corp.
-Earnings----- American Smelting & Refining Co.
(& Subs.)
--$36,383,300 Fund1935
ing Arranged Privately-The company announced Aug. 23
1933
1934
1932
that it will redeem the outstanding $36,383,300 1st mtge.
5s through the private sale of $25,000,000 bonds, $5,000,000
$621,415 $1,001,785 $1,156,683 $1.448,542
bank loans and funds from the treasury of the company.
672,100
672,100
672.100
611,000
The official announcement follows:
$0.92
$1.72
$1.49
$2.37
•
6 Mos.End. June 30Net earns, after all chgs.,
incl. deprec. & Federal
taxes
Shares capital stock outoutstanding
Earnings per share
-V. 140, p. 4061
American Locomotive Co.
-Annual Statement
-Semi
-
Company will redeem all of its outstanding 5% first mortgage bonds
aggregating $36,383,300. Notice of redemption at par will be given
Aug. 30. Though the date of redemption will be Oct. 1 1935, bondholders
who wish to do so may present their bonds for payment at any time after
the date of the notice of redemption and upon doing so will receive principal
with interest accrued to Oct. 1 1935. On that date interest will cease to
accrue.
To provide the necessary funds for this purpose a new issue of first mortgage and first lien 4% bonds in the aggregate principal amount of $25,000,000 will be sold privately to a group of five insurance companies. They
will mature Oct. 1 1950, but will be subject to redemption under terms
which are deemed favorable to the Smeltingcompany.
Approximately $5,000,000 will be pr
from several banks on serial
notes which will be payable over a period of five years, and the remainder
of the funds for the retirement of the outstanding 5% bonds will be taken
from the treasury of the Smelting company.
Under the plan, payments to the sinking fund will be deferred until
Aug. 15 MI,and the cash saving in that respect, in addition to the saving
through the reduction of the interest rate, will adequately provide for the
payments to be made to he banks on the serial notes.
It, is anticipated, of course, that the appreciable reduction in the funded
debt of the company and the lower rate of interest will benefit the stockholders through increased earnings applicable to the three issues of the
Smelting company's capital stock.
-V. 140. p. 4222.
William 0. Dickerman, President, says Part:
The unfilled orders on the books at July in1935 amounted to $3,813,246,
1
compared with $2,703,374 at Jan. 1 1935 and $7642,149 at July 1 1934.
During the first half of 1935 the company received orders for 11 locomotives, four of which were shipped, together with the shipment
locomotives ordered during the previous year, making a total of 20of 16
locomotives shipped during the period. The seven locomotives remaining on
order at July 1 1935 are expected to be completed and shipped during the
last half of the year.
Company remains in a healthy liquid financial position. At June 30
1935 the net quick assets were$13,894,149. With no funded debt and
no loans payable, the company had in its treasury $3,179,016 in cash,
$929,904 in United States and Canadian Government obligations, s:2,798,297 in railroad equipment trust certificates and $740,520 in other
securities, making a total of $7,647,737 in cash and readily marketable
securities. The market value of the company's marketable securities at
June 30 1935 exceeded the book value by $1,289,268, or nearly 29%.
During May 1935 company completed and delivered to the Chicago
Milwaukee St. Paul & Pacific RR, two streamlined steam locomotives to
be used in hauling the new streamlined passenger train "Hiawatha" which
makes the daily run between Chicago Milwaukee St. Paul and Minnespits in record time. These locomotives are the first streamlined steam
-Committee Files
locomotives in America, designed as such from the ground up, and run -.0 AmeriOan States PublIs Service Co.
s
DT
smoothly and easily at speeds of 100 or more miles an hour. The loco.
t
, a tan-t _ '.-^.- --4"A•"- t't ""'""-•"
motives are giving thorough satisfaction in operaitng the train "Hiawatha"
The p tective co tnittee tihtiresenting the holders of the first lien 534%
which is said to be one of the most popular trains in the country. In
bonds. donsisting of II. Emerson Swart, George de B. Greene and Garrett-_.
addition, the two streamlined high-speed passenger trains known as "The
son Dunn, has announced that it filed its plan of reorganization with OW
Rebel" recently put into successful operation on the Gulf Mobile & Northern
Federal Court at Baltimore on Aug. 20. and that it has received proxies to
RR. are each motored by a 660
-hp, railway type Diesel engine supplied
represent $2,137,600 of the bonds, which is over 28% of the issue.
-V.
by the McIntosh & Seymour Corp., a subsidiary.
141, p. 1085.
.
-Deposits of Pref. Stock
Arkansas-Missouri Power Co.
-Earnings
American Stores Co.(& Subs.)
1932
1933
1934
1935
6 Mos. End. June 30-Sales
$58.776,262 $58,003,548 $54,357,216 $59,776,818
Net income after deprec.
2,555,558
2.376,636
2,089,200
Federal taxes, &c_ _ -- 1,399.757
Shares of common stock
1,303.690
1,302.270
1,301 870
par) outstanding. 1,301,320
(no
$1.96
$1.82
$1.60
$1.07
Earnings per share...-.
-V. 141, p. 582.
-Div. Date Correction
American Sumatra Tobacco Corp.
The 50 cent extra and 25 cent regular dividend mentioned in last week's
"Chronicle" will be paid on Sept. 16 to holders of record Aug. 31 (not
Sept. 2.)-V. 141, p. 1085.
-Balance Sheet June 30American Surety Co., N. Y.
1934
1935
Assets$
$
Real estate
10,000,000 10.000,000
Securities (net).- 9,254,312 10,307,521
Prems. In course of
1.545,040 2,114,028
collection
Cash
1,840,023 1,039,853
Reinsurance,* 0th.
accts. receivable 127,652' 187,456
60,110
Accrued int. rec...
62,175
1935
Liabilities
7,500,000
Capital stook
Surplus & undivid3,200,949
ed profits
Contingency reeve 139,800
Res, foe unearned
5,542,387
premiums
Res, for reported
3,650,851
lasses
Res,for unreported
1,575,537
losses
Res. for expenses rk
019,681
taxes
Res, for deprec.,
home office bldg. 150,000
-July 1 150,000
Divs. pay.
Reinsurance &0th.
accts. payable_
22,829,204 23,708,969
Total
-V. 140, p. 4224.
Total
1934
7,500,000
2,413,239
1,045,684
5,781,3$0
3.836,688
1,600,000
901,720
PeriodOperating revenues
Operating and general expenses
Prov. for deprec. & amortiz. of property
480,277
22,829,204 23,704,969
Mos.End. Year Ended
May 31 '35 Dec. 31 '34
$422.713 $1,157,143
133,228
341,991
160,140
368,277
Profit from operations
Other income (interest, rentals, &c)
$129,344
5,271
$446,874
13,241
Gross income
Income charges
Federal income tax
5134,615
147,114
$460,116
382.962
10,234
def$12.498
Dr424
189,370
$66,919
9,945
91.150
$202,293
459,599
$14,285
473,885
Net income for the period
Earned surplus credits
Earned surplus charges
Deficit for the period
Earned surplus at beginning of Period
5257,305
$459.599
Earned surplus at end of period
Consolidated Balance Sheet May 31 1935
Liabilities
Assets
$3,719,593
x$7,338,651 Capital stock
Property
140,180 Funded debt
4,153,500
Other land
1 Accounts payable-trade__ _
4,367
Franchises
Interest accrued on funded
Excess of cost of cap, stk, of
debt
50.131
Martinez-Benicla Ferry &
Federal income tax-1934_ _ _
8,356
transportation co. over net
Other taxes accrued
3,482
worth of that co. at date of
80,700 Reserves for taxes
188,674
acquisition
245,909 Deferred credits
.243
Cash on demand
Earned surplus
257,305
Accts. rec. (less res. of $408
for doubtful accts. of Amer14,004
Toll-Bridge Co.)
1,307
Accrued Interest receivable
Class A cap, stk. of Amer7,605
Toll-Bridge Co. of Calif
Due from Amer. Toll-Bridge
94,935
Co. of Calif
Notes & accts. receivable, not
3,824
current
Funds in closed bank-esti766
mated amount recoverable_
534,766
Deferred charges
Total
$8,462,656
88.462,656
Total
After reserve for depreciation and amortization of 52,524,664.-V.
141, p.736.
-Weekly Output
American Water Works & Electric Co.
Output of electric energy for the week ended Aug. 17 1935, totaled 38,696,000 kilowatt hours, an increase of 24% over the output of 31.342,000
kilowatt hours for the corresponding period of 1934.
Comparative table of weekly output of electric energy for the last five
years follows:
1932
1933
1934
1931
Week Ended-1935
July 27-38,145,000 32,758.000 36,946,000 25,862,000 31,191.000
Aug. 3.,.36.622,000 31,950,000 34,675,000 24,466,000 31,647,000
Aug. 10 _ _ _ _37,243,000 31.136,000 35,394.000 23,958,000 31,104,000
Aug. 17...-38.696,000 31,342,000 36,370,000 24,000,000 30.581,000
July Power Output
The power output of the electric subsidiaries of the American Water
Works and Electric Co. for the month of July totaled 161,592,284 kilowatt hours, against 141,414,309 kilowatt hours for the corresponding month
of 1934, an increase of 147.
For the seven months ended July 31 1935, imnver output totaled 1,160675.615 kilowatt hours, as against 1,049,969,631 kilowatt hours for the
-V. 141. p. 1085.
same period last year, an Increase of 1i%.
--Earnings
Anaconda Copper Mining Co.
6 Months Ended June 30Operating income
Other income
1935
1934
$12,634,559 $9,641,698
635.854
986,173
Total income
Interest on bonds and current obligations
Loss on bonds retired
Expenses pertaining to non-operating units
U. S. & foreign income taxes (est.)
Depreciation & obsolescence & depletion
Discount and premium on bonds.,
$13,270,413 $10,627,871
2,413,040
2,057,454
19,744
966.470 x1,932,373
902.003
3.974,076
3,279.980
111,826
$5,238,839 $3,002,478
23,956
15,981
Income of Anaconda Copper Mining Co. before
$5,214,883 $2,986,497
depletion
8.764,342 8.673,833
Shares capital stock (par $50) outstanding
$0.59
$0.34
Earnings per share
x Including expenditure during strike period to June 30 1934 and reserve
for Federal income taxes.
Plans to Refund Loans
Informal discussions are said to be under way between officials of the
company and investment bankers regarding the funding of company's
Wink loans.
Bank loans at the end of 1934 were $59,549,000. The company also had
extensive cash balances, and it is assumed that a $50,000,000 bond flota-V. 140. p. 3203.
tion would suffice for this capital readjustment.
On Feb. 23 1935, the company filed its application in the II. S. Disrict
Court for the Northern District of Illinois, Eastern Division,for reorganizaother
tion under Section 77-B of the Bankruptcy Act, alleging amongin the
things, that it was unable to pay its obligations as they became due
normal course of its business.
was
On May 6 1935. a preferred stockholders protective association A.C.
formed consisting of W. B. Haley, chairman, W. E. Aydelott,
Kunderer, W. W.Metts and Tony Gnade, to represent such shareholders.
its intervening
The committee has been granted leave and has filed mortgagebon
?gfy Colrtat Chicago. The first
U.
ReUtionntyU
the
committee to protect their respective interests.
the
In order that the committee may work effectively, it is necessary that of
stockholders deposit their stock certificates, with the Mercantile Bark
represent them, in conLouisiana, Mo., and authorize the committee to
formity with the provisions of the deposit agreement dated May 6 1935.
-V. 140. p. 1473.
& Co. (Ill.)-Accumulated
The directors have declared a dividend of $1.50 per share, applicable
to accumulations on outstanding shares of 7% cum. pref. stock, par $100,
which have not yet been converted into prior pref. and common stocks.
made
payable Oct. 1 to holders of record Sept. 10. A like disbursement was
on July 1 last, this latter being the first disbursement on the issue since
Jan. 2 1931.
Accumulations after the payment ef the Oct. 1 dividend will amount
to $30.25 per share.
Acquires Decker Plant
-V. 141, p. 1085; V. 140, p. 4387.
See Adolf Gobel, Inc. below.
-Earnings
(& Subs.)
Associated Electric Co.
150,000
American Toll-Bridge Co.(& Subs.)-Earnings-
Net income
Share of minority interest
Aug. 24 1935
Financial Chronicle
1266
1934
1935
12 Months Ended June 30$14,985,050 514.453,808
Operating revenues-Electric
3,308.388
3,429,110
Gas
1.808.401
1,762,320
Miscellaneous
$20,176,481 $19,570,598
Total operating revenues
8.792,818 8.559,108
Operating expenses
1,365.977
1,590,270
Maintenance
Provision for retirements, rnewals and replace1,126,054
1,308,966
capital
ments of fixed
x82,071318,012
Federal income tax
931.825
1.111.914
Other taxes
$7,290,438 $7,269,620
Operating income
508,399
207,373
(net)
Other income
$7.497,811 $7,778,019
Gross income
Deductions from Income
Subsidiary companies
1,771,945
1.760,169
Interest on funded debt
75,567
102,101
Interest on unfunded debt
73,135
160,641
Amortization of debt discount and expense
Cr23.672
Cr38,110
to construction
Interest charged
Provision for dividends not being paid on cumul.
282
497
preferred stock
-Interest on funded debt-- 3.550,000 3,550,000
Associated Electric Co.
76,614
7,210
Interest on unfunded debt
248.395
247.825
Amortization of debt discount and expense
$1,707,475 $2,005.752
Balance of income
because of adjustx This amount of Federal income tax is abnormally low
ments during the current period reversing accruals made early in 1934.
-V. 141, p. 105.
which were found to be larger than necessary.
-Weekly Output
Gas & Electric Co.
Associated
reports
For the week ended Aug. 10 Associated Gas & Electric Systemof 7.4%
increase
net electric output of 56,624,849 units (kwh.), which lean with that for the
a year ago. This increase, together
above that reported
week ended June 22, which. was also 7.47,is the highest percentage increase
over a comparable period since April 1934. the System, with only three
The improvement was general throughout
-V.141, p. 108
of the 24 operating groups reporting red figures.
-Initial Dividends-4
.....---Associates Investment Co.
of $1.14 per share on the
The directors have declared an initial dividend
new 77 cum pref. stock, par $100, payable Sept. 30 to holders of record
on June
Sent. 20. This dividend is payable on shares issued cents per17 1935. the
share on
The directors also declared an initial dividend of 20 of record Sept. 20.
stock. payable Sept. 30 to holders
new no-par common
-for-1.
The common stuck was recently split 5
Earnings for 6 Months Ended June 30 1935
$2,439.659
Earned discount and interest, &c
Commissions earned for the purchase & collection of receivables
104,502
companies)
(principally for associated
$2,544,162
Total income
283,014
Salaries
485,847
Branch office expenses
losses on receivables (Including provision for colProvision for
297,552
lision, confiscation, and conversion losses)
135,381
Other operating expenses
Net income from operations
Other income credit _
$1,342,367
20,147
$1,362,513
Gross income
166.358
Int., incl. commissions & expenses on collateral trust notes, &c_
191,000
Provision for Federal income tax
18,924
Expenses in connection with the sale of additional pref. stock
Net income
Preferred dividends
Common dividends
5986.231
45,500
160.000
$780,731
Condensed Balance Sheet June 30 1935
Liabilities
Assets
55,467,190 Collateral trust notes pay'le.$20,513,500
Cash
175,510
28,123,852 Accounts payable
Notes receivable
30,323 Accrued Fed., State, & local
Repossessed automobiles_
288,637
21,395 taxes(estimated)
_
Accts. receivable-sundry..
Funds withheld from automoOffice furniture and equIpm't
422,255
bile dealers
56,069
-depreciated value
913,784
Reserve for losses
Associates
Capital stock of
1,948,775
250,000 Unearned income
Building Co., a subsidiary3,000,000
7% preferred stock
Prepaid interest and expenses
44,435 x Common stock (incl. Capion collateral trust notes, &c
2,261,213
tal surplus)
4,460,591
Earned surplus
Balance
Total
$33,993,266
Total
-V. 141, p. 1087.
ic Represented by 80,000 no par shares.
$33,993,266
-Earnings
Automotive Investments, Inc.
1932
1934
1933
Calendar YearsProfit or loss on sale or exchange of
1088521,416 loss$566,874 prof$15,574
securities
Profit on sinkin8 fund gold notes re29.185
33,351 ' 39,443
purchased aria canceled
24.743
37,062
7,317
Dividends received
33,952
29,860
1,937
Interest received
2.485
Miscellaneous income
$103,455
$50.934 loss$487,769
Total income
74.618
68,852
57,994
Interest paid
12.291
11,292
10,292
Amortization of note discount
13.000
12,640
17,640
Salaries
4,920
10,254
11,588
Office and general expenses
87,112
Investment written off
7,456
2,625
Other losses
Provision in 1932 for doubtful interest.
15.000
Cr13,737
in part in 1933
reversed
$23,831
$671,807
$41.580
Net loss
Volume 141
Financial Chronicle
Balance Sheet Dec. 31
Assets1934
1933
1934
1933
Cash
$138,299
$56,862 Notes pay, to bks_ 3210,000 3300,000
Due from WellingAccounts payable_
4,937
ton & Co
46,139
Due to G.W.Traer,
Accr. Int. recelv_
7,225
Jr
10,000
Investments
1,864.473 2,187,572 Due to Messrs.
Other assets (dive.
Traer & Wickreceivable)
15,000
1,295
man
Deferred charges. _
59,464
69,755 Accr. taxes, money
and credits
3,000
1,386
19,375
Accr. int. payable_
17,350
775 000
.
6% s. I. g. notes
694,000
Res. for disct. on
s. f. g. notes repurchased & held
in treasury
29,386
20,792
7% cum.lst pf.stk. 200.000
200,000
x $3.50 particlpat.
pref. stock
450,000
450,000
Corn. stk. (par El)
75.000
75 0
. 00
Surplus approp.for
8,000 sta. let pf
stock retired or
In treasury
720,000
720,
000
Paid-in surplus__ 435,000
435,000
Deficit
735,360
653 781
.
Total
82,108,376 82,322,710
Total
32.108,376 32,322,710
x Represented by 2,000shares, no par.
-V.129, p.3968.
Atlantic Refining Co.(& Subs.)
-Earnings
-
1267
York; Baltimore National Bank. Baltimore; Lawyers County Trust Co.
New York.
Roy A. Wilbur, 6 South Calvert St., Baltimore, is Secretary of the
Henneman committee, and Charles B. Game, 160 Broadway, New York,
Is Secretary of the Roura committee.
It is stated that the total pricipal amount of bonds held by the committees,
and other interests approving the plan substantially exceeds two-thirds of
the total principal amount of bonds outstanding, the assent of the holders
of which is required for the confirmation of the plan and that the plan also
has the approval of the holders of more than the required two-thirds of the
Principal amount of the general claims outstanding. It is also stated that
no provision is made or required for stockholders of the old company since
it is insolvent.
-V. 141, p. 738.
Aircraft Corp.
-To Issue Additional Shares
The corporation has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933. seeking to issue
on or about Sept. 10 1935 197,500 common shares aggregating $987,500
and 72,500 option warrants aggregating $72,500.
The company now has 174.750 common shares outstanding, exclusive of
125,000 additional shares reserved for exercise of option warrants.
Named as principal underwriters are Hammons & Co. and Michael J.
Meehan. both of New York.
"Simultaneously with the delivery and payment of 100.000 shares of
common stock being registered hereunder," the statement says. "
pursuant to the terms of the agreement between the issuer, G. M. Bellanca.
and the principal underwriters, all of the present directors and officers of
the issuer, except G. M. Bellanca. are to execute and deliver to Hammons
& Co., Inc., one of the principal underwriters, their written resignations
as directors and officers of the issuex.
"Thereafter a new board of directors is to be elected, five of whom are
to be nominees of Hammons & Co., Inc., and three of whom are to be
nominees of G. M. Bellanca.
"The said agreement further provides that Temple N. Joyce of Annapolis, Md., or such other person as shall be satisfactory to Hammons & Co.,
Inc.. shall be elected President upon terms of employment satisfactory to
Hammons & Co., Inc.: that (3. M. Bellanca is to be elected Chairman of
the board of directors and director of engineering and research."
-V.
141, p. 425.
6 Mos. End. June 30-1935
1934
1933
1932
Gross income
$48,966,068 $47,197,290 $33.953,325 341.579.019
Operating charges
42,469,474 38,551.063 31,427,076 30,590.181
Net income
36.496,594 $8,646,227 $2,526,249 810,988.838
Other income
y93,883 z1.122,796 z2,162,859
263,175
Total income
$6.590,477 $9,769,023 34.689,108 $11,252,013 __,...-Eteneficial Loan Society (Del.)
-Div. Again Increased
Interest, discount, &c
370,409
363.018
424.876
362,221
Adjustment of inventory
The directors have declared a dividend of 20 cents per share on the
929.031.--- common
Insur.& other reserves
no par value, payable Sept. 1 to holders of ecord Aug. 21.
203,434
243.335
298,683
319,651
Deprec'n & depletion_ _ _ 4.975,710 5,163,922 4,879,625 5,060,129
This compares
stock,
es
15 cents paid on June 1. last, 123i cents per she each
share
Fed. taxes (estimated).three months from June 1 1934 to March 1 1935, inclusive and eight cents
240,537
630,0001,262,403
Intangible dove!. Costs.:
non
per share previously each quarter.
-V. 140, p. 3539.
545,008
149,442
378,967
Net income
Common dividends
$255,378 $2,990,578 df$1001,659 33,184,824
1,332,951
1,332,977
1,336,747
1,348,321
Balance, deficit
31,077,573sur$1657,601 32.338,406sur$1836,503
Previous surplus (adi.). 66,795.560 64,205,362 60.676,891 59,803,014
Adj. of sm.. not incident
to current period
Cr183.141
Cr84,281 Dr403,901
Dr87,070
P.& L.sur. June 30 465,901,129 $65,947,244 $57,934,583 $61,552,447
x The Atlantic Refining Co. interest, $65,897,295; minority interest,
53,833. y Includes proportion of earnings
of affiliated companies not
consolidated. z Includes profit on sale of company's investment
in stock
of Union Atlantic Co.
Comparative Balance Sheet June 30
1935
1934
1935
1934
Assets$
Liabilities
x Plant account_ 109,858,983
66,622,525
Perm. Invests_ 8,283,758 107,716,467 Common stock_ 14,000.000 66,622,600
7,776,575 Debentures__ _
14,000,000
Cash
9,499,689 8,123,798 Purchase Wig-24,179
25,290
0th. marketable
Accepts. & notes
securities__
1,433,143 2,218,153
payable
41,039
Accts.receivable 9,985.306 11,502,355 Purch.oblig.due
Notes receivable
922,429
914,117
within one yr.
12,573
24,000
Due from empl_
42.179
49,802
Inventories_ _ _ _ 22,516,250 23,333,985 Cap. & surp. of
minority int
15,633
15,061
Prepaid and deAccts. Payable_ 6,756,681 6,228,100
ferred items
626,269
683,158 Fed. taxes (est.)
669,581
935,000
Other current
Othe rucrr. Bab.
1.002
1,705
assets
172,011
190,777 Accr. liabilities_
868,587
627,026
Deferred items.
404,767
186,121
Other oper. res. 8,067,196 7,859,257
65,897,296 65,943,983
Surplus
Total
163,340019 162, ,
,
509183 Total
oa
163,340,019 162,509,183
x After deducting 881.146,043 ($75,276,394
$4,097,965 ($4.061,316 in 1934) for depletionin 1934) for depreciation and
and amortization.
-V. 141.
p.424.
Aviation Corp.
-Earnings
-
6 Months Ended June 301935
1934
Net loss after depreciation, taxes, &c
$195,408 81.144.634
-This does not include profit or
Note
loss of American Airlines, Inc..
and Canadian Colonial Airways, Inc. Stocks of these two companies,
which were deposited in trust Dec. 311934. for
aviation Corp., were distributed to Aviation Corp.benefit of stockholders of
stockholders as of June 29
1935.-V. 140, p. 4226.
_.,.---Bangor Hydro-Electric Co.
-Places $425,000 Bonds
Privately-An issue of $425,000 1st lien & ref. mtge. gold
bonds, 4% series due 1954, of the company has been placed
privately through Edward B. Smith & Co., E. W. Clark
& Co. and the Maine Securities Co., as agents for the cornpany.-V. 141, p. 909.
Bayway (N. J.) Terminal
-Committees Agree on Reorganization Plan
Details of a plan of reorganization for the company, now in
to be proposed in the pending reorganization proceedings under receivership,
Section 77-B
of the Federal Bankruptcy Act, were announced Aug. 21 jointly by the
two
committees representing the holders of the company's 1st
mtge. 634%
sinking fund gold bonds, series A due July 1 1946.
Under the plan it is proposed to form a new corporation to take over
the
entire assets of the company. It is further proposed to provide new manegment through a contract with Lincoln Tidewater Terminal, Inc.
Holders of the present 63 % bonds outstanding in the amount
,
4
500 will receive for each $1,000 principal amount. 5500 principal of $2.350.amount of
-year 6% income 2d mtge. bonds,
new 20
principal amount of noninterest bearing scrip exchangeable for new$50
-year 6% income 2d mtge.
20
bonds, and 100 shares of new common stock. In addition they will receive
a warrant entitling them to subscribe, within 60 days, at $75 for one unit
consisting of $75 principal amount of non-interest bearing scrip repro'.
sensing an equal principal amount of new 10
-year 534% 1st mtge. sinking
fund bonds exchangeable for these bonds, and 50 shares of new common
stock. Arrangements are expected to be made for the underwritng of
subscriptions under the warrants by S.,ein Bros. & Boyce.
The new 20
-year 6% income 2d mtge. bonds will be exchangeable for
new 6% 1st mtge. sinking fund bonds when all of the new 534% bonds have
been retired or funds provided for their redemption. A sinking fund
will
be provided for both tine new 531% and 6% 1st mtge. bonds.
Holders of general claims will receive pro rata, 117.525 shares of new
common stock.
No provision is made for holders of the old preferred or common stock.
Upon the consummation of the reorganization, assuming that
writing and management arrangements are entered into, and the underafter giving
effect to the issuance of 58,762 shares to Lincoln Tidewater Terminal, the
maximum number to be issued annually and pro rata over the period ending
Dec. 31 1940, the outstanding capitalization of the new company will consist of $176,287 of new 534% 1st mtge. bonds; 31.292,775 of new
2d mtge. bonds, and 587,625 shares of new common stock of $1 parincome
value.
In order that the reorganization may be completed as raidply as possible,
holders who have not already done so are urged to deposit their bonds with
any of the following depositaries: City Bank Farmers Trust Co., New
Bethlehem Steel Corp.
-Listing
-
The New York Stock Exchange has authorized the listing of $55,000,000
consolitated mortgage 25
-year sinking fund 43(% bonds, series D, dated
July 1 1935,due July 1 1960,upon official notice ofissuance.
-V.141. p.909.
ganization
Consolidateid Mills, Inc.
-Petition for Reor-
Federal Ju
uy L. Fake at Newark, N. J., approved Aug. 19 a voluntary petition y he company for reorganization under Section 77-b of the
Bankruptcy Act and consolidated with it an involuntary petition for reorganization that had been filed in the Federal Court in Delaware by
holders of 310.000 of bonds. The Delaware court had held that jurisdiction
lay with the court in New Jersey.
The involuntary petition charged manipulation of stock by former
officers and directors.
The Court appointed the equity receivers (F. H. Johnson, Franklin W.
Fort. Henry Whitehead, Harry Meyers and Henry Bahnsen) as temporary
trustees.
.
LReplacement of Chase National Bank as Trustee Asked -)-A suit against the Chase National Bank by Henrietta Cole in
half of
herself and other holders of bonds of the company for an accounting of its
acts as trustee of a bond issue on the ground that the bank is liable for
losses sustained by the bondholders, was filed Aug. 19 in the New York
Supreme Court.
The action is based on an alleged state of facts similar to those set forth
in a bondholders' action brought in New Jersey. It was reported that the
bank would file an answer denying allegations of failure to protect the
bondholders and asserting that there was no ground for its removal as
trustee.
The suit is based in part on a loan of $1,000,000 from the Reconstruction
Finance Corporation, arranged through the receivers of the company.
The complaint alleges that the Botany company made a mortgage for
31,000,000 to the Textile Industrial Credit Corp.. which on the same day
assigned the mortgage to the RFC. The mortgage covered all the Botany
company's property, it is alleged. The plaintiff asserts that when permission to make the mortgage was asked of the U. S. District Court at Trenton
by the Botany receivers the Chase National Bank assented, although the
trust indenture for the bond issue prohibited such action unless two-thirds
of the bondholders "consented in a certain manner upon certain notice
being given."
The complaint states that the Botany company is hopelessly insolvent
and that the remaining assets of it and its subsidiaries belong to the bondholders. The complaint avers that it was the duty of the trustee to protect
them and not "assent to the dissipation of the assets given as security
and under the trust indenture.'
The plaintiff alleges that the $1,000,000 obtained from the RFC ;was'
"wasted" and that the bondholders' position became that of second instead
of first mortgagee. It is further set forth that the receivers have applied
for an additional loan of $800,000 from the RFC and, because the bank has
not protested the application, the plaintiff fears that the loan will be granted
and the equity of the bondholders be further decreased.
The plaintiff asks that the bank be replaced as trustee by one who
would be directed to oppose the $800,000 loan and take other steps to protect the rights of the bondholders.
-V. 140. P. 313.
Brazilian Traction, Light 8c Power Co., Ltd.
-Earnings
Period End. July 31- 1935--Month-1934
1935-7 Mos.-1934
Gross earns.from oper-- $2,565,892 $2,659.814 317,778,279 317,110,262
Operating expenses
1,171.026
1,213.788 8.199.108 8,315,830
Net earnings
-V. 141. p. 585.
$1,394,866 81.446,026 39,579,171 38,794,432
Broad River Power Co.
-Earnings
12 Months Ended June 30-x1935
1934
Total operating revenues
$2,726,001 $3.052,765
Operating expenses
1,099,967
1,273,383
Maintenance
144,582
110.896
Prov. for retirements, renewals & replacements of
fixed capital
199,411
261,823
Provision for taxes
396,737
433,860
Operating income
$885,302
$972,801
Other income
30.624 '
5.619
Gross income
$915.926
$9787420
Interest on funded debt
592,935
642,543
Interest on unfunded debt
108.275
92.404
Amortization of debt discount & expense
63.880
63,600
Interest charged to construction
Cr6.916
Cr3,897
Balance ofincome
$157.751
$183,769
x Includes operations of merged transportation properties of former
Columbia Ry., Gas & Electric Co.from Nov.1 1934,the date of acquisition.
-V. 140, p. 3540.
& Queens Transit Corp.
-Accumulated
The directors have declared a dividend of 50 cents per share on the
$8
cum. pref. stock, no par value. payable Oct. 1 to holders of record Sept. 14.
A like dividend was paid on July 1 and April 1 last, as against 51 paid
on
Jan. 2 1935 and 31.50 per share paid ev..ry three months from Oct.
up to and including Oct. 1 1934, 31.25 per share quarterly from Oct. 1 19.31
1 1930
up to and including July 1 1931. and $1 per share previously each quarter.
Accumulations after the Oct. 1 payment will amount to 83 50 per share
-Earnings
Canada Packers Ltd.(& Subs.)
Notes Authorized
,
Income Account for Year Ended March 28 193,
$59,186.658
Net sales
110,234
Income from investments
the bonds of Harris Abattoir
Profits realized on redemption of
Co. Ltd. and William Davies Co. Inc. in prior years, less
80.249
premium paid or payable on redemption thereof
$59.377,141
Total income
548.335.203
Cost of materials, supplies, packages &c
8.420.656
Expenses, wages, salaries, &c
15.324
Provision for losses of subsidiary company
747.674
Depreciation on fixed assets
149.321
Interest on bonds
Reserve for Dominion and Provincial income taxes, including
363,000
additional amounts in respect to prior years
Amounts written off investments, less profits realized on sales
27.299
thereof
$1.318,663 '
Net profit for the year
4,633.038
Previous surplus
$5.951.701
Total surplus
422.287
Preferred dividends
150,000
Common dividends
has
The company (a subsidiary of Brooklyn-Manhattan Transit Corp.)
been authorized by the Now York Transit Commission to issue 51,500.000
equipment notes to pay for 100 now trolley cars. See also V. 141, p. 910.
1934
1935
1 Month of July51,623.834 31,664.839
Operating revenues
1,349,474
1.329.198
Operating expenses
125.622
138.952
Taxes on operating properties
Operating income
Net non-operating income
$155,684
15,955
3189.743
15.923
Gross income
Income deductions
5171.639
122,507
3205,666
128.579
$49,132
$77.087
Current income carried to surplus
-V. 141, p. 910.
Brooklyn-Manhattan Transit System-Earnings[Incl. Brooklyn & Queens Transit System]
1935
Month of July$4.153,608
Operating revenues
2,817,479
Operating expenses
374.699
Taxes on operating properties
1934
$4,184.680
2.809.042
328,615
$961,430
62,013
51,047.032
60,723
$1,023,443
715.114
$1,107,755
716,596
$308.329
22,657
5391,159
35,548
Operating income
net non-operating income
Gross income
Income deductions
Current income carried to surplus *
* Accruing to minority interest of B.& Q. T. Corp.
-V. 141. p. 586.
Consolidated Balance Sheet
.
Mar. 2835 Mar. 2934
Assets
15,573
Cash
Call loan
Govt. & nun. bds.
Acc'ts rec., less re3,010,778
serve for losses
5,622,945
Inventories
Investments in re96,248
lated companies
160,054
Prepaid expenses
Bonds of sub. cos_
Sundry dep. & bal.
88,405
receivable
Mtges. and sundry
534,510
investments _
Life ins. prem. pd. 209,445
Cash in hands of
trustees for bondholders
Land, bhigs., leasehold, plant & eq.18,982,340
4
Good-will
The directors have declared a dividend of 53.50 per share on account
of accumulations on the 7% cum. 1st pref. stock par $100, payable Sept.
30 to holders of record Sept. 16. This will be the first payment made on
the pref. stock since June 30 1032 when a regular quarterly dividend of
51.75 per share was distributed. Accumulations after the payment of
-V. 141. p. 586.
the current dividend will amount to $19.25 per share.
--Earnings
Bullard Co.
1935
$31,006
$0.12
1932
1933
11
'
1934
$207,065 loss$236,123 loss$272,801
1034
$529,076
716.654
1932
1933
$865,560 82,226,396
1.057,128
1,675,083
Operating profit
Other income
5925,452 loss$187,578 loss$191.568
49,400
37,081
22.650
5550,413
97,394
Total income
Interest
Federal taxes, &c
Other deductions
$948,102 loss$150,497 loss$142.077
25,314
29,482
84,942
60,390
921,541
131,121
414,780
$647.807
104,421
Net profit
Preferred divs. paid..
Common dividends
5387.989 loss$311,100loss$1088932 loss$215,135
131,250
158.125
Surplus
Consolidated Balance Sheet March 31
1934
1935
Liabilities1934
Assets1935
z $3.50 cony. pref.
x Land. machinery,
$2,750,000 $2,750,000
stock
&c. $365,119 $387,479
equipment.
900,000
900,000
574,548 y Common stock
973,675
Cash
177,130
256,683
Accounts payable_
688,606
N. Y. City bonds_
Loan payable to
Accrued interest on
916,914
1,992,601
foreign bank
9,104
N. Y. City
Due officers, sales5,015
Other securities_
108,177
295,292
men, &c
Gold bullion held
20,093
89,972
1,496,129 1,496.129 Accrued liabilities_
abroad
Notes & accts. rec. 2,005,974 1,511,435 Real estate mort68,599
66,611
gages payable...
Adv. payment for
667.957
1,350.631
15,000 Surplus
purchase of gold
1,660,664 1,317.835
Inventories
Notes receivable
44,287
(not current)...,21,746
Due from former
134,478
158.350
Canadian sub
Cash val. officers'
77,064
79,024
life insurance_
6,934
4,716
Funds in closed bk.
Unamort. Impts. to
11,885
23,204
leasehold prop
6,480
Prepaid items_
Conversions into U.
S. dollars of nab.
& assets of torn
25,306
10,460
branch
57,501,789 55,608,870
Total
$7,501,789 $5,608,870
Total
x After depreciation 0(5697,245 in 1935 and $592,086 in 1934. y Represented by 275,000 no par shares. z Represented by 50,000 no par shares.
-V. 141, P. 586.
a Duo to salesman only.
Butte Copper & Zinc Co.-Earnings33,610
38.662
1,216
P Total
IAdministrative expense and taxes_
$9,879
5.741
$4,137
$0.01
-$1
Calamba Sugar Estate, San Francisco, Calif.
Extra Dividend-1_4,c
The directors have declared an extra dividend of $1 per share in addition
to the regular quarterly dividend of40 cents per share on the common stock.
par $20, both payable Oct. 1 to holders of record Sept. 14. Similar extra
payments were made on April 1, last, and on Oct.2 and April 2 1934. Regular quarterly distributions of 40 cents per share have been made since and
including Oct. 1 1928.-V. 141, p. 107.
-Earnings
Canada Northern Power Corp., Ltd.
Net earnings
-V1 140, p. 4302.
5227,757
3220.753
1935-6 Mos.-1934
52,159,567 $2,002,200
799,274
668.396
$1,360,293
81,439
316.701
4,592,900
12,549,127
4,633,038
67,612
18,962,703
4
Canadian Pacific Ry.-EarningsEarnings of System for Second Week of August
1034
1935
$2.276,000 82.265,000
do.
Increase
$11,000
Gross earnings
-V. 141, P. 1088.
-Earnings
Carthage Mills, Inc.
Earnings for the Six Months Ended June 30 1035
Net profit after depreciation, taxes and other charges
Earnings per share on 5,000 preferred A shares
Earnings per share on 10.000 preferred B shares
Earnings per share on 17,628 common shares
-V. 140, p. 4228.
$68,305
513.66
$10.66
$2.68
--Earnings
Central Airport, Inc.
Years End. Apr.30
Total income
Total expenses
Rent for leased airport
land
Depreciation
Prov. for estimated Fed.
income tax
1935
$164,028
52,769
1934
$70.950
41.281
1933
$53.908
39,679
1032
376.621
52,819
32,728
29,520
33.511
24,128
45,595
23,378
36.750
32.385
6.863
prof$43,048
Loss
Profit on sale ofland....
614
Surplus adjustment _ _
$27,970
$54,744
Crl.626
Dr1,446
$45,332
31.071
Dr422
surp$42,435
$26,344
356.100
813,784
Deficit
Balance Sheet April 30
1934
1935
Liabilities$17,241 CurrentRftoorcdkprec.
$86,251
rt
sp xje liabilities.
2,859
3,957
1935
Assets$15,093
Cash
ACCG9. receivable
Sundry & accrd.
3,695
1.283
tl surplus__ 1,7283815695::90863891:29
reserves
679 Deficit
576
Inventories
36,850
47.510
Investments
1,384,336 1,384,336
Land
449,995
446,049
Other fixed assets_
773
791
Deferred assets__ _
$1,970,754 $1,896,429
Total
-V. 139. 13• 755.
Total
$16,035
022
:181
L172102351388814:367635
$1,970,754 $1,896,429
-Earnings
Central Arizona Light & Power Co.
Ear-ings for the 3 Months Ended June 30 1035
Tons of ore settled for
Receipts from lessee, operator of company's properties
Interest received
-Month-1934
Period End. June 30- 1935
3338.621
1365.398
Gross earnings
117.868
137,641
Operating expenses
1,309,649
-year 434% gold bonds due Sept. 15 1954 have
All of the outstanding 30
will
been called for redemption on Sept. 15 at 102 and interest. Payrrent or
be made by the Bank of Montreal at its New York, Montreal,'Toronto
Ottawa offices.
Earnings of System for Second Week of August
Increase
1034
1935
5124,664
52.954,717 32,830,053
Gross earnings
-V. 141, p. 1088.
758,521
$387.989 def$311,10.0df$1,088,932 def$504.510
Net income
Earnings per share on 600,000 shares (par $5) capital stock
-V. 141. p. 426.
6,033,500
1,438,284
420,246
.....----Canadian National Ry.-Bonds Called
-Earnings
Bulova Watch Co., Inc.(& Subs.)
1935
12 Mos. End. Afar. 31
$2,108,160
Gross profit
1,182,708
Expenses
Mar. 2835 Mar. 2934
17,084 Cum. pref. shares_ 5,890,500
Common shares_ 1,438,284
288,370
505,126 Co's bankers (sec.) 1,003,705
Acc'ts payable and
875,861
accrued charges_
3,003,349
5,933,010 Res. for Dominion
& Provincial income & sales tax 574,481
116.073
144,245 Accrued bond int_
1,486,655 Dividends payable 255,586
37,286
Funded debt
70,081 Reserve for depreciation and surplus on appr_ _ _13,265,185
603,047
5,379,414
177,525 Surplus
28.720,302 31,374,885
Total
28,720,302 31,374,885
Total
-V. 140. Si, 1821.
x Represented by 200,000 no par shares.
Nil
Nil
$0.75
$5,379.414
Surplus March 28
•
-83.50 Preferred Dividend-,-.-.)t___
Budd Wheel Co.
6 Mos.End. June 30Net profit after all chgs.
I.
,and Federal taxes_ __ _
Earnings per share on
276.000 shares corn.
stock (no par)
-V. 140. p. 1478.
Aug. 24 1935
Financial Chronicle
1268
$1,333,804
[American Power & Light Co. Subsidiary]
-Month-1934
1935-12 Mos.-1934
Period End. July 31- 1935
$246,247
$227,553 $2,828.460 52,629.258
Operating revenues
1,898,965
179.506
1,988,987
165,923
Operating expenses
Net revs, from oper__
Other income (net) ___-
$66.741
22,574
$61,630
23,104
$839,473
273,032
$730,293
272,061
Gross corp. income._
Interest & other deduct_
$80,315
31,863
584.734 $1,112,505
381,214
33,068
4
51.002.35
381.379
y$57.452
y$51.666
Balance
Property retirement reserve appropriations
z Dividends applicable to pref. stocks for period,
whether paid or unpaid
$731,291
272,374
3620.975
440,757
108,054
108,054
2.164
s.
Balance
d7
3
5 5n dividen5
y Before property retirement reserve appropriations a0d8 63
dividends on $7 and $6 pref. stocks were paid on May 1 1935.
z Regular
unpaid
After the payment of these dividends there were no accumulated
declared
dividends at that date. Regular dividends on these stocks were
11935.-V. 141, p. 742.
for payment on Aug.
-EarningsCentral Vermont Ry., Inc.
1935-7 Mos.-1934
-Period End. July 31- 1935-Month-1934
52,948.193
Railway open revenuesNet rev,from ry. oper__
Net ry. oper. income_ _ _
-V. 141, p. 429.
$456.925
46,711
15,122
$419,745 $3,086.884
314.037
27,339
115,101
3,983
147,573
def34,290
Volume 141
Financial Chronicle
Central & South West Utilities Co.(& Subs.)
-Earns.
1269
interest. Payment will be made at the Cleveland Trust Co.,trustee, Cleveland. Ohio, or at the City Bank Farmers Trust Co., N. Y. City.
It is contemplated that an exchange offer will be made to present holders
of the above called bonds at the time of and subject to registration of a new
issue with the Securities and Exchange Commission in Washington, D. C.,
and prior to the general public offering ofsuch new issue.
-V.141, p.431.
Period End. June 30- 1935-3 Mos.-x1934
1935-6 Mos.-1934x'
Total gross earnings- $5,937.828 $6,140,453 $11,731,301 $11,938,043
Operation
1,827,109
1,903,902 3,523,060 3.625,673
Power purchased
410,508434,166
211,916
219,163
Gas purchased
292,050
108.611
105,046
283,347
Maintenance
575,791 .---388,812
310.270
722.776
-roast Counties Gas & Electric Co.--Bonele-Aiethorized=
Prov. for storm damage_
52,165
26,082
Provision for retirement_
The California Railroad Commission has authorized thecrmpany to
736,449
1,462.924
1,417,363
716,361
sell $3,000,000 1st mtge. 4% bonds, proceeds from the sale
Taxes
-State, local, dm_
which,
1,113,781
527,050
1,055,114
566 379
gether with cash on hand, will be used to redeem $3.686,000 5% bonds
Federal 3% In electric
183.144
97,990
199,070
92,020
The Commission's order authorized an issue of $4,000.000 but the company
Federal income
162,100
43,751
148.190
95,322
Plans sale of only $3,000,000.
Net earns,from oper'n $1,996,136 $2,105.905 $3,926,308 $4,081,806
The offering of the bonds awaits the approval of the Securities and
Exchange Commission, now pending in Wa.thington.-V. 141. p. 743.
Other income (net)
18.532
15,553
Dr5,251
33,287
Colon Oil Corp.
-Protective Committee Issues Statement
Net earns, before int
$3.959,595 $4,100,339
Replying to the board of directors the stockholders' protective committe
Total int, and amortiza- $2,011,689 $2,100.654
for the minority stockholders of which Arnold Hanson is chairman, charges
tion deductions
3.025,427
1,465,784
2,942,300
1,513,130
that the threatened loss of the Asiatic Petroleum Co., Ltd.,a Royal DutchShell subsidiary, as a buyer of Colon's output is an empty threat. The
Balance
$587,523 $1,017,295 $1,074,912
committee, it is stated represents 400 stockholders holding 122,864 shares.
Divs. paid & accrued on $545,904
or approximately 22% of the minority stock outstanding.
pref. stks. of subs. held
"The loss of this customer would be a real benefit to the company'
by the public
416,294
832,632
727,199
363,773
says a letter to stockholders. "The sale of Colon's output in the world
market instead of to a Royal Dutch-Shell subsidiary, would result in a
Balance
$347,712
$129,609
$/84.663
$223,750
much better price and an operating profit, as contrasted with the continual
x Adjustments made subsequent to June 30 1934, but applicable to the
period beginning Jan. 1 1934. have been given effect to in these columns. losses shown during the last five years. A competitive sale in othe open
market would undoubtedly result in the price of at leas., 8611 cents per
-V. 140, P. 3889.
barrel as the.value of Colon crude. Dutch-Shell, for the past year, has
paid merely 58 cents per barrel, a difference of 2811 cents."
Chapman Ice Cream Co.
-Earnings
The committee points out that the company itself estimates that there
is over 179.000.000 barrels of oil still available in the Colon concession and
6 Months Ended June 301934
1933
1935
that Roderic Crandall, an oil geologist recently employed by it, frankly
Net loss after all charges
$12.610
$8,497 prof$6,273
Earnings per share on 50,000 shares_ admits that this estimate is very conservative. There is excellent reason
Nil
Nil
$0.13
to believe, it is said, that there are probably nearer 300,000.000 barrels
-V. 140, p. 795.
-V. 141. P. 1091.
available.
Charis Corp.
-50
-Cent Special Dividend
Columbia Brewing Co.
-Earnings
-
r
The directors have declared a special dividend of 50 cents pe: share on ilze
stock, no par value, payable Sept. 3 to holders of record Aug. 29.
A special dividend of 25 cents was also paid On Nov. 1 1933. The regular
quarterly dividend of 373.6 cents per share was distributed on Aug. 1 last.-V.141, p. 911.
Income Account for the Year Ended Dec. 31 1934
Grose profitfrom operations
Selling, delivery, administrative and general expenses
hesapeake 8c Ohio Ry.-Plans Equipment Issue(**-fhe company has applied to the Interstate Commerce Commission for
Profit before depreciation, bad debts and income taxes
Depreciation on fixed assets
Provision for bad debts
Federal and State income taxes
authority
and
respect
? equipmentto assume obligation1935 liability withsecure into $9,645,000 3%
trust certificates of
part 312,060,627
to be used to
of new equipment, the balance
to be paid in cash.
The certificates, to be dated Oct. 1 1935, would mature in 15 annual
installments from Oct. 1 1936, to Oct. 1 1950, inclusive. The equipment
to be purchased includes 5,000 hopper cars of 50 tons each at a total of
$10,844400: 50 stock cars of 40 tons each at a cost of $116,224; 75 flat
cars of 50 tons each at $173,003; five passenger locomotives, at $606,000;
100 automobile cars of 50 tons each, equipped with Evans auto loaders, at
$321,000.
No contract has been entered into for the sale of the equipment trust
certificates, the company's application states. Bids will be solicited at not
lees than par and accrued dividends.
Earnings for July and Year to Date
July1935
1932 a
1933
1934
Gross from railway
$8.128,783 $8,876.222 $10.775.788 $7.22034c
Net from railway
5,138,667
2.900.820
3,096,087
3,736,946
Net after rents
2.124,737
2,709.388 4,019.067 2,112,104
From Jan. 1
Gross from railway
62.724,859 63,971.008 58,477,407 53.417.706
Net from railway
26.213.363 28,016.155 24,968,876 21,316.117
Net after rents
19.857.617 21,114,114 18,749,948 15,799,420
-V.141, p. 588.
,--"Chrysler Corp.
-$5,000,000 Notes Called
-
The company called on Aug. 22 for payment on Sept. 20,the May 1 1939
maturity of its outstanding notes. This maturity totals $5,000,000. This
is the second $5,000,000 payment on the $25.000.000 loan arranged earlier
this year with depository banks and used to retire the previously outstanding Dodge Brothers, Inc., 6% debentures. On July 6 the corporation
paid off the $5.000,000 maturity of May 11940.
There remain $15,000,000 of the original notes. $5,000.000 of which are
carried in current liabilities. payable May 1 1936. Like amounts are payable
on,May 1 1937 and May 1 1938, respectively, and this $10,000,000 now
constitutes the only corporation debt other than current liabilities.
), The 1939 note issue now anticipated will effect a saving in interest of
approximately $140,000 annually.
Buys Factory at Marysville, Mich.
The purchase of the Wills-Ste. Clair automobile plant at Marysville,
Mich., by this company was announced on Aug. 22.
Dodge Retail Sales
Dodge dealers delivered 6,231 Dodge and Plymouth passenger cars in
the week ended Aug. 10, against 6,610 in previous week.
Dodge truck and commercial car deliveries totaled 1,262 against 1,188
in preceding week. Total of new car and truck deliveries by Dodge dealers
was 7,492, a decrease of4.3% under the 7,816 delivered in previous week.
Dodge dealers' used-car sales amounted to 8,645
units, against 8,802 in
week ended Aug. 3.
1. Shipments of new vehicles to Dodge dealers during the week exceeded
deliveries for.the neriod.-V. 141. v. 1090.
Cincinnati Gas"& Electric Co.
-Earnings
(Consolidated with income statements for same periods. of Union Gas &
Electric Co., which operates the property of Cincinnati Gas & Electric Co.,
as lessee, paying as rental the entire net income of the property.)
Period Ended June 30 19353 Months 12 Months
a Gross revenues
$5,404,978 $21.903,406
Operation
2.492.877
9.982,897
Maintenance
421,746
1.638,232
Provision for retirements
584.573
2,303.477
Taxes
584.642
2,139,774
Net operating revenue
$1.321,137 $5,839,024
Other income
6,170
55,721
Gross corporate income
$1,327,308 $5,894,746
Interest and amortization charges
392.701
1.678,718
Net income
$934,606 $4.216,027
Preferred dividends
500.000
2.000,000
Balance
$434,606 $2,216,027
a It is the general practice of the company, when a rate is being contested,
to show as gross revenue only such portion of the total amount billed as is
represented by the lower of the disputed rates. In accordance with this
policy billings were recorded in gross revenue at rates lower than those
ultimately fixed by settlement of the rate cases. All credits to gross revenue
arising from any such settlements applicable to the years prior to that year
in which settlement is made, are credited to surplus. Due to certain rate
settlements made in 1934 and 1935, gross revenues for the three months'
period ended June 30 1935. as reported above, include approximately
$40.000, applicable to the preceding quarter, and gross revenues for the
12 months period ended June 30 1935, as reported above. include approximately $735,000, applicable to the first six months of 0934. and net operating revenue for such period, as reported above. includes approximately
3644.000, applicable to the first six months of 1934.
-Certain items of these income statements are estimated and such
Notes
statements are subject to adjustment at the end of the fiscal year and at
other appropriate times. Quarterly statements of the company are not
audited by independent accountants.
-V. 140, p. 3382.
Cleveland Ry.-Bonds Called
All of the outstanding first (closed) mortgage sinking fund 6% gold bonds
due March 1 1943 have been called for redemption on Sept. 1 at 104 and
Net income for year
Balance Sheet
Assets
Cash in bank and working fund
on hand
$33,750
c Accounts receivable
39,382
Inventories
62,577
Land
32,500
b Buildings, mach'y, equipment and containers
572,322
Formulae, trade-marks and
trade names
Other assets
7,591
$295,595
226,961
$68,633
33.011
121920
3,700
$19,002
Dec. 31 1934
LiabilitiesAccounta payable
$37,589
Accrued exps., incl. income tax
28.534
d Collaterally secured debens_ 100,000
Capital stock (Par $ )
•500,000
5
Surplus
84,002
Total
$748,125 Total
$748,125
b After depreciation of $33.011. c After reserves. d Collateralled by
the company'st promissory nemand note payable of $125,000, secured by
a first mortgage on its real estate, equipment and other physical and intangible property.
-V. 137. P. 1245.
Columbia Pictures Corp.
-To Increase Stock
-
The stockholders will vote Sept. 18 on increasing the authorized common
stock from 300,000 shares to 1.000.000 shares.
-V.141. P. 110.
Columbia River Packers Association, Inc.
-Earnings
Income Accountfor Year Ended Dec.31 1934
Sales
-Canned, mild cured and frozen salmon
General supplies and stores
Fresh fish
Other income-Rentals,&c
$1,436,180
168,252
25.579
109,416
Total revenue
Selling expenses
31.739,428
183,395
Total net income
Cost of sales
$1,556,033
1.328,517
Operating profit before depreciation
Depreciation
$227,515
139,435
Operating profit after depreciation
Financial and legal expenses
$88.080
140,893
Net loss
$52.813
Balance Sheet Dec. 31 1934
Assets
Liabilities
Cash
$49,502 Accounts payable
Cash on deposit with trustee
349 Notes payable (secured)
Dratin in bank for collection
6,984 Accrued property taxes
Accounts receivable
24,190 Accrued fish taxes
Notes and contracts receivable
13,263 Accrued int, on bonds & taxes
Consignments-canned salm'n
26.811 Deferred liabilities
Inventories
Reserves for claims in litigation
Canned, mild cured & frozen
Funded debt
salmon
657,867 c Capital stocks
Cannery & general supplies_ 127,432 Deficit
a Advances to fishermen
89,529
Non-current assets
24,802
b Med assets
2,536.682
Unexpired insurance premiums
16,190
$124,738
612,334
123,182
20,151
17,228
97,719
22,000
1,140,002
2,454,190
1,037,943
Total
$3,573,604
Total
$3,573,604
a After reserve for possible losses of $36,957. b After reserves
preciation of $1,091,172. c Represented by 67,400 shares, no par. for de-V.141.
p. 913.
Commonwealth Securities, Inc.
-Earnings
-Calendar Years1934
1933
1932
Income from diva.& int_
Interest
General expenses
Loss before security
transactions
$21.735
32,356
29.728
$36,498
85,599
38.351
$98.407
148.488
46.367
1931
$361.540
111,860
97,743
$40.350
$87.451
$96,447prof$151,936
Balance Sheet Dec. 31
Assets
1934
1933
1934
1933
Cash
$40,434 Notes payable to
$47,396
Notes and accounts
banks(secured)_ $690,000 5774.642
receivable
610,036 Accounts payable_
111,971
1,255
509
a Investments_ _ 2,233,910 3,487,295 Reserves
485,064
Prepaid interest on
Unpaid synd. coin. 290,464 1,268,374
bank loans
1,935 Statutory liability
4,027
Def'd Fed, capital
on stock owned
stock tax
300
in closed bank _
110,375
Acer. int. & corporate taxes
2,609
2,177
6% pref.stock.... 8,408,400 8,763.600
b Paid-in capital
318,853
318,853
Deficit
7,424,352 7,473,519
Total
$2,397,604 $4,139,701
Total
$2,397,604 $4,139,701
a After deducting reserves of 37,286,859 (1933,311,124,590).
b Represented by 318.853 (no par) shares.
-V.138, p. 3942.
1270
Financial Chronicle
Aug. 24 1935
-Electric and Gas,,,,..... Consolidated Film Industries, Inc.
Commonwealth & Southern Corp.
-Preferred
The directors have declared a dividend of 25 cents per share on account
OutputElectric output of the Commonwealth & Southern Corp. system for the
month of July was 522,254,903 kwh., as compared with 470,562,384 kwh.
for July 1934. an increase of 10.997'. For the seven months ended July 31
1935 the output was 3,591,18o,73ä kwh., as compared with 3.349,892,408
kwh. for the corresponding period in 1934, an increase of 7.20%. Total
Output for the year ended July 31 1935 was 5,977,910,202 kwh., as cornpared with 5,618,533,262 kwh.for the year ended July 31 1934, an increase
of 6.40%.
Gas output of the Commonwealth & Southern Corp. system for the
month of July was 710,429,000 cubic feet, as compared with 677.999,200
cubic feet for July 1934, an increase of 4.78%. For the seven months
ended July 31 1935 the output was 6,367,383,300 cubic feet. as compared
with 5,966,542,100 cubic feet for the corresponding period in 1934, an
increase of 6.72%.-V. 141, p. 590.
-EarningsConnecticut Electric Service Co.
1934
1935
12 Mos.End. July 31-1
,022
Gross operating revenue
$17,245,848 $16,917,162 $161.195303
4,516,100 4,695,055 4,488,235
Net income available for dividends3,871.912 3.665.923
Balance available for common stock_ - 3,694,602
$3.19
$3.21
$3.37
Earnings per share on avge. com.stk_
-V.141. p.431.
Consolidated Bakeries of Canada, Ltd. (& Subs.)Income Account for the Year Ended Dec. 29 1934
Operating profit for the year before providing for depreciation,
$306,039
income taxes and directors'fees
,
138,244
Provision for depreciation
27,855
Provision for income taxes
700
irectors' fees
Operating profit for the year
Dividends and interest from investments
Rents
$1329:623091
50,883
Net profit for year
Previous earned surplus
$192 721
9 ; 94
43
Total surplus
Reserve for dividend
$287,115
63,689
Earned surplus
$223,427
Consolidated Balance Sheet
LiabilitiesDec. 29'34 Dec.30'33
Dec.29'34 Dec. 30'33
Assets$197,972 $133,013 Accounts pay. and
Cash
accrued charges_ $93,678 $114,065
Invest. in stocks
695,312 Reserve for unre984,504
and bonds
deemed tickets192,257
8,946
11,570
74,826
Account receivable
Reserve for DorninTrade and sundry
282,213 ion income tax.,_
28,826
13,500
239,941
accounts rec_ __ _
193,844 Salesmen's & driv155,582
Inventories
76,688
79,839
9,625 ere' deposits__
15,319
Mortgage rec
Reserve for city__
63.688
79,610
Funds prov.for pur.
x Capital stock_ __ 3,184,430 3,184,430
by trustee of co.'s
Surplus account__ 223,426
94,391
fully paid shares
held for benefit
. 18,480
of employees_ _
2,500
Loans to employees
Prepaid Insurance,
37,922
37,200
taxes, ko
Land,budge., plant,
y1,953,361 z2,033,219
&c
of accumulations on the $2 cum. and partic. pref. stock, no par value.
payable Oct. 1 to holders of record Sept. 10. A similar dividend was paid
on July 1,last, and compares with 50 cents paid in each of the five preceding
guarters, prior to which no dividends were paid on this issue since April 1
1932, when a regular quarterly payment of 50 cents per share was made.
Accumulations after the payment of the Oct. 1 dividend will amount
to $4 per share.
-V.141, p. 590.
_ Consolidated Gas, Electric Light & Power
isaltimore-Bonds Called
-
Co.
of
The Bankers Trust Co., New York, as trustee, has drawn for redemption
on Oct. 18 1935 $554,000 1st ref. mtge. sinking fund bonds, 4% series,
due 1981. This represents the first redemption of bonds of this series.
Payment will be made at 105 and int. at offices of the Bank of Manhattan Co., New York; Alex. Brown & Sons, Baltimore. or Midland Bank,
Ltd., London, on Oct. 18. Immediate payment of the full redemption
price, if desird, may be obtained by holders of any of the drawn bonds
e
upon presentation at the corporate trust department of Bankers Trust
Co., New York.
-V. 141. p. 746.
Consolidated Retail Stores, Inc.
-Earnings[Including Wholly
-Owned Subsidiary Companies]
1933
Calendar Years
1934
Sales
$7,793,891 $7,766,954
Gross profit on sales
Income from leased departments and other rentals_
92218 2.2t1t2
:0
6
Total income_
3 29 64
88
7
$3 16 : 68 $3;109529
2:84 733
per.exps., excl. of charges for amort. & deprec__
158.955
Pri3V. for amort. of leaseh'da & deprec. of equip_ -_
121.560
D
Provision for income taxes
18,973
501
Profit for the year
Comparative Balance Sheet Dec. 31
139'9981°845145'
AssetsLiabilities
1934
193,344
3
Cash
$25 4660 $317,333 Notes payable_ _ __ $218,850 $3 13
193,
9
945,743 Accts. pay. ,k acAccts. receivable_ 969,146
Noaed ex
291,112
c
Due from depart326,456
72,555
ment leasors____
90,578
pay. ulti
Peresnses684,177 from settlement
Inventories
801,469
809,895 of lease obliga'ns
Inv. & other assets 799,895
46,800
y Leaseh's, bunts.,
Contingencies res.
in respect of lease
store furniture &
100,000
835,113 contracts
717,315
fixtures
209,091 Res. for unadju.st.
Deferred charges__ 180,864
claims
25.000
8% pref. stock_ __ _ 1,700,000 1,700,000
x Common stock__ 1,491,775 1,479,275
Surplus
10.047 def27,824
$3,818,928 $3,873,907
Total
Total
$3,818,928 $3,873,907
X Represented by shares of $5 par value. y After depreciation and
amortization of $900,751 in 1934 and $1,030.725 in 1933.
Note-29.970 shares of the unissued common shares are reserved to meet
-V. 41.
warrants evidencing the right to purchase such unissued shares.
p. 1092.
--a-Container Corp. of America-$7 Accumulated Dividend/\
The directors have declared a dividend of 87 per share on account of \
accumulations on the 7% cumulative preferred stock, par $100. payable
Oct. I to holders ofrecord Sept. 11. The company had previously distributed
$1.75 per share on July 1, and $7 per share on April 1 last. This latter
dividend was the first paid since April 1 1931 when a regular quarterly
dividend of $1.75 per share was disbursed.
Accumulations on the preferred stock after the payment of the Oct. 1
,
-V.141, p. 590.
dividend will amount to 815.75 per share.
Total
$3,679,684 $3,577,405
. $3,679,684 $3,577,405
Total
x Represented by 318,440 ordinary shares of no Far, at a value of $3,preferred management shares of no Far at a value of $30.
184,400 and 3
y After reserve for depreciation o $ , , . z ter reserve or e-$1.75 Preferred Dividend
Continental Steel Corp.
predation of $1,988,420 after deducting $41,191 used in writing offobsolete/
The directors have declared a dividedn of $1.75 per share on account of
plant.
-V. 139, P. 2042.4,. 6.
.
accumulations on the 7% cumulative preferred stock. par $100. Payable
-Balance Oct. 1 to holders of record Sept. 16. A similar distribution was made on
Consolidated Chibougamau Goldfields, Ltd.
July 1 and April 1 last, Dec. 20 and Oct. 1 1934 this latter being the first
Sheet Dec. 31 1934disbursement made on this issue since July 1 1931, when the regular guar'
terly dividend of $1.75 per share was paid. Effective with Oct. 1 payment,
Liabilities•
Assetsarrears will amount to $21 per share.
-V. 140. p. 3891.
.
$370
Cash on hand and in bank_ _ _ $31,490 Accounts payable
7,500
29 Suspense
Accounts receivable
Continental Telephone Co. (& Subs.)
-Earnings
3,000,000
x Capital stock
Diamond drilling contract (de300,000
1,000 y Capital surplus
posit)
Earnings for the 6 Months Ended June 30 1935
Mining claims and options__ __ 3,136,711
$602,357
Gross earnings
Devel. & miscell. expenses.._ __ 138,639
294,396
Operation and maintenance
104,919
Depreciation
$3,307,870
$3,307,870
Total
Total
38,351
State, local. &c. taxes
x Represented by shares of $1 par. y 600,000 shares taken up at 50
19,652
Federal income tax
terms of the note mentioned above.
cents per share under the
Note-L200.000 shares of the issued capital stock of the company are
$145.037
Net earnings
held by the Prudential Trust Co.. Ltd., in trust for the benefit of the corn64,812
Interest and other deductions
pany under option.
.
$80,224
Balance ofincome
-EarningsConsolidated Investment Trust
ConsolidatediSurplus balance Dec. 31 1,34
363.249
Year Ended Oct. 17'33 to
$443.474
Dec. 31 '34 Dec. 31 '33
Total
Period$33,528
Divs. of Continental Tel. Co. for Lie period July 1 1932 to
$144.822
Interest
361.400
June 30 1933, 7% preferred:
42,600
Dividends
17,500
110,615
135
Paid in cash
Rents
87,500
Paid by issue of 875 shares of A% pref. stock at par
26,812
876,334
614% preferred: Paid in cash
$616.837
Total income
134,062
14,968
3,882
Pahl by issue of 1,340.652 5' . of6M% pref. stock at par
Salaries
957
2.625
1,225
Direct surplus items (net)
Trustees' fees
10,000
1,022
Custodian and bookkeeping services
8176,641
surplus bah:Ace June 30 1935
3,547
Consolidated s
Legal and auditing
ing
5,211
Transfer agent expense
Consolidated Balance Sheet June 30 1935
1,242
488
and office expense
307
Licenses and other expense
Assets
Liabilitiesy3,628
8500,000
2,709
Capital stock tax
Telephone plant, equip% &c-$5,409,490 7% cum. panic. pref
24,639
824,962
4,193 6ii% cum. pref
Miscell, investments-at co t_
Mortgage Interest
1,047,350
19,398
Common stock
Depreciation on buildings
1 ref. stock commissions and
x90,473
276
9,003 Minority int. in common stock
Propertyand miscellaneous taxes
expense in process of amortiz
307
& surplus of subsidiary co
Debt discount Si expense in
$441,104
$66.425
Net income from operations
process of amortization_ __ _ 166,924 Funded debt outstanding held
2,414,000
324,
618
82,862 by public
Dividends
Prepaid acct.. & deferred chgs.
274
Cash in ban's and on hand_ _ _ 354,933 Due to affiliated companies_ _ _
X Real estate taxes only. y Includes miscellaneous taxes.
112,740
21,885 Accounts payable
Special deposits
9,891 Accrued taxes (incl. Fed, inc.
Working funds
Balance Sheet Dec. 31
x42,495 taxes subject to Treasury
Accounts receivable
Liabilities1934
1933
1933
1934
Assets
75,766
68,548
Department review)
l_To bilied io ls
nnstruetoln
$5,064
$3,429
$157,629 1360,538 Accounts payable_
Cash
50,210
Accrued interest
& operating ma
t
12,163
(-;
10.972
7,839,653 7,221,108 Accrued expenses_
Investments
22,157
48,125 Accrued dividends
terlals and supplies
4,396
5,105
45,484 Reserve for taxes__
34,566
Accr. int. rec'ble
21,343
Advance billing and payments.
Res, for red. of
214,043 a
Notes & accts. rec. 145,316
967,599
Reserves
.
2,871
class B stock_ _
13,897
253,972
Real estate
234,575
5,000
Capital surplus
15,696 Res. for litigation
Def. r'l est. exp._
1,502
176,641
Surplus
of class B stock
75,000
of K.P. A. C.
$6,218,353
$6,218,353 Total
Total
283
Deterred Income...
282
102,385 6106,656
Capital stock
X After reserve for uncollectible accounts of $5,088.-V. 140. P. 3210.
7,760,556 7,733,547
Paid-In surplus
95,529
Capital gain surp_ 342,610
Cosgrove-Meehan Coal Corp.
-Committee Seeks to
Income surplus_ _ _ 182,911
66,425
Strengthen Position
$8,413,241 $8,110,842 Total$8,413,241 $8,110,842
Total
a Representing class B stock of Kidder Peabody Acceptance Corp., the
holders of which asked for redemption in accordance with the retirement
provisions of that issue. b Represented by 258,621 shares of $1 par(after
deducting 10,300 shs. in treasury at cost of $166,636) in 1934 and 260,211
shs. of $1 par value (after deducting 10,105 shs. in treasury at cost of
$163.660) In 1933,issued or yet to be issued in exchange for certain preferred
stocks of the predecessor companies. Warrants providing for the issuance
of 440.066 shs. at $30 per share at any time prior to Aug. 1 1938 are issued
or to be issued to the preferred and common stockholders of the predecessor
companies.
-V. 140. p. 1142.
ec
The bondholders' prottive committee for the 1st mtge. 6M % bonds.
of which Robert M. Weidenharniner is chairman, has issued a notice to all
bondholders requesting authorization to act on their behalf in any necessary
court action or in developing any plans for the re-establishment of their
investment. Deposit of bonds, however, is not being requested at this
time. The corporation has been in default on its bonds since November 1931.
The committee expresses the opinion that it is unwise to attempt any
reorganization at the present time, pending further study of the corporation's affairs. Meanwhile, it has obtained for the bondholders a voice
in the management. Three members of the committee-Albert C. Lord.
James Jay Inn and Mr. Weidenharamer-have become directors of the
Volume
141
Financial Chronicle
corporation and Mr. Kann in addition has been appointed Treasurer
of.
Cosgrove & Co., Inc., the sales organization which handles
the proceeds of
all coal sold.
-V. 141. p. 432.
Cresson Consolidated Gold Mining & Milling Co.
-
Earns. Years End.()resales
Interest, royalties, &c
Dec. 31'34. Dec. 31'33. Dec. 31'32. Aug.31'31.
$383,128
$292,720
8255.282
8217.157
214,628
166,720
117,306
197,353
Total income
General expenses
Federal income taxes_ - State and county and
other taxes
Mine expense
All other expenses
$597,754
1,473
23,482
$459.440
1,736
10,874
$372,589
260
$414,510
231
7,749
294,677
32.923
6,645
249.951
27,551
4,940
248,252
29.128
6,130
270,015
36,162
Net revenue
Dividends paid
$237,450
158,600
$162,682
48,800
$90,008
24,400
$101,967
Balance
$78.850
$113.882
865.608
$101,967
Earns, per share on 1,220.000 shares stock$0.19
$0.14
;0.08
$0.08
Comparative Balance Sheet Dec. 31
Assets1934
1933
1934
1933
Ore reserves
$8,842,456 $8,842,456 Capital stock
$1,220,000 $1,220,000
Mining plant
174.634
174,634 Reserve for taxes_
28,765
18,215
Elkton Min. shs
9,250
9,250 Res. for deprec. &
Investments
20,516
11,029
depletion
1,365,585 1,435,050
x Cash
456,502
341,448 Deferred reserves_ 7,309,354 7,309,354
Bills & accts. rec..- 22,733
28,421 Dante G. M. Co.,
Prepaid insurance_
1,941
trustee for outst.
Inventory
776
3,043
stockholders __
2,088
2,093
Deficit
400.015
577,668 Unpaid dividend
checks
3,033
3,236
Total
89.928,825 39,987,948
Total
39,928.825 39,987.948
x Less current bills of $34,779 in 1934 and 825,152
in 1933.-V. 140,
p.4397.
Croft Brewing Co.
-New President
-
James R. Nicholson has been elected President
and General Manager.
At the same time R. P. Bischoff has been named
First Vice-President.
Income Account Year Ended Dec. 31 1934
Net sales
$4,163,698
Coat of goods sold (including Federal
revenue tax)
2,488,482
Gross profit
$1,675.215
Selling expense
357.371
Delivery expense
275.529
Administrative expense
191,844
Net operating profit
$850,470
Other income
12,066
balance
$862,538
Deductions from income
388,482
Net profit for year
$474,054
Balance Sheet Dec. 31 1934
Assets
Liabilities
Cash in banks and on hand.. 3175,834 Bank
loans
8125,000
d Accounts & notes receivable_
129,114 Accounts payable
86,041
Inventories
197,124 Construction contracts pay_
12,992
Contracts for corn futures_ _
42,406 Accrued accounts
10,287
U.S. Treas. etre. 24% (1939)
57,118 Prov.for outstanding containers 26,872
a Barrels, cases and bottles... 346,429 Accr'd Fed.
& State taxes_:„ 112.360
b Permanent signs with cust's_
58,009 Contracts for corn futures....
39,906
General & organization expense
50,712 Mortgagee payable
158,000
Deferred charges
58,132 Deferred income
7,389
c Fixed assets
1,667,917 c Capital stock
1,732,441
Earned surplus
471,306
Total
$2,782,596
Total
32,782,596
a After reserve for depreciation. b
preciation of $57.280 on Boston plant After amortization. c After deand 8169.944 on Baltimore plant.
c Represented by shares of $1 par. d After reserve
of 87,916.-V. 139.
p. 3963. 3323.
Crowley, Milner & Co.(& Subs.)
-Earnings--Income Account for Year Ended Jan.
11 1935
Net sales
$12,142,039
Cost of merchandise sold and expenses, less other income
income from carrying charges on installment accounts incl.
11,661,010
Amortization of leasehold improvemen
ts and depreciation
306,205
Interest on debentures
107,965
Bad accounts charged off
52.284
Net profit for the year
$14.575
Balance Sheet
AssetsJan. 11'35. Jan. 1234.
Liabilities-June 11'35. Jan. 12'34.
Land
$90,000
$90.000 Preferred stock... $495.900 8495.900
x Bldgs., furn, and
y Common stock
3,394.330 3,394,330
fixtures, &c_- 3,482,455 3,757,489 Funded
3,451,000 3,621,000
debt
Cash
324,993
371,284 Accounts payable_
510,058
708,943
City of Det't scrip.
135
4,940 Accrued accounts_
60,752
39,830
Customers' accts.
Reseryes for conreceivable
1,940,060 1,816.121
tingencies
50.000
Inventories
1,229.956 1,172,729 Deficit
445,093
318,760
Other assets
314,755
510,482
Leaseholds & goodwill
1
Deferred charges- 134,592
220,197
Total
$7,516,946 37,943,243
Total
$7,516,946 37,943,243
x After allowance for amortization and depreciation of 82,930,594
in
1935 and $2,798,981 in 1934. y Represented by 339,433 no par
shares.
V. 138. p. 2405.
Crucible Steel Co. of America(& Subs.)
-Earnings
-
6 Months Ended June 30Operating profit
Other income
1935
$2,464,423
38,921
1934
$2,916,498
27,857
1933
$425,592
27,438
Total income
Depreciation. &c
Interest and discount
Federal income & profits tax
Lossfrom non-oper.ofore mines
$2,503,344 $2,944,354
1,605,528
1,830,520
334,962
341.799
46,033
60.000
80,000
8453.030
936,700
421.102
Net profit
-V.140, P. 2703.
x Loss.
$456,821
120,000
$712,034 x$1,024,772
1935
$560,935
1934
$511.189
Cushman's Sons, Inc.
-Earnings
-12 Weeks Ended
-- ----28 Weeks Ended
PeriodJuly 13 '35 July 14 '34 July 13 '35 July 14 '34
Net profit after int., deprec., Federal taxes &
other charges
$93,833 105419,479
$65,257
8110,396
Earns, per sh. on comb.
preferred stocks
$1.59
Nil
$1.10
$1.86
- 140, p. 3385.
.
V.
Income Account Year Ended Dec. 31 1934
Operating income
Operating expenses
Depreciation on buildings, plant and equipment
8182.512
193.512
58,965
Operating loss
Expenditures incident to saspension of production
$69.965
65,413
Total loss
Duluth office expenses
8135,378
63,074
Total operating loss
Premium on bonds sold
$198,452
111,640
Consolidated net loss for the year before depletion
Depletion
$86,812
62,652
Consolidated net loss for the year
8149.463
Note
-The operating income and operating expenses shown
for the eight months ended Dec. 31 1934. Depreciation on above are
buildings,
plant and equipment was charged for the eight months' operating
period
only.
Consolidated Balance Sheet Dec. 31 1934
AssetsLiabilities
a Mines, mining claims, lands
c Capital stock
$1,323,000
and develop ent
83,385,070 3
-year 6% coll, trust cony.
b Buildings, plant & equipm't_
394,236
bonds, due Apr. 15 1935.... 227,000
Investment in subsidiary
57,000 Notes payable (banks)
56,123
Deferred assets
17,895 Notes payable (others)
32,819
Expenses prepaid
2.103 Acc'ts & salaries payable and
Supplies on hand
63,573
interest accrued
39,883
Accounts receivable
25,232 Colorado-Duluth Mining Co.,
Cash
14,549
current account
75
Surplus
2,280,759
Total
$83,959,659
Total
$3,959,659
a After reserve for depletion of $1,429,510. b
ciation of $490,241. c Represented by shares of After reserve for depre50 cents par.
-V. 141,
1 916.
3•
Daniels & Fisher Stores Co. & Subs.)
(
-Earnings
-
Calendar YearsGross profit
Income and other taxes
Bond interest
Depreciation of building and fixtures
1934
$329,946
79.882
32,486
37.423
$180.155
47,760
Net proflt
Preferred dividends
1933
$221,260
67,589
34.127
35.881
$83,663
49,438
Balance,surplus
$132.395
Earnings per share on 39,902 shares common
stock
(no par)
$33.32
834.225
$0.86
Balance Sheet Dec. 31
1934
1933
Liabilities-1934
$244,372 $172,369 Acc'ts payable..._ $125,601
Accrued accounts_
119.992
695,438
659,433 Bonds
579.000
609,527
602,671 Preferred stock... 692.500
2,800
c Common stock__
498,775
Surplus
978,950
8,801
6,628
26,872
27,156
12,321
15,399
AssetsCash
a Notes and awls
receivable
Inventories
Marketable sec's.Notes & contract
accounts
Prepaid items__ _ _
Stocks and bonds_
b Land, buildings
and fixtures
1,386.536
b Automobiles and
trucks
8,150
1933
$110,001
96,633
608.500
759,900
498,775
832,294
1,411,947
10,500
Total
32,994,818 82,906,103
Total
$2,994,818 $2,906,103
a After allowance for doubtful items of
$32.000
depreciation. c Represented by 39,902 no par in 1933 and 1934. b After
shares.
-V. 140. p. 797.
Davenport Hosiery Mills, Inc.
-Earnings-Profit from operations__
Calendar.
$193,824
Depreciation
121,406
Interest received (net)
Cr17,039
Net profit from disposal
of capital assets
Cr1.609
Prov. for loss on bal. in
closed bank
19.496
Worthless invest writ.off
1.000
Prov.for Fed,inc. tax
12.583
Net profit
Preferred dividends_ _ _ _
Common dividends
857.988
57,291
150,000
Balance
def$149,303
Earns, per sh. on 75,000
abs. common stock _ _ _
$0.01
x After depreciation.
AssetsCash
U.S. Govt. bonds,
at par
Accts. rec.,less res.
Misc, accts. rec..
Inventories (lower
of cost or mkt.)_
Other curr. assets_
Bal. in closed bitsInvest., at cost...
a Land, bldgs., machin'y d,equip__
Deferred charges__
1933
$318,096
116,439
Cr8,122
1932
4138,136
1931
$590,703
132.593
Cr5,591
27,944
9.448
72.135
$179,834
59,122
75,000
8134.279
59,853
93.750
$385.975
63,977
.845,712
def$19,324
$321.998
$1.61
$0.99
$4.29
Condensed Balance Sheet Dec. 31
1934
1933
Liabilities
$31,557 $152,011 Accounts payable_
Payroll drafts pay.
425,000
425,000 Accr. wages and
217,994
232,406
commissions _
2,755
Other seer. liabil..
Prov. for Fed. inc.
300,933
282,592
& cap. stk. tax.
11,134
10,538 7% pref.stock_ _ _
16914
36,410 y Common stock &
4,000
5.000
initial surplus..
Pref. stock sinking
899,377
946,354
fund reserve....
7,099
5,765 Capital sup. arts)
from purchase of
pref. stk. at less
than par value__
Earned surplus...
1934
$14,133
23,344
1933
$32.336
4,947
4,592
12.800
808,700
31,500
837,700
654.867
654,867
33,700
32,700
21,735
338,146
18.525
488,450
Total
$1,916,765 $2,096,077
Total
$1,916,765 $2,096,077
x Less reserve for depreciation of $714,913
y Represented by 75,000 no par shares -V. in 1934 and 3601.935 in 1933.
140, p. 1825.
Devonian Oil Co.-EaTningsIncome Account for Year Ended Dec. 31 1934
Gross sales
Operating expenses
Cuneo Press, Inc.(& Subs.)
-Earnings
5 Months Ended May 31Profit after expenses. depreciation & other deductions but before Federal income taxes
-Ar. 140. p. 2531.
1271
Cusi Mexicana Mining Co.
-Earnings
-
Gross profit from operations
General and administrative expenses
Net profit from operations
Other income credits
$1,257,078
182,763
$1,074,315
113.501
$960.813
1,184,001
Gross income
$2,144,814
Income charges
269.078
Depletion and depreciation
280,806
Undeveloped leasehold carrying charges,leaseholds
surrendered.
and dry holes, &c
124,319
Net income
$1,470,611
Dividends
1,930,830
'
-Earnings
Durham Hosiery Mills, Inc.(& Subs.)
Balance Sheet Dec. 31
1933
1934
Ltabilltles1933
Assets1934
$47,234
Cash
$349,700 8549,199 Accounts payable_ $282,345
6,188
26,517
130,300 Deferred credits__
206,680
Notes receivable
146,942 Common stock__ 3,218,050 3,288,000
.
Acc ts receivable_ 125,139
219.945
1,957,762
26,490 Surplus
25,210
Materials at cost
49,175
7,925
Inv. In other cos...
43,433
Stock held in treas.
x 011 prop., gasol'e
plants & equip__ 4,416,820 2,376,594
Undevel. leases at
239,234
351.976
cost
1,224
Det'd debit items_
$5,484,675 $3,561,368
Total
Total
$5,484,675 $3,561,368
x After depletion and depreciation reserves of $3,022,368 in 1934 and
$3.893,071 in 1933.-V. 140, p. 4397.
-Earnings
(C. K.) Eagle & Co.", Inc.
Ma3r114:3713
Net loss after idle plant expense & inventory lossesju6neM3°08.'35 prof.858,318
$51,741
prov., but before depreciation
-V. 139. p. 1866.
-Earnings
East Kootenay Power Co., Ltd.
$255,387
157,105
$98.281
-Earnings
Di Giorgio Fruit Corp.(& Subs.)
Profit from operations
Other income
$712,586
205,283
$917,869
Total income
254,117
Interest paid or accrued_
166,813
Prov. for depreciation
Prov. for bad debts, less
85,560
recoveries
5,178
Loss on sale offix. assets1
Loss on investments_
Div. paid on cap, stock
of Klamath Lumber &
Box Co
4,489
Miscellaneous deductions
34,462
Prov. for Fed. inc. tax
1931
1932
$851.294 $1,613,086
1,408,104
901,023
$575,180 lossil49,729
232,666
228,286
$182,937
290,739
167,379
8565.888
330,127
172,925
26.917
(24,114
113,318
166.941
243.054
: 1
1562
345 92
6,042
3,110
-Month-1934
Period End. July 31- 1935
$44,989
$50.178
Operating revenues-39,347
40,807
Operating expenses__ -6,158
646
3:
5 000
Fixed charges
1,000
Renewals
$725 def$1.516
Surplus
-V. 141, p. 747.
2,500
5,061
Assets
$538,527 Accounts payable
Cash
400,000 Accr'd taxes, int., wages. &c.
Debenture notes
226,727 Notes .4 mortgages payable
a Notes & accts. rec.(trade).
100.312 Div. pay, to minor, stocknotes & accts. reedy.
b Other
holders of sub. co
50.000
Note receiv. from affil. co
12,056 Prov. for Federal income tax_
Owing by officers and empl's_
1,293,173 Customers' deposits
Inventories
Funded debt
Notes & accts. receivable,
618,922 Reserve for contingencies,
&c., maturing after 1935._
Including deferred items...
689,896
Investments
12,242,994 Capital stk. of Klamath LumC Property accounts
ber & Box Co
taxes and
Prepaid insurance,
189,472 d $3 cum. pectic. pref.stock_
deferred charges
e 7% preferred stock
f Common stock
Surplus arising from re-statement and retirement of
capital stock
Earned surplus
$225,029
186,434
734,963
3,750
34,462
38,627
2,766,042
284,036
.
15 000
5,236.800
1,075,200
1,598,577
2,126,689
2,038,469
816.362,080
Total
$16,362,080
Total
a After reserve of $17,314. b After reserve of $4,399. c After reserve
transfer of
for depreciation of $1,834,185 and special reserve created by
capital surplus of 83680,533. d Represented by 52.368 shares, $100 par.
after deducting 932 shares held in treasury. e Represented by 10,752
shares, $100 par, after deducting 30 shares held in treasury. f Represented
by 156,658 shares, $10 par, after deducting 1,150 shares held in treasury.
-V. 140, p. 3715.
-Earnings
Manufacturing Corp.
Earnings for the Quarter Ended June 30 1935
Net profit after depreciation and other charges
Earnings per share
-V. 140, p. 1309.
Dodge
320,476
& Scottish Investments, Ltd.-Accum. ivA
The directors have declared a dividend of 25 cents per share on account \
of accumulations on the 5% cum. red, preference stock, par $50. payable
Canadian
Sept. 1 to holders of record Aug. 20. The dividend is payable inThis coinfunds and is subject in the case of non-residents to a 5% tax.
and 25 cents per share paid on
pares with 50 cents paid on June 1 last
March 1 last, Dec. 1 and Sept. 1 1934, 33 1-3 cents per share on June 1
1934, 25 cents per share paid quarterly from Aug. 1 1932 to and including
Feb. 1 1934, and 50 cents per share paid on May 1 1932, prior to which the
company made regular quarterly distributions of 623i cents per share.
-V. 141,
Accruals after the Sept. 1 payment amount to $4.873i per share.
p. 273.
-Sates
Dominion Stores, Ltd.
1933
1934
1935
81.226.610 %1.373.111 81.398,267
1,501,638
1,481,037
1.352.552
1,555.614
1.528,273
1.417.909
1,505.736
1,505,417
1,385,269
1,543,288
1,544,037
1.360,939
1.584.054
1.557.863
1,350,740
1,512,522
1.488.014
1,340,440
1,441,312
1,372.530
1,313,961
$10,748,420 $11,849,852 $12,042,860
•
-Resumes Common Div.
Douglas Aircraft Co., Inc.
The directors have declared a dividend of 75 cents per share on the
common stock, no par value, payable Sept. 27 to holders of record Sept. 9.
This will be the first dividend paid on the common stock since Sept. 21
cents per share was made.
1933 when a semi-annual payment of 37
A similar dividend was paid on March 21 19,34 and Sept.23 1932,as against
50 cents paid on March 21 1932 and Oct. 20 1931.-V. 141. p. 433.
Lit:Regular Divi,
Pont de Nemours & _2.,z
dend Rate Increased-Extra Dividend
•••••'"(E. I.) du
The directors on Aug. 19 declared a quarterly dividend of 90 cents per
share in addition to an extra dividend of 35 cents per share on the common
stock, par $20, both payable Sept. 14 to holders of record Aug. 28. Previously the company had distributed regular quarterly dividends of65 cents
per share horn June 15 1934 to and including June 15 1935, and 50 cents
each three months from Sept. 15 1932 to and including March 15 1934.
In addition an extra dividend of 15 cents was paid on Dec. 15 1934, one of
50 cents on Sept. 15 1934, and an extra of 75 cents per share was disbursed
on Dec. 15 1933. For complete record of dividend payments see "Industrial
Number" of the "Railway & Industrial Compendium" of June 14 1935,
page 107.-V. 141, p. 747.
The company has called for redemption at 8105 a share on Sept. 30
Electric
1935 all of its preferred stock except those shares held by General
designated as
interests. The Guaranty Trust Co. of New York has been
-V. 140. P. 3894.
thr redemption agent.
-Weekly Input
Electric Bond & Share Co.
$281,133 def$445,231 def$549,326
Consolidated Balance Sheet Dec. 31 1934
Total 32 weeks
-V. 141, p. 747.
1935-7 Mos.-1934
$369,300
$394,627
286,588
294.182
43,109
39,523
27,000
40,000
$12,603
$20,922
-To Retire Pref. Stock
..........-Electrical Securities Corp.
$367,251
4 Weeks EndedJan. 26
Feb. 23
Mar.23
Apr. 20
May 18
June 15
July 13
Aug. 10
1935-12 Mos.-1934 1
$29,795,299 $29,690,486
12,321,373 11,909.850
3,235,000 3,067,916
264,324
240.000
5,229,703
5,655,917
9
T8734I.00 $9,218,661
187.621
217.682
$8,560.691 $9.406,314
74,981
86,224
3.193,570 4,207.544
$5,123,789
$5,280,897
Edmonton Street Ry.-Earnings-
$204,982
360.905
$803,466
289.908
162,033
$68,037
Edison Electric Illuminating Co. of Boston-Earnings
$10,608 $1,168,187 $1,146,240
1933
1934
Calendar YearsGross profit from oper_ _ $1,194,393 $1,025,679
450,499
481,807
Admin.,sell. & gen.exps
$74,226
$21,530
Period End. July 31- 1935-Mon/h-1934
$2,204,614 $2,183.848
Operating revenues
999.926
1.073,587
Operating expenses
243.333
.
Depreciation
20.000
20,000
Uncollectible revenue
425,500
393,000
Taxes accrued
$495,089
8429,694
Net oper. income
10.750
14,356
Non-operating income
$505.839
$444.050
Gross income
4,595
9,353
Miscellaneous rents
271,785
327,948
Interest and discount__ _
$173,296
$162.912
pis Income balance
-V. 141, p. 917.
$168.094 $3,037,494 $3,058,757
1,912,516
1,851,307
157,486
Net income
-V.141. p. 591.
$24,441
Net earnings
-V. 141, p. 433.
$160,386 $3,001.967 $3,003,383
55,373
35,526
7.707
Gross income
Deductions
1935-3 Mos.-1934
$102,147
$108.258
34,110
34,032
-Month-1934
Period End. June 30- 1935
0
11:100
$32 77
$35,438
Gross earnings
10,997
Operating expenses
Detroit Street Rys.-Earnings--
$253.109
2.277
$64.102 prof.$86.593
Period Ended
1935-12 Mos.-1934
-Month-1934
Period End. July 31- 1935
Operating revenues-- $1,221,416 $1,172.655 $16,304.341 $15,655,657
941.781 12,445,803 11,777.193
894,232
Operating expenses_ ___
875,080
856.569
70,487
74,073
Taxes assign, to oper___
Operating income____
Non-operating income__
1935-6 Mos.-1934
Period End. June 30- 1935-3 Mos.-1934
Net loss after taxes, int.,
$38,096 prof.$35,672
and other charges----V. 140, p. 3386.
.
Profit for year
Aug. 24 1935
Financial Chronicle
1272
For the week ended Aug. 15 the kilowatt system input of subsidiaries
Light Corp., and
of American Power & Light Co., Electric Power &corresponding week
National Power & Light Co., as compared with the
during 1934, was as follows:
--Increase-%
Amount
1934
1935
American Power & Light Co--100,642,000 76,489.000 24,153,000 31.6
4.6
1,924,000
Light Corp__ 43.511,000 41,587.000
Electric Power &
x261,000 x0.4
National Power & Light Co_ 66,624,000 65,885,000
x Decrease.
Note-Operations of the Montana Power Co.,a subsidiary of American
Power & Light Co., were at a low point a year ago because of an industrial
system input
strike. This accounts principally for the large increase in 1094.
-V. 141, p.
of subsidiaries of American Power & Light Co.
-Doubles Dividend
Controller & Mfg. Co.
The directors have declared a quarterly dividend of 50 cents per share
of
1
on the common stock, no par value, payable Oct. ofto holders perrecord
share
25 cents
Sept. 20. Previously regular quarterly dividends inclusive. In addition
had been paid from Oct. 1 1932 to July 1 1935,
-V. 141, p. 918.
an extra dividend of 25 cents was paid on July 1 last.
-Earnings
Elmira Light, Heat & Power Corp.
1934
1935
51.693.988 $1,627,664
684,038
718,672
202,818
193,279
12 Months Ended June 30Operating revenues-Electric
Gas
Transportation
$2,605,940 $2,514,521
Total operating revenues
1,412.628
1,435,331
Operating e .penses
267,371
262.931
Maintenance
renewals and replaceProvision for retirements,
65,335
82.881
malts of fixed capital
4.586
Provision for taxes-Fedetal IIICOElle
233.084 ' 204.318
Other
$560,281
$591.711
Operating income
1,230
1.453
income
$561.512
$593,164
Gross income
250,000
250,000
Interest on first mortgage bonds
Balance of income
-V. 140, p. 3546.
$343,164
125,273
167.912
25,430
30,000
Cr196
$311,512
125,273
110,562
31,249
30,000
Cr2,831
def$5.255
Balance
-year notes (owned by affil. cos.)...
Int. on 534% 3
Interest on unfunded debt
Amortiz. of debt discount and expense
Amortization of miscellaneous suspense
Less: Interest charged to construction
$17.257
-Bonds Called
Capwell Corp.
The comany has called for redemption as of Nov. 1 at 102 and int. the
remaining 634,000 first (closed) mortgage 6;4% bonds of Marian Realty
Co., a subsidiary, The bonds fall due May 1 1940. Company is obtaining
funds for the operation through bank loans and also will use some of its
-V. 140. P. 3894.
own cash.
-Bonds Called
Erie County Electric Co.
All of the outstanding general and refunding mortgage gold bonds,
Oct. 1 at 105 and int. Payseries A, have been called for redemption on&
ment will be made at Central Hanover Bank Trust Co., New York City.
-V.128, p. 3683.
-Earnings
Fairchild Aviation Corp. (Lk Subs.)
6 Months Ended June 30Unfilled orders
Sales(net)
Net profit before provision for Federal taxes
Earns, per share on the 220,466 common sharee_ _ _
-V. 141. p. 1094.
1935
$1,302,634
520,129
27,104
$0.12
1934
$535,854
597,432
-Earnings
Fall River Gas Works Co.
1935-12 Mos.-1934
-Month-1934
Period End. July 31- 1935
$896,573
$885,673
$69,009
$67,725
Operating revenues-431.325
457,887
35,303
37,057
Operation
60,090
60,231
5.590
5,861
Maintenance
155,814
163,262
13,099
12,287
Taxes
$249,342
$204,292
,S15,016
$12,518
Net oper. revenues- _
56
109
1
14
Non-oper. income, net__
Balance
Retirement res. accruals
Interest charges
$12,532
5,000
868
Netincome
-V.141. P. 593.
186,664
$15.017
5,000
1,161
$204,401
60,000
12,518
$249.399
60.000
18,942
$8,856
$131,883
8170,456
1273
Financial Chronicle
Volume 141
Federal Electric Co., Inc.(& Subs.)
-Earnings
Income Account for Year Ended Dec. 31 1934
Income from sign rentals, net sales of merchandise, &c
•
$3,050,753
Operating expenses (including cost of merchandise sales)
2.791.888
Net profit from operations before prov.for deprec., &c
Provision for depreciation
Decrease in deferred income applicable to deferred pay.contr'ts_
$258.864
39.871
Cr27,311
Net profit from operations
Other income (interest and dividends received)
$246,304
11,067
Net profit before interest and other deductions
Interest
Federal income tax
Minority interest in profits of subsidiary companies
$257.371
78,542
23.709
42,460
and air conditioning in one compact oil-burning unit, it was announced on
Aug. 14 by J. J. Donovan, manager of the Air Conditioning Department.
Designed for the small home of about six rooms, the new warm air conditioner will be priced to place the company in a very favorable competitive
position in the domestic heating and air conditioning industry, Mr.
Donovan said.
Sells English Company Stock
A London, England, dispatch stated that a London group headed by
Lazard Brothers & Co., Ltd., of London has purchased the entire block
of 400,000 shares of General Electric. Ltd., held by International General
Electric Co. (a subsidiary of General Electric Co.) at the London market
price of around 61s. 6d. The transaction involves approximately £1,200,000. Through the acquisition almost all the shares are now held by
British interest with the exception of a few in the hands of private American
investors.
-V. 141, p. 750.
General Eauities, Inc.
-Earnings
-
Consolidated net profit
$112,660
..
Consolidated Balance Sheet Dec. 31 1934
Assets
Mobilities
Cash
$154,672
$601,497 Accounts payable
Marketable securities
44,193
18,110 Accr. Fed.Inc. & other taxes
b Receivables
8,675
1,172,162 Aeon int., royalties, &c
Inventories
208.582 Current Indebtedness In conInvestments & sundry assets_ 118.110
80,998
nection with det'd liabilities..
19,250
Def'd charges & prepaid exps_ 122,182 Current maturity of funded dt.
Land
703,890
190,151 Deferred liabilities
c Land impts.& plant & equip.. 602,063 Funded debt
1,032,500
d Reacquired stock
95,572 Def'd income spoils. to def'd
Good-will
89,023
payment contracts
3,394,106
185,566
Reserves
Minority stockholders' Int. In
cap. stk.& sur. of sub. cos... 581,676
22,900
e 7% cum, preferred stock_ _
f $6 cum. prior pref. stock and
$7 cum. preferred stock_ 2,035,500
3,239,900
0 Common stock
1.676,207
Consolidated deficit
Earnings for Six Months Ended June 30 1935
Dividends received
Salaries
Accounting, research and advisory
Legal fees and disbursements
Miscellaneous
Inventories paid to Equity Corp. of indebtedness
Total
$6,522,538
$6,522,538
Total
a Includes working funds of $6.771. b After deducting customers'
advance payments of $68,078 and reserve for doubtful accounts of $133,146.
c After reserve for depreciation of $590.539. d Represented by 942 shares
of $6 prior pref. stock, at cost of $43.688. of which 752 shares are pledged
on account payable;613 shares of$7 pref.stock, at cost of $24,035. of which
321 shares are pledged on account payable, and 991 shares of common
stock, at cost of $27,849, of which 770 shares are pledged on account
payable. e Represented by shares of $100 par. f Represented by 20.394
shares of $6 cum, prior pref. stock, no par, including 942re-acquired shares,
less 39 shares held in treasury, and 20,394 shares of $7 cum. pref. stock,
no par, including 613 shares reacquired. less 39 shares held in treasury.
g Represented by 32,399 no par shares.
-V.137. D. 1943.
Capital surplus balance as at June 30 1935
$1.085.911
Balance Sheet June 30 1935
Assets
Liabilities
Cash In banks
$282 Notes payable to the Equity
x Investments in stocks of
Corp. (secured by 1,065
United Founders Corp.and
shares of Amer. Foundries
subsidiaries, at cost
y1,206,224
Corp. 6% pref. stock)
10,500
Deferred charges
384 Accounts payable
180
Accrued expenses
800
Provision for taxes
200
Pref. stock (10c. par)
70,000
Common stock (Sc. par),,...
32,750
Class A stock (10e. par)
6.550
Capital surplus
1,085,911
Federal Screw Works-Consolidated Balance Sheet June 30
Assets1935
:Land,bldgs., Maeillnery & equip. 3988,704
Cash
61,785
Notes & accts. receivable (net)._ 148,799
Inventories
291,890
Cash In closed bits_
16,313
Mtge. notes rec.. __
69,333
Balance due from
officers and employees, net_ _ __
365
Investments
z227
Good-will
1
Deferred note adjustm't expense31,032
Prepaid charges_
5,791
1934
1935
LW/Wines1934
y Capital stock- $996,625 $1,000,000
16,444
52,684
$999,206 Accts. payable...
28,350
101,397 Notes payable.
Accrued int.,taxes,
47,314
42,869
160,265 .ke
248,845 Sundry current liab. 10,850
21,437 Prov. for Federal
2,609
74,666 Income tax
1.737,000 1,796,000
Funded debt
1,261,192 1,202,957
Deficit
38,480
8,060
Total
$1,614,240 31,652,356
31,614,240 $1.652.356
Total
x After depreciation. y Represented by 199,325 no par shares in 1935
(200,000 in 1934). z After reserve of $750.
Our usual comparative income statement for the six months ended
June 30 was published in V.141, p. 1094.
Film Corp.
-Merger with 20th Century Upheld-Court
Refuses to Enjoin Union
The proposed merger and reorganization of the Fox Film Corp. and
Twentieth Century Pictures, Inc., was approved Aug. 22 by Supreme
Court Justice McLaughlin in Brooklyn. The Court denied an application for
an injunction to restrain consummatio i of the plan that Fox Film's stockholders approved by vote on Aug. 15.
Justice McLaughlin held that the charges made by a minority group
of stockholders and by a creditor of Fox Film were tmsustartiatecl. He
ruled that, in the absence of a showing of fraud the Court had no right to
substitute its business judgment for that of the majority of the stockholders.
Soon after the decision had been handed down, counsel for the petitioners obtained an order from presiding Justice Lanzansky of the Appellate
Division in Brooklyn staying further action on the merger plan until Aug.
26, when the Appellate Division of the Supreme Court will review the case.
-V. 141, p. 1095.
Galveston Electric Co.
-Earnings
Period End. July 31Operating revenues
Operation
Maintenance
Taxes
1935
-1934
-Month
$20,975
$20.605
13,664
13,476
2,890
2,840
1,484
1,394
1935-12 Mos.-1934
$222,485
$235,038
159,430
161,822
32,699
33,938
19,037
17,498
Net oper. revs.
$11.317
$2,935
821,779
$2,895
a Interest on secured8% income bonds (matured) is deducted from sur(a).._plus when paid. Interest unpaid to June 1 1935 in amount of $5.600,
plus $2,800 interest subsequent thereto and interest on unpaid interest
from June 1 1935, is not included In this statement.
-V.141, p. 596.
Galveston-Houston Electric Ry.-EarningsPeriod End. July 31
- 1935
1935-12 Mos.-1934
-Month-1934
Operating revenues
$22,235
$215,036
$19,878
$222.014
Operation
123,565
11,423
11,261
121.488
Maintenance _
43,137
43,172
3.315
. 3,877
Taxes
18,503
1.547
1,260
18,006
Net oper. revenues,
$39,346
$5,3877 $29,829
$47640
Inc. from other sources.
92
5.108
5,108
Balance
$278
$29,921
def$1,067
$39,346
Interest (public)
61,300
61,300
Net deficit(a)
$31,378
$21,953
a Matured unpaid Interest on income bonds due June 1 1935 in the amount
of 3480,000, plus $21,333 subsequent thereto and interest on unpaid Interest
from June 1 1935 is not included in this statement. In addition, $120,189
unpaid interest to July 31 1935 on demand income notes is not included.
-V. 141, p. 596.
Gamewell Co.
-To Retire Treasury Stock--Dissciassie
Itterrused-Stockholders at the annual meeting held Aug. 20 voted to retire the
1,989 shares of preferrect stock which had been purchased during the
past year and held in the company's treasury, The stock was purchased
upon a special offer to stockholders at around $60 a share.
It was also voted to increase the number of directors from nine to 10, and
Leonard Spangenburg was elected a new director; retiring directors were
-V.141. p. 920.
re-elected.
General Electric Co.
-To Market Air Conditioner
-
The company has developed and will place on the market immediately a
new direct-fired warm air conditioner, combining the functions of heatin6
$155
7,836
940
1,827
526
95
Excess of operating expenses over income (without giving
effect to results of security transactions)
$11,069
Statement of Capital Surplus for the Six Months Ended June 30 1935
Capital surplus balance as at Dec. 31 1934
81.382.006
Profit realized on sale of securities
2,691
Total
$1,384,697
Reserve to write down securities owned at Dec. 31 1934 by the
excess of the net worth of General Equities, Inc. at Dec. 31
1934 over the cost to the Equity Corp.of its 100% holdings of
stock of General Equities, Inc
$287,716
Excess of expenses over income for the six months ended June 30
1935
11,069
Total
31,206,891
Total
$1,206,891
x After reserves of $287,716.
y The aggregate net asset value of such stocks of companies of the United
Founders Group was computed to be $1,142,355 based upon the per share
net asset values of these companies as indiczted by the respective reports
of the various companies as of May 31 1935 (latest published), which net
asset values were calculated on the basis of including the resources of such
companies at their market quotations or other amounts as set forth in such
reports. It is to be presumed that such net asset values have varied between
May 31 1935 and June 30 1935 as a result of operations of the corporations
and fluctuations in the general securities markets. The aggregate market
value of such stocks of the United Founders Group was computed to be
$583,889 based on the last sale prices where transactions occurred er reported
closing bid prices on June 29 1935, except 666,666 2-3 shares of class A
stock of United Founders Corp. which has no quoted market and is Included
in this calculation at the nominal value of $1.-V. 141, P. 1096.
General Foods Corp.
-Desist Order Agreed to
General Foods Corp.. General Foods Sales Co., Inc., and Maxwell HMSO
Products Co., Inc., of New York City, have entered into a stipulation with
the Federal Trade Commission to desist from misleading representations
in the sale of Maxwell House coffee.
Advertising by radio broadcasts, these companies asserted that loose or
bag coffee loses 45% of its flavor nine days after roasting, and that the loss
in flavor of bean coffee is only slightly less rapid, so that the buying of unground coffee offers little if any advantage to the consumer as far as flavor
goes.
However, the stipulation points out that bean coffee when exposed to
air does not lose 45% of its flavor in nine days, but, on the contrary, the
loss of flavor in coffee beans under such conditions is materially less than
alleged. It is also explained that the loss in flavor of bean coffee as compared with ground coffee when exposed to the air is substantially slower and
not merely slightly so.
The respondents agree to stop advertising that bean coffee, when exposed
to the air, loses 45% of the flavor in nine days, that the loss in flavor of
bean coffee is only slightly less than ground coffee, and that tests of the
comparative flavor of Maxwell House coffee and other coffees have been
made by a great eastern university, when in fact the tests in question
actually were made by scientists in this university.
---V. 141, p. 920.
General Mills, Inc.
-New Officersfor Subsidiaries
All officers and directors of General Mills, Inc. were re-elected at the
annual meeting of stockholders at Wilmington, Del., Donald D. Davis,
President announced on Aug. 16.
Mr. Davis also announced the election of C. B. Lott as Vice-President of
Washburn Crosby Co., Inc. of Chicago and of Gt. S. Kennedy, Ralph S.
Herman and H. W.Pettibone as Vice-Presidents of the Washburn Crosby
Co..nc. of Buffalo, N. Y., both associate companies of General Mills. Inc.
Ross E. Anderson was elected on Aug:. 20 Vice-President and General
Manager of the Red Star Milling Co. of Wichita, Kansas. Mr. Anderson
will assume his new duties in Wichita on Sept. 1.-V. 141, P. 920.
-Chevrolet Sales
General Motors Corp.
Retail sales of Chevrolet cars and trucks in first 10 days of August totaled
26,359 units, a record for this period since 1929; and comparing with sales
of 17,791 in the like 10 days of 1934.-V. 141, p. 1096.
-Earnings
-Georgia & Florida RR.
PeriodGross earnings
-V.141, p. 1096.
-Second Week of Aug.- -Jan. 1 to Aug. 141934
19S
1935 .
1935
$684.608
$30,800
3677,047
$42,750
Glidden Co.
-Sales
-Period Ended July 31- 1935
-Month-1934
1935-9 Mos.-1934
Sales
$3,158.689 $2,414,242 $27.811,785 321,672,873
-V.141, p. 437.
----(Adolf) Gobel, Inc.-Sediv-Dvelevie-PlarrContingent upon the approval of holders of 32,250.000 6ai
otes and
of the court which has jurisdiction over this company's affairs Armour &
Co. will buy for-appeeitkeetAIY-$3,750,006-in-esalz the pac
lant and
branch houses of Jacob E. Decker & Sons of Mason City, Iowa,a subsidiary
of the Gobel company) (Stockholders of Gobel on Aug. 22 approved the
sale.)
The purchase will facilitate reorganization of Gobel and enable the
payment in cash of a substantial amount of the 634% notes outstanding.
The notes fell due last May 1, but were defaulted.
The cash consideration to be paid for the Decker business will depend
upon the amount and value of the firm's inventories as of the date the deal is
to go through early in October. Only the price to be paid for the plant
itself, included in the $3750,000 estimated prices, is fixed, the other assets
being subject to variation.
The Decker company is to pay off its $550,000 first mortgage bonds and
must call its $1,000,000 preferred stock ($981,850 outstanding). It must
also pay off all current liabilities.
There will remain for Gobel cash to a substantial amount, after these
obligations have been discharged. Probably some of it will be retained for
Financial Chronicle
1274
working capital, but it is probable that the 63% notes will be offered a
price somewhat around 90. Recently they have been selling around 88.
(New York "Sun")V. 141, p. 276.
Goodall Securities Corp.
-Earnings
Six Months Ended June 30Income from interest and dividends
General expenses, including custodians' fees
1935
$171,198
8,149
1934
$90,044
4,299
Net gain from operations
Net loss on sale of securities
Provision for Federal taxes
$163,048
798
13,932
$85.746
12,254
8,070
Net profit for the period
Dividends paid out of earnings
$148,318
156.719
4:
65
$ 614
319,267
def$8,401
Balance Sheet June 30
1934
1935
AssetsLiabilities1934
1935
Cash
$119,927 $138,395 Notes payable_ __ _$1,000,000 S1,000,000
Notes receivable._ 1,000,000 1,000,000 Prey. for Federal
8,270
13,932
Securities
3,555,343 3,310,990 taxes, &c
Corn. stk. (74,628
2,500.000 2,500,000
shs., no par)
921,251
Capital surplus_- 1,149,874
19,863
11,462
Earned
$4,675,269 $4,449,385
p. 3965.
Total
$4,675,269 $4,449,385
(B. F.) Goodrich Co.(Sc Subs.)-Consol. Balance Sheet
June 3035.
Assets
a Real estate and
plants
51,777,314
Inv. in & adv.to
other cos_ _ 3,296,565
Depos. In closed
banks
44,875,046
Inventory
Cash in hands of
sinking fund
trustee for 25
year 6yi% let
mtge.gold bds. 700,850
Trade notes and
accts. receiv_ _ 21,159,885
Other notes and
742,408
accts. recent__
Govt.securities_
19,832
Cash
6,173,205
Prepaid accts,,ko 1,608,374
Dec. 3134.
42,904,945
15,632,719
243,986
34,502,139
15,738,077
856,031
19,832
6,550,478
1,151,924
June 3035. Dec. 31'34.
Liabilities-b Common stock 39,316,910 39,316,910
Preferred stock_ 29,430,800 29,430,800
1.436,906
Bills pay. to bk. 7,250,401
25-yr let M.6545 17,798,500 17,891,500
15-yr. 6% cony.
gold debs____ 19,798,800 19,798,800
Prey. for Fed'I
457,000
643.160
Income tax_ _ _
Accts. payable_ 8,117,015 6,284,246
57,536
54,320
Mtges. payable.
Bond indebt. of
469,141
subsidiaries. __ 3,120,205
601,867
552,849
Min. int. In subs
Sundry accr.liab 1,347.135 1,178,593
600,000
600,000
Pension reserve_
Difference in val.
of corn. stock
504,785
504,785
In treasury._ _
Res. for unreal.
foreign exch'ge
552,630
492,227
profits
700,000
Res. for conting. 785,000
Res. for miscell.
441,780
433,839
items
107,534 def2,122,364
Surplus
130,353,478 117,600,131
Total
Total
130,353,478 117,600,131
a Real estate, buildings, machinery and sundry equipment, after deducting reserve of $46,662,081 for depreciation and obsolescence in 1935
and $37,565,111 in 1934. b 1.156.101 no par shares.
The earnings for the 6 months ended June 30 were published in V. 141,
p. 1096.
-Shipments
Graham-Paige Motors Corp.
eats of Graham Motor cars up to Aug. 12 exceeded the entire
1934 output of the company, according to figures released on Aug. 15 by
F. R. Valpey, General Salestnanager.
As cf Aug. 12, Mr. Valpey stated, a total of 15,845 units had been built
and shipped to dealers, as against 15,829 units for all of 1934. Mr. Valpey
-V. 141,
added that prospects were excellent for a very successful year.
p. 1097.
----Granite City Steel Co.-Arian:mg-New Stock to Be Offered
to Stockholders at $20 Per Share
The New York Stock Exchange has authorized the listing of (ai 127.496
additional shares of common stock (no par), on official notice o issuance
upon payment in full, making the total amount applied for 382.788 shares
-paid subscription receipts, on official notice of issuance upon
(b) part
subscription to the additional shares.
The stockholders at a special meeting held on July 17 voted to increase
the number of shares of common stock authorized to be issued from 255,292
shares to 400,000 shares (no par).
The directors at a meeting held on July 24 authorized the issuance of
127,496 shares of such stock. The shares will be oftered to the stockholders of record not later than Sept. 5 1935 for subscription at the rate
of one share for each two shares held at $20 per share, payanle in each
case at or before 3 o'clock p. m (New York City Time), on a date stated,
in four instalments as follows: $5 at time of subscription on or before
a fixed date which will be not less than 20 days nor more than 25 days after
the record date aforesaid: $5 on a fixed date approximately two months
after the expiration date of the subscription privilem: 35 on a fixed date
approximately four months after the expiration date of the subscription
privilege, and 85 on a fixed date approximately six months after the expiration date of the subscription privilege- except that against such last instalment credit will be allowed for interest at the rate of 5% per annum on
the three previous instalments if paid from the respective due dates of such
instalments. Payment of the second, third and fourth instalments prior
to their respective due dates will not be permitted.
This offer will be made by the issuance of divisible subscription certificates, transferable by endorsement where for full shares and by delivery
where for one-half of a share. Such subscription certificates, for the
numbers of full shares and additional fractions of a share to which the
stockholders respectively shall be entitled will be mailed to the stockholders as soon as possible after the record date for the dtermination of the
stockholders entitled to receive such certificates. The stockholders will
be advised of such record date.
The not proceeds to the company, after fees and expenses, are estimated at approximately $2,396,000, less the total amount of interest to
be credited against the final instalment of the subscription price.
The company expects to install a hot strip mill and a cold reducing mill,
together with incidental miscellaneous equipment. The purpose of the
Issue is to provide in part the funds required to effect such installation.
The remainder of the funds required,estimated at approximately $2,000,000,
are to be supplied from the treasury of the company. Such equipment will
replace certain present facilities and will not materially increase the tonnage
capacity of the company's plant.
-V 141, p. 921.
The stock offering has been underwritten.
-Court Approves Settlement
Grant Building, Inc.
The representatives of the 1st mtge. leasehold 7% sinldng fund gold
bonds (Frank E. Gernon, Chairman) in a letter dated Aug. 16 sent to
the holders of certificates of deposit of the above bonds states that the
court has approved the proposed settlement with National Surety Co. and
National Surety Corp. and 86.95% in principal amount of the bonds issued
and outstanding are now deposited for the purposes of the plan, i.e., the
mortgage agree nent (including the settlement).
The representatives are informed that $1,388,000. or more than 99%,
of the $1,400.000 of 2d mtge. leasehold bonds issued and outstanding have
now been deposited for subordination to the let mtge. leasehold bonds in
accordance with the plan (including the settlement).
In the judgment of the representatives sufficient 1st mtge. bonds have
been deposited, and sufficient 2d mtge. bonds have been subordinated to
the plan, to justify the execution and delivery of the mortgage agreement.
Accordingly, the mortgage agreement has been executed and delivered and
the deposited bonds and coupons have been stamped with appropriate
legends subjecting them to the terms of the mortgage agreement. Holders
of certificates of deposit are now entitled to the re-delivery of the deposited
bonds and coupons (stamped as a foresaid) in respect of which such certificates were issued and are, therefore, requested to complete the letter
of transmittal, and to send it, together with their certificates of deposit,
to the depositary, Commercial National Dank SE Trust Co. of New York.
56 Wall St.
The time within which bonds and coupons may be deposited for the purposes of the plan has been extended for an additional period of 90 days .rom
July 23 1935.-V. 141, p. 598.
-Great West Saddlery Co., Ltd.
-Earnings
1934
1935
$10,661 prof.32.465
$0.3),
Nil
C p(
6 Months Ended June 30Net loss after deprec., int.,& other charges
Earnings per share on 1st preference shares
-v. 139,
2046.
p.
Mountain Power Corp.
-Accumulated Dividend-1r
Balance
Total
-V. 139
Aug. 24 1935
The directors have declared a dividend of $1.50 per share on account!
of accumulations on the $6 cumulative preferred stock, no par value.
payable Sept. 3 to holders of record Aug. 15. A like payment was made
on June 1 last and compares with $2.25 per share paid on March 1 last.
and 75 cents paid each quarter from June 1 1933 to and including Dec. 1
1934. Prior to June 1 1934 regular quarterly dividends of $1.50 Per
share were paid.
Accumulations after the payment of the Sept. 3 dividend will amount
-V. 140, 13• 3718.
to $4.50 per share.
Guardian Investment Trust
-Earnings
1934
1933
383,638
23,146
Years Ended May 31x 1935
Income from divs. on stocks, int. on
bonds, &c., management fees and
$78,341
miscellaneous incon e
Administrative expenses
19,736
Extraordinary expenses paid incident
to litigation in progress against the
trust
$90,075
24,341
1,088
364.646
Net income for year
$58,605
360,491
x Exclusive of loss resulting from sales of securities, &c., during period.
Balance Sheet May 31
1934 I Liabilities-1934
Assets
1935
$21,928 Accrued salary_ __
Cash
863,815
21 Accr. Federal capi22
Revenue stamps_ _
tal stock tax_ _ _
850
.
Due from dealers,
559
Due to dealers,
pending delivery
pending receipts
89,728
of secure. sold_ _
of secs. purch._
11,171
x Secs, comprising
the portfolio... 1,446,230 1,545,320 Prov. for red. of
corn, scrip outst.
674
y Invest. in Mill.
674
34.879 z Cony. pref. stock 1,469,772
31,247
771,990
trusts
4,523 it Non-eonv.pt.stk.
1,564
1,227,550
Accr'd int. recely.
3.778 13 Common stock__ 2,923,290 2,923,290
2,390
Accr. diva. receiv_
UndIs. Inc. accum.
Due ft. attn. trusts
1,238 since Feb. 18 '31
37,321
1,144
& other sources_
46,807
Deficit
Pref. benef. owner2,894,856 3,269,133
ship ctfs. repur.
and held for re2,464
issue
Total
$1,546,412 $1,703,880
Total
$1,546.412 31,703,880
x After amount necessary to reduce costs to market value of 3560,548
in 1935 (31,255,550 in 1934). y After amount necessary to reduce cost to
liquidating values of $166,837 in 1935 (3163.206 in 1934). z Represented
by 59,752 shares in 1935 (32,262 in 1934). a Represented by 49,102 shares
In 1934 (53,193 In 1933). b Represented by 270,411 shares in 1934(270,408
In 1934).-V. 139. p. 1869.
Haverhill Gas Light Co.
-Earnings
Period End. July 31Operating revenues
Operation
Maintenance
Taxes
-Month--1934
1935
$44.810
347.447
26.588
27.334
1,955
1,383
7,917
7,317
1935-12 Mos.-1934
$585,932
$571.334
352.293
364,249
19.948
23.062
79,029
86,495
Net oper. revenues-Non-oper. income-net_
$8,350
$11,412
2
397.526
74
$134,661
426
Balance
Retirement res. accruals
Interest charges
$8.350
2.916
172
$11,415
2,916
175
397.601
35.000
2.993
$135,087
39.166
3.478
Net income
-V. 141, p. 599.
35,260
$8,322
$59,607
$92,442
Hawaiian Commercial & Sugar Co., Ltd.
-Earnings
Income Account for the Year Ended Dec. 31 1934
Receipts
$4,221,167
Cost of production
3.264.483
Operating income
Other income
3956.684
490,628
Total income
Loss on property and equipment retired
Miscellaneous taxes
Federal income tax refund
Philippine tax refund
Over-reserved for taxes
Territorial excise tax accrued
Territorial Income tax accrued
Reserve for Federal capital stock tax
Reserve for Federal income tax
$1.447.312
1,029
2.245
Cr5.142
Cr609
Crl.192
90,906
52,964
18.000
154.000
Net profit
Dividends
$1.135,111
• 1.500.000
Balance, deficit
$364,889
Balance Sheet Dec. 31 1934
Assets
Liabilities-$11,767,806 Capital stock
Property accounts
$10,000,000
3,018,013 Dec. 1934 payroll
Cash
87.156
Personal and trade accounts.
East Maui Irrigation Co.,
.
17 977
455,051 Territorial excise tax accrued
90,906
Ltd
200,068 Territorial Income tax accrued
52,964
Personal and trade accounts_
8,774 Res. for capital stock tax__
Sugar suspense
18,000
Res. for Federal income tax
154,000
300,000
Dividends declared
Surplus
4,728,709
Total
-V. 141, p. 599.
$15,449,712
Total
$15,449,712
Hawaiian Pineapple Co., Ltd.
--Earnings
Years Ended May 31Gross profit from sale of finished products
Miscellaneous operating revenues
1934
1935
$1.786,318 $1,257,575
93.166
141,971
Total profit
Miscellaneous operating losses
31,928.289 81,350,741
18.541
Operating profit
Financial income
$1,909,747 81,350,741
66,553
92,118
Total
Interest paid and accrued
Other financial charges
Income and excise taxes (estimated)
32.001.866 81.417,295
250,730
173.582
141,722
216.344
348.373
Net profit for period
Preferred dividends
31.338.187
208.500
3950,220
$1,129,687
$950,220
Surplus
Financial Chronicle
Volume 141
1275
Comparative Balance Sheet May 31
1935
1934
$
Assets-
Balance Sheet Jan. 31
$
1935
Cash on hand and
Accounts payable_
I balances in bks_ 1,534,457 1,873,711 Accrued liabilities..
x Acc'ts and other
Accrued income &
1 receivables
1,066,560
excise taxes___
809.939
Inventories
1,594.081 1,840,250 5-yr.5% gold notes
Growing crops(curReserves
rent crop)
1,200,000 1,000,000 6% cum. pref. stk.
Deferred assets.... 1,305.708 1,317,234 Common stock...
Investments
53,232
224,297 Cap stock surplus
y Plant& property 8,974,998 9,072,485 Surplus
Good will, patent
rights, trade
marks & contr.
1
1
Total
15,729.038 16,137,919
Total
1934
834,876
216,127
497,768
245,559
230,226
470.881
1,000,000 5,000,000
3,688,527 3,878,376
1,500.000
5,455,430 2,500,040
551,086
3,512,108 2,285,947
Total
15,729,038 16,137,919
x After reserve for doubltful accounts of $50.000 in 1935 and $30,122 in
1934. y After reserve for depreciation of $5,622,529 in 1935 and $5.189,016 in 1934.-V. 140. p. 1832.
•
A.) Hanna Co.-J.404m,(The New York Stock Exchange has authorized the listing of ty
137.620
shares (authorized 200,000 shares) of $5 cum. pref. stock (no par) upon
official notice of issuance thereof in exchange for presently outs anding
shares of $7 cu:nulative preferred stock no par), or upon sale thereof to
certain underwriters. See also V. 141. p.921. 1098.
Hill Manufacturing Co.
-Bonds Extended
At a special meeting of the stockholders held on July 29 it was voted to
extend the company's outstanding $515,500 bonds that matured May 1
for a pericd of 10 years, to May 1 1945, but with interest at 6% instead of
6H%. A sufficient number of bonds have since been deposited with the
Merchants' National Bank of Boston as trustee to Make the plan effective
-V. 141. p. 1099.
Holland Land Co. Earnings
-Calendar Years
1934
1933
Lease rentals
$25,822
$29,830
Farming oper. (net)-Profit on land sales(net)
76,352
Int. on land sales contr's
24,931
36,854
Interest on warrants...
Miscellaneous income_ _ _
458
148
Total
$127.563
$66.833
Admn. oper., &c., exp..
41,097
39,295
Depreciation
2.444
2,118
Other expenses
17,814
Loss on head, orch., incl.
expense of re:noval_
Int..loss on equip.sales,
&c.(net)
Cr2,557
Cr1.388
Net profit before Fed'I
income tax
468.765
$26,898
x Before Federal income taxes of $9,305.
AssetsPlant, equip., &a_
Inv. in & adv. to
other cos
Land sales contract
Inventory of crops
Cash & U.S.Treas.
certificates
Conditional sales
contract rec'le._
Accts. receivable__
Total
1934
$219,216
7,393
256,602
3,465
130,767
1,373
1.141
$619.957
-V. 141, p. 114.
1932
$558
1.042
1931
$4.223
19.166
28,054
52,061
635
822
$41.337
25.276
1.420
$104.983
47,559
5,457
loss15.768
55,505
58,354
$14,641
Balance Sheet Dec. 31
1933
Liabilities-
1934
$242,317 Capital stock
$150,000
3,008
Accounts payable_
7,393 Federal income tax
9,305
559
596,957 Fed, cap. stk. tax.
13,140 Derd liability for
779
title insurance__
82,108 Deferred profit on
66,948
land sales
3,357 Earned surplus
15.774
1,219 Special surplus... 373.585
$946,492
Total
$619.957
loss$6,407
1933
$150,000
1,329
7,287
717
991)
156,271
8,813
621,085
$946.492
Holly Sugar Corp.
(& Subs.)
-Earnings
-Earnings for Year Ended March 31 1935
Profit from sugar sales and other income, less administration
expenses, interest (except on bonds), deprec.($501.067). &c-- $2,135,383
Int. on bonds & amort. of bond discount and expenses
506,052
Discount on bonds purchased
Cr247.493
Reserve for inventory contingencies
350.000
Reserve to adjust farm properties of sub,to realizable values_
60,000
Provision for Federal income taxes
400,100
Net income for the year
$1.066,723
Surplus, April 1 1934
1,718,607
Total surplus_ - _
_______________________________ $2,785,330
Dividends on preferred stock
267.467
Surplus, March 31 1935
$2,517,884
Condensed Consolidated Balance Sheet March 31 1935
.
$3,051,158 $2.986,942
Total
$3,051,158 $2,986,942
x Including company's own bonds at cost.
-V.139, p. 1711.
Hbnomu Sugar Co.
-Earnings
Calendar Years1934
1932
1933
1931
Operating income
*574.395
$726,879
$578,564
$687,845
Oper.Sc marketing exp..
626,801
669,330
688,944
709,786
Operating loss
852,405 prof$57,549
$110.380
$21,940
Other income
56,486
48,204
44,455
42,164
Total income
84.081
8105,753 loss$65,925
$20.224
Taxes
4.599
17,688
3,861
Other income charges
13.037
5,810
2,627
1,408
Net income
1058813,556
$82,255 loss$68,552
$14,953
Dividends paid
(6%)75,000 (6%)75,000 (2%)25,000
Balance, surplus
def$88,556
$7,255 def$93,552
$14.953
Comparative Balance Sheet Dec. 31 Assets1934
1933
Liabilities1934
1933
.Properties (net).. $796,823
Crops
220,373
Advs. to pimaus
-38,054
Inventories
52,107
Miscell. accts., &c.
9,869
Stocks
174,200
C. Brewer & Co.,
Ltd.,agents.... 177,321
Cash
138,729
Store account _ _
26,309
Deferred Items_
786
$831,536
212,344
49,068
34,010
9,426
174,200
267,010
143,192
30,172
1,781
Total
$1,634,572 $1,752,741
-V.139, p. 1711.
Unsettled labor secount
$7,072
$10,128
Payroll
10.753
12,153
Personal and trade
accounts
9,131
17,607
Unpaid checks__ _ _
571
480
Capital stock
1,250,000 1,250,000
Res. for Fed. taxes
13,282
Res.for cap.stk.tax
2,161
2,206
Res. for Territorial
excise tax
8,305
11,569
Surplus account
346,669
435,224
Total
31,634,572 81,752,741
Houston Electric Co.
-Earnings
Period End. July 31
-Month-1934
- 1935
1935-12 Mos.-1934
Operating revenues
5172.196
8170.528 82.124.736 $2,133,183
Operation
87,866
87,350 1.077.823 1,048,805
Maintenance
25,500
25.913
305,150
297,189
Taxes
13.492
17,825
216,541
220,556
Int. & amort.(public)..
18.261
21.278
251,604
285,143
Net income (a)
$27,075
818,160
8273,815
8301,687
a Interest on secured 8% income bonds (matured) is deducted from surplus when paid. Interest unpaid to June 1 1935 in amount of $26.000.
plus $4,000 interest subsequent thereto and interest on unpaid interest from
June 1 1935. is not included in this statement.
-V.141, p. 600.
Houston Oil Co. of Texas
-Earnings
-(Including Houston Pipe Line Co.)
Period End, June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
Gross earnings
$1,609,805 $1,489,126 $3,211,250 $3,059.660
Operations & gen. expenses & taxes
879,382
760,200
1,724,732 1.561,161
Income from oper____ $730,423
$728,926 $1,486,518 81.498,499
Other income credits__
27,876
77,181
60,853
117.147
Total income
8806,106 51,547.371 $1,615.646
$758,300
Aband.leases & retirem't
int.,amort.& Fed.tax
279,377
214,871
540,260
447,297
Deprec. & depletion
296,220
402,023
x591,361
803,529
Net profit
$182,703
$189,213
$415.750
$364,819
Earns, per ski, on 1,098,
618 shs,common stock
$0.04
$0.05
$0.13
$0.09
x Adjusted as of Jan. 1 1935 from 6% to 3%.-V. 141, p. 921.
Hudson & Manhattan RR.
-Earnings
Period End. July 31- 1935
1935-7 Mos.-1934
-Month-1934
Gross oper. revenue.... $584.189
$595,343 $4,511,043 $4,632,631
Oper. exps. and taxes...
389,090
377,018 2.745.428 2,719,740
Operating IncomeNon-oper. income
Gross income
$195,098
23,821
$218,325 $1.765,615 $1,912,891
25,166
166.253
177,969
$218,920
$243.491 81.931.869 *2,090.861
Inc. chgs.. Incl. int. on
Liabilitiesadj.income bds. at 5%
31,061,938 Bankers acceptances & seed
314,867
315,083 2.204,858 2,203,088
notes, incl. $120,000 to
Deficit
1,015,995
affiliated company
$95,947
$71,592 -5272.989
$4,500,000
$112.226
-V. 141. p. 754.
8.772,852 Accounts payable trade._ _ _
193,368
262,892 Salaries and wages payable
31,905 _........14yrade
Food Pro
-Bonds Listed-#-4.cts Corp.
1
income, AAA,
Accr'd Fed'I
The Chicago Stock Exchan1)
6
has approved the application of the cor131,454
capBal stock and general
porati
to list an additional
10,700
55,000 1st & ref. mtge. cony. 6% gold
taxes
2,108,577
bonds, series A.
-V. 140, p. 2538.
660 Accr'd addyl beet payments,
190,740
based on quantity of sugar
Indiana Southwestern Gas & Utilities Corp.
-To
6,555,510
sold and net received thereonto Mar. 31 1935
186,800
Reorganize
1,239,803 Other current liabilities
45,099
The U. S. District Court, Wilmington, Del., has fixed Sept. 12 as the
496,119 First mortgage 6% sinking
time limit for proving claims in the matter of this petitioner for permission
32,888
fund bonds, series A
4,400,000
to reorganize under Section 77-B of the Bankruptcy Act.
Reserves for fire risks on unJudge John P. Nields appointed James M.Malloy of Wilmington special
insured prop. & for workmaster, before whom claims are to be proved.
men's comp. liabilities__ _
357.813
The corporation filed its petition in the District Court on June 29.
excess of par val. over
Res.for
On the same day Judge Nields made an order continuing the debtor in
154 100
cost of reacquired pr. stk..- 2,500:012
possession of the property.
7% preferred stock
These subsidiary operations are listed: Newton Pipe Line Co.; Indiana
c Equity of common stockSouthwestern Gas Corp.; Pike Gas Co.; Gas Transport, Inc.; Pine Street
holders
5,293,881
Corp.; Grayburg Oil Co.; Kilnoc Blue Refining Corp.
-V. 138. P. 4128.
$19,771,536 Total
119,771,556
Assets
Cash
Acc'ts receivable-trade (less
reserve $48,438)
a Inventories
Accts. & notes receivable__ _ _
Agricultural expenditures applicable to 1935
Other current assets
Cash on deposit with trustees
Investment in securities
b Bldgs., mach'y & equiPm't_
Factory sites, farm properties
and lime quarries
Deferred charges
Other assets (less res. 88,812)
Total
a After reserves of $350.000. 13
reserve for depreciation and
obsolescence of $8,496,794. c Being After
investment and earned surplus applicable to 100,000 shares of no par value, authorized and issued, subject to
deferred cumulative dividends of $21 per share on preferred stock; paid in
1 alue, $2.776.017; earned surplus, $2.517.864.-V. 140, p.
,
4401.
Holt, Renfrew & Co., Ltd.
-Earnings
Years End. Jan. 31
1935
1934
1933
1932
Loss for year
8141,622
$11,122
$90.439
$89,082
Interest
45.825
42,490
43,338
36,252
Depreciation
22,290
3.396
1,847
10,203
Bond disc, written off
3.000
3,000
3,000
3,000
Prov, for contingencies_
3.277
Total loss
$63.345
$138,624
8209,402
$141.815
Preferred dividend
70.000
70,000
Deficit
$63,345
8138,624
$211,815
$279,402
Previous surplus
252,410
391,034
670,436
882,252
Balance, surplus
$189,065
$252,410
$391,034
$670.438
ASSCI91934
1935
Liabilities-1934
1935
Property, &c
$1,282,918 $1,269,387 Preferred stock___$1,000,000 $1,000,000
Good-will
772,453
772,454Common stock__ 1,000,000 1,000,000
Inventories
462,194 Bonds
558,316
421,500
395,500
Accts. receivable._
228,585 Balance of perch.
260,268
Other receivables_
25,120
29,317
consideration... 202,500
202,500
Cash
79,003 Bank loan
26,018
155,000
Cash deposit
57,906
57,978 Accrued interest
13,292
14,072
x Investments _ _ _ _
42,463
62,480 }repaid storage...
10,763
11,316
Deferred charges._
25,543 Tax reserves
25.695
15,037
15,143
Deprec'n reserves_
70,000
70,000
Surplus
189,066
252,410
Industrial & Power Securities Co.
-New
See Wellington Fund, Inc.
-V. 140. P. 3045.
Name
-
Inland Steel Co.
-To Vote on Merger
The stockholders will vote Sept. 20 on approving the merger of this company and Joseph T. Ryerson & Son, Inc.
-NT. 141, p. 922.
Intercontinental Rubber Co. (& Subs.)
-Earnings
6 Months Ended June 301935
1934
Profit from operations
$35,785
$65,657
General and sales expenses and miscellaneous taxes
27,619
25,920
Shut down expenses (Mexican plants and Cali
fornia properties In 1935)
28,422
16,471
Loss
520.256 prof$23,264
Interest earned and other sundry income
2.743
Net deficit before depreciation
$20,256 prof$28.008
Depreciation
40,599
65.899
Deficit, Jan. 1 to June 30
$60,856
$39,891
•
Comparative Consolidated Balance Sheet
June 3035. Dec. 31'34.
June 30'35. Dec. 31'34. LiabilitiesAssets$14,384
5178,956 $226,437 Drafts payable... $10,745
Cash
26,224
10,182
Accounts payable_
trade
Accounts and
4,333
6,252
75,906 Sundry reserves__
51,564
accept. receiv
Minority interest in
Shrub and rubber
7,200
7,200
subs. company_
84,823
72,993
on hand, &c
67,856
71,016 y Capital stock... 2,980,020 5,960,040
Materials & Kipp!.
Deficit at Dec. 31
x Land &
1,793,110
plantations, &c.. 3,622.746 3.646,089 1934
Capital surplus_ __ 1,186,049
Patents, trade
1
1 Earned deficit since
&c
names,
60,856
Jan. 1 1935.Adv., claims and
26,737
27,479
deposits
Prepaid and def.
86,359
117,135
charges
1,720
860
Treasury stock...
54,139,593 $4,219,071
Total
$4,139,593 $4,219,071
Total
x After reserves for depreciation and amortization of 51.436,853 on
June 30 1935 and 51.396,427 on Dec. 31 1934. y Stated value as of June 30
1935 $5 Dec. 31 1934 $10.-V. 140, p. 2009.
-Production
International Petroleum Co., Ltd.
The company's production in South America for July amounted to
2,915,359 barrels as compared with 2,758,741 barrels in June. For the
first seven months of this year production totaled 24,795,415 barrels.
V. 140, p. 3391.
-Dividend-4--Investors Fund of America, Inc.
T.G.B.Cortelyou,Assistant Secretary,states that for the quarter ending
Aug. 31 1935 company will show earnings better than 3.04 a share. The
board of directors on Aug. 20 declared a dividend out of such earnings
amounting to $.02 a share and the balance of approximately 3.02 a share
will be transferred to earned surplus account. This dividend will be
payable Sept. 15 to shareholders of record as of the close of business on
Aug. 31-V. 140. p.478.
Jamestown Westfield 8c Northwestern RR.--Abandonment-
The Interstate Commerce Conunission on Aug. 10 issued a certificate
permitting the company to abandon, as to interstate and foreign commerce,
its entire line of railroad, extending northward from Jamestown to Westfield, 32.5 miles, in Chautauqua County, N. Y.
The Commission approved the abandonment,"provided, however, and
this certificate is issued upon the express condition, that the company sell
terminals in
all its railroad properties or at least its main line and used60 days from
Jamestown. N. Y., to any person or persons offering, within
a price equal
the date hereof, to buy the same for continued operation at for authority
to their fair net salvage value.' The Erie RR. has applied
-V.139. p. 3157.
to acquire certain parts of the road.
--Earnings
Jenkins Bros., Inc.
6 Months Ended June 30-other charges
Net income after depreciation and
but before Federal income tax
Shares common stock outstanding
Earnings per share
-V. 140. p. 3720.
1935
$86,272
125.824
$0.51
1934
$110.259
125,744
$0.71
--Earnings
-Jewel Tea Co., Inc.
28 Weeks Ended- July 13 '35 July 14 '34 July 15 '33 July 16 '32
$8,996,026 $7.395,039 $6,083.198
$10,010,241
Net sales
Cost of sales, ex, de8,796,928 8,058.187 7,016,985 5,460,560
predation, &c
5622.638
$378,054
1937,839
$1,213,313
Operating profit
84,220
84,232
173,795
98,900
Other income
$706,858
5462.286
51,111.634
$1,312,213
Total income
147,580
156,649
343,992
330,217
Reserved for taxes
65,000
377,307
Other reserves
$559.278
5305,638
1702.642
$604,687
Net profit
1.431.487 2,404,357
1,860,613 1.540,636
Previous surplus
52.46.5,301 52,243,278 51,737,124 $2,963,635
Total surplus
533.151
399,011
404,075
405,582
Common dividends
Adjust. ads,from sale of
corn.stk, to employees Cr17,335
Represent funds used to
acquire certain assets
and to provide working capital for Jewel
1,000.000
Food Stores, Inc
Profit & loss surplus__ $2,077,054 $1,839.203 81,338,113 $1,430,484
Earns, per sh.on 280.000
$2.00
$1.09
$2.51
$2.16
(no par) shares
Comparative Balance Sheet
July13'35 July14'34
Liabilities-July13'35 July14'34
Assetsstock_54,935,462 54,935,462
z Capital assets___$2,000,634 $1,971,886 y Commoncredit &
1 Letters of
Good-will
42,423
57,163
1,895,686 2,343,535 acceptances_ -- Inventories
136,500
183,780 Accounts payable_ 167,864
a Accts. receivable 201,328
Other accts, and
2,197.677 1,646,633
Investments
447,848
213,494 wages payable__ 271,178
331,400
Trust funds_ _ _
202,874
33,522 Divs. payable
39,563
Life laser. policies
stamps out778,565 Trad'g
1,216,085
Cash
46,743
55,114
standing
Corn. stk, held for
343,843
346,321
282,363 Federal taxes
240,398
employees
225,000
Res, for conting_ 285,000
Miscell. invest. &
Res. for auto acci33,209
deposits
19,925 dents and fire
11,784
Loans to empl'ees_
168,988
167,892
925,598 losses
Deferred charges- 943,409
Res,for alter., improve. & devel'p 213,851
213,494
331,401
Surety deposits
2,077,054 1,839,203
Surplus
$9,111,176 58.399,304
$9,111,176 $8,399,304 Total
Total
x After depreciation of $1,120,401 in 1935 and $1,017.726 in 1934.
by 280,000 shares no par value. z After deducting reserve for
y Represented
-V.141. P. 755.
doubtful accounts.
-Earnings
Kansas City Power & Light Co.
1935-12 Mos.-1934
-Month-1934
Period End. July 31- 1935
Gross earnings- - - --- $1,258,051 $1,182.632 $15,268,124 $14,517,366
566,959 7,213,887 6.574,258
634,436
Operating expenses
147,328 1,742,192 1,765,360
134,705
Interest charges
131,609
127,880
10,967
9,102
Amortiz.of disc.& prem.
2,213,636 2,200,075
183,781
185,514
Depreciation
590,302
551.687
50,457
45,200
Fed. & State inc. tax_....
Balance
-V.141, P. 1100.
$249,091
$223.138 $3,418,840 $3,255,760
-EarningsKansas Electric Power Co.
1935-6 Mos.-1934
".Period End. June 30- 1935-3 Mos.-1934
$502.382 $1,074,571 $1,035,424
Total gross earnings- • $525,216
712.439
742.822
346.197
363.799
Oper. expenses and taxes
$322,984
$331,748
$157,184
Netearns,from oper'n $161,417
8,588
3.874
5,729
640
Other income (net)
$331.573
5335,623
$162,914
earnings before int 1162.057
Net
186.848
187,439
93.696
93,519
Int.& amortiz.deduct'ns
Net income
Preferred stock diva
$68,538
44,682
$69.217
44,713
Balance
-V.140, p. 2866.
$23.856
$24,503
Aug. 24 1935
Financial Chronicle
1276
5148.774
89,364
$59,410
$144.133
89,429
354,704
Kansas City Southern Ry.-Earnings1935-7 Mos.-1934
Period End. July 31- 1935- Month---1934
$801.897 $5,443,100 55,631.957
Railway oper. revenues- $811,706
605.479 4,174.185 4,129.503
586,698
Railway oper. expenses437.806
454,000
59,917
66,000
Railway tax accruals...
1,314
2,380
413
814
Uncoil. ry. revenues_..._
239.057
207,496
32,408
28,565
-net Dr__
Equip. rents
46,661
46,760
4,162
7.684
-net Dr
Joint facil. rents
$777,613
$558,277
$95,992
$125,464
Net ry. oper.income..
-V. 141. p. 923.
--Earnings
Kansas Gas & Electric Co.
-Subsidiary rAmerican Power & Light Co.
Period End. July 31Operating revenues
Operating expenses
Net rev. from oper.-Other income
1935-12 Mos.-I934
-Month-1934
1935
$434,538
$422,426 35,311,816 $4,965,595
227,641
214,060 2,664,248 2,533.213
$208,368 $2,647,568 $2,432,382
$206,897
18,666
15,777
613
1,649
3210,017 $2,663,345 52,451,048
986,120
988,262
82,343
)4125,117 y$127,674 $1.675,083 $1,464,912
Balance
600,000
600,000
Property retirement reserve appropriations
z Divs. applic. to pref. stocks for period, bother
520,784
520,784
paid or npaid
Gross corp.income......
Int.& other deducts--
$207,510
82,393
$344 144
Balance
Y Before property retirement reserve appropriat$I5o5ns4,2a9n9d dividends.
eRegular diva. on 7% and $6 jref. stock were paid on July 11935. After
the payment of these dividends there were no accumulated unpaid dividends
-V. 141. p.755.
nt that date.
193gs(Julius) Kayser & Co.-Earnings
3932
1935
Years End.June 30-.590,113
$12,389,845 111,598,858 310,455,895 $1339 2
Net sales
Cost of sales, selling and
administrat'n expense 11,844,716 11,351,451 10,056,734 13,430.997
Incomefrom operation
Other income
$545,129
188,456
$247,407
252,937
$399,160
178,683
$159,117
193,420
Total income
Interest
Taxes
Depreciation
Foreign exchange lossesAdjust, to reduce inventory to market valueMime.deductions
5733.585
5,478
6,954
310,397
5500.344
4,602
9,267
300,052
$577,844
6.528
10.670
400,711
38,222
$352,537
4,806
15,469
585,227
176,795
Net Income
Empl. pref. stock
Divs, on corn. stock.
$408,085
33,760
201,010
899,770
2,670
$186,423
32.209
100,505
$121.712 z$1,329,529
36,746
31,651
348.840
843173,315 sur$53,709 sur390.061 31,715,115
Balance,deficit
401.900
Shs. corn, outst.(pax $5)
412,120 y$422,420
402,020
NU
$0.93
$0.22
$0.38
Earns,per share on com_
y No par shares. z Loss.
Consolidated Surplus Accounts Year Ended June 30
1935
1933
Earned Surplus-1934
$4.371,132 $4,190,671 $4.100,610
Balance at beginning of year
121,711
186,423
408,085
Net income, per income account
Adj. of invest. in Australian affil. co.
to its equity value at June 30 1933126.751
54.779.217 $4.503,845 $4,222,322
Total
201,010
Common dividends
100.505
31,651
33,760
32,209
Employees' preferred dividends
$4,544,447 $4,371,131 $4,190,671
Balance earned surplus
Capital Surplus
Balance at beginning of year
2.625.215 2,712,889
Surplus arising from change of no par
value common stock to shares of $5
10,965,349
par value
Less: Patents, trade-marks and goodwill written down to $1
5,643,999
Plant account reduced to managemts
estimate of present day values (as
at Jan. 1 1933)
2.608,460
Excess of cost of shares of common
stock acquired over par value
1.668
87,675
2
. Balance at end of year,to bal.sheet 4 ,633,546 $2,625,214 $2,712,889
Consolidated Balance Sheet June 30
1934
1935
1934
AssitsLiabilities
1935
a Land,bldgs., maEmployees' pref._ $483,306 $436,544
chinery & equip.$1,933,707 $2,067,071 Common stock-- 2,009,500 2,010,100
20,000 Bonds and mtges.
20,000
Time deposits....
of affiliated cm.
13,400
Pats., trade-mks.
10,400
1
1 Accountspayable_
51,005
and good-will__
60,921
614,688 Sundry credits and
675,287
Investments
215,251
2,346,644 2,665,309 liabilities accr'd- 206,410
Cash
25,000
Taxes. prior years_
Notes & accts. rec.
10,000
(less reserve)._ 1,054,949 1.103,662 Earned surplus_ 4.544,447 4,371,132
Dep. with mutual
Capitalsurplus__ 2.623,546 2,625.215
63,297
57,812
insurance cos
Demand loan to
Australian WU.
102,781
101,352
company
96,177
69,423
Sundry debtors...
3,583,833 2,942,813
Inventories
73,276
124,093
Deferred charges
59,948,532 59,747,646 Total
Total
59,948,532 59,747,646
a After depreciation of $5,902,267 in 1935 and $5,701,317 in 1934.V. 141. 11- 923s
-10
-Cent
Petroleum Co.
The directors have declared a dividend of 10 cents per share on the common stock, no par value, payable Sept. 15 to holders of record Aug. 31.
A similar dividend was paid on March 10. last, March 1 1934 and April 15
1933, this latter being the first payment made since Sept. 10 1925 when a
-V. 140, p. 1489.
quarterly dividend of 25 cents per share was paid.
-Sales
Kroger Grocery & Baking Co.
Four Weeks Ended.
.
Feb 23
Mar.23
Apr. 20
May 18
June 15
July 13
Aug. 10.
Total 32 weeks
Stores in operation
-V.141, p. 923.
1935
$17,202,964
17,537.536
17,995,839
18,481,940
18,690,642
17,839,080
17,014,381
16,444.889
1934
515,401,157
16,692.181
17.389,973
17,354.758
17,135.060
17,483,570
16,792,328
16,083,491
1933
514,628,143
14.844.670
15.231.342
15,314,935
15,952,289
16,026,489
17.000,963
16,167,308
$141,188,737$134.332.520$125,166,138
4,603
4,276
4,349
-Extra Distribution
--Le
-Lc
Lake Shore Mines, Ltd.
The directors have declared an extra dividend of 50 cents per share in
addition to the usual quarterly dividend of like amount on the capital
stock, par $1, both payable Sept. 16 to holders of record Sept. 2. A
similar extra distribution was made on this issue in each of the five preceding quarters and on Dec. 15 and June 15 1933 and Dec. 15 and June 15
1932.-V. 141. p. 923.
Financial Chronicle
Volume 141
Lefcourt Empire Building, New York-Offer
The Real Estate Bondholders Protective Committee (George E.Roosevelt, chairman) in a letter dated Aug. 17 sent to depositors of 1st mtge.
fee 5 It% serial gold bonds dated June 15 1926 stated:
In reply to the committee's communication dated July 8 1935 (V. 141.
p. 923). 178 holders of $250,300 of bonds deposited with this committee
have indicated that they favor the acceptance of the offer for the pu.chase
of the bonds deposited with the committee for the purchase price of $55
in cash for each $100 in principal amount thereof, 88 holders of $124,100
of bonds have indicated their preference for a reorganization of the mortgaged property, while 125 holders of $133,500 of bonds have expressed no
opinion. There were on deposit with the committee at the close of business
on Aug. 13 1935. $507,900 of bonds. The total principal amount of bonds
outstanding is $750,000.
Subject to the approval of Hon. Charles E. Hughes Jr., arbiter, as
provided in the deposit agreement, as amended, the committee has entered
Into an agreement, dated July 3 1935. for the sale of the deposited bonds of
this issue for the price of $55 in cash for each $100 in principal amount
thereof.
If the agreement is approved by the arbiter and is consummated, it is
estimWted that the committee will be in a position, shortly after the date of
closing of the contract, to distribute to depositors approximately $50.50
In cash for each $100 in principal amount of bonds deposited by them.
V. 141, p. 923.
____Lehigh Portland Cement Co.
-Preferred Dividend
The directors have declared a dividend of 87I4 cents per share on the
7% cum. pref. stock, par $100, payable Oct. 1 to holders of record Sept. 14.
Similar distributions have been made each quarter since and incl. Jan. 3
1933, prior to which regular quarterly payments of $1.75 per share were
made.
-V. 141. p. 441.
Lexington Water Power Co.
-Earnings
12 Mos.End. June 30Operating revenue
Operating expenses
Maintenance
Prov.for retire.,renewals,& replace,offixed cap
Provision for taxes
1934
1935
$1,806,281 $1,975.283
626,392
211,258
10,425
20,321
262.330
262.330
300,648
292.938
Operating income
Other income
$1,011,723
$783.196
7
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount & expenses
Balance ofincome
-V. 140, p. 3720.
$1,011,723
835,189
16,424
40.988
$783,203
853,445
10,820
42,021
$119,121 -$123.084
ty,McNeill & Libby-Listing of lock-s=* 1
-
New York Stock Exchange boo.authorized the listing of 2.081.360
shares f common stock (no par) all of which wi be outstanding (out of
an authorized issue of 3.353.000 shares).
The no par value common stock and the preferred stock, 6% cumulative
$100 par per share will be issued in accordance with a plan of reorganization which is primarily for the purpose to improve the capital structure of the
company and to reduce the burden of preferred dividends. The general
structure of the plan was outlined In V.141, p.118.-V:141. p.924. -
McNeillotig-Lib-Admitted to Unlisted Trading
Tb New York Curb Exchange as admitted to unlisted trading privileges
the dew common stock, no p , in substitution for old common stock.
-V. 141, p. 924.
$10 par.
Dock Co.
-Asks Extension of $7,500,000 Bonds
The company. which is leased by the Erie RR., has asked the Interstate
Commerce Commission for authorization to extend for 15 years from
Oct. 1 1935 the maturity date of its $7,500,000 of consolidated mortgage
bonds. The interest rate on the extended bonds would be cut from 6% to
3It'%, payable semi-annually.
The extension would be effectuated by an agreement under which the
company would make a payment of a fixed percentage of the principal to
the holder of each bond presented for extension. The amount of such percentage has not yet been determined, the application stated.
-V. 142.
p. 264.
Loomis-Sayles Mutual Fund,Inc.
-Earnings
6 mos. EndedIncome dividends
Interest on bonds
June 30 '35 Dec. 31 '34
$15,767
$20,360
7,460
2,220
Total income
Management fees
Custodian & transfer agent fees & expenses
Miscellaneous expenses
Prov,for Fed,cap.stk.& Massachusetts excise tax
Excess of income from diva. & Int. over expenses
Net profit on securities sold
Total profit
Provision for Federal income tax
Dividends paid
$23,228
8,443
1,177
386
4,420
$22.580
8.913
1,005
575
6.187
$8,801
74,639
. $5,898
95,883
$83.440
14.040
22.969
$101,781
5.241
35,099
Excess of income & realized profits over exPa. &
dive. paid for the six months
$46,431
$61,440
-The value of securities held, based on market quotations, was
Note
$275,080 in excess of cost as of June 30 1935 as compared with $222.404
at Dec. 31 1934.
Comparative Balance Sheet
AssetsJune 30'35 Dee.31 '34
June 30'35 Dec.31'34
Liabilities-Securities, at cost:
Dividend payable_ $11,334
$23,273
Common stocks-21,007.005 3805,454 Provision for Fed.
Pref. stocks__
33.600
4g,257
39,401
33,600 and State taxes_
Bonds
414,052
581,452 x Capital stock__ 1.493,256 1.480,702
Cash In bank
77.930
90,278
Cash on dep. for
div. payable..
11,334
23,273
Dividends recle_
2,831
4,585
Accrued int. reel°
3,294
4,752
Total
31.549,848 $1,543,376
81,549,848 21,543,376
Total
-The value of the securities of the fund, based on market quotaNotes
tions at the respective dates, amounted to $1,729,737 in June 30 1935 and
$1,642,911 in Dec. 31 1934. The net asset value per share, on the basis
of market quotations for the securities, was $78 in June 30 1935 and $73
in Dec. 31 1934. The liquidating value per share, on the basis of market
quotations for the securities and after giving effect to Federal and State
taxes on unrealized profits, was $75in June 30 1935 and $71 in Dec.31 1934.
x Represented by 22,675 no par shares in 1935 and 23,131 in 1934.
-V. 140. P. 3555.
..-'Loose-Wiles Biscuit Co.
-7'o Redeem Pref. Stock
-
All of the outstanding 7% cumulative first preferred stock (pax $100)
has been called for redemption on Oct. 1 at $120 per share. Payment will
be made at Chemical Bank & Trust Co., 165 Broadway,,N., Y„....City.V. 141, p. 1101.
4L --t- .., 1 , ,?:
''
t
Lord Courts Building-Bond GrouptiPlan..Oppoed(
Opposing the debtor's amended plan, endorsed by a protective committee
for the first mortgage 514% sinking fund gold loan certificates headed by
Philip A. Russell, a second committee has prepared a new reorganization
plan for presentation to the Federal Court at the next hearing, on Aug 29.
The committee says that in the original plan "the unsecured creditor Is
obtaining too great an interest in the property for its relatively small cash
contribution and proposed new lease."
-V. 141, p. 1101.
4...
_..--- Lo
Packing Co.--ydmitted to Unlisted Trading4YL/
Th New York Curb Exchange as admitted to unlisted trading privileges
capital stock, nix\par. 1 substitution for old Capital stock, no par,
the n
\
\
\-.
• 1277
issuable in exchange for old capital stock, no par, on the basis of four new
shares for each old share.
-V. 141, p. 118.
Lowell Gas Light Co.
-Earnings
Earnings for the Year Ended June 30 1935
Gross operating revenues
Operations
Maintenance
Taxes
-other than Federal income tax
$731.701
409.047
51.164
125.932
Net operating income
Non-operating income
$145,556
24,321
Gross corporate income
Interest on long-term debt
Interest on other debt
Provision for retirements & replacements
Amortization of bond expense
Federal income tax-estimated
$169.878
53.443
10.847
49.279
4,063
15.000
Net profit
Balance-July 1 1934
Net tax adjustments
$37.242
922.486
477
• Total
Dividends on capital stock
Expenses re Federal income tax
Payments on serial non-interest-bearing obligations
Serial non-interest-bearing obligations
-expenses
$960,206
60.962
181
398
500
Balance-June 30 1935
$898,164
Balance Sheet June 30 1935
AssetsLtabUtttesProp., plant, equip., &c., at
let mtge. 51-4% gold bonds
book value
due Sept. 1 1947
$3,725,036
$950,000
Cash in banks and on hand__
195,000
22,556 Notes payable-banks
Accts. receivable-customers
141,398 Notes payable-other
25,000
Accts. receivable-other,
75,665
1,739 Accounts payable
Merch., materials & supplies_
222,234 Accr. int. on long-term debt17,416
Insurance deposits
4,663 Am.int, on unfunded debt
705
Special'deposit
62,482
6,605 Accrued taxes
Due from American Common6,294
Other accrued liabilities
wealths Power Associates
Due to Amer. Gas& Power Co.
18,602
(parent company).x
1,203,989 Consumers Meter & extension
Prepaid & deferred charges
69,831
deposits
49,995
Deferred credits
5.003
Reserves
790.988
Common stock
1,524,050
Prem. on cap. stock (after deducting amount transferred
to "special surplus invested
in plant")
328,686
Spec,surplus invested in plant
450,000
Earned surplus
898,164
Total
Total_
$5,398,054
$5,398,054
x The principal asset of American Commonwealths Power Associates
consists of 59,864.6 shares of Lowell Gas Light Co. capital stock, of which
58,199 shares are pledged to secure loans.
-V. 140. p. 2361.
Lycoming Manufacturing Co.
(& Subs.)-EarningeYears Ended Nov. 30Net sales
Cost ofsales excluding depreciation
1934
1933
1932
$2,784,717 $2.117.884 $3.906,977
2,302,392
1.622,062 2,948,430
Operating income
Other operating income
$482,324
15,465
$495.822
12.421
$958,547
29,095
Gross profit
General administrative expenses
Selling expenses
Advertising expenses
Engineering and experimental
Parts and service
Taxes
$497.790
302,977
163.302
34,131
87,712
25,300
19,212
$508,243
247.351
203,337
29.349
137.669
30.058
25,694
$987.641
328.858
288,573
59,222
235,755
41,626
Net profit from operations
Other income
def$134,846 def$165,216
23,245
20,272
$33.608
20,694
Total income
Other deductions
Depreciation
Extraordinary income
def$111,601 def$144,944
181,045
73,850
254,557
374,203
xer104,663
$54,302
109.466
400,947
Net loss for the year
Previous surplus
$442,539
1,974,708
$592,996
2,659.180
$456,112
3.256.238
Total surplus
$1,532,169 $2,066,184 $2,800,126
Miscellaneous adjustments
20,545
66,330
Excess prov.for brld'I 1931 inc. taxes_ Cr.12,577
Adj.of deprec.& amortization offixed
assets charged to prior year's operations (net)
Cr.125,118
Dividends paid on preferred stock_ __ _
70.930
68,328
74,615
Surplus, Nov. 30
$1,601,536 $1.974,708 $2,659,180
x Represented by cash and capital stock receivable in sale of aircraft
engine and propeller divisions to affiliated company, being reimbursement
for development expenses charged to income in prior years and proceeds of
sale of trade name and good-will.
Consolidated Balance Sheet Nov. 30
Assets
1934
Liabilities1933
1934
1933
Cash
$79,952
$63,586 Accounts payable_ $77,346 2118,960
a Notes & accts.
Accruals
49.572
68,584
receivable
172,365
136,479 Res. for Federal
Inventories
income tax
1,116,231 1,406,281
20,545
Other accts. rec.,
Due to affiliated
companies
affiliated cos._
110,435
1,985,951 1,362.909
Sink. fund cash._
21,507 Reserves and de20,896
Investments.
19,501 ferred credits_
86,253
2,205
Deposit in closed
Funded debt
98,500
bank and sundry
Pref.stock class A,
Items
14,604
7,893 8% cumulative. 825,800
870,100
Duefrom Mill. cos. 682,130
212,984 c Common stock
349,012
349,012
Prepaid expenses &
Surplus
1,601,536 1,974,708
deferred charges
19,151
9,121
b Plant assets_ _ 2.649,434 2,975,934
.
Total
$4,891,423 84.863,320
Total
$4,891,423 $4,863,320
a After reserves for doubtful items of$20,245 in 1934 and $30,444 in 1933.
b After depreciation reserves of $2.528.933 ($2.692,791 in 1933). c Represented by 40,000 no par shares.
-V. 139, p. 1088.
• McKesson & Robbins,Inc.
-Net SalesMonthJanuary
February
March
April
May
June
July
August
September
October
November
December
Total
-V. 140,
p. 4405.
1935
$10,532,634
10,071,119
10.917,744
10.973.631
10,610,668
10,190,927
10.307,383
1934
$11,549.832
9.753,342
11,585,545
9,928,061
9.975,412
9,811,048
8,598,161
9,869.635
9,989,528
11,236,658
10,752.834
11,402.575
1933
$8,598.303
7,650.743
7,742,201
7,539,051
8,545.505
8.798.986
8,178,903
8,629,646
9,316,223
9,217,882
9,201,830
11,541.761
$124,452,631
$104,961,034
Financial Chronicle
1278
Madison
Square
-New
Corp.
Garden
Management
Sought
A stockholders' committee headed by Major-General Charles G. Treat,
U. S. A., retired, has sent letters to stockholders seeking proxies to be voted
at the next annual meeting scheduled for Sept. 24,for the purpose of ousting
the present management.
The letter charges that the present management has failed to make
necessary economies of operation and that the Garden under the present
management is fast losing to other organizations its position in the field
of sports.
Members of the committee seeking proxies are: Major-General Charles
G.Treat, James Norris, J. 1). Maguire, Arthur Wirtz,J. D. Norris, Andrew
Hazelhurst, Dr. Samuel McCullagh, Theodore Pomeroy, Frank L. Connable, and Harry H. Ettinger.
-V -141, p. 925.
Magnolia Petroleum Co.
-Contract
-
Aug. 24 1935
Balance Sheet Dec. 31 1934
Liabilities
Assets
$17,200
Cash
$239,910 Notes payable (secured)
28,645
Accounts & notes receivable
200,250 Accounts payable
Inventories
34,087 Minn. de Ont. Paper Co., cur184,588
Deferred charges
13,106 rent account. &c
7,628
Due from employees
1,280 Guaranty deposits
3,494
Sinking fund deposits
39 Comm's, pay.,special Ids.,&c.
36,066
Investalents
99,839 Accruals
22,437
Property, plant Sr equipment- 643,077 Prov. for Federal taxes
Una), ortized expenses
19,148 Minn. 8z Ont. Pap. Co., open
522,875
account
Circulation, good-will & Associated Press franchises
4,000,000 Purchase money obliga.(seed) 158,391
1,941,100
Funded debt
15.435
_
Deferred credits to
Capital stock, earned and capiincome__2,312,877
tal surplus
The State Board of Control of Texas has awarded this company the con$5,250,738
Total
$5,250,738 Total
tract for supplying the State institutions and depa.rtn ents with gasoline,
kerosene, lubricating oil and grease during the next fiscal year. The total
-V. 139, p. 2836.
amount of the contract is estimated at approximately $1,000,000.-V. 139.
p. 449.
-Increases Duividend----Mesta Machine Co.
The directcrs have declared a quarterly dividend cf 50 cents per share
Mahoning Coal RR.
-Earnings
on the common steck, par $5. payable Oct. 1 to hc lders cf reccrd Sept. 16.
Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
This compares with 3734 cents paid on July 1, April 1 and Jan. I last, this
Inc.from lease of road_ - $282.126
$450,489
$421,966
$249.411
latter being the initial dividend on the common stock since the company
34.740
34,525
Other income
Dr34,515
17,482
distributed a 66 2-3% stock dividend in November 1934.-V. 140, p. 2361.
Total income
Taxes
Interest on funded debt_
Int. on unfunded debt
Other deductions
Net income
-v.140. P 3555.
$299,609
36,653
10.819
2,306
$249,830
$214,896
12,593
18,750
3,769
2,245
$177,537
$485.229
58,054
21.819
4.353
$401,001
$456.491
14,260
37,500
3,769
4,354
$396,606
-Plan of ExchangeMaine Central RR.
ough a group of investment houses headed by Lee Higginson Corp.,
the company is making available details of the plan of exchange for its 1st
and ref. mtge. bonds, due Dec. 1 1935 and its 65" coll, trust bonds, due
Jan. 11959. Associated with Lee Higginson Corp. in obtaining acceptances
by bondholders are Kidder, Peabody & Co., the First Boston Corp., White,
Weld & Co., Brown Harriman & Co., Inc., Edward B. Smith & Co.,
Hornblower & Weeks. Hayden, Stone & Co. R. L. Day & Co. Estabrook
& Co., Whiting, Weeks & Knowles. Inc. tuid Bond & Goodwin. Inc.
Un er the plan developed by the company, with the co-operation of the
d
Reconstruction Finance Corporation, the holder of each $1,000 of either
1st and ref. mtge. gold bonds or the 6% coll, trust bonds will be entitled to
receive in exchange the following:
(a) $500 in new first mortgage and collateral bonds, series A, sinking
fund 4%, due 1945, or, at the holders' option, $500 in cash (an option
that need not be exercised until after the plan is declared operative), and
)1.500 in new gen. mtge. bonds, series A 434%. due 1960.
he company now has outstanding $20,000,000 of 1st and ref. mtge.
bonds, two series of which carry an interest rate of 434%, one series at 5%
and another series at 6%. and two collateral tcust issues amounting to
$3 000,000.
Upon consummation of the plan, there will be outstanding not exceeding
$13,949,000 new first mortgage and collateral bonds and $11,500,000 new
general mortgage bonds, a total of not exceeding $25,449,000.
According to a circular issued by the company, this does not represent
any increase in the outstanding indebtedness of the company, the two new
mortgage issues being substituted for the present first and refunding
mortgage issue of $20,000,000, the two collateral trust issues amounting to
33,000,000, and the indebtedness owed to the RFC.
The RFC has agreed, subject to approval of he Interstate Commerce
Commission, to lend to the company at its request on a 4% collateral note
sufficient funds to enable the company to pay cash to those holders who
elect the cash payment provided in the plan and to repay $2.449.000 now
owed to the RFC. The company states that it will not request such a
loan if it is able to secure an underwriting oi first mortgage and collateral
hoods upon satisfactory terms approved by the ICC.-V. 141, p. 1101.
V
-Earnings
Massachusetts Cities Realty Co.
Income Accountfor Year Ended Dec.31 1934
Gross earnings
$309,863
Net earnings
Interest paid and accrued
$90,918
133,947
Deficit
Other income
$43,029
25,325
Deficit before sinking fund requirements
$17,704
Sinking fund requirements
28,775
There has been deducted from above earnings $9,023 charged off as bad
debts, covering notes and accrued interest due from Lowell Building Trust.
Balance Sheet Jan. 1 1935
Liabilities
Assets
54,196 Accounts payable
$96,143
Cash
45,985 Notes payable
6.758
Acc'ts & notes receivable
76,500 1st mtge. 5% bonds
1,810,500
Mortgage owned
1st St refunding 7% bonds
554,500
Atlantic States Warehouse &
35,000 Accrued expenses
44,828
Cold Storage Corp. shares
3,070 Reserves
687,523
Miscellaneous bonds & notes
369,280 x Surplus
Sinking funds
1,083,750
Land, buildings & equipment- 3,686,945
Prepaid acc'ts, organization
62,058
and bond discount
967
Supplies
Total
$4,284,002
$4,284,002
Total
x Represented by 13,275 shares pref. stock, no par, and 13,274 shares
common stock, no par.
-V. 141, p. 756.
-Sales
Melville Shoe Corp.
1934
1935
1933
$1.748,419 $1,325,24
31,060,914
1,290.858
1.421,024
1.017,182
1,699.250
1,543,401
1.010,003
2,720,111
2,516,819
1,945,178
2.323,145
3,364,128
1,444.198
2,985,692
2,910.143
2.054,505
2,152,583
2,654,958
1,770,716
1.377,870
1,283,701
1,242,728
4 Weeks EndedJan. 19
Feb. 16
Mar. 16
Apr. 13
May 11
June 8
July 6
Aug. 3
Miami Bridge Co.
-Earnings12 Months Ended June 30.Bridge revenue
Other revenue
1934
175.007
2,193
1935
$118,060
2,224
Total revenue
Operating expenses and taxes
$77.200
44.634
$120,285
59,364
Net earnings
Interest paid on income debenture bonds
Depreciation
Amortization of security and reorganization costs_
Other deductions
332,566
$60,921
14,525
20,703
2,737
54
21.160
3,656
43
Balance
$22.902
$7,708
Balance Sheet June 30 1935
Assets
Liabilities
$1,502,597 x Capital stock
$14,830
Fixed capital
74,995 Income debenteres due Mar. 1
Cash
117
1952
1,452,500
Accounts receivable
5,000 Interest pay, on bonds when
Securities owned
6.008 issued
170
Special deposits
11,367 Accrued taxes
3,555
Deferred assets
Reserves
63,013
Reacquiring voting trust certiSurplus
66,022
ficates representing 170 shs.
4
of stock
$1,600,090
Total
Total
x Represented by 14,830 shares no par.
-V. 138, p. 4303.
$1,600,090
---Miami (Fla.) Professional Office Bldg.
-Sale of Bonds
The Real Estate Bondholders' Protective Committee (George E. Roosevelt, Chairman) in a letter dated Aug. 13, sent to depositors of 1st mtge.
fee 834% sinking fund gold bonds of Davenport & Rich Investment Co.
(secured by the Miami Professional Office Building), states in part:
Subject to the approval of Hon. Charles E. Hughes. Jr.. arbiter, as provided in the deposit agreement, as amended, the committee has entered
into an agreement, dated July 29 1935, for the sale of the deposited bonds
of this issue. The agreement provides that the bonds on deposit with the
committee at the time of the closing of the agreement, which it is expected
will take place on or about Jan. 25 1936, are to be sold for a price of $17 in
cash for each $100 in principal amount thereof.
There were on deposit with the committee at the close of business on
Aug. 12 1935 $277,500 of bonds (1287,500 outstanding).
If the agreement is approved by the arbiter and is consummated, it will
be necessary to pay from the proceeds of the sale of the bonds approximately $2,027, representing the expenses of the committee, of its counsel
and of the depositary, incurred with respect to this issue, including the
portion of the general expenses and disbursements of the committee allocated to this issue and including an estimate of future expenses. There will
also be payable from the purchase price the compensation of the committee
and the fees of its counsel, the allowance of which will be subject to the
approval of the arbiter. Application will be made to the arbiter for allowances for this purpose totaling $3,522. The balance of the purchase price
will be distributable to depositors.
com
If the agreement isapproved by the arbiter and is consummated, it is
mittee will be in a position shortly after the date of
estimated that the
closing to distribute to depositors approximately $15 in cash for each $100
in principal amount of bonds deposited by them.
(I.) Miller Sons Co., Inc.(Del.)
-Earnings-Income Account Year Ended Feb. 28 1935
Net sales----------------------------------------------- $6,594,723
Cost of sales---------- ---------------------------- 4,768,220
Allowance for defective materialsCr17,427
Gross profit --------------------------- ------- $1,843,931
Administrative, store operating, general and selling expenses.-- 1,874,607
Balance, loss-----------------------------------------Other income-------------------------------------------Other deductions---------------------------------------Net loss from operations, before special credits
Special credits
Net profit for the year ended Feb. 28 1935, including special
credits, before application of minority stockholders' interest
Share of consolidated net profit applicable to minority stockholders' interest in subsidiary companies
$30,677
Cr47,079
18,920
$2,518
78,465
$75.947
4,993
$70,954
Net profit for the year ended Feb.28 1935
Consolidated Balance Sheet Feb. 28 1935 •
Liabilities
Assets
$300,000
Cash on hand and In banks_ _ $137,422 Notes payable (banks)
571,955 Notes payable (others)
17,500
a Notes and accts. receivable
2,794 Accounts payable
291,680
Duefrom affiliated companies
$17,768360 $15,549,185 $11,545,424
32 weeks ended Aug. 3
Sundry accounts payable and
Sundry loans and accounts
-V. 141, p. 926.
7,560 accrued expenses
176,736
receivable
stockholders' int.
inventoriesSecurities Co.
-Initial Merchandise in transit --- 995,723 Minorityco. of I. Miller In
Merchants &
12,009 subs.
&
Merchandise
62,635 Sons, Inc.(N. Y. Corp.).14,563
Preferred Dividend
Other assets
1,162,957 Minority stockholders' interb Fixed assets
The directors have declared an initial dividend of $1 per share on the $2
81,796
est in I. Miller & Sons, Inc.
participating preferred stock, no par value, payable Oct. 15 to holders of .. Deferred charges
1 (N. Y. Corp.)
127,082
Good-will
record Oct. 1.-V. 141, p. 119.
8% cum. pref. stock
1,120,750
c Common stock
549,794
-EarningsMemphis Commercial Appeal, Inc.
Capital surplus
216,815
'Income Account for Year Ended Dec. 31 1934
219,934
Earned surplus
(Including operations of W M 0, Inc., adio Station, to Sept. 30 1934,
Total
$3,034,855
$3,034,855
while separately fncorporated)
Total
$536,266
Operating profit
a After reserve for discounts and doubtful notes and accounts of $81,277.
64,977
Depreciation
b After reserve for depreciation. c Represented by shares of $5 Par.
-V. 137, p. 3849.
$471,289
Net operating profit
131,278
Interest on debentures
-EarningsMichigan Steel Tube Products Co.
-3MonthsEnded- 6 Mos.End.
$340,011
Balance
June 30 '35 Mar. 31 '35 June 30 '35
PeriodCr50,466
Other income
Net profit after depreciation, Federal
51,916
Other expenses
$239,978
$123,735
$116,243
taxes, &c
21,300
Provision for Federal Income taxes
Earnings per share on 100.000 no par
$2.40
$1.24
$1.16
shares capital stock
$317,261
Net profit
:Lc2
...r ...t ._irers
-Earnings
National Supply Co. (Del.) (& Subs.)
Resumes Common Dividends
The directors have declared a dividend of 25 cents per share on the
common stock, no par value, payable Sept. 10 to holders of record Aug.31.
This payment will mark the resumption of dividends on the common
stock, as no payments have been made since Oct. 1 1931, when 10 cents
was distributed. Ten cents was also paid on July 1 1931, as against
20 cents on April land 37ji cents per share on Jan.21931.-V.138. p.4303.
-Earnings
Minnesota & Ontario Paper Co.(& Subs.)
6 Months Ended June 301935
Net loss after depreciation, depletion
and other charges
$2,093,561
-V.140, p. 3723.
1934
1933
$1,767,440 $3,334,599
-Earnings
-Minnesota Power & Light Co.
American Power & Light Co. Subsidiary
1935-12 Mos.-1934
Period End. July 31- 1935
-Month-1934
Operating revenues_ _ _ _ $465,478
$435,811 $5,424,749 $5,185,896
2,184,733
2,556,131
Operating expenses_ - _ 195,529
205,578
Net rev, from oper--Other income
$249,900
335
$240.282 $2,868,618 $3,001,163
1.382
2,599
216
Gross corp. income.. -
$260,235
143,731
$240,498 $2.871,217 $3,002,545
1,738,184
1,726,480
144.720
Interest & other deducts.
1279
Financial Chronicle
Vaume 141
[And Subsidiary Corporations incl. Spang. Chalfant & Co.. Inc.]
Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
Gross income from open. $2,305,874 $2,404,212 $4,099,478 $3,547,796
2,107.907
1,912,284
Sell. & gen.expenses_
1,089,402
1,028,743
Net inc.from oper____ $1,216,471
Other income
178,101
$1,375,469 $1,991,571 $1,635,512
300.598
107.565
59,099
Total income_ ...... $1,394,572 $1.434.569 $2,292,170 $1,743.077
832.913
417,905
975,937
Depreciation
495,130
Int., disc., taxes & misc..
261,814
588,708
504 736
326.095
137,630
137,659
164,501
Prov.for Fed,inc.taxes..
109,240
$617.189
$563.023
$267,737
6.687
10,029
13,374
194,910
389,820
389,820
4.706
Total net income
$464,107
Guar. diva. on the National-Superior Co. preferred stock
5,014
Prov. for divs. on the
cum. pref. stock of
Spang, Chalfant & Co..
Inc
194,910
Inc. applic. to minority
com. stock in Spang,
Chalfant & Co., Inc
1,980
1.394
2,538
consoi. net profit
$161,780 def$137,995
$262,202
$410,886
Note-For comparative purposes in the foregoing statements full provision has been made for the cum. diva,on the pref. stock of Spang. Chalfant
& Co., Inc. for the periods indicated, and previous quarterly statements
which provided for such diva, only as earned and (or) paid have been ad$26,161
Deficit
$207,071
justed in this respect. Divs, declared aggregated $129,940 during the
y Before property retirement reserve appropriations and dividends.
three months ended June 30 1935 and $194.910 for the six months ended
z Dividends accumulated and unpaid to July 31 1935, amounted to
June 30.
$887,933. Latest dividends, amounting to $1.31 a share on 7% pref. stock
Consolidated Statement of Income 12 Months Ended June 30
$1.12 a share on 6% pref. stock and $1.12 a share on $6 pref. stock, were
1934
1935
-V. 141.
paid on July 1 1935. Dividends on these stocks are cumulative.
$7,751,426 $5,892,032
income from operations
p. 758.
t44144r4385 and general expenses
3.694,887
4,126.055
elling
Balance
y$95,778 $1,144,737 $1,264,361
54116,504
300,000
361,250
Property retirement reserve appropriations
z Dividends applicable to pref. stocks for periods,
990,522
whether paid or unpaid
990.558
-Accumulation Dividend
.„
r. -Monarch Knitting Co., Ltd.
The directors have declared a dividend of $1.75 rer share on account
accumulations on the 7% cumulative preferred stock, par $100, payable
Oct. 1 to holders of record Sept. 14. A like dividend was paid on July 2
and April 1, last, as against $1 paid in each of the four preceding quarters,
and $3 per share paid on Feb.20 1934. The current dividend will be paid in
Canadian funds. Non-residents of Canada will be subject to a 5% tax.
After the payment of the Oct. 1 dividend accruals will amount to $49
-V. 140, P. 3557.
per share.
...„......-Mansanto Chemical Co.
-
Edgar M. Queeny, President has announced that th name of the Swann
Chemical Co., Monsanto subsidiary, with plant'at AnnitOn. Ala., has been
changed to the Monsanto Chemical Co. of Ma Administrative and sales
offices of the Alabama subsidiary, together
h those of another former
Swann property, the Provident Chemical Co., St. Louis, have been moved
to Monsanto's new Administration Building in St. Louis. Sales offices of
a third firmer Swann company, Wilckes, Martin, Wilckes Co., Camden,
N. J., have been consolidated with Monsanto's' New York office. A new
sales division, the Swami Products Division. has been created to handle the
sales of all products of the former Swann companies. Henceforth these
products will be sold under Monsanto's nanm. District sales offices are
retained at Birmingham, Ala.
-V. 141, p. 927.
Montour RR.-Earnings.July19351934
1932.
1933
$77,185
Gro from railway
Gross
$224.780
$158,256
$172.726
10,635
99.254
Net from railway
57,304
83,698
116,544
Net after rents27,790
79,914
63.452
From Jan. 1
778.023
990,422
Gross fro:n railway
1,061,581
1,078,648
188.006
Net fro:n railway
402,925
402.925
365,261
448,787
299,185
512,067
Net after rents
404,389
474,232
-V.141. p. 442.
Mullins Mfg; Corp.
-Stock Exchange Ruling
Referring to the issuance of one share of $7 Preferred stock (no par) and
two shares of class A common stock (par $7.50) in exchange for each share
of $7 cumulative convertible preferred stock; to the issuance of one share of
class B common stock (par $1) for each share of common stock; to the
admission to the list of the new stocks and suspension from dealings of the
old stocks on Aug. 21 1935, the Committee on Securities of the New
York Stock Exchange rules that transactions in the $7 cumulative convertible preferred stock may be settled by delivery either of certificates of
said stock or the equivalent in certificates of $7 preferred stock and class A
common stock; that transactions in common stock may be settled either
by delivery of certificates of said stock or certificates of class B common
stock; and that certificates of common stock shall be deliverable to and
including Feb. 21 1936, against sales of class B common stock.
-V. 141.
p.603.
(F. E.) Myers & Bro. Co.
-Earnings
-
9 Mos. End. July 311934
1935
Manufacturing profit - $1,173,552 $1,013,667
Expenses
491.455
408,516
Depreciation
82,146
68,297
1933
$694,236
356,468
105,128
1932
$754,161
478.192
109,439
Operating profit
Other income
$613,800
15.682
$523.006
40,396
$232,640
41,608
$166,530
43,910
Total income
Federal taxes
$629,482
91,000
$563,401
80,000
$274,248
40,000
$210,440
33,000
Net profit
Preferred dividends_ _ _ _
Common dividends_ _ _ _
Prem. on pref. stk. ret'd
$538,482
7,500
240,000
25,000
$483,401
45,000
150,000
$234,248
60,000
50,000
$177,440
67,500
270,000
Surplus
Earns, per sh.on 200,000
shs. corn. stk.(no par)
-V. 140, P. 3556.
$265,982
$288,401
$124,248 def$160,060
$2.65
$2.19
$0.87
$0.55
National Distributing Properties, Inc. (& Subs.)
Income Account for Year Ended Dec. 31 1934
Income rentals__________________________________________
Operating expenses.............................
$196,007
86.866
Operating profit
Financial expenses (net)
$109.141
81.952
Net profit for the year
Consolidated
. $27,188
Financial Statement Dec. 31 1934
Net income from operations
Ohter income
$3.625,371 $2,197,145
195,625
639.544
Total
Depreciation
Interest, discount, taxes & miscellaneous
Provision for Federal income taxes
$4,264.915 $2,392,769
1,688,236
1,940.575
1.144.251
1.096,290
137,659
247,478
Total net income
Guaranteed dividends on National-Superior Co.
preferred stock
Provision for dividends on the cunt. pref. stock of
Spang,•Chalfant & Co., Inc
Income applicable to minority corn, stock interest
in Spang, Chalfant & Co., Inc
$980,571 def$577376
23,403
30,090
779.640
779,640
Cr753
Cr3,006
$178.281def$1,384099
Consolidated net profit
Consolidated Balance Sheet June 30
•
1934
1935
1934
1935
$
Assets
$
Preferred stock. 16,621,500 16,621,200
a Land,bldgs..inachlnery. &c__ 24,750,959 25,044,300 is Corn.stock- 9,566,250 9,566,175
Cash
4,512,122 3,132,079 Spang,Chal.b'ds, 6,894,000 7,273,000
Marketable securs.2,468,428 2,468,428 Spang, Chalfant
pref. stock- 12,994,000 12,994,000
Notes & accts. ree 7,280,044 8,011,804
SuperiorEng.Co.
Accts. rec. officers
445,800
334,300
pref. stock _ _
219,680
and employees
220,620
500,000
800,000
Inventories _ _ _ 16,714,706 16,554,819 Notes payable_ _
1,367,954 1,603,183
_
Miscell.Invest_ _ 5,390,353 5,494,132 Accts.
payableDiv. on pref.stk
Patents & licenses
34,082
129,940
of Spang,Chal
82,941
Deferred charges
61,608
843,058
891,994
Accr.tax.int.,&c.
Insur. & pension
reserve, &c__ 2,119,602 1,993,602
54,433
53,673
Malta. & repairs
279,579
137,660
Res.for Fed. tax
Minority interest,
121,511
125,248
'Spang, Chalf _
Earned surplus_ 4,277,741 3,877,408
Capital surplus_ 4,977,141 4,977,153
61,432,922 61.008,182
Total
61,432,922 61,008,182 Total
a After depreciation of $12,209,690 in 1935 ($10,993,071 in 1934).
b Par $25.-V. 140, p. 3395.
National Tea Co.
-Sales
1934
1933
1935
$4,387,876 $4,344.288 $4,928,125
4,650,848
4,735,402
4.929,167
5,062,463
4,898.378 4,747,235
5,022,922
4,816,420 4,608,491
4.843.404
4,885,980 4,659,679
4,796.725 4,743.075
5,037,572
4,626,518 4,881,542
4,588,974
4,730,998
4,297,939 4,404,117
4 Weeks EndedJan. 26
Feb. 23
Mar.23
Apr. 20
May 18
June 15
...
July 13
Aug. 10
Total 32 weeks
Stores in operation Aug. 10
-V. 141, p. 604.
$37,842,306 $36,922,455 $38,863,371
1,244
1,319
1,224
-Earnings
Nebraska Power Co.
[American Power & Light Co. Subsidiary]
1935-12 Mos.-1934
Period End. July 31- 1935
-Month-1934
$542.536 $6,625,775 $6,255.337
Operating revenues_ __ _ $569,774
293,140 3,464,142 3,309,451
Operating expenses
310,492
Net revs, from oper__
Other income (net)____
$259,282
5,172
$249,396 $3,161.633 $2,945.886
201,205
8,106
268.168
Gross corp. income.._ _
Interest and other deduc.
$264,454
86,415
$257.502 $3,429,801 $3.147,091
86,514
1,039,061
1,039.473
Balance
54178.039 y$170.988 $2,390,740 $2,107.618
300.000
Property retirement reserve appropriations
537,500
z Dividends applicable to preferred stocks for
499,103
498.029
period, whether paid or unpaid
$1,354,137 $1,309,589
Balance
y Before property retirement reserve appropriations and dividends.
z Regular dividends on 7% and 6% pref. stocks were paid on June 1
1935. After the payment of these dividends there were no accumulated
-V. 141, p. 760.
unpaid dividends at that date.
-To Pay Div. on Preferred Stock
. .00 -Nehi Corp.
Assets
LiabditiesCash on deposit subject to
563,675
The directors have declared a dividend of $1.3131 per share on account
Accrued interest
check
7,025
of accumulations on the $5.25 div. 1st preferred stock, no par value, pay$80,792 Accrued taxes
Cash on deposit with trustees
able Oct. 1 to holders of record Sept. 14. This distribution will be the
tat mtge, collateral trust 6%
under bond mortgage
1,344,500
first made on the preferred stock since Oct. 1 1931, when a regular quar29,969
bonds
Restricted deposit
terly dividend of like amount was paid.
10,228 Secured 7% debentures, due
Fixed assets
301,500
Accruals on the preferred stock after the payment of the Oct. 1 divi1,477,439
Nov. 1 1939
-V, 141, p. 282.
Advances-Chain Store Ter10,235
dend will amount to $19.684 per share.
Deficit for capital stock
minals. Inc
8,622
Deterred charges
-Earnings
-90,414
New England Fuel Oil Corp.
1934
Calendar Years
1931
Total
$1,697,465
$1,697,485
Total
Gross income (Incl. sales
a Alter reserve for depreciation of $250,310.
$38,227
$18,341
$3.023
$34,875
4soit ,t
, j royalty oil)
,
13,736
16,576
16,280
34,242
y Expenses and taxes..
„...--- National Gypsum Co.
erat_tirt
-Stockholders Approve Merger )
Net
Melvin H. Baker, President of the company, announced on Aug. 19 tha
,necessary stockholders' conesen:Itad been received for a merger
s
Universal Gypsum and Lime Co with this concern. Stock d s have
di Aug. 30 to wit&Rraw cons
.-V. 141. P.§9
$24,491
income
$1,765 loss$13,257
$633
$0.49
Earns.per sh.on 50,000 shs.
$0.03
Nil
$0.01
y Includes loss from sale of securities of $2,101 in 1934, $7,673 in 1933.
$6.425 in 1932 and $19,260 in 1931.
1280
Financial Chronicle
Balance Sheet Dec. 31
Assets1933
1934
Liabilities1934
1933
Cash
3125,000:S62.561
$2,132
$588 Capital stock
Investment securities_ 48,785 38,754 Deficit
25,360
Accrued interest & divi22,971
Capital surplus
dends receivable
523 Liab. for unclaimed div.
on cap. stk. of New
Eng. Fuel Oil Co. of
100
100
Massachusetts
564
Account payable
2,846
Accrued accounts
Total
$50,917 $37,864
$50,917 $37,864
Total
x$50,000 no par shares. y Represented by shares of $0.50 par.
-V.139.
P. 1094.
Orleans Texas & Mexico Ry.-Committee to Oppose
Plan of Reorganization of Missouri Pacific RR.
The committee representing holders offirst mortgage gold bonds,series A,
B,0 and D and non-cumulative income (secured) bonds,series A,is notifying holders of its intention to take steps to oppose the plan of reorganization
of the Missouri Pacific System already filed with the Interstate Commerce
Commission, insofar as it relates to these bonds. In the opinion of the
committee, the New Orleans Texas & Mexico Ry. bonds occupy a position
essentially different from that of the other bonds of the Missouri Pacific
System.
Bondholders who have not already done so are urged to deposit their
bonds promptly with Chase National Bank, depositary for the committee
In order to strengthen the committee's position in taking prompt and
unified action. (I. H. Walker is Chairman of the committee, which
Includes Alex Berger, Willard V. King, A. T. Perkins, B. A. Tompkins
and George E.Warren,Edward F.Hayes,38 Wall St.,is secretary.
-V.141,
p.761.
-Issuance of
.......-New York Chicago & St. Louis RR.
$15,000,000 Notes Authorized to Refund Notes Maturing Oct. 1
The Interstate Commerce Commission on Aug.15 authorized the company
to issue not exceeding115,000,000 of new or extended promissory notes in
payment of or in exchange for an equal face amount of notes which will
mature Oct. 1 1935.
The report of the Commission says in part:
The applicant has outstanding $14,988,750 of 3
-year 6% notes which
were issued pursuant to our order of Sept. 29 1932, to renew or extend 75%
of then outstanding promissory notes aggregating $20,000,000 which
matured Oct. 1 1932. The notes now outstanding will mature Oct. 1 1935.
The applicant also has available for issue $11,250 of promissory notes
similar to those now outstanding which may be issued in exchange for, and
In partial payment of. $15.000, aggregate principal amount of the notes
which matured Oct. 1 1932, or deposit receipts representing them.
The accrued interest on the outstanding notes which will be due Oct. 1
1935, will be paid in cash by the applicant. The proposed notes will be
Issued in payment of, or in exchange for, a like principal amount of the
notes outstanding, and issuable as above stated.
The proposed notes will be dated Oct. 1 1935. will bear int. at rate of
8% per annum, and will mature three years after date. They will be
redeemable as a whole or in part at any time prior to maturity at their
principal amount plus accrued int. Principal and interest will be payable
in any coin or currency which, at the time of payment, is legal tender for
public and private debts.
Continues Low Fares
The company has received Interstate Commerce Commission authorization to continue until April 1 1936 the reduced experimental passenger
fares now in effect. Present authorization of these fares would have expired
Oct. 1.-V. 141, p. 929.
New York Power & Light Corp.
-Lower Rates Filed
New rates bringing further savings of $203,000 a year to Albany electric
customers and giving the city the fourth lowest rate for residence electric
service among New York State's cities of 25,000 and over, were announced
on Aug. 7 by the company. The rates have been filed for approval by the
N. Y. Public Service Commission.
The new rates cover all clocvss of electric service, commercial and
Industrial as well as residential. Household users of electricity will get
savings totaling $102,000 a year and annual savings to commercial and
Industrial users will be $101,000.-V. 141, p. 761.
New York Rys. Corp.
-Hearing on Reorganization
Federal Judge Patterson signed an order Aug. 22 continuing the company
properties pending the outcome of proceedings to
reorganize it as the New York City Omnibus Corp. The company controls
the principal street car lines in Manhattan, but under an agreement with the
Transit Commission all of its lines must be motorized on or before April 26
1936. Mo.orizatIon, it is said, will require the purchase of 600 to 700
buses. After a brief hearing the Court adjourned the case until Aug. 30,
when the reorganization plan will be offered.
Judge Patterson directed all persons affected by reorganization to file
claims within 60 days.
Earnings for June and 6 Mos. Ended June 30
1935-6 Mos.-1934
Period End. June 30- 1935
-Month-1934
Gross earnings
$472,764 $2.297,863 82.628.21
$432,231
135,527
x Surplus after charges
52,265
36,362
24,686
x These figures include certain interest on bonds of controlled companies
for which New York Railways Corp. states it has no liability) which are
in default, and excludes interest on income bonds which has not been
declared.
-V. 141, p. 762.
in charge of its lines and
New York Shipbuilding Corp.(& Subs.)
-Earnings
6 Months Ended June 30-Net loss from operations
Income from investments, &c
Miscellaneous income
1934
1933
1935
$247.471prof$228,316prof$447,373
44.268
45,627
61,178
451
3,265
1.571
Gross loss
Cash discount on sales
Interest on bonds
Depreciation
Miscellaneous deductions
$198,579prof$273,035prof$510,122
28
320
91,430
96,312
101,788
130,147
128,274
137,828
250
43,614
Net loss
$418,561yprof$46,576 YPf$226,572
y Before loss of $53,200 in 1934 ($162,187 in 1933) on disposition o
marketable securities, extraneous to shipbuilding operations.
-V. 141,
p.604.
North American Aviation, Inc. (8c Subs.)
-Earnings
6 Mos. End. June 301934
1933
1932
1935
Net profit after exps.,
deprec., int., prov. for
taxes & other charges_ zloss$69,615 y$743,872 $147,651
$196,688
Earns. per sh. on 2,118,Nil
$0.35
Nil
959shs.common
Nil
x The net loss for 1933 would be reduced to $104,756 if there were included therein North American Aviation's equity in the net profit of
subsidiary not consolidated, in which a majority stock interest is held.
y The net profit for 1934 would be reduced to $615.778 if there were included therein North American Aviation's proportion of the net loss of
subsidiary not consolidated in which a majority stock interest is held.
x Including an accounted prefit of$33,205 realized from the sale ofsecurities.
Note
-As a result of the amendments to the air mail Act recently passed,
It is estimated that North American Aviation, Inc. will receive approximately $70,000 in adjustment of its air mail compensation to June 30 1935.
No part of this amount, however, is included in the above-mentioned net
-V. 141, p. 604.
loss.
Aug. 24 1935
-Earnings
Noranda Mines, Ltd.
•
1932
1934
1933
6 Mos.End. June 30-1935
Lbs. of anode produced 39,833,528 30,368,659 30,712.154 29,529,873
Totalrecovery
$6.659,335 $7,070,808 $5.365.306 $6,203.363
Cost of metal production,
incl. mining, customs
ore treatment and delivery,and admin.and
3,174,640 3,237.143
3,109,566
general expenses
3.525,783
294.034
243,900
511,500
340,000
Reserved for taxes
Balance
Miscellaneous income
$2.793.553 $3.449,742 $1,946,766 12,672386
187,562 158,036
268,587
177.463
Estimated profit before
providing for deprec
and contingencies..- $2,971,015 $3,718,330 $2,104,803 $2,859,749
718,942
535,201
513,672
420,000
Estimated res.for deprec.
100.000
Reserved for conting'cles
Estimated net profit.... $2,551,015 $3,183,129 $1,591,131
$1.42
$0.71
$1.14
Estd. net profit per share
-V.141, p. 443.
$2,040.807
$0.91
-Earnings
North Central Texas Oil Co.,Inc.(& Subs.)
Period End. June 30- 1935-3 Mos.-1934
Net profit after depletion
and other charges but
$10,200
before Federal taxes__ 412,118
Shares common stock
262,446
254,373
(par $5) outstanding_
$0.03
$0.05
Earnings per share
-V. 140, p. 4075.
x After Federal taxes.
1935-6 Mos.-1934
x$23,633
$18,807
254,373
$0.09
262,446
$0.05
-Earnings
North West Utilities Co.
(And Companies in Which It holds a Majority of the Common Stock)
1935-6 Mos.-x1934
Period End. June 30- 1935-3 Mos.-x1934
Total gross earnings-- $2,883,650 $2.797.661 $5,852.009 $5,625,073
1,859.076 4,012,829 3,784,374
Total oper. turps. Sc taxes 2.009,427
Net earns, from oper_
Other income (net)
$874,223
14,779
$938,585 $1,839,180 $1,840,699
39,793
21.404
27.959
Net earns, before intTotal int.& other deduct
$889,003
673,938
$959.989 $1.867,139 $1,880,493
1,361,295
1.349,721
680,029
Balance
Divs. paid & accrued on
pref. stocks of subs.
held by the public
$215,064
$279.960
$517,417
$519.197
187.448
164.234
374,903
328,479
$142.514
$190.718
$115,725
$27,615
x Adjustments made subsezfuent to June 30 1934, but applicable to the
period beginning Jan. 1 1934. have been given effect to in these columns.
-V.139. p. 3332;V. 140, p. 3560, 3904.
-Earnings
Northwestern Bell Telephone Co.
-Month-1934
1935-7 M03.-1934
Period End. July 31- 1935
Operating revenues.._.... $2,578.236 $2,415,704 $17,390.040 $16,585,094
58.844
7.904
9,013
67,866
Uncollectible oper. rev....
1.759.641 12,498,026 11,922.898
Operating expenses_ --- 1,851,479
1,613,785
229,767
1,700,394
250,782
Operating taxes
Net oper. Income_....
-V,141, p. 604.
$466,962
$418,392 $3,123,754 $2,989,567
--Earnings
Northwestern Electric Co.
American Power & Light Co. Subsidiary'
-Month-1934
1935-12 Mos.-1934
Period End. July 31- 1935
8274,072 $3,705.391 $3,379,716
1293.231
Operating revenues
204.978 2,308.859 2,252,289
206,807
Operating expenses
202,276
16,902
203,589
17,047
Rent for leased property
1,078
176
1,273
46
-Dr _
Other income (net)
$52.016 $1,191,670
617.139
52,770
$924.073
636,058
y$16,535
ydef$754
$574.531
Balance
260,000
Property retirement reserve appropriations
z Dividends applicable to preferred stocks for
period, whether paid or unpaid ------------334,159
$288.015
260,000
Gross corp. income__
Interest & other deducts.
$69,331
52,796
334.159
$306,144
$19,628
Deficit__
y Before property retirement reserve appropriations and dividends.
z Dividends accumulated and unpaid to July 31 1935, amounted to
$905.398. Latest dividend on 7% pref. stock was 88 cents a share paid
Jan. 3 1933. Latest dividend on 69' pref. stock was $1.50 a share paid
Oct. 11932. Dividends on these stocks are ciunulative.-V. 141. p. 763.
-Accumulated Dividend-4
Ohio Finance Co.
The directors have declared a dividend of $1.50 per share on account of
accumulations on the 8% cumulative preferred stock, par $100. Payable
Oct. 1 to holders of record Sept. 10. A similar payment was made on
April 1, last, while prior to this latter date regular quarterly dividends of
$2 per share were distrIbuted.-V-140, p. 4409.
Oklahoma Iron Works (Incl. International Supply
-Consolidated Balance Sheet Dec. 31 1934Co.)
Assets
$59,198 Accounts payable
$163,751
Cash on hand and in banks._
160,000
Notes & accounts rec. (net)...... 1,094,728 Notes payable
894,242 Accrued interest on bonds. ___
873
Inventories
13,044 Accrued property taxes
1,075
Cash surr. value life insurance.
162,593 1st mtge.gold serial bonds_.....
57,700
Investments
4,623 Capital stock
1,964,677
Prepaid expense
.313,957 Surplus
194,410
Fixed assets
Total
$2,542,286
Total
$2,542,286
-Reorganization Plan ConEast 55th Street Corp.
summated
The reorganization committee of the One East 55th Street Corp. has
announced that the plan of reorganization dated June 1 1935 for Seven
Eleven Fifth Avenue Building, recently confirmed by the Court in proceedings for the reorganization of the company under Section 77-B of the Federal Bankruptcy Act, has been consummated.
The plan provides, among other things for a modification in the interest
fund bonds, the extension
rate on the 634% first mortgage leasehold
of the maturity. and modifictaion of the sinking fund,and for the distribution
to the bondholders of 40% of the capital stock of the company.
-Accumulated Dividend-IL
neida Community, Ltd.
....-'15-
The directors have declared a dividend of 75 cents per share on account
of accumulations on the 7%, cumulative pieferred stock. Par $25, payable
Sept. 14 to holders of record Aug. 31. This compares with 50 cents paid
OD June 15 last, $I on March 15 last, 25 cents per share on Dec. 15 1934
and 50 cents paid on Sept. 15, June 15 and March 15 1934, this latter being
the first paymeat made since June 15 1932, when 25 cents per share was
disbursed. Prior to then regular quarterly payments of 43M cents per
share were made.
Accumulations after the Sept. 14 payment will amount to 11.8734 per
share.
Jan. 31'35. Jan. 31'34. Jan. 31'33. Jan. 30'32.
Years EndedAmerican Investment Corp.-Accumulated"J5i'vsA x Net inczene
$612.645
$405,922 y$1,072,520
$334,288
,6 ,
2
Preferred dividends_ _(7%)173,775
(2 %)69717 (71133 6 1
The directors have declared on account of accumulations a dividend of I
Common dividends
$1 Per share on the 6% cum. pref. stock and a dividend of 91 2-3 cents per
the 5%7 cum. pref. stock, par $100, both payable Oct. 20 to
0
share on
$160,513
$405,922 df$1142.238 def$895,770
Surplus
holders of record Sept. 30. Similar distributions were made on April 20,
x After depreciation, taxes and interest (also In 1933 and 1932 reduction
last and on Oct. 20 and April 20 1934. Preferred dividedns were disof inventories to market) and foreign exchange adjustment. y Loss.
continued after April 20 1931.-V. 140, p. 2015.
1281
Financial Chronicle
Volume 141
Balance Sheet Jan. 31
1934
1935
Liabilities1934
Assets1935
:Plants, mach.&c.$3,571.332 $4,087,066 Preferred stock-82,482,500 $2,482,500
233,526 Common stock. __ 2,430,000 2,430.000
Secs. & 0th. assets 278,066
800,000 1,000,000
Inventories
1,944,100 1,761,532 6I4% notes
66,599
42,569
Accounts payable..
Accts. rec. (other
155,000
than trade)- --15,152
16,699 Notes pay. July 1_ 183,000
43,234
53,586
Accts. rec. (trade)
818,954 Accr. liabilities
48,000
56,000
Reserve for taxes..
z Accts., notes and
8,650
9,405
acceptance reEmpl. loan notes..
1,605,790 1,765,278
ceivable (trade) 875,465 y102,536 Surplus
Trade acceptances
37,845
889,985
Cash
831,896
88,750
109,206
Deferred charges_
$7,662,851 $7,999,260
Total
$7,662,851 $7,999,260 Total
x After deducting $3,961,811 in 1934 and $3,762.112 in 1933 for depreciation. y Notes receivable only. z After reserve of $99,564 in 1935
and $28,648 in 1934.-V. 140, p. 3561.
-Earnings
Orange & Rockland Electric Co.
1935-12 Mos.-1934
Period End. June 30- 1935
-Month-1934
$692,636
$723,845
Operating revenues---$58.120
$58,110
422,341
414.489
Operating expenses
35.741
34.458
85.127
81,274
Depreciation
6.625
6.763
• Operating Income_ __ _
Other income
$17,037
2.495
$15,606
2,904
$228.082
42,809
$185,168
40,073
Gross income
Interest on funded debt_
Other interest
Amortization deductions
Other deductions
Divs. accrued on pref.
stock
$19.532
5,208
234
$18,510
5,208
184
1,116
16
$270,891
62,500
831
6.698
4,085
payment will mark the resumption of dividends on the common stock as no
disbursements have been made since April 1 1933 when a quarterly dividend of 25 cents was paid. A similar amount was paid on Jan. 1 1933 and
c.mpared with 35 cents paid each three months from April 1 1930 to Oct. 1
1932,inclusive.
-V.140, p.2873.
-Earnings
Pacific Public Service Co.(& Subs.)
1935-6 Mos.-1934
Period End. June 30- 1935-3 Mos.-1934
$1,196.991 $1,123,669 $2,308,927 $2,183.665
Operating revenue
918.080
888.367
498,217
450.961
Operation expense
66,512
65,153
33,588
Maintenance & repairs.._
34,630
Depreciation (including
303,503
313.470
156,753
amortizat'n of invest.)
153,351
Taxes (other than Fed150,656
169,529
76,879
84,956
eral income)
$723,898
$765,439 $1,426.553 $1,448,720
Net inc.from oper
Other income
5473,092
18,919
$358,230
22,934
$882,374
31.302
$734,944
30,171
Total income
Int. on funded debt.. _ _
Amortiz. of debt, disct.
and expense
Miscell.deductions
Prov. for Fed. inc. taxes
$492.011
106,987
$381,165
102,724
$913,677
232,250
$765,116
247.248
2.085
1,535
50,013
11.686
12.421
58.008
4,170
3,074
95,245
42.253
14,420
90,433
$225,241
62.500
707
13.202
3.403
$370,759
$578,936
$196,325
Balance
$331,390
Divs. on pref. stock of
111.033
106.593
55.516
subsidiary
53.296
$259,726
$472,343
$140,808
Net profit
$278,093
-V.141, p. 1104.
62
-Earnings
Pacific Telephone & Telegraph Co.
101,142
1935-6 Mos.-1934
102,875
Period End, June 30-- 1935
-Month-1934
8,5'73
8,570
$26,537,613
$4,717,435 $4,530,462 $27,656,352
Operating revenues -132,950
101,128
Balance
$93.902
$44,287
19,200
Uncollectible oper. rev__
18,700
$5,458
$3.413
Fed, income taxes incl.
Operating expenses
3,232,803 3,070,132 19,102,380 18,144,932
33.400
25,150
In operating expenses_
Rent from lease of oper.
2,500
2,500
443
443
71
-V.141, p. 443.
properties
70
Operating taxes
592,181 3.078,439 3.171,965
522,772
-EarningsOtter Tail Power Co. of Delaware
$5,474,848 4.0,088,209
Net oating income_ $943,230
9,020
1931
61.4078:4......mna..,,te
Years End. Dec. 311932
1933
-V. 141. p. 1105.
1934
Gross earnings
$2,330.282 $2,285.468 $2,489.236 $2,642,214
990,069.„---Pathe Exchange,Inc.-Pta
di Y
1
Operating expenses
922.016
912,472
961,918
133.323
Maintenance
The plan of reorganization has been consummated by the formation of
,
87,964
179.694
General taxes
210.379
the new corporation, Pathe Film Corp., which has acquired the assets of
254.104
295,942
50.20290781
841;298484
,
FeO.& State inc. taxes
Pathe Exchange, Inc. and assumed its obligations.
43,539
4.618
Bad debts
4,484
Certificates for shares of stock of the new corporation and scrip will be
4,421
492.295
388.324
Retire. reserve (deprec.)
502,495
delivered to stockholders of Pathe Exchange, Inc. upon the completion of
502.495
10.200
Casualty ins. reserve
10.200
registration under the Federal Securities Exchange Act of 1934. The
10,200
10.200
application for listing of the new common stock on the New York Stock
$886,346
$665,540
Net earnings
. xchange has already been approved.
$499.948
$423.801
31,816
29,713
Other income
27,681
Stockholders of Pathe Exchange, Inc. will be notified directly when and
23,079
-V.
where to surrender their certificates in exchange for new certificates.
$918.161
Gross income
$695.253
$527.629
141, p. 764.
$446,881
255.575
255.575
Int. on funded debt
243,825
229.075
13.607
13.607. -----Pathe Film Corp.
-Succeeds Pathe Exchange, Inc.Amort. of debt disc't
12,471
11.415
11.682
Miscellaneous interest_ _
•
11,529
See Paths Exchange, Inc. above.
-V. 141. p. 284.
11,511
Int.charged to constr..
1Cr516010
Cr4,982
-RFC Receives $1,169,837 Premium
--- Pennsylvania RR.
$633,829
Netincome to surplus_ $194,880
$419,371
$259.803
A premium of $1,169,837.10 was obtained Aug. 15 by the Reconstruction
Earned surplus at Jan. 1
691.056
625,263
667,542
Finance Corporation at a public sale of $15.282,000 worth of equipment
597,427
trust certificates. [Due to typographical error amount of premium was
Total surplus
$927,345 $1,110.427 $1,259.092
reported as $1,189,837 in last week's "Chronicle"). The bonds were
$792,307
Preferred dividends__ _
285,452
279.058
285,614
awarded to a syndicate headed by Salomon Bros. & Hutzler on a bid of
193,166
Common dividends
215,208
171.369
19,927
$1,076.55. Other bids were, Brown Harriman Co.syndicate, $1,063.89,
and Halsey Stuart Co. and associates. $1.059.37.-V. 141. P. 1106.
Balance
$764,826
$653,606
$599.141
$621,804
-New Company
----Penn Western Gas & Electric Co.
Consolidated Balance Sheet Dec. 31
See American Electric Power Corp. above.
1933
1934
1934
1933
Assets
8
$
$
LiabilitiesPeoples Gas Light & Coke Col-Adjusts Netfor Reduced
Fixed capital
13,044,345 13,364,424 Long-term debt__ 4.197,500 4,407,000
Taxes
70,446
Cash
89,367
188.288
290,019 Accounts payable6,575
Notes & warr. rec..
11,181
, 5,600
After revision to reflect downward adjustment of personal property tax
6,460 Contracts
2,703
1,203
Acc'ts receivable... 231,125
accruals for 1934 and thus far In 1935. the company and subsidiaries report
212,582 Miscellaneous.. _ _ _
446,215
Accr. int. receiv4.109
adjusted net income of $125,463 after interest, depreciation. taxes. &c.,
4,242 Accrued liabilities_ .590,507
154,877
Prepaid accounts10,529
for the quarter ended June 30 1935, equal to 19 cents a share on 675.774
10,308 Consumers' dep's_ 168,511
Mdse., mat.& sup. 174,927
shares ofcapital stock. This compares with adjusted net income of $580.961,
Accr. int. on con172,005
18,436
U.S. Treas. notes.. 252,856
24,627
or 86 cents a share on 676,225 shares in June quarter of previous year.
sumers' deposits
Miscell. assets
729
373,242
Net income previously reported was $23,955. or 4 cents a share, for
280,354 Def,credit to oper.
1,660,070 1,587,265
Suspense
131,910
June quarter of 1935, against $456.868, or 68 cents a share, a year ago.
144,969 Reserves
4,927,412 4,927,412
For the six months ended June 30 1935,adjusted net income was $736.540,
x Capital
or $1.09 a share, againts $1,500,087, or $2.22 a share, in the first half of
y Earned surplus
1934 Previously reported net income was $533,525, or 79 cents a share,
under Minnesota
Corporation law 2,745,438 2,865,933
for first half of this year, against $1,251,902, or $1.85 a share, in first
half of 1934.
Paid-in surplus subFor the 12 months ended June 30 1935, adjusted net income was $1,135.sequent to Dee.
9,948
708. or $1.68 a share, against $1,817,012. or $2.69 a share, in previous 12
31 1933
months. Previously reported net income for 12 months ended June 30. last.
Total
14,422,313 14,485,364
14,422,313 14,485,364 Total
was $684,508, or $1.01 4 share, against $1,568,827, or $2.32 a share, in
previous 12 months.
-V. 141, p. 930.
x Capital consisting at Dec. 31 1934 of no par capital stock as follows:
Pref. stock-Redemption value, $100, $6 div. pref., 31,806 sirs., less 3.165
-Earnings
Pet Milk Co.
(& Subs.)
shs. reqcquired; $5.50 dlv. pref., 17,229 shs., less 1,822 shs. reacquired;
common stock, 23,912 shs. y After deducting discount on pref. stock and
Earnings for the Three Months Ended June 30 1935
cost of reacquired stock of $533,826 in 1934 and $424,454 in 1933.-V. 138,
$4.923.008
Sales, net
p. 2586.
3,851.266
Cost of goods sold
716.543
Selling, general and administrative expenses
Gas & Electric Co.
Nine Units
-To Dissolve
168.542
Depreciation of plant and equipment
The company on Aug. 20 asked the California State Railroad Commission
$186,656
Profit
for permission to dissolve nine of its 11 subsidiary corporations, which are
1,853
incorporated for a total of $225,000.000, according to the petition. The
Interest received, net
company will operate the units directly, it was said
R. W.Duval for the
$188.509
company.
Total profit
18.723
Provision for Federal income taxes
r The companies affected include: Great Western Power Co. of Calif.,
337
Great Western Power Co., City Electric Co., Feather River Power Co., Proportion of profits applicable to minority interests in subs
Napa Valley Electric Co., California Electric Generating Co., Mount
$169.448
Shasta Power Co.,Sierra & Ilan Francisco Power Co.,and Modesto Gas Co.
Net earnings for the three months ended June 30 1935
2,445,310
No mention was made of two other companies, the San Joaquin Light &
Earned surpluses at March 31 1935
Power Co. and Midlands Public Service Co.
-V. 141, p. 1104.
$2,614,759
Total surplus
21,852
Preferred dividends
Pacific Power & Light Co.
-Earnings
110,338
Common dividends
[American Power & Light Co. Subsidiary]
$2.482,568
Period End. July 31- 1935
1935-12 Mos.-1934
Earned surplus June 30 1935
-Month-1934
$0.33
Operating revenues
$352,184 $4,168,845 $3,838,038
Earnings per share on 441,354 shares (no par) common stock
$350,098
Operating expenses---..
212,336 2,386,042 2,279.786
209,846
Sheet
Consolidated Balance
June 30'35 Dec. 31'34
June 30'35 Dec.31'34 Ltabtiiiies-Net rev,from oper___ $140,252
$139,848 $1,782,803 $1,558,252
Assets8
$
Rent from leased propPref. 7% stock__ 1,248,700 1,250,700
x Real est., bldgs.,
178,389
14,802
177,076
erty (net)
14,947
mach'y & equip- 6,075,218 5,986,679 y Common stock__ 7,798,534 7,798,534
370,933
290,433
Other income (net)
19,190
33,676
944,910 Minority interest
Good-will
945,175
2,976
4,006
992,555 in subs
Cash
Gross corp. income...... $188,875
531,084
$173,840 $2,332.125 $2,025,761
853,694
200,000 Accounts payable_ 1,221,204
Time deposits...... _
Interest & other deducts.
1,261,175
1,292,361
106,228
107,737
Accrued salaries &
U. S. 4th Liberty
53,237
47,763
20,425 wages
Balance
Loan bonds........
)467,612 $1,070,950
$733,400
Y581.138
40,575
56,355
Accts. & notes reo_ 1,099,881 1,329,036 Accrued taxes_ _
Property retirem.reserve
12,896 Sundry accounts
Property retrement reserve appropriations
Due tr. empl., &o_
10,117
600,000
600,000
38,299
48,573
Inventories
3,693,960 2,677,953 payable
z Dividends applicable to preferred stocks for
33,150 Federal tax reserve
70,850
104,727
period, whether paid or unpaid
458,478
Miscell. accts. rec.
11,965
458.478
Insurance reserve_ 229,321
220,675
Due from employ.,
60,399 Surplus
2,482,569 2,622,521
partly secured...
38,049
Balance
$12.472 def$325,078
Long-term notes &
y Before property retirement reserve appropriations and dividends.
73,561
66,299
accts. receivable
z Dividends accumulated and unpaid to July 31 1935, amounted to
526,324
526,035
Invests. & advs..
$573,098, after giving effect to dividends of $1.75 a share on 7% pref. stock
43,824
Miscell. invests......41,284
and $1.50 a share on $6 pref. stock, declared for payment on Aug. 1 1935.
147,197
105,836
Deferred charges
Dividends on these stocks are cumulative.
-V. 141, p. 764.
--
Pacific Indemnity Co.
-Resumes Common Dividends
The directors have declared a dividend of 15 cents per share on the comstock, par $10. payable Oct. 1 to holders of record Sept. 15. This
mon
13,186,265 13,007.549
Total
13,186,265 13,007.549 Total
x After depreciation of $5,308,758 in 1935 and $5,066,877 in 1934.
-V. 140, p. 3398.
y Rrepresented by 441,354 no rar shares.
1282
Financial Chronicle
......---Pfeiffer Brewing Co.
---Extra Dividenct-gt J.....,
The directors have declared an extra dividend of 15 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, no par value, both payable Sept. 30 to holders of record
Sept. 20. Similar payments were made on July 1 last. An initial quarterly dividend of 25 cents was paid on March 31 1935.-V. 141, p. 764.
.... Philadelphia Suburban Water Co.
---To Issue 816,900,000 Bonds
The Pennsylvania Public Service Commission has authorized the company to issue *16,900,0004% first mortgage bonds, the proceeds to be used
to redeem and retire an outstanding issue. The company proposes to sell
the bonds to Hornblower & Weeks at a price tentatively fixed at 99.
The offering of the bonds awaits the approval of the Securities Exchange
Commission now pending in Washington.
-V.141, p. 931.
Phillips-Jones Corp.(& Subs.)
-Earnings
6 Mos End. June 30.
Net profit after deprec.,
int. & all other charges
-V.141, p. 123.
----Ph enix Sec
1935
1934
1933
1932
$50,087
$65,844
$94,267 lgss$437,021
ities Corp.
-Admitted to List
The New York Curb Exchange)has admitted to the list e new *3 convertibl
eferred stock, series . $10 roar, in substitutuo of old $3 convertible preferred stock, series A, $10 par, issuable share for share in
exchange for old preferred stock.
Deliveries of the present shares of $3 convertible preferred stock, series A
are required to carry due bills for the special dividend or one-eighth additional share ofsuch preferred stock and $2 in cash for each share of preferred
stock held, payable to stockholders of record at the close of business on
July 31
The Exchange rules that all transactions in new preferred stock shall be
1935.
”ex" the special dividend of stock and cash referred to above. The Exchange further ruled that all due bills for the special stock and cash dividends
required to accompany deliveries of the present shares of preferred stock
should be redeemed on Aug. 16 1935.-V. 141, p. 1107.
Pitney-Bowes Postage Meter Co.--Earnings6 Mos.End. June 301935
1934
Net profit after charges
$177,425
$121,921
and Fecieral taxes_ ___
x Before Federal taxes.
-V. 140, p. 2197.
1933
1932
4103,256
4120,045
Pleasant Valley Wine Co.
-Earnings
Earnings for the 6 Months Ended June 30 1935
Net loss after depreciation and other charges
-V. 140. p. 2367.
$40,488
City Bank Farmers Trust Co. as successor trustee is notifying holders
of general and refunding mortgage gold bonds, series B (6%, due 1953)
that there has been drawn by lot for redemption out of sinking fund moneys
on Oct. 1 1935, at 105, $34,500 principal amount of these bonds. The
bonds so drawn will become payable at the head office of the bank, 22
William St., New York, on the redemption date.
-V. 140, p. 1669.
Public Service Co. of New Hampshire-Bonds Awarded
A banking group headed by Paine. Webber & Co. was the highest bidder
Aug. 20 for a new issue of $5,400,000 1st mtge. bonds due in 1960. The
price paid was 100.76 for 3 3i% bonds. Public offe Mg of the bonds will
be made early next week by the syndicate, which includes Graham, Parsons
& Co., Lawrence Marks & Co. and Schoelkopf, Hutton & Pomeroy, Inc., at
a price of 102.04. The bonds are callable at $105 up to and incl. 1940, and
at a graduated declining scale thereafter to maturity.
Other bids submitted for the issue were: Coffin & Burr, 100.336: Brown
Harriman &
Inc. and associates, 99.89: F. S. Moseley & Co. 99.76:
Co.,
'
Halsey, Stuart dt Co., Inc., 99.261; Newton, Abbe & Co., 99.25; Jackson &
Curtis, 99.145, and Lee Higginson Corp.. 99.021.
The proceeds from the sale of the bonds will be used, with other funds,
to redeem at 105 on Oct. 1 $5,400,000 of 5% first mortgage bonds, series A,
due in 1936.-V. 141, p. 933.
Public Service Corp. of New Jersey-Earnings
-Period End. July 31- 1935-Month-1934
1935-12 Mos.-1934
Gross earnings
$9.097,557 $9,281,410 $119,767,050 $119,357,688
Operating exp. maint.
taxes and depreciation 6.623,699 6,609.482 81.023,999 78,621,744
Net income from oper_ $2,473,858 $2,671,928 $38,743,051 $40,735,944
Bal. for diva. & surplus_ 1,240,451
1,443,727 24,339,991 25,901,370
-V. 141, p. 445.
-Earnings
Pullman Co.
1935-6 Mos.-1934
Period End. June 30- 1935
-Month-1934
SleepinaCar Operations
$4,219,750 $3,977,504 $23,492,588 121,646.396
Total refenues
4,550,422 3,843.343 25,029,048 21,010,224
Total exlsenses
$14,314
Net revenue
Total net revenue_ _ _def$316,357
122,918
Taxes accrued
Operating income_ _ _ _def$439,275
-V.141, p. 607.
$134,160 elef$1536.459
$636,171
*123.359
115,400
$812,623
725,473
$685,811
652,603
*7,958
$87,150
$33,207
$142,119 4=1449,309
127,467
792,629
$669,379
841,701
$14,652 df$2241,938 def$172,322
Quincy Market Cold Storage & Warehouse Co. (&
Subs.)
-Earnings Years Ended March 31Gross income
Operating expenses
Gross profit
Salaries (officers & general office)
General expenses
Interest paid (net)
Prov.for Fed.inc. tax_ _
Net profit
Preferred dividends_
1934
1935
1933
1932
*1,248,979 *1,335,482 $1,366,973 $1,625,212
1,028,107
994,539
1,194,894
1,367,499
$220,872
$340,944
$172,079
$257,714
41,946
34,682
86,585
21.468
39,688
35,464
92,559
52,728
46,478
44,051
111.835
56,896
52,584
123,315
5,095
1120,504 def$30,285
9,750
24,500
$19,823
70,813
$36,189
55,250
Surplus for the year.... def$19,061
Earns, per sh. on 35.000
common shares
Nil
Assets
Cash
U. S. Treas. bonds
Notes receivable
Accts.receivable
Investments
Sinking funds
z Fixed assets.
Unamortized bond
discount
Unexp.insur. prem
Mlscell. supplies.._
$110,754 def$54.785 def$50,990
$1.88
Nil
Nil
Consolidated Balance Sheet March 31
Liabilities-1935
1935
1934
1934
$26,108
$24,693 Accounts payable.. $16,864
$33,558
389,682
420,287 Accrued interest dr
50,691
229,517
261,433 other expenses53,525
114,698
40,000
156,842 Accr. city taxes_ _ _
181,870
31,835 Prov. for Fed. inc.
5,319
4,912 & Mass. excise
5,679,356 5,886,313 taxes
52,159
65,150
Funded debt
1,981,01)0 2,127,000
21,802
26,064 5% pref.stock
1,300,000 1,300,000
16,486
20,849 y Common stock_ 2,900,000 3,000,000
23,306
17,808 Capital surplus
179,543
81,043
Earned surplus
167,888
190,760
$6,688,145 $6,851,035
Total
Total
$6,688,145 $6,851,035
x After depreciation of *2.991,178 n 1935 ($3.617,888 in 1934). y Rep-V. 141. p. 607.
resented by shares of $100 par.
Quincy (III.) Memorial Bridge Co.
-Earnings
Income Account Year Ended April 30 1935
Gross income
Superintendent's operating expenses
$115,607
8,585
Gross profit on operations
Fixed charges and general office expenses
$107,021
x29,958
Net profit on operations
Finance charges (net)
$77.063
49,357
Net income
Federal income tax
327.706
4,589
Balance transferred to surplus account_
Previous surplus
$23,117
17,822
Surplus, balance April 30 1935
$40,939
x Includes depreciation of $17,613.
Balance Sheet Aoril 30 1935
Liabilities
Assets
$1,227,027 634% cum. pref. stock
a Property account
$398,100
9,329 Pref. subscriptions (part paid)
860
Cash on hand and in bank....._
b Common stock
50,000
Cash in hands of trustee for
15,318 Long-term debt
payment of bond interest__ _
763,700
1,178 Notes payable-C. B. & Q.
Other assets
55,099
RR. (current)
24,000
Deferred charges
Accounts payable
239
Accrued interest
17,523
Accrued taxes
1,207
Accrued Federal Income tax
4,547
Reserve for maintenance
6,834
Surplus
40,938
$1,307,951
Total
Total
$1,307,951
a After depreciation of $87,900. b Represented by 10,000 no par shares.
--V. 141, p. 765.
-Earnings
Quebec Power Co.
6 Months Ended June 30Gross revenue
Expenses
Exchange
Fixed charges
1934
1935
11,770.842 *1,868,259
1,073,148
1,072,387
4.073
1,003
304.266
304.266
Net profit before depreciation
-V. 141. p. 445.
$393,187
$486,771
Radiomarine Corp. of America-New President
-
-----Potomac Electric Power Co.
-Bonds Called
-
Net revenue
def$330,671
Auxiliary Operations
Total revenues
$133,739
119,425
Total expenses
Aug. 24 1935
Charles J. Pannill was elected President on Aug. 7.
David Sarnoff, formerly President. and James G. Harbor& formerly
Chairman, resigned recently as officers and directors of the company under
an order of the Federal Communications Commission terminating inter-V. 141, p. 445.
locking directorates.
Raybestos-Manhattan,Inc.
(& Subs.)
-Earnings
-6 Months Ended June 30Net sales
Discounts and allowances
1935
1934
1933
$8.702,188 $7,492,688 $4,512,571
233.981
195,593
121,918
Income from sales
Manufacturing cost of sales
$8,468,207 $7,297,095 $4,390,653
5,644,898 4,622,273
2,724,915
Gross profit
*2.823,309 $2,674,822 *1,665,738
Selling & administrative expenses_ _ _ _ 1,689,791
1,216,995
1,591,283
Profit from operations
Other income
$1,133,518 $1,083,539
107,758
110,055
*448,743
97,164
Total inc. before other deductions,
depreciation & taxes
$1,241,276 $1,193,594
$545,907
Other deductions
47,527
42,825
53,743
Provision for depreciation
312,798
245,005
300,666
Prov. for Fed. & State income taxes_
128,590
28,680
119,353
Net income
$752,361
$749,832
$229,397
Surplus at beginning of period
5,711,158
5.243,564
5,571.844
Total surplus
$6,463,518 $6,291,676 $5,472,961
Dividends paid
320.380
103.531
321.428
Surplus at end of period
$6,143,138 $5,970,248 $5,279,430
Shares com.stock outstanding, no par
638,600
642,900
642,600
Earnings per share
$1.17
$1.12
$0.38
Consolidated Balance Sheet June 30
1934
1935
1934
1935
Assets$
$
Liabilities-$
$S
Cash in banks and
Accounts payable_ 564,373
501,929
on hand
1,328,311
745,020 Accrued salaries &
z Market. secure_ 1,374,421 1,996,416
wages
99,065
96,452
Notes, accts., &c.,
Prov. for income
receivable
1,926,926 1,903,624
taxes
118,039
128,590
Mdse. inventories_ 3,526,846 3,356,568 Prov. for cooling.,
Inv. (incl. advs.).. 1,102,105 1,048,015 taxes, &c
m12141:800303
z Capital stock
Sundry notes &
9,783,869
121 3
00
accounts recelv. 378,678
385,275 Surplus
6,143,139 5,970,248
y Fixed assets__ 6,489,819 6,404,507
Deferred charges_ 115,458
90,532
Trade-name,goodwill,&c
595,156
595,157
16,837,722 16,525,114
Total
Total
16,837,722 16,525,114
x Market value $1,419,759 in 1935 and $2,034,002 in 1934. y After
depreciation of $9,538,415 in 1935 and $8,498.164 in 1934. z epresented
by 676,012 shares (no par value).
-V. 140, p. 3400.
Remington Rand Inc.
-Listing of Stock
.
The New York Stock Exchange has authorized the listing of 75,394
shares of prior preferred stock (par $25): 175,394 shares of its $6 referred
stock (Par $25) and 87,697 additional shares of common stock(par $1),
upon official notice of issuance, making the total amounts applied for
175,394 shares of prior preferred stock 175,394 shares of $6 preferred stock
and 1,612,814 shares of common stock.
Pro Forma Consolidated Balance Sheet, March 31 1935
(Giving effect, as of March 31 1935, to plan of recapitalization which
provides for reclassification of the preferred stocks and for the extinguishing
of accumulated preferred dividends thereon as follows: (1) The issuance
of 175,394 shares each of new prior rpeferred and $6 preferred stocks and
87.697 shares of common stock in exchange for 156,840 shares of old first
preferred and 18,554 shares of the old second preferred stocks outstanding
and accumulated dividends; (2) The transfer to capital and initial surplus
of $8,682,003 arising from the reduction In capital; (.5) The write-down in
consolidation of good-will, patents, &c., on books of Remington Rand, Inc.
and its subsidiaries to nominal value of $1 byc-arge of $9,999,999 to capital
h
and initial surplus.)
Assets
Cash in banks and on hand
$4,511,733
Foreign drafts and notes receivable (less reserves of *38,000)- 1,010,157
Accounts receivable (less reserves of $998,411)
8,599,132
Inventories
10,788,550
Rental machines in service and on hand (less reserve for depreciation of $1,806,750)
1,804,971
Investments in and advances to wholly-owned foreign subsidiary
companies, not consolidated
510,440
Investments in and advances to partly-owned domestic and
foreign companies, not consolidated
1,034,544
Other assets (at cost)
347,185
Properties (less reserve for depreciation (Incl. $230,432 on buildings not used for company's operations) of $14,155,766)
9,273,323
Deferred charges to operations
829,837
Good-will, patents, &c
1
Total
$38,709,873
Volume 141
Financial Chronicle
Liabilities
Accounts payable
Accrued expenses (payrolls, commissions, &c.)
Accrued taxes
Accrued interest on 51% debentures
Provision for United States and foreign income taxes
Total operating reserves
Contingency reserves
% debentures. series A. due May 1 1947
Interest of minority stockholders In capital stock and surplus of
consolidated subsidiary companies
5% cumulative prior preferred stock
$6 cumulative preferred stock
Cortunon stock
Capital and initial surplus
Earned surplus
$554.993
1,297,859
134.540
399,964
257.365
888.823
1,261.285
17,453,000
.
1283
Revere Copper & Brass, Inc. (8c Subs.)-Ecu flings
Period End. June 30Operating profit
Other income
1935-3 Mos.-1934
1935-6 Mos.-1934
$637.911 $1,108,789 $1.544,752 $2.075,839
10,955
23,696
54,772
46.546
Total income
Cash,disc., expense, &c_
Federal taxes
Interest
Depreciation
$648,866 $1,132,486 $1,599.524 $2,122.385
77,358
79,a88
147,072
143,623
19,450
88,000
81,450
154.000
125,985
125,030
251,970
259,810
302,717
288,508
605,434
596,376
1,821
4,384,850
Net profit
$123.356
4.384.850
$551,561
$513,598
$968,576
1.378.684
-V. 141, p. 1108.
5,713.530
598,306 e'eynolds Corp.
-Organized
R. S. Reynolds has announced the formation of the Reynolds Corp.
Total
$38,709,873
f19 Rector St., N. Y. City), a housing subsidiary jointly owned by the
-V. 141. p. 765.
U. S. Foil Co. and the Reynolds Metals Co., to manufacture and sell a
system of construction and equipment for completely fireproof, insulated,
Reading Co.-Earnings.air-conditioned houses. Adopting policies of standardized manufacture
Julyand co-ordinated distribution that are new to the building industry, the
1935
1934
1933
1932
Gross from railway
company revealed that eight Reynolds System houses are already under
$3,691,937 $3,820.612 $4.620,434 $3.400,169
Netfrom railway
construction in the New York area and that orders have been received in
808.077
841,519
1,882,588
746,809
Net after rents
excess of scheduled production.
657,174
661,269
1.577,612
649.779
From Jan. 1
Mr. Reynolds, who is President of the new company, is also President of
Gross from railway
the Reynolds Metals Co. and the U. S. Foil Co.
30.357,015 32.426,950 27,633,220 30.581.609
Net from railway
In conjunction with the housing company, the Reynolds Fiscal Corp.
8.781.652 10,285,439
8,926,946
6,095,982
Net after rents
has been formed to supplement local mortgage financing. The fiscal com6,808,392 8,035,967 6,970.966
5.102.563
-V. 141. p. 765.
pany will not compete with banks and established mortgagees, but will simply act in an advisory capacity to bring borrower and lender together, and
Reliance International Corp.
to finance directly, either construction or permanent mortgage loans, only
-Earnings
when local credit sources are inadequate.
6 Months Ended June 301935
1934
1933
Associated with Mr. Reynolds in the new company are Roe Black and
Cash dividends received
$113,572
$133,526
$128.692
Gardner W. Taylor. Others associated in the company are R. N. Webster,
Interest received and accrued
12,681
25.327
36.326
Vice-President: Victor D. Werner, formerly partner of Quarles, Spence &
Quarles, Milwaukee, Vice-President; C. W. Hupp, Treasurer, and Marland
Total
3126.253
$158,853
$165.018
S. Wolf, advertising manager.
Expenses
46,859
43.152
40,652
Under the Reynolds plan, architect's drawings are received in the comNet loss from sales of securities
2,477,486
287,859
447,348
pany's engineering department and a complete bill of materials is drawn up.
A price is given for the entire job, and if approved, plans are sent to the
Net loss for the period
32,398.092
$172,158
$322,982
factory where all the materials required are assembled from stock units of
-Profits and losses from sales
Note
construction. The materials are shipped through the local building supply
uniformly by the corporation since its of securities have been computed
inception on the first in and out
dealers, and the houses are built by local contractors.
cost basis.
Perhaps the most interesting feature of the Reynolds System is its complete year-round air-conditioning, which, it is said, represents the final word
Statement of Capital Surplus 6 Months Ended June 30 1935
In standardized parts. The ductwork, which is to be marketed as Reynolds
Balance, Dec. 31 1934
Standard Conduit, has all been unitized, so that the assembly of an air
Net unrealized depreciation of investrrents at Dec. 31 1934, $2,287,355
distributing system consists only of attaching the units together with a
based on market qlotations of general portfolio
patented snap-on device. The same standardization is carried out in the
securities and
approximate net asset value of Reliance Management Corp.__
air-conditioning unit itself.
4,191,032
Balance, representing capital surplus, less operating deficit
Reynolds Metals Co.(& Sub.)
-Earnings
of
32,758,379 and pref. diva, paid of $2.205,455
Period End. June 30- 1935-3 Mos.-1934
1935-6 Mos.-1934
Capital surplus arising from change in common stock from no $6,478,386
Net profit after deprec..
par value to shares of 10c. par value each, in accordance with
Federal taxes, &c.. $274,347
$435,698
$562,309
3921.367
amendment to certificate of incorporation dated June
Sits. corn.
stk outstanii
814.179
960,322
960,322
960,322
960,322
Excess of income over expenses for the six months ended 7 1935_
Earnings per share
June 30
$0.45
$0.58
$0.95
1935, per statement attached
-V. 140, P. 4080.
79.394
Total
Reynolds Spring Co. Earnings-28
Net loss on sales of securities during the six months ended June $7.371,961
6 Mos.End. June 301936
1934
30 1935(computed on the basis of"first-in,first
1933
1932
-out")
2,477,486
Sales
$2,726,869 $1,912,918 $1,144.538
Dividends paid on pref.stock
$899,039
170.441
Cost of sales
2,247.755
1.520,870
906,911
826,766
Balance
Profit on sales
7-'es--Net amount required to reduce investments from aggre- $4,724.034
$479,115
$392,048
$72,273
$237,627
Other income
gate cost to aggregate carrying values:
5,222
3,778
6.569
15.886
Excess of cost of general portfolio securities over value based
Gross profit
on market quotations
$395.826
$484.336
$244.196
$8b,159
1.612.858
Expenses
-Excess of aggregate net asset value applicable to inLess
159,973
157.108
119,903
129.132
Depreciation
vestments in Reliance Management Corp. and American,
33,524
33.618
43,366
47.569
Interest
British & Continental Corp. over the aggregate cost thereof
4,565
9,376
9,763
8,627
161,774
Federal taxes
39,362
10,920
25,897
Capital surplus balance, June 30 1935
$3,272,951
Net profit
3169.827
$248,911
360.244 loss$97.169
Shs. cap.stk.outatanding x145,000
y148.000
Comparative Balance Sheet June 30
y148.000
y148,000
Earned per share
$1.14
$1.70
$0.40
1935
Nil
1934
1935
1934
Assetsx Represented by shares of $1 par. y No par shares.
$
$
Liabilities4
$
Cash
197,469
8,997 Sundry accts, payBalance Sheet June 30
Accts. receivable
10,803 able
3,215
d17,999
Assets
Divs.& accrued in1935
1934
1935
1934
Due sec. purch__41,701
Fixed assets
terest receivable
$1,652,646 $1,656,764 Common stock &
20,973
41,666 Management fee
Cash
Invest, at cost_ .. _ 7 431, 511,431,434
120,187
. .
65,245 surplus
935
x11,697,860 y$1573,512
Reliance
due
HOLC bonds
Prepaid ins. prem152,766
1,822
Funded debt
437,175
444,225
1,994
Managem't Corp
3,146
z Accts.& notes roe 390,155
377.722 Notes & accts.pay. 174.927
234,576
Reserve for taxes__
7,873
Accrued int. retie_
3,000
Taxes payable__
44,576
37,086
Unclaimed diva_
24
Inventories
315,850
226,801 Notes payable due
b Preferred stock_ 4,281,025 4,261,025
Investments and
Sept. 25 1936
$
132,000
c Common stock__
62.289
876,469
other assets__ _ _
16,905
71,740 Accrued wages, &c
74,292
58,004
Capital surplus
3,272,951 6,339,378
Patents, good-will
Prov. for Fed. inand developm't_
Total
1
1
come taxes
7,652,200 11,494,894 Total
5,297
7,652.200 11,494,894
Deterred charges__
17,704
12,736 Reserves
108,384
58,311
a Market value, $7,163,956 in
of no par value. c Represented 1934. b Represented by 170,441 shares
by 622,889 no par shares. d Includes
Total
$2,669,216 82,411.011
Total
$2.669,216 $2,411,011
accrued expenses.
-17. 141.p. 1108.
x Represented by 3145.000 shares, $1 par, valued at 31,204.113 after
deducting 3,566 shares held in treasury valued at $29,613. Paid-in supine
Republic Steel Corp.
-Statements Filed with SEC
$324,025 and earned surplus, $169,721. y Represented by 148,566 no par
Amended registration statement covering the securities Involved in
shares, valued at 31,233.726, less 566 shares in treasury, valued at $4,436.
the
plan to combine the Republic, Corrigan, McKinney and Truscon steel comand surplus of $344,223 in 1934 ($296,431 in 1933).
,
Less reserve for
panies was filed Aug. 22 with the Securities and Exchange Commission.
doubtful accounts.
-V. 141. p. 765.
T. M. Girdler, Chairman of the Republic, stated:
"The amended registration statement brings
a current
Richfield Oil Co., of Calif.-Earnings
information set forth in the original statement, up to was filed date the
which
Commission on Nov. 28 1934. As soon as the registration of the with the
(And Wholly-Owned Subsidiaries]
securities
6 Months Ended June 30becomes effective, which is expected to be early in September ,
1935
1934
the company
Net loss after all charges, incl deprec. & depletion $794,185 $1.427.373
will proceed promptly with the steps to carry out the plan.
H. J. Wyser has been elected Executive Vice-President and
Domestic sales of gasoline for the Western companies for the first six
General
Manager of the company and C. M. White has been elected Vice
months of 1935 amounted to 86,731,048 gallons, as compared with 87.153.in charge of operations. Both appointments are effective as of-President
809 gallons in corresponding period of 1934.
Sept. 16.
-V. 141, p. 1108.
Total current assets of the receivership estate on June 30 1935 amounted
to $15,211,561 with cash totaling $4,537,248. This compares with $14.490,303 and $3,321,943, respectively, as of Dec. 311934.
Retail Properties, Inc.(& Subs.)
-Earnings
Total current liabilities as of June 30 1935 amounted to 84,390.054,
Income Account for Fiscal Year Ended Feb. 2b 1935
leaving indicated net working capital of 310,821,507. Total current
Rental income (less provision for doubtful)
liabilities at the close of 1934 amounted to $3,561,328, indicating a net
$34R,514
Operating expenses
working capital of 310.928,975 at that time.
137,634
Administrative and general expenses
24.768
Standard of California Drops Bid for Richfield- •
Operating profit, exclusive of depreciation
The Standard Oil Co.of Calif. announced Aug. 11 that it has withdrawn
$186,111
Its proposal to acquire the properties of the Richfield Oil t.o. and Pan
Other income (net)
1,523
American Co.
anal
Profit before fixed charges
"Over three years ago, in July 1932, Standard's original proposal was
$187,634
Interest on debentures
made to the creditors' committee," the Standard Oil Co. statement said:
-5%% and series A
153,190
Depreciation
"Since then there have been changes in the character of the assets of those
64,632
Debenture discount amortized
companies. To Illustrate, in one instance, the sale by Richfield of its
20,114
Eastern subsidiary.
Net loss before providing for interest on series 13 debentures
"These developments and other changes in the situation, together with
$50,302
continued uncertainties surrounding the completion of the proposed reorganization, make it impossible for Standar to continue for an indefinite
Consolidated Balance Sheet Feb. 28 1935
per
iodoblicontingent
ts outstan big gation."S also V.141. IL 1108
See
Assets
g
Liabilities.
Cash on deposit
$156,089 Accrued int, on debentures__ $92,975iC 3iato
24.68
ond I:04 r Co.
-Admitted to Unlisted Tradin
a Notes and acc'ts receivable- _
9,092 Accrued taxes (local)
Threw York
urb Exchange has admitted to unlisted trading
Other assets
66.778 Rental advances and deposits_
585
privil
the new common stock, $ par, in substitution for old 7% conLand
4,445,711 Long-term debt
6,589.500
vertireferred stock and old
on stock.
-V. 141, p. 446.
h Buildings
, , $3 cum. cony. pref. stock
920,000
Deterred charges
557,102 c Common stock
317:
1(93 000 .._,..Riverside Silk Mills, Ltd.
834
-50
-Cent Accum. Div. 46-" ------- -J
Deficit
The directors have declared a dividend of 50 cents per share on
- of accumulations on the $2 cumulative class A stock, no par value, account
Total
$7,489,909 Total
payable
$7,469,909
Oct. 1 to holders of record Sept. 15. The dividend will be paid in Canadian
a After reserve of $9,041. b After reserve for depreciation of $334,153.
funds subject to a 5% tax in the case of non-residents. A similar dividend
c Common stock issued, 157,840 shares, no par. plus 2.160 shares
reserved
was paid on July 2 and April 1 last, as against 25 cents per share
for allotment certificates, not yet exchanged, gives a total of 160,000 shares,
paid on
Jan. 2 1935. On Oet. 1, July 3 and April 2 1934, 50 cents per shace was
less 3,080 shares held in treasury, leaving 156,920 shares outstanding.distributed. Payments of 25 cents per share were made quarterly from
V. 139, P. 3006.
and including July 2 1932 to Jan. 2 1934. Prior to July 2 1932 regular
1
1284
quarterly dividends of 50 cents per share were paid. Accumulations after
-V. 140,
the payment of the Oct. 1 dividend will amount to $2 per share.
p.4080.
Rockville-Willimantic Lighting Co.
The company has called for redemption on Oct. 1 the series A and B 7%
105.
preferred stock at 110: also the series C. D and E 6% preferred at part
There are 2.000 shares of the A and B and 30000. D and E. This is
of the program for the merging of this company with the Connecticut
Light & Power Co. Connecticut Light & Power will exchange 1 3-11
-7th of a share of Rockville-Willishares of its 531% preferred for each 6
mantic preferred which has not been called. Rockville-Willimantic holders
and a better market for the security.
will receive the same rate of return
-V. 140. p. 3057.
-Earnings
Root Refining Co.
Earnings for the 5 Months Ended May 31 1935
Net income after deprec., depl., Fed. taxes & other deductions
-V. 141. p. 607.
$40,788
-To Vote on Merger
(Joseph T.) Ryerson & Son, Inc.
The stockholders will vote on Aug. 30 on approving the merger of this
-V.141. p. 934.
company with Inland Steel Co.
-Sales
Safeway Stores, Inc.
1933
1934
1935
Sol 8.842,638 $16,486,586 $14.995.855
15,375,857
17,508.289
20.281,505
15,885.573
17,810,088
20,770.761
16,256,401
17.630,191
21,321,010
17,20'3,321
17,981,737
21,477,565
16,943,735
19,000,462
21,911,168
17,825,083
19,050,864
23.038,025
17,287,318
18,535,453
13.434,823
$171,077,495 $144,033,671 $131,673,145
3.310
3,212
3,412
4 Weeks EndedJan. 26
Feb. 23
Mar.23
Apr. 20
May 18
June 15
July 13
Aug. 10
Total 32 weeks
Stores in operation
-V. 141, p. 607.
-San Francisco Ry.-AbandonmentSt. Louis
The Interstate Commerce Commission on Aug. 10 issued a certificate
Permitting the company and its trustees to abandon a line of railroad
extending southward from Wardell, through Pascola. to Yukon, 8.97
miles, in Pemiscot County. Mo.-V. 141, p. 1108.
St. Louis Southwestern Ry. Lines-Earnings
1935-7 Mos.-1934
-Month-1934
Period End. July 31- 1935
$1,284,019 $1,307,538 $9,089,235 $8,551,286
By. oper. revenues
2.839,221
2.871.991
498,081
408,661
Net rev,from ry. oper
1,363.835
1,401,087
262,786
161.493
Net ry. oper. income_ _ _
37,501
46.776
5,495
8.584
Non-oper.income
$170.077
265.648
Gross income
Deductions
Net income
Gross earnings
-V. 141, p. 1108.
$268,282 $1,447,864 $1,401,337
1,844,413
1,842,732
267,086
$1,195 def$394,867 def$443,076
def$95,570
-Second Week of Aug. 1- -Jan 1 to Aug.14=
$241,526 $9,612,416 $9,048,313
$251,200
-Earnings
St. Paul Union Stock Yards Co.
Calendar YearsGross earnings
Total expenses _____
Net earnings
Cash dividends
1931
1932
1933
1934
$2,216.065 $1,918,342 $2,006,710 $2,148,749
1,517,519
1,371,578
1.512.641
1.700.665
515.400
400,000
$405,702
500,000
$489,191
1,000,000
$777,170
800,000
122.830
$510,809
$94,298
sur$115.400
Deficit
200.000
200,000
200.000
200.000
Shs. cap. stk. (no par)_ _
53.8.9
$2.03
$2.44
$2.58
per share
Earnings
Consolidated Balance Sheet Dec. 31
1933
1934
Liabilities1933
1934
r Assets$281,194 $264,227 Accounts payable_ $30,381 $200,851
Cash
1,349,000 1,349,000
74,480 Bonds
37,549
Accts. receivable.
5,626
4,577
50,000 Deferred credits
Invest. in other cos
202,042
85,359 Accrued taxes_
209.531
Inventories
16,862
25,989 Acct.. Int. on bonds
17,805
Prepaid expenses_
4,471
Accr. casualty ins.
Land, bldgs., mach.
5,785,175 6.287,632 Dividend payable_ 100,000
ii, and equip
191,376
Res, for taxes_
17,255
Res. for interest_
4,477
Res. for ens. insur.
510,580
Other reserves_
Net worth:
y Capital stock- 3,000,000 3,000,000
Capital surplus. 1,623,922 1,508,521
$6,331,255 $6,787,687
Total
$6.331,255 $6,787,687
Total
-V. 140, p. 4414.
y Represented by 200.000 shares (no par).
-Earnings
San Diego Consolidated Gas & Electric Co.
1935-12 Mos.-1934
-Month-1934
Period End. June 30- 1935
$539,555 $7,149,269 $6,830,107
$608,354
Gross earnings
236,312 3,290,175 2,957.798
282.177
Net earnings
8,358
12.880
1.046
827
Other income
Net earnings Including other income___
Balance after interest
-V.141. p. 1108.
$283,004
16237,358 $3,303,055 $2,966,157
2,463,649 2,103.808
Sanford Mills-$i Dividend-/.J,......._-.----
The directors have declared a dividend of $1 per share on the common
stock, no par value, payable Aug. 31 to holders of record Aug. 20. Similar
payments were made on Jan. 18, last, July 15 1934, and Jan. 15 1934.
On Sept. 1 1933 50 cents was disbtrIbuted while on Jan. 15 1932 a dividend
-V.138. P. 4476.
of 25 cents per share was paid.
-Bonds Offered-Stone
• Savannah Electric & Power Co.
& Webster and Blodget, Inc., the First Boston Corp.,
Brown Harriman & Co., Inc. and Bonbright & Co., Inc.,
are offering at 100 and int. $4,500,000 1st & ref. mtge. 5%
gold bonds,series F,due Sept. 1 1955.
A prospectus dated Aug. 23 affords the following:
Dated Sept. 2 1935; due Sept. 1 1955. Principal and int.(M.& S.) payNatoinal Bank,
able at principal office of the trustee. Merchantspaid at office orBoston, or
agency of
at option of bearer of coupons, interest will be
the company in New York. Coupon bonds in denocn. of $1,000. registerable
taxes. Legal investas to principal only. No provisions for refund of StateMassachusetts, New
ment, in the opinion of counsel. for savings banks in
Hamphsire, Rhode Island and Vermont.
Security-Series F bonds will be issued under and secured by the 1st &
modified).
ref. mtge. dated as of Oct. 1 1921 (as supplemented and fund payments by
Sinking Fund-There will be required annual sinking principal
amount
company equivalent to 2% of the greatest aggregate
the
of series F bonds which shall theretofore have been certified and delivered
theretofore issued or disposed
by the trustee (exclusive of series F bonds notpledge and then held in pledge
of by the company,or issued solely by way of
or released from pledge and held in the treasury of the company),applicable
to the purchase of series F bonds at not exceeding the redemption price and
accrued interest. The trustee may purchase series F bonds for the sinking
35 days
fund from the company. Any cash not so used within request.after deposit
is to be returned by the trustee to the company upon
Redemption-Series F bonds red, ass whole at any time or in part on any
int. payment date or dates from time to time at following percentages of the
redemption date:
principal amount thereof plus accrued interest to theincl. Aug. 31 1943;
105% to and incl. Aug. 31 1940; 104% thereafter to and
thereafter to and incl. Aug. 31 1946; 102% thereafter to and incl.
103%
Aug. 24 1935
Financial Chronicle
.
Aug. 31 1949; 101% thereafter to and incl. Aug. 31 1952; 100% thereafter
to maturity.
-Net proceeds (estimated at $4,326,450) together with
Purpose of Issue
other funds, estimated to be $14,427 to be obtained from general funds of
the company or.temporary loans, are to be used for the following purposes:
(1) Redemption on Oct. 1 1935 of11.565,900 1st & ref. mtge.73s
$1.679,428
series A,due Oct. 1 1941 at 1034 and int
(2) Redemption on Oct. 1 1935 of $1,082,500 1st & ref. mtge. 6s,
1,147,450
series B.due April 1 1945, at 103 and int
(3) Payment of $1,150,000 note (renewal note representing inmore than one yera) payable to
debtedness outstanding for
Engineers Public Service Co.. int. paid monthly, (whereby
$2,000,000 1st & ref. mtge. is. series E due July 1 1940,
1,150,000
pledged as collateral for note, will be retired and cancelled)
(4) Purchase and instalation in Riverside Station of the co. in
Savannah, Ga., of a new 7,500 kilowatt turbo-generator with
364.000
auxiliaries at an estimated cost Of approximately
-The name of each underwriter and the respective amounts
Underwriters
Blodget,
severally underwritten are as follows: Stone & Webster and
Inc. New York, $1,665.000; First Boston Corp., New York. $1,170.000;
Brown Harriman & Co., Inc., New York,$990,000; Bonbright & Co., Inc.,
New York, $675,000.
Capitalization as of June 30 1935 (Adjusted to Reflect Present Financing)
To Be
Authorized Outstanding
1st & ref. mtge. gold bonds
$996,000
$1,000,000
Series D.4%,due July 1 1947
a4,648,000 4,500,000
Series
o
'
Savannah Elec. Co., 1st consol. mtge. gold bonds.
1,872,000
3,500,000
5%,due Jan. 1 1952
1st pref. or deb. stock ($100 pa.) issuable in series:
1,300,000
1,300,000
Series A.8% (Cumulative)
250.000
at ve)250,000
Series B,7% (cumulative)
250.000
250.000
Series C,7%,(cumulative)
136.300
500,000
Series D,636% (cumulative)
1.000.000
1,000,000
Pref.stock ($100 par)6%(cumulative)
200,000abs. 133,334 shit:
Common stock (no par)
a Amon it at present authorized for certification and delivery by action
of the board of directors on July 11 1935.
Earningsfor Stated Periods
12 Mos.End
-Calendar Years
June 30 '35
1934
1933
1932
$1,896,536 $1,751,040 $1,772,391 $1,804,017
Gross earnings
987,175
960,594
897,419
951,092
a Oper. exps.& taxes--Balance
Approprs.for retire. res_
$945,444
150.000
$853,621
150,000
$811,797
150.000
$816,842
150,000
$666,842
$661,797
1703,621
1795,444
Balance
Annual int. requirements on total funded debt to be outstand358,440
ing upon completion of present financing
Number of times such annual int, requirements earned, on basis
30 1935:
of above earnings for 12 mos. ended June
2.28
Before appropriations for retirement reserve
1.86
After appropriations for retirement reserve
a Other than income taxes. excl. approp. for retirement reserve.
on Aug. 5 1921
-Company was incorp. in Georgia
History and Business
and acquired the properties of Savannah Electric Co. and its subsidiaries,
the
Savannah Power Co. and Chatham County Traction Co. In 1923 furcompany acquired all the assets of Savannah Lighting Co. which had
nished a portion ofthe electric light and power facilities in the central portion
the
of the City of Savannah, which was a part of the area also served by
company.
is engaged in the business of generating, distributing and selling
Company
municipal
electric energy to domestic, commercial, industrial, farm and the incorin
consumers in the City of Savannah. Ga., and its suburbs, Peeler, in the
Savannah Beach (Tybee), Thunderbolt and
porated towns of
unincorporated towns of Bloomingdale. Isle of Hope, Montgomery, Port
Ga.,
Wentworth, Vernon View and White Bluff, all in Chatham County,
and in the unincorporated town of Ways Station in Bryan County, Ga. Its
sections of Chatham
rural lines serve a substantial part of the farming
all
County. The total estimated population of the service area, which is
In the State of Georgia,is over 97.000. No other utility company competes
with the company in furnishing electric service in this area.
Company also engages in operations incidental to the selling of electric
the
energy,such as the sale of appliances or apparatus in order to encourage
street
greater usage of energy. Company also furnishes co-ordinated bus or
bus service in the City of Savannah and suburban
railway and
street railway transportation service to the towns of Port Wentworth and ._
Thunderbolt and to the communities of Isle of Hope and Montgomerz,.i.L
In Chatham County, Ga.-V. 141. p. 934.
-Accumulated Dividend-/c
Chain Theatres, Inc.
The directors have declared a dividend of 75 cents per share on account
of accumulations on the $3 cum. partic. & cony. pref. stock, no par value,
payable Sept. 3 to holders of record Aug. 20. A similar payment was
made in each of the three preceding quarters, prior to which regular quarterly distributions of 75 cents per share yoke made on this issue up to and
incl. Dec. 1 1932.
Accumulations after the payment of the Sept. 3 dividend amount to
-V.140.P. 3564.
$5.25 per share.
-Earnings
(E. W.) Scripps Co.
1933
1934
Earnings for Years Ended Dec. 31Net income after interest, amortization and other
$1,581,978 $1,481,661
charges
Condensed Balance Sheet Dec. 31 1934
Assets
$1,463,500
Notes payable
Cash and demand notes re$6,312,707 Current portion of long-term
ceivable (secured)
93,757 contract obligations and
Accrued interest
365,571
25.5,000 guaranty
Dividends receivable
Accrued Interest, taxes and
Stocks of controlled and aff111187,930
40,392,998
miscellaneous
ated companies
800,000
1,429,529 Notes payable 1936-1943_ _ _ _
MLscell. Investments
308,107
255,450 Contract oblIg., 1936-1947._
Bond sinking fund
208,601 15-year 54% debenture gold
Deferred charges
bonds, maturing Feb. 1 '43 6,464,500
500
Capital stock
32,436,221
Capital surplus
6,921,713
Earned surplus
$48,948,042
$48,948,042 Total
Total
-V.139. p.3164.
-Sales
Sears, Roebuck & Co.
4 Weeks EndedFebruary 26
March 26
April 23
May 21
June 18
July 16
August 13
1933
1935
1934
123,147,066 120,395.895 $15,826,847
14,215,630
29,007,986
22,362,353
18,519.608
31,435,278
23,731,274
21,050,502
32,171,804
27,485,073
19,935,951
32,294,789
25,023,393
19.442,052
30,065.381
21.641,512
19,179,932
20,284,116
24,587,644
Total 28 weeks
-V 141, p. 934
$202,709,948 1160.923.616 1128,170,522
-Earnings
Seattle Gas Co.
1935-12 Mos.-1934
-Month-1934
Period End. July 31- 1935
1139,996
$143,921 $1,717,739 $1,740,382
Gross revenues
Operating expenses (excl.
1,142,457
1,080.760
89,571
92,290
of retirement)
674,837
708.937
57,044
90,293
Income deductions
$76,912
$71,957
55,412
$39,867
Net loss before retire't
3,324
54,295
279
50,944
Retirement provision_ _ _
$80,236
$126,252
$5,691
$90,861
Net loss
-V. 141. p. 608.
Volume 141
Financial Chronicle
1285
to --Selected American Shares,Inc.
..
-2% Stock Dividend-h-ce,RCA Manufacturing Co., Inc., whereby the latter company exclusivelY
isur
chases Lieber Bone Oscillator units from Sonotone Corp. for use in
Tbe directors have declared a stock dividend of 2% on the common
commercial sound equipment such as is used in theatres, public assembly
stock, par 25 cents, payable Sept. 15 to holders of record Aug. 31. A
halls, &c., and also for radio receivers and radio phonographs or similar
similar distribution was made on March 15 1934. Previon.s cash disdevices in private homes. Said arrangement,so far as RCA Manufacturing
tributions were as follows: 2.1 cents on March 15 last: 1.7 cents on Sept. 15
Co., Inc., is concerned, is exclusive but, so far as Sonotone Corp. is conand March 15 1934. and 3.4737 cents per share on Sept. 15 1933.-V.
cerned, is exclusive as to commercial sound equipment only, and non141, p. 608.
exclusive as to institutional sound equipment such as is used in churches.
schools and institutions for the deaf.
Servel, Inc.(8c Subs.)
-Earnings
Capitalization as of July 12 1935, Assuming Sale of All of the Preferred
Period End. July 31- 1935-3 Mos.-1934
1935-9 Mos.-1934
Stock Involved in Offering
Net profit after deprec.,
Author:zed
Outstanding
interest Si Fed. taxes_ $1,067,336
$785,203 $1,754,372 4607.268
Preferred stock (par $1)
50,000 abs.
40,000 shs.
Earns, per sh. on 1,766,Common stock (par $1)
1.000,000 shs.
a675,399 she.
426 shs.S1 par com.stic
$0.60
$0.44
$0.99
$0.32
a 160,000 additional shares have been reserved for conversion of preferred
x And ate.' special inventory reserve of $500,000 which was set up at
stock, herein offered, on the basis of four shares of common forone share
end of second quarter.
-V. 140. p.4415.
of preferred, 121,000 further shares have been reserved for exercise of
warrants and options, and 8,090 further shares have been reserved for prior
Signode Steel Strapping Co.(& Subs.)
-Earnings
subscriptions.
Years Ended Dec. 311934
1933
1932
Preferred stock entitled to a cumulative dividend of 60 cents per share per
Total profit
$165.973
$126,197
$18,332
annum, is convertible at any time at the option of the holder, prior to the
Depreciation of plant and equipment
46.573
49,864
40.992
redemption thereof, into common stock at the ratio of four shares of
Amortization of patents
11,499
19,952
19,400
common stock as now constituted for each share of preferred. Callable,
Govern.tent inco:rte and profits taxes
20,562
11.520
6.670
all or part, on 60 days' notice at $12 per share and div. Preferred stock
Provision to cover possible foreign
is entitled to the benefit of a quarterly sinking fund of 25% of the comforeign losses, &c
25,000
pany's net earnings, the cash in such sinking fund to be used to purchase
Reserve for cintingencies
20.000
preferred stock in the open market at or below the redemption price. Upon
Minority interests in subsidiary
742
904
403
liquidation the preferred stock is entitled to $12 per share plus dividends.
Funded Debt
-Company has no funded debt except a loan owing to the
Net profit for year
$88.597
$23.957 loss$74.133
Federal Reserve Bank of New York in the aggregate amount of $45,000,
Earned surplus. Jan. 1
32.930
8.973
83.107
evidenced by six promissory notes. payable serially to Oct. 10 1937. as
,
Proportion of reserve for contingfAlows: $2,500 on Oct. 10 1935; 85.000 on Jan. 10 1936:$7,500 on April 10
encies restored to surplus
Cr33.000
and Oct. 10 1936; $10,000 on April 10 1937, and $12,500 on Oct. 10 1937.
Appropriation for adjusttrent of value
with 6% interest payable quarterly. Collateral to the loan consists of
of inventory investrent and misan assignment by the company of its patents and patent applications as
cellaneous deferred charges
Dr33,000
well as its exclusive patent license from Lieber Patents Corp. covering both
United States and foreign patents. There was also deposited as collateral
Earned surplus, Dec.31
$119,527
$32,930
$8.973
3,000.01 shares of the capital stock of Lieber Patents Corp. (property of
Hugo Lieber, which was loaned to the company for this specific purpose).
Consolidated Balance Sheet Dec. 31
• Purpose of Issue
-The net proceeds from the sale of the preferred stock
Assets-1934
1933
Liabilities1934
1933
after deducting estimated expenses to be paid by the company, will be
Cash
$133,606
$89,814 Bank loans
$20,000
approximately $300.000 and will be employed by the company to redeem
Accts.receivable_ x379,148
407,822 Orade notes pay
$11,307
the $45.000 Federal Reserve Bank loan. The balance of approximately
Loans to officers &
Accts. pay.& accr.
$255.000 will provide additional working capital. Such working capital
employees
4.341
17,701
liabilities
191,689
319,081
is to be used to repay amounts due to officers and directors in the sum of
Inventories
643,620
731,478 Remittances Sigapproximately $28,000; amounts due on trade notes and acceptances and
Prepaid items--_
48,977
43,616
12,973
node, Ltd
on trade accounts payable in the sum of approximately $61,000; refunding
Investments
151,949
144,325 Customers' depos. 308,913
of dealers' deposits on consigned merchandise in the sum of approximately
318,741
Tools & machs. In
Reserves
68,953
113,663
$23.000; and the balance of approximately $143,000 for sales expansion
services
357,006
379,112 Min. int. in subs...
and the financing of increasing instalment sales.
15,523
14.276
y Plant & equipl. 372,422
402,826 Unearned proport.
The proceeds from the exercise of the warrants to purchase 106,000
Patents
74,524
81,118
shares of COM non ssock at $3 per share will be employed, if and when
of prepaid rental
Deferred charges
47,056
50,120
13,759
on tools in serv_
18,689 the warrants are exercised,from time to time,for general corporate purposes,
Including augmenting the company's cash working capital.
$2.50 cum. pf. stk. 958,770 1,053,840
366,403
367,585
z Common stock
Warrants
-In connection with the preferred stock offered, the company
Surplus from Pur.
has agreed to issue 53,000 warrants, each warrant entitling the holder
89,125
thereof to purchase, at any time prior to Oct. 1 1940, two shares ofcommon
144,831
of treas. stock
Earned surplus__.. 119,527
stock as now constituted at $3 per share or an aggregaet of 106,000 shares
32,930
of common stock. Such warrants are to be issued as follows: With the
Total
$2,212,650 $2,347,931
$2,212,650 $2,347,931
preferred stock a maximum of 40.000 warrants calling for 80,000 shares of
Total
x Includes notes receivable. y After depreciation of $511,845 in 1934
common stock, or at the rate of one warrant, with each share of preferred
and $464,055 in 1933. x Represented by 124,214 no par shares in 1934 and
stock (these warrants to -be attached to the preferred stock and non124,614 no par shares in 1933.
detachable, except for purpose of exercise or in case of conversion or reNote
-The income account and balance sheet for the year ended Dec. 31
demption of stock): to the underwriters, a maximum of 13,000 warrants,
1934 given on page 448 applies to the company only, exclusive ofsubsidiary
calling for 26.000 shares of common stock to be delivered to the undercompanies.- . 141, p. 8.
writers, at the rate of 3)i warrants for each ten shares of preferred stock
taken down by the underwriters. Warrants to be issued are subject to
similar anti-dilution provisions as set forth in connection with the cobSilver King Coalition Mines Co.
-Earnings
-version privileges of the preferred stock.
Period3 Mos. End. 3 Mos. End.
Total
Options
-There is also an outstanding option arrangement, whereby
June 30 '35 Mar. 31 '35
6 Mos.
13 key employees of the company were offered common stock at par value,
Net profit after taxes and depreciation
available in four equal annual fracdons, commencing with Dec. 31 1933.
but before depletion
$56.955
$121,389
such options being contingent upon, and in consideration of the good
$64,434
Earns.per sh. on 1,220,467 shares,
standing of the employees in the company's employ. 36,000 shares were
par $5, common stock
$0.04
$0.05
$0.09
originally reserved under this arrangement. To date, 15,750 shares have
During the quarter ended June 30 733 tons of lead concentrates
been subscribed and paid for and the option has lapsed as to 5,250 shares,
and
3,930 tons of zinc concentrates were stored and valued at cost.
leaving 15,000 shares of common stock still available pursuant to the
Net income for the quarter based on valuing stored product at market
arrangement for subscription, one-half on Dec. 31 1935 and one-half on
June 30 rather than cost would have been $136,569 which is equal to 11.2
Dec. 31 1936.
cents per share on the outstanding common stock.
Underwriters
-The underwrtiers, Van Alstyne. Neel & Co., Inc., 52
-V. 141, p. 935.
Broadway, New York, have agreed to use their best efforts to effect the disSloan & Zook Producing Co.
tribution of the 40,000 shares of preferred seek. The underwriters have
-Earnings
agreed to purchase from the company 1,000 shares of its preferred stock
Income Account for Year 1934
at $8 per share to be taken down and paid for within five days
Crude oil sales _ -------------effective date of registration of the same. Relative to the after the
---------------------------- $409.913
remaining
Miscellaneous income
39,000 shares of preverred stock presently offered. the underwriters have
12.418
the right to purchase said shares at any time or from time to time,from the
Total income
company within a period of 120 days from the effective date of the regis$422,331
Operating and general expense
tration statement at $8 per share, but are not under a firm commitment
114,964
Interest
to do so. The initial offering price to the public is $10 per share, which
27,434
offering price may subsequently be increased or decreased by the under---------------------------------- 3279 9
Net income- _ -, 33
writers in their discretion during the aforementioned 120 days until all of
Depletion and depreciation
the stock is sold; said increase or decrease will be based on the over-the246.722
counter market for the preferred stock as it exists from day to day in
Net profit
New York City. The underwriters reserve the right to offer a number
$33.211
Preferred dividends
of shares of stock to certain registered dealers at a price of $9.25 per share.
7,138
Common dividends
The underwriters receive no commission as such, but will retain the
14,400
difference between the price of $8 per share paid to the company and the
Balance Sheet Dec. 31 1934
amount realized upon resale.
Assets
Liabilities
Cash
347,403 Accounts payable (Dec.)
Comparative Income Account
$6,106
Accounts receivable
14,081 Accounts payable accrued.._ _ _
Year End. 5 Mos.End.
14,731
Notes receivable
Period151 Property purchase obligations.. 237,167
Dec.31 '34 May 31 '35
a Inventories
Sales (net)
12,538 Bonds. 10-yr. s. f. g., due 1938 182.000
$1,265,480
$749,265
Cash (bond sinking fund)
Cost of goods sold (net)
30,684 7% pref.stock cumulative -68,800
345.076
189,130
Sloan & Zook Petroleum Co.
Selling and administration expenses
b Common stock
726,513
16,000
459,275
(par) common stock
Other expenses
33,400 Surplus earned
218,422
76.487
29.414
Sloan dt Zook Refining Co.
(par) common stock
Balance
35,000
$117.404
$71,446
Oil reserves, development,
a
Other income
10,284
2,044
well and oper. equipment.
568,145
Deferred charges to expense__
Total income
1,824
$73,490
$127,688
Interest and financing charges
19,898
1.159
Total
Extraordinary expense
$743,227
Total
$743,227
28,120
Provision for Federal income taxes
a After reserve for depletion and depreciation of $1,188,538. b Repre8.392
10,000
sented by 16,000 shares, no par.
-V.138, P. 4312.
Net profit
$71.278
$62,331
Sonotone Corp.
-Preferred Stock Offered-Van Alstyne, Preferred dividends
2,625
3,500
Noel & Co., Inc., New York, are offering 40,000 shares
cumulative convertible preferred stock at $10 per share,
with common stock option warrants and sinking fund.
Transfer agent, Manufacturers Trust Co., New York. Registrar, Bank
of the Manhattan Co., New York.
History and Business
-Company was organized by Dr. Hugo Lieber on
Dec. 14 1929 in New York for the manufacture and sale of hearing aid
devices; together with the sale of accessories consisting of earpieces, cases,
batteries, &c. Dr. Lieber had been the active head for some time prior
thereto of American Phonophor Corp., which was organized on May 10
1922. This corporation was engaged in the importation and sale of a foreign
made air conduction hearing aid. Sonotone Corp. took over the entire
business of said corporation in December 1929, and actually commenced
business for its own account on April 1 1930.
At the outset the company manufactured and sold an air conduction
hearing aid, but during 1931 and the early part of 1932 intensive research
work resulted in the development of the Lieber Oscillator, a small,compact,
portable device providing for bonal conductivity of sound. This was
placed on the American narket in October 1932. and since that time has
constituted the principal instru, ent manufactured and sold by the company, although the manufacture and sale of the air conduction type has
been continued.
Company also manufactures multiple or group sets to serve theatres,
churches, lecture halls, schools, &c., thus providing hearing facilities
for a large number of deafened persons at one time. On May 31 1935 the
company entered into an arrangement for a period of two years with the
Balance Sheet May 31 1935
Assets
Liabilities'
Cash in banks and on hand..... $31,111 Current liabilities
$236,057
Deposits
58.423 Federal Reserve Bank loan....
30,000
Trade notes and accounts rec. 200,178 7% preferred stock
50,000
Due from officers and director_
3,798 Common stock (par $1)
632.802
Inventories
393,219 Capital surplus
40,027
Due from subscr. to com.stock
13,100 Earned surplus
200,485
Machinery and equipment_ _ _ _
83,862
Intangibles
359,621
Deferred charges
46.059
Total
-V. 141. p. 1109.
$1,189,371
Total
51,189,371
Southern Bell Telephone & Telegraph Co.
-New Pres.
Mr.E. Warren, Vice-President on Aug. 12 was elected President suczeadbig the late Ben S. Read.
Period Ended July 31- 1935
-Month-1934
1935-7 Mos.-1934
Operating revenues
$4,286,027 $4,049,382 $30,244,458 $28,848,480
Uncollectible oper. rev.._
20,668
20,415
131,500
119,197
Operating expenses
2,953.329
2,879,937 20,199,458 19,673,351
Operating taxes
517,384
474,015
3,697,358
3,410.357
Net operating income_
-V. 141, p. 609.
$794,646
$675,015
$6,216,142
$5,645,575
Financial Chronicle
1286
-A $57,500,000
...-Southern California Edison Co. Ltd.
Refunding Operation Planned-Last Major Step in Program
Will Reduce Charges and Retire High Dividend Preferred Stock
Aug. 24 1935
Interim Consolidated Balance Sheet June 30
1935
L1,abilities18,899,402 6% cum. pref.stk_12,994,000
702,192 d Common stock__ 3,750,000
7,079,959 let mtge. 20-yr. 55 6,894,000
Accts. pay.& ewer.
1,071,083
4,912,352 liabilities
Accrued bond int.,
172,350
Payable
45,983 Divs. pay, on pref.
129,940
2,459,128 stock
1,103,937 Res. for 1934 Fed.
79,241
18,797 income taxes._ _
Res. for 1935 Fed.
92,762
inc. taxes (est.).
Ras, for rebuilding
furnaces, liability ins.,pensions,
203,839
&c
Earned surplus... 9,709,862
Assets
a Capital assets...18,500,544
Investmls, miscell 2,196,639
b Inventories
7,089,639
c:Notes and accts.
2,071,956
receivable
Notes & accts. rec.:
Officers and em49,865
ployees
Marketable securs. 2.459.127
2,690,352
Cash
18,162
Deferred charges..
20,592
deatents & licenses
934
12,994,000
3,750,000
7,273,000
Harry J. Dauer, President, has announced that the company intended
to file on Aug. 23 with the Securities and Exchange Commission at Washington registration statements covering $30,000.000 of 1st and ref. mtge.
1,459,673
4% bonds, due 1960, and 327.500,000 of 234% and 334% debentures,
maturing in one to 10 years. The proceeds from sale of the new securities
181,825
will be used to relund $29.300.000 of refunding mortgage 5% bonds, due
1954 and $24,000,000 of 7% preferred stock, which the company plans to
call for payment.
"This refunding operation," Mr.Bauer stated,"will result in a strengthen130.041
ing of the position of the company's first and refunding mortgage bonds
through the addition of further restrictive provisions with respect to the
the issuissuance of mortgage bonds. Under the new escrow provisions,
ance of bonds is limited to 66 2-3% ot new property as compared with 75%
previously, and no additional bonds may be issued unless earnings are
162,276
equivalent to 234 times interest charges Including charges on oonds to be
Issued as compared with the original requirement of only 1 jj times."
9,270,916
Mr. Bauer explained that the company had decided to issue the proposed
$30,000,000 of first and refunding mortgage bonds with a 4% coupon,
35,096,878 35,221,731
Total
35,096,878 35,221,731
Total
rather than a 3 U% coupon for the reason that such procedure is expected
a Less reserve for depreciation of $5.912,016 in 1934 and $6,834,845 in
to permit the company to accomplish the entire refunding-both mortgage
$464,612 in q935. c Less
1935. b Less reserve of $483,563 in 1934 and
and debenture issues-without incurring discounts, the amortization of
reserve for bad debts of $169,854 in 1934 and $258,156 in 1935. d Reprewhich would have to be charged against earnings in the future.
-V. 140. p. 4082.
sented by 750,000 no par shares.
"The retirement of the company's 7% preferred stock," said Mr. Hauer,
"is clearly desirable because of the high dividend rate. Our cash position
--Sale
Spreckles Sugar Corp.
amounts of the preferred stock for
Is such that we could purchase large
retirement over a period of years. But instead of following this course and
The property of the corporation and the Syrup Products Co., Inc. will be
meanwhile paying 7% on the stock not yet retired, we feel it wise to call
sold at auction on Sept. 16 next at Yonkers, N. Y. by Samuel T. Freeman
the entire issue and replace it with low-coupon debentures, with one-to-10
-V. 140, p. 486.
& Co., auctioneers.
year maturities, to be retired on a definite schedule. The new debentures
onna
will, it is expected, be paid out of earnings. The company can easily retire ..._,.Springfield Woolen Mills Co.to
the debentures under the proposed schedule of maturities."
fl'he capital stock of the company has been increased rom $50,000
Mr. Bauer pointed out that after giving effect to the newly proposed
meeting it was ated that a large
$1W.000. At the recent stockholders'
was
financing, the company's funded debt, including the debemures, will
part of the new capital had already been subscribed. The company
-year
represent only 51% of total capitalization, and that after the 10
last May when local capital became interested in the property.
E.
program of debenture retirement, funded debt will represent only 44% of, reorganized
The following officers were elected at the meeting: Mayor John
total capitalization.
Garner of Springfield, President: C. H. Rickman, First Vice-President:
Mr. Bauer stated that this proposed financing will complete the last
E. B. Boyd, Secretary & General
Charles E. Bell, Second Vice-President;
of
major step in the company's refunding program, which has already acManager, and W. Harry Elam, Treasurer. The members of the board E.
complished the issuance of 3108,000,000 of securities in the past year at
directors are the officers and the following: Joe W. Henry, Charles
substantially reduced interest rates as compared with the securities refunded.
-V.132, p.4608.
Arch Cash.
Bell, A.Frank Trimble, Dan W.Porter and
-V. 141, p. 767.
-Plans to Clear Up Accumulation
----Square D Co.
the authoriz4d class A
-Earnings, &c.
Southern Natural Gas Corp.
Reflecting the current steady improvement in the heavy indushies, the
receivers for the corporation, now in reorganization, which serves many
large industrial concerns in the South, report a substantial increase in sales
-natural gas during the month of July, as compared with the same month
of
last Year.
I• Industrial sales of gas in July amounted to 904,783,000 cubic feet, compared with 681,367,000 cubic feet in July 1934. a gain of approximately
33%. Domestic sales also increased from 160,626,000 cubic feet in July
of last year to 181,385,000 this year, and total sales aggregated 1.124,237,000
cubic feet compared with 874,464,000, a gain of about 28%•
For the month of July, the report shows gross income before interest
equirements on funded debt and depreciation allowance of 3106,060.
compared with $85,695 last year. Gross income for the seven months
ended July 31 was 31,238,562, against $1,101,539, an increase of$137,023.
The balance sheet at July 31 1935 shows current assets of 3652.192, including cash of$308,690,and current liabilities of 3350,200.-V.141,P.448
Southern Pacific Lines-Earnings
1935-7 Mos.-1934
-Month-1934
1935
Period End.July 31-Railway oper. revenues_313,982,490 $14,029,000 389,635,987 $85,200,058
Railway over. expenses_ 10,646,348 10.404,282 69,967,281 65,384.279
7,219,449 7,390.954
1,056,541
Railway tax accruals_ _ _ 1,148.438
25,657
28,334
3,697
2,262
Uncollect. railway revs_
664,010 3,911,048 3,855,256
730,535
Equip. rents (net)
-Dr.
250,981
173,082
24,230
21,706
Joint tacit.rents(net) Dr
Net ry. oper. Income_ $1,433,199 $1,876,452 $8.336.790 $8,292,928
- 141, p. 768.
V.
Southern Ry,-EarningsPeriodGross earnings
V.
- 141, p. 1109.
-Second Week of Aug.- -Jan. 1 to Aug. 141934
1935
1934
1935
31,936.020 31,867.017 $64,206,529 $63,763,989
•
-Earnings
Southland Royalty Co.(& Subs.)
6 Mos.End. June 30
Net income after int.,
deprec.. depict., Fed.
taxes, &c
Shs.corn.stk. outstand'g
Earnings per share
-V. 140, p. 3735.
1935
$156.860
865,005
$0.18
1934
1933
$175,090 loss$17,124
967,190
883.079
Nil
$0.20
1932
3117.732
940,343
$0.12
--Earnings
Southwestern Gas & Electric Co.
1935-6 Mos.-1934
Period End. June 30- 1935--3 Mos.-1934 $2,789,763 $2,650,093
161,352,760
Total gross earnings_ _ - 31,419,024
881,891
Total oper. exps. & taxes
Net earns.from operat'na
Other income (net)
$537,133
9,167
829,245
1.750,096
1,607,272
$523,515 $1,039,667 $1.042,821
def4,189
17.939
def2,620
$520,895 31,057,607 $1,038.632
Net earnings bet int- - 3546.300
589.363
554,710
301,788
276,439
Int. and other deductions
Net income before pre$449,268
3502.896
$219.107
$269,860
ferred dividends__ _
334.127
334,148
167.068
167.073
Pref. stock dividends_
3115,140
3168,748
$52,038
8102,787
'Balance
previous year on a consoliNote
-Earnings and expenses reported in the
dated basis are included in this statement on a corporate (not consolidated)
basis.
-V. 141. p. 1109.
......... -Southwestern Light & Power Co.-Accum.
„
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $6 cum. pref. stock, no par value, payable Oct. 1
to holders of record Sept. 16. Similar distributions were made on this
Issue in each of the eight preceding quarters, compared with 75 cents per
-V. 141,
share on July 1 1933 and $1.50 per share in preceding quarters.
P. 768.
-Earnings
Sparta Foundry Co.
Earnings for the Quarter Ended June 30 1935
Net profit after depreciation and other charges
Earnings per share on 120.000 shares
V.
- 141, p. 287.
$76,793
$1.47
-Earnings
Spang, Chalfant & Co., Inc.(& Subs.)
1
1935-12 Mos -1934
Period End. June 30- 1935-3 Mos.-1934
Gross inc.from operat'ns 31,144.818 $1.444,451 $3,358.128 $3,097,932
833,595
839,189
234,945
222.064
Selling & gen'l expenses..
Net Inc. from oper'ns_
Interest income
Investment earnings___ _
Rents (net)
Miscellaneous income.__
3922,754 $1,209,506 32.518.939 $2,264,337
154.906
54,298
19,296
33,326
193,645
22,149
4,974
88,661
11,652
4.353
8,509
2,900
18,217
4,857
9,238
12,302
$1,059,944 31.242.988 $2,897,360 32,358,532
Total income
1,282,775
1,025,055
256.135
331,919
Depreciation
Int. on 5% 1st mtge.
353,210
91,706
373,060
86,423
bonds
gold
Int. discounts. taxes &
372,938
441,564
65,879
169.502
miscellaneous- __--121,203
130,041
64.372
130.041
Pro-v. for Fed. inc. taxes
Total net profit
$407,727
$699,226
$698,608
$457,437
The stockholders will vote Oct. 1 on increasing
aupreferred stock to 140,000 shares from 115.000 shares (no pap, and
dividend
thorizing the Issuance of approximately 23,000 shares as a stogIe
on account of accumulations on the class A stock.
says:
In a circular to stockholders Aug. 22, F. W. Magi'', Presidbflt.
consideraThe officers and directors have for some time given careful its class A
to the policy to be followed with regard to dividend* on
tion
together with
preferred stock. Increased earnings over the past 18 monytis,
step by
a satisfactory cash positionpermitted directors to ta 6 the first class A
of 55 cents per share per quftter on the
restoring full dividends
preferred stock, paid on June 30 1935.
company now
It is the opinion of the directors that the condit n of theaccumulations
warrants some steps being taken to clear up priptly the amounted to
ne 30 1935,
on the class A preferred stock which, as of
85.000.
36.875 per share, or somewhat in excess of accruals in cash, either immeIt is obvious that the payment of th
would
diately or even in the near future, is J,al3ossibie. Partial payments
°wove'',it would seem to be greatly
necessarily extend over a long peri
preferred stock and class B common
A
to the interest of holders of cl
ed which would permit settlement of the
stock, if a plan could be ef
a plan
accumulation on the clas9# preferred stock in full at once. Such
-approved by the directors.
has been developed and,
in settlement
Under the plan class A preferred stockholders will receivein class A preof dividend accumulations to June 30 1935, a stock dividend
ferred stock equal to 23 1-3% of the number of shares of class A preferred
stock held.
the intention of the company
If the plea is consummated promptly, it isstockholders of record Oct.30
k istribution of the stock dividend to
to
dividends on the nw stock are to accrue from Sept.30 1935.
19
11
Added to List
e
shares of class A
ew York Curb Exc ngeJwill list 108 additional B common stock,
stock, no par. add 2.624 dditional shares ofclass
prate
no par, upon official notice of issuances.
Earnings for 6 Months Ended June 30 1935
Prof. from oper. after deducting coat of goods sold & selling & $339,654
adminis.expenses,incl. prov.of$49.889 for deprec
12,567
Other income
Profit before Interest and other charges
Interest paid
Other deductions
Provision for Federal and State income taxes
Profit applic. to cap.stock ofsub. held by the public
$352,221
25,425
2.636
50.989
4.245
Consolidated net profit
Balance surplus, Jan. 1 1935
Excess of par value over purchase price of Square D Co., Inc.,
preferred stock acquired for treasury
$268,925
947,472
490
$1,216,888
Total surplus
82,475
Divs. paid on class A pref.stock (8234 cents per share)
41,134,412
Consolidated surplus, June 30 1935
x Represented by: Capital surplus, $302,001; earned surplus $832,411.
Condensed Consolidated Balance Sheet June 30 1935
Liabilities
Assets
$166,999
Cash on deposit and on hand- $532,234 Accts. pay., payrolls, Sic
959
37,722 Dividends payable
Marketable secure., at cost._
51,117
Accrued Int., taxes, &c
Customers' notes, accts. &
x441,271 Prev. for Fed. & State income
acceptances
trade
908,798 taxes
81,681
Inventories
6,149 Wis,unemploy.ins. fd., contra
6.149
. unemploy.ins, hi., contra
6% note of Square D Co., Inc.,
Invest. in Square D Co. of
73,362
due Aug. 1 1935 renewable
Cant.da. Ltd
20,500
Employees'stk. porch. accts.. y100,905 to Aug. 11940
775.000
Funded debt
Avs. to salesmen & employees'
198.41)2
10,908 Reserve for contingencies
notes & accounts
10,799 Minority interest, Square D
Officers' accounts
74,156
4,572
Co., Inc
MLscell. invests. & accounts
a999,890
7,387 Class A preferred stock
Claims scat. closed trust cos
h70,928
Class B common stock
Land, bldgs., equip., tools,
302,001
z1,414,339 Capital surplus
dies, &c
832,411
1 Earned surplus
Good-will
1
Patents
31,543
Deferred charges
$3,579,995
$3,579,995
Total
Total
x After allowance for doubtful accounts of 353,070. y On the basis'
quoted market value at June 30 1935 of the Square D company's stock
the
held as collateral, the employees'stock purchase accounts were inadequately
secured in the amount of $764. x After allowance for depreciation of
31.085,179. a Represented by 99,969 no par shares. b Represented by
-V. 141, p. 768.
70,926 no par shares.
-Weekly Output
Standard Gas & Electric Co.
Electric output for the AIN* ended Aug. 17 1935, totaled 87,025,939
kilowatt hours, an increase of 1.7% compared with the corresponning week
-V.141, p. 1109.
last year.
Standard Oil Co. of California-Withdraws Offer to
Purchase Richfield Oil Co. Properties-See latter company.
V. 141, p.935.
Volume 141
Financial Chronicle
1287
Standard Utilities, Inc.
-Stock Offered-John Nickerson e -Super-Power Co. of Illinois-Bonds Called....& Co., New York, are offering by means of a prospectus
A total of $37.500 1st mtge.6% gold bonds series of 1931 has been called
common shares of this investment company, formed under for redemption on Sept. 16 at 105 and int. Payment will be made at
Continental National Bank & Trust Co. of Chicago, 231 South La Salle St..
the laws of Maryland on March 17 1930, to take advantage Chicago, 111.-V. 140, a. am.
of large profit possibilities from the drastically liquidated
Sutter Butte Canal Co.
-Reduces Funded Debt
common stocks of a group of leading public utility companies.
The company is advising holders of its first mortgage bonds that the
The shares are being offered at their net asset value plus a $515,000 bonds of Richvale Irrigation District owned by the Sutter Butte
Canal Co. have been sold to the Reconstruction Finance Corporation.
premium of 8% to cover the costs of distribution.
according to E. A. Julian, Managing Director. The canal company
Following liquidation of a substantial portion of its assets on April 13
acquired the Richvale bonds from the sale of an approximate one-sixth
Interest in its properties to the Richvale irrigation District in 1930
1931 the operations of the company were practically dormant until Feb.
The proceeds of the sale to the RFC are being devoted to the purchase of
10 1933, since which time the company, as now constituted, has been
in operation. The common stock of the company through its portfolio
$524,000 first mortgage bonds of Sutter Butte Canal Co. at a price of $700
represents an investment in six leading public utility holding company
per $1,000 bond.
stocks, about 50% of its funds being in Electric Bond & Share common
The transaction will reduce the funded debt of the Sutter Butte Canal
stock and 10% each in the common stocks of American Gas & Electric Co.,
Co.from $945,000 to $421,000.-V. 139. p. 1253.
American Power & Light Co Columbia Gas & Electric Corp?, National
,.......--Power & Light Co. and the North American Co.
i'acony-Palmyra Bridge Co.
-Dividend Doubled
Authorized capitalization consists of 10.000,000 shares of common stock,
Directors have declared a dividend of 50 cents per share on the class A
par value 50 cents, of which 241,494 shares are outstanding fully paid,
and class B common stock, no par value, payable Sept. 30 to holders of
and 10,000 shares of class B stock, all of which is outstanding fully paid.
record Sept. 10. This compares with 25 cents paid on June 30 and March 30
The class B stock does not participate in the earnings or assets of the
last;50 cents per share Dec.31 and Sept.30 1934;25cents June 30,March 30
company, being issued merely to assure continuous and aggressive manage1934 and Dec. 30 1933;50 cents per share Sept. 30 1933: 25 cents June 30
ment. The common stock commands approximately two-thirds of the
1933; 50 cents March 31 1933, and 75 cents per share each quarter from
aggregate voting power at stockholders' meetings.
Sept. 30 1930 to and including Dec. 31 1932.-V. 141, P. 449.
There is no management fee for operation of the company, and the
officers and directors receive no salaries or fees, the cost of operation
Texas Corp.
-New Chairman, &e.therefore being at a mimmum. No change may be made in the portfolio
The directors, at a meeting held Aug. 9, elected T. Bieber, formerly
without prior notification to stockholders. The corporation will not
Vice-President in charge of marine and export activities. Chairman to
borrow money, operate margin accounts or sell securities short, and the
succeed the late Judge C. 13. Ames. Mr. Rieber will continue in charge
cash and other assets of the company will be lodged with the custodian,
of marine and export activities in connection with his duties as Chairman.
All sums received in excess of 50 cents per share as net proceeds from the
Henry U. Harris was elected a director of the Texas Corp. and the
sale of common shares are allocated to surplus and all stock when issued
Texas Co., the operating unit, in place of Judge Ames.
will be fully paid and non-assessable.
Harry T. Klein, Vice-President and general counsel, was elected a
The management of the company includes John Nickerson, President
member of the Executive Committee to succeed Judge Ames. W. S. S.
and Director: Charles A. Hobein, Vice-President and Secretary; Robert S.
Rodgers continues as President and chief executive officer of the company.
Robertson, Vice-President and Director; John J. Moore, Treasurer and
-V. 141. p. 610.
Director, and Frederick W. Liebert Director, all of whom are associated
with John Nickerson & Co., Inc.
Thermoid Co.-EarningsIn announcing this offering, the underwriters stated that answers re- •
[InduclIng Wholly
-Owned Subsidiaries]
ceived from more than 300 investment dealers in reply to a questionnaire
6 Months Ended June 301933
1935
1934
recently sent out showed that a large majority of the dealers believe the
Net profit after depreciation & Interest
time has arrived for the investing public to become interested in utility
but before Federal taxes
$409
y$146,878
$93,446
holding company equities.
The recent action of utility holding company
x Before Federal income tax of $27,500 but after interest expense of
stocks, beating out the opinion of most of the dealers questioned," said
$78.527 and depreciation allowance of $60,144. y After interest on'6%
Mr. Nickerson,"has strengthened our belief that we are in the beginning
notes of $73,073 and depreciation allowance of $65,439.
of a large utility stock market, and has prompted us to offer Standard
The company's statement shows a reserve of $26,000 for Federal income
Utilities, Inc.. common stock as an issue that would participate effectively
tax, based on earnings in the subsidiaries which are now separately taxed.
n such a market."
-V. 138, p. 4313.
Net income available for dividends on the stock of the parent company,
after this tax reserve, amounted to $120,878, against a six months' dividend
Sterling Securities Corp.
-Earnings
accrual of $110,523 for the outstanding first preferred stock.
6 Mos. End. June 30-- 1935
The balance sheet as of June 30 1935 showed toad current assets of
1933
1932
1934
Interest. & dividends.-$1,739,155, as compared with total current liabilities of $539,593. The
$231,358
$207,524
$258,231
'Profit on sale of invest__ $225,497
reduction in total current assets, according to Fred Schluter, President, in
loss1034,675 1oss6389,505
his report to stockholders, is due to expenditures for necessary, additional
Total income
$225,497
$258.231 loss$827.151 loss$6158147
equipment and machinery and the acquisition of more of the company's
Expenses
47,827
44,763
42,810
6% notes.
49,185
Accrued for taxes
"Sales have been running approximately 20% ahead of the corresponding
15,012
15.016
9,015
period in 1934." says Mr. Schluter's report, "and we are glad to report
Net income
that from indications so far, the third quarter should be a more satisfactory
$171,719
$194.034 loss$889.9961oss16200956
one than a year ago, in spite of the reduction in business from Detroit due
Balance Sheet June 30
to the earlier change in car models this year. Sales to the replacement
1935
1934
1934
1935
trade, in the mechanical rubber division and the carpet division are running
Assets
Llabtlates$
$
ahead of the same period last year.
Investments
13.351,385 15,700,239 b Conv.lst pf.stk.12,377,250 13,943.250
"Our Canadian business through Thermold. Ltd., a wholly-owned subCash
2,203.325
374,971 c Preference stock_ 2,500,000 2,500,000
sidiary, shows healthy expansion. Export business generally is up over
U. S. Liberty bds_ 101,812
603,803
d Ol. A corn. stock 603,803
30% compaied with the same period last year."
Divs.reed.,&c_ _
62,170
a
a
81,800 Class B corn, stock
Operations of Southern Asbestos Co.(not wholly-owned) for the first six
Due from brokers_
46,884
42,353
78,116 Due to brokers.
months of this year resulted in a net loss of $14,152 after all expenses, inAccts. pay.& aces.
18,237
18,798
cluding taxes and allowance of $17.379 for depreciation. The operations
266,267 def873,077
Surplus
of this company were seriously affected during
the period as well
as in the final quarter of last year by unusual much offor manufacturing
expense
Total
15,785,556 16,235,126 . Total
15,765.558 16,235.128
and for compensation insurance. Approximately 100 workers had to be
a Represented by 298,297 no par shares, value not stated. b Reprereleased to comply with insurance requirements, and 300 employed as
sented by 247,545 shares, par $50 in 1395 (278,865 in 1934). c Represented
replacements due to their inexperience at the same machines. This diffiby 500,000 no par shares. d Represented by 603,802 no par shares.
-V. culty, according to the President's statement to stockholders, is largely
141, P. 935.
behind the company.
Balance sheet of Southern Asbestos Co. as of June 30 1935 showed total
___..Stouffer Corp.
-Accumulated Class A Dividend-keL--- current assets of $248,992. compared with total current liabilities of $28,891.
The directors have declared a dividend of 56 cents per share on account
i
of accumulations on the $2.25 cumulative class A stock, no par value, -V. 141, p. 936.
payable Aug. 31 to holders of record Aug. 20. A similar payment was
Tokyo Electric Light Co., Ltd.
-Earnings
made on June 29 and March 30, last and on Dec. 29 1934, this latter being
(In Japanese Yen)
the first payment to be made on this issue since Nov. 1 1932 when a regular
quarterly dividend of like amount was paid.
6 Months Ended May 311935
1934
1933
-V. 140, P. 4083.
Sales of electricity
67,495,449 60,752,755 57,058,736
Sunray Oil Corp.
Interest and dividends
-Earnings
1,455,621
236,086
1,588,539
Other income
Earningsfor the 6
1.082.890
1,195,965
1.067.6306
Operating income, oil & gas salesMonths Ended June 30 1935
& refinery sales
Total income
70,033,962 62,184,807 59,714,882
Oper.& adm.exp.& cost of refinery sales (Incl. gross production $1.376,051
Generating expenses
19,168,985 15,068.036
taxes)-----------------------------------------------•
Interest on loans and debentures--- 14,184.193 14,833,988 20,131,978
787,046
. "
Depreciation
6.840.716 13.341,124 12,225,000
Net operating income
$589,005
Business expenses
3,960,600
5.454,850 4,605,753
Other income, sales of properties, interest, rentals, &c
26,324
Other deductions
12,338.525
9.385.859 7.334.415
Net profit
Total income_
15,951,980
349.617
$615,329
Other deductions, for interest, abandonments. &c
Balance Sheet May 31
162.450
Estimated reserves for depletion, depreciation & Federal taxes.
288.711
(Currency Japanese Yen)
AssetsNet income less estimated reserves
1935
Liabilities
,
1934
1935
1934
$164,167
Earnings per share on 1.583,401 shares of common stock
Fixed assets less
Share capital...429,562,000 429,562,000
$0.10
depreciation. 785,307,870 768,074,264 Bonds & debs_380,396.428 369,433,602
-V. 139. P. 3337.
Inv. in securities 28,941,569 16,556,635 Accts. payable.. 2,742,548 2,835.511
Sunshine Mining Co.
Bills receivable_
56,519
83,017 Accrued interest 10.160.967 10,516,145
-Earnings...
Maths AC supers 4,578,832 4,818,317 Loans and bills
Earnings for the Month of July
Receivables ____ 11,568,983 12,031,207
payable
22,181,804 38,102,473
Smelter receipts
Cash in banks_ 5,873,7.56 2,945,593 Legal reserve... 20,181,000 19,601,000
$339,401
Ore inventory
Unamort. debt
Special reserves. 6,000,000
6,000,000
30,794
disct. and caps 32.174,901 34.673.303 Employees retire
July ore production
Inv, in attn. co_ 63.043.143 52,506,247
reserve
550,064 1,117,967
$370,196
Mine costs
Suspens paym'ts 5,682,357 8,677,068 Prov. for future
98,442
Miscellaneous operation and production costs
losses on red.
6,980
ot foreign bds_ 1,500.000
_____ ____
Profit
Deposits
2,924.378 2,586,292
$264,773
Miscellaneous income
Unclaimed diva_
154,655
147,556
804
Unclaimed deb.
Estimated gross profit
redemption ._
22,500
701,800
$265,577
Less estimated depreciation
suspense reels 13,465,772 10.410,087
2.000
Less estimated taxes
Foreign exchange
6.000
Less estimated income taxes
suspense
3,800,208
3,800,208
57,400
Surplus
7,633,629 5.551,010
Profit
Net profit for
$200,177
Plus capital _________ 1'14:
the term
n ______
15,951,980
27,561
Estimated net profit
Total
917,227,935 900,365,651
Total
917,227,935 900,365,651
$227.739
-V.139. p. 1419.
Combined Trial Balance July 31 1935
Assets
Ltalrittlfes....---Torlo & Ohio Central Ry.-Listin -et^g
1
Cash
$858,280 Insurance reeve, dim,Income
The ew York Stock Exchange hassauthoriz the listing of $12,500,000
U. S. Government bonds
tax payable, loan fund, pay33.572
refund
and improvement mortgage 3%% be ds, series A, due June 1
Accounts receivable
510 roll payable, accts. payable- $200,791
1960.-V. 140, p. 4417.
Inventories
297,005 Capital stock
148,882
Real estate
8,500 Estimated depreciation reserve
14,000
Union Pacific System-Earnings
Deferred mining costs
73,563 Estimated tax reserve
42,000
Bidgs„ machinery &
Period Ended July 31- 1935
-Month-1934
1935-7 Mos.-1934
x372,886 Estimated Inc. tax reserve__ _ .. 303,100
Railway oper. revenues-$10,252,475 $9,969,646 $66,363,724 $64,664,266
Surplus appropriated
100,000
Railway oper. expenses- 6,965,821
6,857,389 51.941,244 46.750.299
Surplus unappropriated
583,090
Railway tax accruals_-- 1,105,203
952,001
Plus net deprec. & added costs
6,340,160 6,349.683
Uncollectlble ry. revs_ _ _
8,564
19,362
adjusted
28
4.580
24,714
Equipment rents, net dr489.043
600.151
Plus estimated July net income 227,739
3,125.871
3,359,982
Joint facility rents
40,284
39,446
242,854
245,250
Total
51,644,318
Total
$1,644,318
Net income
$643,560 $1.520,631 $4,694,233 $7,754.472
x After depreciation of 897.093.-V. 141, p. 609.
-V. 141, p.937.
Financial Chronicle
1288
Union Tank Car Co.
-Earnings
6 Mos. End. June 30-Profit from operations
(after depreciation)-Other income
Total income
Interest deductions
Loss on sale of invest.
(net)
Federal income tax
1935
1934
1933
1932
$542,167
76.784
$746,209
204,423
$414,346
218.459
$439,538
274.474
$618,951
$950,632
101,688
$632,806
150,961
$714.011
171,904
1,452
10,045
43,919
12,081
17,460
Aug. 24 1935
first made since Nov. 1 1930 when a regular quarterly dividend of $1.25
per share was distributed.
Accumulations as of Nov. 1 after the payment of the Sept. 10 dividend
-V. 141, p. 771.
will amount to $24.50 per share.
-Earnings
Universal Consolidated Oil Co.(& Subs.)
6 Months Ended June 30Net loss after depreciation
-V. 137, P. 3511.
1935
$8,655
1934
$49,510
-Merger Approved
Universal Gypsum & Lime Coe.
-V. 141, p. 452.
See National Gypsum Co. above.
0
......
$524,647_
$469,764
Net income
$805,025
$607,454
-Accumulated
pressit Metal Cap Corp.
940.536
798.917
Dividends paid
720.000
696,806
The directors have declared a dividend of $1 per share on the 8% Cum•
$415,889
pref. stock, par $100, payable on account of accumulations, on Oct. 1
$329,153
Balance, deficit
$89.352 sur$85,025
to holders of record Sept. 16. A similar payment was made on April 1
Shs. cap,stock outstand1,200,000 1,254.048
1,200,000
ing (no par)
last and compares with $2 per share paid on Dec. 28. Oct. 1, July 1 and
1,162,544
$0.41
$0.39
April 1 1934; $3 per share on Jan. 8 1934; $2 per share on Oct. 1 and
Earnings per share
$0.67
$0.52
July 11933;$1 per share on April 1 1933; $2 on Dec. 28, Oct. 1 and July 1
cash and marketCurrent assets as of June 30 1935. including $6,144,647
1932, and $1 per share on April 1 1932.
able securities, amounted to $8,375,929, and current liabilities, including
The dividends have been accumulating on this stock since Jan. 1 1925.
Federal tax reserves. were $621.648. This compares with cash and marketDividends prior to Jan. 1 1925 were waived by the pref. stockholders.
able securities of $8,336,265. current assets of $10.474,738, and current
V. 140, p. 1856.
liabilities, including Federal tax reserves, of $457.953 on June 30 1934.
-V. 140, p. 2024.
-Meeting Again Adf
Utilities Power & Light Corp.
-Quarterly ReportThe stockholders again adjourned their annual meeting, which was to be
United Air Lines Transport Corp.
Richmond. Va., without taking action on election of
held on Aug. 21 at
.A. Patterson, President says in part:
directors. They decided to meet again on Oct. 16.
United Air Lines increased its operating revenues $675,405 during the
H. L. Fogg of Chicago, assistant secretary, issued a statement which
second quarter of 1935. This was a gain of 40.6% over the first quarter of
said:"The adjournment was agreed to by the principal stockholders at the
the same year. Aggregate operating revenues were $2,340.233.
request of Irwin T. Gilruth and Charles A. McDonald, temporary trustees
The company carried a total of 50,869 revenue passengers during the
under Section 77-11 of the Bankruptcy Act for Public Utilities Securities
quarter, an increase of 21,708 or 74.4% over the first quarter. To satisfy
Corp., which controls a substantial block of class B stock of Utilities Power
additional demand for service it was necessary to add schedules which
& Light Corp.
resulted in 890,476 additional revenue miles being flown during the period.
"The adjournment was requested because the trustees have not had
Air Express revenue increased from $50,130 in the first quarter to $743,215
time to become sufficiently familiar with the affairs of the corporation to
in the second quarter, a gain of 40.1%.
guide them in voting the shares of class B stock of Utilities Power & Light
The operating profit for the second quarter was equivalent to 10.3 cents
Corp. belonging to Public Utilities Securities Corp. and they were reluctant
per share of the stock outstanding. The company sustained a loss equivalent
to exercise any voting power with respect to said class B stock prior to the
to 40.9 cents per share for the first quarter of 1935.
-V. 141, p. 611.
appointment of permanent trustees."
Operating revenues for the second quarter were as follows: Passenger,
$1.398,559; excess baggage, $15.308; mail, $742,634; express, $70,215; • Vanadium Corp. of America (& Subs.)
-Earnings
miscellaneous (net), $113,516; total, $2,340,233.
1932
1935
1934
1933
6 Mos. End. June 30Miscellaneous revenue is composed of income from the operation of the
$639,231
Ltd., rents,
$1,823,058 $2,043,783
$937,570
Net sales
Boeing School of Aeronautics. United Airports Co. of Calif.,
1,184,226
1,672,868
1.912,964
1,197,771
Cost and expenses
sales of gasoline and other sundry sales.
Earnings 3 Months Ended June 30 1935
$150.190
$130,819loss$260,201 loss$544,995
Operating profit
42,340,233
Operating revenues
77,976
Profits on debs. retired_
1,910.343
Operating expenses and taxes 39.882
100,286
38,197
25,962
Other income
402,914
Depreciation
$250,476
$169.016 loss$2344391oss$427,137
Total income
$26,975
Net earnings from operations
216,964
259,920
255,561
Depreciation, &c
256,066
13,824
Other income (net)
45,682
5.101
Loss on sale of securities
66.526
Excess of salvage over net book value of property sold
5,196
22.405
Loss on prop. retired,&c
111,844
105,541
112,434
Interest
123,029
$107.325
Net profit
150,000
x100,000
Loss on process equipm't
$0.10
Earnings per share
$801,627
$326,485
$270,181
Net loss
$613,354
x Includes approximately $85,000 of revenues for the transportation of
x Provision for estimated loss on process equipment.
U. S. Air Mail, payment for which has been withheld by the Comptroller
__
.,
General's office pending determination of basis of computation, although
Current assets as of June 30 1935, including $595,386 cash and mardispute.
-V. 140,
approximately $10,000 represents the total amount in
ketable securities at book value, being less than market value, amounted
p. 4084.
to $3,088,536, and current liabilities were $337,337. This compares
with cash and marketable securities of $1,327,088. current assets of $3.-Earnings
United Carbon Co.(& Subs.)
714,290 and current liabilities of $347,175 on June 30 of previous year.
1932
1933
1934
Inventories amounted to $2,113,887. against $1,904,458. Current lia1935
6 Mos. End. June 30-bilities as of June 30 last, exclude $180,000 notes payable, maturing subseOper. prof. after deductquent to one year and $845.622 maturing within one year with agreement
ing. mfg., selling, gen.
$616,339
to extend maturity beyond one year. Total assets as of June 30 last
& adminis. expenses__ $1,477.722 $1,065,143
315,608
$331,329
394,769
aggregated $16.723,019. comparing with $17.809.766 on June 30 last year;
539.078
Deprec. and depletion__
capital surplus was $2,496,657, against $2,352,405, and deficit from operaMinority interest's protions was $2.036,758, as compared with deficit of $1.232,046. Sinking
675
portion of profit
fund debentures amounted to $3.334,000, against 33,795,500.-V. 140.
$104,636
$670,373
$300,731
p. 2204.
$937.969
Net profit
1,123,092
824,245
1,003,184
1,450,609
Balance. Jan. 1
Cr8,939
Cr7,309
Cr1,352
yrs.
Vogt Manufacturing Corp.-Sale-of-Subsieirtry
Sund. adj. for prior
,
Albert E. Vogt, President, announced the sale of th company's entire
$2,388,578 $1,674,909 $1,133,915 $1,235,037
aterloo Wool Mills at Waterloo, N. . to New York
Total surplus '
interest in the
y
60,749
51,728
Divs. on pref. stock
woolen interests. V. 140, P. 1 5.
92,532
322,011
475,327
Common dividends
49- •Crt
Premium on pref. stock
horizedWabash y.-Interes
24,747
bought & other chgs_
Federal Judge C. B. Davis h.ls authorized the receivers to pay the semi11.576
Sundry adj. (net)
annual interest due Sept. 1 1935,amounting to $60,000, upon first mortgage
4% gold bonds of the Toledo & Chicago division 1st 48.-V. 141, IL 771
$980,634 $1,235,037
.
$1,901,674 $1,276,423
Balance
Shs. com. stk. outstand--Earnings
368 885
370,127
370.127
Wailuku Sugar Co.
397,885
ing (no par)
$0.65
$b.11
$1.65
$2.36
Earnings per share
1934
1933
1931
Calendar Years1932
$1,133.843 $1,577,238 $1,203,537 $1,314,081
Gross profit
Consolidated Balance Sheet June 30
1,218,447
Oper.-marketing exps_ 1.060,861
1.152,563
1.160,108
1935
1934
1934
1935
$
$
Liabilities$
$
Assets$95,634
$72,983
$424.675
Net profit
$43,429
z1,477,950
7% pref. stockLand, pipe lines,
118,370
57,460
74,255
Other income
72,407
buildings, &e_ _ _20.744,803 18,063,588 x Common stock__11,952,538 10.991,333
193,370
1,177.405 1,486,358 Accts. payable.. _ 345,505
Cash
3153,094
$191,353
3115,836
$498,930
Total income
79,107
Accr.taxes,roy.,&e, 119,512
134,108
Cash in closed bks,
42,100
48.966
106,675
Taxes, &c
23.141
Notes & accts. rec. 1,064,405 1,260,456 Fed. Inc. taxes... 104,715
214,584
.
644,877 Divs. payable_ __ 238,731
531,715
Inventories
$110,994
$142.387
$392,255
Net income
$92,695
Other assets & Inv_ 1,743,771 1,237,554 Long term debt... 500,000
270,000
Dividends paid
360,000
150,000 (3%)90,000
252,040
Deferred income__ 158,048
Trade-marks, con1 Res. for poss.losses
1
tracts, dm
$20,994
$32,255 def$57,305
def$127.613
Balance, surplus
215,729
322,748 & contingencies_ 200,000
338,485
Deferred charges
Res.for depr.&depl 9,782,434 8,449,154
Comparative Balance Sheet Dec. 31
taxes and
Res. for
1933
Liabilities
1933
1934
1934
Asset
297,428
expenses
$3,054,592 I1,024,564 Unsettled labor___ $18,367
Properties
$15.738
1,901,674 1.276,424
Surplus
342,371 Payroll
31,374
285.993
26,628
x Crops
40,228 Personal and trade
49,120
Inventory
25,600,586 23,149,691
Total
25.600.586 23,149.691
Total
12,473
6.019 accounts
1,148
3,618
Pers. dr tr. accts.._
x Represented by 370,127 no par shares in 1934 and 397,885 in 1935.
334,350 Capital stock
334,350
3,000.000 3,000,000
Investments
z Retired July 2 1934.-V. 141, p. 1111.
904 Surplus
753
1.208,257 1,309,749
Accrued interest_ _
61,853
Res. for Fed. taxes
23,361
C. Brewer & Co.,
-Weekly Output
United Gas Improvement Co.
585,922 Territorial income
422,262
agents
tax accrued_„_
26,494
4,282
Aug. 17 '35. Aug. 10 '35. Aug. 18'34.
Bank of Hawaii,
Week Ended100,000 Res. territorial exLtd., spec. dep_ 100.000
Electric output of system (kwh.)____ 74,012,893 72,603,195 66,507,840
30,219
58.723 else tax
63,575
21,546
Cash
-V.141,p. 1111.
350 Capital stock tax
5,531
168
5,900
Deferred items
-New Director, &c.
United States Express Co.
Hal F. Lee has been elected a director.
The company, which has been in liquidation since 1915, was formed In
1854. John Graubard recently retired as President and is succeeded
-V. 140, p. 3234.
by David A. Smith.
-New Secretary
U.S. Fidelity & Guaranty Co.
Clarke J. Fitzpatrick. Vice-President, was elected Secretary of the com-V.141,9. 937.
pany on Aug. 21,succeeding the late W. W.Symington.
-Earnings
United States Leather Co.
Period End. July 31
Profit after taxes
Deprec. & depletion
Interest
Inventory res. for hides
and leather
1935-3 Mos.-1934
$265,440 loss$112,039
101,955
157,580
1,712
5,492
1935-9 Mos.-1934
$567,399
$100.392
254,243
447,499
11,593
6.567
1,100,000
1,100,000
$102,368 01,315,706
Net profit
-V.140. p. 3405.
x Loss.
$108,307 41,260,418
States & International Securities Corp.
Declares Dividend on First Preferred Stock
per share
The directors have declared a dividend of 50 cents stock, noon account
par value,
first
of accumulations on the $5 cumulativeSept. preferred payment will be the
3. This
of record
payable Sept. 10 to holders
Total
$4,311,961 $4,493,431
$4,311,961 $4,493,431
Total
x Crop for 1935. 3253,600 and $32,393 in 1936 (1934. $262,789 and
$79.582 in 1935). y Unsettled labor account for 1935 $17,054 and $1,313
for 1936 (1934. $13,836 and $1,902 in 1935).-V. 140, p. 4085.
-All Classes of Securities Assent to Plan
-Walworth Co.
....."
•T
0-4 4
Acceptance of the proposed reorganization plan for the compan by
holders of nr,re than the necessary amounts of all four classes of I securities. required under Section 77-B of the Bankruptcy Act, was announced Aug. 21 by W. B. Holton, Jr., Chairman of the Executive Committee of the company.
The committees and security holders representing approximately 70%
of the total outstanding 1st mtge. bonds and debentures have now assented to the plan, according to the announcement, and additional deposits
are being received daily. More than 87% of the preferred stock and
63% of the common stock have also assented to the plan. Under Section
77-B the assent of 66 2-3% of the bonds and debentures and of a majority
of both stock issues is required for adoption of the plan -V. 141, p. 1111
Wellington Fund, Inc. (formerly Industrial 8c Power
-Report to Stockholders June 30 1935
Securities Co.)
On June 3 1935 a special meeting of the stockholders was held and the
from Industrial & Power Securities Co. to
name of company was changed
-Wellington Fund,Ire." This change in name was filed with the Secretary
of State of Delaware on July 11 1935.
Ordinary net income for period
Balance ordinary net income, beginning of period
$28,426
Dr5,702
Total
Divs. declared & paid from ordinary income during periods,
less accrued diva, on shares sold (net)
822.723
28,309
85,586
Deficit
Balance Sheet June 30 1935
• Assets
Liabilities
Cash
$27,500 Sundry payables
Int.& dirs, accrued or reedy.
6,928 Amts, withheld for possible
Invest, securities at cost
Federal tax on dividends_ _
Bonds (mkt. val. $230,116)
197,620 Reserve for Federal taxes
Pref. stocks (market value
Capital stock ($1 Par)
$109,525)
87,260 Surp, arising from reduc. In
Common stocks (market
stated val. of shs. to $1 par
value $362,952)
value
299,408
Deferred expenses
403 Paid in surplus
Furn. & fixtures (noml val.)
1 Deficit
$44
497
3,231
50,555
506,759
303.798
245,762
• Total
$619,123
5619,1231 Total
-The name of this fund was changed from Industrial & Power
Note
Securities Co. to "Wellington Fund, Inc.," on July 11 1935. following
approval of stockholders on June 3 1935.
Wells Fargo & Co.
-Comparative Balance Sheet Apr. 30-1934
1935
1935
Liabilities-1934
Assets
Real property and
equipment
Investments
Cash
Accts. receivable &
prepaid expenses
1289
Financial Chronicle
Volume 141
On June 30 1935 there were issued and outstanding 50,206 26-100 shares,
which had a value of 814.56 per share. Dividends paid from Jan. 1 to
June 30 1935 aggregated 45 cents per share (of which 30 cents was paid
out of ordinary net income and 15 cents by reason of security profits).
The fund on Jan. 1 had an asset value of $13.17 for each share then outstanding, and after allowing for dividends paid during the six months,
the increase for the period amounted to 81.84. equivalent to an increase
of 14%. Offering price on June 30 1935 was $15.83 per share, compared
to 814.32 on Jan. 1 1935.
Ordinary income from interest, dividends. &c., less expenses for the
year aggregated $28,426, or 59 cents on the 47,783 56-100 average shares
outstanding during that period.
Earnings for Fiscal Year Ended June 30 1935
832,819
Income from Interest, dividends, &c
500
Fees to transfer agent & custodian
663
Statistical service
787
Taxes & filing fees
2.441
Administrative expenses
$30,605
33,614
62,727
sc5
$239,674
Capital stock
9,144
$31,167 Accounts payable_
,
102,457 Res, for unclaimed
distributions and
12,879
other liabilities_
78 Reserve for claims,
9,573
suits, &c
Profit & loss deficit 131,441
Total
$126,950 $146,581
Total
x Prepaid expenses only.
-V. 138, p. 3627.
$126,950
$239,674
9,758
9,573
112,424
Should the company extend its offer to include the purchase of coupons
from all debentureholders, irrespective of their acceptance of the management's plan of reorganization, the committee is advised that holders who
accept such an offer may be waiving their rights to the balance of the coupons due Aug. 1 1935 under any plan of reorganization which may later be
determined upon. If, however, any holders are desirous of selling their
coupons at the reduced amount, care should be taken that their debentures
are not deposited under the company's plan sponsored by the readjustment
committee.
The hearing on the suit, in which this committee intervened, in the U. S.
District Court at Omaha, has been postponed for six weeks owing to the
absence of the Judge. It is the unqualified recommendation of this committee that you do not deposit your debentures with the readjustment committee and that if you have not already filed your power of attorney and
proof of claim with our committee, that you should execute the instruments
and forward them promptly to the Secretary at your earliest convenience.
In the meantime,the committee will continue its efforts in the best interests
of the debentureholders which it represents.
The committee does not, and will not, ask any compensation for itself,
or for its attorneys, from the debentureholders
Committee
-Lawrence Brinker. Chairman (National Co. of Omaha, Neb.);
John A. Prescott (Prescott, Wright, Snider Co., Kansas City, Mo.);
George W. Holmes (First Trust Co. of Lincoln, Neb.); Henry Verdelin
(First Service Corp., Minneapolis. Minn.); C. T. McCreedy (Ames,
Emerich & Co., Chicago, Ill.); Herbert L. Nichols (Nichols. Terry & Dickinson, Inc., Chicago, Ill.), with Finlayson, Burke & McKie. First National
Bank Bldg., Omaha, Neb., and Crossman, Munger & Barton. First National Bank Bldg., Omaha, Neb., counsel, and Miles McFayden, Sec'y,
500 First National Bank Bldg., Omaha, Neb.-V. 141,P. 939.
Western Pacific RR.
-Claims Ordered Filed by Sept. 15
Creditors of the company were ordered by the Federal Court at San
Francisco Aug. 20 to file their claims in court here by Sept. 15 under the
road's reorganization plan. Warren Olney,attorney for the Western Pacific,
asked the early date because, he said, the Interstate Commerce Commission had ordered a hearing for Sept. 23 on the reorganization proposal.
Only a few major creditors will be affected by the order, Mr. Olney said,
holders of the$68,000,000 bonds;$28,300,000 of preferred stock;$47,500,000
of common stock; equipment trust certificates amounting to 82,962,598:
promissory notes to the A. C. James Co., $5,000,000; Reconstruction
Finance Corporation notes, 82,963,000, and Railroad Credit Corporation,
$2,536.949.
Current creditors would not be affected by the order, the Court was
assured, and they would not be required to file claims by Sept. 15.-V.
141. p. 940.
Western Union Telegraph Co.
-Earnings
Period End,June 30- 1935
1935-6 Mos.-1934
-Month-1934
Teleg.& cable oper.revs. $7,556,795 $7,688.249 $43,730.550 $43,742.003
Teleg.& cable oper. exp. 6,125,523 6,439,592 36,372,142 36,937,224
Uncoil. oper. sievenues.._
306,194
306.096
53,818
52,880
Taxes assign. to opers_ _ _
1.779,200
1.700.000
283.333
296,533
Operating income_ _
$1,095.059
Non-operating income__
92,233
Gross income
Deductions •
5146,581
Western Maryland Ry.-Earnings--Second Week of Aug.- -Jan. 1 to Aug. 14n
93d
Period
1934
1935
1934
Gross earnings (est.)---8246,242 $8,981,402 $8,642,690
8268,228
-V. 141. p. 1112.
Western Newspaper Union-Debentureholders Committee
Defends Actions-Against Management's Plan
-
Net income
-V.141. P. 1112.
$898,306 $5,352,312 84,719,385
703,303
103,132
762.804
$1,187,292 $1,001.438 $6,055,615 85,482,189
694.179 4,155,876 4.170,800
693,128
8494,164
8307,260 $1,399.739 $1,311,389
Westinghouse Electric & Mfg. Co.
-Wage Increases
The company announced on Aug. 16 that the average hourly wages of
Its employees had been increased 5%. and that the basic work week would
be 40 hours, in conformity with the general practice of the metal-working
Industries. As the standard working week in Westinghouse plants had
been 36 hours under the Electrical Manufacturing Code, the approximate
Increase in weekly pay to a worker employed for the full working week is
16 2-3%.
About 20,000 men in 14 plants benefit from the wage increase. The
new plan, company officials said, met with the approval of the working
force. The official announcement follows:
"Westinghouse Electric & Manufacturing Co. announces to-day (Aug. 16)
that, in connection with the semi-annual rate review for hourly paid employees now under way, adjustment of rates will be made so as to result
in a 5% increase of the average hourly rate.
"At the same time it is announced that the basic work week for hourly
paid employees will be 40 hours, with the provision that schedules of
actual working hours will be subject to modification at individual plants
to fit local circumstances.
"The company's work week thus will conform to the general practice
of the metal-working industries."
-V. 141, p. 940.
The protective committee for the 6% convertible debentures in a letter
dated Aug. 10, addressed to debentureholders, says:
You have received a letter dated July 31 from the readjustment committee of Western Newspaper Union addressed to all debentureholders,
which attempts to reflect upon the personnel of this committee and its
activities in connection with the reorganization of the company.
Representatives of five investment houses which originally distributed
these debentures have consented to serve on the committee for the protection of the debentureholders, as a part of their responsibility to such of their
customers as purchased these debentures. We do not believe that the best
interests of the company and its securityholders can be served by personalities or destructive criticism.
Notwithstanding assertions to the contrary, the members of this committee and their counsel have been at all times, and are now, willing to
Weston Electrical Instrument Corp.
-Earnings
meet at any time with the management and with any and all other interested parties to discuss the problems which confront the company and to
[Including Domestic Subsidiary]
attempt to work out a plan ofreorganization for the benefit of all concerned.
6 Mos. End. June 30-1932
1933
1934
1935
In an attempt to work out a financial reorganization, the management
Net profit after deprec'n $163.414
8177,934 loss$74,805 loss$62,243
of the company has employed H. M. Preston dt Co., and we are informed
Other deduct. (net)_ _
4,381
37.211
Cr2,840
8.797
that the expense of their employment by the company would be extremely
Federal taxes
14,750
15,779
heavy. This expenditure seems wholly unnecessary and any reorganizaProv.for deprec
70,596
76,758
tion should be accomplished as economically as possible.
H. M. Preston & Co. has presented a plan of reorganization which this
Net profit
$74,746
$82.763 loss$79,186 108499,454
committee considers inequitable and unfair to debentureholders. As a
Class A dividends
34.800
52.200
34,376
matter of fact, the plan seems to be decidedly in the interest of the management and the common stockholders, and to require disproportionate sacriProfit
$40,370
830,563 def$79,186 def$134,254
the part of the debentureholders.
fices on
Current assets as of June 30 1935. including 8185,390 cash, amounted to
Our committee has been seriously handicapped in its work because the
$1,773,214 and current liabilities. including. 1935 Federal tax reserve, were
management has refused to disclose the itemized and detailed figures with
8119,232. On Dec. 31 1934, cash was 8223,936. current assets totaled
reference to the financial history of the company. After careful analysis
$1,781,424 and current liabilities were $101.235. Inventories on June 30
of the plan which has been presented, the committee is of the opinion that
last, amounted to $958,723 against $1,012.785 at end of 1934. Total assets
any plan presented by any group should contemplate among other things
aggregated 83,479,437 on June 30 1935, compared with $3,433.493 on
the following features:
Dec. 31 1934. Earned surplus was $716.675 against 8693.493.-V. 140.
(1) The plan submitted by the company requires debentureholders to
p.4086.
accept interest for three years at 2% per annum instead of 6%, and at 5%
thereafter to maturity. This waiver is intended to boa gift to the company. 'W
eteling & Lake Erie Ry.-Listingbut no provision is made for compensating debentureholders for this sacriTh
ew York Stock Exchange has authorized the listing of 88,130.000
fice except an offer of eight shares of common stock. The total amount
refund
mortgage 4% bonds series 13 due Sept. 1 1966n official notice
of stock so offered will be only 16.29% of the outstanding common stock
of issuance and sale or excha ge.
and will be junior to $3.650.000 of debentures and $1,500,000 of preferred
The purpose of the issue of the series 13 bonds is to effect the retirement
stock.
through exchange and redemption of $4,827,000 of series A 4%% refunding
This committee recognizes the company's need for a decrease in fixed
mortgage bonds and 83,303,000 of series B 5% refunding mort4a4e bonds.
charges for a period of time to rehabilitate its working capital, but after
In acceptance of the company's offer to exchange, $6,438,000 of series D
this has been accomplished it would be unfair that future profits should go
bonds will be exchanged, par for par, as of Sept. 1 1935, for $3.723.000 of
to stockholders without some more tangible compensation to debentureseries A bonds and $2,715,000 of series B bonds deposited with Central
holders for the interest which they have gvien up. Debentureholders
Hanover Bank & Trust Co., Custodian, by the following holders:
should have a claim upon future profits of the company for repayment of
HolderTotal
Series A Bonds Series B Bands
the deferred interest up to 5% per annum, and especially so when the comMetropolitan Life Insurance Co_ _81,582,000
81,326,000
$2,908,000
pany will have the benefit of a 1% reduction in the rate of interest to the
Equitable Life Assurance Society
maturity of the debentures.
of the United States
1,190,000
1,777.000
587,000
(2) The plan submitted by the company requires the extension of the
Other holders
802,000
951,000
1,753,000
debentures for five years to 1949. With the information now available we
believe such an extension is inadvisable, and that it is unnecessary to
Total
13,723,000
$2,715,000
$6.138.000
anticipate the conditions which may confront the company nine years hence
The remaining $1,602,000 of series D bonds will be sold at par as of
with respect to its maturing obligations.
(3) The sinking fund provisions under the Preston plan are unfair to
Sept. 1 1935 to the following purchasers:
the debentureholders because the company is permitted to tender bonds
Metropolitan Life Insurance Co
$1,047,000
at par in payment of sinking fund requirements.
The Equitable Life Assurance Society of the United
Subject to further information which may be disclosed when the manageStates
523,000
ment permits an examination of its books and records, the committee beOther purchaser or purchasers
122,000
lieves that an adequate sinking fund should begin as soon as possible and
and the proceeds thereof, together with funds in the company's treasur7,
require the payment annually of at least 25% of net earnings of the comwill be used to redeem the $1.104,000 of series A bonds and the $588.000
pany to be used for retirement of debentures by acceptance of the lowest
of series B bonds not so exchanged.
tenders made by debentureholders to the corporate trustee.
The 8122,000 of series D bonds to be sold to a purchaser or purchasers
(4) The plan submitted by the company leaves control of the financial
other than the Life Insurance Companies will be sold subject to an option
policies with the management,except Insofar as the debentureholders are
to the company to repurchase such bonds at par for delivery to the trustee
entitled to a minority representation on the board. The debentureholders
of the supplemental indenture for the purposes of the sinking fund.
-V.
who are called upon to make a substantial sacrifice for the good of the com141. p.773.
pany, should be given a greater measure of direction through proper representation under a voting trust agreement covering the common stock.
,---Wichita Falls & Southern RR.
-RFC Loan Extended- •
The company has advised debentureholders that it is ready to purchase
The Isterstate Commerce Commission on Aug. 15 found the company
Interest coupons due Aug. 1 1935 from only those who deposit their debennot to be in need of financial reorganization in the public interest ..t this
tures and accept the management's readjustment plan. This attempt to
time and approved the extension of time of payment for a period
coerce debentureholders to agree to the management's plan of reorganizaexceed two years, of the $375,000 to the company by the -Recon
tions is obviously unfair.
Finance Corporation, maturing Aug. 18 1935•-V. 141, p. 773•
Financial Chronicle
1290
Aug. 24 1935
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, Aug. 23 1935.
IF Coffee was fairly active but lower. Weakness in Brazilian
exchange and lower asking prices on actual coffee for shipment-from Brazil -promoted rather- heavy liquidation at
.
nres
ri— --- Sales on the 20th inst. totaled 17,000 bags of Santos
—A fair portion of the
contracts and -18,500 bags ofRio.
Liminess represented switching and liquidation of September.
On the 22nd inst.futures advanced 9 to 11 points on Santos
and 10 to 15 points on Rio contracts after sales of 16,500 bags
in the former and 9,250 bags in the latter contract. Trade
covering and buying brought about the rise. Cost and
freight offers from Brazil were about unchanged. Brazilian
exchange was firmer. To-day futures closed 6 to 12 points
7 points higher on Santos
lower on Rio contracts but 3
with sales of 37 and 45 contracts respectively.
Rio coffee prices closed as follows:
ta
March
May
July
: 2 ipnenter
g 1teer
_
4.98
5 10
5.351
Santos coffee prices closed as follows:
a
WMayrch
July
7.75 September
7.79 December
7.84
7.52
7.65
all September 1935 No. 1 raw sugar contracts be liquidated at 2.58c., the
closing price for September 1935 No. 1 raw sugar contracts on Aug. 19 1935:
Resolved further that this action is taken by the Board on the basis of
conditions as they now exist and shall not be deemed a controlling precedent.
_
In its issue of Aug. 21 the New York "Her_ald Tribune"
had the following to say as to the action of the Exchange:
I This action was taken because of the announcement on Tuesday afternoon (Aug. 20i by the sugar section of the Agricultural Adjustment Administration that only 3,058 additional short tons of Cuban sugar could be
imported within the quota. Yesterday the AAA announced the quota
had been filled.
A previous announcement by the Government agency on Aug. 13 revealed
that approximately 240.000 tons were yet to enter, and officials of the
Excnange considered that no difficulties would arise. Monday's appraisal
of the situation, therefore, demanded swift action. The No. 1 contracts
call for Cuban sugar in bond and within the quota at the time of delivery.
while the AAA has ruled that filling the quota is accomplished through
paying of the duty. It thus became clear to the managers that shorts
could not fulfill their contracts.
No. 1 Contracts Suspended
Trading in all No. 1 contracts was suspended early in the session, while
the Board was discussing the involved factors preparatory to promulgating
a ruling. Transactions in the delivery are not permitted beyond January,
and as soon as the December liquidation has been completed all trading
in the contracts will cease. Sales in the latter month were permitted on
the Exchange for the final two hours of the trading session yesterday. It
said that 90% of the transactions for the last several months has been
In the No. 3 delivery, which provides for use of all cane sugars.
The action of the managers was taken under the section of the Constitution which empowers the officials to take steps they deem advisable
when a "situation of such extreme urgency arises that a rigid enforcement
of contracts generally would be gravely at variance with just and equitable
principles of trade."
Cocoa declined 6 to 8 points on the 19th inst. under general
liql_iidation but later in the week the market became steadirr
in moderate trading. On the 21st inst. prices closed with
Last December the Exchange suspended trading in
Sept. at 4.68c., Dec. at 4.77c., Jan. at 4.80c., March at December 1934 sugar contracts as a result of a "squeeze"
4.97c. and July at 5.06e.
which occurred at that time; reference to this was made
On the 22nd inst. futures ended with net gains of 1 to 2 in these columns of Dec. 29, page 4049, and Dec. 22, page
points owing to trade and Wall Street buying. Offerings 3870.
In reporting the action of the Coffee & Sugar Exchange
were scarce. Sept. ended at 4.70c., Dec. at 4.78c., March
at 4.880., May at 4.98e. and July at 5.07c. To-day futures of Aug. 20, the New York "Times" of Aug. 21 had the
say:
closed unchanged to 2points lower with sales of 293contracir. following to
level since
prompt delivery sold yesterday at the
Raw sugar
ended at 4.69c., Dec. at 4.78c., Mar. at 4.87c., July 9 1928. for sale of 500 tons of Philippine sugar to higheston Sept. 6,
Sept.
arrive
A
May at 4.970. and July at 5.05e.
was made at 3.43 cents a pound, up 25 points. Just what part. if any.
the "squeeze" in the September position of the No 1 contract played in
Sugar was more active and sharply higher owing to the the price advance was not clear to those in the trade. With shipments
hedges against sugar shut out by the completion of limited by the AAA and with the Cuba quota filled, it was apparent to
lifting of
refiners here probably would have to bid up
the Cuban quota. There was considerable new buying. some in the trade that their requirements for the rest of the year. for the
raw product to supply
September No. 1 contract rose 10 points to 2.58e. on the
Trading in the December position of the No. 1 contract was not sus19th inst. as Cuban shipments neared quota. Sales in this pended because it was reasoned that there was a possibility that between
additional
that month the
position on that day totaled 1,550 tons. Shorts my have now and the delivery time for tons were dealt AAA might admit yesterday,
in in that month
sugar from Cuba. Only 150
cover outstanding commitments against the September the price touching 2.73 cents and closing at 2.65, up 6 points.
to
position.
The extent of the short interest in the September No. 1 contract could
On the 22nd inst. futures after early gains on buying and not be learned yesterday. In view of the "squeeze" last December in
the belief, however, Is that the short interest is not
the No.
covering against sales of actuals and Cuban sugars shut out large. 1 contract,
by the completion of the Cuban quota reacted later under
Immediately the Cuban quota Is filled, the No. 1 contract becomes
general liquidation and closed with Sept. 2 points higher impossible of fulfillment, it was pointed out. This contract calls for "duty
paid the sugar then is
unpaid," and when
and the balance of the list unchanged to 1 point lower. Only In order to get the the duty is the United States the not a good delivery.
sugar into
duty must be paid.
two lots of December sold in the old contract at 2.67 and Consequently, if the quota has been filled, there is no sugar for delivery in
Refiners bought about 30,000 accordance with the specifications of the contract.
2.65c. the latter unchanged.
tons of raws at 3.500. Also some 5,000 tons of Cubas sold
Java's 1935 sugar crop, now being harvested, is forecast
ex-store at 3.463e. To-day futures closed 1 to 9 points at 474,000 long tons as compared with 636,000 tons last
lower on selling inspired by the sharp break in cotton. In year, a reduction of 162,000 tons, or 25.5%, according to
advices received by Lamborn & Co. In an announcement
the raw market 10,000 bags of Puerto Ricos sold at 3.45c.
issued Aug. 17 the firm also said:
Prices were as follows:
This year's crop records the fifth consecutive decrease in production and
December
July
March
2.43 I September
2.23 January
2.14 May
2.54
2.13
2.19
Trading in No. 1 raw sugar contracts for September 1935
delivery was suspended as of Aug. 19 by the Board of Managers of the New York Coffee & Sugar Exchange at a meeting
Aug. 20. The Board also resolved that the No. 1 contracts
be liquidated at 2.58 cents a pound, the closing price on
Aug. 19. As the No. 1 contract calls for Cuban sugar in
bond and within the import quota for Cuba fixed under the
Jones-Costigan Sugar Control Act, the action of the Sugar
Exchange was taken after the quota for that district had been
exhausted. The filling of its quota by Cuba is noted elsewhere in our issue of to-day. The resolutions adopted by
the Managers of the Coffee & Sugar Exchange on Aug. 20
follow:
Whereas the 1935 quota for Cuban sugar has been practically reached
and the Board finds that a situation of such extreme urgency thereby arises
that a rigid enforcement of September 1935 No. 1 contracts would be
grossly at variance with just and equitable principles of trade.
Resolved that trading in No. 1 raw sugar contracts for September 1935
delivery be suspended as of the close of business on Aug. 19 1935, and that
is expected to be the smallest In over 40 years, or since 1893 when the out
turn amounted to 479,660 tons.
Java's record sugar crop of 2,939,000 tons was produced in 1928 with 178
factories in operation. This year only 37 factories are grinding while in
1934 there were 50 active mills.
Lard futures on the 17th inst. after advancing into new
high ground on short covering lost all these gains and more
and ended 10 to 50 points lower. The weakness in corn and
the decline of 10e. in hogs prompted trade selling which
more than satisfied the demand. Cash lard was easier. On
the 19th inst. there was a further decline of 35 to 50 points,
with near months showing the most weakness. Liquidation
was heavy and demand poor. Hogs were unchanged to 10c.
lower with the top $1.20. Cash lard was weak. On the
the 20th inst. futures continued their downward trend and
ended 17 to 50 points lower. September, October, and
December were the weakest months. Profittaking sales
caused the weakness but there was a slight recovery at one
time on short covering and some rebuying by longs. Hogs
were 25 to 35c. lower with the top $12. Cash lard continued
weak. On the 21st inst. futures became steadier, ending
25 points lower on Sept. 5 lower on October and 7 to 32
points higher on the distant months. Hogs were 15 to 25c.
Financial Chronicle
Volume 141
lower with the top $11.80. Cash lard was easy. On the
22d inst. additional declines of 10 to 5 points were recorded
on the near months while May ended 20 points higher.
Early prices were steady in sympathy with grain but later
the weakness of hogs influenced selling by packers. Hogs
were 10c. to 250. lower with the top $11.65. Cash lard
continued easier. To-day futures recovered from early
declines to end 5 to 10 points higher. Hogs declined.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
15.82
15 77
16.50
15.90
17.00
16.15
13.80
13.72 13.80
13.70
14.15
14.67
12.60
12.40
12.25
12.70
12.07 12.30
September
December
May
Pork steady; mess, $38.62; family, $39.62 nominal; fat
backs, $34.12 to $35.12. Beef firm; mess, nominal; packer
nominal; family, $23 to $24 nominal; extra India mess,
nominal. Cut meats firm; pickled hams, picnic, loose,
e.a.f 4 to 6 lbs., 190.- 6 to 8 lbs., 1730.• 8 to 10 lbs., 16e.;
/
skinned loose, (hal., 14 to 16 lbs. 25
.''
18 to 20 lbs.,
223c.; 22 to 24 lbs., 19%c.; pickled bellies, clear, f.o.b.
New York,6 to 10 lbs., 27ic.; 10 to 12 lbs., 26%c.; bellies,
clear, dry salted, boxed, New York, 14 to 20 lbs., 21Ae.;
20 to 30 lbs., 210. Butter, creamery firsts to higher than
extra and premium marks, 22 to 26qc. Cheese, State
whole milk, fresh fancy to special held, 17 to 20c. Eggs,
mixed colors, checks to special packs, 20 to 32Mc.
Oils
-Linseed was quiet but easier. Asking prices were
generally at 8e. but sales were said to have been made at
7.7c. Crushers are anxious to get business on their books
as a partial hedge to seed purchases which must be made
soon, owing to the large domestic crop which will soon come
on the market. Quotations: Cocoanut, Manila, tanks,
forward, 3' 80.; coast, 3340. China wood, tanks, Sept.Dec. 15.3 to 15.4c.; drums, spot, 16 to 16%c. Corn,crude,
tank;, Western mills, nominal. Olive, denatured, spot,
Spanish, 82 to 8.30.; other oils, 80e.• shipment, Spanish, new
crop, 82e. Soya bean, tanks, Western mills, new crop,
74c.; C.L. drums,8 to 8.60.; L.C.L. 9c. Edible, cocoanut,
76 degrees, 9Y8°. Lard, prime, '
12Me.• extra strained
winter, 113 0. Cod, crude, bbls., Newfoundland, 340.;
/
3
Norwegian, Yellow, 343c. Turpentine, 433.( to 47%c.
Rosin, $4.85 to $6.20.
Cottonseed Oil sales, including switches, 71 contracts.
Crude, S. E., 9e. Prices closed as follows:
August
September
October
November
10.10®
10.26©10.30
10.20
9 904010.10
December
January
February
March
10.011
10.00 10.01
10.00 10.20
10.05 ----
Petroleum-The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber futures, after showing weakness early in the
• week,advanced 14 to 17 points on the 21st inst., with trading
more active. Sales on that day were 2,460 long tons, and
Sept. closed at 11.99c.; Dec. at 12.20°.; Jan. at 12.250.;
March at 12.41c., and May at 12.54e.
On the 22nd inst. futures closed 3 to 6 points higher on
sales of 302 lots. Sept. ended at 12.030., Dec. at 12.23c.,
Jan. at 12.31c., March at 12.45 and May at 12.58e. To-day
futures closed 1 to 3 points higher with sales of 229 contracts.
Sept.ended at 12.05c., Dec.at 12.25c.,Jan.at 12.23c., March
at 12.46e. and May at 12.590.
Hides futures were rather active, but moved irregularly
during the week. A decline of 5 to 7 points on the 19th inst.
was followed by a sharp rise of 14 to 17 points on the following
day, but part of this was lost on the 21st inst. when prices
ended with net losses of 4 to 7 points, with Sept. at 10.55c.;
Dec. at 10.89c., and March at 11.21c.
On the 22nd inst. futures closed 1 point lower to 3 points
higher on sales of 54 contracts. Sept. ended at 10.580.,
Dec. at 10.880., March at 11.20°. and June at 11.530..
To-day futures declined 3 to 7 points on sales of 51 contracts
Sept. ended at 10.51c., Dec. at 10.83c., March at 11.170.
and June at 11.450.
Ocean Freights were quiet.
Charters included* Grain booked-Montreal, 10 loads; Rotterdam
83.c.: 20 loads heavy, New York-Antwerp /Mc. Sugar-Cuba-Marseilles 12s. 3d. second half Sept.; one to three ports North Cuba to London
Liverpool-Greenock-Antwerp-Rotterdam, 12s.. Aug. 16-26: scrap iron
prompt
-two South Atlantic and one Gulf loading port to United Kingdom
12s. rd. Trips
-Canadian round 92%c.: prompt N. H. via S. Atlantic or
Gulf to United Kingdom-Continent 80c.; iwompt. North of Hatteras redelivery United Kingdom-Continent $1.20: West Indies round 70c.; N Atlantic
prompt, via Gulf, redelivery United Kingdom-Continent 80c.; Canadian
round $1.05• prompt. North Atlantic trip across 65c.: prompt Hampton
-United Kingdom, Continent via Gulf, trip across 80c. Nitrate
Roads
Virginia port to Spanish Mediterranean, Aug.$4.25. Tankers-CaliforniaJapan 3fe., dirty. Sept.
-Oct.; Northern range. 11c. United States Gulf
United Kingdom-Continent 12s. 6d.,ean August; Gulf
-GothenburgStockholm range 14s. 13-6d., clean. Aug.:g..: California-Japan 10s. 6d., dirty
end Aug.; Taupse-United Kingdom-Continent Ile. clean, Aug.
-Sept.;
Constansa-Landon, 10s. 6d., clean, August; Aruba-Curacao-United Kingdom-Continent 98. 9d., 3d. less London or Medway, dirty. Aug.; Philadelphia. 11a. 6d., United States Gulf
-Havre 13s clean, two consecutive
voyages semmencing Sept. 5-20; Black Sea-Vladivostock 218 6d, dirty,
.Aug.-Sopt.: United States Gulf
-Dunkirk us. 6d.. crude oil. Sept. 8 lay
days: Gulf to Gothenburg-Stockholm range 143. 1%cl.. Aug.: Gulf to
United Kingdom-Continent 12s. 6d.. option Northern range loading us..
Aug.; Philadelphia to Havre Ils. 6d., option United States Gulf loading
138. two tonsecutive voyages commencing Sept. 5-20; Taupse to United
Kingdom-Continent Ils. Aug.
-Sept.. Constanza to London 108. 6d..
Aug.: Coastansa to United Kingdom!
-Continent 10s. 3d option Russian
Black Sea loading 108. 6d., Aug -Sept.
Coal was dull. Buyers are marking time awaiting the
outcoat• at Washington of the Guffy Coal bill. Retail
buyers are stocking up in anticipation of higher prices.
Bituminous production in the week ended Aug. 17th was
1291
estimated at approximately 5,390,000 net tons against
5,773,000 tons in the same week last year and 7,702,000 tons
two years ago. The Bureau of Mines placed production for the
week ended Aug. 31 at 5,335,000 tons and 4,980,000 tons
in the week ended Aug. 10. For the calendar year to
Aug. 17 production was put at 223,995,000 tons against
222,171,000 tons in the same time in 1934. di
Copper for domestic delivery was more active and firmer
at 83 c. Buying abroad was less active recently and prices
%
were lower at 8.20 to 8.30e. In London on the 22d inst.
spa fell 2s 6d to £33 8s 9d; futures dropped 2s 5d to £33
16s 3d; sales 450 tons of spot and 3,850 tons of futures.
Tin after showing firmness'early in the week declined to
50c. for spot Straits later and 99% tin was nominally 490.
The market was very quiet. The drop here followed a
decline in London on the 22d inst. of £5 lOs on spot to £220;
futures fell £4 to£213 15s; Straits fell £5 to £221 10s; Eastern
up 5s to £223 15s; sales 10 tons of spot and 200 tons of
futures.
Lead was in better demand and higher at 4.35c. New
York and 4.20c. East St. Louis, In London on the 22d inst.
prices were unchanged at £16 2s. 6d.for spot and £16 3s. 9d.
for futures; sales, 50 tons of spot and 1,250 tons of futures.
Zinc was quiet but firm at 4.60c. East St. Louis. London
on the 22d inst. was unchanged at £15 is. 3d. for spot and
is. 3d. higher on futures at £15 7s. 6d.;sales, 225 tons of spot
and 1,050 tons of futures.
Steel was in better demand for bars, plates and shapes,
and is mostly to replenish depleted stocks. The demand
for lighter forms of steel does not compare so favorably with
the heavier descriptions. Most of the buying comes from
miscellaneous sources. The scrap markets are strong. Output increased for the seventh consecutive week to 503i% of
capacity. Quotations: Semi-finished billets, rerolling, $27;
forging,$32;sheet bars,$28; slabs,$27; wire rods,$38;skelp,
per pound, 1.70o.; sheet, hot rolled annealed, 2.40o.; galvanized, 3.100.; strips, hot rolled, 1.85e.; cold rolled, 2.600.;
hoops and bands, 1.8504 tin plate, per box of 100 lbs.,$5.25;
bars, plates and shapes, 1.80e.
Pig Iron was a little more active. Books are about to
open for fourth quarter delivery and prices are expected to
remain unchanged. Quotations: Foundry No. 2 plain,
Eastern Pennsylvania, $19.50; Buffalo, Chicago, Valley and
Cleveland, $18.50, and Birmingham, $14.50; basic, Valley,
$18; Eastern Pennsylvania, $19. Malleable, Eastern Pennsylvania, $20; Buffalo, $19.
Wool was in good demand and firm. Boston wired a
Government report on Aug.21 saying: "Fairly large quantities of 64s. and finer domestic wools are moving in the Boston
market. Average to good French combing, 64s., and finer
wools bring 67 to 70°. scoured basis, while some lots of choice
French combing containing fair quantities of strictly staple
wool sold at 70 to 72c. scoured basis. Sizable quantities of
12 months' Texas wool were moved around 70 to 72c. scoured
basis, for average staple lines and 73 to 74e. for choice."
Another Government report from Boston on the 22d inst.
said: "A good volume of wool was sold in Boston. The
heaviest weights moved were on original bag Ms. and finer
average French combing territory wool, mostly around 65
to 68c. scoured basis. Some strictly combing 56s., 60s.,
M blood territory wool sold at 70 to 72e. with some poorer
than average bringing 68 to 70e. scoured basis."
Silk futures were quiet and lower. There was only a
slight recovery from the decline of 5 to 11 cents made on the
19th inst. Closing prices on the 21st inst.: Aug., $1.73;
Sept., $1.70; Oct., $1.64%; Nov., $1.62; 'Dec. and Jan.,
$1.61; Feb. $1.62, and March, $1.61%.
On the 22:d inst. futures closed 33/ to 6 points higher with
sales of 120 lots. August ended at $1.69, Sept. at $1.64,
Nov. at $1.58, and Dec. Jan., Feb. and March at $1.57M.
To-day futures advanced le. to 234c. with sales of 68 contracts. August closed at $1.70, Sept. at $1.66, Oct. at
$1.624, Nov.at $1.60 and Dec.,Feb. and March at $1.593/2.
COTTON
Friday Night, Aug. 23 1935.
The Movement of the Crop, as indicated by our telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
96,074 bales, against 61,492 bales last week and 56,583 bales
the previous week, making the total receipts since Aug. 1
1935,225,110 bales, against 194,831 bales for the same period
of 1934,showing an increase since Aug. 1 1935 of 30,279 bales.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
Galveston
1.414 4,993 1,374 2,963 3,193 2.231
Houston
112
880
638 1,352
837 8.087
Corpus Christi
5,050 8,137 3.839 3,706 3,412 5.261
New Orleans
3,362 1,620 3,644
775 2,243 4,630
Mobile
38
711
398
265
96
213
Pensacola
646
-----1
-Jacksonville -------------------------415
Savannah
1,i
1.r
2
1eli 2 .
- 5 2,648
.51
Charleston
218
126
211
.375
216
752
Lake Charles_ _ _
. -----------,---- 3.848
Norfolk
31
-...._
176
Baltimore
180
lf,
Totals this week_ 11,953 18,415 12,105 10,908 14,252 28,441
Totai
16.168
11.906
29.405
16.274
1,721
2,591
415
11.461
1.898
3.848
207
180
96,074
The following table shows the week's total receipts, the
total since Aug. 1 1935 and stocks to-night, compared with
last year:
Galveston
Texas City
Houston__ ___
Corpus Christi
Beaumont
New Orleans--- _
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Newport News
New York
Boston
Baltimore
Philadelphia
This Since Aug
1 1935
Week
This Since Aug
1 1934
Week
16.274
26,576 10,943
154
24
24,632 15,567
97,283 22,900
6
34,569 10,605
1,721
2,591
415
11,461
3,824
2,839
584
15,608
1.898
3,848
2,864
15,104
54
673
16,168
11,906
29,405
Stock
1934
1935
Receipts to
Aug. 23
Aug. 24 1935
Financial Chronicle
1292
3,072
150
27
4,430
____
1,513
--
1935
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:
Aug. 23 at
1934
26,283 242.105
2.067
2,338
25,779 307,748
70,101 107,135
768
6
37.141 250,261
488,565
6.805
803,688
118,759
938
587,879
9,993
1,590
787
9,998
34,333
10,520
3,367
77,000
97.892
12,326
4,046
103,682
5,819
488
88
1,670
20,870
20,537
12.007
16.979
36,241
18,255
16,156
9.485
Galveston
Houston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Other ports
Total 1935.....
Total 1934..
Total1933
:
On Shipboard Not Cleared forOther CoastGerTotal
many Foreign wise
Great
Britain France
1,300
1,122
2,815
100
641
166
900
600
889
2,000
5,408
869
250
624
465
5,861
7.394
7,175
907 2,389 8.992
2,439 10,506 24,277
4.855 7.833 57,838
400
38
155
Leaving
Stock i
4.700 237,405
7,809 299,939
4,739 245,522
76.750
250
20,737
133
33,244
1.089
16,979
163.106
571 18.720 1.093,682
2,000 46,616 2,326,285
2,223 79,974 2,864,415
Speculation in cotton for future delivery was very small
and fluctuations were narrow. Everybody was marking
839
207
time awaiting news from Washington on the loan. Every58,016
4,977
8.968
728
thing else was thrown to the background. The trend of
1,200
1,000
2,750
476 1,641
180
prices was generally downward during the week. News
from Washington in connection with the loan was conflictan 1174 225 110 71.5R4 194.8.31 1.112.402 2.372.901
Mettsda
ing. Senator Bankhead was quoted as saying that he could
In order that comparison may be made with other years,
see nothing else but a 12c. loan being announced, while
give below the totals at leading ports for six seasons:
we
other news suggested that there would be no loan. However,
1930
1931
1932
1933
1934
Receipts at- 1935
after the close on the 22nd inst. the Agricultural Adjust22,711
1,643
8,093
16,171
10,943
ment Administration announced a 9c. loan on new crop
16,168
Galveston__.._
98.323
27,858
31,957
57,952
15,567
11,906
Houston
2,622
12,118
16,007
cotton with the further promise to pay producers the dif11,001
10,605
16.274
New Orleans_
2,930
2,019
5,819
1,842
3,072
1,721
Mobile
ference between the Sept. 1-Jan. 1 average price and 12c.
35,108
8,058
7,114
9,404
4,430
Savannah.._....11,461
6.000
Brunswick_
Under the plan consumers can buy new crop cotton at less
1,644
227
1,736
2,882
1,513
1.898
Charleston ._8 than 12c. but not under 9c., while they cannot buy old crop
62
263
68
37
Wilmington_
100
388
300
401
839
207
Norfolk
cotton below 12c. plus carrying charges. Prices dropped $4
N'port News_
71.357
38.020
39,765
43,255
24,878
36.439
All others__
a bale to-day on the overnight news of the 9c. loan.
80,809 250,299
71,884 142.921 111,142
On the 17th inst. it was a narrow market with trading
Total this wk. 96.074
operations confined largely to evening-up for possible
995110 10.6 Sill RAS SOS 307.508 167.224 634 041
at.,.. /1110 1
developments over the week-end. After opening 1 to 4
The exports for the week ending this evening reach a total points lower partially in response to heaviness in Liverpool
of 39,390 bales, of which 7,730 were to Great Britain, 335 the market rallied under trade buying with offerings light.
to France, 4,776 to Germany, 4,216 to Italy, 16,570 to Government brokers were reported to be buying July
Japan, 100 to China and 5,663 to other destinations. In moderately against sales of pool cotton to merchants. Late
the corresponding week last year total exports were 35,779 in the session there was some reaction from the highs and
bales. For the season to date aggregate exports have been the ending was barely steady and 1 to 4 points above the
142,343 bales, against 190,628 bales in the same period of the previous close. The future of the market depends largely
on what the Government does on the loan question. A
previous season. Below are the exports for the week:
Washington report said that Senator Bankhead expected
Exported to
Week Ended
-cent loan would be announced on Monday. Otherthat a 12
Aug. 23 1936
Gerwise there was nothing new in this direction. On the 19th
- Great
Exports from
Total
Italy Japan China Other
Britain France many
inst. it was a nervous market and prices moved over a range
100 1,075 3,916
1,660
of 10 to 21 points. An early decline of 75c. to $1.00 a bale
1,081
Galveston
913 8,444
1,158
6,373
Houston
was followed by a rally on buying by the trade and commis3,020 18.272
11,625
1,5a
2,262
Corpus Christi..
425 4,323
sion houses and the ending was irregular, i.e., 4 points lower
921 1,827
-335 815
Orleans..
New
65
115
50
Lake Charles_ _
to 3 points higher. The absence of anything definite on the
2,957
1.556
1.027
Mobile
177
-165
loan question and the weakness in Liverpool were the causes
12
Savannah
126
126
attributed to the early decline. Spot business was reported
Norfolk
646
430
216
Gulfport
14
small in spot markets and textile centers sent advices of a
14
Los Angeles _
400
-5645
smaller demand. On the 20th inst. the market was unsettled
100
San Francisco......
by conflicting reports in connection with the loan questions
100 5,663 39,390
4,216 16,570
4,776
335
.7,730
Total
and after declining at one time 19 to 24 points under general
6,437 35,779
1,936 4.825
9,842 1,667 11,072
Total 1934
liquidation and foreign selling there was a partial recovery
5,735 13.538 1,800 10.001 64,500
15,224
9,388 8.814
Total 1933
on short covering near the close and prices ended with net
Exported to
losses of only 6 to 11 points. Liverpool cables were disFrom
Aug. 1 1935 to
appointing and there was a moderate amount of hedging
GerAug. 23 1935 Great
Total
pressure. Some Washington reports stated that the loan
Brttatn ranc many Italy Japan China Other
Exports ft
might be 10 or 11 cents instead of 12 cents but Senator
100 3,423 9,143
2,013
422
1,081
410
1,694
Galveston
7,744 24.178
Bankhead was quoted as saying that he did not think any
2,554
1,187 5,626
242
6,825
Houston
10,769 57,237
3,682 5,908 11.625
-cent loan would be announced. Other
9,46 15.784
other than a 12
Corpus Christi_
3,092 38,642
3.257 3,972 20,691
5,781 1,849
New Orleans
1,600
221
factors in the cotton market are receiving very little atten525
75
779
Lake Charles.. _
5,617
100
Too much
493 2:i5i5
46
2,448
Mobile
Ec. tion. Yet the weather news was more bullish.southeastern
50
Jacksonville.. _ _
109
rain is said to have fallen in the eastern and
109
Pensacola, &c_
2.689
16.
12 1:58i
parts of the central belt and that there was a lack of moisture
1,161
Savannah
271
38
233
Charleston_ _ _ _
in the western area of the cotton country. The weekly
1,005
_
688
317
Norfolk
646
weather report is expected to be less favorable. On the 21st
430
216
Gulfport
756
20
556
Los Angeles.._ _
inst. the trade was still in a state of uncertainty regarding
400
300
100
San Francisco..
the loan and prices moved over a range of 14 to 21 points
100 25,552 142,343
29,188 18,406 11,217 20.497 37,383
Total
and after advancing slightly early, eased on reports from
-cent loan was less probable.
22.627 28,303 190,628
Washington indicating that a 12
42,282 9,961 37.293 9.361 40,801 14,650 83,602 429.247
Total 1934
The market ended with net losses of 5 to 7 points. The
Total 1033._ 57.546 57.826 85.160 28.313 102,130
practice to include in the
President at the White House conference is quoted as saying
-Exports to Canada-It has never been our reason being that virtually
NOTE
above table the reports of cotton shipments to Canada,the
that he had not reached a decision as to whether the AdDominion comes overland and it Is impossible to give
all the cotton destined to the
-cent loan to farmers but
reports from the customs
ministration would continue the 12
returns concerning the same from week to week, whilecoming to hand. In view
in
districts on the Canadian border are always very slow regarding the matter, we will
was hopeful of making an announcement on the matter
receiving
however, of the numerous inquiries we are
Dominion the present season
very soon.
say that for the month of July the exports to the
of the preceding season the
have been 26,241 bales. In the corresponding month July 31 1935 there were
On the 22nd inst. prices ended 1 point lower to 3 points
ended
exports were 19,860 bales. For the 12 months the 12 months of 1933-34.
higher in a dull and featureless market. The market re231,240 bales exported, as against 275.910 bales for
sponded easily to small orders on either side of the market.
The official quotation for middling upland cotton in the The dulness and narrowness of the market was due to the
the past week has been:
New York market each day for
absence of a loan announcement during the market session.
Set. Mon. Tues. Wed. Thurs. Fri.
r• Aug. 17 to Aug. 23Far Eastern interests were moderate buyers of the nearby
11.80 11.80 11.70 11.65 11.70 11.10
Middling upland
deliveries, and the market strengthened for a time under
for 32 Years
New York Quotations
were the
covering.
upland at New York on scattered buying and 11 points at Early prices
The quotations for middling
one time. Later on the
highest, being up 5 to
years have been as follows:
Aug. 23 for each of the past 32
demand fell off and the market backed and filled over a
12.70c.
31.80c. 1911
21.40c. 1919
11.10c. 1927
1935
16.55c.
narrow range. Liverpool cables were not very encouraging,
36.800. 1910
19.00c. 1918
13.40c. 1926
1934
12.75c.
24.85c. 1909
9.300. 1925 --..--23.65c. 1917
due to the loan uncertainty and European war talk. Worth
1933
10.000.
15.10c. 1908
27.600. 1916
7.800. 1924
1932
13.354.
Street was quiet at nominally unchanged prices.
9.200. 1907
25.254. 1915
6.85c. 1923
1931
9.300.
1906
22.900. 1914
To-day prices broke $4 a bale on overnight news of the
11.254. 1922
1930
11.254.
1905
12.300.
13.75c. 1913
18.654. 1921
1929
Government 9c. loan and subsidy policy. Final prices were
11.20c.
11.80c. 1904
32.500. 1912
1920
19.00c.
1928
ii
Financial Chronicle
Volume 141
39 to Cl points lower for the day. Selling was heavy. October fell to 10.45e. a pound at the opening, or 83 points under
the previous close. Trading was the largest since June.
Traders generally approved the plan but it came as a distinct surprise the world over.
Staple Premiums
60% of average o
six markets quoting
for deliveries on
Aug 29 1935
15-16
Inch
I-Inch &
longer
.20
..20
.20
.20
.20
.17
.16
Differences between grades established
for deliveries on contract to Aug. 29 1935
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.40
.40
.40
.40
.40
.33
.31
Middling Fair
White
.6000
Strict Good "fiddling„ do
.57
Good Middling
do
.46
Strict Middling
do
.31
Middling
do
Basis
Strict Low Middling.
do
.37 off
Low Middling
do
.82
*Strict Good Ordinary, do
1.30
*Good Ordinary
do
1 75
Good Middling
Extra White
.47 on
Strict Middling
do do
.31
Middling
do do
.01
Strict Low Middling__ do do
.36 off
Low Middling
do do
.79
.38
.18
Good Middling
Spotted
.25 on
.38
.18
strict Middling
do
.01 off
.30
.15
Middling
do
.40
*Strict Low Middling.__ do
.84
•Low Middling
do
1 32
.29
.15
Strict Good Middling_Yellow Tinged
Even
.29
.15
Good Middling
do do
25
.29
.15
Strict Middling
do do
.46
*M[(Idling
do do
.84
*Strict Low Middling__
do do
1.32
*Low Middling
do do
1.77
.27
.14
Good Middling
Light Yellow Stained
.43 Off
*Strict Middling
do
do
do
.84
•Middling
do do
do
.._1 32
.27
.14
Good Middling
Yellow Stained
84 off
*Strict Middling
do do
1.32
*Middling
do do
1.77
.15
28
Good Middling
Gray
.30 off
.28
.15
Strict Middling
do
53
•MIddling
84
do
*Good Middling
Blue Stained
.84 off
*Strict Middling
do do
1.32
•M)ddlIng
do do
1.77
•Not deliverable on future contract.
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Market and Sales at New York
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed
Saturday__ _ Steady.5 pts adv. _
Monday
_ Steady, unchanged
Tuesday __. Quiet 10 pts. dec__ _
Wednesday_ Quiet. 5 pts. dee_ _ - Thursday
Steady. 5 pts. adv._
Friday
Quiet. 60 pts. dec _
Futures
Market
Closed
Barely steady- Steady
Very steady _ - Barely steady
Steady
Barely steady _
Total week
Since Aug. 1
SALES
Spot
Conted
-866
500
2.811
Total
-866
_
_
200
500
3,091
Futures
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday
Aug. 17
Monday
Aug. 19
Tuesday
Aug. 20
Wednesday Thursday
Aug. 22
Aug. 21
1293
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.
To make the total show the complete figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
Aug. 23Stock at Liverpool
Stock at Manchester
bales
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
1935
472,000
54.000
1934
890,000
89,000
1933
754,000
107.000
1932
642.000
145,000
526,000
182,000
71.000
18,000
47,000
56.000
10.000
9,000
979,000
399,000
155.000
27.000
51,000
50,000
10,000
11,000
861.000
474,000
176.000
23,000
75.000
110,000
787.000
305,000
126,000
20,000
66,000
56,000
393,000
703,000
858,000
573.000
Total European stocks
919,000 1,682.000 1,719.000 1,360,000
India cotton afloat for Europe-- - 85,000
52,000 125.000
47,000
American cotton afloat for Europe 131,000 108,000 269,000 192,000
Egypt, Brazil,&c.,a111 for Europe 169,000 178,000 103,000 105,000
Stock in Alexandria. Egypt
75,000 179.000 263.000 466,000
Stock in Bombay. India
571,000 915,000 768.000 759.000
Stock in U. S. ports
1,112.402 2,372,901 2.944,389 3,329.592
Stock in U. S. interior towns--1,094.124 1.104.626 1,109,002 1,269,523
U. S. exports to-day
33,79a
7,205
2,621
5,493
Total visible supply
4,162,019 6.594,148 7.307.596 7,561.913
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpool stock
bales- 141.000 292,000 407.000 299,000
Manchester stock
83,000
60,000
41,000
19,000
Bremen stock
105,000 345,000
Ilavre stock
50,000 125,000
Other Continental stock
98.000 780,000 515,000
71.000
American afloat for Europe
131.000 108,000 269,000 192,000
U. S. ports stock
1,112,402 2,372.901 2,944.389 3,329,592
U. S. interior stocks
1.094,124 1,104,626 1,103.002 1,269,523
U. S. exports to-day
33.798
7,205
2,621
5.493
Total American
2.729,019 4,489.148 5,576,596 5,721,913
East Indian. Brazil, &c..
Liverpool stock
Manchester stock
Brennen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt. Brazil, Sm., afloat
Stock in Alexandria. Egypt
Stock in Bombay. India
Total East India, etc
Total American
331,000
35,000
77.000
21.000
69,000
85,000
161,000
75,000
571.000
598,000
48,000
54,000
30,000
51.000
52.000
178.000
179.000
915.000
347,000
47,090
343,000
62,000
78,000
125,000
101,000
263,000
768,000
58,000
47,000
105.000
466.000
759.000
1,433,000 2,105,000 1,731.000 1,840,000
2,729,019 4,489,148 5.576.596 5.721,913
Total visible supply
4,162,019 6,594.148 7,307.596 7,561.913
Middling uplands, Liverpool __ _ _
6.33d.
6.45d.
5.53d.
7.12d.
Middling uplands, New l'ork
11.10c.
13.50c.
8.65c.
9.55c.
Egypt, good Sakel, Liverpool....8.44d. j 9.37d.
9.85d.
8.32d.
Broach, fine, Liverpool
5.31d.
4.59d.
5.49d.
6.09d.
Tinnevelly, good, Liverpool
5.78d.
6.22d
6.28d.
5.27d.
Continental imports for past week have been 61,000 bales.
The above figures for 1935 show an increase over last
week of 2,362 bales, a loss of 2,432,129 bales from 1934, a
decrease of 3,145,577 bales from 1933, and a decrease of
3,399,894 bales from 1932.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Friday
Aug. 23
Aug.(1935
,
Range_
Movement to Aug. 23 1935
Movement to Aug. 24 1934
Closing 11.39a
11.42n
11.28n
11.250
11.31n
Sept.
Towns
Receipts
Ship- Stocks
Receipts
Shiplovts
Range, -ments Aug.
merus Aug.
Closing I I.39n
11.42n
11.280
11.310
11.25n
10.67-10.70
Week
Season
Week
23
Week 1 Season
Week
24
Oct.
Range. 11.30-11.49 11.26-11.47 11.18-11.32 11.24-11.44 11.23-11.34 10.45-10.80
Ala.,ItirmIng'm
3,440
510
1.541
632 8,443
Closing 11.39-11.42 -11.31-11.32 11.25 -- 11.28-11.29 10.67-10.70
Eufaula
640
86
390 5,720
275
338
15: 4,099
Nov.Montgomery
767
1,202
318 16,613
445
77'
401 22,179
Range
..- --Selma
994
1,116
110 35,272
128
667
215 20,671
Closing 11.32n
1l.33n
11.18n
11.16n
11.220
10.62n
Ark., Blythville
52
68
271 74,151
138
23* 2,080 33,322
Dec.
Forest City
____
33
14 16,728
ii
22
Range., 11.18-11.35 11.10-11.30 11.00-11.1. 11.00-11.27 11.06-11.16
25
9,478
Helena
121
1
151 11,512
102
287
396 10,702
Closing 11.24-11.25 11.24-11.25 11.13-11.06-11.08 11.07-11.08 10.30-10.70
10.56-10.58
Slope
82 15,927
74
491
415 9,523
Jan.(1936,
Jonesboro_..
1
-- 24,370
65
268
371 4,473
Range__ 11.17-11.33 11.09-11.1r 11.00-11.1 11.04-11.18 11.01 11.10 10.45-10.75
2,843
Little Rock
3,997
1 43,933
922
1,710 1,262 29,084
Closing 11.23n
11.19-11.09-11.04-11.03n
10.60Newport
14,290
Feh.25
9,068
Pine Bluff..,
2
26
2 23.998
673
Range._
860 1,833 16,956
Walnut Ridge
_
_ 11,11
83
Closing 11.19n
95 5,287
I. I.17n
11.030
11.03n
11.080
10.60n
Albany...
442
Ga..
1,020
272 3,982
.
562
Mar 739
260 8,453
115
Athens
246
490 22,437
38
Range.. 11.12-11.27 11.00-11.11 10.95-11.07 11.01-11.20 11.00-11.10
553
250 48,441
Atlanta
659
2.216 7,663 21.481 2,780
Closing 11.15-11.15-11.06 -11.01-11.0 11.02 -- 10.40-10.71
7,516 4,04 170,255
10.59 --8,242
Augusta
9.666
40 88,936 1,478
3.89
2,971 107,636
A Wit
Columbus...
400 * 1,900
201 11,961
Range _ .
500
2,900
700 11,711
Macon
211
229
94 12,734
Closing 11.15n
37
127 29,688
220
11.15n
11010
11.06n
11.020
10.59n
Rome
1
1
285 18,739
May
1
16
100 8,351
La.. Shreveport
8.
86
61 21,534 1,411
Range.. 11.11-11.25 11.00-11.15 10.93-11.07 11.00-11.1 11.00-11.09
1,716 1.491 15.866
10.42-10.71
Miss.Clarksdale
131
692
846 22,204
Closing 11.15 -- 11.14-11.05-11.00-11.01-11.03
760
3,316 1,299 14,675
10.58-10.6
Columbus_
739
___.
100 10,951
June
4
6
688 9,080
Greenwood_
360
880
Range. _
712 28.313
253
86. 26,969
737
Jackson
1,200
1,215
Closing 11.13n
3 10,822
____
1
50 9,581
11.11n
11.04n
10.99n
10.990
10.58n
Natchez
1
1
3,048
July
7 3,428
Vicksburg_
13
410
Range. 11.07-11.1 10.95-11.08 10.85-11.02 10.97 11.13 10.97-11.05 10.44-10.61
204 4,210
4
4
137 3,355
Yazoo City_.
Closing. 11.11n
31
4
-- 10.868
11.08 -11.02 _ 10.97 - 10.97 ___ 10.57 31
22
118 6,471
Mo., St. Louis.
300
3,58
300
158 5,173
10.800 6.60 10,329
a No tdtial.
N.C.,Gr'nsboro
7
59 2,169
6.
26
2.
6 18,879
Oklahoma
Range for future prices at New York for week ending
15 towns *
1.608 1,541 105.913
1.218
502
1,911 2,177 36,454
S.C.,Greenville 1,000
3,784 1.000 32,78
1,824
4,710 1,98 84,621
Aug. 23 1935 and since trading began on each option:
Tenn.,Memphis 2,80
27,263 8.655304.943 12.311
35,103 15,611263.702
Texas, Abilene
___
8,054
1,975
Austin
Option for
-_-_ 2,370
432
476
48 1,512
Range for Week
Range Since Beg nntng of Option
Brenham....._
185
129
60 4.270
370
427
141 3,213
Dallas
53
58 5,64
.55
Aug. 1935
221
183 3,663
11.29 July 26 1935 12.53 Jan. 24 1935
Paris
----------- -----10,607
Sept. 1935.
10
___ 2,017
10.80 Mar. 12 1935 12.39 Mar.
1935
Robstown_
6.40
241
,259 6,358 1,5ii
Oct. 1935._ 10.45 Aug. 23 11.49 Aug. 17 10.05 Mar. 18 1935 12.71 Jan. 6 1935
5,191
883 5,157
2
San Antonio_
636
1,03
413 2,23
Nov. 1935
244
491
_
683
10.35 Mar. 19 1835 11.12 June
Texarkana __
_
2 2,218 11,99
Dec. 1935_ 10.30 Aug. 23 11.18 Aug. 17 10.10 Mar. 18 1935 12.70 Jan. 14 1935
214
281
-2(53 8,303
Waco
-46
15 7,33
16
Jan. 1936._ 10.40 Aug. 23 11.17 Aug. 17 10.16 Mar. 18 1935 12.70 Feb. 9 1935
1,774
2,355
542 6,873
18 1935
Feb. 1136
Total. 56 towns 26.09
70,951 9,25494124 36.100
Mar. 1136_ _ 10.40 Aug. 23 11.27 Aug 17 10.38 Apr. 3 1935 12.07 May 17
90,939 49,917 1104626
1935
April 1 .36_
*Includes the combined totals of 15 towns in Oklahoma.
May 14,35_ 10.42 Aug. 23 11.25 Aug. 17 10.42 Aug. 23 1935 11.97 May
25 1935
June 1935
The above totals show that the interior stocks have
July 1936_ 10.44 Aug. 23 11.17 Aug. 17 10.44 Aug. 23 1935 11.40 July
26 1935
decreased during the week 3,159
and
bales
are to-night
Financial Chronicle
1294
Aug. 24 1935
10,502 bales less than at the same period last year. The spindle in place, by States, are shown in the following statereceipts at all the towns have been 10,005 bales less than ment:
the same week last year.
Aaive Spindles Hours
Overland Movement for the Week and Since Aug. 1
for July
Spinning Spindles
State
We give below a statement showing the overland movement
Average per
In Place
Active Durtelegraphic
for the week and since Aug. 1, as made up from
Spindle in Place
Total
Ina July
July 31
since
reports Friday night. The results for the week and
171
United States
30,110,078 22,312,384 5,157,527,985
Aug. 1 in the last two years are as follows:
-1935-'----Since
Week Aug. 1
3,664
300
379
1,306
211
4,741
4,000
558
13,350
16,195
27,362
17,357
48,642
534
771
15,506
1,641
228
2,213
2,750
663
4,782
3.519
16.811
4,082
8,195
4.141
Total to be deducted
340
10,807
11,245
180
196
3.143
Leaving total net overland *
1934-----Since
Aug. 1
12,169
4,370
7,660
Total gross overland
Deduct Shipments
Overland to N.Y.,Boston,&c_
Between interior towns
Inland, &c.,from South
Week
6,605
1,800
170
3,411
3,400
Aug. 23Shipped
Via St. Louis
Via Mounds, Sec
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
10.551
13,275
38,447
* Includini movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 4,141 bales, against 13,275 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 27,896 bales.
In Sight and Spinners'
Takings
Receipts at ports to Au .23
Net overland to Aug.23
South'n consumption to Aug.23-
Week
96,074
4,141
80,000
935.
-----Since
Aug. 1
225,110
10,551
267,000
502,661 163,159
*30,213 *12,955
180,215
*3.159
Total marketed
Interior stocks in excess
-1934
Since
Week
Aug. 1
71,884
194,831
13,275
38,447
276,000
78,000
509,278
*48,111
150,204
Came into sight during week--177,056
Total in sight Aug.23
472,448
North.spinn's'takings to Aug.23- 13,953
39,537
461,167
20,123
56,289
Cotton growing States 19,340,858
9,757,048
New England States_
1,012,172
All other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,920,928
896,944
3,383,988
950,872
5,375,988
232,854
1,094,684
533,460
6,130,376
1.321,296
5,839,968
633,088
258,784
654,620
882.228
16,265,210
5,387,332
659,842
206
108
120
3,977,811,450
1,058.439,755
121,276,780
188
133
223 '
94
109
122
91
83
187
103
230
226
108
209
156
1,512,238
360,582,832
118,961,432
661,380
2,884.204
753,979,018
555,386
89,441,926
2,984,838
586.196,351
154,630
28,443,736
502,962
99,444.636
278,030•
44,445,960
4,918.744 1,144,372,027
585,534
143,369,414
5,389,164 1,342,412,365
519,148
143,348,493
128,400
28,005,728
573.934
136,559,619
663.792
137.964.448
Census Report on Cotton Consumed and on Hand,
&c., in July-Under date of Aug. 16 1935 the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the month of July 1935
and 1934. Cotton consumed amounted to 391,771 bales of
lint and 62,137 bales of linters, compared with 385,946
bales of lint and 61,905 bales of linters in June 1935-, and
359,951 bales of lint and 63,484 bales of linters in July
1934. It will be seen that there is an increase in July 1935
when compared with the previous year in the total lint and
linters combined of 30,473 bales, or 7.2%. The following
is the statement:
JULY REPORT OF COTTON CONSUMED, ON HAND,IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES
(Cotton in running bales, counting round as half bales, except foreign, which is in
500
-pound bales.]
* Decrease.
Cotton Consumed
During-
Movement into sight in previous years:
Bales
Since Aug. 1254,992 1933
158.097 1932
165,160 1931
Week-Aug.25
1933
-Aug.26
1932
-Aug.28
1931
Bales
744,197
485,806
478,494
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:
Closing Quotations for Middling Cotton on
Week Ended
Aug. 23
Galveston
New Orleans.. _
Mobile
Savannah
Noe(lie
Montgomery_ _ _
Augusta
Memphis
Houston
Little Rock _ _
Dallas
Fort Worth _ _
Saturday Monday Tuesday
11.60
11.65
11.59
11.59
11.65
11.40
11.64
11.85
11.60
11.74
11.50
11.50
11.60
11.65
11.62
11.62
11.65
11.40
11.67
11.85
11.60
11.77
11.45
11.45
11.50
11.55
11.51
11.51
11.55
11.30
11.56
11.75
11.50
11.66
11.40
11.40
Wed'day Thursd'y Friday
11.45
11.50
11.45
11.45
11.50
11.25
11.50
11.70
11.45
11.60
11.35
11.35
11.45
11.52
11.48
11.49
11.55
11.30
11.53
11.50
11.45
11.63
11.35
11.35
10.85
10.95
10.56
10.80
10.95
10.70
10.93
10.85
10.90
10.77
10.75
10.75
July
(Bales)
Monday
Aug. 19
Tuesday
Aug. 20
Wednesday Thursday
Aug. 21
Aug. 22
Friday
Asg. 23
Aug.
(1935)
September
V .64
11.34-11.34-11.35 11.24-11.25 11.20-11.21 11.22-11.23
October
November
11.02-11.04 10.5( 10.56
11.04December_ 11.20-11.23 11.19-11.20 11.0911.00-10.99- 1( .55
11.0611.15Jan.(1936) 11.18February.
10.9710.51 5.57 a
10.9811.0211.10March___ _ 11.14April
10.96 --- 10.95- 1(.58
11.00May
11.12-11.09June
109251093a 10.9210.51 b.58 a
July
11.08 -- 11.04 --- 10.97August
•Tone
Steady.
Steady.
So dy
Steady.
Spot
Quiet.
Steady.
StI dy
Steady.
Steady.
• Steady.
Stendv.
Stead,
Options_
{ 1935 391,771 5,359.838 789.373 5,739,197 22,312,384
1934 359,951 5,700,253 1,227.688 5,566,007 24,417,778
Cotton growing States--11935 322,909 4,304,131
1934 290,010 4,550,037
1935 53,527 818,583
New England States
1934 60,287 985,398
1935 15,335 237,124
All other States
1934 9,654 164,818
Included Above
Egyptian cotton
Other foreign cotton
Amer.
-Egyptian cotton_
Not Included Above
Linters
596,575 5,594.341
933,341 5,275,269
153,969 136,545
240.960 216,336
38,829
8,311
53,387
74,402
4,662
6,006
3,781
3,553
1,305
611
82,708
103,455
36,755
44,125
11,205
12,535
25,893
34,889
14,417
21,220
6,760
5,937
22,076
26,904
8,513
13,227
1,939
1,104
f 1935 62,137
1 1934 63.484
728,034
767,146
191,682
237,277
32,325
31,738
16,265,210
17,128,866
5,387,332
6,635,100
659,842
653,812
1935
1934
1935
1934
1935
1934
•
Imports of Foreign Cotton (500-1b. Bales)
-The closing quotations
New Orleans Contract Market
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Aug. 17
Cotton
12
In Con- In Public Spindles
Months suming
Storage
Active
Ended Establish & at Corn- During
menu
July 31
presses
July
(Bales) (Bales) (Bales) (Number)
Year
United States
Cotton on Hand
July 31
July
Country of Production
12 Mos.Ended July 31
1935
Egypt
Peru
China
Mexico
British India
AU other
Total
1934
1935
1934
2,808
7,571
99
260
1,184
1,779
71,177
1,191
3,183
5.137
24.904
1,438
96,523
3,644
18,321
2,652
25,987
989
6,707
10,893
107,030
148.116
3,803
96
Exports of Domestic Cotton Excluding Linters
(Running Bates
-See Note for Linters)
Country to Which Exported
July.
1935
United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
30,367
19.455
19,321
22,459
9.777
6,876
86,056
53,293
200
26,012
2,806
12 Mos.Ended July 31
1934
1935
1934
51,964
738,154 1,278,426
4.642
372,656
709,024
20,363
474.106
649,041
43,927
341,850 1,318,066
6,571
240,235
275,406
3,686
97,194
121,339
33,084
601,754
635,250
73,174 1,521,195 1,845,601
47,673
108,083
375,319
19,700
225,499
269,537
1,036
74,613
57,406
Activity in the Cotton Spinning Industry for July
1935
-The Bureau of the Census announced on Aug. 21,
that, according to preliminary figures, 30,110,078 cotton
spinning spindles were in place in the United States on
276,622
July 31 1935, of which 22,312,384 were operated at some
305,820 4,795.339 7,534,415
Total
time during the month, compared with 22,709,200 for June,
-Linters exported, not included above, were 18,298 bales dur lag July in
Note
in 1934; 205,246 bales for the 12 months ending July 31 in
23,027,780 for May, 23,853,816 for April, 24,571,314 for 1935 and 17,308 bales
bales in 1934. The distribution for July 1935 follows:
1935 and
March, 24,925,168 for February and 24,417,778 for July Kingdom,169,076Netherlands. 1,701; Belgium, 21: France, 1,787; Germany,United
4,819:
6,984:
1934. The hours of employment and of productive machin- Italy, 630; Canada, 229; Panama, 10; Japan, 1,962; South Africa, 155.
ery are affected generally by organized short time. HowImprovement in Cotton Manufacturing Industry of
ever, in order that the statistics may be comparable with
those for earlier months and years, the same method of com- United States Reported by New York Cotton Exchange
puting the percentage of activity has been used. Computed -The cotton manufacturing industry of this country took a
on this basis the cotton spindles in the United States were decided turn for the better the week before last and improveoperated during July 1935 at 73.5% capacity. This per- ment was continued last week, according to the New York
centage compares with 74.6 for June, 83.4 for May,85.3 for Cotton Exchange Service. Sales of goods, which ran below
April, 92.9 for March, 100.2 for February,. and 74.3 for production for over two months, have exceeded the current
July 1934. The average number of active spindle hours per output, and manufacturing margins have become wider.
spindle in place for the month was 171. The total number Under date of Aug. 19 the Exchange Service said:
The improvement in the domestic
of cotton spinning spindles in place, the number active, the weeks ago was continued last week. mill situation which began about two
Notwithstanding uncertainty about
number of active spindle hours, and the average hours per the future of the processing tax, cloth buyers have resumed the purchase
Volume 141
Financial Chronicle
of goods on a fair scale, apparently for the simple reason that they require
goods for purpose of distribution or consumption. Sales by mills are
probably equaling or exceeding current output, in the aggregate. While
cotton prices have worked down to lower average levels in the past fortnight, prices of goods have strengthened. This is reflected in an appreciable
widening of margins on standard unfinished goods, such as print cloths,
sheetings, ducks, and drills. Mill activity shows little change in the
aggregate, but it is tending upward, in some places, from the abnormally
low levels reached in recent weeks.
The domestic cotton manufacturing industry is entering the new season,
1935-36, with a number of relatively favorable factors, but with certain
handicaps. During recent months the mills have held down their operations and hence their output of goods to a level much below a parity with
general business activity in this country. Meanwhile, wholesale and retail buyers generally have bought cotton goods on an extremely limited
scale, although trade reports indicate that both unit and dollar volumes of
retail sales have been comparatively well maintained during the past
season. In consequence, stocks of finished cotton goods in both wholesale
and retail establishments are lower than at any other time in the past two
years.
As the new season opens, the price of cotton is on a level about equal to
the average of the past season, and, with mill margins much narrower,
prices of goods are consequently more attractive to buyers. Prices of commodities in general have tended upward during the past season and are
now slightly higher than the average of the past season. General manufacturing activity, after declining during the early months of the current
calendar year, has tended definitely upward in recent weeks, and is now
about 7% above the average of the past season. The unfavorable phases
of the situation are that the cost of cotton to the mills,including the processing tax, is well above a parity with the all-commodity price level, added to
which is uncertainty as to the continuance of the tax in view of the pending
suits to test its constitutionality.
Supply and Distribution of Domestic and Foreign
Cotton in the United States, Season of 1934 -The
-35
preliminary report for the several items of the supply and
distribution of cotton in the United States for the 12 months
ending July 31 1935, as reported by Bureau of the Census
at Washington, are presented in the following tabular statements. Number I shows the principal items of supply and
distribution; number II the comparative figures of stocks
held on July 31 1934, and 1935; and number III further details concerning the supply and the distribution. The
quantities are given in running bales, except that round bales
are counted as half bales and foreign cotton in equivalent
-pound bales. Linters are not included.
500
-Cotton Ginned,Imported, Exported, Consumed,and Destroyed in the United
I
States for the 12 Mcmths Ending July 31 1935. (Bales)
Ginnings, from Aug. 1 1934, to July 31 1935
9,466,581
Net imports
100,203
Net exports
Consumed ____________________ _
4 3:
4 69 6
5 83n
Destroyed (baled cotton)
30,000
__
-Stocks of Cotton in the United States July 31 1934, and 1935. (Bales)
II
1934
1935
In consuming establishments
1,227,688
789,373
hi public storages and at compresses
5,739,197
5,566.007
Elsewhere (partially estimated)-a
950,000
680,000
Total
7,743,695
7.208,570
-Supply and Distribution of Domestic and Foreign Cotton in the United
III
States for the 12 Months Ending July 31 1935. (Bales)
Supplyfitoc- on hand Aug. 1 1934, total
7.743,695
In consuming establishments
1,227,688
In public storages and at compresses
5,566,007
Elsewhere (partially estimated)a
950,000
Imports (total less 6,827 re-exports, year ending
June 30)
100,203
GinnIngs during 12 months, total
9,466,581
Crop of 1934 after July 31 1934
9,372.235
Crop of 1935 to Aug. 1. 1935
94,346
Aggregate supply
17.310,479
Distribution
Net exports (total less 31,739 re-imports, year ending June)
4,763,600
Consumed
5.359,838
Destroyed (ginned cotton)
30,000
Stocks on hand July 31 1935, total
7,208,570
In consuming establishments
789,373
In public storage and at compresses
5,739,197
Elsewhere (partially estimated)_a
680.000
Aggregate distribution
17.362.008
Excess of distribution over supply_b
51,529
a Includes cotton for export, on shipboard but not cleared, cotton coastwise; cotton in transit to ports, interior towns, and mills; cotton on farms,
&c. b Due principally to the inclusion in all distribution items of the
"city crop," which consists of rebaled samples and pickings from cotton
damaged by fire and weather.
Note-Foreign cottons included in above items are 119,463 bales consumed; 96,240 on bane Aug. 1 1934, and 70,899 on hand July 31 1935.
Supply and Distribution Statistics for Linters
(Not included in cotton statistics above)
Stocks of linters Aug. 1 1934, were 344,015 running bales; production
during 12 months ending July 31 1935, 805,203;imports 7.000 (unofficial)
exports, 205.246; consumption. 728,034; destroyed, 1,000. and stocks
July 31 1935, 298,779.
Weather Reports by Telegraph-Reports to us by
telegraph this evening denote that there have been marked
indications that considerable deterioration has set in in the
cotton crop. There is no doubt but that the next Government Report on cotton will verify this, though it is questionable as to whether this deterioration is any more than normal
in a season like the present. Picking is generally extending
Northward daily from the Southern third of the cotton belt.
Rain Rainfall
-Galveston
Texas
3 days 0.35 in.
Amarillo
days 0.74 in.
Austin
1 day 0 04 in.
Abilene
ciry
Brenham
1 day
1.50 in.
Brownsville.. _
days 0.07 in.
Corpus Christi
-a
dry
Dallas
1 day 0.18 in.
Del Rio.,
drY
El Paso
1 day 0.18 in.
Henrietta
dry
Kerrville
dry
Lampasas
-1 day 0.01 in.
Longview_
3 days 0.68 in.
Luling
1 day 0.04 in.
Nacogdoches_ -2 days 0.24 in.
Palestine
2 days 0.54 in.
Paris
10.ay
.
San Antonio
dry
Tay or _
day 0.44
Weatherford...'
dry
Oklahoma-Oklahoma City_
dry
Arkansss-Eldorado
2 days 0.04 in.
Thermometer
high 92 low 80 mean 86
high 96 low 66 mean 81
high 96 low 72 mean 84
high 100 low 70 mean 85
high 96 low 74 mean 85
high 94 low 76 mean 85
high 92 low 76 mean 84
high 98 low 72 mean 85
high 96 low 74 mean 85
high 96 low 68 mean 82
high 102 low 70 mean 86
high 98 low 64 mean 81
high 102 low 68 mean 85
high 102 low 70 mean 86
high 98 low 72 mean 85
high 94 low 70 mean 82
high 98 low 72 mean 85
high 100 low 70 mean 85
high 98 low 74 mean 86
high 100 low 68 mean 84
high 102 low 70 mean 86
high 100 low 74 mean 87
high 100 low 66 mean 83
1295
Rain
Arkansas-Fort Smith
3 days
Little Rock
1 day
Pine Bluff
1 day
Louisiana-Alexandria
4 days
Amite
3 days
New Orleans
5 days
Shreveport
2 days
Mississippi-Meridian
4 days
Vicksburg
3 days
Alabama-Mobile
5 days
Birmingham_ _ _ . __ _1 day
Montgomery
5 days
Florida-Jacksonville
4 days
Miami
4 days
Pensacola
4 days
Tampa
4 days
Georgia-Savannah
5 days
Athens
A days
Atlanta
5 days
Augusta
4 days
Macon
4 days
South Carolina-Charleston_5 days
Greenwood
2 days
Columbia
4 days
Conway
2 days
North Carolina-Asheville_ _ 5 days
Charlotte__ _ _ - -4 days
Raleigh
3 days
Wilmington..
6 days
Tennessee-Memphis
1 day
Chattanooga
4 days
IN.ashville
2 days
Rainfall
0.06 in.
0.01 in.
0.02 in.
1.30 in.
1.85 in.
1.08 in.
0.04 in.
1.151n.
0.46 in.
1.14 in.
0.02 in.
0.67 in.
2.34 in.
0.23 in.
1.85 in.
1.50 in.
4.10 in.
1.10 in.
1.31 in.
2.12 in.
0.481n.
6.97 in.
2.83 in.
5.28 in.
0.55 in.
1.44 in.
0.32 in.
3.52 in.
2.30 in.
0.50 in.
3.02 in.
0.06 in.
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
Thermometer
100 low 74 mean 87
96 low 70 mean 8.3
98 low 69 mean 84
91 low 67 mean 79
97 low 67 mean 82
94 low 78 mean 86
98 low 73 mean 86
96 low 70 mean 83
94 low 70 mean 82
93 low 72 mean 81
96 low 72 mean 84
94 low 70 mean 82
92 low 72 mean 81.
90 low 72 mean 81
90 low 74 mean 82
94 low 74 mean 84
95 low 72 mean 84
90 low 71 mean 81
90 low 68 mean 79
96 low 72 mean 84
92 low 72 mean 82
91 low 70 mean 81
95 low 68 mean 82
90 low 68 mean 79
93 low 69 mean 81
86 low 64 mean 75
90 low 70 mean 80
90 low 70 mean 80
84 low 70 mean 82
92 low 67 mean 81
94 low 70 mean 82
90 low 66 mean 78
The following statement has also been received by telegraph, showing the height of rivers at the points named at
8 a. m. on the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Aug. 23 1935
3.8
16.9
9.6
7.8
17.1
Aug. 24 1934
1.2
7.0
9.2
2.4
4.6
Dallas Cotton Exchange Weekly Crop Report
-The
Dallas Cotton Exchange each week publishes a comprehensive report covering cotton crop conditions in Texas,
Oklahoma and Arkansas. The current week's report, dated
Aug. 12, is as follows:
TEXAS
West Texas
Abilene (Taylor County)
-The cotton crop in this section is still making
good progress. A good rain would be very beneficial although we are not
suffering yet, but if we do not get rain in the next week will begin to go
backward. Made a trip of 230 miles north and northeast and have not seen
a better prospect in this part of the territory in 25 years.
Big Spring (Howard County)
-Continued hot dry weather this week,
while pleasing to farmers on the sandier lands, has not as a whole been
favorable to cotton. A few scattered sections of our territory have received
beneficial showers, but a general rain is needed over the whole area.
Haskell (Haskell County)
-Had light showers over this trade territory last
Monday night, which was of considerable benefit, but the intensely hot
weather is taking heavy toll in all parts of the county. The sandy land
farmers reported Saturday that their cotton was suffering for water. Much
of the tight land could not make a full crop if it ware to rain right now.
From here on to Sept. 10th, the more rain we get, the better.
Quanah (Hardeman County)
-The crop continues to show deterioration.
In spots rain would not benefit it any, lots of bolls on the bottom of the
stalk are cracking open. Very little fruit safe. A general rain would help
the cotton on sandy land. Crop looks 35% less than two weeks ago. lid
Shamrock (Wheeler County)
-The hot dry weather is causing rapid
deterioration of the cotton on the tight land. Most of the cotton on the
sandy land is holding up fairly well. Unless we get good rains over this
entire territory this week our prospective crop is going to be vut short.
Stamford (Jones County)
-The cotton crop is needing rain but not suffering except in small spots. A good soaking rain next week would be highly
beneficial. Not much cotton will be picked before October. The crop is
later than usual.
Sweetwater (Nolan County)
-Part of the cotton crop is needing rain now.
Balance will have to have a good rain in 10 to 14 days to be able to make as
big a crop as expected two weeks ago. Some insect damage, but not to any
great extent.
North Texas
Clarksville (Red River County)
-Rain fell over the entire county Monday,
Aug. 12th, which was very beneficial to the cotton crop. The plant is
growing and fruiting well. The older cotton is shedding some, and some of
the cotton is beginning to open on llght lands. Need hot dry weather from
now on.
Dallas (Dallas County)Favorable weather during past week. Plants
are making excellent progress, fruiting nicely. Leaf
-worm and boll-worm
have let up due to the extreme hot weather and poisoning. We received our
first bale on Saturday.
Greenville (Hunt County)
-Crop conditions still favorable. A few isolated
cases of leafworm damage and some dead cotton. Cotton was shedding
rather badly during extreme hot days. Weather much cooler now,prospects
generally good.
Honey Grove (Fannin County)
-Cotton crop in this section looking very
promising. Had a good rain Tuesday night, the 13th,which was beneficial
to crop. Due to the hot weather the past two weeks and farmers poisoning,
the leafworms had about stopped. However, some reports that they have
started up again since the rain. Think we will receive our first bale around
Aug.25th.
Paris (Lamar County)
-Cotton is improving in this vicinity since the rain
the first of the week. Insects don't seem to be working as heavy, and old
cotton has begun putting on new growth and fruit. Learworms have let
up, but there are still some boll weevils and bollworms. Estimate for
Lamar County is 30,000 bales this season.
Terrell (Kaufman County)
-Crop is still looking good with little dry
weather shedding. Light rain early in the week did little good or damage.
There is little damage from worms, but flea damage has been felt. They
havelet up and stalks are putting on new growth. Taproot not up to
normal, but will be able to care for plant for some time yet.
Wills Point (Van Zandt County)
-Due to the continued hot and dry
weather the crop has declined the past week, especially the late cotton.
which is carrying very little fruit. A ground-soaking rain is needed. The
worms can be controlled, but if the extreme hot and dry weather continues
another short crop may be expected. The first bale will be received next
week.
Central Texas
-Crop is still making satisfactory progress,
Cleburne (Johnson County)
no serious insect damage yet. Ginned the first bale in this county Aug. 12th.
Picking will not start generally until about Sept. 1st. Present crop prospect
is above the average.
-Weather past week mostly dry, few
Taylor (Williamson County)
scattered showers. Flea has kept some cotton from fruiting. Unusual lot
of cotton dying. Receipts to date about 400 bales. Farmers have not
received their scrip, so practically no cotton sold.
-Conditions continue unchanged. Scattered
Waxahachie (Ellis County)
showers during the past week have helped some cotton while lower temperature has not stopped the spread of insects. Insect damage is soptted with
poisoning and brushing being done in places. Prospects still point to a
normal crop with production considerably more than last year.
East Texas
-Local rains the past week were beneficial.
Longview (Gregg County)
Cotton is looking good. We received our first bale of the new season this
week, which was about 10 days later than our first bale last year.
-Weather continues favorable for
Sulphur Springs (Hopkins County)
cotton. Have had good rain this county, but none to east of here. Insects
are returning to worry farmers, after having been stopped temporarily 10
days ago. Prospects as a whole are good.
Financial Chronicle
ARKANSAS
-Local showers together with cooler
Ashdown (Little River County)
temperatures since Tuesday have checked premature opening and is maturing bolls. Leafworms and weevil are plentiful but doing no material damage.
We possibly will make our allotment.
-Good to light showers fell over the county
Conway (Faulkner County)
on the 11th and 12th. This came in the nick of time as deterioration had
set in account dryness and excessive temperatures. Where we had good
showers conditions are promising. Where showers were light, we will need
more rain the next few days or the cotton will deteriorate. We understand
that the check-up of acreage shows that the county has only 70% of its
allowed acreage in. The acreage left out is our best producing
land.
Little Rock (Pulaski County)-Drouthy conditions in this territory were
relieved the first part of the week by copious rains, ranging from one to
three inches. This checked shedding and the slight deterioration generally
which was complained of at the close of the previous week due to extremely
high temperatures and dry weather generally throughout this territory.
1st. Cotton continues
The crop has made steady improvement since
Aug'
to bloom profusely, with heavy fruiting reported from all sections. The
only menace to the crop at present is possibly increased spread ofleafworms,
which farmers are poisoning actively against.
Newport (Jackson County)
-The weather for the past three weeks has
been very favorable, and the crop has made excellent progress. Army-worm
infestation is almost general, but with a sufficient supply of poison I believe
the situation will be properly handled. Altogether, the crop is very
promising, and the season will open around Sept. 15th.
-The hot weather we hope is over. Local
Pine Bluff (Jefferson County)
rains have fallen and the crop looks better. The army-worms are showing
up and are being poisoned. No real damage has been done yet. The crop
in Southeast Arkansas is better than last year.
-The following table
Receipts from the Plantations
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
Ended
Receipts at Ports
1935
May17- 21.061
24_ 18,627
81_ 21.84
June
7_ 18.907
14_ 14,317
21. 13,466
28_ 8.706
ltdy5_ 9,188
12_ 13,918
19_ 20.71
26_ 37,20
Aug.2_ 46,886
9_ 56,583
16.. 61,49
23_ 96,07
1934
1933
Stocks at Interior Towns
1935
1933
1934
51,676 118.296 1,845,933 1,404.2541.624,351
34.486 79,657 1,328,412 1.378,2691.566.959
33.14: 88,97:1,301.899 1,351,401!1,521,226
ReceiptsfromPlaniations
1935
1934
1933
Nil
19.581 69.856
1.106 8.501 22.275
Nil
8.280 43.245
Nil
6.431
25,524
33,705
50,199 80,277 1,181,35 1,222,383 1,310,456 Nil
34,622 82,935 1,161,421 1,203,873 1,283.311 Nil
51,435 125,40 1,145,008 1,179,680 1.255.589 4.302
50,608103,03 1,133,563 1,184,839 1,204,989 25,780
35,853
16,112
27.222
35,787
47,049
59.7 91
.
97.662
64.451
62,636 96,56 1,121,548 1,145,7961,177.653
11,111,5321,128,283 1,151,524
55,632 77,524
50.645103,437 1,097,28g1,117,58111,130,073
71.884 142,921 1,094.124 1.104,826 1.109.002
43,693 57,227
38,119 51,108
39,943 82,270
58,921 121,855
88,064 1,269.564 1,312,57911,478,20
72,682 1,244,82 1.284.17711,442,027
60.3531,218.931 1,262,078 1.392.603
75,9 1,201,29 1.238,729 1.343,684
N11
NU
Nil
Nil
India Cotton Movement from All Ports
-The receipts
of Indian 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:
1935
Aug. 22
Receipts
-
34,849
48,569
47,243
92.915
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1935 are 194,837 bales;
in 1934 were 146,720 bales and in 1933 were 274,054
bales. (2) That, although the receipts at the outports the
past week were 96,074 bales, the actual movement from
plantations was 92,915 bales, sto3k at interior towns
having decreased 3,159 bales during the week.
hv,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
1934
1935
Week
Season
Week
Season
6,652,005
Visible supply Aug. 16
4,159,657
4,295.259
6,879.719
Visible supply Aug. 1
150.204
472,448
461.167
American in sight to Aug.23_ _
177.056
24,000
38.000
88.000
Bombay receipts to Aug. 22-13,000
12.000
42.000
10.000
26,000
Other India ship'ts to Aug. 22
800
800
Alexandria receipts to Aug. 21
1,200
200
18,000
11.000
35.000
Other supply to Aug. 21 *
5,000
Total supply
Deduct
Visible supply Aug. 23
4.364,913 4,866.507 6,850,009 7,491,086
4,162,019 4,162,019 6,594,148 6,594.148
704,488
255.861
202,894
896.938
Total takings to Aug.23 a____
530.688
177.061
160.694
Of which American
666.738
173.800
42,200
78.800
230,200
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &C.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 267,000 bales in 1935 and 276.000 bales in 1934 takings
1934
Since
Aug. 1
Week
Bon-bey
13.000
Exports
From
-
Week
33,000 24,0001
I 10,000
1,000 11,000
2,000 12,000
Total all
1935
1934
1933.
Since
Aug. 1
Week
88.000 14.0001
54,000
Since August 1
Great Conti- Jap'n&
&Bain meat China Total
B09 bay
1935
1934
1933
Other India:
1935
1934
1933
1933
Since
Aug. 1
For the Week
Great
Britain
3,000 1,000 4,000
-- -- 5,000 21,000 26,000
_
3,0116 13,000 4,000 20,000
Contiment
Japan &
China
Total
42,000
78,000
53,000
2,000
2,000
3,000
16,000
10,000
26,000
10,000
12,000
14,000
23,000
3.000
21,000
19.000
23,000
47,000
42,000
26,000
68,000
13,000 1,000 14,000
1,000 16.000 21,000 38,000
5,000 25,000 4.000 34,000
25,000
5,000
24,000
35,000
33,000
73,000
24,000 84.000
66,000 104,000
24,000 121.000
21,000
66,000
24,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
11,000 bales. Exports from all India ports record a decrease
of 24,000 bales during the week, and since Aug. 1 show a
decrease of 20,000 bales.
Alexandria Receipts and Shipments
-We now receive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Alexandria, Egypt,
Aug. 21
1935
Receipts ,cantars)This week
Since Aug. 1
To
To
To
To
1934
1,000
3,700
This
Week
Exports (Bales)-
Since
Aug. 1
1,800
Liverpool
Manchester, &c
2,000 3.700
Continent and India_ 5,000 20.700
1,000 1,000
America
1933
4,000
7.400
2,300
This Since
Week Aug. 1
This Since
Week Aug.1
3.000 4,750
3.000 6.250
7.000 26,850
2,000 3.250
2.000 4,000
4.000 6,800
9,000 22,500
1.000 1,500
8.000 27.200 16.000 Rd non 94 nnn 41 100
Total exnorts
Note
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Aug.21 were
1,000 cantars and the foreign shipments 8.000 bales.
-Our report received by cable toManchester Market
night from Manchester states that the market in both yarns
and cloths is dull but steady, in consequence of American
news. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
1935
43.046
36.501
10,929
27.036
34,989
34,833
47,823
59,0
Aug. 24 1935
not being available-and the aggregate amounts taken by Northern and
foreign spinners, 437,488 bales in 1935 and 620,938 bales in 1934, of which
263.688 bales and 390,738 bales American.
S Estimated.
32s Cop
Twist
d.
1934
Ssi Lbs. Shirt- Cotton
ings, Common MiddPg
to Finest
UpPds
s. d.
s. d.
d.
328 Cop
Twist
U.
May1034@ith 90 @ 9 2
1014@11% 90 (4 9 2
10 0113i 90 @ 9 2
86
86
86
86
10
0 @lI,
10 @Hy(
103401114
88
86
86
86
•90
090
@ 90
@ 90
July@
O
@
O
90
90
90
90
Aug.
86 O 9 0
10 @II
914 @1014 87 @ 9 1
914@l0,1 87 1891
92 O 9 4
s. d.
6.90
7-01
6.92
91
92
92
6.83
6 76
6.79 10 011%
6.85 1054181134
6.94 101401M
6.14 101401196
7.02 1014 @1154
6.80 1014011%
92
92
92
92
.111069%011,4
9zt@lik,
9%0114
93401114
855 Lbs. Skirt- Cotton
ings, Common Middro
to Finest
Uprds
92
92
92
92
8.88 103.4181154 92
6.48 OK @l2
94
6.56 1054(812
94
6.3.1 101401114 94
e. d.
SOSO SO00 0000 000
1296
Tyler (Smith County)
-Crop conditions remain much the same. Some
scattered showers have been reported over the county, which has been a
benefit in the dry sections. To date we have received three bales of new
crop cotton.
South Texas
Seguin (Guadalupe County)
-Picking has begunpver the county generally
this week. We previously reported that the county would make about
two-thirds of what it did last year. It now iloks like even less than that
will be made. Crop is very spotted. If good weather continues, picking
will be completed quickly.
OKLAHOMA
Ada (Pontotoc County)
-Growing condition good, some weevil appearing,
but plant is putting on lots of fruit. Think will make more per acre than
In several years. Late rains insure ample moisture.
Frederick (Tillman County)
-Very dry and hot, which has been hard on
cotton, however, with rains and cooler weather soon conditions will be
changed. We are in an if position. If it rains, all right; if it does not, it
will be too bad. About all we can do is wait and see, however, we are at a
critical point and we can go up or down rapidly depending on weather
conditions.
-Cotton progressing nicely. General rain this
Hugo (Choctaw County)
week was not needed. It will only tend to make insects more noticeable,
but as yet we have no alarming reports of them. Plant is putting on more
fruit. No picking has been reported, but some cotton should be open
next two weeks. We are getting no rain to hinder the opening. Yield should
be above that of last year.
-Past week was hardly so hot as the former
Mangum (Greer County)
week, but cotton made no progress and is gradually losing its vitality, and
soon will be shedding what little fruit it has, so that without good rains
soon this county will produce very little more than last year. This is the
general opinion, however, believe this plant will hold up exceedingly well
owing to 30 days lateness and lack of fruit on it, but it is a difficult guess.
No insects of any nature in these parts.
d.
93
94
94
8.23
8.20
6.26
94
04
94
94
6.56
8.81
8.89
8.84
94
94
94
94
6.68
8.99
7.17
8.97
94
98
96
96
7.07
7 42
7.11
7.12
-As shown on a previous page, the
Shipping News
exports of cotton from the United States the past week have
reached 39,390 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
GALVESTON-To Japan-Aug. 15
-Endicott, 497
-Aug 15
-Endicott, 100
To China
-Velma Lykes, 50
To Buena Ventura-Aug. 14
-Au ;. 14-Velma Lykes, 590
To Port Colombia
To Bremen-Aug. 17-Ditmar Koel, 1,076
-Aug. 17-Elitmer Koel, 5
To Hamburg
-Topeka, 35
To Gothenburg-Aug. 22
-Aug. 17-Ditmar Koel, 122 .Aug. 22
TI Gdynia
-Topeka,
278-----------------------------------Montreal Meru, 1,163
To Japan-Aug. 17
-Montreal Mar% 1,158
HOUSTON-To Japan-Aug. 15
-Aug. 21-Binenndyk, 50
To Ghent
-Cripple Creek, 3,562
-Aug. 19
To Liverpool
To Rotterdam-Aug. 21-Binnendyk. 105
To Manchester
-Aug. 19
--Cripple Creek, 2,811
To Copenhagen-Ana. 20
-Topeka. 250
-Topeka. 345
-Aug. 20
To Gdynia
-Topeka. 163
To Oothenburg-Aug 20
-Aug. 157
-To Gdynia
NEW ORLEANS
-Topeka, 425
-Michigan, 235
To Havre
-Aug 16
To Dunkirk-Aug. 16
-Michigan. 100
-Frankfurt, 750
To Bremen-Aug. 16
-Frankfurt, 65
To Hamburg-Aug. 18
-Aug 7
-City of Omaha, 300
To Venice
To Japan-Aug.20-Komaki Maru,1.827
To Trieste
-City of Omaha, 150
-Aug. 17
-City of Omaha. 471
-Aug. 17
To Genoa
Bales
497
100
50
590
1,076
5
35
400
1,163
1,158
50
3,562
105
2,811
250
345
163
425
235
100
750
65
300
1.827
150
471
Financial Chronicle
Volume 141
1297
peg closed % to 'Ac. lower. Liverpool, however, was
3 d. higher. World shipments were 6,466,000 bushels;
A
supplies on ocean passage decreased 872,000 bushels to
15,284,000 and compare with 40,408,000 last year. On the
20th inst. Northwestern reports of severe crop damage sent
prices up 2 to 2%c. Demand was better. The buying
was also stimulated by strength at Minneapolis, Winnipeg
and Liverpool and a bullish spring wheat crop report by
B. W. Snow. He said that the crop showed further losses
from rust and heat, and finds that the condition had declined
to 40.7 with acreage abandonment amounting to 3,513,000
acres. His report suggests an all spring wheat crop of
145,000,000 bushels. On the 21st inst. prices rose 1% to
23/20. on greater public buying and short covering owing to
war talk in Europe and stronger outside markets. Winnipeg, Liverpool and North American markets were all higher.
Further reports of crop damage in the Northwest were
received.
On the 22nd inst. prices closed % to lc. lower under general liquidation. The selling was not heavy, but the demand
was smaller. Liverpool cables, after showing some hesitancy early, became firmer later on but failed to promote
much buying here. The crop of the three Canadian provinces
was estimated at 295,000,000 bushels. Private estimates,
however, indicated prospects for around 225,000,000 to 250,000,000 bushels of millable wheat. Argentine shipments this
week were estimated at 3,674,000 bushels against 1,306,000
Total
39,390
bushels last week and 3,410,000 bushels in the same week
last year. This is surprising in view of the reports that
Cotton Freights-Current rates for cotton from New the exportable surplus in Argentina was small. Rain is
York, as furnished by Lambert & Barrows, Inc., are as still badly needed in that country. To-day prices ended %
to lc. higher, after early weakness. Lower Liverpool cables
follows, quotations being in cents per pound:
and the sharp break in cotton caused an early decline, but
High StandHigh StandHigh StandDensity ant
DettrUg ar4
prices recovered on buying stimulated by unfavorable crop
Density mg
Liverpool .30e. .45e. Trieste
.750. .90c.
.50e. .65e. Piraeus
reports.
Manchester.30e. .45e. Flume
.50e. .65e. Salonica .750. .90o.
Bales
CORPUS CHRISTI
-To Copenhagen-Aug. 18
50
-Titania,50
To Vejle-Aug. 16
200
-Titania, 200
To Aalberg-Aug. 16
400
-Titania,400
To Bergen-Aug. 16
100
-Titania, 100
To Gdynia-Aug. 16
591
-Titania, 591
To Gothenburg
-Aug. 16
296
-Titania, 296
To Stockholm-Aug. 16
200
-Titania. 200
To Varberg-Aug. 16
200
-Titania, 200
To Riga-Aug. 16-Titania,300___Aug. 20-Gozenhelm, 259559
To Abo-Aug. 16
200
-Titania, 200
To Reval-Aug. 16
100
-Titania, 100
To Trieste-Aug. 17
499
-Mans, 499
To Venice-Aug. 17
516
-Maria,516
To Flume
-Aug. 17
100
-Maria, 100
To Mestre-Aug. 17
250
-Maria, 250
To Japan-Aug. 18
11,625
-Kano Maru, 11,625
To Bremen-Aug. 20-Gonzenhelm, 2,262
2,262
To Gdynia-Aug. 20-Gonzenheim,24
24
To Tallin-Aug. 20-Genzenheim, 100
100
LAKE CHARLES
-To Bremen-Aug. 20--Jolee, 50
50
To Gdynia-Aug. 20-Jolee, 65
65
MOBILE
-To Venice-Aug. 8
1,630
-Ida, 1,630
To Trieste-Aug.8
300
-Ida,300
To Liverpool
-Aug. 12
-Auditor, 184_ -Aug. 15-Afoundria,
300
484
To Manchester-Aug. 12
-Auditor, 293---Aug. 15-Afoundrift, 250
543
SAVANNAH
-To Hamburg-Aug. 17
-Bury Hill, 12
12
To Rotterdam-Aug. 17
165
-Bury Hill, 165
-To Liverpool-Aug.19-Lochmonar,14
LOS ANGELES
14
NORFOLK
-To Hamburg-Aug. 23
126
-City of Hamburg. 126
GITLFPORT-To Bremen-Aug. 13-Arizpa, 291
291
To Hamburg-Aug.13- Arizpa, 139
139
To Liverpool
-Aug. 13-Afoundria, 116
116
To Manchester-Aug. 13-Afoundria, 100
100
SAN FRANCISCO
-To Great Britain-(7), 100
100
To Japan-(7), 300
300
Antwerp .35e.
Havre
.36e.
Rotterdam .35e.
.40c.
Genoa
Oslo
.460.
Stockholm .420.
•Raie is open.
.50c.
Barcelona
.43c. Japan
.50e. Shanghai
.55e. Bombay z
.610. Bremen
.57e. Hamburg
z Only small lots.
.35c.
•
.40e.
.30e.
.30c.
.50e.
.50e. Venice
• Copenhag'n.42e.
.40e.
Naples
•
.55e. Leghorn .40e.
.45e. Gothenb'g .42c
.45c.
.65e.
.57c.
.55e.
.55c•
.570
Liverpool
-By cable from Liverpool we have the following statement of the week's imports, stocks, &c., at that port:
Aug. 2
56.000
503,000
156,000
6,000
3,000
79,000
23,000
Forwarded
Total stocks
Of which vrmerican
Total imports
Of which American
Amount afloat
Of which American
11.
Aug.9
37,000
488,000
150,000
11,000
2,000
108,000
24,000
Aug. 16
46.000
487,000
149,000
21,000
2,000
110,000
24,000
Aug. 23
36.000
472,000
141,000
2,000
3,000
118,000
28.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot
Saturdag
Market, ( A fair
12:15
business
doing,
P.M.
Tuesday
Wednesday Thursday
Friday
Quiet.
Monday
A fair
business
doing.
Quiet
Quiet.
Moderate
demand.
6.61d.
6.558.
6.57d.
6.588.
,6.608.
Futures.1 Quiet,2 pts Quiet. unQuiet, Stity.. un- Quiet,
Market
dec. to 1 pt changed to
changed to 7 to 8 pts.
unopened
advance. I pt. dec. changed. 2 pts. adv decline.
Market. I Quiet,
Steady,
Steady,
Steady, Steady,
4
1 to 5 pts 2 pts. adv. 2 to 4 pts.6 to 8 pts 3 to 4 pts.
P.M.
decline. to 2 ots.dee decline, advance, decline.
Mld.171)1*do
•
6.33d.
Irregular.
17 to 23
pts. dec.
Steady:
14 to 31
pts. dec.
Prices of futures at Liverpool for each day are given below:
Sat.
Thurs.
Fri.
moo. • Tues.
Wed.
12.15 12.30 12.15 4.0012.15 4.0012.1'4.0012.1. 4.0012.15 4.00
p. m.p. m.p. m.p. m.p. m p. m.p. m.P. m.P. hl. P. m.IL m P. m.
New Contract d. d. d.
d. d.
d. d. d. d. d. d.
Auguqt (1935)- -- -- 6.2 ___ 6.23... __ 6.31 _ _ __ 6.28 ____ 5.97
October
6.01 5.98
6.01 5.9. 5.99 6.0 6.01 6.0 5.7 5.73
December
5.93... __ 5.89 -___ 5.61
_ _ 5,8
January (1936) __ -_ 5.8 5.81
5.83 5.82 5.82 5.90 5.8 5.86 5.61 5.58
March
5.82 5.79
5.81 5.80 5.79 5.87 5.81 5.84 5.61 5.58
May
5.80 5.76
5.79 5.77 5.77 5.8 5.79 5.81 5.60 5.57
July
5.7 5.71
5.7 5.73 5.72 5.:1 5.74 5.7. 5.58 5.54
October
December
January (1937).- - - 5.61__ _ _
_ __ 5,57__ __ 5.
- 5.59 -__ 5.45
March
. _ 5,57.. __ 5.63.. -- 5.59 -__ 5.45
-- -- 5.63-- -Au,!. 17
to
AUft. 23
ct6 ri
ts;AO
IsCICC.4020414.-..1110..
.G•1000004000t..00.00
BREADSTUF FS
Friday Night, Aug. 23 1935.
Flour demand showed little improvement and was confined to small quantities to fill immediate needs. Prices
recently were firmer.
Wheat declined
to 23 c. on the 17th inst. under
%
selling prompted by a decline in Liverpool and the weakness
in coarse grains and outside markets. Kansas City declined 23% to 2Xo. and Minneapolis was lower. Winnipeg
ended 3 to 2c. lower. Mills were good buyers of choice
A
wheat and Chicago reported shipping sales of 36,000 bushels.
Liverpool closed unchanged to %d. lower. On the 19th
inst. after opening higher in response to strong cables prices
eased under further liquidation and hedge selling and closed
% to 43. lower. A depressing factor was the increase of
7
6,000,000 bushels in the United States visible supply.
Further showers were reported over the belt and these rains
it is felt, will temporarily delay threshing operations. Winni-
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 recl
9634 9534 9734 9934 9834 9834
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
September
$
8634 8534 8734 89$ 8811 89
December
88% 87% 89
% 91
90
91
May
92
93
9134 93
8934 89
Season's High and When Made
Season's Low and When Made
September ____ nap Apr. 16 1934 September ____ 7834 July 6 1935
December
July 31 1935 December
81
July 6 1935
97
May
984 Aug. 1 1935 May
8834 Aug. 19 1935
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
August
84% 8634 87% 8634 8634
85
October
8634 8534 85%
8334 8334 85
December
8634 8534 8534
8334 8334 85
Corn declined % to 23%c. on the 17th inst., owing to
general liquidation and other selling. Cash houses were
selling Sept. and buying Dec. Texas was reported to be
offering new crop corn to Kansas City for last half of September shipment. Cooler and showery weather was reported over the belt. The cash corn basis was lower. On
the 19th inst. prices declined % to PAc. under September
liquidation. The cash basis was weaker. A shipment of
94,000 bushels of African corn was received in Chicago
from Montreal. The United States visible supply fell off
340,000 bushels. On the 20th inst. prices ended % to 'Ac.
higher reflecting the strength in wheat. Northwestern
interests were buying December, while Eastern houses were
taking May. Good rains fell over a large part of the belt.
On the 21st inst. prices ended unchanged to 'Ac. higher in
sympathy with wheat. September liquidation brought
about some reaction from the top. Rain is needed in parts
of Nebraska. Showers and cooler weather were general
over the belt. Receipts at Chicago were 16,000 bushels
and shipping sales 12,000 bushels.
On the 22nd inst. prices declined Yi to %c. in a dull market. There was a small amount of September liquidation
early in the day, but offerings became smaller later on.
Bullish crop reports were received from the western sections
of the belt, but east of the Mississippi River conditions were
excellent. To-day prices ended % to %c. higher after early
eakness, in sympathy with the break in cotton.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
9734 9634 97
No. 2 yellow
97
9634 9634
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues. Wed, Thurs. Fri.
September
74% 7434 74% 74% 741 7434
December
5634 55% 5534 56% 557
56%
May
5734 5634 57% 5734 57
58
Season's High and When Made
Season's Low and When Made
September -___ 8434 Jan. 5 1935 September ___ 673' Mar.25 1935
December
June 6 1935 December
65
6034 June 1 1935
May
68% July 29 1935 May
56
Aug. 13 1935
Oats on the 17th inst. declined in sympathy WE
- -other
grain and ended 13% to 1%c. lower. On the 19th inst.
prices ended % to 'Ac. higher. On the 20th inst. prices
ended % to 'Ac. higher in response to the rise in wheat and
corn. On the 21st inst. prices ended % to lc. higher,
owing to the strength in wheat.
On the 22nd inst. prices declined % to %c. under hedging
and realizing sales. There was little or no new buying.
To-day prices ended %c. lower to %c. higher.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
3634 3834 39
3934 3934 3934
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
September
2534 251 26
2711 21 2634
December
28
2634 2734 27
28
2834
May
2934 30
30
31
30
31
1298
Financial Chronicle
Season's High and When Made
Season's Low and When Made
September
44%, Jan. 7 1935 September ___ 31% June 13 1935
December
35% June 4 1935 December
33% June 13 1935
May
37
Aug. I 1935 May
29% Aug. 17 1935
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
October
33% 334 3394 34
3334 3334
December
31% 31% 31% 3234 3134 313
0 Rye
followed other grain downward on the 17th inst
ending with losses of % to Xic. On the 19th inst. prices
ended Xc. lower. On the 20th inst. prices reflected the
strength in wheat and ended 3 , to 1 Yo. higher. On the
A
21st inst. prices advanced 1% to 13'c. with wheat up.
On the 22nd inst. prices were % to %c. lower, reflecting
the weakness in wheat. Demand increased a little on the
decline.. To-day prices ended %c. higher.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
September
41
40% 42
431 4234 43%
December
4334 433'4 44
45
45
45%
May
47
46% 4734 48
, 48% 4834
Season's Low and When Made
Season's High and When Made
June 13 1935
September --- 76
Jan. 5 1935 September ____ 45
December
4834 June 13 1935
53% June 3 1935 December
May
52% Aug. 1 1935 May
4631 Aug. 19 1935
`13"="oLosiwG PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
October
3734 3734 3731 3831 3734 38
39 ,4 3834 39
December
3934 38% 39%
-CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues, Wed. Thurs. Fri.
4034 40
40
4134 41
41
October
41
40
42
4234 42
42
December
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Man. Tues. Wed. Thurs. Fri.
3434 3434 3434 35
3434 3434
September
December
3434 3434 3434 3431 3434 3434
MY
Closing quotations were as follows:
GRAIN
Oats, New York
Wheat, New YorkNo. 2 white
No.2 red, c.i.f.. domestic.-- 9834
3931
Rye, No.2.f.o.b.bond N.Y. 4834
Manitoba No. 1,f.o.b. N.Y_ 95
Barley, New York
4734 lbs. malting
Corn, New York5534
9631
Chicago. cash
•42-60
No.2 yellow, all rail
FLOUR
$3.80®4.1O
Spring pats..high protein $7.95 8.25 Rye flour patents
7.70 7.95 Seminole, bbl.. Nos. 1-3- 9.05@ -Spring patents
6.90 7.50 Oats. good
Clears. first spring
2.60
Soft winter straight& __. 5.35 5.60 Corn flour
2.70
Hard winter straights.... 7.00 7.30 Barley goods
Coarse
3.70
Hard winter patents...,.. 7.15 7.45
Fancy pearl,Nos.2.48s7 5.300;45.50
6.10 7.40
Hard winter clears
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Receipts at-
Oats
Corn
Wheat
Flour
Rye
Barley
Obis 196 lb. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush 56 Msbush 48 lbs
243.000 2,405,000 431,000
60,000
Chicago
204,000 1,551,000
31,000 3,047,000 222,000 1,070,000
1.872,000
Minneapolis.,
159.000
14,000
84,000
189,000
Duluth
107,000
382,000
1,000 328.000
157,000
14,000
Milwaukee
62,111
3,000
10,111
3,000
1,067,000
Toledo
30,000
15,000
48,000
26,000
Detroit
53,111
342,000
160.000
784,000
Indianapolis_
194,111
13,000
126,000
79,000 1,163,001
17,000
St. Lopls _ _ _
45,000
397,000
6.111
135,000
95,001
33,000
Peoria
310,111
52,000
13,001 3,224,000
Ranais City
39,000 1,255,000
1,709,000
Omaha
90,000
7,000
205.000
St. Joseph_
4,000
341,000
Wichita
1,000
105,000
5,000
67,000
100,000
Sioux CRY.
4,111
270,000
4,786,000
127,000
221.000
Buffalo
9,052,111
1,940,000
4,158,000
767,000 1,921,000
334,111 2,090.000
226.11' 1.301,000
•
Since Aug.11,017,000 56,026,000 4,463,000 14.902,000 1,579,000 4,022,000
1935
1,009,000 26 635,000 33.382,000 6,733.000 709.000 4,927,000
1934
915 nnn 10,101
0 R94 Ann 15 848 OM 542000 4 850 non
Total wk.1935
Same wk.1934
Same wk.1933
343,000 17,291,000 1,038,011
338,000 8,602,000 10,079,000
261,000 6,466,000 2,474,111
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Aug. 17 1935, follow:
Oats
Rye I Barley
Corn
•
lbbs 196 Os bush. 60155.bush. 56 lbs.bush.32 lbs bush 56 lbs bush 48 lbs
514,000
6,000
25,000'
167,000
113,000
New York.. _
8,000
221,000 . 192,000
2,000
Philadelphia_
26.000
92,000
6,000
45,000
286.000
Baltimore....
18,000
20,000
24,000
New Orleans.
18,000
Galveston...
42,000
118,000
38,000
844,000
Montreal_-_
35.000
1,000
387,000
18,000
Boston
Receipts at-
Wheat
Flour
Total wk.1935 264,000 1,536,000 1,205,000
Since Jan,1'35 7.700,000 27,921,000 11,423 1 1 i
109,000
26,000; 126,000
9,943,000 3,920,000' 2,157,000
204,000
96,000
27,000 288.000
219,000 51.508.0001
3,209,000
Week 1934 _
5,144.000 4,836.000 1,684,000 1,130,000
SinceJan 1 '34 8.450.000
through New Orleans for foreign ports
• Receipts do not include grain passing
on through bills of lading.
• The exports from the several seaboard ports for the week
ended Saturday, Aug. 17 1935, are shown in the annexed
statement:
Exports from-New York a
Albany
Baltimore
New Orleans
Montreal
Wheat
Corn
Bushels
Bushels
.347,000
.264,000
4,000
844,000
Flour
Oats
Barrels Bushels
4,915
2,000
2,000
38,000
1.000
42,000
Rye
Bushels
•47,000
Barley
Bushels
118,000
43,000
47,000 118,000
46,915
Total week 1935_ 1,459,000
85,000
17.000 286,000
61,805
Same week 1934.-- 2.734,000
•Includes 48,000 bushels Argentine wheat and 26,000 Argentine rye.
s larded's 20,000 bushels Argentine wheat.
Aug. 24 1935
The destination of these exports for the week and since
July 1 1935 is as below:
Flour
Exportsfor Week
and Since
Week
Since
July 1 toAug. 17 Jttly 1
1935
1935
Barrels
United Kingdom_ 38,245
Continent
5,670
So. Si Cent. Amer. 3,000
West Indies
Brit. No. Am.Col.
____
____
Other countries_ _ _
46,915
61.805
Total 1935
Total 1934
Barrels
325,285
80.111
11,000
17,000
1,000
21,135
Wheat
Corn
Week
Aug. 17
1935
Since
July 1
1935
Bushels
Bushels
Bushels
558,000 4,218,000
888,000 4,099,000
13.000
73,000
Bushels
Week
Aug. 17
1935
Since
July 1
1935
1,000
13,000
1,000
1.000
455,531 1,459,000 8,403,000
508.493 2.734.000 11.860.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 17, were as follows:
United StatesBoston
New York•
Philadelphia
Baltimore
New Orleans
Galveston.
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo_a
On Canal
GRAIN STOCKS
Wheat
Corn
Oats
Barley
Rye
Bushels
Bushels
Bushels
Bushels
Bushels
2.000
6,000
305,000
26,000
34.000
390,000
181,000
56,000
3,000
432,000
875,000
13,000
580,000
244,000
5,000
1,761.000
8,000
203,000
24,000
334,000
63,000
8,000
465,000
610,000
24,000
67,000
2,260,000
1,000
626,000
1,362,000
12,000
2.893,000
76,000
4,000
843,000
169,000
19,000
36.000
13,956,000
92,000
731,000
31,000
3,821,000
399,000
865,000
8,000
240,000
43.000
244,000
2,823,000
23,000
246,000
334,000
1 627,000
163.000
14,000
57,000
609,000
6,001,000 1.665,000 3,899,000 3,933.000
111,000
345,000
392,000
456,000
61.000
271,000
2,000
4,633,000
693,000 3,633,000
428,000 2,081,000
458,000
2,052,000
1,384,000
500,000
147,000
6,000
25,000
5,000
15,000
2,760,000
498,000
316,000
53,000
668,000
54,000
,J:geg
13:833
Total Aug. 17 1935._ 49,245,000 6,071,000 12,649,000 6,884,000 4,165,000
Total Aug. 10 1935._ 43,117,000 6,411,000 8,524,000 6.459,000 3,861,000
Total Aug. 18 1934...114,751,000 51,753,000 22,629,000 11,731,000 7,432,000
*New York also has 175,000 bushels Argentine corn afloat; 144,000 bushels Polish
rye in store. a Buffalo also has 25,000 bushels Argentine corn in store; 81,000
Argentine rye in store, and 85,000 bushels Argentine corn afloat.
Note-Bonded grain not included above Barley, Buffalo, 124,000 bushels;
Duluth, 102.000; total, 226,000 bushels, against none in 1934. Wheat, New York,
401,000 bushels; New York afloat, 259,000; Buffalo, 13,507,000; Buffalo afloat,
1.481.000; Duluth, 543,000; Erie. 27,000; on Lakes, 404,000; Canal, 341.000; total,
16,968,000 bushels, against 10,323,000 bushels in 1934.
Corn
Barley
Wheat'
Oats
Rye
Bushels
Bushels
Bushels
Bushels
CanadianBushels
457,000
Montreal
11,191,000
221,000
179,000
Ft. William it Pt. Arthur_55,615.000
882,000
3,088,000 2,216,000
Other Canadian and other
310,000
water points
50,523,000
279,000
324,000
Total Aug. 17 1935...117,329,000
4,233,000
Total Aug. 10 1935_120,5.32,000
4,377,000
Total Aug. 18 1934... 99,519,000
5,652,000
summary
American
49,245,000 6,071,000 12,649,000
Canadian
117,329,000
4.233,0(5)
2,674,000 1,649,000
2,601,000 1,616,000
3,126,000 4.962,000
6,884,000 4,165,000
2,674,000 1,649,000
Total Aug. 17 1935_166,574,000 6,071,000 16.882,000 9,558,000 5,814,000
Total Aug. 10 1935-163,699,000 6,411,000 10,901,000 9.060,000 4,477.000
Total Aug. 18 1934...214,270,000 51,753,000 28,281,000 14,857,000 12,394,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Aug. 16, and since July 1 1935 and July 2 1934, are
shown in the following:
Wheat
Exports
Week
Aug. 16
1935
Since
July 1
1935
Corn
Since
July 1
1934.
Week
Aug. 16
1935
Bushels
Bushels
Bushels
Bushels I
North Amer_ 2,579,000 15,065,000 26,210,000
Black Sea_
648,000 1,304,000
456,000 196,0001
Argentine... 1,306,000 15,676,000 27,997,000 5,248,0001
Australia _ _ 1,173,000 10,105,000 12,699,000
India
0th. countr'
760.000 5.464.000 3.752,000 519,0001
6,466,000 47.614.000 71,114,000 5.963,000J
Total
Since
July 1
1935
Since
July 1
1934
Bushels
Bushels
12,000
1.000
927,000
2,348,000
46,448.000 39,057,000
3,088,000
1.566,000
51,885,000 41,562,000
Weather Report for the Week Ended Aug. 21
-The
g neral summary of the weather bulletin issued by the
Agriculture, indicating the influence of the
Department of
weather for the week ended Aug. 21, follows:
The week was characterized by continued warm weather east of the 110th
meridian and by light to locally excessive rains in many northern, eastern,
and southern sections, while large central and western areas continued
dry. The Plains States were especially warm with new high-temperature
records reported in South Dakota the first half of the week, and day temperatures of 100 degrees or slightly higher in much of the western Missouri
the latter part of the week. The highest temperature reported at first
order stations was 106 degrees at Fresno, Calif., and Helena. Mont., on
the 13th and at Rapid City, S. Dak., on the following day. Maxima were
generally in the high 90's, except in the Northwest, the Lake region, portions of New England, and the Ohio Valley. There was report of some
frost damage in Washington on the 15th and 16th.
Chart I shows the Plains States were especially warm, with large areas
here and in the upper Mississippi Valley, the Lake region, and New England averaging from 9 to 11 degrees above normal. Except for portions of
California, temperatures were below normal in the far West, with the
largest deficiencies, 6 degrees to 7 degrees, reported in Washington.
Precipitation totals were especially large along the Gulf and Atlantic
coasts and locally in the upper Mississippi and Ohio Valleys. At Charleston, S. C., the total for the week was nearly 7 inches, of which 6.06 inches
occurred during the 24 hours ending 8 a. m., Monday; Pensacola, Fla.,
Indianapolis, Ind., and Dubuque. Iowa, also reported heavy rains. There
were some reports of damage by flooding in the Ohio and upper Mississippi
Valleys. The chart on page 4 shows that over large central and western
areas precipitation was very light, with some sections of the far West
receiving none.*
Rainfall continued scanty and, together with high temperatures, was very
detrimental to crop growth in most sections from Oklahoma and western
Missouri northward to western So ith Dakota. In this area practically
all crops deteriorated, although some outside operations-eeek as thresh-
Volume 141
Financial Chronicle
ing—made good advance; little fall plowing
has as yet been accomplished,
due to the dry soil.
Beneficial rains occurred in many localities from the Ohio
Valley northward and northwestward over Minnesota, the eastern
tana, but in some parts of this area they were scatteredDakotas, and Monwith more
principally In the Dakotas. Scattered showers also ,occurred needed,
in many
eastern and southern districts, being especially heavy in parts
of the Southeast, with some damage from flooding. Local areas need rain in
the Middle Atlantic States and the Northeast, with the dryness becoming
serious
in eastern and southern New England where pastures and
suffering. Conditions are still favorable in much of the silage crops are
light to heavy showers were helpful in the Northwest. In Southwest, while
the latter section
cool weather prevailed the latter part of the week, with frosts reported
in
elevated localities and some damage to tender vegetation in colder
districts.
Rains delayed threshing and other outside operations, such
as haying, in
the Ohio Valley and adjacent localities, with some damage to grain
in shock
in the east. Fall plowing became more general in Illinois, but little of
this
work was possible west of the Mississippi River, although
in Parts of the
Northwest rains were very favorable in conditioning the
soil.
SMALL GRAINS—The spring-wheat harvest is well along
ington, with mostly good yields, and harvest is nearing completi in Washon in Ore-gon, except in elevated districts. This work is nearly finished in Wyoming
,
while in Montana rain has delayed both harvesting and threshing, though
most spring grains have been gathered in northern sections,
with good
yields on irrigated land and mostly poor to fair yields on dry land.
Threshing made good progress in Iowa and Idaho, where fair to good yields
were
reported. Work is nearly completed in Nebraska and South
Dakota, but in
North Dakota and Utah scattered showers delayed threshing
in some sections.
In Michigan considerable threshing was done, though rain
weather interfered seriously in localities; much winter wheat and humid
and
still in the field and there are some complaints of sprouting in shock oats is
tral and southern portions of the State. In the upper Mississip in cenpi Valley
work is well along with mostly good Welds in Minnesota and Wisconsi
n. In
the Ohio Valley wet weather has delayed threshing and considera
wheat is still in shock in Ohio and has been damaged by unfavora ble winter
threshing is about finished in northern Indiana and ble weather.
Oat
portions of
We Virginia. Iowa reports late oat yields much better,
st
barley yields ate fair to good in North Dakota. In and both oats and
New York the oat
harvest is in full swing. Rice is doing well in Californi
a and made good
to excellent progress in Louisiana and Arkansas.
CORN—In the esatern portion of the belt beneficia
l rains occurred, and
growth of corn was generally very good to excellent
,
where it had been dry. In some localities the earliestparticularly in areas
is in roasting ears
and expected to mature within 2 weeks; the bulk of the crop
is
ably later, although generally eared. In most western districts considercontinued
hot, dry weather was very detrimental and corn deteriorated over
areas. In Oklahoma progress and condition were mostly very poor, wide
with
the crop nearly a failure in some parts, while in the eastern half
over three-fourths cannot produce a fair crop, while conditions of Kansas
are worse
In the west. Deterioration continued in Nebraska, with heavy
damage
throughout the State and much reported beyond recovery
injury occurred in South Dakota. Rains were of much , while further
benefit in the
western Lake region and in Minnesota.
In Iowa continued dry, hot weather until near the close of the
week,
following two other similar weeks, caused serious damage
in western sections, where many fields were killed and to the corn crop
yields for some
whole counties reduced one-half. Some injury also was reported
extending into the east, but the abundance of subsoil moinsture from
the heavy
spring rains has so far been adequate to prevent damage
equal to that of
last summer. In this State the heat forced too early denting
with most of
the crop in milk or roasting ears, but still later than normal.
COTTON—The weather continued warm
and dry in most western
of the Cotton Belt, while over central and eastern sections frequent parts
light
to heavy showers and more moderate temperatures were very
favorable.
Insect activity was checked somewhat in western districts,
but conditions
eastern parts were only moderately favorable for
in
retarding their d&
predations.
In Texas cotton held up fairly well during the week
fair to good condition, except in the northeastern quarterand is mostly In
where. where more or less deterioration occurred, due and locally els&
activity; picking progressed favorably in the south. to previous insect
gress and condition were fair to good but rather poor inIn Oklahoma proextreme west, while the crop IS beginning to need rain the northwest and
State; slight shedding and some wilting were reported. over most of the
In the central States of the belt progress was good in northern
portions
and fair to good in southern; picking advanced well
in southern
sections, while in the north the first bolls are opening
locally. In eastern
States rains were very helpful, especially in some parts
where
there was heavy shedding and premature opening. Despitea week ago
the rains,
not much damage to staple was reported in eastern
sections.
1299
weevil in most portions; army worms
bolls. Progress of corn very good tochecked; blooming rapidly and many
excellent, except in dry portinui.
Tennessee—Nashville: Moderate to heavy rains
section, but still dry locally. Early corn about over greather portion of
made; condition of some
very good, but considerable damage account
drought; late greatly benefited by rains. Progress of cotton good
and condition fairly good; first
bolls opening. Tobacco ranges from good
Pastures, gardens and hay reviving rapidly. to poor; cutting in progress.
Kentucky—Louisville: Moderate to
general improvement of late crops andheavy rains relieved dryness, with
pastures. Condition and progress
of early corn mostly very good in east, but poor
to very good in west where
considerable local injury; late generally very good
and tasseling. Early
tobacco fair to good and cutting commenced;
varying injury by dry weather;
late developing rapidly.
DRY GOODS TRADE
New York, Friday Night, Aug.
Although excessively hot weather interfered,23 1935
measure, with the flow of retail trade, reports in some
from
sections continued to register more or less substan most
creases in volume over the corresponding 1934 tial inConsumer response to August sales events remain period.
ed
factory, particularly so on furs, sport apparel and satishome
furnishings. While earlier estimates concerning
expecte
increases in sales for the current month were regarde d
d as
somewhat too optimistic, it is still thought that
average
gains will reach close to 10%, with some Wester
Southwestern sections exceeding this figure substan n and
tially.
Trading in the wholesale dry goods markets
materially. Although individual orders were expanded
small, their total assumed considerable proport relatively
the result that sales in the aggregate were the ions, with
several months. Sentiment appeared greatly largest in
improved,
partly as a result of the much firmer price
also due to more liberal buying on the partstructure, and
of
chants. Price increases were announced for retail merpillowcases, and another advance on denims sheets and
since May—was put through, with predictions —the third
that prices
of percales would be marked up early next
month. Large
additional orders on the part of jobbers are said
to await
only a satisfactory clause with regard to the
possible refund
of processing tax differences. Trading in silk
goods continued to reflect the strength displayed by the
raw silk
market. Prices on silk fabrics stiffened but buyers
showed
some hesitancy in following the advances,
preferr
await further developments in the raw silk market ing to
ness in rayon yarns remained active, and substan . Busiwere placed by both weavers and knitters, with tial orders
indications
that a further enhancement in the price of silk will
result in
switching from silk to rayon on a considerable
scale. The
majority of large yarn producers was reporte
d to have
booked the entire September output, and
scattered purchases for October delivery came to light.
were again heard that another moderate price Predictions
advance was
not far off.
Domestic Cotton Goods—Trading in gray
cloths was
quiet, with everybody waiting for the
Govern
nouncement of this year's crop loan. Various ment anconflicting
statements credited to Southern Senators
The Weather Bureau furnished the following resume
only served to
of irtensify the prevailing
conditions in the different States:
uncertainty. Prices held fairly
Virginia—Richmond: Crop deteriora
steady, as mills refrained from pressing goods
on
rains; general need of rain elsewhere.tion continued In north until recent
Crops splendid in extreme west.
and buyers continued to cover portions of their the market
Weather highly favorable for work, but
accumu_ated
little
pastures and cotton nostly fair to good. Early plowing done. Meadows, needs. The statistical position
corn spotty, late burning.
was regarded as having
Sweet potatoes good; peanuts laid by and thriving.
improved somewhat, with production schedul
o North Carolina—Raleigh: Showers latter part of week
es
beneficial to most
at the previous low levels and total purchas being held
crops. Dry, warm weather prior ro that ti
upland corn, and pastures in Piedmont. ne unfavorable for tobacco,
output by an appreciable margin. Following es exceeding
good; some complaints of heavy shedding on Progress of cotton generally
the Governcoastal plains.
ment announcement late Thursday that
South Carolina—Columbia: Mostly
followed by general heavy to excessivefair ahd rather warm through 17th,
had been decided upon, but with a 12 a loan of 9 cents
Sunday and Monday. Favorfor crop growth and development.rainssome damage
able
-cent Price guarantee
but
on lowlands by
to the cotton growers, raw cotton prices fell
flooding in West. Cotton picking extendin northwar
g
d and some gin ling;
staple damaged where excessive rains; considerable shedding
business in gray goods was temporarily sharply and
reported last
two weeks.
disorganized.
Business in fine goods was featured
Georgia—Atlanta: Moderate temperat
active
ures and heavy rains favored cotton and progress fairly good in several northwestern and
combed lawns, with prices showing byfirmer buying of
central counties
a
where heavy shedding and premature opening
trend and
with quick deliveries on certain constructions
weevil activity quite generally and too wet a week ago; weather favored
growing
counties. Condition of potatoes, vegetable for picking in many southern
scarcer. More activity also developed in carded
s, truck, and pastures generally
improved.
in pigmented taffetas. Closing prices in print piques and
Florida—Jacksonville: Progress of cotton rather
cloths were
poor because of rains,
as follows: 39-inch 80s, 85sc.- 39
but condition fairly good; picking and
/
-inch 72-76s, 83sc.; 39
/
harvested. Sweet potatoes excellent ginning slow advance. Corn mostly
-inch
68-72s, nic.; 38%-inch 64:60s, 63/i to
vested and being marketed. Citrus ; some being dug. Tobacco all har63ic.; 383 -inch
good
60-48s, 5% to 5%c.
Alabama—Montgomery: Showers almostgrowth.
daily; light in extreme north
and west. Cott011 Mostly made in south and opening steadily
in all secWoolen Goods—Trading in men's wear fabrics
tions: picking delayed somewhat,
damaged only locally. Late
corn benefited in north and west.but staple , vegetable
dull as the end of the fall season was approac continued
Pastures
s, and sweet potatoes mostly good.
hoped, however, that cutters will soon re-ente hing. It is
Mississippt—Vickaburg: Early planted
cotton opening rapidly, with
picking good advance and becoming general
Retail clothing business has been very satisfa r the market.
in south; frequent showers
producing some staple damage in
ctory in many
south, with
sections of the country, and this should
activity locally in south, but elsewhere rather weather favorable for weevil
favorable for checking same.
Progress of late-planted corn generally
in more liberal buying on the part of make itself felt
very good in south; elsewhere
merchants. The
poor to fair.
new spring lines of staple and fancy suiting
Louisiana—New Orleans: Progress of
s scheduled to
rather
north, with heavy shedding and complaincottonworms poor in extreme
be opened right after Labor Day are expecte
ts of
d
only fair elsewhere because too much rain; condition in some areas, and
advances of 73' to 10c. a yard over the previou to show
fair in extreme north
to good elsewhere; moderately favorable for checking
weevil activity; openrapidly and picking good advance. Corn helped
Meanwhile, initial orders on the recently-openeds season.
by rains in extreme north,
tropical
but too much rain for the crop in many localities of
worsteds has been so satisfactory that
central and south.
Texas—Houston: Temperatures averaged high througho
ut; showers localadvances have been announced by some additional price
ly heavy, but widely scattered. Cotton held up fairly
well during week and
mills. Demand
neatly Is fair to good condition. except
for women's wear goods showed a further
in
siderabla deterioration reported; elsewher northeastern quarter where cone
provement, although total sales did not quiteseasonal imto previous insect activity which has beenthere was local deterioration due
checked somewhat by hot, dry
come up to
weather; picking progressed favorably in south
expectations, particularly in coatings, where
and spottedly in north
where *rep is some two weeks late. Minor
complai
crops and ranges showing
heard about growing competition of rayon materia nts are
effects of bet, dry weather and general rain
ls.
Okianonsa—Oklahoma City: With exceptio would be beneficail.
n of cotton, all crops deteriorForeign Dry Goods—Trading in household
ated, except In very limited areas favored by rains.
Condition and progress
of cotton fair to good, except rather poor in northwes
perienced a moderate seasonal pickup, and in the linens ext and extreme west:
crop bogiauing to need rain over most
dress goods
division some initial orders for the next
southwest and some wilting reported of State; slight shedding in east and
in west; bloom now
were received. Prices held steady, in linesummer season
and condition of corn fair in south-central, but mostly general. Progress
with the firm
and crop moody a failure in north and west-central;somevery poor elsewhere
markets abroad. Business in burlap
in northirost. Sweet potatoes, feed, and minor crops being cut for fodder
continued inactive,
need rain badly.
Arkensas—Little Rock: Progress of cotton
with transactions confined to occasional
to excellent due to favorable weather, except in some border countiesgood a few
Prices showed few changes. Domestically small spot lots.
and
localities in Ozarks
whirs pow be fair and slight shedding
lightweights were
due to dry soil;favorable for checking
quoted at 4.55c., heavies at 5.95c.
Aug. 24 1935
Financial Chronicle
1300
State and City Department
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105W. Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
PUBLIC WORKS ADMINISTRATION MUNICIPAL
ALLOTMENTS
more projects under the
Loans and grants totaling $9,786,634 for 105
Aug. 12.
new works program were announced onannounced the recission of one pretime the Administrator
At the same
$1.056,363 for a Children's
viously made allotment, a loan and grant of
York City. A grant of
Pavilion at the Metropolitan Hospital in New this project. The allotloan of $581,000 was approved for
$475,363 and a
LaGuardia.
ment was rescinded at the request of Mayor for the 105 new projects anGrants from the new works appropriation of the estimated cost of the
45%
nounced total $7.734.634 and will cover
projects.
$2.052,000 have been made by Public Works AdministraLoans totaling
of the remaining 83 projects for
tion on 23 of the projects. Recipients did not request loans and will
which grants were approved on the 12th
from other sources the balance of the money required for
be able to furnish
their projects.
Allotments were announced for the following projects:
Nature ofProject
Allotment
Name
treatment
$89.091 L&G) Sewageworks system
Angier, N. C
34,545 L&G Water
Amity, Ark
100.000 L&G Road drainage
Anderson County, Tex
Steam heating in schools
3,196 G
Avon Park, Fla
Sewerage system
43,650 O.
Ashland. Va
Sewer construction
15,317 G
Atchison. Kan
School construction •
23,727 G
Bath, S.0
41,818 L&G) Road construction
Boundary, Ida
Boundary County, Ida.:
17,272(L&G) Drainage system
District No.2
Drainage
12,727(L&G) Road improvement and
Drainage District No.13
pumping plant
19.090 1L&G) Various improvements
No. 12
Drainage District
27.272 L&G) Various improvements
Drainage District No. 10
40.000 L&G) Various improvements
Brandenburg, Ky
Road surfacing
33.030 G)
Boone County, Iowa
Boulder. Colo. (Regents of Uni85.455 (L&G) Field house construction
Colorado)
versity of
Hospital construction
Tex72,450 G
Md
School construction
12,600 0)
Chalk,
36,363 L&G) Water wks.construction
Clay, W. Va
Vocational bldg. const'n
19,800 G)
Cameron, Tex
Sewage construction
121,500 G)
Colorado Springs, Colo
17.272 L&G) Water works system
College Corner. Ohio
Various improvements_
662.272 GB
Columbia. Mo
58,363 L&G) Schoolconstruction
Concord& FaggartsCrossRd,N.0 55.575 G)
School construction
Clovis, N. M
Bridge construction
44.610 0)
Colorado Springs, Colo
17.273 L&G) Concrete pool constr'n
Covington. Va
Office bldg. construct'n
18.226 CI)
Concord, Mass
Gymnasium construct'n
27,675 0)
Concord, Mass
School construction
26.585 (1)
Clint. Tex
18.181 L&G) Gym. bldg. construct'n
Cedar Hill, Tex
181.818 L&G) Dorm. construction
Dillon, Mont
176.364 L&G) School construction
Denton, Tex
Moffat Tunnel extens'n
2,137.725
Denver, Colo
Court house construct'n
38,700
Edgarton, Mass
L&G) Sewage construction
52,727
Effingham, Ill
60.000 (L&G) Various improvements
N..T.
Elizabeth,
252,727 L&G) Court house construc'n
Fort Worth, Tex
Sewerage system
452,295 C1)
Frederick, Md
17.272 L&G) Water works system
Gay's, Ill
29.091 L&G) Well construction
Gordon. Neb
Sewage construction
42.075 G)
Greeley, Colo
26,401 L&G) Sewerage construction
Hagerstown, Ind
L&G) School bldg. construct'n
472,727
Hillsboro, N.0
332.727 L&G) Dorm. construction
Huntington. W.Va
School construction
38,250 C4)
Halifax. Va
Gym. construction
0)
5.445 )
Hemphill, Tex
27.682 L&G) School construction
Inverness, Miss
Sewer construction
18.945 ,Ci
Jefferson, Mo
School construction
40,909 ,C1
Kerchaw, S. C
70,000 L&0) Sewer construction
Keyport, N. J
School improvement
180 'Gi
Lake Placid. Fla
School construction
16,425 'G
Leona, Tex
287.273 ,L G) Trunk sewer construc'n
Linden, N..7
Road resurfacing
13,500;Ca
Linn County, Iowa
Bleacher construction
11.520 ,(3
Longview,'Fez
40,000( G) Athie..ic field cons r
Lovrville. N. Y
46.363 VAG) Water works inapt.
Linom, Ind
School construction
11,250 CH
Lincoln. Mass
Sewer construction
6.800 '43)
Maryville, Mo
Fire and police station
18,000
Medway, Mass
School improvements
24,750
Medway, Mass
Bridge construction
10.125
Mason, City, Iowa
Road surfacing
55,890
Mason City, Iowa
School construction
lA
106,250
Montclair, N. J
1
C
40,500 L&G Sewage plant
Mass
Milford,
Drainage system
63,000 )
New Madrid, Mo
..&G) Bulkhead impt.
,
Newport News, Va
Armory construction
55,045
Va
Newport News,
Various improvements
27,900 ri)
Norfolk, Va
Sewer system
36,000 43)
Norfolk, Va
School construction and
48,150 0)
Norfolk, Va
improvements
Sanita.y sewer system
31,500
Norfolk, Va
Road surfacing
8.100 0)
Northwood, Iowa
Power pole purchase
15,750 C1)
Orlando. Fla
School construction
42,885 0)
Ponca City, Okla
36.364 i.L&C1 Water wks.construction
Pilot Grove, Mo
500,000 L&G School construction
Perinton and Pittsford, N. Y
Various improvements
40.000 L&G
Palisade. Colo _
Water works system
29,250 CO
Reading, Mass
13,500 L&G) School construction
Tex
Rockdale,
69,091 L&G) Bleacher construction
Scottsville, Ky
Gym. construction
16,87o CO
Shelburne, Mass
Asylum construction
60,865 CO
Stockley, Del
25.455 L&G) Water wks.construction
Stella, Neb
69.090 L&G) Sewer system
Matthews. S. C
St.
Tennis court
2.824 0
South St. Paul, Minn
Sewer
1.65.3 0
South St. Paul, Minn
Armory construction
9,675 G
Mass
Stoneham,
Office bldg.construction
49,050 G
Stone, Mass
Bridge construction
270.000
State of Maine
Water system
130,500 0)
Swansea, Mass
r)
Nature ofProject
Allotment
Name
Variots improvements
27,000 0)
Storm Lake, Iowa
Filtration plant
33.750 GO
Storm Lake, Iowa
Steam heating
4,322 (1)
Sebring, Fla
30.000 LSI Water works system
Trenton, Fla
47,272 L&G Watera orks system
Turuaelton, W. Va
21.818 L&G Water works impt.
Union, W. Va
School construction
315 0)
Venus, Fla
School improvement
28,611 0)
Wilmington. Del
54,545 L&G) Water works system
Williamstown, W. Va
41.818 L&G) Water works system
West College Corner. Ind
Auditorium construct'n
82,800 CO
Wichita, Kan
(L&G) Indicates loans and grants. (G)indicates grants.
In addition to the above the following loans and grants
were also announced by the Public Works Administration on
Aug. 16:
Name
Aiken, S. C
Catonsville, Md
Danville, Va
Amount
of Loan
$1,513,000
8,500
Donna. Tex
Fillmore, Hinckley & Delta (Millard County Sch. Dist.), UtahFrederick. Colo
Girard. Ohio
Groveton. Tex
Hennessey. Okla
Hereford andel). Sch. Dist.),Tex.
5.500
30,000
12,500
9,500
27,000
Hernando, Miss
Jamestown and Russel Springs,
(Russel Co. Fiscal Court), KYLa Porte, Ind
49,000
138,000
Lindsay (Hughes Consolidated
School District No. 1), Okla
Montezuma, Iowa
Nashville, Illinois
Salyersville(Magoffin Co.), Ky._
Syracuse (Central N. Y. Regional
Market authority), N. Y
Toledo (Lucas County), Ohio_
Valparaiso, Fla
Whitely City (McCreary County
Fiscal Court), KY
38,000
11,500
7,000
54.000
25,000
270,000
8,000
31,000
Amount
Nature of Project
of Grant
$14,850 Storm drain Inprovemls
108.000 Hospital construction
1,237.909 Dam and storage reservoir
construction
6,954 Distribution system impts
School building construc'n
Water supply system
Out fall sewer construct'n
Sewer main and well
Water works extensions
School building construction and repairs
31,090 Sewer mains
58,500
4,500
24,545
10,227
7,772
22,500
40,091 School bldg. construction
112,909 Sewer and sewage treatment works
9,409
5,727
44,181
20,455
School bldg. equipment
Well and main construc'n
Sanitary sewer system
County rich. bldg. coast.
380,000 Produce market constr'n
58,500 County sanitary sewer
6,545 Water works system rehabilitation
25,384 School bldg. construction
PUBLIC WORKS ADMINISTRATION
Survey Completed on Progress of New Works Program in
-The following report (Press Release
Northeastern States
No. 1543) was made public on Aug. 20 by the above named
Federal Agency:
New England, New York and New .Tersey offices of Public Works Administration are working full blast on applications for the new Public Works
program at the same time as they wind up the firstltwo-years Public Works
program, Assistant Administrator Horatio B. Hackett reported to Administrator Harold L. Ickes to-day on conclusion of a three-day survey
of the eight Northeastern States.
Over 700 new PWA applications from Northeastern communities, which
so prized PWA projects that they stood ready to contribute 55% of the
cost of such projects from local resources to win the 45% Government
grant, had been filed at the time Colonel Hackett made the inspection.
Double or triple that number of documented, substantiated projects will
be filed within the next two weeks, the Assistant Administrator was informed by PWA State Directors.
Accompanied by Edward IT. Foley, Jr., Director of the Legal Division
of PWA. Clarence McDonough, Director of the Engineering Division of
PWA, Philip M. Benton, Directof of the Finance Division of PWA, and
Michael W. Straus, Director of Public Relations, Colonel Hackett visited
the PWA directors' offices in New Jersey, New York. Connecticut, Rhode
Island, Massachusetts, Vermont, New Hampshire and Maine.
The heads of the two large State offices, Director T. B. Parker of Massachusetts at Boston, and Director Arthur Tuttle of New York State in the
New York City office said that in many instances communities which had
tested PWA functioning by submitting projects in the first program, which
have now been built, had found they wished to build additional public works
under the jurisdiction of PWA.
Director Parker reported that the 78 Massachusetts projects filed within
the last week were of a better quality than those filed in the first program.
Director Tuttle in New York said that in the 159 New York projects filed
prior to Saturday, there were no projects as large individually as those of
the first New York program which included the Mid-town Hudson Tunnel
and the Triborough Bridge, but that the average quality was higher.
Personnel in the New York, New Jersey and New England offices was
found satisfactory with practically the entire personnel benefiting from
two years' experience in handling the first program. In all of the Northeastern States almost the entire group of projects undertaken two years
ago was found to have been completed and functioning to the benefit of
the community in which they were situated.
PWA-COURT DECISION MAY LIMIT FUTURE
POLICY ON MUNICIPAL POWER PLANT
ALLOTMENTS
The New York "Herald Tribune" of Aug. 18 carried an
article on a decision handed in a case involving the City of
Kennett; Mo., which is thought to have a wide effect on
future Public Works Administration allotments for similar
projects from which article we quote in part as follows:
A decision, considered likely to have far-reaching effect on the future
policy of the PWA to advance funds, in the form of a 30% grant and 70%
loan at a low interest rate, to municipalities for the purpose of constructing
States
electric power systems, has just been handed down. The United Co., a
Circuit Court of Appeals held that the Arkansas-Missouri Power
Middle West Utilities System, was entitled to an injunction to
unit of the
restrain the City of Kennett, Mo.,from building a municipal electric light
plant under an arrangement with the PWA.
The case dates back to the early part of the year when the private utility
sought an injunction to prevent the construction of the power plant as
unfair government competition. The application of the power company
for an injunction was dismissed by Judge Charles B. Fans last February
when he was Judge of the District Court in St. Louis.
The opinion, written by Judge Sanborn and concurred in by Judges
Garner and Woodrough, all Federal Circuit Judges, reverses the decision
of Judge Faris.
and
The Court said that under the terms of the contract between the city disthe PWA, the city undertook to delegate to the government many the
functions which belonged properly to the legislative body of
cretionary
person.
city and could not, under Missouri laws, be delegated to any other
provisions
The contract between the City of Kennett and the PWA measure of
the Federal Government retained a large
were made whereby
The PWA
control over the construction of the electric power project. Court held
was to make a loan of $120,000 and a grant of $30,000. The
contract were such as to render the contract
that the provisions of the
"absolutely null and void."
provisions of
The ruling of the Circuit Court of Appeals held that the selection of
the contract giving the Federal Government authority over the
materials, were invalid.
41/4.
Volume 141
Financial Chronicle
RECONSTRUCTION FINANCE CORPORATION
Sale Scheduled of $15,208,500 Municipal Bonds Taken Over
from PWA-It was announced by the above Corporation
on Aug. 19 that a public sale will be held at noon (Eastern
Standard Time) on Aug. 29, of various blocks of municipal
securities having a face value of $15,208,500, part of the
$235,000,000 security holdings taken over recently from the
Public Works Administration.
It is stated in the offering notice that the successful bidders
on the bonds will be required to accept delivery at the
below mentioned Federal Reserve Bank or branch, and to
pay for the same in cash or in other immediately available
funds at any Federal Reserve Bank or branch thereof,
within 15 days of acceptance of bid. Signed or certified copy
of the approving legal opinion of bond counsel, where indicated, as to the legality of the bonds will be furnished the
purchaser without cost. Telegraphic bids will not be accepted; all bids must be unconditional and accompanied
by a certified check, payable to the Reconstruction Finance
Corporation, for 2% of the principal amount of the issue
for which the bid is entered.
The bonds to be sold are described as follows:
$2,505.000 Las Angeles City High School District, Calif., 4% bonds, maturing as follows: $155,000 June 1 19s6-48; 325,000 June 1 1949;
$155,000 June 1 1954-56 incl. Legal opinion. O'Melveny,
Tuner & Myers of Las Angeles, Calif. Place of delivery: Los
Angeles Branch, Federal Reserve Bank of San Francisco,
Los Angeles, Calif.
16,000 Manitou, Colo., 4% water works improvement bonds, series
1934, maturing as follows: $1,000 June 1 1936-43 incl.;
June 1 1944-4b incl.: $500 June 1 1949. Legal opinion: $1,500
C. W.
Dolph of Manitou, Colo. Place of delivery: Federal Reserve
Bank of Kansas City, Kansas City, Mo.
109,000 Harrington, Del., 4% sanitary sewer bonds, maturing as follows: 34,000 April 1 1939-59 incl.: $5.000 April 1 1960-64 incl.
Legal opinion: George M. Fisher of Dover, Del. Place of
delivery: Federal Reserve Bank of Philadelphia, Philadelphia, Pa.
40,000 Hancock County School District No. 118, 111., 4% school ouilding bonds, maturing as follows: $1,000 Mar. 1 1936: 32.000
Mar. 1 1937-42 incl.: $2,500 Mar. 1 1943-50 incl.; $3,000 Mar. 1
1951-52 incl.: $1,000 Mar. 1 1953. Legal opinion: Chapman &
Cutler of Chicago, Ill. Place of delivery: Federal Reserve Bank
of Chicago, Chicago, Ill.
93.000 Fort Scott, Kan.,4% water revenue bonds, maturing as follows:
$1,000 July 1 1936-55 incl.; $5,000 July 1 1956-57 incl.: $3,000
July 1 1958. Legal opialon: Glen H. Louderback,
torney, Fort Scott, Kan. Place of delivery: FederalCity AtReserve
Bank of Kansas City, Kansas City. Mo.
103,000 Ashland, Ky., 4% school improvement bonds, serial I. maturing as folloavs: $2,000 April 1 1936: 34,000 April 1 1937-38•Inc
l.;
$5,000 April 1 1939-40 incl.; 310,000 April 1 1941-47 incl.:
$13,000 April 1 1948. Legal opinion: Chapman & Cutler of
Chicago, Ill. Place of delivery* Cincinnati Branch, Federal
Reserve Bank of Cleveland, Cincinnati Ohio.
287,000 Annapolis Metropolitan Sewerage Commission, Md.,4% bonds,
series C, issue of 1934 (guaranteed as to the payment of principal and interest by the Mayor. Counsellor and Aldermen of
the City of Annapolis and the County Commissioners of Anne
Arundel County), maturing Ls follows: $10,000 Mar. 1
$11,000 Mar, 1 1938-39 incl.; $12,000 Mar. 1 1940-41 1937;
313.000 Mar, 1 1942-43 incl.; $14,000 Mar. 1 1944-45 incl.;
incl.:
$15.000 Mar. 1 1946-47 incl.; $16,000 Mar. 1 1948: $17,000
Mar. 1 1949-50 incl.; $18,000 Mar. 1 1951: $19,000 Mar.
1
1952-53 incl.: 320,000 Mar. 1 1954: 321.000
1955.
Legal opinion: Reed, Hoyt & Washburn of NewMar. 1 N.
York,
Y.
Place of delivery: Federal Reserve Bank of Richmond, Richmond. Va.
92,000 Battle Creek. Mich., 4% sewer improvement revenue bonds,
maturing as follows: $4,000
opinion:
Walter P. North of BattleJuly 1 1936-58 incl. Legaldelivery:
Creek.
Place of
Federal Reserve Bank of Chicago. Mich. Ill.
Chicago,
65.000 Bemidji, Minn., 4% sewage disposal plant bonds, maturing
as
follows: $2,000 May 1 1936-39 incl.; $3,000 May 1 1940-58 incl.
Legal opinion: Hallan Huffman of Bemidji, Minn. Place of
delivery: Federal Reserve Bank of Minneapolis, Minneapolis,
Minn.
21,000 Buhl, Minn.. 4% public improvement bonds of 1934,
as follows: 31,000 April 1 1937-41 incl.: $2,000 April maturing
1 1942-49
incl. Legal opinion: Junell, Driscoll, Fletcher, Dorsey
&
Barker of Minneapolis, Minn. Place of delivery:
serve Bank of Minneapolis, Minneapolis, Minn. Federal Re52,000 Ely. Minn., 4% water works plant bonds, maturing as
follows:
34,000 Jan. 1 1936-39 incl.: $7,000 Jan. 1 1940-42 incl.: $5,000
Jan. 1 1943-45 incl. Legal opinion: A. W.Nelson,of Ely,
Minn.
Place of delivery: Federal Reserve Bank
of Minneapolis, Minneapolis, Minn.
373,000 Washington County Road District, Miss.,
4% bonds, series of
1934, maturing as follows:
Feb. 1
Feb. 1 1945 $18,000 Feb. $16,000 319,0001936-44 incl $17,000
1 1946;
Feb.
Feb. 1 1948 $21,000 Feb. 1 1949; $22,000 Feb. 1 1947 320,000
1 1950 323.000
Feb. 1 1951 $24.000
Feb. 1 1954 $11,000 Feb. 1 1952; $26.000 Feb. 1 1953 $28.000
Feb. 1 1955. Legal opinion: H. P. Parish
of Greenvil e. Miss. Place of delivery. Memphis
Branch,
Federal Reserve Bank of St. Louis,
160,000 Yellowstone County School District Memphis, Tenn.
No. 2, Mont., 4% school
bonds, maturing as follows: 310.000 Mar. 1 1939-54
opinion: Masslich & Mitchell of New York, N. incl. Legal
Y. Place of
delivery: Federal Reserve Bank of Minneapolis, Minneapolis, Minn.
180,500 Lewis and Clark County School District No.
school bonds, maturing as follows: 39,500 Jan. 1, Mont., 4%
1 1946-54 incl.
Loyal opinion: Masslich & Mitchell
of New York, N.
of delivery: Federal Reserve Bank of Minneapoli Y. Place
s, Minneapolis, Minn.
13,000 Glen Rock, N. J., 4% sewer bonds, maturing
as follows: $2,000
Feb. 1 1936-41 incl.: $1,000 Feb.
kins. Delafield & Longfellow of 1 1942. Legal opinion: HawYork,
delivery: Federal Reserve Bank of New York, N. Y. Place of
New
21.000 Vineland, N. J.,4% water works improveme New York, N. Y.
nt bonds, maturing
as follows: $2,000 Feb. 1 1936-45 incl.; $1.000 Feb. 1 1946.
Legal opinion Caldwell & Raymond of New York,
N. Y. Place
of delivery: Federal Reserve Bank
of Pniladelphia, Philadelphia, Pa.
89,000 Central School District No.6 of Truxton, Solon.
and Homer, N. Y., 4% school building bonds, Preble, Cuyler
lows: $3,000 Sept. 1 1936-56 incl.; $4,000 Sept.maturing as fol1 19.57-62 incl.;
$2.000 Sept. 1 1963. Legal opinion: Hawkins, Delafield
fellow of New York, N. Y. Place of delivery: Federal & LongReserve
Bank of New York, New York, N. Y.
460,000 Columbus, Ohio,4% sewage treatment works
fund
maturing as follows: $136,000 Feb. 1 1940-42 No. 1 bonds,
incl.: $52.000
Feb. 1 1943. Legal opinion: Squire, Sanders & Dempsey
Cleveland, Ohio. Place of delivery: Federal Reserve Bank of
of
Cleveland, Cleveland, Ohio*
40,000 Columbus, Ohio, 4% incinerator fund No. 1 bonds,
maturing
as follows: $33.000 Feb. 1 1940; $7,000 Feb. 1
1941. Legal
opinion: Squire, Sanders &
of delivery: Federal ReserveDempsey of Cleveland. Ohio. Place
Bank of Cleveland,Cleveland, Ohio.
1,394,000 Cleveland, Ohio, 4% sewage disposal bonds, fourth
series, maturing as follows: $205,000 Sept. 1 1936-41 incl.;
$164,000
Sept. 1 1942. Legal opinion: Squire, Sanders & Dempsey
of
Cleveland, Ohio. Place of delivery: Federal Reserve Bank of
Cleveland, Cleveland, Ohio.
1301
MUNICIPAL BONDS
Dealer Markets
WM. J. MERICKA & CO.
INCORPORATED
Union best Bids. 1
CLEVELAND
J
DIRECT
WIRE
r
I,
One Wall Street
NEW YORK
31.140,000 Cleveland, Ohio, 4% sewage disposal bonds, third series, maturing as follows: $447.000 Sept. 1 1935-46 incl.; $48,000 Sept. 1
1947-58 incl. Legal opinion: Squire, Sanders & Dempsey of
Cleveland, Ohio. Place of delivery: Federal Reserve
Bank of
Cleveland, Cleveland, Ohio.
45,000 New Philadelphia, Ohio. 4% first mortgage serial water
works
revenue bonds, maturing as follows: 33,000 Jan. 1 1936-50
Legal opinion: Squire, Sanders & Dempsey of Cleveland. incl.
Ohio.
Place of delivery: Federal Reserve Bank of Cleveland, Cleveland, Ohio.
175,000 Pottawatomie County, Okla., 4% court house bonds, maturing
as follows: $8,500 April 1 1937-56 incl.,• 35,000 April 1
1957.
Legal opinion: Ray Evans of Shawnee, Okla. Place of delivery:
Federal Reserve Bank of Kansas City, Kansas City, Mo.
35,000 Sykesville, Pa., 4% water plant extension bonds, maturing
as
follows: 31,000 Jan. 1 1936-52 incl.: $2,000 Jan. 1 1953-59
incl.;
33.000 Jan. 1 1960; 31,000 Jan. 11961. Legal opinion: Burgwin,
Scully & Burgwin of Pittsburgh, Pa. Place of delivery: Pittsburgh Branch of the Federal Reserve Bank of Cleveland
,
Pittsburgh, Pa.
160,000 Augusta Road, Water and Sewer Sub-District, S.
water and sewer bonds, maturing as follows: $5,000 C., 4%
Mar. 1
1936-61 incl.; $10,000 Mar. 11962-64 incl. Legal opinion:
& Johnston of Greenville, S. C. Place of delivery: Hicks
Federal
Reserve Bank of Richmond, Richmond, Va.
131,000 Greenwood. S. C., 4% water works revenue bonds, maturing
as follosts: $8,000 Mar. 1 1936-51 incl.; $3.000 Mar. 1
1952.
Legal opinion: Benjamin H. Charles of St. Louis, Mo.
Place of
delivery: Federal Reserve Bank of Richmond
133.000 Galveston. Tex., 4% school bonds of 1929. , Richmond. Va.
series B,
as follows: $4,000 April 1 1936-40 incl.; 55,000 April maturing
11941-4
incl.; $6,000 April 1 1946-49 incl.; $7,000 April
1
$8,000 April 1 1954-56 incl.; $9,000 April 11957; 1950-53 incl.;
1958. Legal opinion: Bryan F. Williams, City $3,030 April 1
veston, Tex. Place of delivery: Houston Branch Attorney, Galof the Federal
Reserve Bank of Dallas, Houston, Tex.
45,000 Hardwick, Vt., 4% sewer and water bonds, maturing
as follows:
Water bonds
-31.000 Feb. 1 1936-47 incl.. $12,000
total:
Sewer bonds
-33,000 Feb. 1 1936-46 incl.. $33.000
opinion: Storey, Therndike. Palmer & Dodge of total. Legal
Boston, Mass.
Place of delivery: Federal Reserve Bank of
Boston. Boston.
Mass.
800,000 Arlington County, Va., 4% Arlington County
maturing as follows: $40,000 Dec. 1 1940• $79,000sewer bonds,
$68,000 Dec. 1 1942-43 incl.; 557.000 bee. 1 Dec. 1 1941:
1944:
Dec. 1 1945-47 incl.; 358.000 Dec. 1 1948; 360.000 Dec.355,000
$603100 Dec. 1 1050-51 incl.: $70,000 Dec. 1 1952: 1 1949;
315.000
Dec. 1 1953. Legal opinion: Thomson, Wood &
Hoffman of
New York, N. Y. Place of delivery: Federal Reserve
Bank of
Richmond. Richmond, Va.
6,431,000 The City of New York, N. Y., 4% bonds.
Maturities
nations and authorized amounts of issues as follows: , desigSeparate
bids may be submitted for each issue of the New
York
bonds. Bids will also be considered for "all or none" City
New York City bonds. Bids will not be considered of the
than all of any single issue. The Corporation expressly for less
the right to accept the highest satisfactory bid for all reserves
the issues
even though there may have been submitted a
bids for any single issue. The Corporation alsohigher bid or
reserves the
right to accept any one or more of any
Issue or issues and further reserves thesatisfactory bids for any
right to reject any and
all bids.
$100,000 Bronx County Jail construction serial
bonds, being
part of an authorized issue of 3751.000 and maturing
$33,000
July 1 1936-38 incl.; $1,000 July 1 1939.
$108,000 hospital-Greenpoint Hospital improveme
nt
bonds, being part of an authorized issue of $234.000 --serial
and maturing: $11,000 July 1 1936-44 incl.; 39,000
July 1 1945.
$60,000 education-Public &buil 149
bonds, being part of an auttrrized issue nstructi*
f 3477.000 and
maturing: $23,000 July 1 1936-37
$69,000 City of New Ycrk, N. incl.: 314.000 July 11938.
Y., 4% Willie: sburg and
Greenpoint Health Center-serial bonds, r- aturing
as f !lows:
$17.000 July 1 1936-37 incl.; $16.000 July 1
1938-39 incl.:
33.000 July 11940.
$55.000 education-Public School 146 constructi
on-serial
bonds, being part of an authorized
rf 4415.000 and
maturing: 519,000 July 1 1936-37 incl.:issue
117.000
11938.
$107,000 health-Willard Parker Bio logical Lab July ry,
erial
bonds, being part of an auth- rized issue of ,rat'
532.000 and 1128,turllig: $23,000 July 1 1936-39 incl.: $15.000 July
1 1940.
$46,000 bridges--Washington Avenue bridge-ser
ial lx nds,
being part of an authorized issue of
324.000 July 1 1936; 122.000 July 3357.000 and it aturing:
$30,000 education-Public School 1 1937.
201 construction--serial
bonds, being part of an auth- flied issue of $194.000
and maturing 310,000 July 1 1936-38 incl.
$100,000 education-Public Sell's- 1 43 constructi
on-eerial
bonds, being part of an auth-rized issue
of 1840.000 and
maturing: $40,000 July 1 1936-37 incl.: 320.000 July
11938.
$90,000 hospital-vari-us hospitals equio:
ent--serial bonds,
being part of an auth -rized issue of
324.000 July 1 1936-38 incl.; $18,000 3234.000 and :thsturing:
July 1
544,000 higher education-Hunter C. liege , 1939.
prove:' ent-serial
bonds, being part of an authorized issue of
350.000 and
maturing 34,000 July 1 1936-46 incl.
5245.000 water works improve. ent serial bonds,
being part
of an auth-rized issue of S391.000 and :-aturing:
512.000
July 1 1936-40 incl.• 513.000 July 1 1941-45
incl.; $14,000
July 11946-53 Incl.; 38.000 July 11984.
'
323.000 highway i:nprove. ent serial bonds, being
part
authorized Issue of $253,000 and maturing: 317,000 of an
July 1
1936; 36.000 July 1 1937.
510.000 education-Public School 225 constructi
on--serial
bonds, being part of an authorized issue of $254.000
and maturing July 1 1936.
$110,000 education-Tottenville High School construction
serial bonds, being part of an authorized issue
and :naturing:$36,000 July 11936-38 incl.: 32,000 of 5747.000
July 11939.
$51,000 hospital nprove: ent--Queens-serial bonds,
part of an authorized issue of $800,000 and :((aturing: being
$42,000
July 1 1936; 39.000 July 11937.
335.000 incinerator construction serial bonds, being
part of an
authorized issue of 33.400.000 and maturing July 1
1937.
535.000 education-Public School 2 construction-serial
bonds,
being Part of an auth rized issue of $229.000 and
810.000 July 1 1935-38 incl.; $5.000 July 1 1939: maturing:
3458.000 school equip. ent serial bonds, being part
of an authorized issue of S2.100.000 and maturing:
1940: $210.000 July 1 1941; $155,000 July 1 $93.000 July 1
1942.
$180.000 Bellevue Hosnital 1:-prove. ent serial
bonds. being
part of an authorized issue of 5866.000 and
maturing: $35,000
July 11936-40 incl.; $5.000 July 11941.
$69,000 health-Mott Haven Health Center
--serial bonds,
being part of an authorized issue of $140.000
and
54.000 July 1 1936-44 incl.; $5,000 July 11945-50 maturing:
Incl.; $3.000
July 1 1951.
$212.000 hospital-various hospitals tire prevention
-serial
bonds. being part of an authorized issue
mat.: 513.000 July 1 1936-47 incl.; 514,000 of 3407.000 and
July 1 1948-51 incl.
Financial Chronicle
1302
$182,000 Water Tunnel No. 2 improve.ment serial bonds, being
part of an authorized issue of $803,000 and maturing: $23,000
July 1 1958;$37,000 July 1 1959;$38,000 July 1 1960;$40.000
July 1 1961; $41,000 July 1 1962; $3,000 July 1 1963.
$545,000 high school building—Bayside--serial bonds, being
part of an authorized issue of $2,008,000 and maturing:
$75,000 July 1 1938;$95,000 July 1 1939;$96.000 July 1 19401941 incl.; $97.000 July 1 1942; $86,000 July 1 1943. part of
$3,294,000 Rapid Transit Subway serial bonds, being $88.000
an authorized issue of $18.585,000 and maturing:
July 1 1940; $419,000 July 1 1941; $4436.000 July 1 1942;
$453,000 July 1 1943; $472,000 July 1 1944; $490,000 July 1
1945; $510,000 July 1 1946; $426,000 July 11947.
Legal opinion: Paul Windels, Corporation Counsel of the City
of New York, N. Y. Place of delivery: Federal Reserve Bank
of New York, New York. N. Y.
Report on Loans Made to Various Districts—The following
report (Press Release 1145) was made public by the above
Corporation on Aug. 21:
Loans for refinancing a drainage district in Florida, a drainage district in
Nevada,two sub-drainage districts in Washington, a drainage iniProvement
aggregating $130,district in Washington, and a ditch company in Nevada,a total to date of
This makes
000, have been authorized by the
the provisions of Section 36 of the
$100,684,994.03 authorized under RFC*
and
Emergency Farm Mortgage Act of 1933. as amended. The districts
company are:
$70.000
Little River Valley Drainage District, Dade County,Fla
11,000
Lovelock Valley Drainage District, Pershing County, Nev
Sub District LI of Drainage Improvement District No.9, Yakima
5,000
County, Wash
Yakima
Sub District E of Drainage Improvement District No.9,
6,000
County, Wash
and
Joint Drainage Improvement District No. 1, Yaldraa
26.000
Benton counties, Wash
12,000
Union Canal Ditch Co., Pershing County. Nevof 100% of the outstanding
These refunding loans are based on deposit the amounts authorized are
is deposited
indebtedness. If less than 100%
automatically decreased.
News Items
Akron, Ohio—Financial Analysis Prepared—Gertler &
Co., Inc. have prepared a financial analysis of the above
city, in which they supplement the financial statement with
figures covering its tax collection record, special assessments,
comparative tax rates, principal and interest requirements on
all bonded debt over the next four years, and the default
status and refunding operations.
California—Supreme Court Rules That Improvement District Bond Taxes Must Be Levied by Counties—The State
Supreme Court held on Aug. 16 that Los Angeles and San
Luis Obispo Counties must levy special taxes to meet improvement district bond obligations, according to an Associated
Press dispatch from San Francisco. The court is said to have
held that counties are obligated to levy taxes up to 10 cents
on the $100 valuation to meet such obligations, and issued
a writ of mandate requested by the Southern California
Roads Company, directing the officials of San Luis Obispo
County to assess a tax to pay principal and interest on
improvement district builds issued. in 1930.
A. writ of mandate is reported to have been issued on petition of the Griffiths Company, in Los Angeles County. In
this case the special tax had been levied but the Board of
Supervisors canceled it.
Florida—Report Issued on Taxation and Public Debt—The
Pierce-Biese Corporation of Jacksonville is distributing in
pamphlet form the report of Florida's special committee on
taxation and public debt. This report makes possible a good
general idea of State and local expenditures, of the revenue
system of the State, and a general survey of the taxation
system throughout the State. There is also included a summary of the sources of governmental revenue in the State,
as well as various tables analyzing the Florida situation in
general.
Massachusetts—Review of Measures Passed at Recent
Legislative Session—We quote in part as follows from the
Boston "Herald" of Aug. 16, regarding the important measures enacted by the Legislature, which concluded the longest
session in the history of the State on Aug. 15:
were
Appropriations aggregating slightly in excess of $75,000,000 ended auits
session
thorized during the record-breaking legislative 498 newwhichand 64 new
Acts
business for the year at 4:30 a. in. yesterday after Commonwealth.
resolves had been written into the statutes of the the session became the
With prorogation coming officially Aug. 15,
The
longest in history and the first to extend into the month of August.
28.
prorogation
longest previous session was in 1911 when with the twocame July although
branches
successful
Gov. Curley was remarkably
his
both were nominally Republican. His only important defeats were in
quest for a bond issue of $4,000,000 to finance the erection of a score or
more of buildings for the State institutions and departments and his demand
for legislation to place control of the outdoor advertising industry under a
State agency.
Chief among the new statutes enacted and approved were:
construction.
Bond issue of 513,000,000 for highway and waterwaythe overhead eleAuthority for Boston to construct a tunnel to replace
Square.
vated structures between Forest Hills and Sullivan the State and Federal
To require teachers to take oaths of allegiance to
Constitutions.
To restrict the issue of injunctions in labor disputes. employees.
To provide a 48-hour work-week for State institution
Chief among the important petitions rejected were:
The billboard legislation.
To raise the compulsory school attendance age from 14 to 16 years.
To authorize the Commonwealth to promote a monthly lottery.
The 54,000,000 bond issue construction measure.
To permit the voters to decide on the question of biennial legislative
sessions. .
New Jersey—Various Municipalities Reported to Have
Exceeded Legal Debt Limit—One city, six towns and 10
boroughs are illegally in debt, State Auditor Walter R.
Darby announced on Aug. 19. Under the Wolber Bond
Act, no municipality may have a net debt of more than 7%.
It is stated that Atlantic City showed a net debt of 11.74%,
or $20,000,000. The six towns and their percentages of net
debt were: Belleville, 8.84; Boonton, 10.79; Dover, 9.97;
Aug. 24 1935
Morristown, 11.49; Nutley, 8.45, and West Orange, 10.40.
Clinton is said to be the only town in the State reporting
no net debt.
New York City—Aldermen Pass Bill for City Vote on
Power Plant—Favosble action on Aug. 21 by the Board
of Aldermen on Mayor F. H. La Guardia's proposed power
referendum virtually assured the voters of New York an
opportunity to say at the general election on Nov.5 whether
the city shall spend $45,000,000 on the construction of a
municipal power plant to serve as a yardstick for determining the fairness of the rates charged by the Consolidated
Gas System and other electric companies operating in the
metroplitan area.
It has been predicted by the Mayor that the municipal
plant would be able to supply electricity to a limited number
of consumers at a rate at least 40% lower than that charged
by the private companies.
The proposition which it is proposed to submit to the voters
reads as follows:
"Shall the local law to fix the proposed method of constructing a plant and facilities for furnishing public utility;
to fix both the maximum and estimated costs thereof; to
fix the plan for financing such project; to fix the method of
furnishing such public utility service, and for other purposes,
be approved?"
Ohio—Two Special Legislative Sessions Expected—According to Columbus news reports of recent date, the members
of the State Legislature are preparing for the calling of two
special sessions before the turn of the year, one of which
is said to be intended specifically for the enactment of an
adequate taxation program which must raise between
$90,000,000 and $100,000,000. It is thought that Governor
Davey will call, in the near future, the first special session
for the purpose of setting aside approximately $4,500,000
to finance the old age pension requirements for the last
four months of the current year; to enact a new appropriation
bill, which, according to present plans, will slash $6,900,000
from the original bill passed last June by the Legislature
and reduded a total of $8,800,000 by gubernatorial veto.
United States—Federal Power Loans to Cities Upheld in
Court Decision—The Constitutional right of the Federal
Government to make loans and grants to municipalities and
States under the Public Works Administration for the construction of publicly owned power plants was upheld on
Aug. 20 by the Tenth Circuit Court of Appeals in Denver.
The opinion was regarded as of national importance because
it affects many millions of dollars in projects now under
construction as part of the Government's rehabilitation
program. The following report is taken from an Associated
Press dispatch out of Denver on Aug. 20:
The United States Court of Appeals ruled to-day that a municipality has
the right to construct a municipal electric power plant with funds borrowed
from the Federal Government under the PWA program.
Attorneys here said the Court's decision would affect millions of dollars
worth of projects now under construction in connection with the PWA
set-up.
The ruling was on the application of the Kansas Gas & Electric Co. of
Kansas City for an injunction to prevent the City of independence. Kan.,
from building a city-owned electric power plant with Federal money.
Enjoins Issue of Bonds
The Court held the city had the legal right to construct an electric plant
grant from the Government, but granted an injunction
with a loan and
against 1881111111:13 of revenue bonds and any unlawful diversion of waterworks funds for the project.
The attorneys said this apparently was a move by the Court to impress
upon municipalities and States the necessity of abiding by the wishes of
taxpayers in any public construction.
The case was heard by Circuit Judges One L. Phillips and Robert Lewis
of Denver and George T. McDermott of Topeka, Kan. The opinion by
Judge Phillips discussed whether Congress has power to authorize the
whether portions of the National Recovery Administration under
which
grant,PWA loans and grants were authorized is an unlawful delegation of
legislative power, the right of the electric company to challenge validity
of the bond issue, and the validity of a proposed bond issue and grant for
the Independence project.
Discussing the power of Congress to make the loans and grants, Judge
Phillips said'
"Congress must be accorded wide discretion. There was general unemployment. Millions were dependent upon private charity and public relief
for food and shelter. The situation was national.
.
"Two of the declared objects of the Act were to 'rehabilitate industrY
and to reduce and relieve unemployment."
Sees Stairs' Rights Upheld
The decision said the Federal Government, by making loans and grants,
does not encroach on the sovereign rights of States, and the Act does not
constitute an unlawful delegation of authority by Congress to the President.
United States—Discussion of Tax Exempt Securities—
The following interesting article appeared as an editorial in
the New York "Sun" of Aug. 19. We reproduce it here
because of the currently revived question as to the constitutionality of the Federal Government imposing a tax on
municipal securities:
Tax exempt securities outstanding total approximately S53,800,000.000.
of which $35,400.000,000 are free not only from Federal normal income
tax but also from surtax. The latter group is made up as follows:
Obligations of States and political subdivisions of States_ _-$19,800,000,000
10,549.600.000
United States Treasury notes
2,027.500,000
llnited States discount bills
1,909.900,000
Federal Land bank bonds
230,000,000
Jount Stock Land bank bonds
178,300,000
Federal Intermediate Credit Bank debentures
.
Miscellaneous small bond issues of the United States
issuesNotissuesof certain Federal retirement funds, Postal
515,500,000
Savings System and Federal Deposit Insurance Corp_
The only taxes that can be imposed on these securities by the Federal
Government are estate and inheritance taxes, and these are levies upon
the value of principal and not on income. The States do not tax any of
and
the Federal securities in this group, but their treatment of Statefrom
municipal bonds varies. New York State does not tax the income
any of its own obligations or those of its political subdivisions, but it does
tax the income from securities of all other States and their subdivisions.
The same policy is followed by a number of States, including some of
the largest, most populous, and wealthiest.
Several States do not impose an income tax, but accomplish the same
purpose, from the standpoint of revenue received, by taxing personal
property, which includes securities. Some of the States in both these
classes collect taxes even on the obligations of their own communities.
Volume 141
Financial Chronicle
Federal Land bank, Federal Intermediate Credit and Joint Stock land
bank bonds are not obligations of the Federal Government, but the Supreme
Court has declared that inasmuch as these agencies were instrumentalit
ies
of the Government they were entitled to issue exempt bonds.
The second general class of exempt
is made up of issues
the normal Federal income tax only. bondslargest single item is free from
The
the longterm Treasury bond group, aggregating $12,898,000,000, Fourth Liberty
4s totaling $1,322,900,000 are exempt from normal tax only. That
issue will be retired on Oct. 15. Home Owners' Loan Corporation
and
Federal Farm Mortgage Corporation bonds to the
guaranteed as to interest and principal by the amount of$3,917,800,000,
Federal Government, are
exempt from normal tax. So are the $250,000,000 of Reconstruction
Finance Corporation notes. These four classifications, with issues
aggrogating $18,388,900,000, are not subject to taxes imposed by the States.
Thus State and municipal securities make up the greatest block of fully
exempt debt. The word "municipality" is applied not only to cities,
counties, towns and villages, but also to a great variety of districts formed
to carry out certain administrative functions. These include school districts, fire, water, irrigation, drainage, levee, flood control, park and
sewer districts, to mention only a few. The various "authorities," created
for the purpose of constructing and operating facilities to the advantage
of more than one State or of municipalities, are utterers of tax exempt
securities, and for convenience they are grouped among the municipalities.
OFFERINGS WANTED
Arkansas Illinois-Missouri-Oklahoma
MUNICIPAL BONDS
FRANCIS, BRO. & Co.
ESTABLISHED
1877
Investment Securities
Fourth and Olive Streets
ST. LOUIS
Bond Proposals and Negotiations
ALABAMA
Municipal Bonds
EQUITABLE
Securities
Corporation
New York
Nashville
Birmingham
Chattanooga
Knoxville
Memphis
ALABAMA
FLORENCE, Ala.
-BONDHOLDERS' COMMITTEE FORMED
-An
official bondholders' committee has been formed to represent holders of
bonds of the above city, with D. W. Ellis. of Ellis & Co., Cincinnati, as
chairman, and Drayton Nabers, Birmingham, Ala., as secretary,
assisted by H. A. FlIdes, Dixie Terminal }Building, Cincinnati. Ohio,being
The
Birmingham Trust & Savings Co. and the
nati, are acting as depositaries for bonds. Central Trust Co., of Cincin-
ARKANSAS
BLYTHEVILLE, Ark.
-BONDS AUTHORIZED
-An ordinance has
been passed authorizing an issue of $38,000 park bonds.
CRAIGHEAD COUNTY (P. 0. Jonesboro), Ark.
-BONDS DEFEATED
-At the election held on Aug.
308-the voters
defeated the proposed issuance of 360,000 13-V. 141, P.bonds, according
in court house
to report.
HOT SPRINGS, Ark.
-BOND SALE DETAILS
-It is stated by the
Deputy City Clerk that the $86,500 issue of equipment bonds purchased
by the Arkansas National Bank of 1
-lot Springs-V. 141,
Interest at 434% and were awarded at a price of 106.83, a p. 1126-bear
basis of about
8.39%,on the bonds divided as follows: $9,500 on Nov. 11938; $9,000, 1939
and 1940; $10,000, 1941; $11,000, 1942: $12,000, 1943, and $13,000 in 1944
and 1945.
•
JONESBORO, Ark.
-BONDS VOTED
-At the election held on
-the voters approved the issuance of the $55,000 Aug. 13
-V. 141, p 310
in community building
bonds. It is said that a Public Works Administration
grant is expected on this project, which is estimated to cost $100,000.
MORRILTON, Ark.
-BONDS SOLD$55,000
hospital bonds recently authorized by the The Council 4% municipal
City
taken
by the Federal Government. Dated Jan. 1 1934. Due have been Jan.
yearly on
1
as follows: $500. 1938 to 1940; $1,000. 1941 ot 1945, incl.; $1,500, 1946 to
$2,000, 194910 1952, and $3,000. 1953 to 1964.
1948;
SEBASTIAN COUNTY (P.O. Fort Smith), Ark.
-BOND ELECTION
-An election is said to be scheduled for Sept. 17 to vote on the issuance
of $268.400 in court house construction bonds.
CALIFORN IA
ALTA VISTA ELEMENTARY SCHOOL DISTRICT, Calif.
-BOND
ELECTION
-The trustees of the district have given notice
tion will be held on Sept. 3 to vote on the issuance of $12,000that an elecschool building bonds.
BARSTOW ELEMENTARY SCHOOL DISTRICT, Calif.
-BOND
ELECTION
-An election will be held on Aug. 30 to vote on $30,000
bonds
for school buildings.
BREA ELEMENTARY SCHOOL DISTRICT, Calif.
-BONDS VOTED
-The voters on Aug.8 approved, by a vote of 286 to 91, a proposal
that
the district issue 330,000 school building bonds.
BREA.CLIN DA HIGH SCH001.DISTRICT, Calif.
-BONDS VOTED
-An issue of $85,000 high school bonds was approved by a vote of
301 to
137 at an election held on Aug. 8.
CALIFORNIA, State of-RESULT OF VOTING AT
GENERAL
ELECTION
-4n connection with the report of the State Treasurer on
the
defeat of the three propositions at the general election Aug.
13, carried in
these columns recently
-V. 141, p. 1126
-we quote in part as follows from
the San Francisco "Chronicle" of Aug. 14:
"Defeat of the three propositions before the voters at yesterday's
special
State election was shown by returns from more than 51% of California's
balloting precincts early this morning.
"Mounting returns wiped out the early margin in favor of
proposition
No. 1, the $13,950,000 bond issue for permanent improvements at various
State institutions and upon certain State buildings. But sponsors of
issue continued to hope the favorable majority for the bonds in the
bond
most
northern counties would save them from defeat.
Only Majority Needed
Only a majority vote was needed to pass the proposition.
"proposition No. 2, authorizing the State boreowing in anticipation
of
taxes and other revenues, and proposition No. 3, providing for the construction of the Rector Canyon, Napa County, dam project and a
$500,000
State financing of the project, were turned down by substantial margins.
"The Associated Press tabulation of 4,643 precincts out of 8,266 throughout California gave the following:
Proposition No. 1-Yes, 146,040; no, 146,104.
Proposition No. 2
-Yes, 118,163; no, 184,642.
Proposition No. 3
-Yes, 133.021: no, 158,684.
Twenty-four counties were represented in this total, with San Francisco
complete.
1303
LONG BEACH, Calif.
-BONDS AUTHORIZED
-The city
authorized sale of $148,000 city gas revenue bonds to pay a council has
judgment,
according to report.
LOS ANGELES METROPOLITAN WATER DISTRICT (P. 0.
Los Angeles), Calif.
-BOND OFFERING-S. H. Finley, Secretary.
announces that bids will be received until 1:30 p.
the purchase of $12,096,000 Colorado River waterworks m. Sept. 20 for no more
bonds, to
than 57 interest. Denom. $1,000. Dated Oct. 1 1935. bear
Due Oct. 1
1985. Certified check for $242,000 required.
MARIPOSA SCHOOL DISTRICT, Calif.
-BONDS VOTED
-At a
recent election the voters approved a proposal that the district issue $125,000
high school building bonds.
MILLBRAE ELEMENTARY SCHOOL DISTRICT (P. 0. Redwood
City), Calif.
-BOND OFFERING-Sealed bids will be received until
10 a.m. on Sept. 2 by E. B. Hinman, County Clerk, for the purchase
of
a $32,000 issue of 3% school bonds. Denom. $1,000. Dated
Sept. 1
1935. Due on Sept. 1 as follows: $3,000, 193610 1944, and $5,000 in'1945.
Prin. and int.(M.& S.) payable at the County Treasurer's office. A certified check for 3% of the amount of bonds bid for, payable to the Chairman
of the Board of Supervisors, is required.
MONTEREY COUNTY (P. 0. Salinas) Calif.
-BONDS VOTED-At the election held recently
-V. 141, p. 625
-the voters approved the
issuance of the $248,000 in 47 court house bonds by a count of 3,850 to
1,150, according to report. Due as follows: $8,000 the first year, and
$10,000 annually thereafter to 25 years from date.
SAN DIEGO COUNTY (P. 0. San Diego), Calif.
-BOND ELECTION
-The county supervisors have set Oct. 29 as the
special
election on the issuance of $2.600,000 bonds, to be useddate for a special
to relieve
assessment districts.
SAN FRANCISCO, Calif.
-BOND SALE
-The $250,000 issue of Hach
Hetchy water bonds, series of 1932. offered for sale on Aug. 19-V. 141,
-was awarded to a group composed
13• 1126
Bankamerica Co., Blyth
& Co., Inc., and R. W. Pressprich & Co., of the San Francisco. paying
all of
a
premium of $179, equal to 100.0716, on the bonds divided as
$56,000 bonds as 5s, maturing $8.000 from 1939 to 1945 inc.l. follows:
194,000 bonds as 3s, maturing $8,000 from 1946 to 1957, and $7,000 from
1958 to 1971.
The second highest bid received was an offer of $25 premium, tendered by
Halsey, Stuart & Co. for the bonds divided as follows: $222,000 bonds as
3Sis, maturing $8,000 from 1939 to 1957, and $7,000 from 1958 to
1967.
the remaining $28,000 as 3% bonds, maturing $7,000 from
1968 to 1971.
BONDS OFFERED FOR INVESTMENT
-The successful group reoffered the above bonds for general public subscription at prices to yield
from 2.00 to 3.25%. according to maturity.
TRUCKEE SCHOOL DISTRICT, Calif.
-BOND OFFERING-IL N.
McCormack, Clerk of Nevada County Board of Supervisors, will receive
bids until 10 a. m. Aug. 30 for the purchase of $22,000 4% bonds of
Truckee
School District. Certified check for 5% required.
COLORADO
COLORADO, State of-WARRANTS CALLED-Th
is said to be calling for payment at his office on Sept.e State Treasurer
9, on which date
interest shall cease, various State warrants.
DELTA COUNTY (P. 0. Delta), Colo.
-WARRANTS CALLED
It is reported that the County Treasures called for payment at his
on Aug. 20, on which date interest ceased, various county warrants. office
FRU1TA UNION HIGH SCHOOL DISTRICT, Colo.
-BOND SALE
-An issue of $80.000 4%, school bonds has been sold to the J. K. Mullen
Investment Co., Sidi°, Simons. Day & Co. and Engle, Adams & Co., all
of Denver.
LA PLATA COUNTY SCHOOL DISTRICT NO.9(P.O. Durango),
Colo.
-BOND SALE
-The correct amount of the issue 3% school building
bonds disposed of as reported in V. 141, p. 1127
-is $95,000. The purchase
was made by Gray B.Gray. Inc.,the International Trust Co.and Boettcher
& Co. all of Denver.
OTERO COUNTY SCHOOL DISTRICT NO. 11 (P. 0. La Junta),
Colo.
-BOND ELECTION
-The Board of Education will hold an election
on Aug. 26 to vote on two refunding bond issues, as follows: $15.006 issue
to refund a like outstanding amount,interest at 3.4%,and a $35,000 issue to
refund a like outstanding amount,interest at 3.4%. Florence N.Needham
is Secretary.
CONNECTICUT
GREENWICH, Conn.
-DECLINES P WA GRANT
-At a special
town meeting held on Aug. 15 the taxpayers declined to accept a grant of
$34.000 from the Public 'Works Administration toward the cost of constructing a $90,000 addition to Byram School. According to Julian W.
Curtiss, Chairman of the Board of Education the town will
the
entire cost of the project. Objection to the '['WA grant, it shoulder was
is said,
based on the stipulation that 90% of the workers on the project be hired
from the relief rolls.
HARTFORD,Conn.
-MUSTPA Y $6.806,000 TO SCHOOL DISTRICT
PROPERTY OWNERS
-The State Supreme Court of Errors recently ruled
that the city must reimburse property owners in the previously independent
nine school districts to the amount of $6.806,000, representing the net
assets of the combined units, according to report. In connection with the
possible method to be used in meeting the payments, the Hartford "Courant" of Aug. 15 stated as follows:
"In regard to the possibility of a bond issue to finance the reimbursement
for assets taken through consolidation, it was pointed out Wedneseay that
the present net debt of the City of Hartford is $16,990,000. and that the
debt limit, based on 5% of the grand list, is 321,794,657. The belief
that no effort will be made to float a bond issue to meet the contingency. is
"The addition of 36,800,000 to the present debt of $16,990,000 would
increase the net debt to $23.800.000, or substantially $2,000,000 more than
the debt limit.
"It is generally understood that the City government would work out
the schedule on a five-year basis, with annual payments of the suppleosental tax amounting to one-fifth of the total, in districts in which this is
Accessary. and with rebates affecting owners in the other five districts to be
allowed over a period of five years, with one-fifth of the total involved to be
credited annually."
STAMFORD, Conn.
-TEMPORARY LOAN
-The $175,000 notes
offered for sale by the city on Aug. 20-V. 141, p. 1127-were awarded
to Leavitt & Co. of New York at 0.678% discount. Dated Aug. 22 1935
and due Aug. 21 1936. Other bids were as follows:
B.dderDiscount
G. M.
-P. Murphy & Co
0.75%
F. 8. Moseley & Co. (plus $20 premium)
0.84%
Halsey, Stuart & Co., Inc. (plus $14 premium)
0.94%
WEST HAVEN, Conn.
-BONDS NOT VOTED
-A $220,000 iSS110 of
town bonds recently considered at town meeting was voted down.
DELAWARE
DELAWARE, State of (P. 0. Dover)
-BOND OFFERING
Dent Smith, Secretary of State, announces that the Governor, -Walter
Secretary
of State and State Treasurer will receive sealed bids until noon (Standard
Time) on Sept. 5 for the purchase of 3292,000 not to exceed 3% interest
coupon improvement bonds. Dated Oct. 1 1935. Denom. $1.000. Due
$15,000 each year from 1937 to 1955, Incl., and $7,000 in 1956. Callable
on and after Oct. 1 1942 at a price of 104 on any interest payment date on
30 days' official notice. Bidder to name a single interest rate on the issue,
expressed ins multiple of 34 of 1%. Prin. and int. (A. & 0.) payable
at
the Farmers Bank of the State of Delaware, in Dover. Bonds may be
registered but not reconverted into coupon form. A certified chock
for
5% of the bonds bid for, payable to the order of Warren T. Moore, State
Treasurer, must accompany each proposal. With regard to the validity
of the loan the notice of sale states as follows: "The public faith and credit
of the State of Delaware is expressly pledged for the full and complete payment of the debt, principal and interest, and upon the sale and delivery
to
the purchaser the legality and validity of such bonds shall never be quesUoned in any court of law or equity by the State of Delaware or any person
or persons for its use or in its behalf."
Financial Chronicle
1304
-The $420,000 234% sinking fund
-BOND SALE
WILMINGTON, Del.
-were awarded to
refunding bonds offered on Aug. 20-V. 141, p. 1127
& Co. of New York and Dougherty, Corkran & Co. of PhilPhelps. Fenn
adelphia, jointly, at a price of 103.26. a basis of about 1.87%. Dated
Sept. 3 1935 and due $42,000 on Sept. 1 fro:n 1936 to 1945 incl. Second
high bidder was the First Boston Corp.of New York with an offer of 103.06.
Other bids were as follows:
Premium
Bidder$12,721.80
Laird, Bissell & Meeds
12,049.00
Battles & Co
11.802.00
Bankers Trust Co
11.760.00
Salomon Bros. & Hutzler
10,665.00
Hemphill, Noyes & Co
9.227.00
Harris Trust & Savings Bank
9.009.00
Halsey. Stuart & Co., Inc
7,035.00
R. W. Pressprich & Co
5.062.50
& Co
Brown Harriman
The bankers reported immediate re-sale of the issue at prices to yield
from 0.40% to 2.05%, according to maturity.
BRowARD
FLORIDA
-ADDITIONAL BOND INTEREST
COUNTY, Fla.
Aug. 14
PAYMENT EXPECTED-The following letter was sent out on
.
Association
oy the Bondowners
Broward County Port AuTo Owners of Bonds Issued by Broward County, of Ft. Lauderdale, hollythority, Broward County School Districts, Cities
wood, Dania, Pompano and Deerfield:
successful in
The Broward County Bondowners' Association has been pay interest
funds to
collecting and distributing to its members sufficientyear. Sufficient funds
of the 1935 tax
at a reduced rate for the first half
the second
will probably be shortly available to make a distribution for
half of the present tax year.
the Association will receive interest at
Bond owners already members of
as on the first. Bond owners
the same rate on the second distribution should receive the second distrijoining the Association at the present time
available should
bution at the same rate, and in addition if surplus funds are
distribution.
paid on
receive Interest at the same rate as already bodies inthe first County are
Broward
with the taxing
If our present arrangements
calendar
maintained we should be able to make a full distribution for the the Condeposit them with
year 1935 to all owners of bonds who promptly of Chicago.
& Trust Co.
tinental Illinois National Bank
funds until
It is impossible for us to make collection of available interest depositary.
bonds with all coupons attached are placed on deposit with our this Assoto be paid through
If you desire to receive your share of funds bonds at the present time. A
ciation, it is essential that you deposit your
letter of transmittal is enclosed.
If you
Further information may be obtained from the undersigned.
additional
have already deposited your bonds it is not necessary to take any
action. Very truly yours.
BROWARD COUNTY BONDOWNERS' ASSOCIATION,
By; Robert M. Hart, Secretary.
3,
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
-The County Board of Public Instruction has
-BOND ELECTION
Fla.
held on Sept. 10 to vote on a proposal to issue
ordered that an election be
$12,000 school building bonds.
NO. 4,
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT $44,000
-A proposal that the district issue
-BOND ELECTION
Fla.
of the residents of the disschool building bonds wlll be submited to a vote
trict on Sept. 10.
NO. 13,
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT for the
-An election is to be held on Sept. 10
-BOND ELECTION
Fla.
building bonds.
purpose of voting on the question of issuing $15.000 school
-City
-REFUNDING PROGRAM PROPOSED
JACKSONVILLE, Fla.
City Council a
Auditor J. E. Pace reports that he has submitted to the
activities of bonds
tentative progra:n to follow in the City's refunding that the amount to
proposed
coming due In the coming year. Mr. Pace as follows: Jan. 1, $700,000;
be refunded should be $1,485.000 divided
Nov. 1.$185,000.
Aug. 1. $200.000; Sept. 1,$300,000; Oct. 1.$100.000,and
-At a
-BOND REFUNDINd AUTHORIZED
MIAMI BEACH. Fla.
held on Aug 15. It is said that authorization
meeting of the City Council
bonds over a period of 20
was approved for the refunding of 91.789,000
unretired bonds
years. Those bonds are reported to be the remainder of
be scheduled for refundthat were funded on July 1 1933. They are said toJan. 1 1947 to 1956.
ing on Jan. 1 1936, and will mature serially from
(P. 0.
ORANGE COUNTY SPECIAL TAX SCHOOL DISTRICTS 6 the
-At an election held on Aug.
-BONDS VOTED
Orlando), Fla.
in bonds, divided
voters are said to have approved the issuance of 944.000
School
as f0lows: $23,000 Apopka School District. and $21.000 Lockhart
District bonds.
GEORGIA
cLERmoNT SCHOOL DISTRICT, Ga.-BONDS VOTED-At a rethe voters approved a proposal that the district issue $13,000
cent election
school building bonds.
COMMERCE SCHOOL DISTRICT (P. 0. Commerce), Ga.-BOND
-It is stated by the Superintendent of the
ELECTION POSTPONED
scheduled for Aug. 20.
Board of Education that an election previously
bonds, has been
to vote on the Issuance of $20.000 In school construction
postponed.
-BONDS VOTE-Tt is reported that the issuance of
CONYERS, Gs.
$20.000 in paving bonds was approved recently.
ELECTION
DOUGLAS COUNTY (P. 0. Douglasville), Ga.-BOND on Sept. 5
to be held
-The County School Board has ordered an election high school building
for the purpose of voting on the issuance of $30,000
bonds.
-It Is stated by the City Clerk
-BOND ELECTION
FORSYTH, Gs.
the Issuance of 928,000
9 to
that an election will be held on Sept.bond.vote on
Denmn. $1,000. Due $2.000
in 5% waterworks and improvement
Ind.
from Jan. 1 1942 to 1955
-At the election held on Aug. 14
GREENVILLE, Ga.-BONDS VOTED issuance of the $5,000 in street
-the voters approved the
-V. 141. p. 958
paving bonds.
0. Preston),
PRESTON CONSOLIDATED SCHOOL DISTRICT (P. 141, p. 626
-At the election held on Aug. 14-V.
Ga.-BONDS VOTED
4% school house bonds.
the voters approved the issuance of the 910.000offered for sale at once.
the bonds are to be
Due in 1946. It is said that
IDAHO
-The
-BOND SALE
BENEWAH COUNTY (P. 0. St. Manes) Ida.
offered for sale on Aug. 16-V.
$30.000 issue of coupon refunding bonds Fevre & Co. of Spokane. as 2%s,
Murphey,
-was awarded to
141. p. 957
the
paying a premium of $25. equal to 100.083, according to the Clerk of
Board of County Commissioners.
-BONDS
DISTRICT(P.O. Kuna)Ida.
BOISE KUNA IRRIGATION
-the voters are
-At the election held on Aug. 12-V. 141, p. 626
VOTED
irrigation bonds by a
said to have approved the issuance of the 932,000 inare to be sold in con.
these bonds
very wide margin. It is reported that
junction with a bond issue to be passed on in the Wilder Irrigation District.
In October or November.
-REFUNDING AUTHORIZED-The City Council at a
BUHL, Ida.
recent meeting decided to take up outstanding 6% bonds through the
Issuance of $80.000 bonds at a lower interest charge.
DIETRICH HIGHWAY DISTRICT NO. 5 (P. 0. Dietrich), Ida.
-A $21,000 issue of 4% semi-annual highway bonds was
BOND SALE
purchased at par by A. L. Anderson of Boise, according to the District
Clerk. It is said that no other bids were received for these bonds at the
offering on Aug. 3.
-W. A. Pyne, Chairman of
-BOND OFFERING
HAZELTON, Ida.
Board of Village Trustees, will receive bids until 8 pin. Aug. 30 for the
purchase at not lees than par $9,000 coupon general obligation refunding
bonds, to be at no more than 4% interest. Denom. $1,000. Dated
Aug. 1 1935. Certified check for 5% required.
Aug. 24 1935
-We
-BOND SALE
ONEIDA COUNTY (P. 0. Malad City), Idaho
are informed by the County Clerk that an Issue of $100,000 434% coupon
Co.,
refunding road bonds was purchased on July 1 by Sudler, Wegener &from
Inc., of Boise. Denom. $500 and $1,000. Dated July 11935. Due
& J. (This report suppleJuly 1 1937 to 1947, incl. Interest payable J.
-V. 141. P.
ments the refunding notice given in these columns recently
1127.)
SALE
-The $27,000 issue ofsewer bonds of-BOND
POCATELLO,Ida.
-was purchased by Edward L.
fered for sale on Aug. 13-V. 141. p. 626
Burton & Co. of Salt Lake City, as 334s, paying a pre:aum of $1.001.80,
equal to 103.747, a basis of about 3.16%. Dated Aug. 1 1935. Due
from 1940 to 1955.
1
RATHDRUM INDEPENDENT SCHOOL DISTRICT NO. 2 11. 0.
-BOND ELECTION POSTPONED-It is stated by the
Raohdruml, Ida.
Clerk of the Board of School Trustees that the election scheduled for
Aug. 28 to vote on the issuance of $38,500 in 4% semi-ann. school building
-has neen postponed until Sept. 17.
-V. 141, p. 1127
bonds
ILLINOIS
-The city
-BOND ISSUANCE CONTRACTED
BLOOMINGTON, III.
recently signed a contract with Lewis, Pickett & Co., Inc. of Chicago for
the issuance of $60,000 water works revenue bonds to refund a like amount
of outstanding securities.
-At an election to be held on
-BOND ELECTION
CANTON, III.
Sept. 24 the voters will be asked to approve an issue of 962,000 4% funding
bonds. Denom. $1,000 and to mature Sept. 1 as follows: 93,000 from
1940 to 1945 incl.; $4,000, 1946 to 1951 incl. and $5,000 from 1952 to
1955 incl.
CHICAGO SANITARY DISTRICT (P. 0. Chicago), 111.-P WA
ALLOTMENT GREATLY INCREASED FOR SEWAGE DISPOSAL PROGRAM
-We quote in part as follows from a lengthy report (Press Release
No. 1541) recently made public by the above named Federal agency:
"A $16,682,000 increase in Public Works Administration allotr-ents
to the Chicago Sanitary District for completing the most gigantic sewer
and sewage disposal plant construction program in the world was announced to-day by Public Works Administrator Harold L. Ickes.
'PWA allotted loans and grants totaling $42,131,040 to the District in
1933 from the first appropriation for public works construction. The
increase authorized to-day brings that total up to $58.813.040.
"The work to be done with the increase announced to-day will aid Chicago to comply with the Supreme Court decision requiring a reduction in
the amount of water diverted from Lake Michigan through the Chicago
River for sewage carrying purposes without endangering the health of
residents of Chicago and the residents of many other communities along
the Illinois River.
"Public Works Administrator Ickes in making the allotment informed
Carl Bauer, who will serve as PWA Director for Illinois, that the money IS
to be spent as quickly as possible in order to create the maximum amount
of enmloyment.
"Work on the projects financed by the original allotments already Is far
and
advanced. with 3,000 men at work on construction sites in Chicagocommany more thousands indirectly employed in Chicago and other
munities in producing and transporting materials being used at the sites.
This employment will be continued and augmented by to-day's Ina ease."
-WARRANT OFFERING
COOK COUNTY (P. 0. Chicago), M.
The Board of Commissioners voted on Aug. 21 to receive sealed bids
at its next regular meeting, scheduled for Sept. 6, for the purchase of
an additional 91,250,000 tax anticipation warrants of 1935. This will
increase the emissions against the corporate levy to $4,250,000, or a little
over 50%. By agreement with the county board, the amount of warrants
which may be issued against the 1935 corporate levy is limited to 60%•
In April the $3,000.000 instruments now outstanding were sold at a record
low interest cost, being purchased by Stifel, Nicolaus & Co. of St. Louis
and associates at 234%, plus 9526 premium,
-BOND ELECTION
CORWIN TOWNSHIP (P. 0. Middletown), 111.
-An issue of $32,000 road graveling bonds will be considered by the voters
on Aug. 27.
-Lewis, Pickett & Co., Inc. of Chicago
-BOND SALE
DECATUR, 111.
have purchased an issue of $50,000 334% refunding water works revenue
due in 1943 and 1944. Proceeds will be used to provide for the
bonds,
payment of a like amount of 5% bonds, dated Sept. 1 1933 and due 925,000
each on Sept. 1 1943 and 1944. These latter bonds, as previously noted in
these columns, have been called for redemption on Sept. 1 1935 at the City
Treasurer's office or at the First National Bank of Chicago, at holder's
option.
-On
-BOND ELECTION
DECATUR SCHOOL DISTRICT, 111.
Sept. 10 the voters will express their sentiments as to whether $120,000
bonds should be issued for school construction purposes.
-The
-BOND SALE
DU PAGE COUNTY (P. 0. Wheaton), 111.
-were awarded
$77.000 funding bonds offered on Aug. 19-V. 141, p. 1127
to the Channer Securities Co. of Chicago as 3s, for a premium of $27•70,
equal to 100.029. a basis of about 2.99%. Dated Aug. 1 1935 and due
Aug. 1 as follows: $5,000 in 1936 and $8,000 from 1937 to 1945. Inch
Callable on 60 days' published notice in a medium designated by the
County Board.
-BOND ISSUE REJECTED
-The $200.000 street
EVANSTON, 111.
resurfacing bond issue measure considered at an election held on Aug. 14
was defeated, the vote being 928 "for" and 1,214 "against.'
FOREST PARK PARK DISTRICT, 111.
-BONDS AUTHORIZED
The Board of Commissioners has passed an ordinance authorizin; the
Issuance a $115,000 park bonds.
-BOND SALE
-The $84,000 4% refunding bonds
KENILWORTH, 111.
recently authorized by the Village Board have been sold. Dated Oct. 11935.
Due serially from Oct. 1 1937 to Oct. 1 1969: subject to Call Oct. 1 1950
-BOND ELECTION
LONDON MILLS, III.
-The question of issuing
562,0004% refunding bonds will be determined by the voters at an election
on Sept. 24.
-BONDS AUTHORIZED
--An issue of 958.800 reruadMiCOMB, 111.
ing paving bonds was authorized by the Board of Aldermen on Aug..
-BONDS A CITHORMADISON COUNTY (P. 0. Edwardsville), III.
IZED-The County Supervisors have voted to issue $70.548 bonds for the
the floating debt of the county.
purpose of retiring
-BOND SALE
-The issue of refunding bonds offered
MARENGO, 111.
-was awarded to the Channer Securities Co. of
on Aug. 9-V. 141. P. 958
on a bid of par for $30.000 434% bonds. Due $2.000 yearly for 15
Chicago
years, the last maturity coming due on Jan. 1 1951. Principal and interest
payable at the Marengo State Bank,
-BOND SALE
MONTICELLO SCHOOL DISTRICT NO. 25, 111.
The $25,000 school construction bonds authorized at a recent election have
been sold.
-BONDS AUTHORIZED--The City Council has
MT. PULASKI, 111.
authorized an issue of 510.000 refunding bonds.
-BOND ELECTION-An
ROCK ISLAND SCHOOL DISTRICT, 111.
election has been called for Sept. 14 to vote on the question of issuing
building bonds:
$500,000 high school
%
-BOND SALE
-An issue of $15.000
SPRING VALLEY, 111.
debt funding toonda has been sold to Berms. Kindred & Co. of Chicago at
1 1935. Due serially until 1948.
par. Dated Sept.
-BOND SALE
WATSEKA SCHOOL DISTRICT NO. 69, III.
Superintendent of Grade Schools W. L. Adams informs us that the district
has sold $20,000 school bonds to the White-Phillips Corp. of Davenport.
subject to receipt of a Government grant.
-An issue of
-BOND SALE
WAYNE COUNTY (P. 0. Fairfield), III.
5108.000 bonds has been sold to Ballman & Main. Inc. of Chicago at a
price of 100.47.
INDIANA
13DGARD TOWNSHIP SCHOOL TOWNSHIP (P. 0. Odon, R. R.
-The $15.000 issue of 4% semi-ann• refunding
-BOND SALE
No. 3), Ind.
-was purchased by the
15-V. 141, p. 627
bonds offered for sale on
Aug'
Citizens Loan & Trust Co. of Washington, paying a premium of 9351.50.
Financial Chronicle
Volume 141
1305
equal to 102.26, a basis of about 3.72%. Dated Aug. 15 1935. Due
semi-annually from July 1 1936 to Jan. 1 1956 incl.
KANSAS
CROWN POINT, Ind.
-BOND SALE
-The city has awarded an issue
of $98,000 4% water works revenue bonds to Lewis, Pickett & Co. of
Chicago.
DAVIESS COUNTY (P. 0. Washington), Ind.
-TO BORROSI $35,000
-The Board of County Commissioners has been authorized to borrow
$35,000 on short-term 5% notes to provide funds of the payment of over-due
relief claims and to reduce the county overdraft so as to permit continuance
of relief expenditures during the remainder of the year.
DODGE CITY, Kan.
-BONDS AUTHORIZED
-An ordinance is said
to have been passed recently, authorizing the issuance of $150,000 in
refunding bonds.
GARDNER, Kans.-BONDS AUTHORIZED
-An ordinance has been
passed authorizing the issuance of waterworks bonds in the sum of $35,000.
VOTED
-At the election held recently
HAZELTON, Kan.
-BONDS
V. 141, p. 959
-the voters are said to have approved the issuance of the
$22,000 in water works bonds.
IOLA SCHOOL DISTRICT, Kan.
-BOND OFFERING
-O.F. Young,
District Clerk, will receive bids until 8 p.m. Aug. 20 for the purchase of
$12,500 school bonds. Dated Aug. 1 1935. Due $500. Feb. 1 1937 and
$1,000 yearly on Sept. 1 from 1938 to 1949, incl.
-It is reported by the
KANSAS CITY, Kan.
-BOND SALE DETAILS
City Clerk that the $22,000 2(% general improvement bonds purchased
by the Commerce Trust Co. of Kansas City, at a price of 101.545-V. 141,
-are due from July 1 1936 to 1945. giving a basis of about 1.96%.
P.959
LA HARPE, Kans.-BOND OFFERING-Clarissa Hart, City Clerk,
is receiving bids until 8 a. m. Aug. 26 for the purchase at not less than
par of $9,000 water works improvement bonds, to bear interest at rate
named in successful bid. Denom. $500. Dated Aug 1 1935. Interest
payable Feb. 1 and Aug. I. Due $500 yearly on Feb. 1 from 1937 to
1954 incl.
LANE COUNTY COMMUNITY HIGH SCHOOL DISTRICT (P. 0.
Dighton), Kan.
-130N0 ELECTION
-A special election will be held on
Aug. 28. for the purpose of voting on issuance of bonds in the amount of
$110,000 for a new building and equipment.
MAYETTA, Kan.
-BONDS VOTED
-It is reported that the voters
approved recently the issuance of $12,000 in auditorium and gymnasium
bonds.
-BONDS VOTED
-A $12,000
MAYETTA SCHOOL DISTRICT, Kan.
bond issue was voted at a recent election for construction of auditorium and
gymnasium. Will make application at once to Public Works Administration. Cost about $20,000.
-BOND SALE
MITCHELL COUNTY (P.O. Beloit), Kan.
-The $15,000 23% poor relief bonds offered on Aug. 14-V. 141. p. 1128
-were
awarded to the Lathrop-Hawk-FIerrick Co. for a premium of $256.50.
equal to 101.71, a basis of about 2.17%. Dated Jury 1 1935. Due $1,500
yearly on July 1 from 1936 to 1945 inclusive.
PROTECTION, Kans.-BOND OFFERING-Bids will be received
by Don Douglass, City Clerk, until 5 p. m. Sept. 5 for the purchase of
$16,000 4% sewage disposal plant bonds. Denom. $800. Dated May 1
1935. Interest payable May 1 and Nov. 1. Due $800 yearly on May 1
from 1936 to 1955 incl. Certified check for 2% of amount of bid required.
WA'VERLY SCHOOL DISTRICT NO. 40 (P. 0. Waverly), Kan.
-BONDS VOTED
-By a majority of more than 2 to 1 the residents at a
recent election voted to issue $35,000 bonds for a new school.
WICHITA, )Can.
-BONDS AUTHORIZED-The City Council is said
to have passed a resolution recently authorizing the city to refund $149,490
in bonds.
YATES CENTER, Kan.
-BONDS AUTHORIZED
-An ordinance has
been passed providing for the issuance of refunding bonds,in the amount of
$51,000. Gwendolyn Depew is City Clerk.
GARY, Ind.
-BOND OFFERING-Ray J. Madden, City Comptroller,
will receive sealed bids until 11 a. m.on Aug.26.for the purchase of $25.000
4% coupon refunding bonds. Dated Aug. 20 1935 and due in 1945.
Interest payable semi-annually. A certified check for $1,000 must accompany each bid. Cost of legal opinion of Matson, Ross, McCord & Clifford
of Indianapolis and of the printing of the bonds to be borne by the successful
bidder.
HARRISON SCHOOL TOWNSHIP (P. 0. Terre Haute), Ind.
BONDS OFFERED FOR INVESTMENT
-Burr & Co., Inc., of Chicago
are making public offering of $25,000 5% coupon school building bonds at
prices to yield, according to maturity, as follows. 1936. 1.50%; 1937. 2%;
1938, 2.50%; 1939. 2.75%; 1946. 3.700 • 1947-1949 at 3.75%. The bonds
7
are part of the $43,000 issue purchased by the bankers recently at a price
of 106.45, a basis of about 4.05%. They are dated June 5 1935. Principal
and interest (J. & D. 5) payable at the Terre Haute First National Bank.
Terre Haute. Legality approved by Matson, Ross, McCord & Clifford of
Indianapolis.
Financial Statement
(As Furnished by the Township Trustee on Aug. 1 1935)
Assessed valuation, 1934
$11.327,040
Total bonded debt (including this issue)
213.500
Sinking fund
$29,000
Net debt _________
164,500
Population-1930
I. Uensusi.
___ ______________ • 10,100.
The above statement does not include the debts of any political subdivision which has the power to levy taxes within the School Township.
Tar Leries and Collections
(As Furnished by the Township Trustee on May 20 1935)
Year
Lery
Per Ct. Collected
,
1931-1932880
$125, 00
1932-1933
151,104
84%
1933-1934
94%
99.921
NEW CASTLE, Ind.
-The city authorities
-BONDS AUTHORIZED
have determined to issue $33,000 park and swimming pool bonds.
r" PLYMOUTH, Ind.
-PRICE PAID-The Wabash Valley Trust Co. of
Peru paid par for the issue of $18,500 3% hospital debt funding bonds
reported sold in these columns recently
-V. 141, p. 1128. Dated July 15
1935 and due semi-annually from Jan. 15 1936 to Jan. 15 1956, incl.
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-BOND OFFERING
William A. Cooper, County Auditor, will receive sealed bids until noon on
Sept. 4 for the purchase of $25,000 not to exceed 3% interest hospital refunding bonds. Dated Nov. 25 1935. Denom. $500. Due $2,500 on
May and Nov. 15 from 1936 to 1940. incl. Rate of interest to be expressed
in a multiple of X of 1%. Principal and interest (M. & N.) payable at
the County Treasurer's office. If legal opinion is desired by the successful
bidder, transcript of record will be furnished for that purpose. Opinion
to be paid for by the purchaser of the issue. A certified check for 4% of
the bonds bid for, payable to the order of the County Treasurer, must accompany each proposal.
IOWA
ATKINS SCHOOL DISTRICT(P.O. Atkins),Iowa
-BONDS VOTED
-At an election held on Aug. 14 the voters are said to have approved the
Issuance of $19,750 in school bonds.
P CENTERVILLE SCHOOL DISTRICT (P. 0. Centerville) Iowa
BOND ELECTION
-It is stated by the Secretary of the Board of Directors
that an election was held on Aug. 20 to vote on the issuance of $50,000 in
school building bonds. (This confirms the election report we carried in
these columns recently
-V. 141, p. 628.)
COUNCIL BLUFFS, lowa-BOND OFFERING-William Guilfoyle,
City Clerk, will receive bids until 7:30 p. m. Sept. 9 for the purchase at
not less than par of $908,860 storm sewer bonds, which will bear interest
at the rate named in the successful bid. Dated Jan. 11936. Principal and
interest payable at the City Treasurer's office. Due yearly on Dec. 1 as
follows: 529,860. 1936; $32,000, 1937; $33.000. 1938; $34,000, 1939
$36,000, 1910; $38,000, 1911: $40,000, 1912: $42,000, 1943: $44,000, 1944
$46,000, 1915; $47,000, 1916: $49.000, 1917: $51.000, 1948: $53,000, 1949
$55,000. 1950; $57,000, 1951: $59,000. 1952: $61,000, 1953: $62,000. 1954
$40,000. 1955. Certified check for $25,000, required. Legal opinion by
Stipp Perry, Bannister & Starzinger, of Des Moines.
DYSART, Iowa-BONDS VOTED-At a recent election the residents
of the town voted to issue $15,000 bonds to help finance the construction of a
town hall and com.munity building, the balance of the cost of $26,000 to be
covered by a Public Works Administration grant.
HOPKINTON INDEPENDENT SCHOOL DISTRICT, Iowa-BOND
ELECTION-Election has been called for Sept. 11 to vote on issuing bonds
of $24,000 to build a school house addition. H. M. Reeve, is Secretary.
IOWA (State of)
-State Treasurer Leo Wegman
-WARRANT CALL
recently announced that an additional block of $220.000 of the $3,500,000
issue of State sinking fund anticipatory warrants has been called for payment Sept. 1.
Wegman indicated the policy of redeeming the warrants as fast as money
is available will be continued in the future.
Rede.nption of the newest block of the securities will leave $1,818,000
of the issue still out.
JONES COUNTY (P. 0. Anamosa), Iowa-BOND ELECTION
An election will be held on Sept. 10 to consider authorization of the issuance
of $93,300 courthouse construction bonds.
MANNING INDEPENDENT SCHOOL DISTRICT (P. 0. Manning).
-BOND ELECTION
Iowa
-It is said that an election has been called ror
Sept. 4 to vote on the issuance of $35,000 in school bonds. In a previous
report we had mentioned the amount of bonds under consideration as being
$25,000-V. 141, P. 628.
MANSON INDEPENDENT SCHOOL DISTRICT, Iowa-BOND
ELECTION
-An election has been called for Sept. 12 to vote on issuing
$26,000 bonds to apply on building an addition to a high school to cost
about $50,000.
MARSHALLTOWN, Iowa.
-BOND OFFERING-Anne McMahon,
City Clerk, will receive bids until 8.10 p.m. Aug. 26 for the purchase of
$9.000 fire department equipment bonds, which are to bear no more than
3% interest.
NASHUA SCHOOL DISTRICT (P. 0. Nashua), lowa-BOND ISSUANCE PROPOSED
-The School Board is reported to be considering the
issuance of $30,000 in school construction bonds.
OSKALOOSA, Iowa-BOND ELECTION
-The City Council has fixed
Sept. 23 as date for election on issuing $20,000 bonds to build a swim pool.
OXFORD INDEPENDENT SCHOOL DISTRICT (P. 0. Oxford),
Iowa-BOND VALIDITY QUESTIONED
-It Is said that an injunction
suit was entered in the District Court recenity, to restrain the issuance
of the $10,000 school construction bonds approved July 26-V. 141, p. 959
-on the ground that the issue did not receive the required 60% majority
vote.
PLYMOUTH COUNTY (P. 0. Le Mars), Iowa-BOND OFFERING
-A. Lanhout, County Treasurer, will receive bids until 2 p. In. Aug. 26
for the purchase of $25,000 funding bonds. Due serially from 1940 to 1942
Loyal opinion of Chapman & Cutler of Chicago will be furnished by the city
SOLON SCHOOL DISTRICT (P. 0. Solon), Iowa-BONDS VOTED
-At an election on Aug. 15 the voters are said to have approved the
issuance of $10,000 in school addition bonds.
LOU ISIANA
-BOND OFFERING-Sealed bids will be reLOUISIANA, State of
ceived until 11 a.m.(Central Standard Time)on Sept. 20,by A.P.Tugwell,
Chairman of the State Highway Commission,for the purchase of a $5,000,000 issue of 5% highway,series L bonds. Denom. $1,000. Dated Sept. 1
1935. Due on Sept. 1 as follows: $20,000. 1939; $40,000. 1940: $60,000.
1941; $80,000, 1942: $100.000, 1943; $120.000, 1944; $140.000. 1945;
$160,000, 1946; $180,000. 1947: $200,000, 1948; $220,000, 1949: 3240,000,
1950; $260,000, 1951; $280,000, 1952; $300,000, 1953: $320,000, 1954:
$315,000, 1955; $355,000. 1956; $370,000, 1957: $390,000, 1958: $415,000.
1959, and $435,000 in 1960. This series of bonds will be marked series L
merely for purposes of identification. The bonds will be awarded to the
bidder offering to pay par, accrued interest and the highest premium and
no bid for less than the entire issue will be considered. The bonds will be in
coupon form with privilege as to registration of principal only or as to
both principal and interest and when converted into fully registered bonds
they may be reconverted into coupon bonds. Princ. and int. (M. &
payable in lawful money at the State's fiscal agency in New York City, or
at the State Treasurer's office. All bidders must agree to accept delivery
of the bonds in Baton Rouge,and pay the purchase price thereof on or before
Oct. 15 1935. upon tender of the bonds by the State, together with the
opinion of Thomson, Wood & Hoffman of New York City, approving the
validity of the bonds. A certified check for $25,000, payable to the State
Highway Commission, must accompany the bid.
In connection with the above offering we give herewith the following
pertinent information on the security of the bonds:
The tax now levied under the Constitution and statutes of the State on
gasoline. benzine, naphtha and other motor fuels in the amount of four
(4c.) cents per gallon shall continue so long as any of these bonds are outstanding and shall primarily be dedicated to the retirement of said bonds
and interest thereon, but if, by reason of any emergency or exigency, the
funds herein specifically pledged for the retirement of said bonds should
prove insufficient then the Louisiana Highway Commission, subject to the
approval of the State Advisory Board, shall use such other revenues of the
Commission as may be necessary to meet such principal and interest. In
addition to the above, the full faith and credit of the State of Louisiana are
irrevocably pledged for the payment of the principal and interest of said
bonds at maturity.
There is no controversy pending or threatening the title of present officials
to their respective offices or the validity of these bonds.
ORLEANS LEVEE DISTRICT (P. 0. New Orleans), La.
-BOND
OFFERING-Charles J. Donner, Secretary of the Board of Levee Commissions, will receive bids until 11 a. m. Sept. 9, for the purchase at not
less than par of $200,000 5% refunding bonds. Denom. $1,000. Dated
Sept. 1 1935. Principal and semi-annual interest (March 1 and Sept. 1)
payable at the State Treasurer's office in Baton Rouge, or at the district's
fiscal agency in New Orleans, or at the New York Trust Co.. in New York.
Due yearly on Sept. 1 as follows: $3,000, 1946 to 1948; $4,000, 1949 to
1953; $5,000, 1954 to 1958: $6,000, 1959 to 1962; $7,000. 1963 to 1961;
$8,000. 1966 and 1967: $9,000, 1968 and 1969; $10.000. 1970 and 1971:
$11,000, 1972 and 1973; $12,000, 1974 and $13,000, 1975. A certified
check for $2,000, payable to the Board of Levee Commissioners, required.
Legal opinion of Thomson, Wood & Hoffman of New York. will be supplied
to the purchaser.
MAINE
OLD ORCHARD BEACH,Me.
-BOND OFFERING-The Town Selectmen are advertising for bids on the purchase of an issue of $20,000 refunding
bonds maturing $2,000 yearly for 10 years and an issue of$50.000 high school
building bonds maturing $2,000 yearly for 25 Years
SANFORD, Me.
-BONDS VOTED
-The residents-of the town recently
voted in favor of the issuance of $29,753.75 bondsjor sewer and work
relief and to build a bridge.
MARYLAND
MARYLAND, State of (P. 0. Annapolis)
-BOND OFFERING
William S. Gordy Jr., State Comptroller, will receive sealed bids until
Oct. 9 for the purchase of $1,500,000 3% emergency bonds. Dated Oct. 15
1935. Due Oct. 15 as follows: $90,000, 1938: $94,000, 1939; $98,000, 1940;
$101,000, 1941; $106.000, 1942: $110,000, 1943; $114,000, 1944; $119.000,
1945; $123,000. 1946;$128,000, 1947; $134,000, 1948; $139.000 in 1949 and
$144,00., in 1950.1
MONTGOMERY COUNTY (P. 0. Rockville), Md.-ADDITIONAL
INFORMATION
-The $232,500 bonds sold to John Nuveen & Co. of
Chicago, as noted in these columns recently, are issued for refunding
purposes, bear 33 % interest, payable J. & J., and were sold to the bankers
1306
Financial Chronicle
Aug. 24 1935
Michigan Corp.; Stone & Webster and Blodget, Inc.; Phelps, Fenn &Co.:
Kean, Taylor & Co.; R. H. Moulton & Co.; Wilmerding & Co.; McDonald.
Moore & Hayes, Detroit; Grand Rapids Trust Co.; Grand Rapids and
Morse Bros.& Co., Inc.,on a bid of 100.039 for 11,200,000 as 334s, maturing
$240,000 each year from 1936 to 1940 incl. and $1,200,000 as 35, due $240.000 annually from 1941 to 1945 incl. The interest cost to the city is soot
3.13%. An account headed by Halsey, Stuart & Co., Inc. of NewYork
bid 100.355 for the entire $2,400,000 bonds as 3345, making the net interest
cost 3.185%. This group also included Bancamerica-Blair Corp.; Burr
& Co.; E. II. Rollins & Sons; Darby & Co.; Stranahan, Harris & Co., and
Crouse & Co. of Detroit.
The bankers re-offered the bonds for public investment as shown below.
-BOND SALE
-The $100.000 coupon street loan
CAMBRIDGE, Mass.
They reported sale of about three-quarters of the issue on the day of the
bonds offered on Aug. 16 were awarded to Faxon. Gade & Co. of Boston
award.
as 131s, at a price of 100.285. a basis of about 1.15%. Dated Aug. 1 1935
$1.200.000 3% Bonds
11.200,000334% Bonds
Yield
and due $20.000 on Aug. 1 from 1936 to 1940 incl. Other bids were as
Due
Yieldl AmountAmountDue
follows:
2.90%
1941
1.00% $240,000
1936
$240.000
3.00
1942
240.000
1.50
Rate Bid
1937
Int.Rate
240.000
Bidder3.10
1943
240,000
2.00
1938
100.048
240,000
13i9
Tyler, Buttrick & Co
3.20
1944
2.50
240,000
1939
240,000
131%
100.02
R. L. Day & Co
3.20
1945
1.75
240.000
1X
Par
1940
240,000
First National Bank of Boston
(and accrued interest)
100.591
Blyth & Co
100.56
Burr & Co
-An issue of $65,000 sewage
-BOND ELECTION
HOWELL, Mich.
H. C. Wainwright & Co
114%100.436
disposal plant bonds will be submitted for consideration of the voters at an
100.431
131
First Boston Corp
election on Aug. 26.
100.411
13.1
Newton, Abbe & Co
100.409
Washburn & Co
-BONDS OFFERED FOR IN
MIDLAND, Mich.
100.35
Salomon Bros. & Hutzler
$151,000 sewer bonds, including $99,000 3s maturing from 1936 to 1949
100.271
1
E. H. Rollins & Sons and Roy. T. H.Barnes & Co_
incl., and $52,000 231s, due from 1950 to 1954 incl., recently sold to Strana1149
100.185
Halsey, Stuart & Co., Inc
han, Harris & Co., Inc., of Detroit at a price of 100.08, are being re-offered
1 14
100.015
Hornbiower & Weeks
by the bankers for public investment as follows* the 3s are priced to yield
from 1% to 2.85%. while the 2348 are all priced at 99.50. The bonds are
-Tyler. Buttrick & Co. of Boston have
-NOTE SALE
CANTON, Mass.
payable as to principal and M.& S. interest at the Chemical State Savings
been awarded an issue of $20.000 municipal relief notes as 131s, at a price
Bank, Midland.
of 100.012, a basis of about 1.24%. Dated Aug. 15 1935 and due $4,000 each
Financial Statement
year from 1936 to 1940 incl. Other bids were as follows:
$9.598,685.00
Assessed valuation (1934-1935)
Rate Bid
Int. Rate
Bidder357.013.02
Total bonded debt
Norfolk County Trust Co
57.18
,.
Per capita direct debt (1930 Census)
18827
Faxon, Gade & Co
4.8%
Per cent of direct debt to assessed valuation
131e100.111
Kidder, Peabody & Co
89.52
Per capita overlapping debt (1930 Census)
Merchants National Bank
7.5%
Per cent of overlapping debt to assessed valuation
14
R. L. Day & Co
100.425
2%
Gay & Co
Population (1930 Census), 8.046.
The above financial statement as to bonded debt does not include the
-The 135.000 coupon municipal • overlapping debt of other political sub-divisions which have power to levy
-BOND SALE
HAVERHILL, Mass.
relief bonds offered on Aug. 22 were awarded to Tyler. Buttrick to Co. of
taxes upon all or any of the property represented by the above assessed
Boston on a bid of 100.65 for 2Xs, a basis of about 2.19%. Dated Sept. 1
valuation.
1935. Due yearly on Sept. 1 as follows: $4,000, 1936 to 1940. incl.; and
Tax Collections
of Boston bid 100.77 for
13.000, 1941 to 1945, incl. Faxon, Gade & Co.
Per Ct. Collected
Collected
234% bonds.
Levy
to Mar. 10 '35 to Mar. 10 '35
Year
90.5
Final bid of 100.317 for 230 was made by Hornblower & Weeks of Boston.
$118,065.57
$106,829.64
1934-1935
98.2
118,350.06
116,211.41
1933-1934
-Sealed
-BIDS ASKED ON NOTE ISSUES
LEXINGTON, Mass.
97.7
137,402.98
133,210.98
1932-1933
bids will be received until 7:45 p. m.on Aug. 27 for the purchase of $12,000
street construction notes, dated Aug. 28 1935 and due April 11936, Bidder
-An election will be held on Sept.5
-BOND ELECTION
MILAN, Mich.
to name rate of Interest. Tenders will also be received until 7:45 p. m. on
at which the residents will be asked to vote on the question of issuing
Sept. 3 for the purchase at discount of a $150,000 tax anticipation note
$15,000 bridge bonds.
issues. dated Sept.4 1935 and due $75,000 each on Jan. 30 1936 and March
-BOND REDEMPTIONS
MONROE COUNTY (P. 0. Monroe), Mich.
26 1936.
-F. E. Gillespie, County Clerk, informs us that about $300,000 of un-The City Council on
-BONDS AUTHORIZED
LOWEI L, Mass.
bonds were redeemed on May 1 1935 and, as previously
matured refunding
Aug. 16 apre •ved an order for the issuance of $75,000 street and sidewalk
noted in these columns, holders of an additional $115,540 of outstanding
construct, on aonds. The order has been presented to the State Emergency
Covert road refunding bonds were advised that the county would receive
Finance ti.ard for approval.
offers to purchase them up to and including Aug. 19. If the owners of these
latter bonds decline to sell them to the county at this time, they will be
-The $6,000,000 notes,
-NOTE SALE
MASSACHUSETTS (State of)
called for payment on Nov. 1 1935. Mr. Gillespie states.
dated Sept.3 1935 and maturing Aug.11936. which were offered on Aug.21,
were awarded to a syndicate composed of the Bankers Trust Co. of New
-The $30,000 general obligation sewage
-BOND SALE
OWOSSO,Mich.
York, First National Bank of New York, Chase National Bank, Boston
-were awarded to
disposal plant bonds offered Aug. 21-V. 141, p. 1130
Safe Deposit & Trust Co., Merchants National Bank of Boston, Day Trust
Braun, Bosworth & Co. of Toledo as 331s, for a premium of $232. equal to
Co. of Boston and the New England Trust Co. of Boston. on a .325%
100.773, a basis of about 3.39%. Dated Oct. 1 1934 and due Oct. 1 as
Bros.
interest basis. The next two best bids were submitted by Salomon
follows: $2.000 from 1937 to 1945 incl. and $3,000 from 1946 to 1949 incl.
& Hutzler and the National City Bank of New York, offered to take the
McDonald, Moore & Hayes of Detroit offered a premium of $103.50.
notes on a .33% basis plus $33.33 premium and on a .36% basis plus $11
while Stranalcan, Harris & Co. of Toledo named a bonus of $111.
premium, respectively.
-BOND SALE
-The $20,000 coupon refunding
PORT HURON, Mich.
-The $100.000revenue'
-TEMPORARY LOAN SOLD
METHUEN,Mass.
-were awarded as 330, at a
bonds offered on Aug. 17-V. 141, p. 1130
-was awarded
anticipation loan offered for sale on Aug. 16-V. 141, p. 1129
price of par, to the city's special sinking fund. Dated Sept. 1 1935 and due
to the
to the First National Bank of Boston, at a rate of .575%. according
incl. and $2,000 from 1945 to 1950 incl.
as follows: $1,000 from 1937 to 1944
Town Treasurer, Dated Aug. 13 1935. Due 150.000 on June 17 and
July 15 1936.
-The village plans to
-REFUNDING PLANNED
PORTLAND, Mich.
issue $7,925 refunding bonds, maturing serially from 1937 to 1944 Incl.
-The State Emergency
APPROVED
NEWBURYPORT Mass.-BONDS
Finance Board has given its approval to an order authorizing the city to
-BOND SALE
ROCHESTER SCHOOL DISTRICT NO. 5, Mich.
Issue $275.000 school bonds.
McDonald, Moore & Hayes of Detroit are reported to have purchased
-The city intends
-TO ISSUE $25,000 BONDS
NORTH ADAMS, Mass.
par plus a premium of $158.
$55,000 bonds at
-year serial bonds to meet Emergency Relief Administo issue $25,000 of 5
-The regular
tration and Works Progress Administration works project costs.
-BONDED DEBT CUT $607.000
SAGINAW, Mich.
annual report of Albert J. Lauden, Comptroller, shows that the city paid
off $607.000 bonds in the fiscal year ended June 30 1935. The total debt
on that date was $4,491,000. or $54.40 per capita on the basis of the 1930
population of 80,715. Bond retirements in the fiscal year 1935-1936 will
We Buy for Our Own Account
total $532,000. As an offset against the July 1 bonded debt, the city had
on hand in cash and investments in sinking funds for retirement of these
bonds $430,630.24. a large part of which, however, was credited against
bond maturities and interest in the new fiscal year's budget.
-The city is reported to have a
-BONDED DEBT
ST. CLAIR, Mich.
bonded debt of $86,000, of which $3,000 will be paid off in October. Additional bonds may be issued for street re-surfacing work.
DETROIT
TAYLOR TOWNSHIP SCHOOL DISTRICT NO. 1, Wayne County,
-An issue of $14,000 school construction
Mich.
-BONDS APPROVED
A. T. T.Tel. DET347
Telephone CHerry 6828
bonds has been approved by the State Treasurer. They will mature serially
from 1936 to 1955, inclusive.
-DEBT STATEMENT ANALYZED-The
WYANDOTTE, Mich.
city has a total bonded indebtedness of $2,284,856.98 and a total net debt
of $1,407.444.66 with the sum of $877 412.32 in the beneral city sinking
-The State Public Debt
-BONDS APPROVED
BEAR LAKE, Mich.
fund, according to figures compiled by City Clerk Lawrence J. LaCourso.
Commission has approved an issue of $5,000 water works system bonds, to
Despite the seemingly otherwise large debt, the city will be free of debt in
mature serially from 1936 to 1955, inclusive.
23 years unless new bonds are issued to increase the debt in that time
according to an analysis of the report given in the current issue of the
-DELINQUENT TAX PAYMENT PLAN
BIRMINGHAM, Mich.
"Michigan Investor."
Taxpayers who desire to pay delinquent taxes of 1932 and p.ior years in
The total debt is composed of $868,656.55 in general obligation bonds;
instalments over 10 years, as provided by State law, cannot pay the in$554,400.43 in 1932, 193:3 and 1934 refunding bonds: $592,000 1935 refundstalments in city bonds, according to a resolution by the City Commission.
ing bonds: $16,800 special assessment bonds. and $263,000 in notes.
will be accepted on delinquent taxes
City bonds and other city obligations
Notes valued at $203,000 will be paid and cleared from the books by
only when the total remaining delinquency prior to and including 1932 is
February 1936. one payment totaling 8155.000 and another $48,000 to be
paid at once. Instalment payments must be paid in cash.
made before that time. The balance of the notes held against the city will
CASTLETON AND MAPLE GROVE TOWNSHIPS FRACTIONAL
be paid in annual installments until 1939.
-BONDS
SCHOOL DISTRICT NO. 1 (P. 0. Nashville), Mich.
In the next five years payments of bonds will total close to $200.000 each
-Voting 272 "for" and 17 "against" the residents of the District
VOTED
year but after 1941 the payment on bonds will drop more than 60%•
school building bonds.
recently approved the issuance of $13,000
All bonds defaulted by the city in previous years will be paid by 1941
and in 1942 all bonds will be payable on due dates. In 1943 a drop of 35%
-John A. Karchner, Village
COLON, Mich.-PWA TO BUY ISSUE
will be made in the bond payments with only small debts against the city
Clerk, informs us that the $26,000 4% first mortgage serial water works
remaining after that time. The last six years of the debt payment plan will
revenue bonds for which no bids were obtained on Aug. 13-V. 141, p. 1129
total less than $6,000. only 3% of present bond payments.
-will be purchased by the Public Works Administration.
Defaulted bonds are being paid in the next five years through the re- funding plan recently established in the city when refunding bonds were
-BONDS DEFEATED
DELTA COUNTY (P. 0. Escanaba), Mich.
An issue of $160,000 court house bonds was turned down by the voters at an
sold at an extremely low rate of interest, cutting the city debt approxielection held on Aug. 12, reports P. A. LeCiaire, County Clerk. The vote
mately $87,000.
was 697 "for" and 2.041 "against."
DELTON RURAL AGRICULTURAL HIGH SCHOOL DISTRICT
-H. W Aldrich, Secretary of
(P. 0. Delton), Mich.
-BOND OFFERING
-BOND OFFERING-J. D. Shelland, City Clerk, will
ADA, Minn.
the Board of Education. will receive sealed bids until noon on Aug. 24 for the
receive bids until 8 p.m. Aug. 23 for the purchase of $42,000 334% coupon
purchase of $40,000 4% general obligation bonds. Dated July 2 1935. Due
street improvement bonds. Principal and annual interest (Dec. 1) payable
July 1 as follows: 11.500, 1937 to 1939 incl.; $2,000, 1940 to 1949 incl.:
at the City Treasurer's office. Due serially on Dec. I from 1936 to 1951,
$2,500. 1950 to 1953 incl. and $3,000 in 1954 and 1955. Interest payable
incl.; optional after 1942.
--:-A
-BOND ELECTION
-An issue
-BONDS VOTED
ATWATER SCHOOL DISTRICT, Minn.
DEXTER SCHOOL DISTRICT, Mich.
special election has been called for Aug.27 to vote on the issuance of $20,000
of $37,000 not to exceed 4% interest school addition bonds was approved at
school building improvement bonds.
Aug. 15. They will mature in 25 years and issued as a
an election held on
Public Works Administration project.
-BOND
CHATFIELD SCHOOL DISTRICT (P.0. Chatfield), Minn.
-It is reported that a proposal is under
ELECTION CONTEMPLATED
-The $2,400.000 refunding
-BOND SALE
GRAND RAPIDS, Mich.
consideration to have the voters pass on the issuance of $44,100 in school
-were awarded to a syndicate
on Aug. 19-V. 141, p. 1129
bonds offered
auditorium bonds.
'imposed of Lehman Bros., Inc.; Birth & Co.; Estabrook ts Co.; First of
at par plus expenses incident to completion of the sale. Dated Sept. 1 1935.
One bond for $500, others $1,000 each. Due Jan. 1 as follows: $25,000 from
1938 to 1945 mcl. and $32,5,. in 1946. Coupon in form.
-PLANS
WASHINGTON SUBURBAN SANITARY DISTRICT, ma.
-The Sanitary Commission has asked the Maryland
1400.000 BOND SALE
Public Service Commission for permission to issue $400,000 4% bonds to
finance an extensive construction program. The application will be considered on Sept. 25.
MASSACH USETTS
”ie
4
W.0.
188.13
MICHIGAN MUNICIPALS
Cray,McFawn & Company
MICHIGAN
MINNESOTA
Financial Chronicle
Volume 141
COOK COUNTY INDEPENDENT SCHOOL DISTRICT NO.1(P.O.
Grand Marais), Minn.
-BOND ELECTION
-An election will be held on
Aug. 22 to enable voters to consider authorization of $28,000 4% school
addition bonds. These bonds are intended to represent the district's 55%
part of the proposed Public Works Administration project with an expected
45% grant coming from the Federal Government.
DULUTH, Minn.
-The City Council has
-BONDS AUTHORIZED
given refunding
its approval to an ordinance authorizing the issuance of $100,000
4;i%
bonds.
GAYLORD SCHOOL DISTRICT, Minn.
-BOND ELECTION
-An
election is to be held on Aug. 27 to vote upon the proposition of issuing
$50,000 school building bonds. Total cost of project, $120,000. S. J.
Maurer is Clerk of the Board of Education.
GILBERT INDEPENDENT SCHOOL DISTRICT (P. 0. Gilbert),
Minn.
-CORRECTION
-In connection with the report given in these
columns recently, to the effect that the State had purchased $173,000 school
refunding bonds
-V. 141, p. 961-we are now informed that the State
purchased only $124,000 as 3s, at par. It is said that there are sufficient
funds on hand to provide for the balance. Due as follows: $10.000, 1941
to 1947; $12.000. 1950 and 1951, and $15,000 in 1952 and 1953.
MINNEAPOLIS, Minn.
-In connection
-BOND OFFERING DETAILS
with the offering scheduled for Aug. 30, of the $600,000 issue of not to
exceed 5% semi-annual sewage disposal system bonds, report on which
appeared in these columns recently
-it is reported by
-V. 141, p. 1130
Charles C.Swanson, City Clerk, that the bonds will bear interest at a single
rate per annum, any rate to be a multiple of ;.1, of 1-10th of 1%. The
bonds will be issued in coupon form, in the denomination of $1,000, may
be registered both as to principal and interest upon application to the
City Comptroller, and are subject to successive registrations for transfers
at the option of the holder. Prin. and int.(M.& S.) payable at the city's
fiscal agency in New York. The approving opinion of Chapman & Cutler
of Chicago, will be furnished.
CORRECTION
-In a letter sent out on Aug. 17 it is stated by the above
named City Clerk that the bonds can be registered as to principal only,
not both principal and interest as had been reported previously.
BOND OFFERING-The city will offer for sale on Aug. 30 an issue of
$40,000 permanent improvement work relief bonds, in addition to the
$600.000 sewage disposal system bonds mentioned in V. 141, p. 1130.
Bids will be received until 11.30 a.m, on that date by George M. Link,
Secretary of the Board of Estimate and Taxation, for the purchase of the
$40,000 bonds, which are to bear interest at no more than 6% interest,
bidders to name rate in a multiple of either 35' or 1-10%. Bonds will be
coupon in form registerable as to principal and interest in denomination
of $1,000. Dated Sept. 1 1935. Principal and semi-annual interest
payable at the City Treasurer's office, or at the city's fiscal agency in
New York. Due $2,000 yearly on Sept. 1 from 1936 to 1955, incl. Certified check for 2% of amount of bonds bid for, payable to 0. A. Bloomquist,
City Treasurer, required. Legal opinion by Thomson, Wood & Hoffman.
of New York.
MINNESOTA, State of-BONDS AUTHORIZED
-It is reported by
N. W. Elsberg, State Highway Commissioner, that a $4,500,000 issue of
bonds has been authorized by the Ste.te Executive Council.
MONTEVIDEO, Minn.
-BOND OFFERING
-B.0. Bonn, City Clerk,
will receive bids until 8 p. m. Aug. 28 for the purchase at not less than par
of $12,000
% street impt. bonds. Denom. $1.000. Int. payable
semi-annually. Due $3,000' yearly on Aug. 1 from 1936 to 1939, incl.
(A similar issue of bonds was sold on July 31 to the Security National Bank
of Montevideo, as reported in these columns.)
, , oarisuriam .44
MORA SCHOOL DISTRICT*, Minn.
-BOND ELECTION-An election has been called for Aug. 28 to vote upon the proposition of issuing
$38,000 school building bonds. Total cost of building, $68,000. Federal
grant will be applied for. A. S. Olson is Clerk of the Board.of Education
MORNINGSIDE, Minri.7;BOND ELECTION
-An election is reported
as scheduled for Aug.23 to vote on the issuance of$24,000 in sewer construction bonds.
" RICHFIELD SCHOOL DISTRICT (P. 0. Minneapolis), Minn.
1
BONDS DEFEATED
-At an election held on Aug. 16 the proposition of
issuing $35,000 school building bonds was defeated.
.STARBUCK, Minn.
-BOND ELECTION
-A special election has been
ordered for Sept. 3 for the purpose of voting on the question of issuing $10,000 3% village hall bonds.
MISSISSIPPI
Municipal Bonds
EQUITABLE
Securities
New York
Birmingham
Chattanooga
Corporation
Nashville
Knoxville
Memphis
MISSISSIPPI
OAK VALE CONSOLIDATED SCHOOL DISTRICT(P.O.Oak Vale),
-BOND ELECTION-It is said that an election will be held on
Miss.
Aug. 31 in order to vote on the issuance of $10,000 in school bonds.
MISSOURI
BELLE, Mo.-BONDS VOTED
-An election held on Aug. 12 resulted
In voters approving the issuance of water works and sewer bonds in the
amount of $41.525.
CUBA, Mo.-BONDS VOTED
-A special election held Aug. 9 to vote
$18,500 bonds for a sewage disposal plant resulted in approval of the issue.
GALLATIN SCHOOL DISTRICT, Mo.-BONDS VOTED
-A $60,000
bond issue for high school and auditorium was approved at a recent election.
ST. LOUIS, Mo.-BOND ELECTION
-It is officially reported by the
Board of Election Commissioners that an election will be held on Sept. 10
In order to have the voters pass on two proposals involving the issuance of
$8,300,000 in bonds, divided as follows: $7,500,000 to be used as the city's
contribution toward a Federal allotment of $30,000,000 for a memorial
park or plaza commemorating the Louisiana Purchase and other historical
events, and $800.000 in bonds to be used for the building of approaches to
a bridge across the Mississippi connecting St. Louis and East St. Louis,
Ill. It is stated that the larger issue will require the approval of two-thirds
of the vote on the proposition.
SAVANNAH, MO.
-BONDS VOTED
-At a recent election a proposition
to issue bonds in the amount of $62,000 for a sewer system carried.
TIPTON SCHOOL DISTRICT, Mo.-BONDS VOTED
-A $25,000
school bond issue carried at a recent election.
MONTANA
FALLON COUNTY SCHOOL DISTRICT NO. 55 (P. 0. Plevna),
-BOND OFFERING-Sealed bids will be received until 2 p. m.
Mont.
on Sept. 9, by G. F. Rediske, District Clerk, for the purchase of a $4,500
Issue of school bonds. Int. rate is not to exceed 6%. payable J. & J.
Dated July 11935. Amortization bonds will be the first choice and serial
bonds will be the second choice of the School Board. Whether amortization or serial bonds are chosen they will be redeemable in full on any int.
payment date from and after five years from the date of issue. A certified
check for $450, payable to the Clerk, must accompany the bid.
NEBRASKA
BATTLE CREEK SCHOOL DISTRICT, Neb.-BONDS VOTED
At a recent election the proposition of issuing $45,000 school building bonds
carried. Total cost of building, $78,000. Federal grant has been applied
for H. G. Whitney is Secretary of the Board of Education.
1307
CHADRON, Neb.'-'BONDS AUTHORIZED-The City Council has
passed an ordinance authorizing the issuance of $144,000 refunding bonds.
DANNEBRUG SCHOOL DISTRICT NO. 4, Neb.-BONDS TO BE
REFUNDED
-Bonds still outstanding against the district in the amount
of $42,000 will be refunded Sept. 15 1935, at an interest reduction of
of 1%. under terms of a contract that was signed recently by the Board
of Education. The saving will take effect at the option date of the present
bonds, which is Nov. 15 1935. The bonds are being refunded through the
United States National Bank of Omaha. After five years the new bonds will
become optional for payment.
PLATTE VALLEY PUBLIC POWER AND IRRIGATION DISTRICT, Neb.-BOND ISSUE APPROVED-State Auditor W. B.
Price on Aug. 13 completed signing another $500,000 bond issue for this
district. It is said that this issue brings to $3.495,000 the total thus far
put out of a total authorization of $6,000,000.
NEVADA
ELY, Nev.-BOND OFFERING
-D.0. Simon, City Clerk, will receive
bids until 7.30 p. m. Sept.5 for the purchase at not less than par of $36,000
street, sewer and park bonds, to bear no more than 4% int. Dated Sept. 1
1935. Prin. and semi-ann. int.(M. & S. 1) payable at the office of the
Treasurer of White Pine County. Due $2,000 yearly on Sept. 1 from
1936 to 1953 incl. Certified check for 5% of amount of bid required.
Bidders are required to submit offers specifying:
(a) The lowest rate of interest and premium, if any, above par, at which
such bidder will purchase said bonds, or
(b) The lowest rate of interest at which the bidder will purchase said
bonds at par.
Financial Statement June 30 1935
$73.000.00
Total bonded debt
1,580,210.38
Assessed valuation-1934
1.75
Tax rate-1934-5100
Population: 1930. 3,130.
Tax Collection Record
1934
Year1933
1932
Amount levied
$27,835.41
$27,653.68
$28363.38
20,592.08
Amount collected
27,267.97
26,093.36
Taxes collected in quarterly instalments. Last instalment of 1934 taxes
due in September 1935.
Receipts and Disbursements
1934
Year1932
1933
$46.404.82
Receipts
$47,424.95
$55,451.14
47.187.82
Disbursements
54,291.70
44,041.51
-The
LINCOLN COUNTY (P. 0. Caliente), Nev.-BOND SALE
county has disposed of $30,000 4% sewer bonds to the Bank, of Pioche.
Inc., the Continental National Bank & Trust Co. and J. A. Hogle & Co.
of Salt Lake City for a premium of $78. equal to 100.26.
We Are Specialists in
-VERMONT
-NEW HAMPSHIRE
MAINE
Municipal Issues
E. H. Rollins eig, Sons
Incorporated
200 Devonshire St., Boston, Mass.
NEW HAMPSHIRE
H. L. ALL
New Jersey
Telepho 5it
A.T.& T.
COMPANY
ipal Bonds
or 2-7333
N.Y. 1-528
New York
100 Broadway
MUNICIPAL BONDS
New Jersey and General Market Issues
B. J.Van Ingen & Co., Inc.
NEW YORK
57 WILLIAM STREET
A. T.& T. Teletype N. Y. 1-730
Tel.: JOhn 4-6364
NEW JERSEY MUNICIPALS
Colyer,Robinson Company
INCOIWOHAVID
1180 Raymond Blvd., Newark
New York Wire:
REctor 2.2055
MArket 3-1718
A. T. & T. Teletype
NWRK 24
NEW JERSEY
-The $68,000 refunding bonds offered on
ALPHA, N. J.
-BOND SALE
Aug. 19-V. 141, p. 631-were awarded to the Second National Bank of
Phillipsburg. the only bidder, at par for 55. Due serially as follows: $3,000.
1940 to 1942; $4,000, 1943 to 1946; $5,000, 1947 to 1951. and $6,000. 1952
to 1954.
BAYONNE, N. J.
-BONDS AUTHOR/ZED-Commissioner of Finance
Horace K. Roberson was recently authorized and directed to negotiate the
sale of$354,000 Broadway repaving bonds.
-BONDS OFFERED
BERGEN COUNTY (P. 0. Hackensack), N. J.
-Fl. L. Allen & Co. are offering an issue of $318,000
FOR INVESTMENT
43.1% county road and bridge bonds, due Dec. 1 1939 to 1940 and Dec. 1
1942 to 1944 incl., at prices to yield from 2.60% to 3.00%. The bonds are.
in the opinion of the bankers, legal investments for savings banks and
trust funds in New York and New Jersey.
-BONDS AUTHORBERGEN COUNTY (P. 0. Hackensack), N. J.
IZED
-The Board of Freeholders has passed on final reading an ordinance
to issue $20,500 street resurfacing bonds. Sale of the issue will be anticipated by the disposal of 6% tax anticipation notes to provide funds for
immediate needs.
-City Council on Aug.12
-BONDS AUTHORIZED
BRIDGETON,N.J.
gave final approval to two ordinances providing for the issuance of $259.000
general refunding and 528.000 water refunding bonds.
BRIDGETON, N. J.
-BOND OFFERING-Charles P. Corey,
Clerk, wiU receive sealed bids until 8 p. m. (Daylight Saving Time) on
Aug. 29 for the purchase of $249,000 not to exceed 4% int. coupon or
registered bonds, divided as follows:
5224.000 general funding bonds.
city
1308
Financial Chronicle
25,000 water funding bonds.
The bonds will be dated Sept. 1 1935. Denom. $1,000. Due May 1
as follows: $1,000, 1936; 39.000, 1942; $10,000. 1943 and 1944; 85,000,
1945; $10,000, 1946 and 1947; $14,000 in 1948 and $15,000 from 1949 to
1960 incl Rate of int. to be expressed by the bidder in a multiple of ;.1 of
1%. First int, payment will be made Nov. 1 1935; semi-annually thereafter. Prin, and int. payable at the Bridgeton National Bank. A certified check for 2% of the bonds bid for, payable to the order of the city,
must accompany each proposal. Legal opinion of Hawkins, Delafield &
Longfellow of New York will be furnished the successful bidder.
-BOND SALE
-An issue of $309,000 4{%
COLLINGSWOOD, N. J.
15
-year refunding bonds was awarded on Aug. 19 to Graham,Parsons & Co.
of New York at par.
DELAWARE RIVER JOINT COMMISSION (P. 0. Camden), N. J.
BOND OFFERING-Sealed bids addressed to Joseph K. Costello, Secretary,
will be received until 1:30 p. ni. (Eastern Standard Time) on Sept. 20 for
the purchase of $2,000.000 43.1,% Philadelphia-Camden bridge bonds.
Dated Sept. 1 1933. Denom. $1,000. Due Sept. 1 as follows: $10,000,
1938 to 1940 incl.' $12,000, 1941; $16,000, 1942; $22,000, 1943 and 1944;
$28,000, 1945; $34.000, 1946; 838,000, 1947; $44,000. 1948; 350.000, 1949
.
to 1958 incl.; $76,000, 1959 to 1968 incl.; $100,000, 1969 to 1972 incl.
and $94,000 in 1973. Proceeds will be devoted to the cost of constructing
the high-speed rail transit project now in the course of completion.
Interest on the bonds will be payable in M. & S. A certified or cashier's
check in amount of 310,000, drawn upon a bank or trust company of
Philadelphia, Pa., or Camden, N.J., must accompany each bid. Approving
opinion of Thomson, Wood & Hoffman of New York will be furnished the
successful bidder.
-CONSIDERS $1,000,000 SCHOOL PROGRAM
ELIZABETH, N. J.
The Board of Education has under consideration plans for erection of a
vocational school, construction of a playground and alterations and additions to the Grover Cleveland Junior High School. The Public Works
Administration will be asked to furnish a loan and grant of $1,000,000 to
finance the program.
-A
-BOND ISSUE DEFEATED
FRANKLIN TOWNSHIP, N. J.
proposal to spend $115,000 in a school building program, of which about
$51,450 was to be sought as a grant from the Public Works Administration,
was defeated by a vote of446 to 199 at an election held on Aug. 16. Opponents of the plan issued a pamphlet stating that the present bonded debt of
the township is in excess of $190,000 and that more than $50,000 was due
the State and county in tax arrears, according to report.
-BONDS PASSED ON FIRST READING-The City
GARFIELD, N. J.
Council on Aug. 14 adopted on first reading three ordinances authorizing
the refunding of $3,400,000 outstanding bonds.
GLOUCESTER, N. J.
-BONDS PASSED ON FIRST READING
The City Council has adopted on first reading an ordinance authorizing the
issuance of $9,000 property purchase bonds, which will be taken by the
Sinking Fund when finally.authorized.
HADDONFIELD, N. J.
-REFUNDING PROGRAM SUCCESSFULHaddonfield's bond refinancing plan was declared a success in a recent
statement by Borough Clerk J. Ross Logan, who released figures showing
progress made in placing all Borough bonds and notes under a 35
-year
refunding plan under Chapter 233, Laws of 1934.
"Since we began the task of recalling $1,836,000 in Borough notes and
bonds and issuing in their stead the new bonds placing all our obligations
under the heading of capital debt, only $100,000 worth, or about 5.007%
is still outstanding," Mr. Logan said.
"The work, which began March 1 of this year following passage of the
necessary ordinance earlier in the year by the Borough Commission, has
shown amazing progress. Several hundred bondholders all over the
East have been contacted and their securities exchanged for the new issue,
all within less than six months."
The plan, which reduces the average interst paid by the Borough on
Its obligation from 5.75%, pays the bondholders 4% the first five years
and 43.i thereafter, payable each six months and so staggered as to be
payable after each quarterly tax period. Payments on the principal
begin in 1938.
"There has been a tremendous amount of work on this thing," Mr. Logan
said, "done by Borough officials and a Philadelphia bonding house. Of
the outstanding $100,000 bonds there are only three whose owners we do
not. know. A month ago there were nine unknown holders, six of whom
have been located."
Mr. Logan pointed to the rising tide of tax collections as being indicative
of improving business conditions and said that between July 15 and Aug. 10
$5,923 was paid on 1936 tax bills in the Borough.
"During the entire year of 1934 only $9,417, less than twice as much
,
was paid on bills for this year," he said. "By the end of this year the
figures for paid in advance taxes will be higher than that I am sure."
-BOND OFFERING-The Town will offer for sale
HARRISON, N. J.
on Sept. 10 an issue of $232,000 funding bonds of 1935.
-BONDS PASSED ON FIRST READING
INTERLAKEN, N. J.
-An
ordinance providing for the issuance of 836,000 refunding bonds was passed
on first reading in the Borough Council on Aug. 12. Final action will be
taken on Aug. 26.
-TAX COLLECTIONS HIGHER-James Ness,
KEARNEY, N. J.
Town Treasurer, reports that as of Aug. 14 the town has collected taxes
to the amount of $1,535,792.51 of the 1935 levy of$3,147,211.37, or 48.8%.
This is a substantial improvement over collections in the similar period of
Q
last year of $1,318,688.88 against levy of $2,914,408.53. or 45.25% . During
the current year the town has also collected $452,893.93 against delinquent
taxes of 1934 and prior years. All county taxes, including those clue
Aug. 15, and local school district taxes have been fully paid.
-BONDS PASSED ON FIRST RE 4DING-An
LOCK HAVEN N. J.
ordinance authorizing the issuance of $210,000 refunding bonds was passed
on first reading at a recent meeting of the City Council,
-The City ComNEWARK, N. J.
-SEEKS $3.975,411 IVPA LOAN
mission on Aug 21 applied to the Works Progress Administration for a loan
of $3,975,411 for improvements to the Newark Airport.
-DEBT LIMIT EXCEEDED BY MUNICINEW JERSEY (State of)
PALIES-The financial status of one city, six towns and 10 boroughs in
New Jersey showed a net debt of more than 7% of the average assessed
valuation in reports filed on Aug. 19 with State Auditor Walter R. Darby.
Under the 1935 Wolber Bond Act 7% is the limit allowed.
The city was Atlantic City, with a net debt of 11.74% of $20,670.397.95.
The six towns are Belleville, with a net debt of 8.84%; Boonton, 10.79%;
Dover, 9.97%; Morristown, 11.49%; Nutley, 8.45%, and West Orange,
10.4%. The Town of Clinton was the only one reporting no net debt.
The boroughs reporting are Allenhurst, 13.67%; Andover, 7.3%; Audubon, 8.33%; Avalon, 12.7%; Avon-by-the-Sea, 7.85%; Barnegat City,
36.18%; Barrington, 22.85%; Bergenfield,. 15.4%; Berlin, 15.51%, and
Bogota, 7.67%.
FURTHER REPORT ON MUNICIPAL EERTS-A Trenton dispatch
to the Newark"News" of Aug. 19 reported as f'Haws on additional financial
statements of counties and municipalities made public on that day by Walter
R. Darby, State Auditor:
Po, Additional financial statements filed by counties and municipalities, as
required by the bond act of this year, were made public by State Auditor
Darby to-day. Two additional counties and two cities were included.
I. Camden County reported a gross debt of $16.169,354, as defined by the
act, and a net debt of $14,125,945. The net debt is 5.14% of the average
assessed valuations of $274,632,956 for the three preceding years.
Salem County showed a gross debt of $130,435 and a net debt of $95,027.
The latter is only 35-100 of 1% of the average valuations, which were
$27,043,354.
Atlantic City had a gross debt of 828.515,850 and a net debt of $20670,397. The latter is 11.74% of the average valuations, which were
$176,056,155. The law fixes the legal maxi mu:n at 77.
The City of Woodbury reported its gross debt as W255.655 and its net
debt as $497.506. This is 6.02% of the valuations, which averaged
$8,259,480.
Mr. Darby's statement included reports from 18 towns and an installment
from 15 of the blroughs which have filed. Twi towns failed to file any
reports, and those from three others were not satisfactory.
Following are the net indebtedness and its percentage to the average
assessed valuations for the three-year period in the reports from the towns:
Aug. 24 1935
- % of
% of
Net DebtValuattons
•
Net Debt Valuations
2.42
Harrison
5556,117
Belleville
$2,621,129 8.84
4,685,254 6.59
Irvington
Belvidere
1.50
29,100
5,035.133 4.95
Montclair
Bloomfield
4.47
2,806,211
Morristown. ___ 2,051,293 11.49
Boonton
531,875 10.79
Nutley_ _ _ __ ___ 2,266,646 8.45
Clinton
None None
Phillipsburg___ _ 1.012,079 6.62
Dover
803,121
9.97
181,170 2.68
Guttenberg_ _ _ _
5.22
Secaucus
291,381
Westfield
1,922,420 6.34
16,533 .0055
Hackettstown __
West Orange--. 4,395.558 10.04
Hammonton.- - 147,615
2.89
Reports from Booroughs
% of
% of
Net Debt Valuations
Net Debt Valuations
Barnegat City__
$78,975 36.18
Allendale
5.71
$124,315
Barrington
354,929 22.85
Allenhurst
518.435 13.67
Beachwood._ _ _
7,476 .0067
Alpha
21,790
1.65
Andover_ ____ - _
20,000 7.03
Bergenfield- - - - 1,722,079 15.04
Berlin
234,039 15.51
Atlantic High'ds 114,765 3.29
Audubon _ ___ 646,755 8.33
Bernardsville.-- 197,863 3.74
7.67
Bogota
546,856
Avalon
387,740 12.07
Avon
259,994 7.85
PARSIPPANY-TROY HILLS TOWNSHIP(P. 0. Boonton), N. J.
BOND SALE
-An issue of $67,000 5% tax revenue bonds, due from 1936
to 1938 incl., has been sold to B.J. Van Ingen & Co.. Inc. of New York.
-BONDS
PEQUANNOCK TOWNSHIP (P. 0. Pequannock), N. J.
-Township Committee has passed on first
TENTATIVELY APPROVED
reading an ordinance providing for the issuance of $70,000 4% bonds to
fund existing indebtedness, including $34.500 tax revenue bonds. The new
Issue will mature $5,000 yearly.
PLAINFIELD, N. J.
-SEEKS $700,000 FROM PWA-Council President Joshua L. Miner, acting City Executive during the absence of Mayor
Martin B. Stutsman, who is on a vacation trip, has signed the city's application for loans and grants of $700,000 for additions to the Hubbard and
Maxson schools, it became known on Aug. 15. Mayor Stutsman was reported to have said he would refuse to sign the application unless compelled to do so by mandamus proceedings.
-BOND
ROCHELLE PARK TOWNSHIP(P.O. Rochelle Park), N.J.
SALE
-The Rochelle Park Bank has purchased $359,000 coupon or registered general refunding bonds as 5s, at a price of par. Dated APIII 1
1935 and due Dec. 1 as follows: $14,000 in 1936 and $15,000 from 1937 to
1959 incl. These are the bonds for which no bids were received at the
offering last March.
NEW MEXICO
-At
COLFAX COUNTY (P. 0. Raton), N. Mex.-BONDS VOTED
the election held on Aug. 6-V. 141, p. 474
-the voters are said to have
approved the issuance of $160,000 in bonds for the construction of a courthouse.
-An issue
-BOND SALE
LUNA COUNTY (P. 0. Deming), N. M.
of $99,000 3
;i% refunding road and bridge bonds has been sold to Bosworth, Chanute, Loughbridge & Co., Boettcher & Co. and the International
Trust Co., all of Denver at 100.579. Dated Nov. 1 1935. Due serially
in from 1 to 10 years.
•
SILVER CITY, N. Mex.-BOND SALE NOT CONTEMPLATED-It
Is stated by the City Treasurer that no date of sale has been set as yet on
the $55,000 hospital bonds approved by the voters last April.
-A $60,000 issue of 53i% water revenue
TAOS, N. M.
-BOND SALE
bonds has been purchased recently by Brown, Schlessman, Owen & Co. of
Denver. Denominations $1,000 and $500. Dated June 15 1935. Due
semi-annually from Dec. 15 1936 to June 15 1955 incl. Principal and int.
(J. & D.) payable in lawful money of the United States at the U.S. National
Bank in Denver. Subject to redemption in inverse order of maturity at
102 and accrued interest on 30 days' notice. Legality to be approved by
Myles P. Tallmadge of Denver.
Offerings
Wanted
New York State Municipals
-Town-School District
County-City
GORDON
GRAVES Et CO.
40 WALL ST., N. Y.
Whitehall 4-1770
NEW YORK*
ALBANY COUNTY LIGHT, HEAT AND POWER DISTRICT
-FINANCING OF MUNICIPAL PLANT HELD
(P. 0. Albany), N. Y,
ASSURED
-john H. Benson, County Auditor,is reported to have received
several offers from various sources to finance construction of the projected
municipal utility plant. The County Power Act, Chapter 842 of the Laws of
1935, creating the above unit and providing for the issuance of up to $10,000,000 bonds to cover the cost of the project, will be passed on as to its
constitutionality by the Court of Appeals sometime in September. Sale of
the bonds is contingent upon this approval by the voters at the general
election in November. The Knickerbocker Press on Aug. 20 discussed the
financing offers received by the County Auditor as follows:
An offer was made yesterday by an organization which guarantees either
to purchase the power bond issue outright or to finance the project by a
construction-financing proposal. Several other offers also have been made,
Mr. Benson said.
The construction-financing group consists of a prominent construction
company and a banker's underwriting syndicate.
"The construction part of the group would take municipal bonds in full
payment for complete construction of the project," Mr. Benson stated
"After the project is completed, the financial syndicate markets the bonds."
The advantage of such an arrangement is that the financing would be
underwritten and guaranteed before actual construction begins. Better
prices could be offered by bankers for the bonds because they would not be
publicly offered until the project is in actual operation. For the same reason.
lower interest coupon rates could be obtained.
Another reason the bonds would bring higher prices than usual would be
that the construction concern usually gives a point or so of its share of profits
to the bankers, enabling them to offer more for the bonds.-.
CANANDAIGUA, N. Y.
-BOND ELECTION
-An issue of $6,000 park
completion bonds will be considered by the voters on Sept. 9.
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 1 (070
. ..
.
-BOND SALE
Eastchester), N. Y.
-The $100.000 coupon or registered
school building bonds offered on Aug. 22-V. 141. p. 1132
-were awarded
to Rutter & Co. of New York as 3.70s. at a price of 100.311, a basis of about
3.68%. Dated Oct. 1 1934 and due Oct. 1 as follows: $9,000, 1954; $10,000
from 1955 to 1963 incl. and 81.000 in 1964.
-BOND OFFERING-Sealed bids will be
EAST ROCKAWAY, N. Y.
received until 3.45 p.m. (Eastern Standard Time) on Aug. 28, by Guy E.
Thomson, Village Clerk, for the purchase of a $5,000 issue of coupon or
or registered village hall site bonds. Interest rate is not to exceed 6%.
payable M. & S. A single rate of interest mus,, be s.ated, expressed in a
multiple of g of 1% and must state the price offered. Denom. $1,000.
Dated Sept. 1 1935. Due $1,000 from Sept. 1 1936 to 1940 incl. No
bid will be accepted for separate maturities or at less than the par value of
the bonds. Prin. and int. payable in lawful money at the East Rockaway
National Bank & Trust Co.. East Rockaway, or at the principal office of
the Bank of New York & Trust Co.. New York City. The approving
opinion of Hawkins, Delafield & Longfellow, of New York City, will be
furnished the successful bidder. A certified check for 2%, payable to the
village, must accompany the bid.
EDWARDS UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-PURCHASER
-We are informed that the $57,000
Edwards), N. Y.
coupon or registered school bonds sold as 3345 on Aug. 15-V. 141. p. 1132
were taken by B. E. Daley & Co. of Watertown for a premium of $577.60.
equal to 101.013, a basis of about 3.41%.
Volume 141
Financial Chronicle
FORT EDWARD, N. Y.
-LIST OF BIDS
-The following bids were submitted at an offering on Aug. 19 of $23,000 5% paving bonds:
Rate Bid
Bidder103.732
Manufacturers' National Bank of Troy
Sherwood & Merrifield, Inc., New York
102.97
102.31
Fort Edward National Bank
Par
Sandy Hill National Bank of Hudson Falls
The bonds are dated Aug. 15 1935. Due Aug. 15 as follows: $4,000
from 1936 to 1940,incl., and $3,000 in 1941. Principal and interest payable
at the Fort Edward National Bank.
GARDEN CITY PARK WATER DISTRICT (P. 0. Garden City),
N. Y.
-BOND OFFERING-Martin G. Rhodes, District Secretary, will
receive sealed bids until 6 p. m. (Daylight Saving Time) on Sept. 5 for
the purchase of $10,000 not to exceed 6% int. coupon or registered fire
apparatus bonds. Dated Sept. 1 1935. Denom. $1,000. Due $1,000
on Sept. 1 from 1936 to 1945 Incl. Bidder to name a single int. rate on all
of the bonds, expressed in a multiple of 3i or 1-10th of 1%. Prin. and int.
(M. & S.) payable in lawful money of the United States at the Bank of
New Hyde Park, New Hyde Park, or, at holders' option, at the Chase
National Bank, New York. A certified check for $200. payable to the order
of the District,:nust accompany each proposal. The approving opinion of
Reed, Hoyt & Washburn of New York will befurnished the successful bidder.
HAMILTON N. Y.
-BOND OFFERING-John J. Taylor, Village
Clerk, will receive bids until 2 p. m.(Eastern Standard Time) Sept. 2 for
purchase at not less than par of $50,000 coupon registerable highway
bonds,to bear no more than 6% int.,in a multiple of either
% or 1-10%.
as named by the successful bidder. Denom. $1,000. Dated Sept. 1 1935.
Principal and semi-annual interest (March 1 and Sept. 1) payable at the
National Ha:nilton Bank in Ha:nilton. Due yearly on Sept. 1 as follows:
$2,000, 1936 and 1937; $3,000, 1938 to 1952 incl., and $1,000. 1953.
Certified check for $1,000, payable to the Village of Hamilton, required.
Approving opinion of my, Dillon & Vandewater of New York will be
furnished to the purchaser.
Financial Statement
The assessed valuation of property subject to the taxing power of the
village as it appears on the last preceding village assessment rolls is
$1,809,378.
The total bonded debt of the village, including this issue, is $104,000,
of which none is water debt.
The population (1930 census) is 1,700. The total debt above stated does
not include the debt of any other subdivision having power to levy taxes
upon any or all property subject to the taxing power of the village.
Tax Data
The total amount of village taxes levied for the preceding three fiscal
years was: 1932-33, $26,843.41; 1933-34, $24,863.10; 1934-35, $22,443.64.
The a:nount of such taxes uncollected at the end of each of said fiscal
years was: 1932-33, $772.94; 1933-34. $935.17; 1934-35, $1,282.44.
The a:nount of such taxes uncollected as of the date of this notice is:
1932-33, $287.12: 1933-34, $540.44; 1934-35. $946.23.
The taxes of the current fiscal year have been levied in the amount of
$20.988.78. and to date $18.738.65 thereof has been collected. Said
taxes become delinquent July 15 1935.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 21 (P. 0.
Rock •ille Centre) N. Y.
-At the election held on
-BONDS VOTED
Aug. 13 the voters gave their consent to the proposed issuance of $45,000
school building addition bonds.
MALVERNE, N. Y.
-ADVANCE PAYMENT OF BONDS PLANNED
-Albert J. Brown, Village Treasurer, announces that the Board of Trustees
has authorized him to purchase $8,000 5% tax revenue bonds of the village,
dated June 1 1934 and maturing as follows: $5,000 (Nos. 6-10 incl.) on
June 1 1936 and $3,000 (Nos. 11-13, incl.) on June 1 1937. Holders of the
bonds are requested to communicate with the Village Treasurer.
MONROE COUNTY (P. 0. Rochester), N. Y.
-NOTES AUTHORIZED-The Board of Supervisors recently authorized issuance of $100,000
in short-ter:n notes to finish Temporary Emergency Relief Administration
projects. Request for borrowing the funds was made by County Treasurer
James I. Moran, who said loans were necessary because of failure of towns
to repay the county for advances on home relief in anticipation of State
rei:nbursements for 1934 and 1935.
-It is stated by the County Treasurer that notes aggreNOTES SOLD
gating $200,000 were sold recently to local banks.
NEW YORK, N. Y.
-The city has
-BORROWS $10,000,000 AT 1%
just sold to a local banking group $10,000,000 1% certificates of indebtedness to provide for immediate relief requirements. Dated Aug. 20
1935 and due Aug. 14 1936. They are secured by the sales tax and utility
tax revenues. The institutions purchased the obligations for their own
invest:nent portfolios.
OSSINING, N. Y.
-BONDS DEFEATED
-The Board of Education
submitted at a general election a proposal to issue $250,000 high school
addition bonds. The proposal was defeated.
POTSDAM, N. Y.
-BOND OFFERING-Clement C. Coleman, Village
Clerk, will receive bids until 3 p. m.(Eastern Standard Time) Aug. 31 for
the purchase at not less than par and interest of $138,000 coupon village
building bonds, to bear interest at rate named by purchaser, not to exceed
6%, expressed in a multiple of either X% or 1-10%. Denom. $1.000.
Dated Sept. 1 1935. Principal and se:ni-annual interest (March 1 and
Sept. 1) payable at the Citizens National Bank,of Potsdam. Due yearly on
Sept. 1 as f dlows: $6,000. 1937 to 1943, incl., and $8,000, 1944 to 1955,
incl. Certified check for $3,000, payable to the Village of Potsdam,required.
Financial Statement
The assessed valuation of property subject to the taxing power of the
Village, as it appears on the last preceding assess:nent roll, is $3,876,715.
The total bonded debt including the proposed issue, is $289,500, of which
amount $92,500 is water debt.
The population of said Village (1930 census) was 4,136.
The total debt above stated does not include the debt of any other subdivision having power to levy taxes upon any or all property subject to the
taxing power of the Village.
Tax Data
Fiscal
Uncollected
Amt.of Levy
Year
Aug. 9 1935
Uncollected End of Fiscal Year
1932-33 $58,462.46
$761.58 per fiscal year Mar. 1 1935
$507.63
54,285.35
1933-34
3,575.76 per fiscal year Mar 1 1935
2,674.11
1934-35
63.965.79
16,064.42 per tax year July 1 1935
8,724.32
The taxes of the current fiscal year March 1 1935 to Feb. 29 1936. were
levied May 20 1935, and amount to $63,965.79, and to date $55,241.47
thereof has been collected. Said taxes become delinquent July 1 _1935._
RENSSELAER, N. Y.
-BONDS AUTHORIZED-The Common
Council authorized a work reliefissue of$10,000 in bonds at a recent meeting
and Mrs. Katherine B. Sanderson, City Treasurer, was instructed to carry
out the details of the bond offering.
SCARSDALE UNION FREE SCHOOL DISTRICT NO. 1, N. Y.
REPORTSSURPLUS OF $29,000
-The report of William F. Salter, Treasurer,covering receipts and expenditures for the period July 1 1934 to June 30
1935 discloses a balance on hand of $29,870.75 after total disbursements of
$695,663.86.
SCHENECTADY COUNTY (P. 0. Schenectady), N. Y.
-LOAN
AUTHORIZED-The Board of County Supervisors on Aug. 13 authorized
the borrowing of $100,000 on temporary notes to finance completion of
construction of the county home.
UTICA, N. Y.
-BOND OFFERING-Thomas J. Nelson, City Comptroller, will receive bids until noon (Eastern Standard Time) Aug 27 for
the purchase at not less than par plus accrued interest of the following
bonds, aggregating $424,715.42:
=boom bonds issued for the purpose of providing funds for improvemanta to creeks and culverts in the city. Dated July 1 1935.
Maturing $1,000 July 1 1936 and $1,000 July 1 of each successive
year. Interest payable semi-annually. Issued in coupon form
in denominations of $1,000 each.
200,000.00 bonds issued for the purpose of providing funds for work relief
and (or) home relief pursuant to the provisions of Chapter 798
of the Laws of 1931 as amended. Dated July 11935. Maturing $20,000 July 1 1936 and $20,000 July 1 of each successive
year. Interest payable semi-annually. Issued in coupon form
in denominations of $1,000 each.
1309
$100,000.00 bonds issued for purpose of providing funds for work relief
and (or) home relief pursuant to the provisions of Chapter 798
of the Laws of 1931 as amended. Dated July 1 1935. Matur$10,000 July 1 1936 and $10,000 July 1 of each successive year
Interest payable semi-annually. Issued in coupon form indenominations of $1,000 each.
19,806.93 bonds issued for the purpose of providing funds for the payment
of sums certified by the City Treasurer remaining unpaid upon
local assessments for the construction of public improvements
pursuant to the provisions of Chapter 658 of the Laws of 1923.
Dated July 1 1935. Maturing $1,806.93 July 1 1936 and $2,000
July 1 of each successive year. Interest payable annually.
Issued in coupon form in denominations of $806.93 and $1,000.
Bond for $806.93 will be typewritten.
94,908.49 bonds issued pursuant to the provisions of Section 11 of Article V
of Chapter 658 of the Laws of 1923, and Chapter 287 of the
Laws of 1913, for the purpose of providing funds for the payment of purchases made by the City of Utica at the tax sale
of 1935, and for the payment of the amount remaining unpaid
to the County of Oneida upon the 1934-1935 county tax for
the City of Utica. Dated July 1 1935. Maturing $18,908.49
July 1 1936 and $19,000 July 1 of each successive year. Interest payable semi-annually. Issued in coupon form in denominations of $908.49 and $1,000. Bond for $908.49. will be
typewritten.
The City of Utica will, if so desired by the successful bidder, purchase
for its sinking funds the $806.93 deferred assessment bond and the $908.49
delinquent tax bond, but at no greater price than that offered by the successful bidder. Principal and interest payable at the City Treasurer's
office. Bonds are registemble as to principal and interest. Bidders are
to name the rate of interest at which they will take the bonds, the entire
block to bear the same rate, not to exceed. 4%, expressed in a multiple of
either X% or 1-10%. Certified check for $8,494.31, payable to the City
Comptroller, required.
Financial Statement
The assessed valuation of the property subject to taxation, as it appears
on the last preceding assessment roll for State or county taxes, is
$133,235,628.
Bonded Indebtedness
$11,641,172.28
General purposes
893,102.24
Delinquent tax bonds
243,052.74
Deferred assessment bonds
$12,777,327.26
292,680.82
Total (including present issue)
Sinking funus ono cash
$12,484,646.44
Net bonded debt
No overlapping debt. No special tax districts other than two special
lighting districts. Special lighting district tax included in city tax charges
on property within lighting district. No debt incurred for this service.
There is no subdivision of the city having power to levy taxes upon any •
or all of the property subject to the taxing power of the city.
Tax Collections
Fiscal Year1934
1932
1933
Total levy
$4,241,901.00 $3,341,893.97 $4,234,177.31
Uncollected at end offiscal yr. _ 652,909.21
685,102.47
535,263.13
Uncollected as of date of this
None
271,162.18
notice_ _ _ - ______
None
The taxes of the currentfiscal year Jan. 1 1935 to Dec. 31 1935 amount
---- to $3,908,709.20, and to date approximately $1,726,856.67 remains uncollected. Collection of city tax: First half, June 1; second half. Oct. 1.
Tax becomes delinquent one month later.
Population (1930 Census), 101,652.
The favorable opinion of Clay, Dillon & Vandwater of New York as to
legality will be on file in the Comptroller's office before delivery of bonds.
Bonds will be delivered to the purchaser Sept. 11 or such other time as may
by mutual agreement be determined.
WHEATFIELD, N. Y.
-BOND OFFERING-Albert Milleville. Town
Supervisor, will receive sealed bids until 2 p. m.(Eastern Standard Time)
on Aug. 26, for the purchase of $6,085.72 not to exceed 6% interest registered highway bonds. Dated Aug 1 1935. One bond for $1,085.72. others
$1,000 each. Due March 1 as follows: $1,085.72 in 1942 and $1,000 from
1943 to 1947, incl. Principal and annual interest (March 1) payable at
the First Trust Co. of Tonawanda. A certified check for $600, payable to
the order of the Town Supervisor, must accompany each proposal.
he'above bonds were originally offered for sale at Public auction on
July 1-V.140, p.4443.
WILLIAMSTOWN UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Williamstown), N. Y.
-BOND SALE
-The $14,000 coupon or registered
school bonds offered on Aug. 20-V. 141, p. 964
-were awarded to J. & W.
Seligman & Co. of New York as 3.30s, at par plus a premium of $12.95.
equal to 100.09, a basis of about 3.285%. Dated Oct. 1 1935 and due
$1,000 on Oct. I from 1936 to 1949 incl. The First National Bank of
Central Square was second high bidder.
Other bids were as follows:
BidderInt. Rate Prem.
$12.00
x
First National Bank of Camden
19.90
George D. B. Bonbright & Co
4
Par
Citizens Trust Co., Adams
4%
29.06
4.20%
First and Second National Bank of Oswego
x Bid for first five bonds as 3iis; next five as 4s and remaining four as 5s.
NORTH CAROLINA
-The
-BOND SALE
CABARRUS COUNTY (P. 0. Concord) N. C.
$23,500 issue of coupon school building bonds offered for sale on Aug. 20-was awarded to Kirchofer & Arnold, Inc., of Raleigh, as
V. 141, p. 964
3j,paying a premium of $350, equal to 101.489. a basis of about 3.11%.
Dated Aug. 11935. Duefrom Aug. 1 1937 to 1955 incl. The second highest
bid was offered by the Cabarrus Bank & Trust Co. of Concord, a tender of
$532 premium on 334% bonds.
The following is an official list of the bids received:
Rate
Price
Bidder3
$23,850.00
* Kirchofer and Arnold, Inc.. Raleigh, N. C
23.591.65
R. S. Dickson & Co., Raleigh, N..0
23,528.00
Lewis & Hall, Greensboro, N. C
23,521.00
Wachovia Bank & Trust Co., Winston-Salem, N.C-.. 314%
334%23,523.50
Citizens Bank & Trust Co., Concord, N. C
Cabarrus Bank & Trust Co., Concord, N.C
24,032.00
334%
Concord National Bank, Concord, N.C
4%
23,550.00
* Successful bid.
CHARLOTTE, N. C.
-The $11,500 issue of judgment
-NOTE SALE
-was awarded
funding notes offered for sale on Aug. 20-V. 141. p. 1132
to the American Trust Co. of Charlotte, at 2%, plus a premium of $12.50.
The second highest bid received was an offer of $10 premium on 2% notes,
tendered by the Union National Bank of Charlotte.
The following is an official list of the bids received:
Price
Rate
Bidder$11.503.00
R. S. Dickson & Co., Raleigh, N. C
Wachovia Bank & Trust Co., Winston-Salem, N. C_
3
11,502.50
11,500.00
Charlotte National Bank, Charlotte
Union National Bank, Charlotte
11,510.00
3%
Commercial National Bank. Charlotte
11.506.50
2%
* American Trust Co., Charlotte
11,512.50
* Purchaser.
-BOND REFINANCCHOWAN COUNTY (P. 0. Edenton), N. C.
ING PROPOSED
-A dispatch from Edenton on Aug. 13 had the following"
to say:
Two steps looking toward a further and possibly rapid advancement of the
plan to provide additional high school facilities in this county were made
on Monday. Meeting the recent suggestion of State Treasurer Johnson
that Chowan should refinance its defaulted bond issues totaling $47,500
with a new bond issue of $50.000, D. M Warren, chairman of the county
commissioners, with the approval of his fellow board members, has ordered
this done and will offer the securities for sale in Raleigh.
CLAREMONT, N. C.
-BOND ISSUANCE PLANNED-It is said that
the town intends to issue $21,000 in water works system bonds.
CLEVELAND COUNTY )P. 0. Shelby) N. C.
-CORRECTION
-It is
now stated by the County Accountant that the amount of school building
bonds to be passed on by the voters at the election on Sept. 14,is $240,000.
not $200,000, as previously reported-V. 141, p. 964.
231
1310
Financial Chronicle
GREENVILLE, N. C.
-BONDS APPROVED-The Local Government
Commission is said to have given the city permission to issue $10,000 in
municipal swimming pool bonds.
HENDERSON, N. C.
-It is reported by the
-NOTE SALE DETAILS
City Clerk that the $15,000 tax anticipation notes purchased by the Security
National Bank of Raleigh,at 2%.plus a premium of$10-V.141. p. 1132
are dated Aug. 1 1935, and mature $5.000 on Dec. 1 1935, and on Jan. and
Feb. 1 1936.
MONROE, N. C.
-BONDS AUTHORIZED
-A resolution was passed
recently by the Board of Aldermen providing for the Issuance of $172,000 in
refunding bonds.
NASHVILLE, N. C.
-BONDS AUTHORIZED
-The issuance of $27,500
In water and sewer bonds is said to have been authorized recently by the
Local Government Commission.
RUTHERFORD COUNTY (P. 0. Rutherfordton), N. C.
-BOND
OFFERING POSTPONED
-It is stated by W. E. Easterling, Secretary
of the Local Government Commission, that the sale of the three issues of
bonds aggregating $06,000, scheduled for Aug. 27, as reported in detail
recently in these columna-V. 141, p. 1132
-has been postponed until
Sept. 3.
RUTHERFORD COUNTY (P. 0. Rutherfordton), N. C.
-BOND'
OFFERING DE7'AILS--In connection with the offering scheduled for
Sept. 3, of the three issues of not to exceed 6% semi-ann. bonds aggregating
$96.000, as reported in our issue of Aug. 20, the following conditions are
given in the notice of offering:
A separate bid for each issue is required. Bidders are requested to name
the interest rate or rates, not to exceed 6% per annum in multiples of onequarter of 1%. Each bid may name one rate for part of the bonds of any
Issue (having the earliest maturities) and another rate for the balance, but
no bid may name more than two rates for any issue, and each bidder must
specify in his bid the amount of bonds of each rate. The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the county,such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities. No bid of less than par and accrued
Interest will be entertained.
WILSON COUNTY (P. 0. Wilson), N. C.
-BOND SALE
-The two
issues of coupon or registered refunding bonds aggregating $121,000,
offered for sale on Aug. 20-V. 141. p. 1132
-were awarded jointly to
McAlister, Smith St Pate, Inc., of Greenville, S. C., and the Wells-Dickey
Co.of Minneapolis. paying a premium of $53.15, equal to 100.0439, a net
interest cost of about 3.64%, on the bonds divided as follows: $60,000
as 4s, maturing from Aug. 15 1936 to1945,and $61,000 as 3%s,maturing
from Aug. 15 1946 to 1955.
The following is an official list of the bids received:
Rate
Price
R. S. Dickson & Co., Raleigh, N.0
For the first 331,000 of the $52,000
59' 1352,084.57
For the remainder
4%7
For the first $47.000 of the $69,000
SV
169,112.01
For the remainder
4%
Lewis & Hall, Greensboro, N. C. with Branch Banking & Trust Co., Wilson, N. C.
For the first $22.000 of the $52,000
4
52,040.00
For the remainder
4
For the first $38,000 of the $69.000
4
69,057.00
For the remainder
43i%
• McAlister, Smith & Pate, Greenville, S. C. with
Wells, Dickey & Co., Inc., Minneapolis•
For the first $22,000 of the $52,000
49'
152,027.00
For the balance
335%
For the first $38,000 of the $69,000
4
69.026.15
For the balance
3%
* Successful bid.
.
e
NORTH DAKOTA
BOWBELLS, N. Dak.-CERTIFICATE OFFERING
-H. C. Wood.
City Auditor, is receiving bids until 10 a. m. Aug. 24 for the purchase of
an issue of $5,000 7% certificates of indebtedness. Certified check for
2% required.
The certificates will mature 24 months after date.
CARRINGTON SCHOOL DISTRICT (P.O. Carrington), N. Dak.BOND ELECTION
-An election wasi held on Aug. 20 to submit for
authorization of issuance $6,000 5% school construction bonds.
COLQUHOUN SCHOOL DISTRICT NO. 2, Renville County,
N. Dak.-CERTIFICATE OFFERING
-F. M. White. Clerk of the Board,
will receive bids until 7 p. m. Aug. 27 for the purchase of $6,000 certificates
of indebtedness, to draw 7% int. or less. Certificates will mature within
24 months.
FARGO, N. Dak.-BOND ELECTION
-An election will be held on
Sept. 17 to vote upon the proposition of issuing $77,000 library building
bonds and $50,000 city hall remodeling bonds. Carl 0. Jorgenson Is
City Auditor.
pr FESSENDEN SCHOOL DISTRICT, No. Dak.-BONDS DEFEATED
-At a recent election the voters defeated a proposal to issue $67,000
In bonds for construction of new school and athletic field.
PEMBINA, N. Dak.-BONDS VOTED-Voters approved issuance of
$8,700 city government building construction bonds in a recent election.
This represents the city's part of the proposed $21.000 project.
-An issue of $74,000 434% refundSTANTON, N. Dak.-BOND SALE
ing bonds has been sold to the Bank of North Dakota, of Bismarck.
r STEELE COUNTY (P. 0. Finley), N. Dak.-CERTIFICATE OFFERING G. J. Mustad. County Auditor, will receive bids until noon Sept. 3
for the purchase of $12.000 certificates of indebtedness, which will mature
within 24 months. Certified check for 2% of amount of bid required.
STRONG SCHOOL DISTRICT (P.O. Woodward), N. Dak.-BONDS
NOT SOLD
-It Is reported that a $3,000 issue of not to exceed 6% semiann. school bonds was offered for sale without success on Aug. 5, all bids
being rejected.
-•
VALLEY CITY, N. Dak.-BOND ELECTION
-The voters of the city
will go to the polls on Sept. 3 to pass on the question of issuing $55,000
municipal auditorium bonds.
PS
WARD COUNTY (P. 0. Minot), N. Dak.-BONDS AUTHORIZED
The County Commissioners have authorized an issue of $195,000 warrant
funding bonds.
OHIO
ALLEN COUNTY (P. 0. Lima), Ohio
-BONDS DEFEATED
-A
proposed 383.0001bond issue was rejected by the voters on Aug. 13.
ALLIANCE, Ohio
-BONDS DEFEATED-The voters refused to
authorize the issuance of $496,000 poor relief bonds at the primary election
on Aug. 13.
AMHERST SCHOOL DISTRICT, Ohio
-BONDS DEFEATED
-At
the primary election on Aug. 13 the proposal to issue $21,000 school building bonds failed to receive the required number of favorable votes for
approval.
ANTWERP RURAL SCHOOL DISTRICT (P. 0. Antwerp), Ohio
BONDS VOTED-Voters approved issuance of $73,000 4% school construction bonds at the primary election on Aug. 12.
ASHLAND CITY SCHOOL DISTRICT, Ohio
-BONDS DEFEATED
-An issue of $65.000 school bonds was rejected by the voters at the recent
election.
BALTIC SCHOOL DISTRICT, Ohio
-BONDS VOTED
-A. C. Hoffman, District Clerk, reports that an issue of $19,250 bonds was approved
at the primary election on Aug. 13.
BALTIMORE, Ohio
-BONDS VOTED
-An Issue of $68,000 relief
bonds was approved at the Aug. 13 election.
• BARNESVILLE, OhI-BONDS AUTHORIZED-The Village Council
on Aug. 10 passed an ordinance authorizing the issuance of $93,000 waterworks impt. bonds.
Aug. 24 1935
BEAVER RURAL SCHOOL DISTRICT, Columbiana County, Ohio
-BONDS DEFEATED-The proposed 388,000 bond issue for erection of a
school building was rejected by the voters at the Aug. 13 election.
BLANCHARD RURAL SCHOOL DISTRICT, Hardin County,
Ohio
-BONDS VOTED
-The proposed $25,000 school building bond
Issue submitted to the voters on Aug.13 was approved by a vote of 385 to 94.
BRUSH CREEK TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Otway), Ohio
-BONDS DEFEATED
-An issue of $6,250 school bonds
was turned down by the voters at the primary election on Aug. 13.
BYESVILLE, Ohio
-BONDS VOTED
-A 363,000 sanitary sewer bond
issue was approved by the voters on Aug. 13.
CADIZ SCHOOL DISTRICT, Ohio
-BONDS VOTED-The voters
on Aug. 13 approved the issuance of $33,000 school bonds.
CALDWELL EXEMPTED SCHOOL DISTRICT, Ohio
-BONDS
DEFEATED
-An issue of $12,000 school building improvement bonds
was rejected at the Aug. 13 primary election, the vote being 200 for and
401 against.
CANTON, Ohio
-BOND OFFERING-Joseph T.Bickart,City Auditor.
win receive bids until 1 p. m. (Eastern Standard Time) Aug. 29 for the
purchase at not lass than par of $150,000 6% emergency poor relief bonds.
Denom. $1,000. Dated Dec. 1 1932. Principal and semi-annual interest
(June 1 & Dec. 1) payable at the City Treasurer's office. Due $25,000
yearly on Dec. 1 from 1934 to 1939.incl. Certified check for 5% of amount
of bonds bid for, required.
CLAY RURAL SCHOOL DISTRICT (P. 0. Eureka), 0.
-BONDS
DEFEATED
-Voting at the primary election on Aug. 13 on the proposal to
Issue $12,000 school bonds resulted in the defeat of the measure.
COLUMBUS GROVE, 0.
-BONDS AUTHORIZED
-An ordinance to
market the $55,000 4%% sewage disposal plant bonds approved at an
election last May has been passed by Village Council. They will be dated
Oct. 1 1935 and payable as to principal and interest at the Village Treasurer's
office.
CONTINENTAL, 0.
-BOND SALE
-The $5,000 5% town hall construction bonds offered on Aug. 10-V. 141, p. 635
-were awarded to
A. L. Casteel of Continental at a price of par. Dated Sept. 1 1935 and due
$500 on Sept. 1 from 1937 to 1946 hicl.
COSHOCTON COUNTY (P. 0. Coshocton), Ohio
-BOND SALE
The $14,800 poor relief bonds offered on Aug. 21-V. 141, p. 793
-were
awarded to Seasongood di Mayer of Cincinnati as 1;is at par plus a premium
of $7.85, equal to 100.053, a basis of about 1.737. Dated Sept. 1 1935
and due $7,200 March 1 1937 and $7,600 March'
1 1938.
CRAWFORD COUNTY (P.O. Bucyrus), Ohio
-BONDS DEFEATED
-The $39,000 poor relief bond measure was defeated at the primary
election on Aug. 13.
CRESTLINE, Ohio
-BONDS REJECTED
-At the primary election on
Aug. 13 the voters disapproved the proposal calling for an issue of $50,000
sewer bonds.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio
-BOND OFFERING
-George H. Stabler, Clerk of the Board of County Commissioners, will
receive bids until 11 a. m. (Eastern Standard Time) Sept. 10 for the purchase at not less than par of the following two issues of 3%% coupon
registerable refunding bonds:
$1,161.000 bonds. Due $58,000 each six months from April 1 1941 to
Oct. 1 1950 inclusive.
2,090,000 bonds. Dated Oct. 1 1935. Due $104,500 each six months
from April 1 1941 to Oct. 1 1950 inclusive.
Denom. $1,000 and MOO.. but may be issued in other deneminsitilns as
requested by purchaser. Principal and semi-annual Interest (April 1 an
Oct. 1) payable at the County Treasurer's office. The bonds will be
subject to call on any interest date on and after Oct. 1 1945. Certified
check for 19' of amount of bonds bid for, payable to the County Treasurer.
required. Bonds to be delivered at Cleveland on or about Oct. 15.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio
-BOND ELECTION
-An issue of $2,725,000 poor relief bonds will be considered by the voters
on Oct. 1.
-BOND OFFERING-J. E. Preston, City
CUYAHOGA FALLS, Ohio
Auditor, will receive bids until noon (Eastern Standard Time) Sept. 6 for
the purchase at not less than par of the following coupon bonds:
$15,000.00 5% trunk sanitary sewer bonds. Denom. $500 and $1,000.
Dated Aug. 1 1935. Due $1,500 yearly on Oct. 1 from 1936 to 1945, incl.
135A19.35 535% irript• property owners' assessment bonds. Denom. 31.000. except 1 for $1,419.35. Dated Sept. 1 1935. Due $15,419.35
Oct. 1 1937 and $15,000 yearly on Oct. 1 from 1938 to 1945, incl.
Int. payable April 1 and Oct. 1. Certified check for 25 of amount of
0
bonds bid for, payable to the City Treasurer required. Legal opinion by
Squire. Sanders & Dempsey.
DEER PARK, Ohl -BONDS VOTED-The $11,000 municipal building
bond issue submitted to voters on Aug. 13 was voted upon favorably.
-BONDS VOTED
-An issue of $11,000 city hal
DELAWARE, Ohio
building bonds carried at the primary election on Aug. 13. The project
will be financed by the Public Works Administration.
DELPHOS SCHOOL DISTRICT, Ohio
-BONDS DEFEATED
-The
329.000 school building bond issue submitted to the voters at the Aug. 13
election, was defeated.
-BONDS VOTED
DUNKIRK SCHOOL DISTRICT, Ohio
-The District on Aug. 13 gave approval to a $25,000 school building bond issue.
The votes in favor of the issue numbered 385, against only 81 opposed.
-BOND ISSUE FAVORED
EAST LIVERPOOL, Ohio
-Approval of
an issue of $100,000 operating deficit bonds was given by the voters at the
Aug. 13 election.
EAST LIVERPOOL SCHOOL DISTRICT,0.
-BONDSDEFEATED
E. J. Gaston, District Clerk, reports that the voters rejected the proposal
to issue $385,000 school construction bonds at the primary election on
Aug. 13.
-BONDS DEFEATED-The proposal to
EAST PALESTINE, Ohio
Issue $20,000 sewage disposal plant bonds was turned down by the voters
at the Aug. 13 primary election.
EAST PALESTINE SCHOOL DISTRICT, Ohio
-BONDS VOTED
An issue of $110,000 school bonds was approved at the primary election
on Aug. 13.
ETNA TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Etna),
-Bonds in the amount of $16,000 school con-BONDS VOTED
Ohio
struction were carried at an election held on Aug. 13.
FLORENCE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BONDS VOTED
Berlin Heights), 0.
-An issue of 312,000 gymnasiumauditorium bonds was approved by the voters at the Aug. 13 primano
,
election, according to George J. Baker, District Clerk.
FLUSHING VILLAGE SCHOOL DISTRICT, Ohio
-BONDS DE-The proposal that the District issue $10.000 school building
FEATED
bonds was defeated at the polls on Aug. 13.
FOREST VILLAGE SCHOOL DISTRICT, Hardin County, Ohio
BONDS VOTED
-The residents of the District on Aug. 13 approved, by
a 359 to 94 vote, the proposed $55,000 school building bond issue.
FRANKLIN TOWNSHIP SCHOOL DISTRICT, Monroe County,
-BONDS APPROVED-Voters of the district on Aug. 13 gave their
Ohio
approval to a $15,000 bond issue for school building. The vote was
269 to 22.
GIRARD, Ohio
-BOND ISSUE DEFEATED
-An issue of $45.000
municipal building bonds failed of approval at the Aug. 13 primary election.
GLANDORF SCHOOL DISTRICT, Ohio
-BONDS LEFEATEDAt the primary election on Aug. 13-V. 141„ P. 794
-the proposal to issue
$45,000 school building bonds was defeated by a count of 214 for and 390
against.
GRAFTON SCHOOL DISTRICT,Ohio
-BONDS VOTED
-The voters
on Aug. 13 gave their consent to the issuance of $70,000 school building
bonds, the vote being 277 to 102.
Volume 141
-At the primary election
GREENVILLE, Ohio
-BONDS DEFEATED
.on Aug. 13 the proposal to issue $85,000 sewage disposal plant bonds failed
to carry.
-BOND ELECHAMILTON COUNTY (P. 0. Cincinnati), Ohio
-At the general election on November the voters will be asked to
TION
approve an issue of $2,000,000 bonds for a new library and $1,000,000 for
roads, streets, bridges and other purposes.
-By a vote
-BONDS VOTED
HEBRON SCHOOL DISTRICT, Ohio
of 204 to 68 the residents of the District on Aug. 13 approved the issuance
of $23,500 high school building bonds.
-BOND ISSUE REHICKSVILLE SCHOOL DISTRICT, Ohio
JECTED
-The plan to issue $69,000 high school building bonds was rejected
by the voters at the election on Aug. 13.
-Alva B.
-BOND SALE
HOLGATE SCHOOL DISTRICT, Ohio
Clark, District Clerk, states that the $42,900 6% school bonds approved
at the-Aug. 13 primary election have been sold to the State Teachers'
Retirement System, Columbus.
HUNTINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Aberdeen), Ohio
-BONDS VOTED
-At the primary election on Aug. 13 the
voters approved an issue of $14,500 school construction bonds.
JACKSON TOWNSHIP SCHOOL DISTRICT, Darke County,
-BONDS DEFEATED
Ohio
-A proposal to issue $40,000 school improvement bonds was defeated by the voters at the Aug. 13 elections.
JEROMESVILLE, Ohio
-L. 0. Franks, Village
-BONDS VOTED
Clerk, states that an issue of $12,000 water supply bonds was approved
at the Aug. 13 primary election. They will bear 4%% interest and mature
$300 each six months from Oct. 1 1936 to April 1 1956 inclusive.
KELLEYS ISLAND, Ohio
-A proposal that the vil-BONDS VOTED
lage issue $12,000 waterworks bonds was approved by the voters on Aug. 13.
by a count of 161 "for" to 12 "against."
KENTON, Ohio
-BONDS DEFEATED-The voters rejected a proposed $12,000 bond issue for construction of a city administration building
at the election Aug. 13.
KILLBUCK, Ohio
-BONDS VOTED
-The voters on Aug. 13 approved
the issuance of $10,000 sewer bonds. The vote on the questions was
171 "for" to 42 "against."
LEETONIA CONSOLIDATED SCHOOL DISTRICT, Ohio-BOND
ISSUE REJECTED
-At the primary election on Aug. 13 the voters declined to sanction the issuance of $100,000 bonds to finance the construction of a new high school.
LIBERTY TOWNSHIP SCHOOL DISTRICT(P.O.Liberty Center),
-BONDSDEFEATED
Ohio
-An issue of$12,000 school construction bonds
was rejected by the voters at the primary election on Aug. 13.
LUCAS COUNTY (P.O. Toledo), Ohio
-The $384,000
-BOND SALE
refunding bonds offered on Aug. 19-V. 141, p. 476-were awarded jointly
to Stranahan, Harris & Co., Inc., of Toledo, and Johnson, Kase & Co. of
Cleveland as 3Ms,for a premium of $634.20, equal to 100.165, a basis of
about 3.22%. Dated Sept. 1 1935. Due Sept. 1 1950: subject to call on
and after Sept. 1 1942.
BidderInt. Rate Premium
Braun, Bosworth & Co. and Ryan, Sutherland &Co- - 33 % $3,153.00
Fox, Einhorn & Co., Cincinnati: Edward Brockhaus -&
Co.. Cincinnati: Nelson, Browning & Co. Cincinnati:
Seasongood & Mayer, Cincinnati, and Lawrence Cook
& Co , Cleveland
334%
2,007.00
McDonald,Coolidge & Co., Cleveland; Otis & Co., Cleveland; McDonald, Moore & Hayes, Detroit; Prudden & •
Co., Inc., Toledo
345.60
33%
Weil, Rotn & Irving, Cincinnati: Bancohio Securities Co.,
Columbus: VanLahr, Doll & Isphording, Inc., Cincinnati, and Provident Savings Bank & Trust Co., eine_ - 331%
1,536.00
Merrill, Hawley & Co., Cleveland, and Field, Richards
& Shepard, Inc., Cleveland
2,768.00
4%
lw LUCAS COUNTY (P. 0. Toledo), Ohio
-DELINQUENT TAX
PAYMENTS ST/MULATED--Publication of properties which were subject to sale for non-payment of taxes has resulted in the collection of a
substantial amount of delinquent taxes and agreement by many property
owners to maintain current tax payments in order to avoid penalties of 10%
on their delinquencies, according to Hale T. Shenefield, County Auditor.
Unpaid taxes on the county books total about $16,000,000, it is said.
MANSFIELD, Ohio
-BONDS VOTED
-An issue of $46.500 relief bonds
was voted at the Aug. 13 primary election.
MAPLE HEIGHTS SCHOOL DISTRICT (P. 0. Bedford), Ohio
BOND OFFERING
-Mabel M.Lawrence, Clerk of the Board of Education,
will receive bids until noon Sept. 16 for the purchase cf not less than par of
$114,350 4)i% refunding bonds. Denom. to suit purchaser. Dated
Oct. 1 1935. Principal and semi-annual interest (April 1 and Oct. 1)
payable at the office of the Clerk of the Board of Education. Due $11,350
Oct. 1 1940; $11,000 on Oct. 1 in each of the years 1941, 1943, 1945. 1947
and 1949: and $12,000 on Oct. 1 in each of the years 1942. 1944, 1946 and
1948. Certified check for $200, payable to the Clerk of the Board of Education,required.
MARIETTA, Ohio
-BONDS DEFEATED-The proposal to issue
$152,000 city hall building bonds was rejected by the voters at the election
held on Aug. 13.
MIDDLEPORT, Ohio
-D. C. Miller, Village
-BOND OFFERING
Clerk, will receive bids until noon Sept. 6 for the purchase at not less than
par of$175.0006% gas distribution system bonds. Denom.$1,000. Dated
Aug. 1 1935. Interest payable semi-annually. Due yearly on Aug. 1
as follows: $5,000, 1937 to 1941 incl.; $6,000, 1942 to 1946; $7,000, 1947
to 1951;$8,000. 1952 to 1956 incl.; and $9,000, 1957 to 1961 incl. Certified
check for 1% of amount of bonds bid for, payable to the village, required.
MINERAL CITY SCHOOL DISTRICT, Ohio
-Z.
--BONDS VOTED
a vote of 336 to 36 the residents of the District on Aug. 13 voted to approve
an issue of $33,000 school building bonds.
MONROE TOWNSHIP RURAL SCHOOL DISTRICT, Richland
County, Ohio
-BONDS VOTED
-At the Aug. 13 election a proposed
bond issue of $46,500 for school construction was approved by a vote of
298 to 179.
NAVARRE, Ohio
-An issue of $34,500 SeivIte
-BONDS APPROVED
system bonds was approved at the primary election on Aug. 13.
NELSONVILLE, Ohio
-An ordlnlIq
-BONDS AUTHORIZED
been passed by the Village Council authorizing the issuance of $30,000
Storm sewer bonds.
NELSONVILLE, Ohio
-B. F. De Vore, Village
-BONDS DEFEATED
Auditor, states that an issue of $30,000 4% storm sewer construction bonds
was rejected by the voters at the primary election on Aug. 13.
NEWCOMERSTOWN, Ohio
-BONDS DEFEATED-The citizens on
Aug. 13 voted 413 to 273 against the proposed $25,000 city hall bond issue.
OBERLIN SCHOOL DISTRICT, Ohio
-BONDS VOTED
-The votes
on Aug. 13 approved the issuance of $22,000 school building bonds by a
vote of 334 to 149.
OHIO
-DELINQUENT TAX CONCESSION EXPIRES SEPT. 1
Taxpayers have until Sept. 1 to take aevantage of the Whittemore law
providing for the payment of delinquent taxes without penalties or interest,
Attorney-General John W.Bricker ruled Aug. 20.
The Whittemore law, which permits persons whose taxes and real estate
assessments have become delinquent prior to the August 1934 settlement
to pay up without penalties and interest being charged, provided all taxes
and assessments for 1934 have been paid, will expire Sept. 1.
The Legislature last year extended an earlier similar Act to provide its
benefits until Sept. 1 1935, but this year's Legislature did not extend the
time further.
Pill qg
▪ PEMBERVILLE SCHOOL DISTRICT, Ohio
-BONDS VOTED
-An
Issue of $66,000 school building bonds was approved by the voters at the
Aug. 13 primary election.
PERRYSBURG, Ohio
-BOND OFFERING-Harold D. Twining. Village Clerk, will receive bids until noon Sept. 7 for the purchase at not le-s
than par of $22,000 5% coupon floating debt funding bonds. Denom.
1311
Financial Chronicle
$1,000. Dated Aug. 15 1935. Principal and semi-annual interest (April 1
and Oct. 1) payable at the Perrysburg Banking Co., in Perrysburg. Due
$5,000 on April 1 in 1942 and 1943 and $6,000 on April 1 in 1944 and 1945.
Certified check for 2% of amount of bonds bid for, required.
-BONDS DEFEATED
PORTAGE COUNTY (P. 0. Ravenna), Ohio
-An issue of $63,000 poor relief bonds was turned down by the voters
at the Aug. 13 election.
-An issue of $30.000 sewer system
READING, Ohio
-BONDS VOTED
bonds was approved by a vote of 343 to 154 at the primary election on
Aug. 13.
ROSS TOWNSHIP SCHOOL DISTRICT (P. 0. Toledo), Ohio
-An issue of $88,000 school building bonds failed of
BONDS DEFEATED
approval at the Aug. 13 primary election.
-By a
-BONDS VOTED
RUTLAND SCHOOL DISTRICT, Ohio
vote of 431 to 182 the residents of the District on Aug. 13 approved the
issuance of $33,000 high school building enlarging bonds.
SALEM TOWNSHIP RURAL SCHOOL DISTRICT, Wyandot
-The Board of Education has ordered
-BOND ELECTION
County, Ohio
a special election for Sept.3 to vote on the question of issuing $15,400 school
building bonds.
SANDUSKY,Ohio
-BONDS VOTED-Authority to issue $12,000 relief
bonds was given by the voters at the Aug. 13 election.
-An issue of
-BONDS APPROVED
SCIO SCHOOL DISTRICT, Ohio
$42,000 school building bonds carried at the primary election on Aug. 13.
SHADYSIDE EXEMPTED VILLAGE SCHOOL DISTRICT, Ohio
BOND OFFERING
-C. M. Cowen, Clerk of the Board of Education.
will receive bids until noon Sept. 6 for the purchase at not less than par of
$25,000 434% refunding bonds. Dated Sept. 1 1935. Denom. $2,500, or
smaller if purchaser desires, but no less than $500 each. Interest payable
semi-annually. Due $2,500 each six months from April 1 1936 to Oct. 1
1940, incl. A certified check for $250. payable to the Board of Education,
required. (A like amount of bonds had been advertised for sale on Aug.23.
as reported in these columns.)
-An issue of $60,000 relief
SOUTH POINT, Ohio
-BONDS VOTED
bonds was favorably voted at the primary election on Aug. 13.
SCHOOL DISTRICT, Lawrence County,
SOUTH POINT-DELTA
Ohio
-BONDS VOTED
-An issue of $33,000 high school building improvement bonds was approved by the voters on Aug. 13,the vote being 227 to 32.
SIDNEY, Ohio
-At the Aug. 13 election the
-BONDS DEFEATED
voters defeated two proposed bond issues for water works improvement
and sewer construction.
-BONDS DEFEATED
STRONGSVILLE SCHOOL DISTRICT, Ohio
-An issue of $35,000 high school remodeling bonds was defeated by the
voters at the Aug. 13 primary election.
-BONDS DEFEATED
SUMMIT COUNTY (P. 0. Akron), Ohio
The proposal to issue $500,000 road bonds failed of approval at the primary
election on Aug. 13.
-BONDS DEFEATED
TRUMBULL COUNTY (P. 0. Warren), Ohio
-Proposals calling for the issuance of $1,000,000 bonds for road improvement, poor relief and other county purposes were defeated at the primary
election on Aug. 13.
-BONDS VOTED
-By
UNION CITY SCHOOL DISTRICT, Ohio
a vote of 445 to 146 the residents of the district gave their approval to the
issuance of $46,000 school improvement bonds.
-The city has received purWARREN, Ohio
-BONDS APPROVED
mission to issue $134,000 worth of refunding bonds from the State Tax
Commission. Of this amount $72,000 is for general fund bonds and $72,000
for special assessments.
-The voters on Aug. 13 gave
WELLSTON, Ohio
-BONDS VOTED
their approval to a proposal that $21.000 bonds be issued for a boulevard
lighting system.
WESTERN RURAL SCHOOL DISTRICT, Columbiana County,
Ohio
-BONDS DEFEATED-The voters of Aug. 13 turned down the
proposal that the district issue, $109,312.50 school building bonds.
qui
WOODSFIELD EXEMPTED SCHOOL DISTRICT, Ohio
-BONDS
VOTED-Voting at the primary election on Aug. 13 resulted in approval
of $7,500 gymnasium and auditorium bonds.
YORKVILLE, Ohio
-A bond issue of $25,000 for
-BONDS VOTED
enlarging the municipal building was approved by the voters on Aug. 13.
The vote was 314 to 56.
OKLAHOMA
CARTER, Okla.
-BOND ELECTION
-It is reported that an election
will be held on Aug. 27 in order to vote on the issuance of $9,000 in sewer
construction bonds.
FAIRVIEW SCHOOL DISTRICT (P. 0. Fairview), Okla.
-BOND
ELECTION
-It is reported that an election was held on Aug. 20 in order
to vote on the issuance of $22,000 in not to exceed 4% grade school erection
bonds. Due in 20 years.
HOBART, Okla.
-At a recent meeting the
-BONDS AUTHORIZED
City Council passed an ordinance authorizing the city to issue $209,000
refunding bonds.
SHAWNEE, Okla.
-BOND OFFERING-J. C. Coleman, City Clerk,
will receive bids until 7:30 p. in. Sept. 3 for the purchase at not less than
par of $75,000 convention hall bonds, to bear interest at rate named in
successful bid. Due $3,500 yearly beginning three years after date, except
that the last maturity will amount to $1,500. Certified check for 2%
of amount of bid required.
BONDS SOLD
-A block of $155,000 waterworks bonds was recently
sold to the Public Works Administration, according to report.
WATONGA, Okla.
-BOND SALE
-A $17,000 issue of public park
bonds offered for sale on Aug. 15-V. 141, p. 965
-was awarded to B. J.
Edwards & Co. of Oklahoma City, divided as follows: $8,000 as 534s.
maturing $1,000 from 1938 to 1945, and $9,000 as 534s, Maturing $1,000
from 1946 to 1954 inclusive.
WOODWARD,Okla.
-BONDS AUTHORIZED
-An ordinance has been
passed providing for the issuance of bonds in the sum of $44,000 for the
purpose of refunding a like amount of outstanding bonded indebtedness.
OREGON
ALOHA-HUBER SCHOOL DISTRICT NO. 107 (P. 0. Aloha),
Ore.
-BOND ELECTION
-It is stated that an election will be held on Aug.
28 to vote on the issuance of $27,500 in school construction bonds. Due
in 20 years.
-BOND SALE
ATHENA, Ore.
-The $15,000 issue of 334% coupon
semi-annual water bonds offered for sale on Aug. 5-V. 141, p. 794
-was
purchased by the Universal Bond & Mortgage Co. of Portland. according
to report. Dated July 1 1935. Due in 1955, optional after 1945.
COLUMBIA COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Rainier),
Ore.
-BOND SALE-The $31,500 issue of refunding bonds offered for
sale on Aug. 17-V. 141. p. 966
-was awarded to He., Tripp & Butchart
of Portland as 334s, at a price of 100.0008, it is reported by the District
Secretary.
EASTSIDE, Ore.
-BOND OFFERING-Sealed bids will be received
until 7:30 p. m. on Aug. 27 by John C. Merchant, City Rrecorder, for the
purchase of a $15.500 issue of refunding bonds. Denom. $500. Dated
Sept. 2 1935. Due $500 on Sept. 1 1938. and $500 on March 1 and Sept. 1
from 1939 to 1953 incl. The city shall have the option to redeem the
bondsin numerical order upon payment ofthe face value thereof with accrued
Interest on any interest payment date at or after Sept. 2 1938. Each bid
shall name rate of interest at which bonds will be accepted at par. Prin.
and int. payable at the City Treasurer's office or at the fiscal agency of
the State in New York City, at the option of the holder. The approving
opinion of Teal, Winfree, McCulloch, Shuler & Keeley of Portland, will
be furnished. A certified check for 2%, payable to the city, is required
with bid.
1312
Financial Chronicle
KLAMATH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Klamath
Falls), Ore.
-BOND OFFERING-Sealed bids will be received until
7 p. in.. on Aug. 26 by Ida M. Odell, District Clerk, for the purchase of an
Issue of $125,000 refunding bonds. Interest rate is not to exceed 5%, payable M. & S. Denom. $1,000. Dated Sept. 1 1935. Due on Sept. 1 as
follows:$15,000, 1942 to 1948. and $10,000 in 1949 and 1950. Prin. and int.
payable at the office of the County Treasurer. The approving opinion of
Teal, Winfree, McCulloch, Shuler & Kelley of Portland will be furnished.
These bonds are being issued to refund a like amount which is subject to
call for redemption on Sept. 1 1935. A certified check for $1,000 must
accompany the bid.
Aug. 24 1935
LAKE COUNTY SCHOOL DISTRICT NO.7(P. 0. Lakeview), Ore.
-BOND SALE
-The $15,000 issue of 4% semi-ann. school bonds offered
for sale on Aug. 17-V. 141, P. 1134
-was awarded to the Commercial
National Bank of Lakeview at a price of 103.09, a basis of about 3.60%•
Dated July 1 1935. Due $1,000 from July 1 1937 to 1951 incl.
PITTSTON, Pa.
-BOND SALE
-The $180,000 coupon funding bonds
offered on Aug. 19-V. 141, p. 795
-were awarded to Hemphill, Noyes
& Co. and M. M. Freeman & Co., Inc., both of Philadelphia, as 4s at a
price of 100.69, a basis of about 3.92%. Dated Sept. 1 1935 and due
$10.000 on Sept. 1 from 1938 to 1955 incl. Second high bid of 100.80
for 436s was entered by the Miners Savings Bank of Pittston.
The bankers are making public offering of the bonds at prices to yield
from 2.75% to 3.60%. They are stated to be legal investment for savings
banks and trust funds In New York and Pennsylvania and exempt from
Federal income taxes and free of present or future Pennsylvania taxes with
the exception of succession or inheritance taxes.
PLUM TOWNSHIP SCHOOL DISTRICT, Allegheny County, Pa.
BOND ELECTION
-A proposal that the district borrow $85.000 on bonds
for erection of a new school building will be submitted to a vote at an
election to be held on Sept. 17.
ST. CLAIR BOROUGH SCHOOL DISTRICT (P. 0. St. Clair),
Pa.
-BOND ELECTION
-A special public election will be held on Sept. 10
for the purpose of obtaining authorization of issuance for the proposed
$125,000 high school construction bonds.
SAYRE,Pa.
-BOND REFUNDING PROPOSED
-The Borough Council
has taken steps toward the refunding of $132,500 bonds now outstanding.
SHARON, Pa.
-PROPOSED BOND ISSUE
-The City Council is considering a proposal to issue $30,000 bonds to finance the city's share of
Public Works Administration work relief projects.
SUMMERVILLE SCHOOL DISTRICT, Pa.
-BONDS VOTED
-An
issue of $20,000 school bonds was voted at an election held on Aug. 12.
TAMAQUA SCHOOL DISTRICT, Pa.
-BONDS TO BE OFFERED
The School Board has passed a resolution providing that $337,000 funding
and refunding bonds be advertised for sale. Bids will be asked on bonds to
bear interest at from 2% to 3(%. The sale is expected to take place about
the middle of September.
NORTH BEND, Ore.
-BOND ELECTION
-It is said that an election
will be held on Aug. 26 to vote on the issuance of $40,000 in 4% city hall
and library bonds. Due $2,000 from Oct. 1 1936 to 1955, inclusive.
UNIONTOWN, Pa.
-BOND OFFERING
-W. F. Lane, City Solicitor.
informs us that sealed bids will be received until 7 p. m.(Eastern Standard
Time) on Sept. 3 for the purchase of $50,000 emergency bonds.
ir PORTLAND, Ore.
-SINKING FUND BOND SALE
-We are informed
by William Adams, City Treasurer, that the city sold on Aug. 13 a block
of $405,000 bonds withdrawn by the Sinking Fund of the city. Be states
that the total amount of securities he now holds for the sinking fund aggregates $693,801.53. The bonds were purchased by various Portland bond
houses, at prices ranging from 103.62 to 116.50..
STAYTON, Ore.
-BONDS AUTHORIZED
-An ordinance is reported
to have been passed by the City Council at a recent ineeting, authorizing
the issuance of $15,500 in refunding bonds.
WILMERDING SCHOOL DISTRICT, Pa.
-BOND ELECTION
-On
Sept. 17 the voters will be asked to approve an issue of $300,000 high school
construction and athletic field bonds contingent upon receipt of a Public
Works Administration grant toward cost of the program.
KLAMATH FALLS, Ore.
-BOND OFFERING-Sealed bids will be
received until 2 p. m. on Aug. 30 by Clifton Richmond, Police Judge, for
the purchase of an issue of $182,597.72 refunding bonds. Interest rate is
not to exceed 4%,payable A. & 0. Denom. $1,000, one for $597.72.
Dated Oct. 11935. Due on Oct. 1 as follows: $10,597.72 in 1938;$11,000,
1939; $12,000, 1940; $13.000. 1941 and 1942: $14,000, 1943 and 1944;
• $15,000, 1945 and 1946: $16,000. 1947 and 1948:$17.000. 1949, and $16 000
In 1950. The approving opinion of Teal, Winfree, McCulloch & Shuler,
Portland, will be furnished. A certified check for $5,000 must accompany
the bid.
LA GRANDE, Ore.
-BOND EXCHANGE PLANNED
-The city is
preparing to print $245,000 of 5% refunding bonds, following passage of
an ordinance authorizing their sale or exchange for improvement bonds
on which the municipality is delinquent. The bonds are to be exchanged
.on a dollar to dc ilar basis. It is said that this exchange will dispose of a
trying problem the city has been experiencing recently, brought about by
poor tax payments, plus an embezzlement of city funds.
TILLAMOOK, Ore.
-BONDS DEFEATED
-At an election held on
Aug.2 the voters are said to have defeated the proposed issuance of $12,000
in fire fighting equipment purchase bonds.
UMATILLA COUNTY UNION HIGH SCHOOL DISTRICT NO. 9
(P.O. Hermiston), Ore.
-BONDS VOTED
-At an election held on Aug.6
the voters are said to have approved the issuance of $40,000 in school
construction and gymnasium bonds.
PENNSYLVANIA
AMBLER, Pa.
-BOND ELECTION
-An issue of $165,000 sewerage
system bonds will be considered by the voters at the election to be held on
Sept. 17.
BALDWIN TOWNSHIP SCHOOL DISTRICT, Pa.
-BOND ELECTION
-At an election to be held on Sept. 17 the voters will be asked to
approve the issuance of $165,000 bonds. The last assessed valuation of
taxable property is $5,312,694 and the total amount of existing debt of the
district is $85,220.16.
BELLEFONTAINE SCHOOL DISTRICT, Pa.
-BOND ELECTION
An election will be held on Sept. 17 at which the voters will be asked to
approve an issue of $100,000 school construction bonds.
I,
I
CATAWISSA SCHOOL DISTRICT (P. 0. Catawissa), Pa.
-BOND
ELECTION
-The borough will vote on a proposed $30,000 bond issue for
school construction during the coming pirmary election.
CURWENSVILLE SCHOOL DISTRICT (P. 0. Curwensville), Pa.
BONDS DEFEATED
-A proposed $22,000 school district bond issue was
defeated at a recent election.
DERRY SCHOOL DISTRICT, Pa.
-BOND ELECTION
-At the
primary election on Sept. 17 the voters will be asked to approve an issue of
$40,000 school construction bonds. District has an assessed valuation of
$1,238,210 and outstanding debt of $13,000.
EAST NORWEGIAN TOWNSHIP SCHOOL DISTRICT (P. 0.
-BOND SALE
Pottsville R. D. No. 3), Pa.
-The issue of$105,000 coupon,
registerable as to principal,funding and refunding bonds offered on Aug. 16
- 141, p. 795
V.
-was awarded to He:nphill, Noyes & Co.and M. M.
Freeman & Co. of Philadelphia on a 3% interest basis, at a price of 100.219,
a basis of about 3.73%. Dated Sept. 1 1935. Due yearly on Sept. 1 as
follows: $3,000. 1936 to 1940 incl.; $4.000. 1941 to 1945 incl., and $5,000,
1946 to 1959 incl.; redeemable on and after Sept. 1 1950. The Miners
National Bank of Pottsville bid 100.50 for 431% bonds.
EAST PITTSBURGH BOROUGH SCHOOL DISTRICT, Pa.
BOND OFFERING-Bruce Yeaney, Secretary of the School Board, will
receive bids until 7 p. m. (Eastern Standard Time) Sept. 13 for the purchase at not less than par of $40,000 3% school bonds. Denom. $1,000.
Dated Sept. 1 1935. Interest payable semi-annually. Due $4,000 yearly
on Sept. 1 from 1936 to 1945 incl. Certified check for 1% of amount of
issue required.
FORKS TOWNSHIP SCHOOL DISTRICT, Northampton County,
Pa.
coupon school building
-BOND SALE
-An issue of $40,000 3
bonds has been sold to Bioren & Co. of Philadelphia for a premium of
$639.60, equal to 101.599. Interest payable semi-annually.
FREEBURG SCHOOL DISTRICT, Pa.
-BOND ELECTION
-An
issue of $11.000 school gymnasium bonds will be considered by the voters
at an election on Sept. 17. The district reports an assessed valuation of
$180,405 and bonded debt of $1,000.
KENNETH SQUARE, P5 -NO BOND FINANCING PLANNED
.
W. E. Voorhees, Secretary of Council, informs us that it is not likely that
the borough "willfloat any additional bond issues for many years to come."
KUTZTOWN, Pa.
-The $16,000 3% coupon park
-BOND SALE
bonds offered on Aug. 5-V. 141, P. 311-were awarded to the Kutztown
National Bank at a price of par. Dated Sept. 1 1935. Due $2,000 Sept. 1
from 1940 to 1947, incl.; redeemable after Sept. 1 1936 on 30 days' notice.
MUNCY, Pa.
-BOND SALE
-The issue of $32,000 coupon refunding
and improvement bonds offered on Aug. 16-V. 141. p. 795
-was awarded
to Singer, Deane & Scribner of Pittsburgh at a 23 % interest rate for a
,
6
pre:niu:n of $226. equal to 100.706, a basis of about 2.44%. Dated Sept. 1
1935. Due $5,000 Sept. 1 1940.$7,000 Sept. 1 1945, and $10,000 on Sept. 1
in 1950 and 1955. E. H. Rollins & Sons of Philadelphia, the next high
bidder, offered a pre:nium of $192 for 331% bonds.
NORT/IIRWIN,Pa.
-BOND SALE
-The $12,000 coupon bonds offered
on Aug. 16-V. 141, p. 795
-were awarded to Glover & MacGregor, Inc.,
of Pittsburgh as 334s for a prendu:n of $102, equal to 100.85, a basis of
about 3.37%. Dated Aug. 1 1935 and due $1,000 on Aug. 1 from 1937 to
1948 inclusive.
PENN TOWNSHIP SCHOOL DISTRICT (P. 0. Wilkinsburg), Pa.
-BONDS OFFERED FOR INVESTMENT
-The $250,000 3% coupon
(registerable as to principal only) bonds awarded recently to Brown Harriman & Co. and Dougherty, Corkran & Co., both of Philadelphia, jointly,
at 101.776, a basis of about 2.70%-V. 141, P. 1135-are being re-offered
for public investment at prices to yield from 1.25% to 2.90%. according
to maturity. Dated Aug. 1 1935 and due $12,500 on Aug. 1 from 1936 to
1955 incl. Principal and interest (F. & A.) payable at the District Treasurer's office or at the National City Bank, New York.
RHODE ISLAND
LITTLE COMPTON, R. I.
-BOND SALE-Tho $15,000 coupon school
addition bonds offered on Aug. 19-V. 141, p. 1135
-were awarded to
Paine. Webber & Co.of Boston as 23s.at a price of 101.01. a basis of about
2.005%. Dated Aug. 1 1935 and due Aug. 1 as follows: $2,000 from 1936
to 1942, incl., and $1,000 in 1943. Other bids were as follows:
BidderInt. Rate
Rate Bid
Brown,Lisle & Marshall of Providence
234%
100.20
Faxon, Gade & Co
2g$
100.28
Hornblower & Weeks
3%
100.15
RHODE ISLAND-OVER $7,000,000 IN PWA FUND APPLICATIONS FILED FOR APPROVAL
-Following is text of a statement (Press
Release No. 1536) recently made public by the above named Federal
1.41
•
agency:
Applications for loans and grants totaling more than $7,000,000 for
State-sponsored Public Works .Administration projects in Rhode Island
have been filed with the PWA State Director at Providence as result of the
recent bond election, it was reported to-day to Public Works Administrator
Harold L. Ickes.
Final approval of these applications will mean that, as a consequence
of the ratification of a PWA program by Rhode Island voters, the State's
participation by itself in the new program this year is nearly 50% greater
than participation of the State and all its municipalities in the first PWA
program launched in 1933.
Three main projects were ratified by the voters. Largest of these is
for new construction and repairs on the State Hospital for Mental Diseases
at Howard. A bond issue of $2,350,000 to secure a 55% loan from PWA's
revolving fund sas approved. The other two projects are a State Sanitarium at Wallum Lake with a bond issue of $902,000 and a State Infirmary
at Howard with a bond issue of $600,000.
Approval of these three large projects constituted approval of the
majority of PWA's program. One project on the Rhode Island ballot of
the type PWA aids was defeated.
While these applications have not yet reached Washington, orders have
been sent out for them to be examined by the State engineers, finance men
and attorneys with the greatest expedition so that the new work-relief
program can begin to transfer men from relief rolls to payrolls in Rhode
Island.
Final examination will be speeded in Washington, too. The part of the
applications asking for the 45% outright grant from the new fund will be
sent to the Advisory Committee on Allotments for approval. and at the
same time PWA will determine upon the advisability of making the requested 55% loans from the revolving fund.
The total of all non-Federal PWA projects in Rhode Island in 1934 was
$5.009,128. This figure will be exceeded by more than $2,000,000 by
the State-sponsored projects alone, and several municipal applications
will raise the total still more.
Work on the State Hospital for Mental Diseases at Howard will include
a new medical and surgical building to cost $569.636: ward buildings for
men and women,each to cost $390,000; a Psychiatric clinic to cost $372,000.
and four other large buildings to be used by patients and employees. There
will also be renovations to existing structures.
The State Sanitarium at Wallum Lake will receive, in addition to a
power plant, a warehouse, a garage, a water system and an ice plant.
a main building to cost $1,080,000 and a children's building to cost $120,000.
The State Infirmary at Howard will receive a gymnasium and swimming
pool to cost $270,000; an administration center to cost $252.000; an enlarged
reformatory costing $180,000, and numerous repairs to existing structures.
SOUTH CAROLINA
-BONDS VOTED
-At the election on Aug. 13ANDERSON, S. C.
-the voters approved the issuance of the $110,000 in sewage
V. 141, p.637
disposal plant bonds by a wide margin.
CALHOUN FALLS SCHOOL DISTRICT NO. 9 (P. 0. Calhoun
-BONDS OFFER-Bids were received until 11 a. m.'
Falls), So. Caro.
Aug. 23 by E. M. Lander, District Secretary, for the purchase of $15,000
coupon school bonds, to bear interest at no more than 4%, at rate named
in the successful bid. Denom. $100, or as desired by purchaser. Dated
July 1 1935. Interest payable semi-annually on Jan. 1 and July 1. The
bonds will mature serially, beginning no more than three years from date
of issue and continuing for no more than 20 years from date of issue.
CLARENDON COUNTY (p. 0. Manning) S. C.
-BOND SALE
The $106,000 issue of refunding bonds offered for sale on Aug. 20-V.141,
-was purchased by a group composed of McAlister, Smith & Pate,
p. 1135
Inc., of Greenville, S. C.; Fox, Einhorn & Co. Inc., of Cincinnati, and
'
Lewis & Hall, of Greensboro, N.C.,as 58 at par. Dated Sept. 151935. Due
from Sept. 15 1936 to 1955.
NINETY SIX SCR OL DISTRICT (P. 0. Ninety Six), S. C.
MATURITY
-It is reported by the Secretary of the Board of School
Trustees that the $35,000 4% semi-ann. school bonds purchased by C. W.
oth of Columbia, jointly,
Haynes & Co. and G. H. Crawford &
-are due on Aug. 1 as follows: 31.000,
Co.,'
0.54-V. 141, P. 966
at a price of 16
1936 to 1940, and $2,000, 1941 to 1955, giving a basis of about 3.92%.
-TEST SCHEDULED ON VALIDITY
SOUTH CAROLINA, State of
-A hearing in the case being
OF PWA BORROWING LEGISLATION
brought to test the validity of an act passed by the State Legislature in
1934, authorizing the Governor and the State Treasurer to issue bonds for
the purpose of borrowing $700,000 from the Public Works Administration
to finance a construction program at the state hospital and other South
Carolina institutions
-will be held before the State Supreme
-V.141. p.967
Court at a special session on Sept. 4, under the terms of an order signed on
Aug. 16 by Chief Justice John 0. Stabler, according to report.
Financial Chronicle
Volume 141
TENNESSEE
-BOND OFFERCARTER COUNTY (P. 0. Elizabethton), Tenn.
ING-The County Court is reported to be seeking a buyer for the 1150,000
bonds that were recently authorized.
-BONDS AUTHORIZED-The following
W CHATTANOOGA, Tenn.
report is taken from the Chattanooga "News" of Aug. 14:
"An ordinance authorizing issuance of $1,125,300 municipal impt.
bonds passed initial readings at the City Commission meeting Tuesday
afternoon. It included $300,000 as city's share for construction of a
new general hospital, which may never be built.
"Nothing has been said by either Mayor Ed Bass or Judge Will Cummings since the day of the bond election about the hospital plans, when,
if ever, and by whom they will be drawn. The 1300,000 was voted by
the taxpayers with the understanding that an equal amount be contributed
by Hamilton County and the remainder by the Federal Government. The
City Commission agreed on a 11,095.000 plant.
"A joint hospital statement expected from the County Judge and the
Mayor has never been issued.
"The ordinance passed on two readings at Tuesday's meeting can be
acted on final reading at next week's meeting. This will give the city
authority to proceed with its public works impt. program as soon as Government relief agencies have approved projects presented for consideration.
Mayor Bass has stated the bond debt will cause a boost of 6 oents in the
.
city's present $1.86 tax rate."
.IELLICO, Tenn.
-A proposal that the city issue
-BOND ELECTION
$20.000 bonds for street improvement, fire equipment and fire house will
be submitted to a vote of the people on Aug.24.
LA FAYETTE SCHOOL DISTRICT, Tenn.
-BOND ELECTION
The Board of Education has called an election for Sept. 3 to vote on the
Issuance of $20,000 school building bonds.
McMINN COUNTY (P. 0. Athens), Tenn.
-BONDS AUTHORIZED
-It is reported that an ordinance was passed recently by the County Court
authorizing the issuance of 155.000 in 4% school improvement bonds, to
be used on a Public Works Administration project estimated to cost
$100,000.
NASHVILLE, Tenn.
-An
-BONDS TENTATIVELY AUTHORIZED
ordinance authorizing the issuance of 1100,000 airport bonds was passed on
first reading in the City Council on Aug.6.
RHEA COUNTY (P. 0. Dayton), Tenn.
-BOND OFFERING-It is
announced by Floyd Knight, County Judge, that he will sell at public sale
on Sept. 10, at 1 p. m., the following 65' bonds aggregating $300,000:
$195 000 general Indebtedness: 155.000 elementary school: 125.000 high
.
school, and $25,000 highway rights -way bonds. Denom. $1,000. Dated
-of
July 11935. Due on July 1 1965. Prin, and semi-annual int. payable at
the Chase National Bank in New York. Bidders are required to depesit a
certified check with T. 0, Wasson, Trustee, amounting to 5% of the
bonds bid for.
TENNESSEE, State of
-The slx issues of bonds aggre-BOND SALE
-were
gating 18,806,000, offered for sale on Aug. 20-V. 141. p. 1135
awarded to a comprehensive syndicate headed by the Chase National Bank
of New York, on their bid of 100.03 for 4s, 34s,and 3% bonds,an average
net interest cost of about 3.19%. The members of the syndicate were as
follows: Chemical National Bank & Trust Co., the Harris Trust & Savings
Bank, the American National Bank of Nashville, Blyth & Co., Inc., the
Northern Trust Co. of Chicago, the First National Bank, and the Union
Planters National Bank & Trust Co., both of Memphis, the Hamilton
National Bank of Chattanooga, the Equitable Securities Corp., Gray,
Shillinglaw & Co., the Commerce-Union Bank, the Third National Bank,
all of Nashville,• R. H. Moulton & Co. of New York; the Robinson-Humphrey Co. of Atlanta; Schaumburg, Rebhann & Lynch, of New York;
'
Robinson, Webster & Gibson, of Nashville; Stark
-weather & Co. of New
York; the Cumberland Securities Corp., the Park National Bank, Jack M.
Bass & Co., J. W. Jakes & Co., W. N. Estes & Co., Inc., the Nashville
Trust Co., Nunn, Shwab & Co., the Thomas H. Temple Co., the Nashville
Securities Co. all of Nashville, and C. H. Little & Co. of Jackson. The
bonds are divhied as follows:
$356,000 general refunding bonds as 3 W
is. Dated Sept 1 1935. Due on
Sept. 1 as follows: 1200.000 in 1942 and 1156,000 in 1943.
50,000 general funding bonds as 34s. Dated Oct. 1 1935. Due on
Oct. 1 1943.
750,000 relief bonds as 4s. Dated Aug. 1 1935. Due 1250,000 from
Aug. 1 1937 to 1939.
3,200,000 refunding highway bonds as 3),s. Dated Sept. 1 1935. Due on
Sept. 1 as follows: $1,000,000, 1940 and 1941, and 11,200,000
in 1942.
2,500,000 refunding bonds as 33s. Dated Sept. 1 1935. Due 11,250,000
on Sept. 1 1944 and 1945.
1,950,000 funding bonds as 3s. Dated Sept. 1 1935. Due on Sept. 1 1945.
The second highest bid for the bonds was submitted by a syndicate hea=d
by Halsey, Stuart ,Sz Co. of New York, a tender of 3.216% average interest
cost on the bonds.
BONDS OFFERED FOR INVESTMENT
-Public offering ofsix new issues
of 3%, 34% and 4% bonds aggregating 18,806,000 was announced on
Aug. 21 by a syndicate headed by the Chase National Bank. The issues
consist of $750,000 of4% relief bonds, due Aug. 1 1937-39, incl.: $3,200,000
of 314% refunding highway bonds, due Sept. 1 1940-42, incl.: $356,000 of
31% general fund bonds due Sept. 1 1942-43, incl.* $50.000 of 34%
general fund bonds due Oct. 1 1943: 12,500,000 of 3
refunding bonds
due Sept. 1 1944-45, incl., and 11.950,000 of3% funding bonds, due Sept. 1
1946. The bonds are priced to yield from 1.50% to 3.10% for the maturities between 1937 and 1945 incl., and the 11,950,000 of 3% funding bonds
maturing in 1946 are priced at 99
Immediately following the sale of these bonds by the State, a plan was
agreed upon looking toward the anticipation of a portion, not to exceed
$20,000,000 of the 1939 maturities, during which year 135,000,000 are due.
This plan contemplates the voluntary exchange of bonds for obligations
bearing an int. rate of 3.90% and maturing 1955 and (or) 1958. The
working out of this program has been entrusted to a representative group
of banks and investment dealers, and this constructive step to arrange the
debt schedule of the State on a more satisfactory basis should effectively
meet what has been the major maturity problem for the past several years.
The bonds constitute, in the opinion of counsel, general obligations of the
State, and the full faith and credit of the State are pledged for the payment
of prin. and hit. They are legal investment for savings banks in New
York, Massachusetts, Connecticut, Tennessee and certain other States.
TEXAS
•
ALMEDA SCHOOL DISTRICT, Tex.
-BOND ELECTION
-Residents
of the district will vote on Aug. 24 on a proposed 120,000 school building
bond issue.
-BOND ELECTION
BURLESON COUNTY (P. 0. Caldwell) Tex.
CONTEMPLATED-It is said that an election is under consideration,looking toward the issuance of about 11,000,000 in lateral road bonds.
sod
CHAMBERS COUNTY ROAD DISTRICT No. 2 (P. 0. Anahuac),
Tex.
-REPORT ON BOND REFUNDING
-An issue of 54% bonds
scheduled to mature on Aug. 15 1949, is said to have been refunded into
$55,000 414% bonds maturing $5,000 annually from 1936 to 1946,through
the firms of Ayes & Wymer, Inc., and Carr, Moroney & Co., both of
Houston.
BOND REDEMPTION
-It is stated that the district, acting through
the Commissioners' Court, has exercised its option to redeem on Sept. 15,
on which date interest shall cease, a total of 161,000 514% road bonds,
the entire amount now outstanding. Dated Aug. 15 1919. Due on
Aug. 15 1949. According to report these bonds will be redeemed at par
and accrued interest on the date called, at any of their paying agents, or
the American National Bank in Beaumont.
-In connection with the reEL PASO, Tex.
-BOND SALE DETAILS
port given in these columns recently, to the effect that the City Council
had accepted an offer made by San Antonio bond firms to purchase 1152,000
-V. 141, p. 967
refunding bonds
-it is stated by the City Auditor that the
City Council on July 26 sold to Bain. Emerson & Co. and Mahan, Dittmar
% water works and sewer
& Co., both of San Antonio, the 1152,000
extension improvement refunding bonds at par. He says that the purchasers agreed to stand all expense of refunding, including calling the
1 3
bonds now outstanding and the attorneys' fees. It is reported dila the
bonds to be called on Oct 1 were issued on April 1 1914. The maturities
of the refunding bonds are said to be as follows:
$91,000 water works No. 3 bonds: Due on Oct. 1 as follows: 13,000. 1936
to 1939; $4,000. 1940 to 1942; 15,000, 1943 and 1944; $6,000,
1945 to 1950, and $7,000 in 1951 to 1953.
61,000 sewer extension and improvement No. 6 bonds. Due on Oct1
as follows: 12.000. 1936 to 1940: 13,000, 1941 to 1945; 14,000, 19)6
to 1949, and 35.000, 1950 to 1953.
GRAND PRAIRIE INDEPENDENT SCHOOL DISTRICT, Tex.
BOND ELECTION
-An election is to be held on Aug. 22 to vote on th
issuance of 125,000 school building improvement bonds.
-At the election held on Aug. 16-(
HIGGINS, Tex.
-BONDS VOTED
V. 141, p. 795
-the voters approved the issuance of the $8,000 in 4%
,
hospital construction bonds by a count of 83 to 4. Due from 1937 to 1955, 1
-BOND ISSUANCE CONTEMPLATED-The city is
KILGORE, Tex.
said to have made application for Public Works Administration loans and
grants on three projects, a swi:nroing pool, library and street paving.
Neither of the first two will necessitate a local bond issue. The paving
application calls for $300,000. Of this amount,an outright grant of $135,000
is asked. It is reported that if the grant is made, the city will vote on the
proposal to issue $165,000 of bonds to supplement it. Action of the PWA
will be awaited before the election is called, it is stated.
LIPAN FLAT RURAL HIGH SCHOOL DISTRICT (P. 0. Lipan),
Tex.
-BOND ELECTION
-The election originally set for Aug. 8 has been
set forward to Aug. 28. At that ti:ne authorization of issuance of $16,000
school construction bonds will be considered. This is said to represent
thojec . unity's part of the proposed Works Progress Administration
pre cp.m
411
-REPORT ON PROPOSED ISSUANCE OF REVLUBBOCK, Texas
-The natural gas revenue bonds which the City CommisENUE BONDS
sion has given notice it will issue on Aug.30,for the construction of a natural
-are to be in an amount not ex-V. 140, p. 4438
gas distributing system
ceeding 11,200,000 and bearing 54% interest. It is said that the maximum
maturity date on the bonds is 20 years, interest payable semi-annually.
The Commission is reported to have offered voters an opportunity to pass
on the issuance of the bonds, the election to be called upon receipt of the
required number of petitions.
-It is stated
LUFKIN, Tex.
-BOND REFUNDING CONTEMPLATED
that a contract has been entered into between the City Commission and
Herby, Lyon & King of Houston to prepare a refunding deal involving
$739,000 of the city's bonds. It is said that under the refunding proposal,
ter:n bonds would be refunded into serial bonds at 5% interest. Part of
these bonds now bear 54% interest. Under the plan 67 warrants would
refunded into
be refunded into 5% bonds, and 54% serial bonds would
5% bonds without disturbing the maturities.
MINEOLA INDEPENDENT SCHOOL DISTRICT (P. 0. Mineola),
Texas
-BONDS VOTED-At a recent election the voters are said to have
approved the issuance of 120,000 in school construction bonds...
NEW DEAL HIGH SCHOOL DISTRICT NO. 3, Lubbock County,
1 4 0, lid
1
Tex.
-BOND SALE
-The District ,7 8: an issue of 140,000 school
building bonds.
-WARRANTS CALLED
POTTER COUNTY (P. 0. Amarillo), Tex.
-We are informed by H. G. Hamrick, County Auditor, that the county
Is paying all series B warrants, and all series C warrants up to and including
C-2900. (This report supplements previous notices on the call of both
classes of these warrants.)
ROBERTSON COUNTY COMMISSIONERS PRECINCT NO. 2
-A group com-BONDS OFFERED TO PUBLIC
(P. 0. Hearne), Tex.
posed of the First National Bank of St. Paul, the First National Bank &
Co. of Minneapolis, Pondroni Ss Co. of Dallas and the State InvestTrust
ment Co. of Fort Worth, offered for general invest:rent on Aug. 12 a S208.000 issue of 44% coupon road refunding bonds. Denom. $1,000. Dated
Sept. 1 1935. Due on Sept. 1 as fellows: 15,000, 1936 to 1939; $6,000, 1940
to 1943: $7,000, 1944 to 1947; $8,000. 1948 and 1949; 19.000, 1950 to 1952;
110,000, 1953 and 1954; 111,000, 1955 and 1956: 112,000, 1957 and 1958:
$13,000, 1959, and 114,000 in 1960. Principal and interest (M. & S.)
payable at the office of the State Treasurer in Austin. Legality to be
approved by Chapman & Cutler of Chicago.
--e-The City Council has ordered
-BOND ELECTION
ROCKDALE,Tex.
an election for Aug. 26 to 'vote on the issuance of 116,500 school building
bonds.
.Secritary,
-Bettie Harrington, City'"SEGUIN, Tex.
-BOND CALL
has informed us that the city is calling for redemption on Sept. 1 the City
of Seguin street improvement bonds, numbers 1 to 33 inclusive, and
numbers 44 to 50 inclusive, In the denom. of 1500 each and dated Sept. 1
% interest per annum. In case these bonds shall not be
1910. bearing
presented for redemption, they shall cease to bear interest from and after
said date. These bondsshould be sent to the Seguin State Bank for payment.
-BOND ELECTION
'TARRANT COUNTY.
(P. 0. Fort Worth), Tex.
-The County Commissioners Court has ordered an election to be held on
Sept. 14 to vote on five proposed bond issues, amounting to almost 1700,000.
Projects and a:nounts involved are:
Construction of a hall ofrecords or court house annex: bond issue $330,000
or 55% of the total cost of 1600,000. application for the remainder having
already been made to the Government.
Remodeling the court house, 3138.000 bond issue or 555" of the total
cost, a loan and grant already have been approved at Washington.
Construction of the hospital, $135,000 bond issue, or 55% of the county's
share in building the structure, the city also to furnish 1135,000.
Repairing the present hospital, 155,000 bond issue, to match a like
a:nount,to be furnished by the city, with possibility of getting Government
assistance.
•
TAYLOR, Tex.
-The City Council has ordered
-BOND ELECTION
an election for Sept. 9 to vote on the question of issuing 155,000 water
and high school gymnasium bonds.
-WARTEXAS, State of
-DEFICIT OF 16,495,578 REPORTED
RANTS CALLED-Charlie Lockhart, State Treasurer, recently reported a
general revenue deficit of 16,495,578.75 in calling for payment a total of
$173,887.94 in warrants issued to April 15 and including No. 126,268.
The deficit on July 15 was put at 35,704.094.81.
It is stated that no new call was issued for Confederate pension warrants,
In which fund there was a deficit of 14,684,731.27. Warrants issued through
Nov. 1934 would be purchased if undiscounted, and those issued through
Nov. 1933 would be paid regardless of discount.
-At the election held on Aug. 12
THORNTON,Tex.
-BONDS VOTED
-V. 141, p. 637
-the voters approved the issuance of the $10,000 in water
works bonds by a count of 95 to 5.
-The
WACO, Tex.- VATER REVENUE BOND VOTE SOUGHT
following report is taken from a Waco dispatch to the Dallas "News" of
Aug. 16:
"Water revenue bonds may be issued by the Board of Water Commissioners, bearing not more than 3345" per annum, to be exchanged at not
less than par, for outstanding water bonds. This was recommended for
submission as a charter amendment when presented by former City Attorney John McGlasson at the Thursday night meeting of the charter
advisory committee.
"Outstanding water bonds of the city, which aggregate 12,900,000, are
of the ad valorem variety, and in the main are 5% bonds.
"In the future all suggested amendments will be considered by the
advisory committee as a whole former action to have them studied by
subcommittees having been rescinded."
WHARTON, Tex.
-BOND REFUNDING REPORT
-The City Council
is reported to have decided to refund a total of $45,000 in 5% street impt.
bonds, that were issued in 1925, to mature in 1965, into 434% bonds
maturing in 1950. The call for redemption of the said amount of original
-V. 141. P. 1136.
5% bonds appeared in these columns recently
-BOND REFUNDING REPORT
WHITESBORO, Texas
-A 138,000
sewer bonds has been refunded into 5% bonds, maturing 12,000
issue of6%
annually, according to report.
1314
Financial Chronicle
UTAH
PRICE, Utah-BOND OFFERING-Bids will be received until 7.30
p. m. Sept. 2.by William Grogan, City Recorder, for the purchase of
$120,000 4% water works revenue bonds. Interest payable semi-annually.
Due $4,000 yearly on Feb. 1 from 1937 to 1964,incl.,and $8,000 Feb. 1 1965.
Financial Statement Dec. 31 1934
Total bonded indebtedness
$293,500.00
Less sinking fund
78,627.06
Net bonded indebtedness
$214.872.94
1934 assessed valuation
2,199,015.54
1934 estimated population
5,100
WASHINGTON COUNTY (P. 0. St. George), Utah-BOND ELECTION
-A bond election is to be held on Aug. 26 to decide on the question
of issuing $83,000 school building bonds.
VIRGINIA
P"' CENTER SCHOOL DISTRICT, Fauquier County, Va.-BONDS
VOTED
-At an election held on Aug. Xi the voters by 261 to 111 approved
the issuance of $71,500 school balloting bonds. .1
DANVILLE, Va.-PWA ALLOTMENT REVISED FOR MUNICIPAL
POWER PLANT
-The following report is taken from a Richmond dispatch
of Aug. 18.
"Secretary of the Interior Harold L. Ickes has altered a Public Works
Administration loan and grant to Danville. Va., for a power plant to a
45% donation and 55% loan. The city previously had rejected the allotment on the old PWA basis of a 30% donation and a 709' loan.
"The revised allotment calls for a donation of 31,237,909 from work
relief funds, and a loan of $1,513,000 from the PWA revolving fund.
"Secretary Ickes said it would require 24 months to complete the project.
which includes a dam and storage reservoir at The Pinnacles of Dan, on the
Dan River, in Patrick County, Va., a diversion dam, pipe line, tunnel and
penstock to a 12,500-kilowatt hydro-electric plant, step-up transformer
station, transmission line io Danville, step-down transformer station and
connection to the present municipal system.
'Danville city administrative officers were cheered to learn that the PWA
had approved the long-pending Danville application for a loan and grant of
$2,750,000 to finance the development of hydro electric resources 3,000 feet
above sea level in Patrick County to supply that city with electric energy,
with the surplus marketed to intervening communities.
"Despite the many disappointments of a long period of inaction with
apprehension over the sharp rise in public consumption of energy from the
present municipally owned steam plant, officials felt more than rewarded
bemuse the city obtained the loan and grant virtually on its own terms
4% on the borrowed money and a 45°7 grant, which will make the cost to
the city of the power, 70 miles west of*
Danville, $1,500.000. The
first was insistent on a 30% grant, but at the earnest request of PWA at
Danville
officials the grant was changed to 45%."
MADISON, Va.-BONDS VOTED
-At a recent election the voters are
said to have approved the issuance of $30,000 in water works bonds by a
count of 58 to 38.
WASHINGTON •
ARLINGTON SCHOOL DISTRICT (P. 0. Seattle), Wash.
-BOND
SALE
-An $88,000 issue of 4% semi-ann. school bonds is reported to have
been purchased at par by the State of Washington.
CAMAS SCHOOL DISTRICT, Wash.
-BOND ELECTION
-Voters of
the district will on Aug. 24 vote on a $55,000 bond issue to help finance
construction of a school building.
EWAN SCHOOL DISTRICT NO. 215 (P. 0. Colfax),
BOBD OFFERING-Sealed bids will be received until 10 a. m. onWash.by B. F. Manring, County Treasurer, for the purchase of a $10,000Sept. 7,
issue of
school bonds. Int. rate not to exceed 6%, payable semi-annually. Said
bonds to be dated when issued and to be in such denoms as
upon, to mature and become payable in their numericalmay be agreed
order,
numbers first, on the annual int. payment date. Bonds to run for alowest
maximum period of 20 years, the various maturities beginning the second year
after the date of issue and to be in such amounts (as near as practicable)
as will, together with int. on the outstanding bonds, be met by
tax levies for the payment of said bonds and int. Bonds can equal annual
at any time after two years from the date thereof. Prin. and be redeemed
int.
at the County Treasurer's office or at the fiscal agency of the Statepayable
in New
York. A certified check for 5% must accompany the bid.
OKANOGAN COUNTY SCHOOL DISTRICT NO. 19(P.O. Okanogan), Wash.
-BOND OFFERING-Sealed bids will be received until
11 a. m. on Aug. 31, by W.B. White. County Treasurer, for the purchase
of a $60,500 issue of school bonds. Int. rate is net to exceed 5%, payable
semi-annually. The bonds shall run for a period of 20 years and shall be
payable in the order of their issuance, lowest number first, beginning the
second year after the date of issue of said bonds, and shall (as near as
practicable) be in such amounts as will, together with the interest on all
outstanding bonds, be met with an equal annual tax levy for the payment
of said bonds and int. The right is reserved to pay oft' or redeem any or
all of the said bonds at any time after 10 years from the date thereof.
Bonds to be in a denom. which is a multiple of$100. Prin. and int. payable
at the County Treasurer's office. Purchaser to furnish blank bonds and
will be expected to pay the costs of examination of the exhibits in connection with the issue. A certified check for 5% must accompany the bid.
SNOHOMISH COUNTY SCHOOL DISTRICT NO. 324 (P. 0.
Everett), Wash.
-MATURITY
-It is stated by the County Treasurer
that the $88,000 school bonds purchased by the State of Washington as
4s at par
-V. 141, p. 1136
-are due in 1954.
SPOKANE COUNTY SCHOOL DISTRICT NO.102(P.O.Spokane),
Wash.-BCIND OFFERING-Bids will be received by the District Clerk
until 2 p. m. Sept. 5 for the purchase of an issue of $10,000 school building
bonds.
STEVENS COUNTY (P.O. Colville), Wash.
-WARRANTS CALLED
-All warrants drawn on the general fund of various school districts are said
to have been canon for payment at the office of the County Treasurer on
Aug. 9.
YAKIMA COUNTY SCHOOL DISTRICT NO. 90 (P. 0. Yakima),
Wash.
-BOND OFFERING
-Sealed bids will be received until 1 p. in.
on Sept. 7, by C. D. Stephens, County Treasurer, for the purchase of a
$30,000 issue of school bonds. Int. rate Is not to exceed 6%, payable
semi-annually. Denom. $500. Dated Nov. 15 1935. Said bonds to run
for a period of 20 years, payable serially in their numerical order, lowest
number first, the various annual maturities of said bonds to commence
two years after the date of issuance of said bonds, and to be in such amounts
as will, together with the int. on the outstanding bonds be met by an equal
annual tax levy for the payment of said bonds and int. Prin. and Int.
payable at the County Treasurer's office. A certified check for 5% must
accompany the bid.
WEST VIRGINIA
WEST VIRGINIA, State of-SINKING FUND BOND CALL
It is stated by Mrs. J. Beverly Dooley, Assistant Secretary of the State
Sinking Fund Co:nmission. that she is calling for payment as of Sept. 1,
on which date interest shall cease, various bonds of Charleston. Follansbee,
Fairmont Road District, Belington Independent School District, and the
Town of Point Pleasant.
WISCONSIN
BALDWIN SCHOOL DISTRICT, Wis.-BONDS VOTED
-On July 30
the voters of the district approved the issuance of $35,000 school building
bonds.
LOYAL, Wis.-BOND OFFERING-The Village Clerk is receiving bids
until 8 p.:n. Aug. 23 for the purchase of $23,000 4% coupon street bonds.
Denoin. $500. Dated Aug. 20 1935. Principal and annual interest
Aug. 24 1935
(August) payable at the Village Treasurer's office. Due in 1943. Certified
check for 10% required.
MARINETTE SCHOOL DISTRICT, Wis.-BONDS VOTED
-At a
recent election the proposition of issuing $125,000 school building bonds
carried. Federal grant 45% cost of project has been applied for.
POLK COUNTY (P. 0. Balsam Lake), Wis.-BONDS TO BE OFFERED
-County Clerk V. A. Hansen informs us that the $210,000 highway
improve:nent: bonds recently authorized by the County Supervisors will
be advertised for sale in the near future.
WILLIAMS BAY, Wis.-MATURITY-It is reported by the Village
Clerk that the $20,000 5% semi-ann. funding bonds purchased by the
Milwaukee Co. of Milwaukee, at a price of 103.125-V. 141. p. 796-ate due
$4,000 from May 1 1936 to 1940 incl., giving a basis of about 3.91%.
WYOMING
FREMONT COUNTY SCHOOL DISTRICT NO. I (P. 0. Lander),
Wyo.-BOND ELECTION
-At an election to be held on Sept. 10 the voters
will pass on the question of issuing $65,000 schooLbuilding bonds.
CANADA
-OTHER BIDS
DIGBY, N. S.
-The following other bids were submiitia.
for the $30,000 4% 20
-year bonds awarded to J. C. Mackintosh & Co. at a
price of 101.41, a basis of about 3.90%, as noted in V.141, p. 1136.
Rate Bid
BidderBidderRate Bid.
Cornell, Macgillivray Ltd---101.07 Royal Securities Corp
100.42
100.715 Johnston & Ward
Nova Scotia Bond Corp
100.35
Irving, Brennan & Co
100.545 T. C. Douglas, Ltd
100.34
100.51
W.C. Pitfield & Co
LAKE ST. JOHN EAST COUNTY, Que.-BONDS OFFERED FOR
SALE
-E.0. Haden, Secretary-Treasurer, is receiving sealed bids for the
purchase of 535,000 5% bonds, dated July 1 1935 and due serially on Jan. 1
from 1936 to 1956 incl.
-The city has been authorized
LA TUQUE,Que.-TO REDEEM BONDS
to redeem bonds which matured on or prior to Aug. 11935. Quebec Municipal Commission advises that they will be paid at Banque Canadlenne
Nationale.
MANITOBA (Province of)-RENEIVS LOAN
-Announcement was
made this week by Hon. E. N. Rhodes, Minister of Finance, that three
loans from the Dominion Treasury to the Government of Manitoba,
amounting to $850,000 and expiring Aug. 20, Sept. 1 and Sept. 20, have
been consolidated and renewed as from Sept. 1 for one year. The new loan
Will be secured by a treasury bill bearing interest at 4%,payable half yearly.
-BOND SALE
-W. C. Pitfield & Co. of
NORTH SYDNEY, N. S.
Montreal have purchased an issue of $25.000 43 % bonds,due Aug. 1 1955.
-DEFICIT ESTIMATED AT $6,000,000QUEBEC (Province of)
-That the Quebec financial statement for the fiscal
LOAN PLANNED
year 1934-35, ending June 30 last, would show a deficit of several million
dollars, was stated recently by Premier L. A.Taschereau, Mr.Taschereau.
explaining the situation during the last three or four years, said that the
budget had not been balanced by eight or nine million dollars. because of
the extraordinary charges placed on the Government due to unemployment
relief and a shortage of the ordinary revenue of the province during the
same period. It is expected that within a few weeks a provincial loan of
several million dollars will be announced officially.
-BONDS OFPERED FOR INVESTNOVA SCOTIA (Province of)
-Griffis, Fairclough & Norsworthy, Ltd., and associates made
MENT
public offering in Canada on Aug. 19 of $3,81'7,000 3% non-callable coupon
(registerable as to prin.), refunding bonds at a price of99.75, to yield 3.02%.
It was reported recently that the bankers bought an issue a $33,800,000
at a price of 98.57. The bonds now being offered bear date of Sept. 2
1935 and mature Sept. 2 1950. Denoms. $1,000 and $500. Proceeds
of the issue will be used to redeem 750,060 pounds sterling of provincial
consolidated stock. Payment of bonds and int.(M.& S. 2) will be made in
lawful money of Canada in the cities of Halifax, Montreal or Toronto.
A sinking fund of 1% per annum is being established on this issue. All
moneys and securities which formed the sinking fund for the sterling stock
issue being redeemed, must forthwith be transferred to form part of the
sinking fund on the new issue. This fund was approximately $1,100.000
on June 1 1935.
The underwriting group includes the following: Griffis, Fairclough &
Norsworthy, Ltd.; Matthews & Co.; Nesbitt, Thomson & Co., Ltd.;
0. H. Burgess & Co., Ltd., Cochran, Murray & Co. Ltd.; R. A. Daly &
Co., Ltd.; Dyment, Anderson & Co.; J. L. Graham 3c Co.,'Ltd_,.• Gairdner
,
& Co. Ltd.; Midland Securities Corp., Ltd.; A. T. Ross, Ltd.; J. 0.
Mackintosh & Co., Ltd.
-BOND SALE
ONTARIO (Province of)
-A syndicate composed of
Wood, Gandy & Co.; A. E. Ames & Co.; Dominion Securities Corp.;
Canadian Bank of Commerce. and the Royal Bank of Canada has lust
been awarded an issue of 510,000,000 2% bonds, due in 1938. The bonds
are payable in Canadian funds and will be offered for public investment
only in that country, according to report.
r
PRESTON, Ont.-BOND SALE
-The $27,600
% Grandview Continuation School addition bonds offered on Aug. 19-V. 141, p. 969
-were
awarded to Stewart, Scully & Co. of Toronto at a price of 103.36. a basis
of about 4.09%. Dated May 1 1935 and due serially on May 1 from
1936 to 1955 incl.
Other bids were as follows:
BidderRate Bid
Nesbitt, Thomson & Co
101.52
C. H. Burgess & Co
101.13
QUEBEC, Que.-3500.000 BOND ISSUE APPROVED
-The City
Executive Committee has approved a five-year debenture issue of $500.000.
carrying a 334% coupon. A commission of 134% is to be offered to sellers
of the loan. The committee has approved arrangements for a 4% rate on
a loan of $500,000 from Banque Canadienne Nationale, effective from
May 1 1935.
STE. ANNE, Que.-PAYMENT OF BOND INTEREST
-The city has
been authorized to pay coupons and to meet interest on matured but unpaid debentures.
SARNIA, Ont.-HIGHER TAX COLLECTIONS
-Current tax receipts
for six months were $366,048, compared with $347,560 in the same 1934
Period. Collections of arrears also increased. nib 6,
,
TORONTO, Ont.-1936 ASSESSMENT HIGHER-The city's assessment for 1936 in six of nine wards shows an increase of $1.700,000. Completion of assessment, however, is expected to result in a net decline, following the trend for the past few years.
VANCOUVER,B.C.
-CASH PAYMENTSFOR BABY BONDS TOTAL
-The City Council has learned the somewhat disappointing truth
$313,344
concerning Mayor Gerry McGeer's much publicized "baby bond" campaign which was to finance the city's public works program, including the
building_of a new city hall. The Council was informed that the bond issue
of 51.500.000 had so far produced only $313,344 in cash, although total
applications account for 51,300.000. Two large subscriptions from oil
corporations have been promised, according to City Comptroller W.Wardhaugh. One of the features of the baby bond campaign was the cost of
staging it. The actual campaign cost, according to reports to the City
Council's Finance Committee, was $7.838, of which $6,202 was for publicity
and advertising.
WINDSOR, Ont.-APPROVES MUNICIPAL INCOME TAX
-The
Finance Commission has recommended, and Council has approved,levying
of a municipal income tax on 1935 incomes. Householders with income
above $3,000 and non-householders with income over $1,500 annually
would be taxable. Since Ontario is about to introduce a provincial income
tax, the right of Windsor to levy a similar form of taxation may be taken
over by the province. The advantage in imposing the tax in Windsor.
however, is that If the province levies income tax it will probably make an
annual grant in lieu of the tax to those municipalities which had one in
force. Thus, by proviging an income tax, Windsor would stand to receive
an allowance from Ontario.
@FedFRASER