Full text of Commercial and Financial Chronicle : August 3, 1935, Vol. 141, [No. 3658]

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

The Financial Situation
HE past week has been characterized on the one
T
hand by the continuance of an upward movement in business activity, which certainly had not

Administration members from the Senate. These and
other reverses have apparently driven the President
to renewed, we had almost said desperate, effort to
been expected until a very few weeks ago, and on drive Congress with whip and spur to do his bidding
the other by a further prolongation of the tiresome and depart from Washington before the end of
and disheartening drama now being enacted at the August. Thus on Wednesday he cited to those in
National Capital. The disinclination on the part of attendance at his regular press conference a number
large sections of the business community, particu- of figures taken from the income tax returns of
larly, perhaps, in the financial districts of the coun- wealthy individuals. With these figures before him,
try, to permit what goes on in Washington, and what he launched an attack upon wealth which in different
does not go on there, to affect in any appreciable way language would have done credit to Senator Long.
either their emotions or their appraisals of the future
Further Tax Plans
has again been conspicuous. The extent to which
But what is much more significant, he indulged in a
many have apparently become immune to shocks from
discourse which, according
Washington, and indeed
to a special dispatch to the
impervious, it would seem,
"There Is a Point * * *"
New York "Times,""gave
today-to-day developments
"There is a point at which, in peace times,.
clear indication that his
of a governmental nature
high rates of income and profits taxes discourage energy, remove the incentive to new
ideas of tax reform, as they
that deserve the most serienterprise, encourage extravagant expendiaffect persons with large
ous consideration, is in
tures and produce industrial stagnation
with consequent unemployment and other
incomes, did not end with
our judgment one of the
attendant evils."
the provisions of" the curmost remarkable transforThese words, spoken in 1919 by President
rent program in Congress.
mations of recent years.
Woodrow Wilson, erstwhile hero and mentor
of the Democratic Party, were quoted on
Much of what was said, no
We do not mean to imWednesday last by a spokesman for the Nalittle of it directly quoted,
ply that the course of
tional Association of Manufacturers in the
course of his testimony on the current "soakevents in Washington durseemed to be an out-andthe-rich" tax proposals before the Senate
out satire on thrift. All
ing the past week or two
Finance Committee.
Their truth and wisdom are obvious to all
in all, the action thus taken
has been essentially differsave those whose eyes are not closed to facts
by the President seemed
ent from that of the past
in their zeal for reform or for a political
.slogan with which to distract attention from
clearly to be designed for
month or two. Indeed, rethe colossal failure of the New Deal, now
the purpose of making a
cent happenings there do
daily growing more evident.
popular appeal over the
A great deal is heard at present about
not seem to be as much at
"ability to pay," "taxes proportionate to
heads
of those who are opvariance with those of sevbenefits received," "ease of collection," and
posing him in'Congress.
eral months ago as many
the like as principles which, if applied, lead
allegedly to such levies as are now being proHis action in directing the
appear to think. As to
posed and ardently demanded by the Adminwhat has taken place durSecretary of the Treasury
istration.
Most of these arguments are afterthoughts,
to deliver to the Senate
ing the past week, the
ad captandum and ad hominem, without
main point is that the sitcommittee investigating
validity and not worthy of serious consideration. It would, however, be quite possible to
uation has not been greatly
"lobbies" any and all inconcede much of what is thus argued and
altered. On the contrary,
come, excess profits and
still condemn current proposals in their entirety.
capital stock tax returns
it has been left confused
They are open to two general criticisms
and confusing, furnishing
which are considered useful
which alone are enough to condemn them
but little basis for aswithout further inquiry. First of all, they
for the purposes in hand, a
fall definitely in the category described by
sured forecasts of what.
subject to which we shall
President Wilson in the words quoted above,
the ultimate outcome of
revert presently, is also
and, second, they go one step farther in concentrating tax burdens upon a relatively
many important pending
probably to be attributed
small minority and thus make it still more
controversies is likely to
to his desire to aid in dedifficult to develop any broad,general realization of what governmental extravagance is
be.
veloping "disclosures" that
laying up for us in the future.
The President appears to
may be useful in the way
have made some progress
those of the Senate Comin forcing his "soak-the-rich tax measure through mittee investigating stock market practices were in
Congress, although the final outcome is far from connection with the passage of the Securities Expredictable. The Senate Committee on Banking and change Act of 1934, and for that matter the Banking
Currency has placed provisions in the iniquitous gold- Act of 1933.
clause bill which were understood to be displeasing to
Spurring Congress
the Administration, but which have now been acOn the same day the President is reported to have
cepted as satisfactory by the Attorney-General. The
demanded of his aides that they see to it that his
House by a large majority has given full support to
program is pushed rapidly through to the statute
those of its members who are on the Conference
book and that Congress adjourns within a few weeks.
Committee now considering the so-called "death
The program that once more was placed upon the
sentence" of the holding company bill, both in their
"must" list is an interesting if disagreeable reinsistence that the Senate members recede on the
minder of the real nature of the situation in Wash"death sentence" issue and in their strenuous objecington at the present time. Here is the list as pubtions to having members of the so-called "brain
lished on Thursday in the New York "Times":
trust" attend the closed meeting of the Committee
The Tax Bill, which is scheduled for early action in the
itself, a matter of which much has been made by
House to-morrow.




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Financial Chronicle

The Guffey Coal Stabilization Bill, which is yet to be reported by the Ways and Means Committee.
The Gold Clause Suit Bill, which has been passed by the
House and reported to the Senate in a modified form.
All the bills now in conference—Social Security, Utility
Holding Company Control, Banking, Agricultural Adjustment Act and Tennessee Valley Authority Act amendments, and the second deficiency appropriation.
The heartening aspect of the situation is of course
found in the firmness and persistence with which
groups in Congress are resisting this type of pressure. The hope is, naturally, that it will prove impossible for the Administration to have its way at a
number of important points, that some of the worst
measures will either die because of -inability on the
part of the two houses of Congress to agree at vital
points, or that their final form will be the less harmful- of the two versions in which they now appear,
and that ultimately much of what is placed upon
the statute book will be declared null and void on
constitutional grounds by the Supreme Court. There
is ground for such hope, and the past week has, on
the whole, probably strengthened that ground somewhat, but he would be rash indeed who undertook
precise iredictions as to the outcome of any of the
curr it controversies in Congress.
The New Tax Measure
HE new tax measure that the House has brought
forth after much prodding by the President
seems to us to be neither fish, flesh nor fowl. If one
were to consider it solely in the light of the grandiose
social readjustments it was presumably created to
effect, one would be obliged to conclude that the
mountain had labored and brought forth a mouse.
It will obviously effect no such changes in our social
structure. No one apparently seriously asserts that
it will appreciably aid in solving the budgetary problems of the Treasury. It certainly will accomplish
nothing to "reform" our system of taxation, in any
true sense of that much over-worked word.
It is claimed that it will produce some $270,000,000
in revenue per annum, but the estimate can hardly
be taken as more than an ex parte guess. The Administration had in its employ all last Summer a
group of technicians and economists who, after the
most careful study of the situation, arrived at the
conclusion that extensive increases in income surtaxes would not produce a great deal of added revenue. The present measure would increase the tax
on that part of income between $50,000 and $56,000
from 30% to 31%, with increasing increments on
the higher income groups until the levy on that part
of an income that exceeds $5,000,000 would be 75%
instead of 59% as at present. Even the Administration could not claim more than the relatively insignificant yield of 5,000,000 for these changes.
Further estate taxes ranging from 4% on the first
taxable $10,000 to 75% on the taxable portion of
inheritances over $10,000,000 are proposed, with
certain small exemptions allowed. Some $93,000,000
in revenue is all that can be claimed for these. Further taxes on gifts, ranging from 3% on the first
taxable $10,000 to 57% on that part of gifts over
$10,000,000 (with the same exemptions as those in
the case of inheritance taxes) will, even according
to the proponents of the legislation, provide only
$25,000,000 in revenue. The changes in the corporation taxes which would lay a 1314% tax on corporation income not over $15,000 and a 1414% tax on
income over that figure, are estimated to bring in the

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Aug. 3 1935

insignificant sum of $15,000,000. An excess profits
tax system with rates ranging from 5% on profits
of 8/12 of 1% to 20% on profits of 25% is calculated
to produce some $100,000,000. How absurd all this
is when considered as a method of raising revenue
for a Treasury that runs a monthly deficit as large
as the probably exaggerated estimates of annual
yields!
Broad Economic Effects
Such figures as these furnish a measure, albeit an
undependable one, of the revenue the proposed measure may be expected to bring to a Treasury that
counts its outlays not in millions but in billions.
They supply, however, no indication of the indirect
economic effects certain to be produced. Take first
the radical increases in the income surtax rates.
Does anyone suppose that those upon whom these
levies are laid would simply pay them and that with
such payment the train of events thus started would
come to an end? The President himself apparently
is under the spell of no such delusion. Otherwise he
would hardly have had as much to say about tax
avoidance as he did on Wednesday. For one thing
of course tax exempt securities, including those issued by the Federal Government, are still outstanding in enormous amounts. Whether or not the President has his way, whatever his precise desires are in
the matter, these tax exempt securities will remain
available in large volume to investors with very
large incomes for a good many years to come. One
of the consequences of such increases in income surtaxes as are now proposed would therefore obviously
be to intensify the demand for this type of security
very substantially, with. the result that the States,
cities, and even the Federal Government would be
further tempted to increase their indebtedness, which
as every one knows is far too great at the present
time. If at some later date this Administration or
some other undertakes to correct an unfortunate situation by removing the exemptions in question, it
will be found that the difficulties in the way of doing
any such thing without grave consequences throughout virtually the entire financial community would
be even greater than they are to-day.
As to the proposed gift and inheritance taxes, it
seems to be supposed that the estates of the very
wealthy consist of large amounts of cash which may
be distributed among many by an act as simple as
writing the required checks. Of course no such conception accords in the least with the fact. Large estates for the most part consist,•in the last analysis,
of land, buildings, factories, railroad systems, mines,
utility systems and the like. These concrete objects
collectively termed wealth are of course engaged in
producing goods and seryices that people want and
will pay for. The profits earned by their owners are
promptly used to buy goods and services that other
people have to sell. For the most part they are employed in the creation of further wealth-producing
mechanisms. If the ownership of these items of
wealth is "distributed," what would be the result?
Obviously, if the new owners are able to manage the
properties as efficiently as did their former owners,
no change of great consequence will occur—provided
of course that those who then enjoy the profits use
them as the old owners did for constructive and generally beneficial purposes. But the old owners by
and large had reached the position they attained precisely because they had the ability and the enterprise

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Financi

to manage such properties more efficiently than
other people, and had exhibited a quality of judgment
that enabled them to make wise investments, that is,
to bring new wealth creating organizations and
plants into being. It would be childish to suppose
that arbitrary redistribution of the ownership of
such things would place in positions of management
men as capable of managing them as those who under a regime of the survival of the fittest had gained
control of them. What we should have to expect
from any general redistribution of wealth of the
sort contemplated is a serious deterioration of the
efficiency with which our productive and distributive mechanism operates. Not great gain but grave
injury to the "greater number" would inevitably
result.
The corporation taxes proposed, discriminating
as they do against the larger industrial units regardless of ownership and of the amount of capital invested, are obviously unjust, and since most of the
larger of our corporations are to-day owned not by
the very wealthy but by a very large number of small
stockholders, the injustice inflicted would victimize
the very groups in the population concerning which
the Administration is avowedly most solicitous. One
would suppose that our experience during the war
with excess profits taxes would warn us of the evils
of this system of taxation. But it is not necessary
for us to proceed at greater length with the matter.
Readers of these columns are as familiar with the
defects of these tax proposals as are we.
Tax Returns and Politics
HEN the income tax and other similar taxes requiring the filing of extensive confidential information with Government officials were first proposed in this country, it was feared by many that in
the course of time these filings would be misused by
the politicians and others in places of power. The
public was assured however that adequate safeguards
would be erected to prevent such evils. History is
proving the fears in this connection all too well
founded. For years past now there has been a growing tendency on the part of Congress to demand access to the information contained in these returns.
Committee members have not always been circumspect in their use of the data thus obtained. It has
become a regular practice to use these returns for
the purpose of convicting individuals of false returns
or failure to make returns when the real purpose is
to punish them for some other activity of which they
are suspected. Worse if anything is the habit, now
becoming a regular one, of employing these "confidential" files for the purpose of obtaining "evidence"
of behavior on the part of those filing them that is
displeasing to the politicians. To be perfectly candid, what is now apparently being planned by a Senate committee "investigating" lobbies seems to us
plainly an attempt to use the "confidential" files for
political purposes. It is obvious, or so it seems to
us, that the intention is to have Administration leaders in Congress make full use of income tax, corporation tax,and profits tax returns, now on file with the
Secretary of the Treasury and on Wednesday made
available to the committee by Presidential order, for
the purpose of finding "disclosures" that may be used
as an aid to the anti-capitalist program of the Administration. We think the time has come for the
public to call a sharp halt on this abuse.

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Chronicle

641

Federal Reserve Bank Statement
RANSACTIONS of the United States Treasury
once again are responsible for the chief changes
in the current condition statement of the twelve Federal Reserve banks, combined. Extensive disbursements by the Treasury of cash from its general account with the Reserve system caused a corresponding increase in member bank deposits on reserve account, and such reserve balances moved to the highest level on record at $5,099,616,000. Excess reserves
over requirements, which now are estimated officially every week, were $2,510,000,000 on July 31,
against $2,340,000,000 a week earlier. The current
total of excess reserves probably does not constitute
a record, as it was unofficially estimated that a total
of $2,525,000,000 was attained on June 12, but the
difference is of no practical importance. The essential fact is that excess reserves, which reflect accurately the aggregate of idle credit resources, are at
levels that constitute a continuous invitation to unparalleled credit excesses. There is, moreover, every
indication that idle funds will increase even more
in coming weeks and months. Gold once again is
flowing to this side from Europe, while the Treasury
probably will find it advisable soon to deposit gold
certificates against national bank notes that are
returning from circulation. The only immediately
predictable offset to such increases in the credit base
is the modest advance of monetary circulation that
usually takes place during the latter months of the
/ear.
For some weeks now, the Treasury has refrained
from depositing gold certificates with the Reserve
system, and the current statement reflects a momentary continuance of this policy, even though
monetary gold stocks of the country increased
$8,000,000 in the week covered. Gold certificates of
the Reserve banks actually declined to $6,224,116,000
on July 31 from $6,226,004,000 on July 24, but other
cash increased, and total reserves advanced to
$6,515,175,000 from $6,513,247,000. Although member bank deposits on reserve account moved up to
$5,099,616,000 from $4,944,603,000, this was more
than offset by a decline of Treasury deposits on general account to $125,981,000 from $282,077,000, and
by small recessions in foreign bank and other deposits. Total deposits, accordingly, dropped to
$5,478,438,000 on July 31 from $5,491,765,000 on
July 24. Federal Reserve notes in actual circulation
increased to $3,261,622,000 from $3,242,240,000.
These changes occasioned a drop in the reserve ratio
to 74.5% from 74.6%. All other aspects of the credit
situation were virtually unchanged. Discounts by
the system increased to $6,570,000 from $6,109,000,
while industrial advances were lower by $4,000 at
$28,354,000. Open market bill holdings of the system
were $11,000 higher at $4,687,000, and United States
Government security holdings fell $26,000 to
$2,430,209,000.
Corporate Dividend Declarations
MONG the dividends declared the current week.
which were again decidedly favorable, were a
few of a noteworthy nature.
Westinghouse Electric & Manufacturing Co. resumed common dividends with a declaration of 50c.
a share, payable Aug. 30; the last previous cash
payment was 25c. a share, made on April 30 1932.
However, on Feb. 20 1933 and Feb. 18 1935 distribu-

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tions of Radio Corp. of America stock were made to
Westinghouse Electric & Manufacturing Co. common
stockholders.
Inland Steel Co. declared an extra dividend of 25c.
a share in addition to the regular quarterly of 50c.
on the capital stock, both to be paid Sept. 3; on
June 1 last 50c. was paid as compared with 25c. in
preceding quarters.
Sherwin Williams Co. declared a dividend of $1 a
share on the common, payable Aug. 15, which compares with 75c. a share in previous quarters.
Foreign Trade in June
HE foreign trade statement of the United States
for the month of June 1935 shows little if any
improvement over the previous months for more than
a year back. Merchandise exports were a little higher
in value than for May but imports were below those
for any preceding month this year excepting only
the short month of February. With commodity
prices tending constantly higher, especially in the
past few months, an increase in total values must
be subjected to considerable revision in measuring
the actual movement. As to imports this suggestion
applies in no way to the June report.
June exports were valued at $170,193,000 and imports $156,756,000, an export trade balance for the
month of $13,437,000. For May this year exports
amounted to $165,456,000 and imports $170,559,000,
an excess of imports of $5,103,000. May was the
second month this year to show an import trade balance. Such a showing seldom appears. In June 1934
exports were valued at $170,519,000 and imports
$136,109,000, the export trade balance for that month
being $34,410,000. Exports in June this year were
actually $326,000 less in value than they were for
that month a year ago, while imports by the same
comparison show a gain this year of $20,647,000 or
15.2%.
For the current fiscal year merchandise exports
were valued at $2,120,726,000 and imports $1,785,772,000, an export trade balance of $334,954,000.
For the same time the year before the value of merchandise exports was $2,041,717,000 and imports
$1,721,310,000, the export trade balance in that
twelve months being $320,407,000. In both instances
this covers the twelve months from July to June inclusive. Exports during the twelve months ended
with June this year were in excess of those for the
preceding year by 3.9% and the increase in the value
of imports was 3.7%.
Cotton exports in June were valued at $23,380,000
against $19,366,000 in May and $28,917,000 in June
1934. The reduction in the cotton movement in June
this year as compared with that month in the preceding year,was accompanied by an increase in the value
of some exports other than cotton. In its June report
the Department of Commerce notes gains for copper,
non-metallic minerals, trucks and passenger automobiles. The Department reports a substantial decline in exports of meat products. Vegetable foods
and edible animal products were among the principle groups of imports showing a decline. "A large
increase in imports of foodstuffs" the Department
says, represents in part the higher domestic prices.
The gold movement both in exports and imports
was higher in June than in the preceding months,
imports of gold exceeding those for any month since
March 1934. Total gold exports in June this year
amounted to $166,000 and imports $230,538,000.

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Aug. 3 1935

Gold exports for the fiscal year July to June inclusive ended 1935, amounted to a value of $40,773,000
against $236,161,000 for the same twelve months of
the preceding fiscal year, while gold imports were
$1,139,672,000 for the twelve months July to June
1935, compared with $862,071,000 in the corresponding twelve months 1933-34. Silver exports in June
this year were valued at $1,717,000 against imports
of $10,444,000 for the same month. .
The New York Stock Market
NE of the most active periods in recent years
was witnessed this week on the New York
Stock Exchange, with trading ranging in all full
sessions between 1,500,000 and 2,000,000 shares, and
the general trend quite definitely upward. Leading
trade and industrial indices continued to reflect improvement in business conditions, and this factor
afforded an important stimulus to the market. Sentiment regarding possible legislation at Washington
also improved markedly, owing mainly to a further
defeat by the House of the so-called death sentence
for utility holding companies. Passage by the House
of a measure for Federal control of truck and bus
competition also proved of aid, especially to railroad
securities. The upward tendency was quite pronounced last Saturday, when leading stocks moved
upward 1 to 3 points in active dealings. When it
appeared on Monday that steel production is on the
increase, buying of stocks was resumed, with steel
and other industrial issues especially in favor, although carrier stocks also moved higher. There was
a little profit-taking on Tuesday, but in most cases
it was easily absorbed and the reaction was small.
Oil stocks improved and a number of specialties likewise closed with gains. After early uncertainty on
Wednesday, the advance was resumed and highest
levels of the year were attained by more than 100 issues. In this most active session of the week all
groups of stocks advanced, with the exception of
metal and food shares, and some of the average compilations were at best figures of the year. A reaction
developed on Thursday on a further wave of realization, but this movement again was kept within
bounds. Losses were sizable only in a few instances,
and some of the speculative specialties improved.
After the close of the market, the House defeated the
death sentence in the utility bill and adopted a measure for Federal control of truck and bus transportation. These actions naturally proved important in a
market sense, yesterday. Utility stocks showed general improvement, while carrier issues held well and
in some cases advanced a little. But the nest of the
market was subjected to new profit-taking and a
modest reaction took place.
In the listed bond market tendencies were somewhat irregular, with high grade issues quiet and
steady, while speculative bonds advanced easily.
United States Government securities kept close to
former levels, and best rated corporate issues were
neglected, while investors considered the various flotations that appeared during the week. Speculative
railroad, utility and other bonds moved sharply
higher in most sessions, these gains being diminished
only a little by reactions that developed in consonance with the movements in equities. Italian
bonds were uncertain in the foreign dollar department, owing to fears of the scheduled conflict with
Ethiopia. German issues drifted steadily lower because of the effects in other countries of the new

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wave of Nazi repression. In the commodity markets
some nervous and uncertain movements developed.
Wheat advanced the full limit last Saturday owing
to reports of rust damage, and in the current week
the tendency also was higher, despite occasional setbacks. Cotton moved jerkily at times but the price
did not change much for the week, while other commodities also were irregular. Much attention was
paid the foreign exchange market, where Netherlands guilders were alternately weak and strong as
the Cabinet crisis progressed. Stability was restored,
however, when Premier Colijn formed a new Cabinet
and announced that budgetary adjustments would
be postponed until September. Other gold currencies
were steady, while sterling likewise held to former
levels.
On the New York Stock Exchange 259 stocks
touched new high levels for the year and 13 stocks
touched new low levels. On the New York Curb
Exchange 140 stocks touched new high levels and 10
stocks touched new low levels. Call loans on the
New York Stock Exchange remained unchanged at
/
1
4%, the same as on Friday of last week.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 734,240
shares; on Monday they were 1,752,270 shares; on
Tuesday, 1,679,580 shares; on Wednesday, 1,908,020
shares; on Thursday, 1,889,050 shares, and on Friday, 1,517,710 shares. On the New York Curb Exchange the sales last Saturday were 134,850 shares ;•
on Monday, 221,250 shares; on Tuesday, 232,330
shares; on Wednesday, 301,270 shares; on Thursday,
274,665 shares, and on Friday, 307,415 shares.
The stock market this week was strong, with trading volume heavy. Equities advanced to new high
levels on the strength of favorable reports by trade
and industry. These gains were maintained with
little difficulty despite occasional profit-taking. At
the close yesterday the market was fairly steady and
higher than on Friday of last week. General Electric closed yesterday at 283
4 against 28% on Friday
of last week; Consolidated Gas of N. Y. at 2934
against 27; Columbia Gas & Elec. at 8% against 7%;
Public Service of N. J. at 40 against 373
/
4; J. I. Case
Threshing Machine at 65 against 661/
2; International
Harvester at 511/
2 against 51; Sears, Roebuck & Co.
at 53% against 507
/
8; Montgomery Ward & Co. at
32% against 31%; Woolworth at 611/
4 against 617
/8,
and American Tel. & Tel. at 131 against 128. Allied
Chemical & Dye closed yesterday at 159 against 157
on Friday of last week; E. I. du Pont de Nemours
at 105/
1
2 against 107; National Cash Register A at
17 against 17; International Nickel at 273
4 against
27%; National Dairy Products at 16 against 16%;
Texas Gulf Sulphur at 34 against 34½; National
Biscuit at 32 against 301%; Continental Can at 863
/
4
against 88%; Eastman Kodak at 1431/
4 against 147;
Standard Brands at 143
4 against 16; Westinghouse
Elec. & Mfg. at 63 against 61%; Columbian Carbon
at 89 against 92; Lorillard at 241/
8 against 23%;
United States Industrial Alcohol at 38/
1
2against 41;
Canada Dry at 914 against 10%; Schenley Distillers
/
4 against 297
at 301
/8,and National Distillers at 26%
against 26.
The steel stocks continued their gains of previous
weeks. United States Steel closed yesterday at 423
/
8
against 40% on Friday of last week; Bethlehem
Steel at 35 against 3414; Republic Steel at 167
/
8




643

against 16%, and Youngstown Sheet & Tube at 253
4
against 22%. In the motor group, Auburn Auto
closed yesterday at 26 against 22 on Friday of last
week; General Motors at 381
4 against 37%; Chrys/
ler at 581
/
4 against 56%, and Hupp Motors at 21/
8
against 2. In the rubber group, Goodyear Tire &
Rubber closed yesterday at 19% against 197
/8 on
Friday of last week; B. F. Goodrich at 77
/
8 against
8/
1
4, and United States Rubber at 13% against 133
/
8.
The railroad shares are irregularly changed for the
week. Pennsylvania RR. closed yesterday at 261
/
4
against 251
/
2 on Friday of last week; Atchison Topeka & Santa Fe at 52% against 543/4; New York
Cenfral at 203
/
/
4; Union Pacific at 1051/
8 against 181
4
against 105; Southern Pacific at 191/
8 against 187
/8;
Southern Railway at 71/4 against 7/
1
4, and Northern
Pacific at 18 against 191
/
4. Among the oil stocks,
Standard Oil of N. J. closed yesterday at 46%
against 461/
8 on Friday of last week; Shell Union
Oil at 10% against 10, and Atlantic Refining at 233
/
4
against 23. In the copper group, Anaconda Copper
closed yesterday at 15% against 16 on Friday of last
week; Kennecott Copper at 19/
1
4 against 20%;
American Smelting & Refining at 42/
1
4 against 437
/8,
and Phelps Dodge at 18 against 183
/
4.
All leading trade and industrial indices remained
favorable, and the effect on security markets
naturally was stimulating. Steel-making for the
week ending to-day was estimated by the American
Iron & Steel Institute at 44% of capacity against
42.2% last week, 32.8% one month ago, and only
26.1% in the corresponding week of last year. This
represents an increase of 1.8 points, or 4.3%, from
the preceding week. Production of electrical energy
in the United States for the week ended July 27 was
1,823,521,000 kilowatt hours, according to the Edison
Electric Institute. This compares with 1,807,037,000
kilowatt hours in the preceding week and with
1,683,542,000 kilowatt hours a year ago. Car loadings of revenue freight in the week to July 27 totaled
596,462 cars, the American Railway Association
reports, against 593,366 cars in the preceding week.
The car loading aggregate, however, is still 13,580
ears under the similar week of 1934.
As indicating the course of the commodity markets, the September option for wheat in Chicago
closed yesterday at 90%c. as against 89/
1
4c. the close
on Friday of last week. September corn at Chicago
closed yesterday at 787
/8c. as against 763
/
8c. the close
on Friday of last week. September oats at Chicago
closed yesterday at 321/
8c., the same as the close on
Friday of last week.
The spot price for cotton here in New York closed
yesterday at 11.95c. as against 12.15c. the close on
Friday of last week. The spot price for rubber
yesterday was 12.15c. as against 11.81c. the close on
Friday of last week. Domestic copper closed yesterday at 8c., the same as on Friday of last week.
In London the price of bar silver yesterday was
30 3/16 pence per ounce, the same as on Friday of
last week, and spot silver in New York closed yesterday at 6734c., unchanged from the close on Friday of
last week. In the matter of the foreign exchanges,
cable transfers on London closed yesterday at
$4.957
/8 as against$4.963
/
4 the close on Friday of last
week, and cable transfers on Paris closed yesterday
at 6.63%c. as against 6.61%c. the close on Friday
of last week.

644

European Stock Markets
TEADY conditions were restored this week on
stock exchanges in the foremost European financial centers, largely because fears of guilder devaluation were dispelled by the formation of another
coalition Cabinet by Premier Hendryk Colijn. The
currency situation remains dubious, but there is no
apparent likelihood of immediately unsettling developments, and a more cheerful atmosphere resulted at
- London, Paris and Berlin. The London market was
impressed also by favorable reports of British trade
tendencies, and by news of the upswing in prices of
securities at New York early in the week. But trading dwindled at London on approach of the August
bank holidays, and little activity is anticipated for
some weeks to come. On,the Paris market a sharp
advance in rentes developed, and other securities
likewise improved, owing mainly to the satisfactory
solution of the Cabinet crisis in Holland, which
means that there will be no further defections from
the gold bloc for the time being, at least. The Berlin
exchange was quiet and prices did not vary much.
In all markets much concern now is felt regarding
the projected Italian campaign against Ethiopia and
the possible repercussions on the Italian economy of
such a conflict. It is feared that the lira will be sacrificed in that eventuality, with the result of ever
greater confusion in the already confounded currency situation. But there is still some hope that the
leading nations will be able to solve the Italo-Ethiopian problem without actual warfare.
Little business was done on the London Stock Exchange in the initial session of the current week.
British funds were mildly irregular, with changes
quite small, but the tendency in the industrial issues
was generally upward. Iron and steel stocks especially were in demand on favorable reports from
that industry, and brewery stocks also did well.
Anglo-American trading favorites improved on good
week-end reports from New York. The session on
Tuesday again was cheerful, even though business remained dull. Investment buying occasioned gains in
British funds, but interest centered mainly in the
industrial issues, which advanced sharply in some
instances. The international group was stimulated
by renewed buying of Anglo-American issues. Conditions on Wednesday did not differ materially from
the two previous sessions. Gilt-edged issues were
maintained, but the industrial section provided most
of the features. Aviation, motor, textile and steel
stocks were in best demand. Stocks of interest both
in London and New York moved ahead easily, and
the upward trend in such securities was resumed in
late dealings in the street market. Very little activity was noted on Thursday, owing to the long closing
that impended. Good demand for some new trustee
issues caused firmness in British funds. Steel issues
again forged ahead in the industrial section, and aviation and motor stocks were well maintained, but
other groups reflected some profit-taking. Gold mining securities came into better demand, while international issues were dull. The tone was cheerful in
yesterday's pre-holiday session. Gilt-edged issues
were firm, and a number of good features appeared
in the industrial section.
The Paris Bourse was stimulated from the start
of trading last Monday bi the report that Premier
Colijn again would form a Cabinet in Holland, and
continue his uncompromising opposition to currency
tampering. French rentes advanced sharply, even

S




Aug. 3 1935

Financial Chronicle

though some disturbing reports were at hand regarding the effect of wheat price declines on French
farmers. Bank and chemical stocks reacted as fears
of inflation diminished and funds flowed back into
rentes, and international securities likewise were
liquidated. Tuesday's session on the Bourse was
satisfactory -to holders of all classes of securities.
Rentes again advanced, and French bank and industrial stocks also improved, while international issues
joined the movement as well, partly in belated recognition of the favorable reports from New York. Further gains in rentes on Wednesday proved the feature of that session. French equities were dull and
irregular, in view of the month-end settlement. The
4% two
/
carry-over was arranged at 3% as against 33
weeks earlier, and this was regarded as favorable.
International securities were easy. In a quiet session on Thursday, small advances once more were
registered in rentes. Most equities also were firm,
while international issues reflected a little buying.
Fractional gains were recorded in rentes, yesterday,
and other securities also were firm.
Trading on the Berlin Boerse was quiet on Monday, with the trend uncertain. Much doubt prevailed
regarding monetary matters, it was said, and movements in these circumstances were confined to fractional gains and losses. Fixed-interest issues were
unchanged. Dealings on Tuesday again lacked animation, while most price changes were toward lower
levels. Artificial silk stocks gained and proved the
only exceptions to the downward tendency. The tone
was better on Wednesday, despite continued quiet
trading. Most issues moved only fractionally, but
in a few instances advances of a point or more were
registered. Dealings on Thursday failed to reflect
any change, small advances again being the rule.
Some mining stocks advanced a point or two, but
there also were some losses in other sections. The
tone was good yesterday, but changes were small in
nearly all issues. A few speculative issues again
advanced a point or two.
Armaments
ITHIN a few days after Great Britain's announced intention of abandoning the ratio
system as a basis for international naval armaments
limitation, it began to appear that leading navies
will increase sharply in the period to 1942. Under
the procedure now projected by the British Government, other countries will be asked to state the size
of navies they desire by 1942, and it is hoped that a
limitation conference can be held in that year. In
the meanwhile, however, building is likely to proceed apace, if recent reports of British intentions
have any validity. The "Daily Herald" of London,
organ of the British Labor party, disclosed last Sunday what it declares to be the provisional construction program of the Admiralty. This purported proposal calls for the building of 130 warships of various types, costing approximately £150,000,000. The
statements have not been fully substantiated, and
more than a little doubt exists regarding some details of the rumored plans, but there has long been
reason to believe the British Admiralty desires the
very considerable augmentation of its cruiser fleet.
Any additions, beyond the limits provided in the
Washington and London naval treaties, probably
would cause concern in the United States and
Japan, and possibly in some Continental European
countries as well. The current reports thus consti-

W

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Financial Chronicle

tute an ominous warning, which the taxpayers of
all countries well might heed.
There were signs in Europe this week that diplomatic negotiations again are to be taken up regarding the proposed Western European air Locarno,
the Eastern European pact of mutual assistance and
the Danubian conference. All such matters were
shelved when the French political and financial
crisis developed late in May, and a cloud of uncertainty was thrown over them by the Anglo-German
naval treaty. The German Ambassador to Paris,
Robert Koester, conferred at length early this week
with Premier Pierre Laval on these and other questions. But the impression gained, according to the
Paris correspondent of the New York "Times," was
that Franco-German difficulties were not brought
nearer to a solution by the two months of neglect.
Additional troubles are foreshadowed,in so far as the
Eastern European pact is concerned. Although the
Reich agreed previously to join that proposed accord
on a basis of non-aggression, Chancellor Hitler now is
said to hold that the Franco-Soviet pact violated the
Locarno treaty. In such views, Herr Hitler is reported to have found reasons for delay and perhaps
for refusing to sign any Eastern European agreement. The Western European air Locarno
ently commanded the support of all the nations concerned when it first was proposed early this year,
but even on this matter conversations seem to have
been at a standstill recently. The Danubian conference originally was scheduled for early last June,
but on this matter also very little has been said
of late.
The Netherlands Cabinet
OLITICAL and financial crises in the few remaining gold standard countries continue to
follow each other in rapid succession. Large gold
holdings so far have made it possible for the countries affected to avoid devaluation, even though most
observers now are of the opinion that an ultimate
change of this kind is all but inevitable. The latest
crisis in the series occurred in The Netherlands, and
it is significant that no real solution was found,
since the questions at issue were postponed. When
two of the leading parties of Holland refused to
accept his recommendations for a curtailment of
government expenditures by 70,000,000 guilders,
Premier Hendryk Colijn resigned a week ago. Fears
that the incident might eventuate in devaluation
prompted a huge capital flight from Holland and
also a revival of speculative attacks against the
guilder. Queen Wilhelmina requested Dr. D. P.
Aalberse to form a new regime, but the task was
abandoned by the leader of the Catholic party last
Saturday. After further party discussions, Premier Colijn again accepted, on Monday, a mandate
to form a coalition regime, and he announced on
Wednesday a Government that is almost identical
with the preceding regime. It was promptly indicated by the Premier that solution of the budgetary
difficulties would be put off until September. The
period during which the guilder was subjected to
heavy pressure was very brief, as the mere announcement that Premier Colijn would resume his office
caused an abrupt advance in the international quotation for Netherlands currency. Gold exports from
Holland nevertheless amounted to 130,800,000 guilders in the space of a single week, this figure representing about one-fifth of Holland's gold stocks.

p




645

Italo-Ethiopian Dispute
HILE Italian ships laden with troops and
munitions were steaming through the Suez
Canal, the League of Nations met at Geneva on
Wednesday in order to consider the conflict that
is brewing between Italy and Ethiopia. The Council of the League met under auspices that are far
from encouraging, as there is nothing to indicate
that Premier Benito Mussolini can be turned from
his aim of conquest. All the preliminaries to the
current meeting showed that the Italian Government sent representatives to Geneva only with the
greatest reluctance, and it is now quite apparent
that Signor Mussolini will quit the League rather
than submit to -its dictates. As on previous occasions when real international difficulties loomed,
the real lead in the Geneva discussions has been
taken by the British and French delegates, whose
aim is said to be delay, BO that a solution can be
sought in further private negotiations. It is suggested in some reports that such private discussions
will center around the treaty signed in 1906 by
England, France and Italy, which divides Ethiopia
into spheres of influence. The future of the Ethiopian Kingdom would seem to be rather dubious in
that eventuality. But Emperor Haile Selassie continues to insist that his country will resist all encroachments, and there is no real belief anywhere
that war can be averted. Most well-informed observers now are of the opinion that the Italian Dictator's
numerous promises to his people of glorious conquest have placed him in a position where he no
longer can afford not to make war. There is also a
grave question whether he can afford to make the
war that impends, from an economic viewpoint.
This sad business seems destined to illustrate once
again that modern warfare cannot possibly bring
gains to compensate for its cost.
The League Council met again on Wednesday, in
accordance with its previous undertaking, to consider the Ethiopian matter further if, by July 25,
the special Italo-Ethiopian conciliation commission failed to agree on the border disputes and also
failed to select a fifth and neutral member. Telegrams were sent to the Council members late last
week, and the meeting convoked after receipt of a
somewhat ambiguous reply from Italy, last Saturday. The Italian note suggested that Italy would
attend the session only if the discussion would be
limited to "studying the most opportune means of
enabling the commission of conciliation and arbitration to resume its work usefully." Even this concession was based on the assumption that the Ethiopian Government would give satisfactory assurances regarding the conciliation commission. In
dispatches from Rome it was admitted candidly that
Premier Mussolini desired to "avoid the appearance
of deliberately throwing obstacles in the way of the
League," but he qualified the reply in such a way
that he will be able to "withdraw if the discussion
shows any sign of penetrating to the heart of the
controversy!' A statement from Ethiopia was received at Geneva last Sunday, and for a time it
appeared that Italy would not accept the terms,
since the Addis Ababa Government stipulated that
the League and not the disputants must settle the
terms of reference. But the Italians decided that
the Ethiopian note, while not entirely satisfactory,
still would make it possible for them to attend the

W

.646

Financial Chronicle

League Council session, and the first obstacles thus
were overcome.
The first meeting of the Council on Wednesday
was a secret one, but the proceedings became a matter of general knowledge. Baron Pompeo Aloisi insisted upon the Italian viewpoint that the object
of the session is only to make possible renewed activities of the conciliation commission. But Professor
Gaston Jeze, of Ethiopia, stated that there is obviously no likelihood of successful arbitration, and he
insisted upon a general discussion, with the aim of
preventing war. Captain Anthony Eden of Great
Britain and Premier Pierre Laval of France, who
rode to Geneva on the same train from Paris, quickly
agreed that a little time should .be provided for
finding a "formula," and the Council agreed to meet
again on Thursday. All reports agree that a formula actually was submitted to the Italian Dictator, but it was not acceptable and it was found
necessary to postpone the Council session so that
still other "formulas" could be examined. The
original suggestion, according to the Geneva correspondent of the New York "Times," was for further
conciliation proceedings through appointment of a
neutral arbitrator. While such negotiations were
in progress, Great Britain, France and Italy were
to discuss an Ethiopian settlement as co-signatories
of the .1906 accord. "The feeling here," said the
report to the New York "Times," "is that even if
Ethiopia consented to hand the Italian Dictator half
her territory on a golden platter, that would not do.
What he desires most is military achievement."
While this fretful debate was in progress at
Geneva, both Italy and Ethiopia continued their
war preparations. It is generally believed that
Italy will be ready by mid-September, when the
rains cease in East Africa and military movements
again become possible. But some reports indicate
that the matter already has reached the stage of
armed conflict. The correspondent of the New York
"Times" in Addis Ababa reported last Sunday that
a clash occurred on the northwestern border of
Ethiopia, 40 Italians being killed as well as 20
Ethiopians. The report was circulated at Geneva,
Thursday, that 15,000 of the Italian troops in East
Africa have been stricken by dysentery, but a denial
was issued at Rome. There is much concern, meanwhile, regarding the ability of Italy to carry on a
war without financial ruin. The decree of last week,
permitting the Bank of Italy to disregard the requirement for a 40% gold cover against note circulation, is accepted as the first step toward budgetary
inflation, and the tendency in world markets now
is to insist upon cash with orders from Italian importers. British coal exporters have asked the Government in London to expedite overdue payments
for coal shipped to Italy. The Italian Government
issued on Wednesday a decree setting up a State
monopoly of imports of coal, copper, tin and nickel.
Efforts are said to have been made recently in London and Paris by Italian representatives to raise
credits for financing of Italian purchases abroad,
but no success so far appears to have crowned such
efforts.

Aug. 3 1935

Oct. 29.• The two leading European Parliaments
thus are in temporary eclipse, for the French Legislature adjourned in June, after granting the Laval
Government powers to rule by decree. Prime Minister Stanley Baldwin announced in London the normal lengthy recess of the Commons and the Lords,
and the decision was accepted as almost conclusive
evidence that there will be no general election in
Great Britain this autumn. The current Parliament
was elected Oct. 27 1931 for a five-year term. The
overwhelming Conservative representation makes an
upset almost out of the question, but by-elections of
late have disclosed an astonishing swing to the
Laborite party, even in normally Conservative areas.
This tendency appeared to call for Parliamentary
readjustments, and the impression prevailed for a
time that the country would be given an opportunity
to register its will before the expiration of the
ordinary term of Parliament. The British Parliament, of course, can be called into extraordinary
session with great rapidity if a national emergency
demands that course, but even in the present unsettled state of European affairs that expedient
seems an unlikely one.

Nazi Fanaticism
FFICIAL and unofficial persecutions of German Jews, Catholics and other religious adherents on the ground that such faiths are inimical
to Nazi doctrines have produced reactions in the
United States that involve minor diplomatic incidents. In this country the revulsion felt with
respect to the Nazi measures apparently has been
carried a little further than in other leading countries, but the feeling is the same throughout the
world. Anti-Semitic rioting in Berlin some weeks
ago was at first declared by the German authorities
to be unauthorized and the work of hoodlums. But
the campaign has continued and now has been made
more pointedly than ever the official State doctrine.
Nor is the campaign of repression limited to Jews,
for Catholic priests have been warned to avoid unfortunate political references in their exhortations,
while Lutheranism, the official State religion until
the Nazis came into power, also is subjected to Nazi
meddling. A number of Catholic priests recently
were imprisoned for "endangering public peace and
order," while some minor church organizations were
forced to disband and submit to the confiscation of
their properties, because their activities "were inimical to the people and the State." The effect of
such measures abroad has been to arouse resentment, and also considerable wonderment as to the
underlying causes of the newest German campaign.
The impression grows steadily that the Nazi authorities chose this means for diverting attention from
the mounting general discontent within the Reich.
In the United States, the movement of protest
against the German Nazi excesses has found expression in ways that involve the relations between the
two countries. A large group of radicals late last
week staged an anti-Nazi demonstration just before
the German liner Bremen sailed from New York.
The swastika emblem, floating from the bow of the
ship, was ,torn down and thrown into the Hudson
British Parliament Adjourns
River, notwithstanding earnest protective endeavors
DJOURNMENT of the British Parliament was by policemen. Earlier last week Mayor Fiorello H.
determined upon early this week for the cus- LaGuardia of New York City refused to grant a
tomary summer period, and that body dispersed license to a German citizen to do business here, on
yesterday, with the next meeting scheduled for the ground that the German Nazi Government has

A




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Financial Chronicle

discriminated against American citizens. Both
these incidents caused anger in official Berlin, where
there appears to be, as usual, no faint realization
that the ruthless anti-Semitic and anti-Catholic
measures are quite apt to call forth vigorous antagonism in other countries, where expression is free.
The German Government lodged with the State Department last Tuesday a strong protest against the
alleged insult to the German swastika emblem.
The United States Government, in its reply, acted
with strict diplomatic correctness and deplored
the incident. The action taken by Mayor LaGuardia appears to infringe on State Department prerogatives to some degree, but Washington seems to view that circumstance with great
equanimity, possibly because it is considered a salutary reminder to the Nazis of the effects of their
activities in other countries. When taxed with the
appropriateness of his action, Mayor LaGuardia
cited the undeniable financial discrimination against
Americans entailed in the German moratorium and
the complete lack of payments on German dollar
bonds held here, while holders of German Government obligations elsewhere are receiving full interest,
German anti-Semitism, which was described some
weeks ago as sporadic and unauthorized in its latest
forms, once again has been made the official doctrine of the Nazi State, and the results are depressing to behold. The Nazis issued orders last Monday,
according to the Associated Press, for discontinuance of the drive against "State enemies." But this
appears to mean only that individual action will not
be countenanced, as the Nazi police chief of Berlin,
Count Wolf von Helldorf, issued a pronunciamento
that "the battle against Judaism is being waged by
the State and the (Nazi) movement in a different
fashion." In a Berlin dispatch of Tuesday to the
New York "Times" it is remarked that the campaign
actually is going on with increasing violence and
virulence. The Berlin correspondent of the New
York "Herald Tribune" reported on Wednesday that
the municipality of Berlin has issued an order which
virtually bars Jews from settling in the city. The
Associated Press reported from the German capital
that foreign observers there believe the economic
crisis in the Reich is behind the vigorous, many-sided
offensives against State "enemies." Almost all
recent reports from Berlin have emphasized the
unrest among the people of Germany. For this
there are many reasons, both spiritual and material,
a "Times" dispatch remarks, "but one of the most
important admittedly is the fact that daily bread
in the larger sense is growing both poorer in quality
and more expensive in price."

647

or inconvenience has been occasioned by the absence
of the Chinese leader. In the thickly populated
Yangtse and Yellow River valleys of China the dread
menace of floods once again has appeared. Dikes
yielded before the highest water known in generations, and the swiftly-spreading waters have brought
devastation to the countryside. It was feared for a
time that the Yellow River might revert to its old
course, from which it shifted in 1852, and empty
into the Yellow Sea, 350 miles south of the present
estuary. The rolling waters have covered thousands
of miles of farm lands, and Chinese peasants by the
, while millions were
tens of thousands were drownedrendered homeless. Inevitably, these conditions will
be followed by famine and misery next winter.
Chinese authorities, badly handicapped by their current troubles with Japan and the incessant warfare
against huge Communist armies, are extending what
aid they can in this situation.
Discount Rates of Foreign Central Banks
HERE have been no changes during the week in
the discount rate of any of the Foreign Central
banks. Present rates at the leading centers are
shown in the table which follows:

T

DISCOUNT RATES OF FOREIGN CENTRAL BANKS

Country
Austria__
Batavia.__
Belgium_ _ _
Bulgaria___
Canada__
Chile
Colombia__
Czechoslovakia__
Danzig_ _ __
Denmark_ _
England__
Estonia__
Finland _
France__ _
Germany_
Greece__
Arabi tirl

Rate in
Effect
Dale
Aug. 2 Established

Previola
Rate

33-4
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
414
234
8
__
434
5

334
6
234
2
5
4
3.34
4
7
R

Jan. 25 1933
May 3 1935
Nov. 29 1933
June 30 1932
Sept.25 1934
Dec. 4 1934
July 18 1935
Sept. 30 1932
Oct. 13 1933
July 26 1935

434
4
3
234
534
43.4
4
5
734
5

Country

Rate in
Effect
Date
Aug. 2 Established

Hungary - - 45 Oct. 17 1932
India
334 Feb. 16 1934
Ireland
3
June 30 1932
334 Mar.25 1935
Italy
Japan
3.65 July 3 1933
Java
434 June 2 1935
Jugoslavia_ 5
Feb. 1 1935
Lithuania
6
Jan. 2 1934
Morocco
634 May 28 1935
Norway-- - 334 May 23 1933
Poland
5
Oct. 25 1933
Portugal_._ 5
Dec. 13 1934
Rumania
434 Dec. 7 1934
SouthAtrica 4
Feb. 21 1933
Spain
5
July 10 1935
Sweden
234 Dec. 1 1933
Switzerland 234 May 2 1935

Prepious
Rate
4
335
334
634
7
434
4
6
534
6
5
534
3
2

Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 9-16@%% as against 9-16@%%
on Friday of last week, and 9-16@%% for threemonths' bills as against 5A% on Friday of last week.
Money on call in London on Friday was /%.
1
At
Paris the open market rate remains at 44%,and in
Switzerland at 3%.

Bank of Germany Statement
HE statement for the last quarter of July reveals
a large increase in gold and bullion, namely 94,044,000 marks. The total of gold which is now at 187,992,600 marks, compares with 74,874,000 marks last
year and 244,960,000 marks the previous year. A
decrease appears in reserve in foreign currency of
Japan and China
2,510,000 marks, in silver and other coin of 86,431,ROGRESS toward adjustment of the numerous 000 marks, in notes on other German banks of
Sino-Japanese differences has been so slow of 10,396,000 marks, in investments of 31,000 marks,
late that it may well be doubted if any has been in other assets of 37,048,000 marks and in other
made. The demands secretly made by Japan upon daily maturing obligations of 3,174,000 marks. The
China still are a matter of rumor rather than of Bank's ratio stands now at 4.99%, as against 2.1%
official statement, but it is obvious that they include a year ago. Notes in circulation show an increase of
a requirement for a more friendly attitude on the 331,663,000 marks, bringing the total of the item up
part of China and repression of the anti-Japanese to 3,877,783,000 marks. Circulation a year ago agpropaganda. The Chinese Generalissimo, Chiang gregated 3,768,495,000 marks and two years ago
Kai-shek, is said in Shanghai dispatches to be intent 3,492.,125,000 marks. Bills of exchange and checks,
on remaining in distant Szechwan province, so as advances and other liabilities register increases of
to avoid negotiations at Nanking with Japanese 461,816,000 marks, 11,776,000 marks and 8,735,000
diplomatists. In Tokio such reports aroused no marks respectively. A comparison of the different
apparent concern, and it was stated that no delay items for three years appears below:

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Financial Chronicle

648

Aug. 3 1935

New York Money Market
HE money market in this center was changed
July 31 1935 July 31 1934 July 31 1933
this week only in the sense that idle funds
Reichsmarks Reichsmarks Reielisrnarks
Assets—.
Retehsmarks
74,874,000 244,960,000
Gold and bullion
+94,044,000 187,992,000
piled
up to ever greater heights. Indicative is the
33,439,000
16,848,000
Of which depos. abroad
30,176,000
No change
77,612,000
3,147,000
5,887,000
Reserve In foreign curr_
—2,510,000
accumulation of member bank reserve derecord
3,431,105,000
3,181,003,000
Bills of exch. and checks +461,816,000 3,838,432,000
Silver and other coin— —86,431,000 158,268,000 226,276,000 204,848,000
4,731,000
posits with the Reserve System, and excess reserves
4,611.000
5,656,000
Notes on other Ger. bks.
—10,396,000
52,268,000 109,027,000 164,538,000
Advances
+11,776,000
over requirements of more than $2,500,000,000. In
Investments
—31,000 660,906,000 713,464,000 320,176,000
Other assets
—37,048,000 651,571,000 653,623,000 526,339,000
Liabilities—
situation it would be idle to look for any hardthis
Now,in circulation
+331,663,000 3,877,783,000 3,768,495.000 3,492,125,000
Other daily matur.oblig
—3,174,000 742,940,000 649,027,000 412,332,000
ening
of the excessively low rates for accommodaOther liabilities
+8,735,000 224,032,000 176,853,000 196,599,000
Propor. of gold * torn
tion now current. The Treasury sold last Monday
_to ,,,e,
an issue of $50,000,000 discount bills, due in 273 days,
Bank of England Statement
and results did not differ materially from those
HE statement of the Bank for the week ended noted on previous issues. The awards were made at
July 31 shows a gain of £101,658 in bullion, but an average discount of 0.071%, computed on an
as this was attended by an expansion of £7,452,000 in annual bank discount basis. Call loans on the New
circulation, reserves fell off £7,350,000. Bullion York Stock Exchange held to 14% for all transacholdings now aggregate £193,361,551, which com- tions, and time loans for maturities up to six months
pares with £192,157,793 a year ago. Public deposits also were at that level. The comprehensive tabularose £15,489,000, while other deposits declined 03,- tion of brokers' loans made by the New York Stock
242,003. The latter consists of bankers' accounts, Exchange reflects a decrease of such loans during
which fell off £25,134,820, and other accounts, which July by $39,654,450, to an aggregate of $768,934,748.
increased £1,892,817. The reserve ratio dropped to
New York Money Rates
32.55% from 35.85% a week ago; it was 43.25% last
EALING in detail with call loan rates on the
year. Loans on Government securities decreased
£1,370,000 and those on other securities rose L988,Stock Exchange from day to day, Y
i of 1%
was
an
addi£520,004
the ruling quotation all through the week
latter
amount,
remained
Of
the
199.
tion to discounts and advances and £468,195 to for both new loans and renewals. The market for
securities. The discount rate remains unchanged at time money has shown no change this week, no tran2%. Below are the figures with comparisons for sactions having been reported. Rates are Y
i% on all
maturities. The market for prime commercial paper
five years:
BANK or ENGLAND'S COMPARATIVE STATEMENT
has been fairly brisk this week. Paper has been in
good supply and the demand has shown considerable
Aug. 5
Aug. 3
Aug. 2
Aug. 1
July 31
1932
1931
1934
1933
1935
i%for extra choice names
improvement. Rates are Y
£
£
£
£
£
months and 1% for names
four
to
six
running
from
403,261,000 389,309,715 382,184,173 374,727,992 365,251,566
Circulation
24,359,000 11,859,964 21,517.023 11,491,339 11,438,012
Public deposits
114,179,990 133,433,683 143,267,249 121,252,018 96.612,240
Other deposits
less known.
accounts_ 75,680,219 96.506,961 89,457,395 84,951,848 63,438,883
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for 1Veek

•

T

10007

•

9 1.111

0 OPt

T

D

Bankers'
Other accounts._ _
Gov't securities
Other securities
Disct. & advances_
Securities
Reserve notes & coin
Coln and bullion_ _
Proportion of reserve
to liabilities
Bank rate

38,499,771 36.926,722 53,809,854 36,300,170 33.175,357
87,372044 81,248,781 90,020,963 75,979,220 49,310,906
24,201,389 19,344,663 23,557,274 35,231,342 32,301,752
10,842,377 8,868,748 11,171,929 14,314.101 9,018,855
13,359,012 10,475,915 12,385,345 20,917.241 23,282,897
45,100,000 62,848,078 69,337,015 39,671,682 44,576,189
193,361,551 192,157,793 191,521,188 139,399,674 134.827,755
32.55%
2%

43.25%
2%

42.07%
2%

29.88%
2%

41.25%
4 Si%

Bank of France Statement
HE statement for the week ended July 26 shows a
gain in gold holdings of 100,108,214 francs. The
total of gold is now 71,276,631,639 francs. in comparison with 80,252,198,856 francs a year ago and
81,976,107,582 francs two years ago. French commercial bills discounted, bills bought abroad and
creditor current accounts register increases of 221,000,000 francs, 28,000,000 francs and 305,000,000
francs, respectively. Notes in circulation record a
contraction of 109,000,000 francs, bringing the total
of notes outstanding down to 81,126,580,795 francs.
Circulation last year aggregated 80,809,413,696
francs and the previous year 82,852,960,270 francs.
The Bank's ratio stands now at 74.67%, compared
with 79.56% a year ago. A decrease appears in
credit balances abroad of 1,000,000 francs and in
advances against securities of 57,000,000 francs.
Below we show a comparison of the different items
for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT

T

Changes
for Week
Gold holdings
Credit bats. abroad.
a French commercial
bills discounted. _
b Bills bought abr'd
Adv. against securs_
Note circulation_ _
Credit.current accts.
Propor'n of gold on
hand to sight !lab_

July 26 1935

July 27 1934

July 28 1933

Francs
Francs
Francs
Francs
+100,108,214 71,276,631,639 80,252,198,856 81,976,107,582
14,751,171 2,572,202,265
8,890,981
—1,000,000
+221,000,000 7,300,973,075 4,248,290,468 3,461,143,316
+28,000,000 1.230,153,611 1,140,597,936 1,403,277,396
—57,000,000 3,170,704,659 3,054,060,580 2,661,344,061
—109,000,000 81,126.580,795 80.809,413,698 82.852,960,270
+305,000,000 14,330,536,416 20,062,474,384 22,018,504,097

79.56%
78.17%
—0.05%
74.67%
a Includes bills purchased In France. b Includes bills discounted abroad.




Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
following
is the schedule of rates now in effect
The
for the various classes of paper at the different
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS

T

Rate in
Riled an
Aug. 2

Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas CltY
Dallas
San Francisco

'

2
114
2
13i
2
2
2
2
2
2
2
2

Date
Established

Previous
Rate

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

2,ti
2
214
2
235
234
234
234
23-4
234
23-4
9..4

Bankers' Acceptances
HE market for prime bankers' acceptances has
been steady this week, although there has been
only a moderate supply of bills available. Quotations
of the American Acceptance Council for bills up to
and including 90 days at 3-16% bid and IA% asked;
for four months, WY° 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 %%
for bills running from 1 to 90 days, y
i% for 91-to
120-day bills, and 1% for 121-to 180-day bills. The
Federal Reserve banks' holdings of acceptances increased from ,676,000 to $4,687,000. 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

VGIume 141

Financial Chronicle

SPOT DELIVERY
--180 Days- -150 Days- -120 Days
Asked
Asked
Bid
Bid
Bid
Asked
Prime eligible bills
.
16
i6
-90 Days- -80 Davy- -30 Days,
Asked
Bid
Bid
Bid
Asks"
Asked
Prime eligible bills
34
FOR DELIVERY WITHIli THIRTY DAYS
Eligible member banks
55% bid
Eligible non-member banks
% bid

Course of Sterling Exchange
TERLING exchange continues steady. The market has turned more active as a consequence of
what appears to be the resolution of the Holland
guilder situation for the time being, at least. The
range for sterling this week has been between $4.953
and $4.963/
2 for bankers' sight bills, compared with
a range of between $4.953/ and $4.96% last week.
The range for cable transfers has been between
3 and $4.96%, compared with a range of be$4.95/
3 and $4.96% last week.
tween $4.954
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:

S

MEAN LONDON CHECK RATE ON PARIS
Saturday, July 27
75.125 I Wednesday, July 31
M
Monday. July 29
74.992 Thursday, Aug. 1
Tuesday, July 30
Friday,
Aug 2
75.00

74.835
74.823
74.865

LONDON OPEN MARKET GOLD PRICE
Saturday, July 27
140s. 534d. Wednesday, July 31___140s. 8d.
Monday, July 29
Thursday, Aug. 1_140s. 9%d.
140s. 7d.
Tuesday, July 30
140s. 5d.
Friday,
Aug. 2__140s. 10d.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, July 27
Wednesday, July 31
$35.00
$35.00
Monday, July 29
Thursday, Aug. 1
35.00
35.00
Tuesday, July 30_
Friday,
Aug.
2
35.00
35.00

The return of Premier Hendryk Colijn to power in
the Netherlands, with concomitant improvement in
the guilder situation, was followed by a general upswing in the gold currencies and a resumption of
foreign exchange trading in London and all other markets. With improvement in the tone and more
normal trading the British exchange control, according to well-informed London opinion, has had less
occasion to intervene for the purpose of holding sterling steady in relation to gold currencies. Therefore
the price of the franc, as represented by the London
check rate on Paris, shows little change from last
week. In fact, for the past three months sterling
has varied less than 1% in terms of gold. The fact
that silver operators are now thoroughly cdnvinced
that the United States Treasury officials will not permit silver in the London market to fall below 30 3-16d.
-30 5-16d. per ounce has had the effect of steadying
the London silver market and to this extent also is
an influence in holding sterling steady, as agents acting for the Treasury Department are not obliged to
make any spectacular moves which might occasion
heavy sales of dollars in the purchase of sterling.
A feature of the foreign exchange market which
reflected the improvement in the gold currencies and
the more confident tone of trading was witnessed in
London on Wednesday upon bear covering of the
guilder following the formation of the Colijn cabinet.
On Saturday last approximately 000,000 of gold
had been transported from Holland by plane and
remained in safe deposit vaults at the airdrome. On
Wednesday these funds were returned to Holland.
At the same time the discount on three-months'
forward guilders narrowed to 15 Dutch cents.
All seasonal factors are now strongly in favor of
firm sterling, and will continue so until well into
September. Meanwhile, tourist demand for sterling




649
is at a higher level than at any time in several years.
Counteracting these favorable influences, there has
been a flow of British funds and also of Continental
funds through London to New York security markets,
while a number of American issues ordinarily traded
in in the London markets are more than usually
active.
British domestic and overseas business continues
to show more than ordinary activity. The London
"Financial News" index of industrial shares, based
on 1928 as 100, stood at 98.9 on July 25, compared
with 87.4 three months earlier and with 81.5 a year
ago. The "Bankers' Magazine" index of 365 representative securities, based on December 1921 as 100,
stood on July 19 at 126.4, as compared with the high
record of 128.5 last January, with 122.5 a year ago,
and with the low record of 98.5 in December 1931.
New capital issues in Great Britain, as compiled
by the Midland Bank, totaled £54,000,000 in July,
the largest for any month since March 1920, when
they amounted to 09,500,000. For the first seven
months of this year new issues approximated L140,000,000, against £81,000,000 in the corresponding
period of 1934.
Official London is silent on numerous suggestions
from various quarters advocating stabilization of the
pound with respect to gold. In fact, opinions which
are evidently more or less inspired find expression
in the public prints from time to time,indicating that
London can give no thought to questions of stabilization before the approach of next summer. Approach to a general discussion of stabilization of exchanges, some London bankers venture to assert, is
hindered rather than assisted by the present policy
of the gold bloc.
Hoarding of gold by companies and individuals, an
inescapable corollary of instability in currencies, continues on a large scale in London. Professor Charles
Rist, foremost economist of France and closely associated with the Bank of France, in a recent article in
Lloyd's Bank "Monthly Review" cited figures compiled by the Bank for International Settlements,
showing that in the last three years 7,000,000,000
Swiss francs of gold (new dollar parity of the Swiss
franc is 32.67) have gone into hoarding in the strongrooms of banks, preferably those of countries least
threatened by the likelihood of government embargo
(meaning London banks primarily). The surplus of
imports of gold over exports of gold in Great Britain
in three years amounts to 6,000,000,000 Swiss francs,
compared with world production of fresh gold in that
period of 7,000,000,000 Swiss francs. The conclusion, he says, is manifest: "The amount of gold
hoarded is nearly equal to the fresh amount extracted
from the mines. . . . From 1890 to 1895 the
quantity of fresh gold mined amounted to only
4,250,000,000 Swiss francs. This sum was sufficient
to bring about a rise in prices from 1895 onwards,and,
sustained by an annual production of 1,300,000,000
Swiss francs, it continued until 191,3 Now the annual increase in gold production has reached about
2,300,000,000 Swiss francs. Thus amounts of gold
very much less than those which are mined annually
now sufficed in the past to bring about a recovery in
the price level."
Money continues in great abundance in the London open market and money rates are unchang
ed
from those quoted for the past month. Two-months
'
bills are 9-16% to %%, three-months' bills %%,

650

Financial Chronicle

four-months' bills %% to 11-16%, and six-months'
bills 13-16% to /%.
All the gold available in the London market continues to be taken for unknown destinations, chiefly
for private hoarders. On Saturday last there was so
taken £285,000; on Monday, £264,000; on Tuesday,
065,000; on Wednesday, 003,000; on Thursday,
01,000; and on Friday, £202,000.
The gold movement at the Port of New York for
the week ended July 31, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,JULY 25-JULY 31,INCLUSIVE
Exports
Imports
$1,750,000 from Colombia
None
1,414,000 from Canada
28,000 from India
6,000 from Guatemala
$3,198,000 total
Net Change in Gold Earmarked for Foreign Account
Increase: $1,406,000

The above figures are for the week ended on
Wednesday. On Thursday $3,029,900 of gold was
received from Holland. There were no exports of
the metal or change in gold held earmarked for foreign account. On Friday $1,669,900 of gold was
received from Holland. There were no exports of
the metal or change in gold held earmarked for foreign account.
Canadian funds during the week were quoted in
terms of the dollar at a discount ranging between
N% and 3-32%.
Referring to day-to-day rates, sterling exchange on
Saturday last was steady in nominal trading. Bank2; cable transfers,
ers' sight was $4.963'@$4.963/
$4.96%@$4.96/. On Monday the pound was fractionally easier. The range wsa $4.95%@$4.963
for bankers' sight and $4.96@ .969/i for cable transfers. On Tuesday sterling was steady. Bankers'
%@$4.963; cable transfers, $4.96@
sight was $4.957
exchange was dull and
Wednesday
$4.96%. On
fractionally easier. The range was $4.953@$4.96
for bankers' sight and $4.95/@$4.96/ for cable
transfers. On Thursday sterling was steady. The
range was $4.953/2@$4.96 for bankers' sight bills
and $4.95%@$4.963/ for cable transfers. On Friday
sterling continued steady. The range was $4.9532@,
%@$4.96/ for
$4.96 for bankers' sight and $4.955
on Friday were
quotations
Closing
cable transfers.
cable transfers.
for
and
$4.95%
demand
for
$44.95%
%,sixty-day
Commercial sight bills finished at $4.955
bills at $4.949/ ninety-day bills at $4.9378, documents
for payment (60 days) at $4.94%, and seven-day
grain bills at $4.9478. Cotton and grain for payment closed at $4.95/.
Continental and Other Foreign Exchange
THE French franc was materially affected last
week by the cabinet crisis in Holland and the
fall in the guilder, so with improvement in the Dutch
situation the franc likewise recovered. On the whole
the franc shows very little change from last week in
the average of fluctuations. The stability of the
franc is due in part also to the constant vigilance of
the British exchange control in its operations to regulate and minimize the fluctuations of sterling in
terms of gold. Thus far the Laval Government's
radical decrees of July 17, intended to effect rigid
economies, have met with no serious opposition. On
the contrary, the French people are in general assuming the necessary burdens in a spirit of confidence,
and it is thought that an economic revival is certain

A




Aug. 3 1935

to ensue. It was expected that the Bank of France
would reduce its rediscount rate, which was fixed on
July 18 at 332%, but concern felt as to the guilder
situation is believed to have caused postponement of
the reduction. However, it is believed that a lower
rediscount rate can not be long delayed as an easy
money policy is essential to the success of M. Laval's
recovery program. Before long decrees are expected
to be issued limiting the interest payable on mortgage
bonds and rendering possible large-scale debt conversion.
The German mark situation continues increasingly
unsatisfactory. While the Reichsbank's gold holdings have been increasing during the past few weeks,
the gold backing is so inconsiderable as to be practically negligible. During the first eight months of
1934 the Reichsbank received Russian gold to the
value of 187,900,000 reichsmarks in settlement of
Soviet trade debts. Then these shipments ceased
(apart from a small amount received in October),
apparently because the active Russian trade balance
provided sufficient reichsmarks for meeting current
payments. It is understood that a balance of approximately 200,000,000 reichsmarks was still due
by the Soviet Government at the beginning of 1935,
and that an agreement was made in April between the
German and the Soviet governments to the effect
that about one-half of this balance was to be settled
in gold and one-half by shipments of merchandise.
It is probable that the Reichsbank's gold position will
be further improved on this account in the coming
months. However, the outlook for the mark is becoming more dubious. Prices are rising rapidly in
Germany and officialstatements give no clear indication of the actual conditions. There is a severe shortage of food and materials and the quality of consumable goods is reported to be deteriorating. The people are showing symptoms of fear that the mark will
be devalued and that a serious inflation is imminent.
The populace are displaying a preference for metallic
money and merchants are refusing bills of large denomination. The currency and economic alignments of Germany are ingenious but inexplicable devices founded upon a basis which it would seem cannot possibly endure. Only the genius of Dr. Schacht,
head of the Reichsbank and economic administrator
of the State, enables the present machinery to function. Dr. Schacht issued a warning during the week
that the entire system is in peril unless the National
Socialist policies are modified in important respects.
The so-called free or gold mark bears no relation to
the effective currency arrangements of the Reich.
It is neither a gold mark nor free. German blocked
marks cover every phase of financial and industrial
operations. There is a blocked mark for accounts
arising from the sale of securities in Germany, another for the sale of real estate, a third covers old
credit accounts, while a fourth is for "foreigners'
special account." A fifth variety, the registered
mark, is set aside for foreigners' expenses while sojourning in Germany. Every blocked mark is subject to a discount of from 25% to 70%.
Italian lira continue to fluctuate rather widely, but
it is believed that the Italian control will be able to
maintain a relatively high lira price, at least as long as
the Italian Government is able to pay out gold on
its import accounts. Only recently British exporters
of coal, steel, engineering and other products have
protested to their Government against the protracted

Volume 141

Financial Chronicle

delay in Italian payment for British goods. It is
currently understood that British and other exporters
of essential materials to Italy are refusing to make deliveries except on a cash basis. This attitude does
not derive from mistrust of their Italian customers,
but from a widespread fear that the lira may be devalued before payments can be effected.
The following table shows the relation! of the leading European currencies still on gold to the United
States dollar:
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
6.605% to 6.63%
5
16.90 to 16.983,5
8.18 to 8.21
32.64 to 32.78
67.10 to 68.10

The London check rate on Paris on Friday closed
at $74.79 against $75.08 on Friday of last week. In
New York sight bills on the French center finished on
Friday at 6.633, against 6.61 on Friday of last
week; cable transfers at 6.633
1 2; and
4 against 6.61/
commercial sight bills at 6.603
4, against 6.58%,
Antwerp belgas closed at 13.91, for bankers' sight
bills and at 13.92 for cable transfers, against 16.97
and 16.98. Final quotations for Berlin marks were
40.36 for bankers' sight bills and 40.37 for cable
transfers, in comparison with 40.31 and 40.32.
Italian lire closed at 8.1934for bankers'sight bills and
at 8.203/2 for cable transfers, against 8.17 and 8.18.
Austrian schillings closed at 19.02, against 18.96;
exchange on Czechoslovakia at 4.163/2, against 4.153';
on Bucharest at 981
/
2, against 1.00, on Poland at
18.99, against 18.92, and on Finland at 2.193/2,
against 2.20. Greek exchange closed at 0.94% for
bankers' sight bills and at 0.94% for cable transfers,
against 0.923/i and 0.92%.
XCHANGE on the countries neutral during the
E
war is showing an improved tone as a result of
the settlement

of the Dutch crisis. Premier Hendryk Colijn succeeded in forming a satisfactory cabinet on Monday and it became known that the Catholic Party had pledged its support to his economy
plans. It is believed that M. Colijn will carry out
his original program of deflation, which caused the
Catholic and Labor elements to withdraw their support last week. However, the plan for effecting a
saving in the budget of 77,000,000 guilders will be
postponed for discussion until some time in September. The cabinet crisis cost Holland 130,800,000
guilders, about one-fifth of the gold stock of the
Netherlands Bank, the largest amount ever withdrawn in a single week. According to the weekly
statement of the Netherlands Bank, the gold stock
now amounts to 557,600,000 guilders and the gold
coverage is 63.8%, compared with 77.1% a week
earlier. Guilders continue to fluctuate rather widely
this week, but on the whole the undertone is sufficiently firm to indicate a rather general return of
confidence. The Netherlands Bank rate has been
at 6% since July 26, but it is confidently expected
that an important reduction will be made in the coming week. Swiss francs show an improved tone in
consequence of the changed guilder position. The
Scandinavian units move as always with sterling
exchange.
Bankers' sight on Amsterdam finished on Friday
at 67.86 against 67.36 on Friday of last week; cable
transfers 67.87 against 67.37, and commercial sight
bills at 67.84, against 67.34. Swiss francs closed at




651

32.78 for checks and at 32.79 for cable transfers,
against 32.65 and 32.66. Copenhagen checks finished
at 22.14 and cable transfers at 22.15, against 22.18
and 22.19. Checks on Sweden closed at 25.57 and
cable transfers at 25.58, against 25.61 and 25.62;
while checks on Norway finished at 24.92 and cable
transfers at 24.93, against 24.96 and 24.97. Spanish
pesetas closed at 13.74 for bankers' sight bills and at
13.75 for cable transfers, against 13.70 and 13.71.
XCHANGE on the South American countries
E
shows no new trends. The Argentine paper
peso is firm, moving

in close sympathy with sterling
exchange. The market for South American exchange is decidedly limited in New York, as British
agreements have diverted the greater part of South
American exchange in favor of London. The Brazilian milrei is more decidedly restricted, owing to the
stringency of exchange control enforcement. Recent
dispatches from Santiago, Chile, state that the publication of preliminary budget figures has moved the
Chilean press to urge the Government to keep down
expenses at any sacrifice and to balance the budget
and avoid further taxation. The internal debt of
Chile has increased from less than $500,000,000 in
1934 to $700,000,000. Marked weakness in the
quotations for internal bonds is cited as evidence that
Government expenditures on public works and other
development programs have been considerably in
excess of the legitimate national surplus. Despite
the favorable turn of negotiations in Europe for at
least reduced payments on the foreign debt, Chileans
are becoming reconciled to the realization that the
country will have to rely for a long time on domestic
efforts to raise the capital required for minimum
development needs.
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',
s. The unofficial or free market close
against 333/
was 26.70@26.90, against 26.75. Brazilian milreis,
official rates, are 8.20 for bankers' sight and 83. for
cable transfers, against 8.20 and 83. The unofficial
or free market close was 5%, against 5%. Chilean
exchange was nominally quoted on the new basis at
5.19 against 5.20. Peru is nominal at 23.86, against
23.86.
XCHANGE on the Far Eastern countries is deE
void of new features of interest. The Japanese
yen as a

matter of fixed policy of the Bank of Japan
moves in close sympathy with sterling exchange.
The Indian rupee moves strictly with sterling, to
which it is legally attached. The Chinese units have
been somewhat steadier during the past few weeks,
owing to the steadier price of silver in the London
market.
Closing quotations for yen checks yesterday were
29.25 against 29.26 on Friday of last week. Hong
Kong closed at 523@52 11-16, against 525
/g©53 1-16
Shanghai at 37%@37 7-16, against 38%@389;
Manila at 49.80, against 49.85; Singapore at 57.95,
against 57.90; Bombay at 37.47, against 37.50; and
Calcuta at 37.47, against 37.50.

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

P

Financial Chronicle

652

Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FEDERAL RESERVE
FOREIGN EXCHANGE RATES CERTIFIED BY
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
JULY 27 1935 TO AUG. 2 1935, INCLUSIVE

Country and Monetary
Unit

Noon Buying Rate for Cable 7Yartsfers in New York
Value in United States Money
July 27

July 29

July 30

July 31

Aug. 1

Aug. 2

$
$
$
$
$
$
Europe.189300*
Austria, schilling____ .188933* .189000* .188933* .189233* .189066*
.169619 .169315 .169234 .169146 .168915 .169020
Belgium. belga
.013075* .013075* .013125* .013450* .013450* .013450*
Bulgaria. ley
.041560
Czechoslovakia, krone .041489 .041500 .041485 .041564 .041546
.221570 .221416 .221404 .221341 .221286 .221266
Denmark, krone
.955500
4.957583
4.957500
4.960416
4.960000
England. pound sterTg4.963666
.021880 .021860 .021870 .021870 .021850 .021855
Finland, markka
.066082 .066125 .066128 .066251 .066215 .066289
France,franc
.403484
Germany, reichsmark .403071 .403333 .403153 .403957 .403350
.009420 .009405 .009410 .009441 .009429 .009425
Greece. drachma
.678328
.677550
.680357
.677653
.677339
.673457
guilder
Holland,
.296700* .296750* .296575* .297075* .297075* .297150*
Hungary, pengo
.081755 .081876 .081851 .082041 .082041 .082005
Italy, lira
.249375 .249227 .249191 .249091 .249062 .249075
Norway, krone
.189180 .189300 .189200 .189420 .189320 .189500
Poland, zloty
.045120 .045090 .045110 .045070 .045070 .045090
Portugal, escudo
.010000 .009990 .009980 .010000 .009980 .009940
Rumania.leu
.136982 .137010 .136996 .137242 .137226 .137300
Spain, peseta
.255952 .255690 .255708 .255666 .255629 .255600
Sweden,krona
.327500
Switzerland, franc- .326360 .326726 .326892 .327503 .327196 .022950
Yugoslavia, dinar.-- .022906 .022912 .022950 .022975 .022937
AsiaChina.370625
Chefoo (yuan) dol'T .382500 .372500 .371666 .377500 .376250 .371041
Hankow(yuan) dol'r .382916 .372916 .372083 .377916 .376666 .370625
Shanghal(yuan)dol. .382500 .372083 .371041 .377187 .375625 .371041
Tientsin(yuan) dorr .382916 .372916 .372083 .377916 .376666
.520156
Hongkong, dollar__ .523750 .520312 .519375 .522812 .521093 .373890
.374190 .374220 .374050 .374015 .374015
India, rupee
.292150 .292155 .292275 .292255 .292255 .292215
Japan, yen
Singapore (S. S.) don' .575937 .575000 .575937 .576250 .576250 .576250
Australasia3.938125* 3.934375•3.934687.3.932812* 3.9331259.930937*
Australia, pound
9M375*
New Zealand, pound_ 3.961875*3.958125*3.958750*3.955937*3.956875* 3
Africa905000*
4.906500*4
4.906250*
0*4.908500*
pound
4.911500*4.90800
South Africa,
North America.998671 .998750 .998750 .998671 .998750 .998723
Canada, dollar
999200 .999200 .999200 .999200 .999200 .999200
Cuba, peso
.277550
Mexico. peso (silver)_ .277550 .277550 .277550 .277550 .277550
Newfoundland, dollar .996125 .996125 .996125 .996125 .996187 .996187
South America.330700• .330550* .330525* .330400* .330425* 330375*
Argentina, peso
083083• .083078* .083078. .083127. .083127* .083133*
Brazil, tnilrels
.050950* .050950. .050950* .050950* .050950• .050950*
Chile. peso
.803475* .803475* .803475* .803475* .804000* .901000*
Uruguay, peso
.526300* .530600* .533400* .530600* .526400* .524900.
Colombia, peso
• 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. 1 1935, together with comparions as of the
corresponding dates in the previous. four years:

T

Banks ofEngland__ France a_ - Germany b
Spain
Italy
Nethlands.
Nat. Beig._
Switeland _
Sweden_
Denmark _ _
Norway

1935
L
193,361,551
650,213,053
7,390,800
90,775,000
60,450,000
57,372,000
101,814,000
45,266,000
19,794,000
7,394,000
6,602,000

1933

1934
L
192,157,793
642,017,591
2,847,900
90,546,000
69,960,000
71,815,000
75,000,000
61,409,000
15,335,000
7.397,000
6,577,000

£
191,521,188
655,808.860
11,365,650
90,386,000
73,184,000
63,615,000
76.757,000
61.461,000
12,636,000
7,397,000
6,569,000

1932
£
139.399,674
657,340,121
35.957,350
90,237,000
61,256,000
84,206,000
74,244,000
89,156,000
11,445,000
7,440,000
7,911,000

1931
£
134,827,755
467,259,916
64,082,300
91,003,000
58,057,000
49.002,000
42,649,000
30,504,000
13,214,000
9,546,000
8,131,000

Total week_ 1,240,432,404 1,235,062,284 1,250,700,698 1,258,592,141 968,275,971
Prey. week_ 1.156.093.030 1.233.961.554 1.244.974.862 1.256.482.952 953.395.982
a There 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 or which the present year is £1,508,800.

/Planned Economy and American
Foreign Trade
The idea of a planned economy as a factor in American tariff policy, set forth particularly in Secretary
Wallace's well-known pamphlet "America Must
Choose," has just been subjected to a searching
analysis by Professor Alonzo E. Taylor, director of
the Food Research Institute at Stanford University
and formerly a member of the War Trade Board, in
a book entitled "The New Deal and Foreign Trade."*
Secretary Wallace, it will be remembered,saw three
ways in which the depressed state of American agriculture might be dealt with. The first was the adoption of a nationalist policy under which production
of staple crops would be limited to the quantities
which the country could consume. The second was
an internationalist policy of virtually free trade, the
•New York: The Macmillan Co. ;3.




Aug. 3 1935

exports of agricultural products and the imports of
manufactured goods being both increased without
any reduction in the crop acreage. The third, which
he called a "planned middle course," contemplated
the extension of planning to agriculture, industry
and foreign trade, with a reduction of acreage and
crop production of about one-half the amount which
the nationalist policy would call for, and a corresponding increase in the imports of manufactured
goods.
Professor Taylor points out that while Secretary
Wallace is "the first official of Cabinet rank" to
propose a change from a favorable to an unfavorable
balance of merchandise trade, there is reason to suspect that the Cabinet is not a unit regarding foreign
trade policy. Both personality and tradition contribute to the rift. Secretary Wallace and Secretary
Hull are alike "impersonal, austere, and ethically
minded," but the former has "the crusader's spirit"
while the latter has "an outstanding capacity for
poise and self-restraint under stress," and although
they may "think alike on long-term international
policies," it is doubtful if they have "the same ideas
on the technique of international relations." The
Department of State, moreover, has the advantage of
"being in the traditional and continuing position of
confidence of foreign countries," it is the agency
through which treaties are drafted, and in the negotiation of bilateral trade agreements its views, rather
than those of the Department of Agriculture, are
likely to prevail. •
The Wallace "planned middle course," Professor
Taylor notes in summarizing the results of an elaborate and detailed scrutiny, has as its main objectives
the removal of 25,000,000 acres from cultivation, and
the increase of half a billion dollars in agricultural
exports and twice that amount in non-agricultural
imports above the level that would otherwise be
found. In order to do this, bilateral trade agreements
are to be made with a large number of countries.
Taking 37 of the more than 50 important trading
countries of the world as an illustration, Professor
Taylor points out that not only is the United States,
if the scheme is carried through, expected to conclude 36 bilateral treaties, each of which will tend
to increase the present unfavorable balance of merchandise trade, but that each of these 36 treaties
"ought to be co-ordinated with the other 35, expressing a consistent policy of stimulation of certain agricultural exports and repression of export of certain
manufactures from the United States, with increase
mainly of non-agricultural imports into this country
from the 36 foreign countries."
Of these 37 countries, however, Professor Taylor
reminds us, only six are "net-creditor" countries,
and bilateral trade agreements, therefore, cannot
follow the same "strategy" with them as with the
countries in the "net debtor" class. The United
States, on its part, "is unique in being at once a
heavy actual and potential exporter of agricultural
products,industrial raw materials, and semi-finished
and finished manufactures all the way from industrial equipment to final consumers' goods," and its
position, accordingly, is anomalous in that, although
a net-creditor country, it has "a strong urge towards
active export which is inherent in our resources,
technical equipment and natural genius." Further,
five of the 37 countries are nominally on the gold
standard, a number belong to the sterling bloc, and
the rest have various inconvertible currency stand-

Volume 141

Financial Chronicle

653

ards. The currency problem, as everyone knows, has Factual data are lacking, and political influence
been mainly responsible for the present tariff situa- would certainly enter "in support of vested interests
tion, and until currency adjustments are made which or in opposition to new developments." The notion
will permit re-adjustments of the price levels, "no of the New Dealers that the Sermon on the Mount
defensive. tariff walls," Professor Taylor declares, can before long be substituted for the law of the
"will be lowered."
jungle fails to take account, Professor Taylor reIn the case of industrial countries, most of them minds us, of the time element in social change, the
in Europe, which have been heavy importers of wide differences in the levels of social and technical
American agricultural products, the "planned middle intelligence, laws and customs, race and color, and
course" would require not only a contraction of their the comparative development of industry, trade and
own agriculture and a continuance of imports from banking in different countries. There is no evidence,
the United States, but, reciprocally, a contraction of he declares, that the United States possesses "the
American manufactures and a corresponding in- discipline to carry through the plan. A majority in
crease in the importation of manufactured goods, CongreRs is not an evidence of national discipline.
"which possibly implies enlargement of their manu- ... The discipline that comes of coercion does not
facturing plants or establishment of new ones." To extend into details as does the discipline that comes
effect this reciprocity would probably require, Pro- of conviction." It is Professor Taylor's prediction
fessor Taylor thinks, reciprocal quota agreements in that the "planned middle course" which Secretary
addition to any bilateral lowering of tariffs. On the Wallace has advocated "will turn out to be impracother hand, in the case of countries which, like Can- ticable," that "the baton will pass to the hand of
ada and Australia, are large exporters of agricul- the Secretary of State," and that "the world will
tural surpluses, agreements would have to provide turn from planned and managed foreign trade to
for a division of export markets and all countries simple rules, lower tariffs and most-favored-nation
would have to be included, "since obviously one treatment."
wheat exporter not under treaty could make the
These are weighty criticisms. They are not limwheat agreements of others inoperable."
ited, however, to the field of foreign trade. The prinIf, again, as Professor Taylor thinks is "presum- ciples which underlie them apply, with few excepably implied," each of the 37 countries which he tions, to the whole policy of the New Deal. Ostentakes as an illustration is prepared or compelled to sibly with the object of overcoming the depression
conclude bilateral treaties with each of the others, and getting rid of some obvious evils and defects, the
we should have about 600 such treaties—a task of whole country has been subjected to coercion through
"appalling" technical difficulty for whose consum- hastily formulated statutes and a bewildering mass
mation we should probably have to wait until the of Executive orders and decrees, all on the theory
time when the world "has passed through this de- that people can be made "good" by authority and
pression, gone through another boom, and landed that a "planned economy" can be set up at short
in another depression." There would be many spe- notice by the application of force. Even if the
cial and intricate problems, enforcement of treaties planned society which was contemplated was desirwould be impossible "in the absence of concordant or able in itself, which it conspicuously is not, scarcely
adaptable monetary policies, stable national curren- any of the persons to whom the great reformation
cies, balanced budgets and foreseeable foreign ex- has been entrusted had any known qualifications for
change rates," and some provision would have to the task, and the data for reform were lacking. The
be made for "appeal, adjudication and enforcement" results are the administrative and legislative chaos
since the treaties would not automatically execute in which the country finds itself more than two years
themselves.
after the great experiment began, and a deliberate
In a striking passage, Professor Taylor points out attack upon the Constitution as an obstacle to Fedthe assumptions which inhere in this implied attempt eral dictatorship. Professor Taylor has done yeoman
to extend the New Deal into the field of international service in exposing the fallacies of the program as
trade. The bilateral treaties, he observes, are to be applied to foreign trade, but his criticisms reach
so formulated "as to contribute in the United States also the fundamental objectives of the New Deal as
to a better balance between city and country and a a whole.
more equitable distribution of the national income."
By implication, a similar re-adjustment should be
sought in the economic organization of foreign coun- The Industrial Debenture with Stock
Participation Privileges—Charactertries. "Implied, therefore, is a bilateral regimentaistics and Features
tion of industry and agriculture. This will be a new
form of missionary activity. In the past, trade fol[By RUDOLPH L. WEISSMAN]
lowed the missionaries; here the missionaries follow
The revival of industrial financing, although it is
trade." The criticism would apply to either of the still in its early stage, already gives evidence of the
three possible policies which Secretary Wallace dis- continued popularity of the debenture obligation
cussed, but it is Professor Taylor's opinion that with stock participation privileges, i.e., bonds which
"negotiations towards a workable international mon- are either convertible or which have warrants giving
etary exchange policy would be less difficult, because the holder thereof the right to purchase the stock
less eccentric, in the case of economic nationalism of the obligor corporation. Since it is widely held
than in the case of economic internationalism."
that inflation, or some form of credit expansion is
Commenting finally upon the inherent limitations inevitable, this type of security promises to become
of planning, Professor Taylor declares that "in the doubly interesting.
absence of experience and precedent, it is gratuitous
In Great Britain all written instruments issued
to expect social planners in any country to possess under seal and evidencing the indebtedness of a
the technical skill necessary to carry through ex- corporation are known as debentures. In the United
peditious and efficient bilateral trade negotiations." States the term is confined to obligations which are




Financial Chronicle

654

not secured by lien or by the pledge of collateral.
Although there are a number of railroad, electric
power and light and gas debentures, this type of
obligation is more familiar in industrial financing.
Its greater use by industrial corporations is probably attributable to the lesser importance attached
to the fixed assets of an industrial corporation.
A sound industrial debenture with a stock participating feature comes close to being the ideal
security in a period of business expansion, provided,
of course, that the purchaser does not pay a disproportionate price, and the security meets the ordinary tests.
However, there are certain characteristics peculiar to the industrial debenture and other characteristics arising from the stock participation privilege.
It is the purpose of this article to discuss the particular points into which inquiry should be made by
the investor. The basis of this article is a study
which the writer made of 54 representative industrial debentures with stock participation privileges,
issued 'between 1926 and 1930. In size, these issues
varied from around $600,000 to $100,000,000. The
total aggregate sum was $601,000,000, or an average
of about $11,000,000. It is interesting to observe
that these bonds were distributed as follows with
regard to the industries represented:
27
14
10
3

manufacturing-general
oil
miscellaneous (retail, service, &c.)
mining

With regard to maturity, the issues examined were
distributed as follows:
to 5 years
5 " 10 "
10 " 15 "
15 4, 20 11

5
1
42
6

It will be observed that almost 80% of the issues
had maturities of between 10 and 15 years. The
practice has been to avoid issuing obligations having
maturities of from 25 years or more, although this
is a common practice for public utility and railroad
issues. On the other hand, few issues with stock
participation privileges were offered which matured
in less than five years, a class which has been confined mainly to simple unsecured notes.
Of the issues examined, 45 were convertible and
the remainder had warrants. The convertible type
has been more popular with both the investor and
investment banking firm. Exercise of the conversion feature serves to extinguish the corporate debt,
but the obligation survives the exercise of the stock
purchase warrant. Furthermore, the warrant is
usually confined to the right to buy a limited number of shares, usually 10 to 25 shares,for each $1,000
principal amount of bonds, which limits the speculative value of the warrant. One-half the issues
examined had graduated prices at which the conversion or warrant feature might be exercised, the price
changing generally for each three- to five-year period
prior to maturity.
Essentially, the debenture is nothing more than a
long-term promissory note. On default, the holder
does not have the right to foreclose, nor is protection afforded by the pledge of specific property.
The contract provisions in the trust indenture are
an attempt to provide protection against the obvious
dangers in holding a long-term unsecured promissory note. The trust indenture must be drawn so
that the directors and management are not hampered
In the course of management, and yet a balance




Aug. 3 1935

must be preserved 'between the interest of the stockholders and the protection of the creditors.
The provisions in the trust indentures relate
principally to the following:
1. Issuance of prior lien obligations and/or issuance of
additional debentures.
2. Maintenance of a sound net current asset position.
3. Payment of dividends.
4. Protection against the dilution of the stock participation privilege.

Of the 54 issues examined it was found that in 10
instances prior lien obligations could not be issued
under any circumstances; in 24 instances the issuance of prior lien obligations was permitted if the
debenture bonds were to be equally secured, and in
eight instances the consent of 50% or more of the
principal amount of debentures outstanding was
necessary, regardless of whether the debenture bonds
were to be equally secured with the prior lien obligations. The remainder had no provisions whatsoever
with regard to the issuance of prior lien obligations.
The danger of such omission is clear, since
the position of the debenture obligations may be
jeopardized through the issuance of mortgage obligations specifically secured by a lien on the corporation's plants and properties. In a number of cases
debenture bonds have been redeemed and mortgage
bonds bearing lower interest rates have been sold.
There is usually an exception in regard to the
issuance of prior liens which applies to mortgages,
pledges or liens to secure loans made in the usual
course of business, maturing in less than one year.
A second exception is usually provided permitting
the corporation to acquire property and issue, as
part of the purchase price, purchase money mortgages not exceeding a part (generally 66 2/3%) of
the purchase price.
Of the 54 issues under consideration the great
majority provided that the obligor corporation must
maintain a prescribed balance sheet position, with
the intention of maintaining the safety of the debenture bonds through the maintenance of net assets
at a certain ratio (usually 1.25 tb 1) of the principal
amount of outstanding debentures, or maintenance
of net current assets, or working capital, at a certain ratio to the debentures outstanding, or the
maintenance of a prescribed ratio of current assets
to current liabilities, ranging generally from 2 to 1,
to 4 to 1.
These requirements are reasonable in that the
debenture obligations are entitled to share only
equally with other creditors in the event of default.
Short-term creditors thus may have an advantage.
Other provisions sometimes associated with the
above relate to the payment of dividends while the
debenture bonds are outstanding.
Twenty-seven, or exactly one-half of the indentures examined, contained limitations on the payment of dividends. More than two-thirds of the
limitations are based on requirements concerning
the current asset position. It was generally provided that current assets, after the payment of dividends, must be maintained either at a certain ratio
to current debt, or that the net current assets must
equal a fixed proportion of the bonds outstanding;
a few provided that the net current assets must be
maintained at a fixed sum. Other limitations relate
to the earnings in the year or 18 months preceding
the payment of the dividend. Representative provisions were that net income, after deductions were
made for all operating expenses, depreciation, deple-

Volume 141

Financial Chronicle

655

tion and taxes, must be from 11/2 to 3 times total furnish an adequate substitute for earnings.
Hence,
interest charges for the period before dividend pay- following an examination of the
indenture proments might be made. In one instance, that of an visions along the lines above
suggested, the ultimate
oil company wholly engaged in production,the corpo- appraisal of the value of an
industrial indenture
ration was required to apply to the redemption and must rest principally on earnings.
retirement of the bonds an amount equal to each
dividend disbursement. It is quite proper to cirBOOK REVIEWS
cumscribe the payment of dividends with restrictions; otherwise, common dividends may be paid
The Security Markets
with a resulting impairment of the net working capi- Findings and Recommendations of a Special Staff of the
Twentieth Century Fund. 865 pages. New York: Twental position. This might have serious consequences
tieth Century Fund, Inc. $5.00.
in the event of the early maturity of a debenture
This volume contains the full text of the findings of the
issue during a time of financial distress following Twentieth
Century Funa's survey of the security markets,
the program of which, together with a brief summary of the
several years of poor earnings.
was published in 1934 under the title of "Stock
In the majority of instances provision was made findings,
Market Control." Since the latter book appeared the
for sinking funds, which are particularly important Securities Exchange Act has been passed, with the result of
correcting many of the defects which had been pointed out,
in the case of mining and producing oil enterprises. and
a summary of the changes which have occurred since
Aside from small corporations of this type, in which the passage of thelAct is presented in Chapter XVIII,
but the
the sinking fund should be related to production findings of the survey are nevertheless published as they
were originally made, partly as a basis for appraising the
(such as 7.5c. per ton for coal), it seems that the conditions with which
the Act undertook to deal, and partly
use of a stated part of earnings is preferable to a "because the functions of the markets and the majority ,c
practices remain unchanged."
fixed annual sum. If it is assumed that the debt trading
Some thirty economists have co-operated in the prepara,
should be reduced, it is sound business policy and tion of the volume, and the survey fairly sweeps the field.
scope may be gathered from the titles or subjects of the
fair to both creditors and owners of the equity that Its
principal chapters: the stock exchange in economic theory
retirement rise and fall in proportion to changes in and the functions of an ideal system of exchanges; ownership
earnings. A fixed sinking fund may embarrass a of securities in the United States; security exchanges ana
the supply of capital and the relation of security markets to
corporation during a period of financial strain, banking and credit; the effects of security markets
on inwhereas the debenture holders may not be perma- stitutional investors such as endowed institutions, insurance
and savings banks, and the relation of security
nently benefited by large earnings unless the prin- companies
markets to general business conditions and corporate financial
policy; the relation of security prices to asset values, divicipal amount is reduced.
and earnings; the position of the stockholder in corThe indenture usually sets forth the accounting dends
porate organization and management, and the relation
methods to be used in determining earnings, &c. In between security and commodity markets.
Under the head of organization and operation of security
connection with provisions relating to current assets,
markets the book describes the stock exchanges of the United
it is easy to understand that inventory should be States, London, Paris, Berlin, Amsterdam and a number of
carried at cost or market, whichever is lower. At other foreign countries, and sets down minutely the conditions or operations in this country of margin buying, brokers'
the same time, care must be exercised in order not loans, short selling, the work of the
specialists, and market
to hamper unnecessarily the operations of a business manipulation. The chapter on the latter topic, the joint
work of Frederick W. Jones and Arthur D. Lowe, contains
in which raw materials fluctuate rapidly. The in- an
interesting account of the spectacular pool of March 1929,
denture of a wearing apparel company, which car- in the "new" common stock of the Radio Corporation of
Later chapters deal with corporate accounting
ried a relatively large raw silk inventory, provided America.
and reporting, the sources of financial information and advice
that the directors have discretion in the way that available to investors, the various recommendations offered
by the special staff, and the Securities Exchange Act of
raw silk was carried in the balance sheet.
1934. There
35 appendices of supplementary matter in
An omission in the indentures which is open to addition to 84aretables
and 27 charts in the text, and an
criticism is the absence of protection against the elaborate bibliography for each of the chapters.
The recommendations with which the survey closes represubsequent issuance of securities with a more attrac- sent,
in general, the conclusions of the special staff but not
tive stock participation feature than is possessed by necessarily the opinions of each individual member, and one
the collaborators, George Soule, while not disapproving
the debentures outstanding. Theoretically, a corpo- of
the recommendations, has preferred to dissociate himself
ration whose debentures are convertible into stock entirely from their formulation. Many of the recommendaat $25 per share, later might issue a preferred stock tions are substantially in accord with provisions of law enacted since the recommendations were drawn up and first
which would be convertible at $20 a share. Another published, and these need not be recapitulated.
Other
omission to be guarded against is the absence, of recommendations include Federal incorporation of all corpoexcept those below "a certain size" as "determined
restrictions against the use of current funds to buy rations,
on the basis of total capitalization or number of stockpreferred or common stock with cash resources while holders," engaged in inter-State business, as a .means of
correcting the serious abuses incident to the existence of
the debentures are outstanding. It seems reason- "49
separate systems of corporate law," and, in the case of
able to expect liquid assets to be applied first to the corporations doing exclusively an intra-State business, among
reduction of the debentures outstanding. The earn- which utilities form an important group, the enactment of
State laws providing in general for the same minimum
ings and working capital position of most industrial standards for corporations in intra-State business as for those
corporations vary widely. Since the holders of de- whose business is inter-State. Saturday transactions,whether
on exchanges or over the counter, would be prohibited in the
bentures have no voice in the management, con- interest
of the five-day week and "in harmony with the
flicting interests should be reserved in their favor. principles of reconstruction under the `New Deal.'"
writers would also prohibit "short sales of unusual size
In this connection it is suggested that thought might in The
individual issues within the limits of a single trading
well be given to the formulation of definite plans session" as per se "transactions upsetting market equiliband would materially restrict the sphere of specialists.
whereby the holders of debentures would be repre- rium,"
Under the head of pools and their use of news and propaganda
sented on the Board, the number to be in proportion to attract public interest, it is suggested that "the reputable
to the relation of the debt of the corporation to its newspapers can do much toward raising the standards of
financial reporting and the standards of their financial renet worth, or that the representation increase as porters," the implication being that the
standards are now
the number-of-interest-times-ratio decreases, and vice low, and the States are urged to "show a greater zeal than
they have in some instances in uncovering and prosecuting
versa.
fraudulent practices on the part of purveyors of news." It
In the final analysis, the provisions in the inden- is further recommended that "no individual should be permitted by the several States to practice as an investment
ture of trust, no matter how skilfully drawn, cannot counsel
without a degree of Certified Investment Counsel




Aug. 3 1935

Financial Chronicle

656

Fluctuations in bond prices have held within a very
narrow range this week, with underlying strength among
railroad issues. United States Governments have shown
no movement whatever. The latest offering of 2%% Treasury bonds was sold at a substantial premium, to yield, on the
average, about 2.78% to the successful bidders. Bank reserves in the Federal Reserve System were reported as
$5,100,000,000 this week, a new high.
High-grade railroad bonds eased fractionally. Atchison
gen. 4s, 1995, lost % to close at 109%; Union Pacific L. G.
4s, 1947, declined % to 111%, and Chicago Union Station 4s,
1963, at 109 were down %. Second grades have been very
strong. Erie 5s, 1967, advanced 3 points to 66%; Baltimore & Ohio 4%s, 1960, closed at 56, up 2%, and N. Y.
Central ref. 5s, 2013, closed at 71%, up 37/s for the week.
Slight irregularity has been seen in high-grade utility
bonds, other utility groups being generally firm and active.

Public Service Electric & Ices 4%s, 1970 and 4%s, 1967;
Cincinnati Gas & Electric 4s, 1968, and Virginia Electric &
Power 5s, 1955, fell to or near their call prices on the expec28
1
tation of refunding. Public Service Electric & Gas 4/
were actually called, funds being raised largely through the
private sale of 3%s to institutions at 100. The only other
financing in the utility field was $15,000,000 Southern California Gas 4s, at 101%.
Some of the more speculative industrials showed considerable firmness, but many of the standard issues stood still.
Certain-teed Products 5Y2s, 1948, rose 2 points to 84. The
motor issues have been strong, with Studebaker Os, 1945,
at 47 up 3, and Murray Corporation 6%s, 1942, 11 points
higher at 137. While the Paramount Publix etfs. 5%s, 1950,
added 5% points to their recent gains, closing at 103%, the
Warner Brothers Pictures Os, 1939, climbed 5 points to 79.
A conflicting movement noted has been a 3%-point rise in
the Bush Terminal cons. 5s, 1955, to 44% at a time when
the New York Dock 5s, 1938, dropped 1% points to 52.
The entire foreign bond market has been subject to
pressure, with fractional declines in almost every group.
Italian and German issues have been among those which
lost the most ground. Scandinavian issues have been steady,
and Japanese Government bonds rose slightly.
Moody's computed bond prices and bond yield averages
are given in the following tables:

MOODY'S BOND PR10ESt
(Based on Average Yields)

MOODY'S BOND YIELD AVERAGESt
(Based on Individual Closing Prices)

and a license to be awarded after proper examination by
suitable State authorities."
The value of the material and accompanying criticism
which the book offers is so great as to occasion surprise that
the text was not revised throughout to take account of the
provisions of the Securities Exchange Act. As the Act was
approved in June 1934, the time required for revision would
seem to have been ample.

The Course of the Bond Market

1935
Daily
Averages

U.S.
120
Govt. Domestic
Bonds
vs
Corp.*

120 Domestic Corporate*
by Ratings
Aaa

Att

A

Baa

120 D01716314C
Corporate* by Groups
RR.

P. U. Indus.

All
1935
120
Daily
Domestie
Averages

120 Domestic Corporate
by Ratings
Aaa

Aa

A

Bea

120 Domestic
Corporate by Groups
RR.

ft
30
For-

P. U. Indus.

6.15
4.99
4.42
5.74
4.23
4.55
4.15
Aug. 2_ 4.54
3.73
Aug. 2._ 109.06 103.48 118.66 110.42 103.32 85.74 96.23 105.54 108.94
6.12
4.96
5.73
4.41
4.25
4.55
4.15
4.54
3.73
I._
109.05 103.48 118.66 110.42 103.32 85.87 96.70 105.72 108.57
6.12
4.95
4.41
5.72
4.25
4.54
4.16
July 31_ 4.54
3.73
July 31__ 109.05 103.48 118.66 110.23 103.48 85.99 96.85 105.72 108.57
6.15
4.97
4.41
5.73
4.25
4.55
4.16
30... 4.54
3.72
30._ 109.04 103.48 118.86 110.23 103.32 85.87 96.54 105.72 108.57
6.19
4.98
4.41
4.24
5.75
4.55
4.16
29_ _
3.72
4.55
29__ 109.08 103.32 118.86 110.23 103.32 85.61 96.39 105.72 108.75
4.41
6.10
5.79
5.00
4.24
4.54
4.15
3.71
27.- 4.55
27__ 109.06 103.32 119.07 110.42 103.48 85.10 96.08 105.72 103.75
6.12
5.81
5.00
4.41
4.25
108.57
105.72
96.08
4.54
3.71
84.85
4.15
26_
4.55
103.48
110.42
119.07
103.32
26__ 109.05
6.28
4.41
5.80
5.00
4.25
4.54
3.71
4.15
25__ 4.55
25__ 109.04 103.32 119.07 110.42 103.48 84.97 96.08 105.72 108.57
6.29
4.99
4.41
5.79
4.25
4.55
4.15
24__ 4.55
3.72
24__ 119.06 103.32 118.86 110.42 103.32 85.10 96.23 105.72 108.57
6.07
4.99
4.41
5.78
4.26
4.57
3.71
4.15
23__ 4.55
23_ 109.05 103.32 119.07 110.42 102.98 85.23 96.23 105.72 108.39
5.98
4:99
4.41
4.27
5.80
4.56
22__ 4.56
3.71
4.15
22__ 109.15 103.15 119.07 110.42 103.15 84.97 96.23 105.72 108.21
5.96
5.77
4.99
4.39
4.26
4.56
3.71
4.14
20__ 4.55
20_ 109.20 103.32 119.07 110.61 103.15 85.35 96.23 106.07 108.39
5.97
4.98
4.40
5.77
108.39
4.26
105.89
96.39
4.56
19__
4.54
3.70
4.14
85.35
103.15
19- 109.19 103.48 119.27 110.61
5.93
4.95
4.39
4.25
5.74
4.55
18_ 4.53
3.69
4.14
18_ 109.18 103.65 119.48 110.61 103.32 85.74 96.85 106.07 108.57
5.96
4.96
4.39
4.26
5.76
3.69
4.14
4.55
17_
4.54
17__ 109.10 103.48 119.48 110.61 103.32 85.48 96.70 106.07 108.39
5.95
4.25
4.97
4.40
96.54
5.78
105.89
3.69
4.14
4.54
ICI__
4.54
108.57
85.23
16_ 109.07 103.48 119.48 110.61 103.48
5.89
4.26
5.80
4.40
4.14
4.54
4.98
3.70
15-- 4.55
15_ 109.02 103.32 119.27 110.61 103.48 84.97 96.39 105.89 108.39
5.90
4.40
4.26
5.82
4.55
5.00
108.39
3.69
4.15
4.54
13__
105.89
96.08
84.72
103.48
110.42
119.48
13__ 109.00 103.32
5.91
4.39
4.26
5.84
5.02
3.69
4.15
4.54
12- 4.56
12__ 109.00 103.15 119.48 110.42 103.48 84.47 95.78 106.07 108.39
5.95
4.39
4.25
4.99
4.14
4.54
11__ 4.54
5.81
3.68
11_ 109.03 103.48 119.69 110.61 103.48 84.85 96.23 106.07 108.57
5.96
4.95
4.39
4.25
4.53
3.69
4.15
4.54
105.75
106.07
108.57
96.85
85.61
103.48
110.42
119.48
10_ 109.03 103.65
5.95
4.39
4.94
4.26
4.53
3.68
4.15
4.54
5.75
9-- 109.03 103.65 119.69 110.42 103.48 85.61 97.00 106.07 108.39
5.89
4.39
4.26
4.96
8
4.54
4.53
3.88
4.15
5.76
109.01 103.65 119.69 110.42 103.48 85.48 96.70 106.07 108.39
5.84
4.92
4.40
4.26
5.73
4.53
108.39
3.68
4.15
4.54
105.89
97.31
85.87
103.48
6_ 108.97 103.65 119.69 110.42
4.40
5.85
5.75
4.92
3.68
4.15
4.26
5.. 4.53
4.53
108.95 103.65 119.69 110.42 103.65 85.61 97.31 105.89 108.39
4.. Stook Exehan go Clos edStock Exchan go Clos ed5.79
4.91
4.41
4.27
4.53
5.74
4.53
3.69
4.16
108.97 103.65 119.48 110.23 103.65 85.74 97.47 105.72 108.21
5.82
4.91
4.42
4.27
4.15
4.53
5.75
4.53
3.69
108.88 103.65 119.48 110.42 103.65 85.61 97.47 105.54 108.21
5.79
4.90
4.43
4.27
4.16
I__
4.53
5.75
4.53
3.69
108.21
105.37
97.62
85.61
103.65
110.23
119.48
I_ 108.93 103.65
Weekly
Weekly4.91
4.44
5.81
5.78
4.30
4.54
4.17
June 28-- 4.55
3.70
June 28-- 108.99 103.32 119.27 110.05 103.48 85.23 97.47 105.20 107.67
6.80
5.73
4.88
4.47
4.17
4.30
4.58
3.70
21_ 4.55
21_ 108.80 103.32 119.27 110.05 102.81 85.87 97.94 104.68 107.67
4.49
4.32
5.81
5.82
4.96
4.19
4.63
3.72
14._ 4.59
14_ 108.81 102.64 118.86 109.68 101.97 84.72 96.70 104.33 107.31
4.32
6.00
5.12
4.51
4.68
5.82
3.73
4.19
4.65
108.61 101.64 118.66 109.68 101.14 82.50 94.29 103.99 107.31
4.53
4.31
0.01
5.13
4.20
4.66
5.83
3.74
May 31__ 4.65
103.65 107.49
May 31- 108.22 101.64 118.45 109.49 101.47 82.38 94.14 103.65 107.85
4.29
5.88
6.00
5.11
4.53
4.65
4.18
4.64
3.74
24__
24_ 108.68 101.81 118.45 109.86 101.64 82.50 94.43
4.52
4.29
5.86
5.93
5.08
4.66
4.17
4.63
3.76
17__
107.85
103.82
94.88
83.35
101.47
110.05
118.04
17__ 108.55 101.97
4.29
5.15
4.52
5.85
6.04
4.66
3.74
4.17
10._ 4.65
10_ 108.61 101.64 118.45 110.05 101.47 82.02 93.85 103.82 107.85
5.97
5.12
4.51
4.30
6.00
4.66
3.73
4.17
3. 4.64
108.89 101.81 118.66 110.05 101.47 82.50 94.29 103.99 107.67
5.03
4.59
4.30
5.93
5.97
4.69
4.17
3.73
26_
4.64
Apr.
107.67
02.64
95.63
82.87
100.98
110.05
Apr. 26-- 108.61 101.81 118.66
Closed
e
r
er
x
e
E
7
k
e7
4
Sto
19._
Stook E rehang e Closed
19_
4.31
0.11
4.68
4.19
3.71
4.70
12__
107.49
101.14
94.29
80.84
99.68
109.68
119.07
100.81
108.25
12._
4.32
6.23
4.68
5.22
6.25
4.79
A.20
4.74
107.31
3.71
5- 108.54 100.17 119.07 109.49 99.36 79.56 92.82 101.14
4.33
6.46
4.69
5.36
6.40
4.82
4.22
3.73
4.79
Mar.29_
107.14
Mar.29._ 108.07 99.36 118.66 109.12 98.88 77.88 90.83 100.98
4.31
6.33
4.69
5.17
6.26
4.74
4.18
3.70
4.72
22_
107.49
100.98
93.55
79.45
100.17
109.86
119.27
22- 107.79 100.49
4.28
6.16
4.69
5.19
6.29
4.73
4.14
3.71
108.03
15- 4.72
15- 107.94 100.49 119.07 110.61 100.33 79.11 93.26 100.98 108.57
4.25
6.12
4.66
5.03
6.09
4.68
4.12
3.69
8-- 4.65
107.85 101.64 119.48 110.98 101.14 81.42 95.63 101.47
4.26
6.03
4.89
4.65
5.96
4.65
4.10
4.60
3.69
1..
108.39
101.64
97.78
82.99
101.64
I_ 108.22 102.47 119.48 111.35
4.27
4.68
6.02
4.77
5.88
4.62
4.11
3.69
23_
4.68
Feb.
108.21
VW 23_ 108.44 102.81 119.48 111.16 102.14 83.97 99.68 101.14
42
4:8775
6.04
4.77
5.91
4.68
3.71 .4.13
4.61
107.86
15..
99.63
99.08
83.60
101.14
110.79
119.07
102.30
107.49
15__
4
4.29
41
6.01
6.00
4.72
4.15
3.72
4.65
107.85
98.41
99.04
82.50
07.47 101.64 118.66 110.42 100.49
4.81
4.88
4.32
6.12
6.01
4.73
4.17
3.76
1-- 4.67
1_ 107.10 101.31 118.04 110.05 100.33 82.38 99.04 97.94 107.31
4.72
4.03
4.31
5.85
6.10
4.70
4.17
3.76
4.62
2598.73
107.49
Jan.
100.49
84.35
100.81
110.05
118.04
Jan. 25_ 107.33 102.14
0.02
4.77
4.99
4.35
4.78
6.15
4.21
3.79
18-- 4.70
18.. 106.79 100.81 117.43 109.31 99.52 82.26 99.68 96.23 106.78
4.34
4.74
5.01
6.22
6.00
4.78
4.22
3.78
11- 4.70
11_ 106.81 100.81 117.63 109.12 99.52 82.50 100.17 95.93 106.96
4.34
6.30
0.08
4.75
5.10
4.82
4.23
3.79
4.73
106.96
4.
94.58
100.00
81.54
98.88
4.. 105.76 100.33 117.43 108.94
4.72
4.39
4.23
5.67
5.78
4.53
4.09
3.68
4.52
Low
1935
High 1935 109.20 103.82 119.69 111.54 103.65 86.64 100.49 106.07 108.94
6.46
0.40
6.37
6.13
435
4.83
4.23
3.80
than 1935 4.80
Low 1.35 105 66 99.20 117.22 105,07 98.73 77.88 90.69 94.14 106.78
5.90
4.72
5.10
4.35
4.81
6.35
4.24
3.80
Low 1934 4.75
Sigh 1934 106.81 100.00 117.22 108.75 99.04 83.72 100.49 94.58 106.78
7.58
6.06
6.75
4.97
8.65
6.74
5.20
4.43
High 1934 5.81
Low 1934 99.06 84.85 105.37 93.11 81.78 66.38 85.61 742.5 96.54
Yr. go
6.39
4.95
5.01
7.39
5.30
4.30
4.44
3.89
2
4.90
105.20
Aug.
'34
91.67
96.85
Aug .2'34 105.95 97.62 115.41 107.67 95.93 77.99
2 Yrs.Ago
2 Yrs.Ago
5.27
9.01
6.64
5.78
4.87
5.50
4.77
4.30
5.31
85.23
98.09
Aug.
'33
92.10
2
75.29
88.90
99.68
Aug.2'33 103.10 91.53 107.67
and do not purport to show either the average
-*These prices are cow uted tram average yields on toe basis 01 one "ideal" bond (431% coupon, maturing in 31 years)
the
levels
and
relative
of
the
relative
movement
way
ye
comprehens
to
merely
more
serve
a
They
In
Illustrate
level or the average move neat of actual pr ce quotations.
index of bond prices by mon ho back to 1928. see the issue of Feb. 6 1932. Page 907.
yield averages, the latter being the truer p cture of the bond market. For Moody's
published
in
was
the
indexes
issue
these
1936.
of
18
May
computing
of
list
in
bonds
used
complete
latest
The
t
Issues.
Treasury
**Actual average price of 8 long-term
comparable basis with previous averages of 40 foreign bonds.
Page 3291. tt Average of 30 foreign bonds but adjusted to a

d

Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Aug. 2 1935.
There was a further expansion in general business during
the week. Coal output, steel operations, electric output and
petroleum refinery activity all increased last week. Electric
output was the largest since 1930, and steel operations increased for the fourth successive week, reaching 44% of
capacity as compared with 42.2% in the previous week and
26.1% in the same week last year. Tin plate operations




were slightly under 90% of capacity. There was a better
demand for steel, especially from miscellaneous sources.
Engineering construction awards were larger. According
to the National City Bank, profits for the first half of the
year of 260 industries show a rise of 17.9% over the first
half of 1934. Retail and wholesale business continued to
surge ahead. Retailers' stocks of summer goods are now
down to the vanishing point, owing to increased sales as a
result of abnormally hot weather of late. Grain markets

Financial Chronicle

Volume 141

were a little more active and higher, on buying influenced
by alarming rust damage reports and the strength of outside
markets. Crop estimates were less bullish than expected
to-day and stimulated some selling and a setback. Cotton
was in small demand and lower. There is no disposition
to trade aggressively on either side of the market until
something definite is announced from Washington in connection with the Government's policy on the loan. Private
crop estimates were bearish. Commodity markets showed
mixed trends in very light trading. Gains for the week were
registered by silk and rubber, while coffee, sugar, cocoa-and
hides were lower. Copper, tin, lead and zinc were quiet but
steady. Rampaging swollen rivers of southern Ohio were
slowly subsiding on the 29th ult., while relief organizations
swung into action to alleviate suffering among hundreds of
families left homeless by the worst flood since 1913. It
caused property damage amounting to more than $1,000,000
and the death of one person. New Yorkers received very
little relief from the very uncomfortable and oppressive heat.
A heavy storm lashed over Long Island on the 1st inst.,
causing the lives of at least two persons and considerable
property damage, and sent small craft in Great South Bay
and Long Island Sound scurrying for cover. To-day it was
fair and warm here, with temperatures ranging from 71 to
88 degrees. The forecast was for probably showers to-night
and Saturday; somewhat cooler to-night; Sunday probably
showers and cooler. Overnight at Boston it was 70 to 88
degrees; Baltimore, 78 to 96; Pittsburgh, 68 to 90; Portland,
Me., 66 to 90; Chicago, 74 to 94; Cincinnati. 80 to 86; Cleveland, 72 to 92; Detroit, 72 to 96; Charleston, 78 to 90; Milwaukee, 68 to 88; Dallas, 76 to 96; Savannah, 74 to 94;
Kansas City, 80 to 102; Springfield, Mo., 74 to 96; Oklahoma
City, 74 to 98; Denver, 64 to 92; Salt Lake City, 46 to 82;
Seattle, 54 to 64; Montreal, 56 to 84, and Winnipeg, 60 to 72.
Selected Income and Balance Sheet Items of Class I
Steam Railways for May
The Bureau of Statistics of the Interstate Commerce
Commission has issued a statement showing the aggregate

totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of May.
These figures are subject to revision and were compiled
from 143 reports representing 149 steam railways. The
present statement excludes returns for Class I switching and
terminal companies. The report in full is as follows:

Income Items

For the Month of May
1935

For the Five Months of
1935

1934

1934

Net railway operating income_
Other income

39,505,067 39,699,194 160,787,983 184,829,268
11,783,378 13,346,790 63,188,461 67,122,056

Total income
Rent for leased roads
Interest deductions
Other deductions

51,288,445 53,045,984 223,976,444 251,951,324
11,241,285 11,251,864 55,103,543 55,349,987
43,437,903 43,351.129 217,493,106 216,752,921
1,396,456 1,780,260 7,998,329 9,184,675

Total deductions
Net income: d
After deprec. and retirements_
Before deprec. and retirements_
Dividend declarations (from income and surplus):
On common stock
On preferred stock

56,075,644 56.383,253 280,594,978 281.287,583
d4,787.199 d3,337,269 c56,618,534 d29,336,259
11,373,788 12,513,489 23,686,369 50,079,669
12,554,422 13,301,656 31,950,641 37,323,809
971,108 7,845.482 4,837,943
3,559,611
Balance at End of May
1935

1934

Selected Assets ItemsInvestments In stocks, bonds, &c., other than
those of affiliated companies

$763,406,466

$767,603,597

Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets

$352,506,130
10,851,936
38,516,633
63,326.576
4,901,087
53,991,113
45,912,789
144,758,035
302,385,824
43,745,459
2,905,493
4,614,228

$312,253,527
33,129,895
45,130,517
43,298,532
8,184,251
55,582,239
45,401,145
145,124,703
305,423,681
45,000,050
2,683,394
4,306,364

$1,068,415,303

$1,045,518,298

Total current assets
Selected Liability ItemsFunded debt maturing within 6 months_a

Loans and

bills payable_b
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities
Tax liability:
United States Government taxes
Other than United States Government
taxes.- -

$217,005,139

$54,057,300

$320,570,268
67,663,325
220,553.618
62,285,538
340,195,989
4,640,543
290,329,816
15,897,423
123,367,001
40,622,922
18,181,192

$338,638,771
69,956,000
211,047,510
47,440,815
257,217,783
4,639,687
248,297,971
12,894,561
121,404,343
39,881,046
16,657,640

$1,504,307,635

$1.368,076,127

$37,089,242
138,199,131

$36,379,115
144,622,593

a Includes payments which will become due on account of principal of long-term
debt (other than that in Account 764,funded debt matured unpaid) within six months
after close of month of report. b Includes obligations which mature less than two
years after date of issue. c Deficit. d May 1935 income as reported was increased
by credits to operating expenses on account of reversal of charges previously made
for liability under the Railroad Retirement Act. These credits for May 1935
amounted to $8,659,753 and for the five months ended with May 1935 the net
credit is $4,525,821.




Revenue Freight Car Loadings Above Preceding Week,
But Under Like Week of 1934

Loadings of revenue freight for the week ended July 27
1935 totaled 593,366 cars. This is a gain of 3,096 ears or
0.5% over the preceding week, a drop of 13,580 cars or
2.2% from the total for the like week of 1934, and a decline
of 48,377 cars or 7.5% from the total loadings for the corresponding week of 1933. For the week ended July 20
loadings were 3.7% under the corresponding week of 1934
and 9.6% under those for the like week of 1933. Loadings
for the week ended July 13 showed a loss of 6.2% when compared with 1934 and a drop of 13.3% when the comparison
is with the same week of 1933.
The first 18 major railroads to report for the week ended
July 27 1935 loaded a total of 284,979 cars of revenue freight
on their own lines, compared with 281,349 cars in the preceding week and 296,448 cars in the seven days ended July 28
1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended-

Reed from Connections
Weeks Ended-

July 27 July 20 July 28 July 27 July 20 July 28
1935
1935
1934
1935
1934
1935
Atchison Topeka & Santa Fe Ry.
Baltimore& Ohio RR
Chesapeake dt Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw.St. Paul & Pan Ry.
Chicago & North Western Ry-- Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
Total

19,442
26,108
20,253
13,724
16,634
13,574
2,232
1,972
4,344
13,499
35,386
4,192
18,655
56.735
4,741
5,279
23,357
4,852

20,607
24,632
17,055
13,981
17,128
13,603
2.212
2,186
4,318
13,403
35,363
4,407
17,026
55,441
4,874
4,976
24,732
5,405

20,858 4,371 4,580 4,930
26,262 12,679 12,480 13.074
21,496 8,579 8,560 9,529
16,557 6,250 6,114 6,121
20,465 6.708 6,601 6,402
16.474 8,285 8,318 8.353
2,030 1,310 1,327 1,105
2,851
1,849 2,011
1,930
4,379 2,485 2,667 2,607
14,202 7.208 7,252 7,136
35,497 32,157 31,062 32,240
4,791 7,242 7,342 7,435
17,373 3,288 3,932 3,507
52,905 33,723 33,799 31,562
4,859 3.786 3,842 3,878
4,545 5.859 4,915 4,451
26,068
4,836 7,262 7,518 6,234

284,979 281,349 296,448 153.041152.320 150,494

x Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended-

Illinois Central System
St. Louis-San Francisco Ry

TOTALS FOR THE UNITED STATES (ALL REGIONS)

657

Total

July 27 1935

July 20 1935

July 28 1934

24,732
12,037

25.311
12.350

26,579
13,032

36.769

37,661

39,611

The Association of American Railroads in reviewing the
week ended July 20, reported as follows:
Loading of revenue freight for the week ended July 20, totaled $93,366
cars. This was an increase of 26,878 cars above the preceding week but a
reduction of 22,674 cars below the corresponding week in 1934 and 63.014
cars below the corresponding week in 1933.
Miscellaneous freight loading for the week ended July 20. totaled 236,319
cars, an increase of 2,932 cars above the preceding week. and 9,082 cars
above the corresponding week in 1934, but a decrease of 1.218 cars below
the corresponding week in 1933.
Loading of merchandise less than carload lot freight totaled 157.345 cars.
an increase of 5,284 cars above the preceding week, but 1,291 cars below
the corresponding week in 1934, and 14,674 cars below the same week in
1933.
Coal loading amounted to 89,742 cars, an increase of 14,259 cars above
the preceding week, but a reduction of 7,971 cars below the corresponding
week in 1934, and 28.508 cars below the same week in 1933.
Grain and grain products loading totaled 33,379 cars, an increase of
4,101 cars above the preceding week, but a reduction of 13,792 cars below
the corresponding week in 1934, and 15,805 cars Delow the same week in
1933. In the Western districts alone, grain and grain products loading
for the week ended July 20, totaled 21,275 cars, a decrease of 7.013 cars
below the same week in 1934.
Live stock loading amounted to 10.165 cars, a decrease of 882 cars below
the preceding week, 16,049 cars below the same week in 1934 and 5,498
cars below the same week in 1933. In the Western district alone,loading of
live stock for the week ended July 20, totaled 7.157 cars, a decrease of 15,448 cars below the same week in 1934.
Forest products loading totaled 28,416 cars, an increase of 1,792 cars
above the preceding week, and 6.345 cars above the same week in 1934,
but a reduction of 790 cars below the same week in 1933.
Ore loading amounted to 33,274 cars, a decrease of 668 cars below the
preceding week, but increases of 778 cars above the corresponding week in
1934 and 5.267 cars above the corresponding week in 1933.
Coke loading amounted to 4,726 cars, an increase of 60 cars above the
preceding week, and 224 cars above the same week in 1934, but a decrease
of 1.788 cars below the same week in 1933.
All districts reported decreases, compared with the corresponding week
last year, in the number of cars loaded with revenue freight for the week of
July 20. All districts also reported reductions compared with the corresponding week in 1933.
Loading of revenue freight in 1935 compared with the two previous years
follows:

Four weeks in January
Four weeks in February
Flve weeks in March
Four weeks in April
Four weeks in May
Five weeks in June
Week of July 6
Week of July 13
Week of July 20
Total

1935

1934

1933

2,170,471
2,325,601
3,014.609
2,303,103
2,327,120
3,035,153
472,421
586,488
593,366

2,183,081
2,314,475
3,067,612
2,340.460
2,446,365
3,084,630
520,741
604,192
616,040

1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
2,926,247
543,510
653,661
656.380

16.808.332

17.177.596

15.197.851

In the following table we undertake to show also the

loadings for separate roads and systems for the week ended

Aug. 3 1935

Financial Chronicle

658

July 20 1935. During this period a total of 56 roads showed
increases when compared with the corresponding week last
year. The Great Northern Railroad, the Louisville & Nash-

ville RR., and the Chicago Rock Island & Pacific RR. were
the only roads of any importance which showed an increase
in loadings during the week.

ENDED JULY 20
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK

1934

1,015
262
8,654
1,569
47
1,857
5,735
5,648
108
1,001
1,831
11,552
5,413
1,583
841
5,961
1,568
179
54
31,062
10,969
1,666
7,342
4,709
3,842
27
145
1,150
870
7,518
2,254

889
262
8,498
1,605
65
2,679
5,913
5,029
116
890
1.990
11,572
5,423
1,485
921
6,481
1,497
223
35
31,545
10,294
1,946
7,508
4,197
3,676
22
160
849
961
6,571
2,350

132,834

148,228

126,432

125,652

372
26,498
3,965
227
898
5,036
100
280
63
828
985
56,470
12,196
6.201
32
3,207

565
31,601
3,239
308
a
5,308
2
279
59
1,046
1,222
64,291
12,423
10,836
86
3,546

538
12,480
1,469
6
12
9,185
32
28
17
1,808
1.119
33,799
11,908
2,917
5,012

545
13,081
1,497
6
29
8,981
92
15
20
1,989
852
33,675
12,588
3,698
2
4,525

113,322

117,358

134,791

80,330

81,595

17,055
17,026
726
3,636

19,425
17,224
710
3,424

22,953
20,253
806
3,661

8,560
3,932
943
667

9,541
3,588
944
637

38,443

40,783

47,673

14.102

14,710

576
1,307
7.305
1,343
20
996
4,023
8,199
210
2,252
325
11,134
4,424
156
1,630
6,962
2,754
3.276
1,940
35,373
9,464
1,553
4,407
5,182
4,874
260
291
837
577
5,405
3,661
130,718

485
24,632
3.769
8
856
5,343
596
261
56
739
920
55,441
10,973
6,311
38
2,896

Group B (Concluded)Georgia & Florida
Gud Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah...._
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L_
Tennessee Central

Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
.
Total
Southern DistrictGroup AAtlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac....
Seaboard Air Line
Southern System
Winston-Salem Southbound.._..
Total
Group BAlabama Tennessee & Northern
Atlanta Birmingham & Coast__
Atl. & W.P.-W.RR.of Ala__
Central of Georgic
Columbus & Greenville
Florida East Coast
Georgia

5,961
6,480
955
990
520
450
122 ' 139
49
30
1,451
994
395
351
337
328
6,394
6,066
18,477
17,446
120
124

6,160
1.185
564
133
51
1,507
482
415
6,721
20,791
165

4,117
1,267
592
258
74
901
696
3,264
2,707
11,540
557

3,943
1,181
701
245
69
805
676
2,995
2.903
10,600
524

33,381

34,798

38.174

25.973

24,642

148
1,440
928
4,068
1.96
359
699

167
879
630
3,572
228
369
930

273
1,697
913
4,564
234
273
833

130
448
863
2.251
213
326
1.371

142
446
775
2,374
183
296
1,278

figures. a Not available.
Note-Figures for 1934 revised. •Previous
Michigan Central RR.

The rise In wheat and flour reflected the spread of rust throughout much
of the northwest and Canada, the advance in gasoline the excellent ConeumptIon showing of the industry, while the gains in the livestock and meat
group marked a continuation of the trend of recent weeks.
COMMODITY PRICES
THE ANNALIST WEEKLY INDEX OF WHOLESALE
(Unadjusted for Seasonal Variation (1913100)T

..................Mine nn ntri tInlInr hsuilq

July 30 1935

July 23 1935

July 31 1934

117.4
132.6
.108.1
163.7
109.1
111.5
98.3
82.9
125.0

x115.7
130.3
x108.3
162.3
109.1
111.5
98.3
82.9
123.6
734

100.8
113.7
113.1
164.0
110.1
113.5
98.9
87.3
114.7
68.1

74 11

y Based on exchange quotations for France. Switzerx Preliminary. x Revised.
Included prior to March 1935.
and and Holland; Belgium




1934

1933

1935

324
1,426
18,850
15,982
158
127
1,691
2,385
379

287
1,188
17,590
15,368
230
130
1,557
2,414
332

380
1,333
17,981
18,863
191
141
1,843
2,695
346

312
662
9,071
3,889
237
209
1,163
2,466
492

283
605
8,135
3,840
287
254
1,203
2,332
540

47.158

45,871

52,560

24,103

22,973

80,539

80,669

90.734

50,076

47,615

Northwestern Disti ictBelt RY. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P. & Pacific_
Chicago St. P. Minn. & Omaha
Duluth Missabe & Northern_ __
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines Sr South_
Great Northern
Green Bay Sr Western
Lake Superior & Ishpeming...-.
Minneapolis Ar St. Louts
Minn. St. Paul & S. S. AI
Northern Pacific
Spokane International
Spokane Portland & Seattle_ ___

701
15,606
1,962
17,128
3,353
9,719
775
3,205
295
16,231
537
2,296
1,429
5,777
7,334
314
1,415

671
18,907
2,426
19,798
3,622
10,408
1,258
3.605
379
15,327
481
1,305
1,906
5,510
8,392
229
1,229

804
20,147
2,706
19,022
3,751
7,188
917
5,521
485
12,432
532
2,188
2,340
5.044
8,648
280
978

1,739
8,318
2,469
6,601
2,773
129
322
3,388
135
2,666
439
72
1,274
2,094
2,624
161
990

2,167
8,350
2,274
6,339
3,011
226
368
2,950
86
3.117
314
70
1,273
1,901
2,703
169
1,450

90,077

95,453

92.983

38,194

36,768

20,607
2,903
258
13,981
1,307
11,489
2,050
866
1,819
216
1,118
1,926
928
188
19,443
208
241
10,749
150
1,278

22,028
3,087
227
16.372
1,134
11,396
2.503
816
1,681
203
1,190
1,880
972
133
21,190
331
532
11,646
153
1.480

18.761
3.265
174
18,167
1,653
12,587
2,719
677
1,339
234
1,113
2,040
668
253
15,873
288
530
11,005
181
1,153

4,580
2,007
30
6,114
541
8,674
1,685
1,056
2,036
21
771
988
325
93
3,244
233
1,020
6.789
5
1,489

5,038
1,952
60
6,090
626
5,801
1,528
1,012
2,014
14
839
895
680
48
3,979
301
978
6,800
7
2,801

91,725

98,954

92,740

39.681

41,463

207
145
116
2,212
2,186
137
1,574
1,164
102
216
627
94
4,318
13,403
34
97
7,458
1,996
5,289
4,234
2,670
230
35

125
156
159
2,235
2,939
156
1,487
1,233
103
262
586
96
4,636
14,102
44
113
7,718
2,006
5,500
4,537
1,818
165
13

259
118
124
2,126
2,510
161
1,489
1.224
116
311
480
147
4,564
15,245
61
63
7,296
2,006
5,069
3,541
2,300
a
21

3,515
233
148
1,327
2,011
863
1,414
790
350
749
142
182
2,667
7,252
16
89
3,294
1,797
2,312
3,658
15,339
82
31

3,308
277
158
1,125
1,958
878
1,381
784
333
772
185
232
2,650
7,451
16
90
3,016
1,542
2,032
3,715
14,290
57
33

48,544

50,189

49,231

48.261

48,281

Total

Central Western DistrictAtch. Top. & Santa Fe SystemAlton
Bingham dr Garfield
Chicago Burlington & QuincyChicago & Illinois Midland_Chicago Rock Island Sr Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver Zr Salt Lake
Fort Worth & Denver City-Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Racine)
St. Joseph Jr Grand Island
Toledo Peoria dr Western
Union Pacific System
Utah
Western Pacific
Total

Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern__
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas._
Litchfield & Madison
Midland Valley
Missouri & AI kansas
Missouri-Kansas-Texas Lines__
Missouri Pacific
Natchez Sr Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. Ass'n of St. Louis
Wichita Falls & Southern
Weatherford M. W. de N. W._
Total

b Includes figures for the Boston Jr Albany RR., the C. C. C. & St. Louis RR., and the

"Annalist" Weekly Index of Wholesale Commodity
Prices Higher During Week of July 30-Monthly
Average for July Also Up
Higher prices for wheat and flour, livestock and meats
and gasoline carried the "Annalist" Weekly Index of Whole
sale Commodity Prices again higher during the week of
July 30, the index rising to 125.0 on July 30 from 123.6,
July 23. The "Annalist" said:

Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities

1934

1935

Grand total Southern District__

Total
Allegheny DistrictAkron Canton & Youngstown__
Baltimore & Ohio
Bessemer & Lake Erle
Buffalo Creek dr Gauley
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

1934

.
.a
.m
cm
w .p. .ama...waw.4. to CO .
...co.w Ca .1:514m ac-coon
oOD ',I'M
-4'mw m 'm"o12-m-w-ma.
m
Co
8avmmmosawommwasww
waa.qm.omw,lommomwm
.w mww omma ..aao om
mwmwmmm
,

Total

1935

1933

aamwom.ww-2. m. to ma
wm
0000000m'cow.w to 0 toO 000'
W000'w00.
coaamama.aa.m..wymaswww.wmommomw
i .owmmo,Imm,00wo.mcm maawwwam-4,100.

1935
Eastern DistrictAnn Arbor
Bangor & Aroostook
Boston & Maine
Chicago Indianapolis & Louisv_
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna & West_
Detroit 44 Mackinac
Detroit Toledo & Ironton
Detroit SC 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. 11. & Hartford
New York Ontario & Western
N. Y. Chicago & St. Louis
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut dr North__
Pittsburgh dr West Virginia__
Rutland
Wabash
Wheeling & Lake Erie

Total Loads Received
from Connections

Total Revenue
Freight Loaded

Railroads

With regard to the trend of prices during July the "Annnalist" stated:
Reflecting the upturn in the weekly index in recent Weeks, the monthly
average,for July showed a moderate gain over the Month previous, rising to
123.6 from 123.2.
TILE ANNALIST MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES
(Unadjusted for Seasonal Variation (1913=100)
July 1935

June 1035

116.0
Farm products
129.9
Food products
•107.5
Textile products
162.8
Fuels
109.1
Metals
111.5
Building materials
98.3
Chemicals
83.0
Miscellaneous
123.6
All commodities
72.6
y All commodities on old dollar basis _.
* Preliminary. y Based on exchange quotations for
Holland; Belgium included prior to March 1935.

116.3
127.7
106.1
162.7
110.0
111.5
98.6
83.2
123.2
72.9

July 1934
100.4
113.2
110.1
163.4
110.2
113.8
98,9
88.4
114.4
68.0

France, Switzerland and

Moody's Daily Commodity Index Advances to Highest
Levels of Year
Moody's Daily Index of Staple Commodity Prices advanced, in the week just passed, to new high levels for the
year at 163.5 on July 31,closing on Friday at 163.3 compared

Financial Chronicle

Volume 141

with 162.1 a week ago. The Index is now at the best levels
since 1930.
The rise has been mainly due to the exceptional strength
in top hog prices, although good gains have also been made
by scrap steel, rubber, wheat, silk and lead, in the order
named. On the other hand, cotton, wool, coffee, corn and
cocoa declined, while hides, silver, copper and spot sugar are
unchanged.
The movement of the Index number during the week,
with comparisons, is as follows:
July 26
Fri..
Sat., July 27
Mon., July 29
Tues., July 30
Wed.. July 31
Thurs., Aug. 1
Aug. 2

162.1
not com iled
f62.4
161.9
163.5
163.3
163.3

2 Weeks Ago, July 19
Month Ago, July 5
Aug. 3
Year Ago,
Aug. 29
1934 High
Jan. 2
Low
July 31
1935 High
Mar.18
Low

158.9
157.1
144.6
156.2
126.0
163.5
148.4

Wholesale Commodity Prices Higher During Week
of July 27, According to National Fertilizer Association
The general level of wholesale commodity prices was
higher in the week ended July 27 than in the preceding
week, according to the index of the National Fertilizer
Association. This index last week was 77.8% of the 1926-28
average, compared with 77.3 in the week ended July 20.
A month ago the index was 77.2 and a year ago 72.3. An
announcement issued July 29 by the Association continued:
The increase in the Index last week was due entirely to higher prices
for hogs, which reached the highest level in recent years,and pork and
lard. The composite price for these products was 11.1% higher than in
the week preceding. in contrast to a decline of 1.0% in all other commodities included in the general index. The most important rise in the
group indexes occurred in foods, due to the sharp advance in pork prices
and in spite of the fact that 10 items in this group declined in price during
the week and only four advanced. Although 10 commodities included in
the grains, feeds and livestock group advanced during the week and only
two declined,the rise in the group index was moderate,as the price advances
in most cases were small. The only other group index to show a rise during
the latest week was fats and oils, which moved upward because of higher
prices for lard and butter. Declines were registered by four groups but
the'y were of small proportion. The largest drop was in fertilizer materials,
due to declining quotations for cottonseed meal and ammonium sulphate.
Prices of 23 commodities included in the index advanced in price during
the week while 24 declined; in the preceding week there were 23 advances
and 31 declines; in the second preceding week there weer 26 advances and
34 declines.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
Per Cent
Each Group
Bears to The
Total Index

100.0

Latest
Week
July 27
1935

Foods
82.3
Fuel
69.0
Grains, feeds and livestock_. 85.7
Textiles
68.0
Miscellaneous commodities- - 69.3
Automobiles
88.3
Building materials
77.5
Metals
81.5
House-furnishing goods
84.7
Fats and oils
68.9
Chemicals and drugs
94.6
Fertilizer materials
62.5
Mixed fertilizers
71.4
Agricultural implements
101.6
All groups combined
77.8

Pre•
ceding
Week

Month
Year
Apo . Ago

80.6
69.1
85.3
68.2
69.4
88.3
77.5
81.5
84.7
66.0
94.6
63.6
71.4
101.6

komor.00.moomma.t.m
Comoommoot.woomomt-o

23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3

Group

70.7
70.2
62.0
71.0
69.1
88.7
80.7
82.1
86.2
52.0
93.2
67.1
76.1
98.8

77.3

77.2

72.3

Increase of 0.1% in Wholesale Commodity Prices
During Week of July 27 Reported by United States
Department of Labor
During the week ended July 27 wholesale commodity
prices recovered the decline of the preceding week rising
0.1%, according to a report issued Aug. 1 by the Bureau of
Labor Statistics of the U. S. Department of Labor. The
composite index, the Bureau said, now stands at 79.2% of the
1926 average. The general average is 1.7% above the low
for the year and 6.0% above the level of the corresponding
week of 1934. Compared with two years ago, the present
level of wholesale prices shows a gain of 14.5%. The Bureau
continued:
Price fluctuations in the major commodity groups during the past week
were mixed-five groups advanced, four declined, and one showed no
change. The groups recording a rise in the general average were foods,
hides and leather products, textile products, building materials, and housefurnishing goods. Farm products, fuel and lighting materials, chemicals
and drugs and miscellaneous commodities recorded lower averages. Metals
and metal product's remained unchanged. Of the 47 sub-groups of commodities, 14 moved upward, 15 showed a slight reaction and 18 remained
at the preceding week's levels.
Continued stability of industrial prices was evidenced. The large group
of industrial products, which embraces all commodities other than farm
products and processed foods, remained unchanged from the level of the
week preceding. The index for this group has moved within a very narrow
range during the current year. The low-77.2-was reached during the
week of April 6 and the high-78.1-was recorded for the week ending
Jan. 12. The index for this group has risen 0.1% in the two month-period
since May 25.
Compared with the level for the corresponding week of 1934, half of the
commodity groups-farm products, foods, hides and leather products, fuel
and lighting materials, and chemicals and drugs-show advances. The
increases range from 0.7% for fuel and lighting materials to 19.5% for farm
products. The decreases for the remaining five groups range from 0.7%
for metals and metal products to 3.7% for miscellaneous commodities.
Substantial increases are recorded for all commodity groups when compared with the corresponding week of two years ago. The smallest increase2%-occurred in the hides and leather products group; however, this group




659

had already advanced about 30% from the 1933 low. Farm products have
registered the greatest rise with an increase of more than 29%.
Group index numbersfor the week of July 27 1935,compared with May 25
1935. July 28 1934, and July 29 1933, and the percent of change are shown
In the table below:
Commodity Groups
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals & metal products_ __ _
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous commodities_
All commodities other than
farm products & foods__

May P. C. July P. C.
of
28
of
25
1935 Change 1934 Change

July P. C.
29
of
1933 Change

79.2

80.3

-1.4

74.7

+6.0

69.2

+14.5

77.1
82.2
90.1
69.9
75.2
85.7
85.1
78.4
81.9
67.5

81.5
84.3
89.5
69.4
74.1
85.6
84.9
81.0
82.0
69.0

-5.4
-2.5
+0.7
+0.7
+1.5
+0.1
+0.2
-3.2
-0.1
-2.2

64.5
70.8
88.1
71.4
74.7
86.3
86.7
75.6
83.0
70.1

+19.5
+16.1
+4.6
-2.1
+0.7
-0.7
-1.8
+3.7
-1.3
-3.7

59.6
66.1
88.3
68.4
67.0
80.8
80.1
73.4
74.6
65.1

+29.4
+24.4
+2.0
+2.2
+12.2
+6.1
+6.2
+6.8
+9.8
+3.7

77.9

77.8

+0.1

78.5

-0.8

73.2

+6.4

July
27
1935

Hides and leather products increased 0.3% during the past week, due
primarily to a 1% advance in average prices of hides and skins and 0.6%
increase in boots and shoes. Leather, on the other hand, decreased 0.5%.
The sub-group of other leather products showed no change and remained
at the low for the year.
A 4.7% rise in market prices of plumbing and heating materials was
largely responsible for the slight-Increase recorded for the building materials
group. Other sub-groups showing fractional increases were lumber, paint
and paint materials, and miscellaneous building materials. The sub-groups
of brick and tile, cement, and structural steel remained at former levels.
Higher prices for the sub-groups of cereal products; meats; and butter,
cheese and milk more than counter-balanced lower prices for fruits and
vegetables and other foods and resulted in a net increase of 0.2% for the
foods group. Important food items for which higher prices were reported
were butter, cheese, rye and wheat flour, lemons, oranges, lard, mutton,
and fresh and cured pork. Lower prices were shown for oatmeal, macaroni,
lamb, veal, eggs, oleomargarine, raw and granulated sugar, edible tallow,
and vegetable oils. The present index for the foods group-82.2-is 16%
above the corresponding week of last year and 24H % above the corresponding week of two years ago.
Under the leadership of silk and rayon, prices of textile products recorded
a fractional advance. Cotton goods and other textile products registered
minor decreases. Woolen and worsted goods and knit goods remained unchanged from the preceding week.
Housefurnishing goods recorded a fractional advance due to slightly
higher prices for furnishings. The sub-group offurniture showed no change.
A marked decline of nearly 8% for mixed fertilizers caused the chemicals
and drugs group to decrease 1.4% to a new low for the present year. Fertilizer materials also moved downward 1.7% due to lower prices for ammonia sulphate and tankage. Other sub-groups-chemicals,and drugs and
Pharmaceuticals-showed only minor fluctuations.
Market prices offarm products declined,although the reaction was limited
and the decrease was less than in the preceding week. The sub-group of
Other farm products, due to lower prices for cotton, eggs, peanuts and seeds,
dropped 1.1%. Grains recorded a minor decrease, the drop in corn prices
more than offsetting advances for barley, Oats, rye and wheat. The subgroup of livestock and poultry rose 1.6% due to a sharp increase in the
average price for hogs. Lower prices were reported for steers, cows, calves
and live poultry. Despite the recent recessions in farm product prices, the
present index-77.1-is nearly 20% above a year ago and more than 29%
above two years ago.
The sub-groups of the fuel and lighting materials group showed no marked
change. Prices of anthracite moved moderately upward, but prices of
bituminous coal and petroleum products registered minor decreases. The
Index for the group declined fractionally.
Cattle feed prices continued to show decided weakness and decreased
1.7% to a new low for the year. Crude rubber declined 1.2%. Automobile
tires and tubes and paper and pulp were unchanged, remaining at their
respective lows for the year.
Fluctuations in the sub-groups of the metals and metal products group
resulted in no change-in the index for the group.
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 the 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 July 28 1934, and
July 29 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS ENDING
JULY 27, JULY 20, JULY 13, JULY 6, AND JUNE 29 1935, AND JULY 28
1934, AND JULY 29 1933
(1926=100.0)
Commodity Groups
All commodities
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 commodities
All commodities other than farm
nrne10,00 end Innda

July
20
1935

July
13
1935

79.2

79.1

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

77 0

77 0

July
27
1935

July
6
1935

June
29
1935

July
28
1934

July
29
1933

79.2

79.1

77.7
82.0
89.8
69.9
75.3
85.7
85.0
79.5
81.8
67.8

78.0
81.9
89.8
69.7
74.9
85.7
84.8
79.5
81.8
68.0

78.9

74.7

69.2

77.1
81.6
89.6
69.7
74.8
86.1
84.9
79.5
81.8
68.0

64.5
70.8
86.1
71.4
74.7
86.3
86.7
75.6
83.0
70.1

59.6
66.1
88.3
68.4
67.0
80.8
80.1
73.4
74.6
65.1

72 II

77 2

770

'YR K

TR 0

Weekly Electric Output Continues Rise, Reaching
1,823,521,000 Kwh. During Latest Week
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 July 27 1935 totaled 1,823,521,000 kwh. Total
output for the latest week indicated a gain of 8.3% over the
corresponding week of 1934, when output totaled 1,683,542,000 kwh.
Electric output during the week ended July 20 1935 totaled
1,807,037,000 kwh. This was a gain of 8.6% over the
1,663,771,000 kwh. produced during the week ended July 21
1934. The Institute's statement follows:

PERCENTAGE INCREASE OVER 1934
Major Geographic
Regions

Week Ended
July 27 1935

Week Ended
July 20 1935

Week Ended
July 13 1935

Week Ended
July 6 1935

New England
Middle Atlantic__ ....
Central Industrial_ __.
West Central
Southern States
Rocky Mountain
Pacific Coast

6.7
8.5
7.2
9.3
7.6
33.7
5.4

8.3
9.3
6.5
7.3
7.4
31.4
7.3

7.1
8.7
6.3
9.2
8.6
25.0
x1.1

7.4
4.4
6.6
5.7
9.9
31.3
x1.2

8.3

8.8

7.2

6.4

Total United States_
x Decrease.

DATA FOR RECENT WEEKS

Week of-

Weekly Data for Previous Years
in Millions of Kilowatt-Hours

P. C.
Ch'ge

1934

1935

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_ _ - 1,774,684,000 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
1,667,638,000
Aug. 3.-1,659,043,000
Aug. 10_ _
1 674,345.000
Aug. 17...

+4.0
+3.5
+3.0
+2.5
+3.3
+4.2
+4.6
+6.0
+5.0
+6.4
+7.2
+8.6
+8.3

1933

1932

1931

1930

1929

1,436
1,468
1,483
1,494
1,461
1,542
1,578
1,598
1,656
1,539
1,648
1,654
1,662
1,650
1,627
1.650

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

1,637
1.654
1,645
1,602
1,594
1,621
1,610
1.635
1,607
1,804
1,645
1,651
1,644
1,643
1,629
1,643

1,698
1,689
1,717
1,723
1,660
1,857
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

7,131,158
6,608,356
7,198,232
6,978.419
7,249,732
May...
7,056,116
June_
July...7,116,251
7,309,575
Aug
Sept...6,832,260
7,384,922
Oct.
Nov...7,160,756
7,538,337
Dee....

Jan__
Feb____
March _
April_

Aug. 3 1935

Financial Chronicle

660

7,762,513
7,048,495
7,500,566
7.382,224
7,544,845

P. C.
Clegg
+8.9
+6.7
+4.2
+5.8
+4.1
____
____
_.__
____
____
____
____

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
6,310.667
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
7,337,106
7,718,787
7,270,112
7,566,601

Groups
All Commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnehing goods "
Miscellaneous

Increases Decreases No Change
134
20
20
10
30
12
7
17
9
2
7

165
43
66
4
15
4
9
7
7
3
7

485
4
36
27
67
8
114
62
73
56
38

June
1934

78.3
76,9
84.8
74.3
82.8
74.6
90.5
68.7
94.5
77.2
88.9
97.3
78.0
80.5
84.4
70.1
80.7
82.5
59.5
27.2
75.6
68.9
74.2
74.0
96.1
88.7
•
*
53.2
86.9
93.6
87.1
94.7
69.1
66.2
85.3
89.2
94.9
81.6
79.8
66.2
92.0
90.0
89.7
86.3
74.3
66,7
74.5
80.5
83.9
77.1
68.4

80.6
83.2
87.6
75.0
84.1
77.7
92.3
66.3
97.0
77.7
88.3
97.2
76.1
79.6
84.4
69.4
78.6
82.7
60.4
27.6
73.6
68.2
73.1
73.0
95.7
88.7
88.7
92.0
52.2
86.6
93.6
86.6
94.4
69.2
67.1
84.8
89.3
94.9
79.8
79.9
67.1
92.0
89.8
81.2
87.5
74.2
65.9
73.1
80.6
84.1
77.1
68.7

63.3
72.4
48.3
69.4
69.8
73.0
89.2
70.1
62.2
62.8
87.1
98.4
70.1
75.3
86.8
72.7
82.6
86.0

45.0

45.0

44.13

92.2 107.0
79.7 80.0

86.9
83.5

June
1933

June
1932

June
1931

June
1929

June
1930

Farm products
Grains
Livestock and poultryOther farm products
Foods
Butter, cheese and milk_

Cereal products
Fruits and vegetablesMeats
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 goodsOther textile productsFuel & lighting materialsAnthracite coal
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Metals & metal products
Agricultural implements_
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heatingBuilding materials
Brick and tile
Cement
Lumber
Paint & paint materials_
Plumbing and heatingStructural steel
Other building materials_
Chemicals and drugs
Chemicals
Drugs & pharmaceuticals
Fertilizer materials
Mixed fertilizers
Housefurnishing goods__ _ _
Furntshings
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

62.8
25.0
80.8
74.8
72.8
76.9
95.0
85.0
90.6
97.5
50.6
87.7
91.1
88.6
96.0
68.5
76.1
87.8
91.1
93.9
86.3
80.3
75.1
94.5
92.0
75.6
78.6
73.1
67.9
73.4
82.0
85.1
79.0
70.2

25.0

24.9

27.7

80.1
76.4
73.9
82.2
80.0

79.4
77.6
73.5
82.4
80.0

83.1
67.3
72.9
78.2
76.9

53.2 45.7 65.4 88.9
57.4 37.7 56.0 78.7
46.6 46.7 61.9 88.5
56.2 48.2 70.8 92.7
61.2 58.8 73.3 90.8
63.1 67,4 78.8 90.2
70.7 66.8 74.3 82.9
63.9 62.4 76.4 109.0
52.4 56.0 71.3 99.9
61.1 56,4 68.5 78.1
82.4 70.6 88.0 102.4
85.5 87.6 94.6 103.0
81.4 32.5 65.5 99.0
74.3 58.7 87.8 102.9
78.5 96.4 101.4 105.5
61.5 52.7 66.6 81.6
64.6 62.2 76.3 86.7
67.1 51.0 67.6 87.2
60.9 49.6 59.8 81.8
35.2 27.5 41.9 60.5
69.8 55.0 68.0 79.7
73.6 66.7 75.5 86.2
61.5 71.6 62.9 78.9
76.8 85.3 88.8 85.8
78.3 81.8 83.2 88.6
75.3 76.9 81.5 84.0
91.4 105.5 98.6 97.6
101.7 106.3 101.9 99.7
34.4 48.2 30.7 63.6
79.3 79.9 84.4 91.9
83.0 84.9 94.2 94.5
76.2 79.8 83.5 89.0
90.4 93.8 94.2 100.8
63.2 47.5 61.2 79.0
67.4 66.7 86.6 88.3
74.7 70.8 79.3 89.9
77.0 76.1 83.7 88.5
81.8 77.1 77.7 91.7
67.4 57.6 68.5 85.6
71.9 73,3 80.0 92.4
67.4 66.7 86.6 88.3
81.7 81.7 84.3 86.8
80.6 77.6 85.4 93.0
73.7 73.1 79.4 89.4
81.6 78.6 82.5 94.0
55.5 58.3 mg 68.5
68.0 68.0 79.8 85.3
63.0 69.0 82,4 94.1
73.4 74.7 86.4 93.4
73.6 75.4 83.4 92.3
73.4 74.0 89.8 94.6
60.8 64.2 69.7 78.4
40.1 39.6 46.0 60.3
66.8 42.1 61.1 102.0
73.5 76.2 80.7 86.4
12.6
5.8 13.3 25.9
75.0 84.6 88.2 96.9
56.2 63.2 64.7 84.9
65.3 57.6 69.3 81.7
69.0 70.0. 76.0 88.4
67.4 67.8" 73.4 86.3

78.0

77.6

78.2

68.9

70.1

74.1

86.7

79.8

80.2

74.6

65.0

63.9

72.1

86.8

N




Man
1936

C,

The classification, raw materials, which includes basic farm products,
hides and skins, raw silk, hemp, jute, sisal, crude petroleum, scrap steel,
crude rubber, and similar commodities declined 1.5%. The present level
of the group is, however, 13.5% above June 1934. Finished products.
among which are included more than 500 manufactured articles, decreased
fractionally during the month, but the index for the group is still 5% higher
than in the corresponding month of last year.
The index for the group of semi-manufactured articles, which is based on
prices of raw sugar, leather, iron and steel bars, pig iron, and like commodities, advanced 0.5%. Compared with June 1934, the index for this group
shows a gain of 1.4%.
The large industrial group, "All commodities other than farm products
and foods" again rose 0.5%. Although the index for this group has advanced 1% in the past two months, it is still fractionally below the level of
a year ago. The non-agricultural group which includes all commodities
other than farm products was unchanged for June, and is 4% above a year
ago.
Farm product prices dropped nearly 3% from May to June, due to sharp
declines in prices of grains and livestock and poultry. The subgroup of
"Other farm products" including cotton, eggs, hay, hops, fresh mills at
Chicago, peanuts, seed, tobacco, onions and white potatoes, also was lower.
Increases, on the other hand, were recorded for hogs, lambs, fresh apples,
lemons,oranges,sweet potatoes, and wool. The index for the farm products
group as a whole-78.3-is nearly 24% above a year ago and 47% above
two years ago.
Wholesale food prices declined 1.5% because of lower prices for butter,
cheese, and milk; meats; cereal products; and other foods. Fruits and vegetables,on the other hand, were seasonally higher. Important food items for
which lower prices were reported were butter, cheese, bread, oatmeal,

June
1935

.4 .i.
ri4M.-4.4,6.i4,e4,86tic4,64eimMo;46,
,66.4gst4a3a;nieixti
,46c4.4c6
vi.-4
0000 0 M
,
0
0V000000W OM
m 0=1-.00000000000000,0
elaonwo
-,omomm..moo......o
oo,
.
.. ..
.
...

Despite the downward movement,the net increase for the first six months
of the year has been over 1%. The June index is 7% above a year ago and
more than 22% above two years ago, when the indexes were 74.6 and 65.0.
respectively.
A weakening in the market prices of farm products and foods was the
principal factor contributing to the decrease in the combined index from
May to June. Fractional decreases, however, were recorded by the chemicals and drugs, house-furnishing goods, and miscellaneous commodities
groups. Hides and leather products, textile products, fuel and lighting
materials, metals and metal products and building materials, on the other
hand, were higher.
NUMBER OF COMMODITIES SHOWING PRICE CHANGES BY GROUPS

Groups and Subgroups

M0NOM.000t..0VVWW0t...000.01.1NN!,N0.4.0.,
0.0300.007b•000.0.0Vrel,
00,
MOOM.N.V ,

Wholesale Prices Down Slightly from May to June
According to United States Department of Labor
A slight recession marked the trend of wholesale commodity
prices during June, said an announcement issued by the
Bureau of Labor Statistics of the United States Department
of Labor. The composite index for the month stood at
79.8% of the 1926 average, a decline of 0.5% compared
with the May level, the announcement stated, adding:

INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES
(1926=100)

1

85,564,124 ____ 80,009,501 77,442.112 86,063,969 89,467,099
Note-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures ar
ased on about 70%.
Total_

flour, macaroni, dried fruits, canned corn, peas,string beans, and tomatoes,
fresh beef, mutton, veal, dressed poultry, coca beans, coffee, oleo oil,
Pepper, and vegetable oils. Higher prices were reported for corn flakes.
rice, cured beef, lamb, cured and fresh pork, canned spinach, baked beans,
and asparagus, lard, raw sugar, and edible tallow. The food index for
June-82.8-is 18.6% above the corresponding month of a year ago and
35.3% above the corresponding month of two years ago.
Weakening prices of fertilizer materials and chemicals in the group of
chemicals and drugs resulted in the index dropping to 80.7% of the 1926
average. Drugs and pharmaceuticals and mixed fertilizers were higher.
A sharp advance occurred in crude rubber prices and lower prices were
reported for cattle feed and paper and pulp. Automobile tires and tubes
remained unchanged.
A minor decrease was registered for the house-furnishing goods group, due
to lower prices for furnishings. Average prices for furniture were stationary.
Fuel and lighting materials advanced 1.5% because of higher prices for
coal, gas, electricity, and petroleum products. Coke was unchanged at
the May level.
Pronounced advances in prices of clothing, woolen and worsted goods,
and other textile products caused the increase of 1% in the group of textile
products. Cotton goods,knit goods, and silk and rayon, on the other hand,
were lower.
The index for the group of hides and leather products rose to 88.9.
Average prices of shoes, hides and skins, and leather were higher. Other
leather products remained unchanged.
Advancing prices of lumber and certain other building materials were
responsible for the increase of 0.6% in the building materials group. The
subgroups of brick and tile, and paint and paint materials were fractionally
lower. Average prices of cement and structural steel were steady.
In the metals and metal products group falling prices of plumbing and
heating fixtures and nonferrous metals were more than offset by rising
prices of iron and steel and motor vehicles. Prices of agricultural implements showed little or no fluctuation. The index for the group of metals
and metal products rose to 86.9.
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
June 1935 in comparison with May 1935 and June of each of the past six
years are contained in the accompanying table:

• Data not yet available

Indexes of Business Activity of Federal Reserve Bank
of New York
The Federal Reserve Bank of New York, in presenting its
monthly indexes of business activity in its "Monthly Review"
of Aug. 1, said that "during the first three weeks of July,
the daily rate of merchandise and miscellaneous freight car
loadings was maintained at approximately the level prevailing
during June, but the movement of bulk freight over the railroads contracted sharply, contrary to the usual seasonal
tendency, as the result of a substantial reduction in coal
shipments, which had been at a high level in June due to

Volume 141

Financial Chronicle

accelerated operations in anticipation of a possible strike."
Continuing, the Bank said:
Department store sales in the metropolitan area of New York during the
first half of the month, although higher than in the corresponding period of
last year, appear to have been more than seasonally below the June level.
especially in Northern New Jersey.
p. The distribution of goods and general business activity in June generally
made a favorable comparison with the previous month. Sales of general
merchandise in small towns and rural areas and sales of chain stores increased, and sales of department stores in urban localities were maintained
at about the May level, although the usual seasonal movement in most
lines of retail trade is downward from May to June. Increases of more than
seasonal proportions occurred in the volume of check transactions and sales
of life insurance, while registrations of new passenger automobiles, which
usually show a marked decline in June, were only moderately lower than
in May. Car loadings of merchandise and miscellaneous freight were
approximately unchanged from May to June, but the volume of advertising
was considerably reduced.
(Adjusted for seasonal variations,for usual year to year growth,and where necessary
for price changes)
June
1934
Primary DistributionCar loadings, merchandise and miscellaneous__ __
Car loadings, other
Exports
Imports
Wholesale trade
Distribution to Consumer
Department store sales, United States
Department store sales, Second District
Chain grocery sales
Other chain store sales
Mail order house sales
Advertising
New passenger car registrations
Gasoline consumption

June
1935

60
58
47
68
77

58
59
47p
59p

58
63
53p
76p

72
69

72
69
60
77
74
64
57
71

765
70
61
85
725

72

71
6$
60
79
79
61
62
70

64
47
73
53
61
83
47
217
60

65
48
68
48
53
83
45
20r
54

64
42
65
41
54
82
43
20r
55

67p
46
66
45
55
8I5
44
25p
59

142
185
140r

143
186
140r

1435
1885
139

es

so

General price level.
Composite index of wages.
Cost ot living•

May
1935

60
61
54
63
88

84
67
60

General Business ActivityBank debits, outside New York City
Bank debits, New York City
Velocity of demand deposits, outside N. Y. City
Velocity of demand deposits, New York CitY
New life insurance sales
Factory employment, United States
Business failures
Building contracts r
New corporatoons formed, New York State

p Preliminary

April
1935

137
183
1 aft

as

615
--

r Revised. •1913 averag1100.

Sales of Wholesale Firms During June in New York
Federal Reserve District Reported Slightly Above
June Last Year
"In June, total sales of the reporting wholesale firms in
the Second (New York) District again averaged slightly
higher than last year." In stating this, the Federal Reserve
Bank of New York, in its "Monthly Review" of Aug. 1,
added:
The diamond and jewelry firms reported sizable gains over a year ago,
which were the largest in a number of months, and the men's clothong and
drug concerns registered moderate advances in sales. The stationery firms
showed sales this year slightly higher than in 1934, but the grocery, hardware and paper concerns had small declines from a year ago. Sales of
cotton goods showed the smallest decrease in 6 months, but a considerable
reduction occurred in sales of reporting shoe dealers.
During the first 6 months of 1935, total sales of the reporting wholesale
firms in this district averaged 0.4% higher than in the corresponding period
of 1934, as compared with an increase of 25% between the first half of 1933
and 1934.
The grocery, hardware and diamond firms continued to report a larger
8111104111t of merchandise on hand this year than last, while the drug and
jewelry concerns again reported reductions. The rate of collections averaged slightly lower in June than a year ago.

Commodity

Percentage
Change
June 1935
Compared with
June 1934
Net
Sales

Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry

1.5
+5.6
5.7
--18.2
+6.7
-3.4
+0.4
-1.3
+40.9
+16.5

Stock
End of
Month
+4.7

-9.3
+9.3
+19.2
-4.4

Per Cent Of
Charge Accounts Percentage
Outstanding
Change
May 31
in
Collected in June Net Sales
First
6 Mos.
1934
1935 1935from
1934
94.6
39.4
39.7
61.0
42.7
22.2
48.0
55.4
47.9
} 28.8

90.4
42.9
40.0
59.3
41.4
22.9
48.9
57.0
49.2
25.7

+1.8
-0.3
-11.6
-3.4
+2.8
+2.5
-1.8
+4.5
+13.8
+2.1

Weighted average
56.1
56.8
+0.4
+0.4
*Quantity figures reported by the National Federation of Textiles, Inc., not
yet available.

York Federal Reserve Bank Reports Increase of
1% in Department Store Sales During June as
Compared with June 1934-Sales in Metropolitan
Area of New York Also Higher in First Half of July
According to the Federal Reserve Bank of New York
total June sales of the reporting department stores in the
Second (New York District) "were a little over 1%
higher than in June 1934, and after allowing for differences
in the number of shopping days, June showed the most
favorable year to year comparison since last December."
In its Aug. 1 "Monthly Review" the Bank also stated:
New

On an average daily basis, salesof the Syracuse and Northern New Jersey
department stores showed the largest advances since March 1934 and the




661

New York, Buffalo and Rochester stores registered the most substantial
gains in sales in 5 or 6 months. In the Capital district, average daily sales
compared more favorable with a year ago than in the previous two months,
and in the Northern New York State. Southern New York State, the
Hudson River Valley District, and in Westchester and Stamford reporting
department stores also the year to year comparisons showed improvement
over May. Sales of the leading apparel stores in this district were somewhat higher than last year, following a decrease in May.
During the first halt of 1935, total sales of the reporting department
stores in this district were about 2% less than in the corresponding period
of 1934, whereas during the first six months of 1934 sales were 93,b% higher
than in 1933.
Department store stocks of merchandise on hand at the end of June
remained smaller than a year previous for tbe eleventh consecutive month.
The rate of collections during June of accounts outstanding at the end of
the previous month was slightly lower than a year ago for both the department stores and also for the apparel stores, whereas increases had been
reported in most preceding months for the past two years.

Percentage Change from
a Year Ago
Locality
Net Saks
June
New York
Buffalo
+4.4
Rochester
+2.5
Syracuse
+5.7
Northern New Jersey
+7.2
Bridgeport
-1.9
Elsewhere
-4.2
--1.6
Northern New York State
Southern New York State
--3.6
Hudson River Valley District_ --10.4
Capital District
-3.4
Westchester and Stamford
-1.4

Feb. to
June
-2.8
+0.3
+0.9
+0.3
+0.9

Per Cent of
Accounts
Outstanding
May 31
Collected in

Stock
on Hand
End of
Month

June
1934

June
1935

-8.2
-2.9
-7.4
-9.5
+4.1
-12.6

50.2
45.6
46.7
36.6
43.1
38.8
31.3

49.3
47.3
46.3
36.7
42.7
38.2
34.3

-6.2
--8.9
--2.2
-3.3

All department stores

+1.2

-2.1

-5.0

46.5

46.2

Apparel stores

+0.3

-1.3

+5.0

43.4

42.9

June sales and stocks in the principal departments are compared with
those of a year previous in the following table:

Musical instruments and radio
Furniture
Luggage and other leather goods
Women's and misses' ready-to-wear
Toys and sporting goods
Books and stationery
Hosiery
Men's and boys' wear
Home furnishings
Silverware and jewelry
Linens and handkerchiefs
Woolen goods
Men's furnishings
Women's ready-to-wear accessories
Shoes
Cotton goods
Toilet articles and drugs
Silks and velvets
Miscellaneous

Net Sales
Percentage Change
June 1935
Compared with
June 1934

Stock on Hand
Percentage Change
June 30 1935
Compared with
June 30 1934

+36.6
+12.9
+10.0
+9.6
+7.5
+5.9
+5.4
+3.4
+2.9
+0.9
+0.2
-0.6
-1.8
-2.0
-3.7
-4.2
-6.9
-10.3
-3.2

-27.1
-13.2
-2.0
-1.5
+6.0
-1.2
-16.5
+14.8
-9.6
-2.2
-15.7
-17.0
-4.6
+1.0
-21.7
-1.8
-2.9
+2.0

From the "Review" we take the following regarding sales
in the Metropolitan area of New York during the first half
of July:
During the first half of July, total sales of the reporting department
stores in the Metropolitan area of New York were 3.6% higher than in
the corresponding period of 1934, but trade appeared to be running somewhat more than seasonally below the June level. New York City showed
a 6% increase, but reporting stores in Northern New Jersey had a 10%
decline in sales compared with a year ago.

Foreign Trade in June-Imports and
Exports
The Bureau of Statistics of the Department of Commerce
at Washington on July 30 issued its statement on the foreign
'trade of the United States for June and the 12 months ended
with June, with comparisons by months back to 1930.
The report is as follows:
Country's

In June United States exports exceeded imports for the first time in
three months. In contrast with the usual seasonal decline of 5% from
May to June, exports were 3% higher, while imports, which usually decline 7%, were 8% smaller than in the preceding month. Compared with
June a year ago, exports were slightly smaller in value, while imports showed
an increase of a little over 15%.
Exports, including re-exports, amounted to 1170,193,000 in value in
June compared with $165,456,000 in May and $170,519,000 in June 1934.
General imports, which include goods entering consumption channels immediately upon arrival in the 'United Statas, plus goods entered for storage in
bonded warehouses, totaled 1156,756.000, compared with 1170,559,000
in May 1935 and $136,109,000 in June 1934.
Imports for consumption, which include goods entering consumption
channels immediately upon arrival, plus withdrawals from bonded warehouses for consumption, amounted to $155,314,000 in value compared with
1166,782,000 in May and $135,067,000 in June 1934.
Agricultural exports, valued at 141.800,000, were slightly larger than in
May. Exports of unmanufactured cotton, the most important agricultural export commodity, amounted to 193,402,000 pounds, valued at
$23,380,000, compared with 161,387,000 pounds, valued at $19,366,000.
in May. This gain of 14,074,000 in raw cotton exports accounts for a
substantial part of the June increase in the total value of exports. However:the value of raw cotton exports was 16,181,000 less than in June a
Year ago.
Other agricultural exports to show a considerable increase over May
Included fodders and feeds, vegetables and vegetable preparations, canned
fruits and dried and evaporated fruits.
Leaf tobacco exports suffered one of the largest declines to occur among
agricultural products. Exports of this commodity amounted to 12.452.000
pounds, valued at $2,551,000. compared with 17,388,000 pounds, valued

33%.
Exports of crude foodstuffs and manufactured foodstuffs declined apof
proximately 40% and 30%. respectively. in quantity in the first half
1935. Exports of lard, apples, meats, dried and evaporated fruit and wheat
exports
Wheat
12%.
to
flour showed declines in quantity ranging from 75
were negligible.
The exports of finished manufactures were 10% larger in quantity and
11% larger in value in the first half of 1935 than in the same period of 1934.
A substantial part of this increase was due to larger shipments of automobiles and machinery. There were also increases in the exports of numermanufactures
ous miscellaneous manufactures, Including aircraft, rubber
(except automobile tires), and advanced iron and steel manufactures.
imported
foodstuffs
manufactured
The quantity of crude foodstuffs and
over the first
in the first half of 1935 increased 28 and 16%, respectively,
and butter
half of 1934. Grain and feed imports were several times larger
increased
and vegetable oil imports were sharply higher. Sugar imports
regular
more
a
showed
time
same
about one-fourth in quantity and at the
movement into United States markets than in the first half of 1934. Among
coffee.
other foodstuffs imported in larger quantities were fruits, cocoa and
inThe quantity of imports of crude materials and semi-manufactures
of
Imports
1935.
of
half
first
the
creased 28 and 22%, respectively, in
and tin
copper, fertilizers, woodpulp, raw silk, unmanufactured wool
showed increases in quantity ranging from 10 to 63%. while the quantity
manufacutres
of crude rubber imports declined 12%. Imports of finished
increased approximately 14% in quantity.
MERCHANDISE TRADE BY MONTHS
GENERAL
TOTAL VALUES OF EXPORTS INCLUDING RE-EXPORTS AND
IMPORTS
1935)
27
July
to
corrected
1935
for
figures
(Preliminary
6 Months Ending June

June

Exports
Imports
Excess of exports

Month or Period
Exports Including
Re-exports
January
February
March
April
May
June
July
August
September
October
November
December

1935

1934

1935

1934

Increase(+)
Decrease(-)

1,000
Dollars
170,193
156,756

1,000
Dollars
170,519
136,109

1.000
Dollars
1,023 981
994,559

1,000
Dollars
1,036,053
863,843

1,000
Dollars
-12.072
+130,716

13,437

34,410

29,422

172,210

1935

1934

1933

1932

1931

1930

1,000
1,000
1,000
1.000
1.000
1,000
Dollars Dollars Dollars Dollars Dollars Dollars
176,223 172,220 120,589 150,022 249,598 410,849
162,990 162,752 101,515 153,972 224,346 348,852
184,931 190,938 108,015 154,876 235,899 369,549
164,188 179,427 105.217 135,095 215,077 331,732
165,456 160,197 114,203 131,899 203,970 320,035
170,193 170.519 119,790 114,148 187,077 294.701
161.672 144.109 106.830 180.772 266.762
171.984 131.973 108,599 164,808 297.765
191,313 160.119 132.037 180,228 312.207
206.413 193,069 153.090 204,905 326,896
194,712 184,256 138,834 193.540 288.978
170,654 192.638 131.619 189.070 274,856

General ImportsJanuary
February
March
April
May
June
July
August
September
October
!‘lovember
December

166,859
152,480
177,325
170,580
170.559
156,756

135,706
132,753
158,105
146,523
154,647
136,109
127.229
119,513
131,658
129.635
150.919
132,258

96,00r
83,748
94,860
88,412
106,869
122.197
142.980
154,918
146.643
150.867
128,541
133,518

oomo...owvbamot.
=1,
0=00

6 months ending June 1,023,981 1,036.053 669,329 840,012 1,315,967 2,075,717
12 months ending June 2,120,726 2,041,717 1,440,333 1,948,335 3,083,429 4,693,626
2,132,800 1,674,994 1,611,016 2.424.289 3,843,181
12 months ending Dec.
183,148 310,968
174,946 281,707
210,202 300,460
185,706 307,824
179,694 284,683
173,455 .250.343
174,460 220,558
1136,679 218,417
170,384 226,352
168,708 247,367
149.480 203.593
153.773 208,636

746,786 1,107,1511.735,085
6 months ending June 994,559 863,843 592.092 1,730,270
2.432,074 3,848,971
12 months ending June 1,785,772 1,721.310 1,168,080 1.322.774
2.090.635 3.060,908
1,449.559
1,655.055
Dec.
ending
12 months




6 Months Ending Juna

June
Exports and Imports

1934

1935

1934

1,000
Dollars
167,902

1,000
Dollars
1,002 989

1 000
Dollars
1,0 8,164

ARA AAA

Rql ',nn

1935
1.000
Dollars
Exports (U. S. mdse.)__ 167,226

1932

1933

1934

1935

Month or Period

1 q q 1107

lax ql 5

TresrIn.o Inn onnoltrn.....-1

Increase)+)
Decrease(-)
1,000
Dollars
-15,175
non

.1.1 Al

1930

1931

1,000
1,000
1,000
1,000
1,000
1,000
Dollars Dollars Dollars Dollars Dollars Dollars
173,560 169,577 118.559 146,906 245.727 404.321
99,423 151,048 220,860 342,901
160,296 159,617
181,571 187.418 106.293 151.403 231,081 363,079
160,547 176,490 103,265 132,268 210,061 326,536
159,788 157,161 111,845 128,553 199,225 321,460
167,226 167,902 117,517 109,478 182.797 289,869
159,128 141.573 104,276 177,025 262,071
169.851 129,315 106,270 161,494 293,903
188.860 157.490 129,538 177,382 307,932
203.536 190,842 151,035 201.390 322,676
192.156 181,291 136,402 190,339 285.396
168,442 189.808 128,975 180,801 270,029

Exports-U.S.
Merchandise
January
February
March
April
May
June
July
August
September
October
November
December

I-4.4w-Aot000wo

134,311
129,804
130,584
123,176
112.611
112,509
79,934
93,375
102,933
104,662
105.295
95,898

1.....townowwe,Dww to w

128.976
125,047
153,396
141,247
147,467
135,067
124,010
117,262
149,893
137,975
149,470
126.193

168,509
152,234
175,459
166,157
166,782
155,314

oncom.o.w.A.m

Imports for Consumption
January
February
March
April
May
June
July
hugest
September
3ctober
Vovember
December

Is2.14,1:60M=MCD
:4a0vw..w000—aw

6 months ending June 1,002,989 1,018,164 656.902 819,656 1.289,511 2,048,166
12 months ending June 2,084,961 2,008,484 1,413,397 1,908,087 3,031,557 4,617,730
2.100.1351,647,220 1,576,151 2,377,982 3,781,172
12 months ending Dec.

183,284
177,483
205,690
182,867
176,443
174,516
174,559
168,735
174,740
171.589
152,802
149,516

6 months ending June 984,450 831,200 589,954 742.9951.100,283 1,807,574
[2 months ending June 1,789,252 1.674,259 1,172,051 1,734,936 2,406.7863,915.530
1.636.003 1,433.013 1,325,093 2.088,455 3,114.077
12 months ending Dec.
GOLD AND SILVER BY MONTHS
6 Months Ending June

June
1935

1934

1935

1934

Increase(+)
Decrease-)

GoldExports
Imports

1.000
Dollars
166
230,538

1.000
Dollars
6,586
70,291

1,000
Dollars
1.226
805,389

1,000
Dollars
13,213
852,387

1.000
Dollars
-11.987
-46,998

Excess of exports
Excess of imports

230,372

63,705

804,163

839,174

1,717
10,444

2,404
5,431

12,232
91,226

7,725
19,365

8.727

3.027

714.994

it

1935

1934

Exports and Imports

SilverExports
Imports
Excess of exports_
Excess of Imnorts_

Gold
Month or
Period

1935

1934

1933

+4,507
+71,861

rtAn

Silver
1932

1933

1932

1,000 1,000 1,000 1,000 1.000 1.000 1,000 1,000
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
Export,
January
February
March
April
May
June
July
August
September
October
November
December

363
46
540
62
49
166

4.715
51
44
37
1,780
6,586
114
14.556
22,255
2.173
310
140

14
21,521
28,123
16,741
22,925
4,380
85.375
81,473
58,282
34,046
2.957
10,815

wcx..o.4..-a=moo..w

nickel.
Preliminary figures for the mid-year period ending June 30 indicate that
exports decreased slightly in value and quantity, while imports increased
15% in value and approximately the same percentage in quantity compared
with the first half of 1934. These changes in exports and imports resulted
In a substantial reduction in our net merchandise export balance during
1935.
Several factors contributed to the developments which have taken place
during the first six months of this year. There was a large increase in the
imports of foodstuffs, partly as a result of higher domestic prices following
the drought of last year. The marked decline in the volume of our exports
of crude materials, particularly raw cotton, and foodstuffs, including wheat,
meats and fats, may be attributed in part to the influence of the same factors.
There was an increase in imports of crude materials and semi-manufactures
which accompanied the expansion of domestic industrial activity.
Leading the decline in exports during the first half of the year, according
to preliminary figures, was the drop of 21% in quantity and 15% in the
value of our crude material exports. The quantity of the leading export
commodity, raw cotton, dropped 29% and exports of leaf tobacco declined

TOTAL VALUES OF EXPORTS OF U. S. MERCHANDISE AND IMPORTS
FOR CONSUMPTION

...
t..w
..ww...wo
mwm.,pwoo...4

at $3,854,000, in May, and with 29,563,000 pounds, valued at $5,583,000,
exported in June a car ago.
There was also a substantial decline in the export of meat products,
compared with the preceding month. Smaller declines in value occurred
in the exports of wheat flour and dairy products.
Non-agricultural exports increased 4% from $120,700,000 in May to
$125.400.000 in June. The more important gains in this class of exports
were those made by copper, non-metallic minerals (particularly petroleum
and petroleum products) and by automobiles. including both motor trucks
and passenger cars. Exports of crude sulphur, amounting to 54,000 tons.
valued at $1,049,000, represented a gain of more than 100% in both quantity and value. Small declines relative to the total trade occurred in the
exports of electrical machinery and apparatus,industrial machinery, office
appliances, industrial chemicals and cotton manufactures.
Vegetable food products and edible animal products were the principal
groups of imports to show a decline in June, compared with May. Import
commodities the values of which were smaller than in the preceding month
included meats, butter, grains, fodder and feeds, fruits, vegetables, edible
vegetable oils, coffee, tea, spices and sugar. Among the inedible vegetable
products imported, copra declined substantially. Other principal commodities showing declines during the month were undressed furs, unmanufactured cotton, cotton manufactures, raw silk, woodpulp, newsprint, and
fertilizers and fertilizer materials. Commodities which increased in value
during June included cocoanut oil, palm oil, flaxseed, sisal and henequen
and
fiber, burlaps. binding twine, lumber, coal, mineral oils. ferro-alloys

Exports and Imports

Aug. 3 1935

Financial Chronicle

662

1,248
1,661
3.128
1,593
2,885
1,717

859
734
665
1,425
1,638
2,404
1,789
1,741
1,424
1,162
1,698
1.014

1,551
209
269
193
235
343
2,572
7,015
3,321
2,281
464
590

1,611
942
967
1,617
1,865
1,268
828
433
868
1,316
875
1,260

6 mos. end.June 1,226 13,213 93,704767.838 12,232 7.725 2,800 8,269
12 mos. end.June 40,773 286.161 135,393 1233844 21,059 23,968 8,380 19,979
52.759 366,652 809,528
12 mos.end. Dec.
16.551 19,041 13,850
Imparts

January
February
March
April
May
June
July
hugest
September
)ctober
Vovember
Jecember

149,755 1,947 128,479 34,913 19,085 3.593 1,763
122,817 452.622 30,397 37,644 16.351 2,128
855
13,543 237,380 14,948 19,238 20.842 1,823 1.693
148.670 54.785 6,769 19,271 11,002 1,955 1,520
140,065 35,362 1,785 16,715 13.501 4,435 5,275
230,538 70.291 1,136 20,070 10,444 5.431 15,472
52.460 1.497 20.037
2.458 5,386
51.781 1.085 24,170
21,926 11,602
3.585 1,545 27,957
20,831 3,494
13,010 1.696 20,674
14,425 4.106
121.199 2.179 21.756
15,011 4,083
92,249 1.687 100.872
8,711 4.977

2,097
2,009
1,809
1,890
1,547
1.901
1,288
1,554
2,052
1,305
1,494
1.203

6 mos. end.June 805,389 852,387 183,514 147,850 91,226 19,365 26,578 10,753
2 mos. end.June 1139672 862,071 398,979 520,028 174,587 53.013 35,474 25,384
1186671 193.197 363,315
102.175 60.225 19,650
2 mos.end. Dec.

3% from Year Ago Noted in June Sales
Decrease of 2,14'
of Chain Stores in New York Federal Reserve
District
Total June sales of the reporting chain store systems in
the Second (New York) District, states the New York
Federal Reserve Bank, "were approximately 21A% below a
year ago, a smaller decrease than. in May, and after allowance for one less shopping day this year, sales were slightly
higher than in June of last year. Continuing, the Bank
also had the following to say in its "Monthly Review" of
Aug. 1:
On an average daily basis, the drug and variety chain stores reported
sizable gains in sales over a year ago, and sales of the ten-cent chains were
slightly higher than last year, following a decline in the previous month.
Average daily sales of the grocery, shoe, and candy chain store systems were
below those of June 1934, but the declines were less than those reported in
May.

Financial Chronicle

Volume 141

For the first six months of 1935, total sales of the reporting chain stores
were 1.3% below the corresponding period of 1934, as compared with an
increase of 13% between the first half of 1933 and 1934.
From June 1934 to June 1935, the 10-cent, drug, variety and candy
chain systems increased the number of stores in operation, but the additional stores of these types failed to offset the continued closing of grocery
and shoe chain stores. Consequently, average sales per store of all chain
systems combined make a slightly more favorable comparison with a year
ago than do total sales.
Percentage Change
June 1935
Compared with
June 1934
Typc of Store

Grocery
Ten-cent
Drug
Shoe
Variety
Candy

Number
of
Stores

Total
Sales

Sales
per
Store

+7.6
-1.2
+1.2
+5.2

-11.2
-3.3
+6.4
-6.3
+5.9
-11.7

-4.4
-1.1

-5.5
-2.6
+6.2

-2.5
-3.5
+1.0

-5.2
-1-4.6
-16.0

+5.3
-7.0

-4.7
+4.2
-9.9

-0.6

-2.6

-2.0

-1.3

-0.5

-3.3
+1.2

Total

Sales
Per
Store

Total
Sales

Percentage Change
Jan.-June 1935
Compared with
Jan.-June 1934

-8.1

Monthly Indexes of Federal Reserve Board for June
Under date of July 26 the Federal Reserve Board issued as
follows its monthly indexes of industrial production, factory
employment, &c.:
BUSINESS INDEXES
(Index Numbers of the Federal Reserve Board, 1923-2100) a
Adjusted for
Seasonal Variation

Without
Seasonal Variation

June

May

June

June

May

1935

1935

1934

1935

1935

June
1934

General IndexesIndustrial production, total

84
87
p86
r84
p86
85
Manufactures
87
r84
p84
83
p84
84
Minerals
88
87
p97
87
89
p98
Construction contracts, value bTotal
31
32
p33
26
p29
27
Residential
p26
25
13
12
21
p23
All other
39
46
p40
38
32
p33
Factory employment.c
80.0 r82.2 r81.5 79.7 r81.1 r81.1
Factory payrolls_e66.5 68.5 r64.9
Freight-car loadings
64
61
63
1:
63
61.
Department store sales, value
76
70
p76
74
76
p80
Production Indexes by Groups and
IndustriesManufactures:
Iron and steel
r86
r72
66
r66
r86
66
•
Textiles
73
p95
101
77
•
102
p101
Food products
95
73
78
96
78
74
Automobiles
92
108
114
81
86
100
Leather and shoes
97
102
p98
101
111
p101
Cement
65
72
71
58
55
58
Petroleum refining
160
154
__
154
160
Rubber tires and tubes
96
102
__
84
75
Tobacco manufactures
144
136
150
132
134
138
Minerals:
Bituminous coal
58
60
p71
66
69
p80
Anthracite
71
60
p85
69
p97
71
Petroleum, crude
132
132
130 p137
131
p134
Iron Ore
54
105
80
53
106
53
Zinc
73
55
58
76
73
79
Silver
44
__
50
45
51
Lead
57
62
56
56
55
63
p Preliminary.
Revised.
a Indexes of production, car loadings, and department store sales based on daily
averages. b Based on three-month moving average of F. W. Dodge.data centered
at second month. c Indexes of factory employment and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics. Index of factory employment
adjusted for seasonal variation compiled by Federal Reserve Board. Underlying
figures are for payroll Period ending nearest middle of month. June 1935 figures
are preliminary, subject to revision.

FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES. (1923-2100) a
Employment

Group and Industry

Payrolls

Adjusted for Sea- Without Seasonal Without Seasonal
Adjustment
Adjustment
lanai Variation

1L4b4.

ocamonowegace.4
-4a-iweomcoo,wcww.

June May June June May June June May June
1935 1935 1934 1935 1935 1934 1935 1935 1934
-Iron and steel
r72.4 76.4 55.5 "58.5 62.6
71.6 r71.5 76.3
Machinery
84.5 80.8 66.9 67.8 61.6
84.4 84.9 81.2
Transportation equipment.. 90.3 94.0 r90.6
102.7 r95.6 83.7 94.2 r78.5
Automobiles
116.4 106.8 94.4 105.1 85.8
103.0 105.9 101.1
Railroad repair shops
53.6 59.8 51.0 52.5 53.8
53.4 53.3 59.4
Non-ferrous metals
80.4 75.9 62.8 63.3 57.9
80.7 80.8 76.8
Lumber and products
50.9 50.0 36.3 r34.8 33.9
48.8 51.3 49.8
Stone, clay and Klass
55.0 57.1 40.5 40.3 38.8
53.4 53.6 54.9
Textiles and products
93.5 90.9 70.7 75.5 66.4
91.6 93.6 92.2
A. Fabrics
91.0 89.0 72.0 74.9 66.9
90.6 91.0 91.1
B. Wearing apparel
95.3 89.3 64.1 72.1 61.7
89.7 95.6 90.8
Leather products
r86.7 87.7 70.6 r72.3 72.9
86.1 r89.1 91.4
Food products
95.1 105.1 90.3 86.9 91.9
100.1 102.0 107.3
Tobacco products
56.6 62.4 46.8 43.8 47.5
58.2 56.8 62.7
Paper and printing
96.5 94.7 83.5 84.8 78.9
96.4 97.1 95.5
Chemicals <lc petroleum prods. 111.3 109.3 108.9
108.0 104.5 94.6 r94.8 88.1
A. Chemicals group except
Petroleum refining
108.0 102.9 93.6 r94.1 86.6
111.7 109.5 108.4
B. Petroleum refining
108.3 111.4 98.2 r96.8 93.1
110.0 108.5 110.4
Rubber products
r81.3 85.6 64.8 r66.5 66.5
77.6 79.9 83.2
Total

80.0 r8I.2 r81.5 79.7 r81.1 r81.I 66.5 68.5 r64.9
a Indexes of factory employment and payrolls without seasona adiu tmen corn
piled by Bureau of Labor 8 mistier'. Index of factory employment adjusted for
seasonal variation compiled by Federal Reserve Board. Underly rig figures are for
payrolls period ending nearest middle of month. June 1935 figures are preliminary,
rubJect to revision. r Revised.

Summary of Business Conditions in United States by
Federal Reserve Board-Increase Noted in Industrial Production in June
"Factory employment declined seasonally in June, while
output of mines increased," said the Federal Reserve Board
in its summary of general business and financial conditions
in the United States, based upon statistics for June and the
first three weeks of July. "Employment and payrolls at
factories showed more than seasonal declines," according to




663

the Board, which said that "there was little change in the
average level of wholesale prices, and a decrease in retail
food prices." The Board's summary, issued July 26, follows:
Production and Employment
Daily average output at factories, according to the Federal Reserve
Board's production index, declined by about the usual seasonal amount
during June. Output of mines increased and the Board's combined index
of industrial production, which is adjusted for usual seasonal changes,
advanced from 85% of the 1923-1925 average in May to 86% in June.
Daily average output of automobiles and lumber increased in June, while
activity at cotton mills, shoe factories, and meatpacking establishments
declined. Activity at steel mills declined seasonally during June. but,
according to trade reports, increased after the first week of July. There
were sharp increases in the production of anthracite and bituminous coal
during June and output of crude petroleum was also larger than in May.
Factory employment and payrolls decreased between the middle of May
and the middle of June. More than seasonal declines in employment were
reported by producers of automobiles, clothing, shoes and cotton fabrics.
and employment at lumber mills also decreased, while the number of workers at woolen mills increased. In most other manufacturing industries
changes in employmentfrom May to June were largely seasonal in character.
Employment and payrolls at mines increased considerably.
Daily average construction contracts awarded, according to reports of
the F. W. Dodge Corp., were larger in value in June and the first half of
July than in May. Awards of residential building contracts were twice as
large as a year ago, while contracts for public projects continued smaller
than last year.
The Department of Agriculture July 1 estimates forecast corn and wheat
crops larger than a year ago, but smaller than the five-year average for
1928-1932. Acreage of cotton in cultivation on July 1 was reported as
about 5% larger than at the same time last year.
Distribution
Daily average loadings of freight on railroads increased during June,
reflecting larger shipments of coal. Daily average value of department
store sales showed little change from May to June, when a decline is usual.
and the Board's seasonally adjusted index advanced from 76% of the 19231925 average to 80%.
Commodity Prices
Wholesale prices of farm products and foods declined during June, while
the prices of other commodities as a group showed little change. Retail
prices of food, which had increased sharply in the two years ending last
April, according to the index of the Bureau of Labor Statistics, declined
somewhat in May and June.
Bank Credit
Member bank reserve balances with the Federal Reserve banks and
excess reserves showed declines for the four weeks ended July 17. reflecting
in largo measure an increase in the balance of the Treasury with the Federal
Reserve banks following a sale of Treasury notes.
Total loans and invesments of reporting banks in leading cities increased
by $260,000,000 during the five-week period ending July 17. Subscriptions by reporting banks to new security offerings by the Treasury exceeded
retirement of bonds held by these banks, and consequently their holdings
of direct obligations of the United States increased by $200,000,000 Holdings of other securities increased by $125,000,000, while loans declined by
$60,000,000. Government deposits with these banks were reduced by
over $200,000,000, while other deposits, exclusive of interbank balances,
showed an increase of a similar amount.
Yields on Government securities declined slightly during this period, while
other short-term open-market money rates remained at low levels.

Business Conditions in Philadelphia Federal Reserve
District-Further Decline Noted in Industrial Activity

In its Aug. 1 "Business Review" the Philadelphia Federal
Reserve Bank states that "industrial activity in the Third
(Philadelphia) District generally has declined further, after
increasing for three months ended in April. Output of manufactures and crude oil during June," the Bank said, "fell off
by a larger volume than usual while production of coal
showed an exceptional increase over the May volume."
The Bank added in part:
The Juno output of these three industries combined was still larger than
a year ago, and the rate of productive activity continued about 4% higher
in the first half of this year than last and was the highest for that period
since 1931. Some improvement also was evident in the activity of building
and construction, though the present level continues very low compared
with that prevailing in the years prior to 1931.
Retail trade sales in June showed a considerable improvement over May
and in July the dollar volume compared well with a year ago. Trading at
wholesale in general failed to maintain the normal seasonal rate of activity.
Manufacturing
The market for manufactures shows additional slackening as it usually
does at this season. Sales have fallen off since the middle of last month,
except in the case of wool and silk manufactures and some of the metal
products. Compared with a year ago, the volume of business has been
well maintained and in the case of cotton, wool, clothing, shoes chemicals,
brick, lumber, plumbing supplies and certain fabricated metals sales have
continued larger. The volume of unfilled orders for finished products
generally about the middle of July seemed to have exceeded that at the
same time last year by a fair margin.
Output of factory products in this district during June declined from the
May volume by a larger proportion than usual, following a rise for three
monthsfrom February to April. Relative to the 1923-25 average as a base.
this Bank's preliminary index of productive activity, which is adjusted for
the number of working days and seasonal variation, was 69 as compared
with 73 in May,74 in April, and 70 in June last year. The rate of factory
Production in the first six months of this year averaged 5% higher than
in the same period last year.
The decline in the output of the durable goods industries in June was
somewhat more pronouncal than that in consumers' manufactures, owing
partly to curtailed operation of shipbuilding through prolonged labor difficulties and partly to lessened activity of steel works and rolling mills,
electricial apparatus plants, and establishments producing chiefly locomotives and cars. Nevertheless, latest reports seem to indicate that there
exists at present well sustained or more active forward demand for certain
heavy products including tools and machinery from such industries as
automotive, railroads, farm equipment and manufacturing.

Financial Chrcnicle

664

Wholesale and Department Store Trade in Chicago
Federal Reserve District During June-Mid-West
Distribution of Automobiles Up Slightly
According to the Federal Reserve Bank of Chicago varying
trends prevailed during June in reporting wholesale groups,
while department store trade declined 4% during the month
from May.
As to trade at wholesale in the Seventh (Chicago) District
the Bank had the following to say in its "Business Conditions
Report" of July 31:
Grocery sales declined slightly from May and electrical supply sales
dropped off 8%, both recessions being counter-seasonal, and for the second
successive month the aggregate volume sold in the former group was below
the corresponding month a year ago. The drug trade experienced a decline
of 6%% from the preceding month, as against practically no change in
the 1925-34 average for the period, but sales continued to exceed those of a
year previous. The wholesale hardware trade reported a favorable month,
sales increasing fractionally over May,as compared with an average decline
for the month of 1%, and totaling almost 25% heavier than in June last
year. In the first semester of 1935. wholesale grocery sales little than
equaled those for the same period of 1934, while gains of 9, 11, and 14%
were shown in this comparison in the drug, electrical supply, and hardware
trades, respectively. Ratios of accounts outstanding ac the end of June
to net sales during the month were higher in all groups than a month previous, but were lower than a year ago.
WHOLESALE TRADE IN JUNE 1935
Per Cent Change
from Same Month Last Year
Commodity

Groceries
Hardware
Drugs
Electrical supplies

Net
Sales
-12.2
+23.9
+12.8
+1.0

Stocks

Accts. Out
standing

ColWHO=

Ratio of
Accts. Outstanding to
Net Sales

+9.6
-8.3
-5.4
-4.9

-16.8
-0.4
-1.7
-1.6

-12.4
+10.2
+3.1
-3.0

84.1
158.9
172.3
153.2

In reporting on department store sales the Bank said:
Department store trade in the Seventh District declined 4% in June from
the preceding month, the recession being slightly less than average for the
month, and totaled 7% heavier than in the month last year. Although
there were five Saturdays in June, there was one less trading day than in
May and also one less than in June 1934, so that daily average sales decreased only 1% from a month previous and were 11% heavier than a year
ago. Chicago furnished an exception to the general trend in the monthly
comparison, total sales by stores in that city expanding 5% over the May
volume. Detroit stores recorded the heaviest recession from the preceding
month, with a decline in sales of 15%, while Indianapolis trade dropped off
10%%. Milwaukee trade decreased 23%, and sales by stores in smaller
centers were 6% less than a month previous. Stocks on hand declined
seasonally during June and continued to total somewhat below the level
of 1934; stock turnover in the first six months of this year was slightly
greater than in the same period last year.
DEPARTMENT STORE TRADE IN JUNE 1935
Per Cent Change
June 1935
from
June 1934
Locality

Chicago
Detroit
Indianapolis
Milwaukee
Other cities

P.C.Change
1st Semester
1935from
SamePeriod
1934

Ratio of June
Collections
to Accounts
Outstanding
End or May

Net
Sales

Stocks End
of Month

Net
Sales

1935

1934

+6.1
+2.3
+11.4
+10.2
+11.7

-2.3
-3.7
-18.5
-5.2
+2.7

+6.6
+4.6
+10.9
+4.7
+6.3

32.4
43.9
40.9
40.2
33.7

33.2
42.4
40.8
38.1
32.2

36.8
37.7
+5.6
+6.9
stores fell
department
and
dealers
reporting
by
shoes
of
sales
Although
sold exceeded
off counter-seasonally 12% in June from May, the volume
1935, sales totaled
by 9% that of June a year ago, and in the six months of
were 12% lower at
5% heavier than in the first half of last year. Stocks
larger than on the
the close of June than a month previous, but were 2%
corresponding date in 1934.
department stores
and
dealers
by
Sales offurniture and house furnishings
a decline
dropped 23% in June from the preceding month,as compared with
volume sold
In the 1927-34 average for the month of 2434,%. The dollar
to be
largest
totaled 19% larger than in June last year, which gain is the
dealers inrecorded over a year ago so far in 1935; instalment sales by
and of 4%%
creased 23% in this comparison. A decline of 4% from May
of June.
from a year previous was shown in stocks on hand at the close
Seventh District

From the Bank's review we take the following regarding
the distribution of automobiles in the Middle West:
two succesIt will be noted in the table [this we omit. Ed.]that following
reporting dealers

sive months of decline, retail sales of new automobiles by
in the district showed a small expansion in June; also, that sales by both
dealers and distributors totaled substantially larger in the first half of 1935
than in the same period of 1934, used car sales, however, failing to show
as heavy a gain as did those of new cars. Furthermore, stocks of used
cars averaged over half again as large in number this year as for the first
six months last year, while new car stocks have been slightly less in number
than a year ago. No change was recorded between May and June in the
ratio to total gales of those made on the deferred payment plan, the percentage being 46% in each month and comparing with 53% for June last
year.

Business Conditions in Boston Federal Reserve District-Activity Showed Moderate Seasonal Decline
Between May and June
According to the Aug. 1 "Monthly Review" of the Federal
Reserve Bank of Boston "the level of general business activity
in New England declined moderately between May and June
although the decrease was largely of seasonal character."
The following is also from the review:
A small gain in the volume of building contracts awarded was offset by
decreases in cotton consumption and boot and shoe production.
The amount of raw cotton consumed by mills in New England during
and 59.851
June was 55,152 bales, as compared with 66,249 bales in May
cotton conbales in June a year ago. During the first six months of 1935,




Aug. 3 1935

gumption in this District amounted to 430,427 bales, as compared with
513,387 bales in the corresponding period of 1934. The amount of cotton
consumed during the first six months of 1935, was approximately 16% less
than in the first six months of last year. . .
Between May and June there was a decline of 2.3% in the number of
wage earners employed in representative manufacturing establishments in
Massachusetts, a decrease in the amount of aggregate weekly payrolls of
2.4% and a decline of0.2% in average weekly earnings per person employed,
according to the Department of Labor and Industries. The decrease in
employment was slightly greater than the average decrease during the 10.
year period, 1925-1934, while the decline in aggregate weekly payrolls was
the same as the average for the past ten years. The declines, therefore,
would appear to have been of seasonal nature. The largest declines both
in number of wage earners and amount of payrolls occurred in the boot and
shoe industry. . . .
In June the sales volume of 940 retail concerns in 78 cities and towns in
Massachusetts amounted to 819,905.029, as compared with $20,504,967
in June last year, a decrease of 3%.

Business Conditions in Cleveland Federal Reserve District-Upward Trend Noted Latter Part of June
and First Three Weeks of July
The trend of general business in the Fourth (Cleveland)
District in the latter part of June and the first three weeks of
July, said the Federal Reserve Bank of Cleveland, "was
slightly upward following a period most of the second
quarter) in which operations, in the major lines at least,
were receding." The Bank also had the following to say in
its "Monthly Business Review" of July 31:
The recent increase was favorable in at least two respects; it occurred at
a season of the year when little change is expected and it was not confined
to any particular line. Whereas a major share ofiron and steel production
in the first half of 1935 was taken by the automobile industry, the spurt in
mill operations at the start of the third quarter was reported to bathe result
ofa general demand for steel products of nearly all sorts, with the automobile
industry not the dominant factor, in the situation. . ..
Plants in this District engaged in supplying materials to the automobile
assembly factories reduced operations in June and the first half of July,
although in some cases the drop was less than seasonal. Retail demand for
automobiles has held up better than expected, according to reports, and
re-orders have been necessary in several instances. Retooling programs in
preparation for the new models have stimulated operations at local machine
tool factories considerably. New orders in June were reported to be larger
than in five years.
Tire production was down seasonally and inventories of finished tires
are large. Glass production in June held up quite well, partly so that inventories reduced in the second quarter could be replenished, but operations
at china and pottery plants were down. Coal production, which increased
sharply in June, was drastically curtailed in early July. Most clothing
factories were operating at or near capacity levels turning out fall clothing,
and activity at shoe plants increased.
Employment and payrolls declined in this section in June by slightly
more than the usual amount.
Retail trade in this section increased contrary to seasonal tendency in
June after being in limited volume in May,and preliminary reports indicate
that the improvement continued in the first half of July. Dollar sales of
reporting departmentstoresin this district in June were 2.8% larger than
in the corresponding month of 1934 and the adjusted index rose eight points
from May. Sales in the first half-year were 1.3% larger than in the same
period of the previous year. Wholesale trade lagged in June.
Agricultural conditions in this District in early July were quite favorable
and wheat crop prospects were much better than average. Total indicated
yield .of other crops were affected by the .AAA program, but they were
much larger than a year ago.
So far as the first half of 1935 is concerned it seems that a slight gain in
general business from the same period of 1934 has occurred in this District,
the sharp increase in the automobile and allied industries more than offsetting the declines in other lines.

Industrial Situation in Illinois During June Reviewed
by Illinois Department of Labor-Employment
Declined Slightly While Payrolls Increased
Summaries of reports from 4,329 manufacturing and nonmanufacturing enterprises in Illinois, said Peter T. Swanish,
Chief of the Division of Statistics & Research of the Illinois
Department of Labor, "show a decline of 0.7 of 1% in the
number of persons employed in June and an increase of less
than 0.1 of 1% in the total wages paid." Mr. Swanish
stated:
For the 12-year period, 1923-1934, inclusive, the records of the Division
of Statistics and Research show that the average May-June change in
employment was an increase of 0.2 of 1%, while the average change in total
wage payment was an increase of0.8 of 1%. The current May-June change
in employment thus represents a reversal of seasonal trend, while the per
cent change in payrolls is less than the 12-year average per cent increase.

The June indexes of employment and payrolls in comparison with the same month of last year, according to Mr.
Swanish, "represent a somewhat higher level of economic
activity. The index of employment for all reporting industries rose from 72.7 in June of 1934 to 73.5 in June of this
year, while the index of payrolls advanced from 54.6 to 57.1,
respectively." In his review, issued July 26, Mr. Swanish
continued:
Changes in Employment and Wages Paid, According to Sex
Reports from 3.664 industrial enterprises, which designated the number
of employees by sex, showed a decrease of 0.5 of 1% in the number of male,
and a decline of 1.8% in the number of female employees. The changes in
employment, when examined according to sex, exhibit differences in
•
cyclical behavior.
Total wages paid male workers in the 3,664 industrial enterprises which
by sex, decreased 0.2 of 1%, while wages paid
payrolls
in
changes
showed
female workers declined 0.5 of 1% during June in comparison with May.
In the manufacturing group of industries, with 1,899 reporting concerns,
the number of male and female workers decreased 2.0% and 2.5%, respectively. Total wages paid male workers decreased 1.7%, while wages
paid female workers declined 1.1% during the May-June period.
The non-manufacturing group of industries, 1,765 reporting concerns,
showed an increase of 3.5% in the number of male workers, but a decrease

Volume 141

Financial Chronicle

of0.8 of 1% in the number of female workers employed. Total wages paid
both male and female workers increased 3.1% and 0.2 of 1% respectively.
Changes in Man-hours During June in Comparison With May
Man-hours worked were reported by 2,955 industrial enterprises. For
male and female workers combined, in all reporting industries, the total
number of hours declined 0.5 of 1%. Total hours worked by male and
female workers during June in comparison with May declined 1.0% and
2.2% respectively.
In the manufacturing industries, 1,649 concerns reported man-hours
worked by both sexes combined, and in these enterprises the total hours
worked were 1.8% less in June than in May.
Hours worked in 1,609 manufacturing plants, reporting man-hours for
male and female workers, separately, declined 2.7% for male workers and
3.2% for female workers. In the non-manufacturing group, 1,306 establishments reported an increase of 2.1% in total man-hours worked by male
and female workers combined. Within this group of industries. 1,186 firma
showed increases of 4.1% and 1.5% in the total number of man-hours
worked by male and female workers, respectively..
Average actual hours worked by 344.868 wage earners in the 2,955
industrial enterprises reporting man-hours increased from 37.4 in May to
37.5 in June, or 0.3 of 1%. In manufacturing plants the hours increased
from 36.4 in May to 36.6 in June, or 0.5 of 1%. In non-manufacturing
plants, the average number of hours worked per week during June was 39.2,
o 0.8 of 1% less than in May,
•

Lumber Production Almost at Year's Peak-Shipments
and New Business Increase
Lumber production during the week ended July 20 was the
heaviest of any week to date of 1935 except one; shipments
and new orders continued their upward trend and were
highest since May. Shipments were 8% below output; new
business was 11% below. Total production of reporting
mills was 36% above corresponding week of last year;
shipments were 56% and new business 45% heavier than
during the 1934 week. However, many small mills, active
last year, are idle this year or are operating intermittently.
The comparisons here shown are based upon reports to
the National Lumber Manufacturers Association from
regional associations covering the operations of 630 leading
hardwood and softwood mills. During the week ended
July 20 these produced 191,969,000 feet; shipped, 177,342,000
feet; booked orders of 170,484,000 feet. Revised figures for
the preceding week were: Mills, 647; production, 185,396,000
feet; shipments, 176,581,000 feet; orders, 161,966,000 feet.
The Association's report further showed:
West Coast, Northern hemlock and Northern hardwood were the only
regions that reported orders above production during the week ended
July 20. Total softwood orders were 11% below production; hardwood
orders, 16% below hardwood output. Softwood shipments were 8% below
production. All regions reported orders and all reported shipments
above
those of corresponding week of 1934; softwood orders showed gain of 44%;
hardwood orders, gain of 67% over last year's week.
Percentage of unfilled orders to stocks on July 20 was 22,
compared
with 15 at the beginning of 1935 and 19 at the end of the first quarter.
Identical softwood mills reported unfilled orders on July 20 as
the equivalent of 32 days' average production and stocks of 134 days' production,
compared with 27 days' and 162 days' a year ago.
Forest products car loadings totaled 28,416 cars during the week ended
July 20 1935. This was 1,792 cars above those loaded during the preceding week; 6,345 cars above corresponding week of 1934, and 790
cars
below similar week of 1933.
Lumber orders reported for the week ended July 20 1935 by 536
softwood
mills totaled 160,244,000 feet, or 11% below the production of
the same
mills. Shipments as reported for the same week were 165,930,000
feet, or
g% below production. Production was 179,732,000 feet.
Reports from 113 hardwood mills give new business as 10,240,000
feet,
or 16% below production. Shipments as reported for the some week
were
11,412,000 feet, or 7% below production. Production was
12,237,000 feet.
Unfilled Orders and Stocks
Reports from 727 mills on July 20 1935 give unfilled orders
of 825,572,000
feet and gross stocks of 3,827,186,000 feet. The 519 identical
softwood
mills report unfilled orders as 736,507,000 feet on July 20 1935,
or the
equivalent of 32 days' average production, compared with 633,106,000
feet,
or the equivalent of 27 days' average production on similar date a
year ago.
Identical Mill Reports
Last week's production of 525 identical softwood mills was
175,776,000
feet, and a year ago it was 128,384,000 feet; shipments were,
163,936,000 feet and 105,445,000 feet, and orders received, respectively.
158,426,000
feet and 110,067,000 feet. In the case of hardwoods, 112 identical
mills
reported production last week and a year ago 12,117,000 feet
and 9,958,000
feet; shipments, 11,382,000 feet and 6,668,000 feet, and orders
10,240,000
feet and 6,131,000 feet.

Farmers Cash Income in June Below May But Above
June Year Ago According to Bureau of Agricultural
Economics
Cash income to farmers from sales of farm products and
from Government rental and benefit payments was $487,000,000 in June, compared with $519,000,000 in May, and
$451,000,000 in June 1934, according to the Bureau of
Agricultural Economics, United States Department of
Agriculture. In an announcement issued by the Agriculture
Department July 27 it was also stated:
I Income from farm products alone was $438,000,000 In June compared
with $483,000,000 in May and $422.000.000 in June 1934. Rental and
benefit payments totaled $49.000,000 in June, compared with $36,000.000
In May, and with 829.000,000 in June last year.
Ilk The Bureau has revised its estimates for the first six months of this year.
Cash income from sales of farm products during this period are estimated
at $2,670,000,000 compared with 82,466,000,000 in the first six months of
1934. Rental and benefit payments from Jan. 1 to June 30 this year totaled
$305,000,000 compared with $150,000,000 in the same period last year.
Income from marketings of farm products in the second half of 1935 is
expected to exceed somewhat that of the latter half of 1934, but rental and
benefit payments may be less, so that the total from both sources is likely
to be about the same as last year.




665

A tentative estimate by the Bureau puts the total incomefrom marketings
and Government payments at about $6,700,000,000 for 1935, compared
with $6,387,000,000 in 1934.

Crop Report of Bank of Montreal-Further Deterioration Noted During Past Week
"With the intense humidity and extreme heat which have
been conducive to a rapid development of rust in Manitoba
and Saskatchewan and with extensive areas of Alberta and
Saskatchewan suffering from lack of moisture, crops in the
Prairies of Canada generally have shown further deterioration
during the past week," according to the weekly crop report
of the Bank of Montreal, issued. Aug. 1. The report continued:
In Quebec, with weather conditions generally favorable, crop prospects
are satisfactory. Hot weather in Ontario has helped field crops to mature
rapidly and threshing of fall wheat has commenced. Yields offrom 20 to 40
bushels per acre are reported, with quality below expectations. Throughout
the Maritimes, conditions generally are satisfactory, but while recent rains
have improved pastures, warm dry weather would now be beneficial to
crops as a whole.
In British Columbia the continued warm weather has benefited crops
generally and the outlook is more favorable than it was a month ago.
Except on Vancouver Island, moisture conditions are satisfactory.

Hearing on 1935 Beet Sugar Market Quotas to Be
Held at Omaha, Neb., Aug. 5
The Agricultural Adjustment Administration announced
July 27 that a public hearing on the adjustment of the
1935 beet sugar marketing allotments to processors will
be held Aug. 5 at Omaha, Neb., at the Hotel Paxton, beginning at 9.30 o'clock. The Administration said:
'The allotments, which allocate the continental beet sugar quota to processors, were announced May 13. in Continental United States Beet Sugar
Order No. 6. The order provided for hearings if such hearings are desired
by persons affected.
The hearing will receive testimony from interested parties on the applications of the Amalgamated Sugar Co.. Ogden, Utah; the St. Louis Sugar
Co., St. Louis, Mich.; the Great Lakes Sugar Co., Detroit, Mich., and
others, for adjustment of their 1935 marketing allotments.
Any grower of sugar beets or any processor of sugar manufactured from
sugar beets produced in the continental United States who considers himself aggrieved by the allotment made to him. may appear at the hearing
to present evidence.

Need for Further Cut in Refinery Output Held Essential to Stability of Prices-Outlook for Third
Quarter Earnings Good If Prices Hold-Institute
Gets Arnott Group's Outline for New Marketing
Code-U. S. Natural Gas Reserves Estimated at
75 Trillion Cubic Feet.
r Consumption of gasoline is being sustained at comfortably
high levels, but production has not as yet been brought down
to a point at which the threat of possible disturbance to the
price structure is convincingly removed, in the judgment of
oil industry officials.
Large-scale consumption has resulted in substantial withdrawals from surplus stocks in storage during the past fortnight, but the reduction, normally high at this season of the
year, is not fully up to the shrinkage shown for the corresponding period in 1934.
During the last two weeks, statistics compiled by the
American Petroleum Institute show, gasoline stocks in storage hava been reduced to the extent of 1,497,000 barrels, of
which 590,000 barrels was accounted for in the past week.
But data shows that between June 29 and July 27 last,
surplus stocks in storage have been reduced by only 1,850,000
barrels which is substantially less than the shinkage of 2,808,000 barrels shown for the corresponding period in 1934.
Runs of crude to refineries last week reached a new peak
for the year revealing a rise of 65,000 barrels on the average
daily. This further expansion came on the heels of a rise of
75,000 barrels for the preceding week. Coincidentally output of motor fuel made by cracking expanded further.
The situation is best pictured, perhaps when it is realized
that despite the relatively high rate of crude production, it
has been necessary to reduce stocks in storage quite substantially in order to provide for the needs of refineries at
their recent pace.
Stocks of gasoline in storage at refineries, in bulk terminals
and pipe-lines, as of the end of last week were calculated
by the American Petroleum Institute as 48,157,000 barrels.
Leaders in the industry,according to adviees from Chicago,
are convinced that the industry, if it can fully maintain its
present price structure over the ensuing two months, will
stand a chance of coming through the current quarter with
substantially larger profits than in the second quarter and
possibily above those for the corresponding period in 1934.
It is pointed out in that respect that earnings of integrated
companies in the September quarter of 1934 were, excluding
the California units, "less favorable than in the same period
of 1933," the latter period having been marked by a
lift in profits on recovery from a very poor initial halfsharp
year
in that period.
Gasoline price-cutting, it is recalled, was in full swing
east of California in the final half of last year. At the
moment the retail and wholesale gasoline price schedules
are quite as favorable as at any time this year. Prices on a
tank-car basis are practically at the peak for 1935 to date
and materially above those for a year ago.
On the basis of 50 representative cities, retail quotations
are slightly below the best levels of the year and a trifle

666

Financial Chronicle

under the range of a year ago also. But as an offset to the
slightly lower prices ruling at service stations gallonage
has expanded measurably, notably over the past fortnight.
Favorable weather conditions after a poor spring and early
summer in that respect, have been an influence back of the
recent bulge in gasoline consumption. July now promises
to have witnessed the establishment of a new monthly record
for gallonage consumed.
Major companies as a whole, perhaps, have not been
securing their full share in the increased volume of business
available. But it is indicated that in a general way their
gallonage is running comfortably ahead of a year ago.
The big companies have been hurt by the renewed outburst of price competition at many large marketing points,
notably Chicago, where slashing of prices again has been
resorted to, with the majors refraining from moving to meet
such cuts in an effort to hold the market. As a consequence
they have probably suffered a loss of some of the potential
gallonage which might have been available at lower prices.
Most of the reports coming to hand for the second quarter
have thus far made favorable comparison with results obtained in the corresponding period last year. Standard Oil
Company of California,for example, reported net profit after
all taxes and charges, was $5,692,120 equivalent to 43 cents
a share on the capital stock. This compared with net of
$4,891,022 or 37 cents a share in the March quarter and with
$4,017,243 or 31 cents a share in the second quarter of 1934.
Panhandle Producing and Refining cut its loss for six
months ended June 30 to $13,318 contrasted with 4,335
in the first half of 1934, while Continental Oil showed a net
profit for the quarter of $2,192,889 equal to 44 cents a share
compared with $1,165,829 equal to 25 cents a share in the
June quarter a year ago.
Shell Union Oil Co. had a June quarter profit of $1,649,775
leaving a balance of $4.12 a share on the 532% preferred,
contrasted with a loss of 97,591 in the second quarter last
year.
The Texas Railroad Commission,it was stated from Austin
on July 31, has set August 19 as the date for public hearing
on the adjustment of production allowables for both oil and
gas for September.
Such changes as may be in prospect in market demand will
be indicated by purchasing companies, when they submit
their nominations to purchase, to the commission in advance
of the hearings.
Currently it is indicated that there will be no increase in
the prevailing allotment of 1,001,427 barrels daily but with
the approach of cold weather, provision will be made for
large-scale increases in natural gas allowables.
The commission also proposes to sit on Aug. 5 next to
consider means for locating or "spotting" numerous wildcat
or unlicensed pipe lines which it is alleged are operating
in many parts of the East Texas Field. It is through such
lines that most of the "hot" oil is moved. Plans for destruction of such lines when uncovered are being considered.
From Austin, Texas, it was reported that Judge Robert
J. McMillan of the Federal District Court at San Antonio
had rendered a ruling upholding the new law which provides
for the proration of natural gas.
The Railroad Commission learned that he has refused to
Sanford
grant the application of the Henderson Company ofenforcing
for an injunction restraining the Commission from
.
its recent proration order as to its gas productionconfiscatio
The District Court at Austin has ordered the stored in ann
and sale by the State of 450,000 barrels of fuel oil
earthen pit in the East Texas field.
The order was issued against the Gilliland Refining Co.
and J. K. Murphey. The storage pit, second largest in the
field, was ordered destroyed by the Court.
Natural gas reserves of the United States are estimated
at 75 trillion cubic feet in a volume entitled "Geology of
Natural Gas," published by the American Association of
Petroleum Geologists, Tulsa, Okla.
This volume comprises a symposium of 38 technical papers
prepared by 47 authors, only two of which have previously
been published. It presents a detailed record of the present
geologic knowledge of natural gas.
Of the total estimated reserves considered recoverable in
the future, upward of 34 trillion cubic feet are held to be in
California alone. It is calculated that the present combined
open flow daily capacity of natural gas wells in the United
States is in excess of 55 billion cubic feet. This compares
with estimated daily consumption in 1933 of 4,278 billion
cubic feet.
Ernest 0. Thompson, chairman of the Railroad Commission refuted strenuously during the week, reports that instability in the oil industry in that State was the cause of current
unrest in the market.
Speaking before a special committee of the legislature,
investigating conditions in the East Texas Field,the Commissioner asserted that the unrest is caused by rumors of a profit
• cut coming out of New York for the past sixty days.
"For fifty years before State control of the oil business,"
the chairman declared, "the principal profits of the big
companies were made by reducing prices, after emptying
their storage tanks, that they might fill them again with
at
cheap oil, and incidentally acquire valuable oil properties
sacrifice prices from independents whose distress had been
caused by the low price.




Aug. 3 1935

"Some will never be satisfied until they can return to this
predatory system, profiting from the misery of the weak."
Secretary of the Interior Harold L. Ickes who had heretofore expressed confidence that the Thomas Oil bill, designed
to permit Federal jurisdiction over crude production, would
be passed at this session of Congress is not so sanguine now.
He declared the other day,"I don't know if it will be enacted
by this Congress."
At the same time he laid a decline in the value of oil stocks,
estimated at $700,000,000 to $800,000,000 to the abandonment of Federal legislation in consequence of the Supreme
Court's NRA decision. Recalling how he championed
United States regulation added, "this might be an indication that I wasn't far wrong."
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
$0.70
$1.95 Smackover, Ark., 24 and over
Bradford, Pa
1.00
1.15 Eldorado. Ark., 40
Lima (Ohio 011 Co.)
1.00
1.32 Rusk Tex , 40 and over
Corning, Pa
.87
Creek
Darst
1.12
Illinois
1.02
1.13 Midland District, Mich
Western Kentucky
1.23
Mont
Sunburst,
1.08
above...
and
40
Mid-Cont., Okla.,
.81 Santa Fe springs, Calif., 40 & over. 1.34
Hutchinson, Tex.,40 and over
1.10
1.03 Huntington, Calif., 26
Spindietop, Tex., 40 and over
2.10
.75 Petrolia, Canada
Winkler. Tex

Directors of the American Petroleum Institute meeting
on Thursday last accepted the report of C. E. Arnott, VicePresident for refining, on the projected marketing code
which the Institute proposes to submit to the Federal Trade
Commission.
While full details are not yet available, it is understood
that the new setup represents an elaboration and moderniza,
tion of the current oil marketing code which the Commission
already has sanctioned.
Belief among leading oil men is that the Institute's directorate will accept the draft of the revised code. Adoption
by the Institute was followed by plans for its presentation
to the marketing branch of the industry throughout the
country for approval.
This would involve a series of meetings at the several
key marketing points throughout the country next month to
allow for full and mature consideration of the proposal.
Three new directors were added to the Institute's board
to fill vacancies caused by deaths and resignations. W. H.
Berg, Vice-President of the Standard Oil Co. of California
was elected to succeed Oscar Sutro of the same company,
deceased. Torkidd Rieber, Vice-President of the Texas Co.
was named to succeed C. B. Ames, deceased, former chairman of the Texas Co. and T. P. Thompson, Jr., President
of the Pennsylvania Grade Crude Oil Assn., was elected to
succeed Ralph Zook, resigned.
The week brought to conclusion one of the biggest oil
deals negotiated in the last few years when it was announced
that the Stanolind Oil & Gas Co. of Tulsa, had purchased
the Yount-Lee Oil Co. of Beaumont, Texas., for a consideration reported approximating $46,000,000.
This sale had been under negotiation on several different
occasions during the last six or eight months, but apparently
the participants were unable to reach common ground
until now.
Wright Morrow, Houston attorney, who served as one of
the negotiators for the two compames, announced the deal,
pointing out that it was the largest sale in the history of
Texas oil.
Final details were ironed out at midweek when officials of
both companies and their legal aids engaged in a long conference at Houston. Mr. Morrow purchased all the capital
stock of the Yount-Lee and then sold all the oil producing
and transportation properties to Stanolind, the producing
subsidiary of the Standard Oil Company of Indiana.
The Yount-Lee was slated to wind up its affairs immediately and supervision of the producing and transports,
tion properties passed to the Stanolind on Thursday. The
capital stock was acquired from Mrs.Pansy Yount, widow of
the late M. Frank Yount, organizer of the company; J. H.
Phelan and members of his family together with other Beaumont and Houston interests.
Roger Guthrie was named president of the company immediately after the change in ownership had been accomplished. He and the new directors will negotiate the closing
out of its business.
Announcement was made from Oklahoma City on July 27
last that the Corporation Commission will reduce the State's
allowable oil production for the current month by 7%%
below the July quotas for prorated pools. This will mean a
cut in the daily permissible flow of 25,000 barrels, bringing
the month's allowables down to around 491,000 barrels from
the July rate of 517,400 barrels.
The cut was ordered, according to the commission, at the
unanimous request of authorized representatives of the industry, and with the understanding that all major oil producing
States in the region had or would take corresponding action.
Kerosene, 41-43 Water White, Tank Car. F.O.B. Refinery
i North Texas_S.0354-.033j I New Orleans.S.04 -.04M
.035-.04
$0.05 I Los Angeles-- .0434-.05 r Tulsa

New York
(Bayonne)

Fuel 011, F.O.B. Refinery or Terminal
D
lifornia 27 plus$1.15-1.251
California
Phila., bunker C____$1 05
N. Y.(Bayonne)
$1.05
C
C.
.90
Orleans
New
I
1.65
_
_
Diesel 28-30 D__
Gas 011. F.O.B. Refinery or Terminal
I Tulsa
I Chicago,
N.Y.(Bayonne),
27 plus- _-_$.04 -.04M I 32-36 00..3.024-.02;i i

$ 0244-.02M

Financial Chronicle

Volume 141

Gasoline, Service Station, Tax Included
Minneapolis
a New York
$ 193
$ 176
Cincinnati
5.185
a Brooklyn
.18-.195
New Orleans
.188
175
Cleveland
Newark
17
Ph1ladelphla
Denver
.20
.188
Camden
18
Pittsburgh
167
.168
Detroit
165
Boston
San Francisco
Jacksonville
.205
165
Buffalo
169
St. Louis
.17
16
Houston
Chicago
145
175
Los Angeles
U. S. Gasoline.(Above 65 Octane), Tank Car Lots, F.O.B. Refinery
•
Standard Oil N. J__$'061 New York
5 0514-.055i
Chicago
Socony-Vacuum__ .0834
Colonial-Beacon-S.08M New Orleans- .0534-.0534
Tide Water 011 Co__ .0834
Texas
.0634 Los Ang.,ex__ .0434-.0415
Richfield 011 (Calif.) .0634
0614 Gulf ports__ __ .0534-.0534
Gulf
Warner-Quinlan Co- .0655
0515-.0545
Republic 011
.0834 Tulsa
Shell East'n Pet
.0634
Not inehlling 2% clty sales tat.

Daily Average Crude Oil Production Off 4,150 Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
July 27 1935 was 2,734,650 barrels. This was a drop of
4,150 barrels from the output of the previous week. The
current week'sfigure, however,remained above the 2,660,000
barrels calculated by the United States Drpartment of the
Interior to be the total of the restrictior s imposed by the
various oil-producing States during July. Daily average
production for the four weeks ended July 27 1935 is estimated
at 2,716,500 barrels. The daily average output for the week
ended July 28 1934 totaled 2,547,350 barrels. Further
details as reported by the Institute follow:
Imports of petroleum at principal United States ports (crude and refined

517,400
155,600

514,800
148,650

491,750
136,750

81,800
59,050
25,650
158,750
50,450
465,000
42.200
57,500

65,700
59,000
25,650
156,150
50,100
463,150
42,300
57,100

61,300
59,100
25,600
156,450
50,150
464.400
42,300
58,400

62,750
58.700
27,100
147.900
51,550
468,650
47,300
56,250

146.800

147,700

146,400

123,100

1,064,400 1,065,000 1,086,850 1.084,100 1,043,300

North Louisiana
Coastal Louisiana

22.650
113.900

22.350
121.050

22,550
117,750

24,550
73,600

Total Louisiana

136,550

143,400

140,300

98,150

30,450
105,400
45,000

30,400
106,400
46,000

30.550
105,350
43,850

32,050
100,000
30,100

42,400
11,150
4,100

38,400
12,600
4,350

40,000
11,600
4,200

37,250
8,900
3,400

Arkansas
Eastern (not incl. Mich.)
Michigan
Wyoming
Montana
Colorado
Total Rocky Mtn,States
New Mexico
California

57,650

55,350

55,800

49,550

54,000
563,600

34,000
564,300

53,050
559,550

47.400
518,300

Total United Statem
2,680,000 2,734.650 2,738,800 2,718.500 2,547.350
Note.-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS. FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUBL OIL STOCKS. WEEK ENDED JULY 27 1935
(Figures in Thousands of Barrels of 42 Gallons Each)
Dai y Refining
Caper ty of Plants
District

East Coast-Appalachian.
Ind., Ill.,Ky.
Okla., Kan..
Mo
Inland Texas
Texas Gulf
La. Gud
No. La -Ark.
Rocky Mtn_
California_

Patenlial
Rate

Stocks a Stocks
Stocks
of
b Stocks
of
of
FinUnof
Gas
Repor ing
Daily P. C. ished finished Other
and
Fuel
Arer- Oper- Case- Case- Motor
Total P. C. age
line
line
Fuel
ated
Oil
Crude Runs
to Stills

612
154
442

612 100.0
148 94.8
424 95.5

507 82.8 15,245
111 76.0 2,125
363 85.6 9,036

453
330
617
169
80
97
852

384
160
595
163
72
60
789

293
95
588
116
40
45
505

Totals week:
July 27 1935
July 21)1935

84.8
48.5
96.4
96.4
90.0
61.9
92.8

78.3
59.4
98.8
71.2
55.6
75.0
64.0

5,088
1,132
4,883
1.091
258
773
8,546

828
292
683

265 12,409
135
878
55 5,109

573
250
1,960
286
37
97
1,006

605 4,746
1,490 1,834
260 10,943
____
4,097
155
399
60
802
2,890 64,258

3,806 3,405 89.5 2,663 78.2 c48.157 8,012 5.915 105,473
3,806 3,405 89.5 2,598 76.3 d48 747 6,160 5.870 103,810
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated:
Includes unblended natural gasoline at refineries and plants; also blended motor
fuel at plants. c Includes $28,623,000 barrels at refineries and 19.534,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 28,841,000 barrels at refineries
and 19,906,000 barrels at bulk terminals, in transit and pipe lines.




1934 e

1929

a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised. e Adjusted to make comparable the number of working
days in the several years.
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.)

State

Week EndedJuly
July 13 July 6 June 29 July 14 July 15 July 13 Awe.
1935p 1935 p 1935 p 1934r 1933 r 1929 19231'

Alaska
Alabama
Arkansas and Oklahoma_
Colorado
Georgia and North Caro_
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-L'astern_a
Western
Maryland
Michigan
Montana
New Mexico
North & South Dakota
Ohio
Pennsylvania bituminous
Tennessee
Texas
Utah
Virginia_ a
Washington
W.Va.-Southern_ b._
Northern_ c
Wyoming
Other Western States_

1
125
16
45
1
408
140
33
48
475
72
19
5
28
20
11
233
1,205
63
14
23
186
18
1.129
236
75
•

•
298
62
25
41
322
67
5
2
20
18
10
107
525
45
11
13
99
16
625
57
67
•

Total bituminous
Pa.anthracite_e

4,613
635

2,565
711

1
92
10
27

0=

522,250
149,850

1935

Bltum. coal: a
Tot,for per'd 5,515,000 4.813.000 5,753,000 201,843,000 197,434,000 284,373,000
Daily aver_ _ 919,000 769.000 959.000 1,191.000 1.183,000 1,669,000
Pa. anthra.: b
Tor.for per'd 725,000 635,000 826,000 30,716,000 34,788,000 38,338,000
Daily aver__ 120,800 105,800 137,700
182,300
206,400
227.500
Beehive coke:
12,000
10,200
493,800
9,900
626,800 3,783,900
Tot.for per'd
2.871
1,650
3.644
2,000
21.999
1,700
Daily aver__

1.

Total Texas

523,950
153,050

Year to Date

July 21
1934

.-.

Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not Including Conroe)

July 13
1935 d

VNC.4001,,
-.MM..

Oklahoma
Kansas

Week
Ended
July 28
1934

Week Ended
July 20
1935 c

0.-.C.
4

Average
Aaual Production
Dept. of
4 Weeks
Interior
Calcula- Week End. Week End. Ended
July 27
July 20
July 27
:tons
1935
1935
1935
(July)

ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)

NOV

DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)

Production of Bituminous and Hard Coal Shows Good
Increase During Latest Week
Production of soft coal increased sharply during the week
ended July 20. The total output is estimated at 5,515,000
net tons, a gain of 902,000 tons, or 19.6%, over the preceding week. Production in the corresponding week of
1934 amounted to 5,753,000 tons.
Anthracite production in Pennsylvania during the week
ended July 20 is estimated at 725,000 net tons, an increase
of 90,000 tons, or 14.2%. Production during the corresponding week last year amounted to 826,000 tons.
During the calendar year to July 20 1935 a total of 201,843,000 tons of bituminous coal and 30,716,000 net tons
of Pennsylvania anthracite were produced. This compares
with 197,434,000 tons of soft coal and 34,786,000 tons of
hard coal produced in the same period of 1934. The Bureau's
statement follows:

t.N.D

oils) for the week ended July 27 totaled 997,000 barrels, a daily average
of 142,430 barrels, compared with a daily average of 101,857 barrels for
the week ended July 20 and 133,536 barrels daily afor the four weeks ended
July 27.
There were no receipts of California oil at Atlantic and Gulf Coast ports
(crude or refined) for the week ended July 27.
Reports received from refining companies owning 89.5% of the 3.806.000
barrel estimated daily potential refining capacity
.of the United States,
Indicate that 2,663,000 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 28,623,000 barrels of finished gasoline, 6,012,000 barrels
of unfinished gasoline and 105,473,000 barrels of gas and fuel oil. Gasoline
at bulk terminals, in transit and in pipe lines amounted to 19,534,000
barrels.
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity of all cracking units averaged 582,000 barrels daily during
the week.

667

8,534
1,464

2
172
16
52
1
515
200
51
85
513
91
19
6
33
21
11
380
1,529
54
10
30
152
20
1,351
434
65
•

d
207
28
38
d
566
207
42
80
652
119
30
2
28
23
d15
380
1,995
89
IS
28
205
28
1.646
534
61
2

d
296
70
106
d
870
299
56
103
889
191
45
13
44
50
d10
447
2,798
99
19
55
225
35
2,029
754
100
2

5,813
796

7,019
745

9,805 11,208
1,029 1.950

d
389
74
165
d
1,265
451
87'
134
7350
202
42
17'
41
52
d14
854
3,680
113
23
87
239
37
1,519
866
115
4

Grand total
5,248 3.276 7.998 6.609 7,764 10,634 13,158
a Coal taken from under the Kentucky mountains 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 Includes operations on the N. dr W.,
C.& 0., Virginian, K.& M., B. C.& G., and on the B. & 0. in Kanawha, Mason,
and Clay counties. c Rest of State,including Panhandle district and Grant. Mineral
and Tucker counties. d Included with "Other Western States." 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. I Average weekly rate for entire month. p Preliminary.
r Revised. • Less than 1,000 tons.

Demand for Zinc Moderates at Higher Price LevelCopper and Lead Steady
"Metal and Mineral Markets" in its issue of Aug. 1 said
that though the volume of business in major non-ferrous
metals was not as large as in the preceding seven-day period,
the buying was sufficient to hold prices for most items on a
firm basis. Sales of zinc before the market became established at 4.40c. St. Louis, last Thursday (July 25); were in
even larger volume than earlier reports indicated. Inquiry
for zinc subsided at the higher level. Domestic copper was
generally regarded as firm, even though London was a shade
lower. Believing that lead consumers will soon have to
come into the market for substantial tonnages, producers of
that metal entertained rather firm views. The spot quotation
for tin continued at an abnormal premium over forward
material. Silver was quotably unchanged all week. Cadmium
was strong. The publication further stated:
Domestic Copper Steady
Sales of copper in the domestic market held at about the same rate as
In the preceding week, which was considered satisfactory In the light of
recent heavy operations in the metal. The week's business amounted to
4.800 tons, bringing the total for the Month of July to more than 72,000
tons. Shipments of copper products have been holding up well, indicating
that Consumption has not suffered since the ending of NRA. All of the
business reported during the week was on the basis of Sc,, Valley.
Demand abroad was moderate, but in the absence of any selling pressure
prices moved within narrow limits. Compared with a week ago the London
market was slightly lower.

Financial Chronicle

668

Imports of copper into the United Kingdom during the first half of 1935
amounted to 165,687 long tons, against 102.857 tons in the same period last
year. Most of the copper imported was other than electrolytic. Imports
during the first half of 1934 and 1935. by sources, in long tons:
---Jatz.-Juge---Jan.-June-1935
1934
Others:
Electrolytic:
1934
1935
1,522
Australia
902 Union of South Africa__. 3,581
2,507
20,360 34,198
Canada
22,110 26,879 Northern Rhodesia
1,539 2,435
Other British
125 5,922 Other British
100
663
Germany
Germany
190
32,183 54,861
United States
10,561 28,130 Chile
4081,463
Chile
7,283 8,552 Other foreign
312
Other foreign1,778
Totals

43,088 72.183

Totals

59,769 93,524

Zinc Sales at 4.40c.
A summary of business done in zinc during the week ended July 27 reveals
that 18.200 tons were disposed of, mostly to galvanizers. The total was
even larger than preliminary estimates indicated. This buying definitely
established the market at 4.40c., St. Louis, last Thursday, July 25, an
advance of 10 points from the low of the day previous. A good part of the
tonnage sold was for shipment to consumers over the last quarter of the
Year. The inquiry for zinc fell off considerably after the advance took place.
Galvanizing operations are said to be at the highest level in more than two
years,important plants operating on an average of 75% of capacity.
The market for ore in the Tri-State area failed to advance, but offerings
were small, with most producers still talking higher prices.
Lead Price Remains Firm
Sales of lead during the last week have been moderate, with the total
volume amounting to a little more than 2,500 tons. The month of July closed
with total sales for the period close to average. In the opinion of producers,
purchases for August requirements are not fully covered, and September
sales have been in such small volume that increased buying is expected.
The quotation held at 4.15c. New York, the contract settling price of the
American Smelting & Refining Co. and 4c. St. Louis. St. Joseph lead
continued to sell its own brands in the East at a premium, but met the
market on sales in the West.
World production of lead during June totaled 122,229 short tons, against
135,383 tons in May, and 122,172 tons in June last year, according to the
American Bureau of Metal Statistics. World production in the first half of
1935 amounted to 764,199 tons, which compares with 736,621 tons in the
same period last year.
Stocks of lead abroad are being reduced on continued expansion in consumption of the metal and, in a measure, restricted production because of
low prices. The London market has scored a steady advance in the last two
months, but even at current quotations lead producers outside of the
United States have agreed on a program calculated to keep output and consumption in balance. The outlook for lead abroad is held to be encouraging.
The Brikish ad valorem duty on lead is expected to be replaced soon by a
flat rate on non-Empire metal of 75. 6d. per ton.
Spot Tin Scarce
The stringency in spot and near-by tin continues, with consumers unconditions
willing to purchase forward material under prevailing unsettled
was booked here in the
in the industry. A fair amount of near-by businessbeen
quiet. Prices were
first half of the week, but since then the trade has
Committee
moderately higher than a week ago. The International Tin
There is
will meet abroad on Aug. 9 to review the marketing situation.
deliveries of
some talk of raising the production quotas. United States
tin for the month of July came to 5,290 tons.
51c.;
Chinese tin, 99%. was quoted nominally as follows: July 25,
July 26, 51.30c.; July 27, 52.50c.; July 29, 51.70c.; July 30, 51.70c.; July 31.
51.70c.

Steel Production Advances Two and One-Half Points
to 46%
The Aug. 1 issue of the "Iron Age" stated that steel production has risen two and one-half points above last week's
rate to 46% of capacity, registering its fourth consecutive
advance since Independence Day week and reaching the
highest operating level since April. Hardly less impressive
than the increase in output is the pronounced strength of
scrap, which has been manifested by price advances in virtually all market centers. Increases of $1 a ton in steel
scrap at Pittsburgh and Chicago and of 50c. at Philadelphia
have raised the "Iron Age" scrap composite from $10.83 to
to $11.58 a ton, its highest level since the last week in February. The "Age" further said:
prospects
The rise of scrap prices was prompted both by improved fall
the operfor steel business and by the impressive contra-seasonal gains in
four
ating rates in leading producing centers. Valley output has gone up
8
points to
up
is
average
points to 50% of capacity; the Cleveland-Lorain
production
Pittsburgh
52%;
points
to
45%;the Chicago rate has risen three
has forged ahead two points to 42%. Elsewhere operations are substantially
the high
unchanged, with the Wheeling and Detroit districts maintaining
rates of 75 and 95% respectively.
Though railroad steel has given mill operations added support of late,
sources
there has been little change in the relative contributions of leading
scale because of
of tonnage. Automotive demand, though on a reduced
unexpected
and
the season, is still at the head of the list owing to belated
believed to
requirements for old models. Tin plate production, though
capacity.
be nearing a seasonal downturn, continues to hold at 88% of mill
unabated,
Steel consumption by farm implement and tractor plants is
machinery
of
and demand from makers of machine tools and other forms
market is the conis expanding. But the really impressive feature of the
unlooked for
tinued growth of business from unclassified sources, with
orders appearing on a wide front.
operaboosting
In view of the large part played by miscellaneous orders in
pronounced upturn
tions during July the steel trade looks for an even more
automobile producin August. At that time heavy buying for new model
placed, with other
tion will mature and larger orders for construction will be
steel
heavy tonnages to be awarded in the fall Awards of construction
plate work,
work,
steel
to date this year, including fabricated structural
a year ago,
sheet piling and concrete reinforcing, are still far behind those of
being 614,634 tons
the comparative figures as compiled by the "Iron Age"
are
projects
unusually large
for 1935 and 738.427 tons for 1934 But some
pending. includng 72,470 to 104,640 tons of reinforcing bars on which the
tons of plates and
Los Angeles water district take bids Aug. 19, and 20.000
Harbor, Hawaii,
12,000 tons of structural steel for the Naval base at Pearl
on which tenders will be taken in September.
and eximprovement,
steady
Private building Is showing gradual but
crop prospects, has been
panding farmer buying, in step with excellent
and wire products. Bumper
reflected in larger purchases of galvanized sheets




Aug. 3 1935

crops also are causing the railroads to resurvey their needs in rails and rolling
stock. The Chesapeake & Ohio is expected to enter the market within a
month or six weeks for 30,000 tons of rails.
With July orders for practically all finished steel products equal to or
ahead of the June totals and with pig iron bookings well in advance of those
of the previous month, the industry is beginning to entertain hopes for a
last half that will equal or exceed the first six months of the year.
Increased confidence in the future, together with the grcmi ing strength
of scrap, has stiffened the attitude of producers on prices. A leading automobile maker continues to dangle an inquiry for 100,000 tons of steel before
the trade, primarily, it is believed, for the purpose of bringing out concessicns, but every day that passes without the closing of the order is
expected to work in favor of the industry's determination to Avoid a serious
break in its price structure. On the other hand, demands for revised extras,
and particularly for quantity discounts, are being given serious consideration. A leading steel company has already announced a revision of extras
on bars and small shapes to bring them "more nearly in line with manufacturing costs." A feature of the change is elimination of the extra for
forging quality bars.
Concern over the Public Works Administration ruling that imported
steel is to be bought for Government-financed projects if the foreign price
is more than 15% below the lowest American price appears to be premature.
The action of the PWA conflicts with an order of the procurement division
of the Treasury Department fixing a preference of 25% in favor of domestic
materials. Both rulings, however, appear to overstep the provisions of
Section 2, of Title
of the Treasury and Post Office Appropriation Act
of 1934 which govern the placing of works relief projects. Finally, the
Pending Walsh bill, which is slated for passage, will require that all companies supplying materials for Government work observe wage and hour
standards that prevailed under the code regime, a stipulation that would
obviously bar foreign steel.
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
Based on steel bars, beams, tank plates'.
July 30 1935, 2.1240. a Lb.
2.1240. wire, rails, black pipe, sheets and hot
One week ago
2.124c, rolled strips. These products make
One month ago
One year ago
2 1240. 85% of the United States output.
High
Low
2.124e. Jan, 8
1935
2.1240, Jan, 8
2.199c, Apr. 24
1934
2.0080, Jan. 2
2.0150. Oct. 3
1933
1.867e. Apr. 18
1.977c. Oct. 4
1932
1.926c. Feb. 2
2.037e. Jan. 13
1931
1.945c, Dec. 29
2.273c. Jan. 7
1930
2.0180, Dec. 9
2.3170. Apr. 2
1929
2.273a. Oct. 29
2.2860. Dec. 11
1928
2.217e. July 17
2 4020. Jan. 4
1927
2.212o. Nov. 1
Pie iron
Based on average of basic Iron at Valley
July 30 1935, 317.84 a Gross Ton
One week ago
817.841 furnace and foundry irons at Chicago.
One month ago
1 .84 Philadelphia, Buffalo, Valley and
One year ago
17.901 Birmingham.
High
Low
1935
$17.90 Jan. 8
517.83 May 14
1934
17.90 May 1
16.90 Jan. 27
16.90 Dec. 5
1933
13.56 Jan. 3
1932
14.81 Jan, 5
13.58 Dec. 6
1931
15.90 Jan. 6
14.79 Dec. 15
18.21 Jan. 7
1930
15.90 Dec. 18
1929
18.71 May 14
18.21 Dec. 17
18.59 Nov. 27
1928
17.04 July 24
19.71 Jan, 4
1927
17.54 Nov, 1
Steel Scrap
July 30 1935. $11.54 a Gross Ton
(Based on No. 1 heavy melting steel
One week ago
810.831 quotations at Pittsburgh. Philadelphia
One month ago
10.751 and Chicago.
(1213..0303 .11%,alanr.. 183
10.423
One year ago
Low
5
193
$10.33 Apr. 23
1934
9.50 Sept. 25
12.25 Aug. 8
1933
6.75 Jan. 3
8.50 Jan. 12
1932
6.43 July 5
11.33 Jan, 6
1931
8.50 Dee. 29
15.00 Feb. 18
1930
11.25 Dec. 9
17.58 Jan. 29
1929
14.08 Dec. 3
18.50 Dec. 31
1928
13.08 July 2
15.25 Jan, 11
1927
13.08 Nov. 22

The American Iron and Steel Institute on July 29 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 44.0%
of the capacity for the current week, compared with 42.2%
last week, 32.8% one month ago and 26.1% one year ago.
This represents an increme of 1.8 points, or 4.3%, over the
estimate for the week of July 22. Weekly indicated rates
of steel operations since July 16 1934 follow:
1934July 18
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 4
Sept. 10
Sept 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22

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%

1934Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
1935Jan. 7
Jan. 14
Jan. 21
Jan. 28

25.0%
26.3%
27.3%
27.8%
28.1%
28.8%
32.7%
34.6%
35.2%
39.2%
43.4%
47.5%
49.5%
52.5%

1935Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar, 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr, 29
May 6
May 13

52.8%
50.8%
%49.1%
47.9;
48.2%
47.1%
48.8%
48.1%
44.4%
43.8%
44.0%
44.6%
43.1%
42.2%
43.4%

1935-May 20
42.8%
May
0
402..3:
3
June 3
39.5%
210
7
June 17
38.3%
June 24
37.7%
July 1
July
32.8%
35.3%
July 15
39.9%
July 22
42.2%
July 29____44.0%

"Steel" of C eveland, in its summary of the iron and steel
markets on July 29, stated:
A general expansion in steel demand now appears to be under way, few
consuming industries failing to show some measure of improvement.
Users are anticipating requirements,for larger tonnages and further ahead.
Steelmakers themselves are increasing stocks of raw steel.
Due principally to these factors, steel ingot production last week rose
two points to 45%, highest since the last week in April, notwithstanding
that Ford plants, as well as many automobile parts makers and other manufacturers. shut down or prepared to suspend for vacations and midyear
inventories.
Steelmakers are convinced that the low point In steel production for the
year has been passed, and that the industry shortly will overtake the rate
of 543 % at which it was operating early in February.
Reflecting the buoyant feeling in the market, scrap prices last week advanced again, 50 cents to $1 a ton. "Steel's" scrap composite moved up

Volume 141

Financial Chronicle

62 cents, the sharpest rise this year, to $11.25. Demand for semi-finished
steel and pig iron was stronger. Tin plate output increased 10 points
to 90%. Galvanized sheet production rose to 60%, on farm and construction requirements; though full-finished sheets, used largely by the automobile industry, dropped five points to
40%•
Automobile assemblies for the week held practically unchanged at 83.000
units. That industry's efforts to level out peaks and valleys in production
by advancing new models, with a favorable market, appears to be having a
similar effect on steel. Substantial tonnages were placed last week for the
new models. Ford's inquiry for upward of 140,000 tons of steel, with
which it is trying to develop special prices, still pends, though Ford made a
large routine commitment for cold-rolled sheets at the established market.
Chevrolet will buy steel for 100,000 cars next month.
Industrial and commercial building construction is increasing. The
21.000 tons of structural shape awards for this purpose in July represents
35% of the total, whereas the proportion in prior months this year was 22%.
Total awards last week declined to 5,600 tons. The works relief program
has not yet developed any important inquiries.
Fabricated structural steel prices are firming up, now that fabricators
are filing all bids with the American Institute of Steel Construction. On
the other hand, since reinforcing bar fabricators relinquished their code,
prices $1.50 to $2.50 under the market have been reported bid on Government work.
Los Angeles is taking bids on 72.470 tons to 104,640 tons of reinforcing
bars for the Colorado River aqueduct, largest inquiry for this material
in the history of the Pacific Coast.
Carbuilders closed last week on practically all the 50,000 tons of steel
for 5,125 Chesapeake & Ohio freight ears, and for more than 6,000 tons for
500 New York subway cars. Norfolk Southern awarded 500 all-steel box
cars. Argentine State railways are inquiring for 1,000 box cars, requiring
12,000 tons of steel. Missouri Pacific purchased 10,000 tons of rails.
As in industrial building construction, steelmakers themselves are among
the leaders in new equipment orders. Bethlehem Steel Co. has placed a

669

$5,000,000 cold-rolled tin mill for its Sparrows Point, Md., plant, and
Republic Steel Corp. is to rebuild Its Stark sheet mill division. Canton,
Ohio. A special board has reported that $25,000,000 worth of machine
tools is needed by the Navy.
Pittsburgh district steelworks last week advanced three points to 41%:
Cleveland seven to 48; Youngstown three to 49. New England was down
four to 32, and others unchanged.
"Steel's" iron and steel price composite is up 13 cents to $32.55, due to
advances in scrap, while the finished steel index remains $54.

Steel ingot production for the week ended July 29, is
placed at nearly 45% of capacity according to the "Wall
Street Journal" of Aug. 1. This compares with 42% in the
previous week and 37% two weeks ago. The "Journal"
further stated:
U. S. Steel is estimated at slightly over 40%, against 38% in the week
before and 34% two weeks ago. Leading independents are credited with
almost 49%,compared with 45% in the preceding week and 39% 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 immediately preceding:
Industry
1935
1934
1933
1932•
1931
1930
1929
1928
1057

25
2654
55
33
5754
96
7254
55U

U. S. Steel

+3
—154
—1

40
25
50

+154

33
64
100
7635
71t4

+34
+154

+2
—254
+1

+114

Independents
49 -} 4
28
59 —2
33 +354
52
92+1
70 +2
65

• Not available.

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 July 31, as reported by
the Federal Reserve banks, was $2.471.000.000, an increase
of $4.000.000 compared with the preceding week and of
$7.000.000 compared with the corresponding week in 1934,
After noting these facts, the Federal Reserve Board proceeds
as follows:
On July 31 total Reserve bank credit amounted
to $2,465,000,000, an
increase of $5.000.000 for the week. This increase corresponds with increases of $23,000,000 in money in circulation and $155,000,000 in member
bank reserve balances, offset in part by decreases of $143,000,000 in Treasury cash and deposits with Federal Reserve banks and $13,000,000 in nonmember deposits and other
Federal Reserve accounts and increases of
$8,000,000 in monetary gold stock and $8,000,000 in Treasury and National
bank currency. Member bank reserve balances on July 31 were
estimated
to be approximately $2,510,000,000 In excess of legal requirements.
Relatively small changes were reported in holdings of discounted and
purchased bills and in industrial advances. An increase of $5,000.000
in
holdings of United States Treasury
notes was offset by a decrease of $5,000,000 in Treasury bills.

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 aistinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended July 31, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 700 and 701.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
July 31 1935. were as follows:
Increase (+) or Decrease (—)
Since
July 31 1935 July 24 1935
Aug. 1 1934
$
$
$
Bills discounted
+1,000,000
7,000,000
—14,000,000
Bills bought
5,000,000
U. S. Government securities
430.000,000
—2,000,000
Industrial advances (not including2
23,000.000 commitments—July
+28,000,000
31) 28,000,000
Other Reserve bank credit
+4,000,000
—5,000,000
—10,000,000
Total Reserve bank credit
+5,000,000
2,465,000,000
+2,000,000
Monetary gold stock
+8.c00,900 +1,211,000,000
9 143,000,000
Treasury and National bank currency2,511,000,0
+8,000,000 +150,000,000
00
Money in circulation
5,519,000,000 +23,000,000 +203,000,000
Member bank reserve balances
5,100,000,000 +155,000,000 +1,185,000,000
Treasury cash and deposits with
Federal Reserve banks
2,991,000,000 —143,000,000
—83,000.000
Non-member deposits and other
Federal Reserve accounts
511,000.000 —13,001 ,000
+59.000,000

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 statermints 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
Returns




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 full 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
amount loaned outside of New York City, stood at $850,000,000 on July 31 1935, a decrease of $30 000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
July 31 1935 July 24 1935 Aug. 1 1934
Loans and investments—total

7 548,000,000 7,785,000,000 7,191,000.000

Loans on securities—total

1,590.000,000 1,628,000,000 1,571.000.000

To brokers and dealers:
In New York
Outside New York
To others

793,000,000
57,000,000
740,000,000

822.000,000
58,000,000
748,000,000

667,000,000
53.000,000
851,000,000

Accepts, and commercial paper bought_ 133,000,000 141,000.0001
Loans on real estate
122,000,000 123,000,000,529,000,000
Other loans
1161,000,000 1,202,000,000
U. S. Government direct obligations_ ___3,174,000,000 3,330,000,000 2,903,000,000
Obligations fully guaranteed by United
States Government
342,000,000 336,000,000k 1,188,000,000
Other securities
1,036,C00,000 1,025,000,000J
Reserve with Federal Reserve banks__
Cash in vault

2,122,000,000 1,853,000,000 1,367,000,000
42,000,000
44,000,000
38,000,000

Net demand deposits
Time deposits
Government deposits

7,701,000,000 7,668,000,000 6,215,000,000
574,000,000 571,000,000 677,000,000
244,000,000 244,000,000 704.000,000

Due from banks
Due to banks

95,000,000
96,000,000
65,000,000
2,040,000,000 1,893,000,000 1,612,000,000

Borrowings from Federal Reserve Bank.
Loans on investments total

Chicalso
1 735,000,000 1,690,000,000 1,469,000,000

Loans on securities—total

196,000,000

193,000,000

267.000.000

To brokers and dealers:
In New York
Outside New York
To others

1,000,000
30,000,000
165,000,000

1,000,000
27,000,000
165,000,000

20,000,000
33,000,000
214,000,000

Accepts. and commercial paper bought_ 20,000,000
Loans on real estate
15,000,000
Other loans
238,000,000

20,000,0001
15,000,000) 308,000,000
244,000,000J

U. B. Government direct obligations
923,000,000
Obligations fully guaranteed by United
States Government
82,000,000
Other securities
261,000,000

879,000,000

Reserves with Federal Reserve Bank__ - 490,000,000
Cash in vault
36,000,000

553,000,000
36,000,000

Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_

590,000,000
4
82,000,0001, 304,000,000
257,000,000J
495,000.000
35,000,000

1 652,000,000 1,684,000,000 1,411,000,000
414,000,000 414,000,000 356,000,000
29,000,000
29,000,000
44,000,000
,44 4
206,000,000 205,000,000 163,000.000
510,000,000 511,000,000 413,000,000

Financial Chronicle

670

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
themselves, and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 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 July 24:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on July 24 shows decreases for the week
of $44,000,000 in total loans and investments and $74,000,000 in net
demand deposits and an increase of $14,000,000 in time deposits.
Loans on securities to brokers and dealers in New York declined $26,000,000 at reporting member banks in the New York district and at all
reporting member banks; loans to brokers and dealers outside New York
declined $4,000,000, and loans on securities to others declined $7,000,000.
Holdings of acceptances and commercial paper bought in open market
increased $4,000,000: real estate loans showed little change for the week:
and "other loans" declined 818.000,000 in the New York district, $6,000,000 in the Chicago district, and $27,000,000 at all reporting member
banks.
Holdings of United States Government direct obligations increased
$13.000,000 in the Chicago district, $5.000,000 in the Atlanta district,
and $15.000,000 at all reporting member banks, and decreased $11,000,000
in the Kansas City district. Holdings of obligations fully guaranteed by
the United States Government increased $12,000,000 in the New York
district and $18,000,000 at all reporting member banks. Holdings of other
securities declined $6,000,000 in the Boston district and $18.000.000 at
all reporting member banks.
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 $1.300.000.000 and net
.demand, time and Government deposits of $1.518.000,000 on July 24,
compared with $1,291,000,000 and 81,510,000,000,respectively, on July 17.
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 July 24 1935, follows:
Increase (+) or Decrease (—)
Since
July 25 1934
July 17 1935
July 24 1935
$
+090,000.000
—44,000.000
Loans and Investments—total._ __18,718,000,000
Loans and securities—total

2,997,000,000

—37,000,000

—496,000,000

To brokers and dealers:
In New York
Outside New York
To others

855,000,000
160,000,000
1,982,000,000

—26,000,000
—4,000,000
—7,000,000

—83,000,000
—10,000,000
—403,000,000

301,000,000
951,000,000
3,197,000,000

+4,000,000}
+1,000,000
—27,000,000

Accepts, and com'l paper bought
Loans on real estate
Other loans

7,507.000,000
U. S. Govt. direct obligations_ _
Obligations fully guaranteed by the
887,000,000
United States Government
2,878,000,000
Other securities
Reserve with Fed. Res. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks

3,697,000,000
297,000,000
15,544,000,000
4,394,000,000
511,000,000

+15,000,000

+4,000,000
+836,000,000

+18,000.0001 +646,000,000
—18,000,000f
+5,000,000.

+658,000,000
+62,000,000

—74,000,000 +2,789,000,000
+14,000,000 —107,000,000
—785,000,000

1,816,000,000
4,387,000,000

—44,000,000
—57,000,000

+172,000,000
+542,000,000

1,000,000

—2,000.000

—4,000,000

League Council Meets in Special Session to Seek Compromise in Italo-Ethiopian Dispute—President
Roosevelt Voices Hope that Peaceful Settlement
Will be Found
The special session of the League of Nations, called in an
effort to avert hostilities between Italy and Ethiopia by
continuing the conciliation procedure between them, while
other powers sought a compromise solution of the dispute,
began on July 31 at Geneva. Although at the first meeting
of the Council it appeared that it might be impossible to
effect a compromise, since neither the Italian nor the Ethiopian delegate could agree on the terms of arbitration, it was
announced late on Aug. 1 that representatives of France,
England and Italy had formulated a plan that needed only
the approval of Premier Mussolini to become effective. Late
yesterday (Aug. 2) Premier Laval of France announced that
Italy, Great Britain and France had agreed to a resumption
of the arbitration proceedings. Reports from Geneva said
that it was hoped that Premier Mussolini of Italy would
accept the new plan, and in case he did so it would immediately be submitted to the Ethiopian delegates.
President Roosevelt on Aug. 1 took official cognizance of
the difficulties in achieving a peaceful settlement of the
problem when he issued a short statement voicing the hope
"that an amicable solution will be found and that peace will
be maintained." President Roosevelt's statement follows:
At this moment, when the Council of the League of Nations is assembled
to consider ways for composing by pacific means the differences that have
arisen between Italy and Ethiopia, I wish to voice the hope of the people
and the Government of the United States that an amicable solution will be
found and that peace will be maintained.

Recent developments in connection with the ItaloEthiopian dispute were summarized in the "Chronicle" of
July 27, page 515. A dispatch from Geneva July 31 to the
New York "Times" described the opening session of the
League Council as follows:




Aug. 3 1935

no
The one thing certain about this Ethiopian business being that it is in
It
shape for public debate, the first session of the Council was private.
establehto
solely
devoted
was
and
lasted exactly three-quarters of an hour
Ing some form of procedure to which both disputants can conform without
had
complaint from either. Mr. Litvinoff first explained how the meeting
been called—in accordance with the resolution adopted on May 25 providing
a
appointed
had
named
then
arbitrators
that unless, by July 25, the four
up
fifth and expressed a desire to continue, the Council should again take
the matter.
Italians Firm for Limitation
is
Baron Alois! promptly 'heisted upon the Italian viewpoint, which
committee
that the object of this session is merely to enable the conciliation
contention
to continue. Professor Gaston Jeze, for Ethiopia, reiterated her
of success,
that, it having become apparent that arbitration had no chance
down and.
broken
she wanted to bring out the circumstances in which it had
even more, to prevent war.
broke
To this, Baron Aloisi made the fullest reservations. Mr. Eden
breakthis impasse by suggesting that after dealing with the arbitration
it
say,
to
is
that
agenda,
its
down the Council could, if it wished, extend
which Italy
could discuss the entire dispute between Italy and Ethiopia,
does not desire.
that the
That gave M. Laval his chance to present the French theory
of
need of the moment is for a breathing space. He pointed out that each
the disputants had cast on the other the responsibility for interrupting
to
conciliation. The Italans did not dispute that the Council was entitled
examination
consider the new situation thus created, but they did want the
discussion.
the
limited. Ethiopia did not ask extension of
M. Laval suggested that the Council resume its session publicly at the
game hour to-morrow. Before that time, he said, the other delegations,
seek
particularly the British and French, who are the most interested, could
a formula that would "permit the Council to give full effect to its resolution
of last May."
would
Professor Jeze accepted this lead. His Government, he said,
not want
participate in any negotiations that promised a solution. It does
to
wish
indeed,
nor,
added,
he
to limit the discussion to mere procedure,
Council
continue to trust a procedure that has given no result, but if the
really is bent on seeking a peaceful solution. Ethiopia will gladly assist.
a
Baron Aloisi said positively that his delegation could not agree to
ready to
discussion on a wider basis than the Ualual incident, but was
discuss means for setting conciliation procedure again on foot. Anyway,
been
under the convenant the Council cannot take up a dispute that has
asserted.
submitted to conciliation and arbitration until both have failed, he
Council's
the
limit
not
did
proposal
Mr. Litvinoff ruled that M. Laval's
after
freedom to act within the terms of the covenant and that, therefore,
dealing with the arbitration matter it could take any decision it thought
fit with regard to subsequent discussion.

Canada Imposes Surtax of 33 1-3% on Imports from
Japan Effective Aug. 5—Action Is Reply to Japanese Levy of 50% on Canadian Goods
All goods coming to Canada from Japan after Aug. 5 will
be subject to a duty of 33%% ad valorem, in addition to
the usual tariff levies, it was revealed on July 23, when
Sit. George Perley, Acting Canadian Prime Minister, made
public the text of an order imposing the surtax on Japanese goods. This surtax was imposed in retaliation for the
Japanese decree providing a surtax of 50% on Canadian
goods entering Japan. The text of the Canadian order-incouncil, signed by the Deputy Governor-Genera; is given
below, as contained in Canadian Press advices from Ottawa,
July 23, appearing in the Montreal "Gazette" of July 24:
Whereas the Government of Japan, contrary to the provisions of Article VII
of the treaty of commerce and navigation of April 3 1911, between His
Majesty the Ring and the Emperor of Japan, which has been in force
between Canada and Japan since May 1 1913, has seen fit to impose upon
certain commodities composing the principal exports of Canada to Japan
a discriminatory surtax of 50% ad valorem, effective July 20 1935;
And whereas Section VII of the customs tariff provides, inter alia:
1. Goods imported Into Canada the product or manufacture of any foreign
country which treats Imports from Canada less favorably than those from other
countries, may be made subject by order of the Governor-In-Council, In the case
of goods already dutiable, to a surtax over and above the duties specified in schedule
A to this Act, and in the case of goods not dutiable, to a rate of duty, not exceeding.
in either case, 33 1-3% ad valorem.
And whereas it is deemed desirable that the date of the entry in force
of an order made pursuant to the provision of the said Section VII of the
customs tariff should be fixed to exempt from the operation of the order
goods presently in transit from Japan to Canada;
Now, therefore, the Deputy of His Excellency the Governor-General-inCouncil, on the recommendation of the Secretary of State for External
Affairs, with the concurrence of the Acting Minister of National Revenue,
and under the authority of the aforesaid Section VII of the customs tariff,
is pleased to order, and it is hereby ordered, that all goods the produce or
manufacture of Japan shall, on importation into Canada on and after
Aug. 5 1935, be subject to the following tariff treatment:
(a) Goods dutiable as of Aug. 3 1935 at the rates specified in schedule A to the
customs tariff: to be subject to a surtax of 33 1-3% ad valorem, over and above
the duties specified in said schedule A:
(b) Goods duty-free as of Aug. 3 1935; to be subject to a duty of 33 1-3% ad
valorem.

State Department Replies to German Protest Against
Indignity to Reich Flag in New York Harbor—Expresses Regret, but Denies Police Were Neglectful
The United States Government, in a formal note to
Germany on August 1, expressed its regret for the indignity
to which the German flag was subjected on July 26, when
anti-German demonstrators tore the flag from the staff of the
North German Lloyd liner Bremen shortly before it was
scheduled to sail from New York Harbor. Rudolf Leitner,
German Charge d'Affaires, had protested against this insult
to the flag, and the State Department's note in reply asserted
that the incident was in no way due to neglect on the part
of the New York police. Instead, the State Department
indicated that the incident might not have occured if officers
of the liner had accepted suggestions of the New York police
for preventing demonstrators from boarding the ship.
The American note of August 1 replying to the German
protest was signed by William Phillips, Acting Secretary of
State. It read as follows:

Volume 141

I have received your note of July 29 1935, in which upon instructions
from your Government, you lodge a protest against the action of demonstrators in New York in tearing down the German flag flying from the bow
of the German steamship Bremen when that vessel was departing from
New York the night of July 26 1935. You also give expression to the hope
that everything will be done by the appropriate American authorities in
order that the guilty persons may be Punished.
The appropriate authorities in New York have provided me with a full
report on this matter, and I enclose a copy for your information. You will
note that the police authorities took most extensive precautions in order to
prevent any untoward incident; that having learned in advance that a demonstration was planned, they consulted with the representatives of the interested steamship companies and in co-operation with them took all measures
which seemed calculated to assure order; and that the incident which actually occurred was in no sense due to neglect on the part of the American
authorities.
I invite particular attention to those sections of the report which indicate that a very cosiderable number of police were detailed to prevent
disturbances; that the police suggested measures to prevent persons other
than the passengers and other duly authorized visitors from boarding the
vessel but that the officers of the steamship line did not deem it necessary
to adopt such measures; that unauthorized persons accordingly succeeded
in boarding the steamer; that before the vessel sailed such elements started
a demonstration; that police authorities took immediate and efficient
action with a view to clearing the ship of all unauthorized persons, and that
during the court ofthis action one of the police, namely, Dectective Matthew
Solomon,in attempting to apprehend the ringleaders, was set upon,knocked
down, and sustained serious injury.
I also invite attention to that section of the enclosed report which indicates that the Persons implicated in this disorder have been apprehended
and are being held for trial.
It is unfortunate that, in spite of the sincere efforts of the police to prevent any disorder whatever, the German national emblem should, during
the disturbance which took place, not have received that respect to which it
is entitled.
Accept,sir, the renewed assurances of my high consideration.

"Financial and Economic Review" of Amsterdamsche
Bank, N. V., of Amsterdam, Holland
The Amsterdamsche Bank, N. V., of Amsterdam, Holland,
recently issued the forty-fourth issue of its "Financial and
Economic Review." The "Review" contains a detailed report
on all circumstances that have been of influence on the
financial and economic conditions of this country during
the second quarter of the year 1935. It is, moreover, usually
preceded by an article written by some authority on the
subject dealt with. This time an article has been inserted
written by I. Roet Jzn., accountant, Amsterdam, entitled:
"Dutch Security Holdings in Recent Years."
Senator Nye to Head Cuban Bondholders' Committee—
Succeeds Late Senator Cutting as Chairman of
Group to Seek $40,000,000 Payment
Senator Nye of North Dakota has been appointed Chairman of the Bondholders Protective Committee for Republic'
of Cuba Bonds to succeed the late Senator Cutting, it was
announced on July 28 by Senator Wheeler, Counsel for the
Committee. A statement issued by the Committee pointed
out that Senator Nye is personally familiar with the history
of defaulted Cuban Public Works bonds through investigation of this financing conducted by the Senate Banking Committee, and added that these inquiries "aroused Senator Nye's
keen sympathy for the thousands of unfortunate American
Investors who put $40,000,000 of their savings into these Cuban bonds in 1930 only to have all pledged payments on the
bonds defaulted three years later, and with no payment
whatever since then."
The Committee's statement continued, in part, as follows:
The striking improvement of economic conditions in Cuba during the
past year is the direct result of the adoption by Congress of the CostiganJones Sugar Equalization Bill and the trade treaty signed with Cuba by
Secretary of State Hull last August, conferring on the island Republic the
benefit of the lowest tariff on sugar that it has ever enjoyed. These political
favors extended by the United States to Cuba during the past fiscal year
have enabled it to collect in special public works taxes, allocated by Cuban
law and by covenant in the bonds themselves to nay the service charges on
the Public Works Bonds, over four times the current interest requirements
and over twice the sum necessary to pay in full all defaulted and accrued
interest thereon.
In view of the greatly improved financial position of the Cuban Government, announcement has been made by the Cuban Secretary of the Treasury
that all accrued interest and arrears in amortization payments on the Speyer
and Morgan loans to Cuba, as well as on the Chadbourne Sugar Bonds,
floated after the sale of these Public Works Bonds to our citizens, will be
paid during the fiscal year beginning July 1 1935, although Cuba has failed
to make any provisions whatever in the new budget to pay a cent to the
holders of $40,000,000 in Public Works Bonds, equal to more than half of
all the other external bonded debts of the Republic combined.
This Committee has heretofore maintained an attitude of sincere and
-friendly good will toward the Government of President Mendieta in Cuba,
and it has purposely refrained from making demands for the payments rightfully due to the bondholders in order to avoid embarrassing the Mendieta
Government in any way during the difficult political disturbances through
which it has recently passed. But the proposed discrimination by the Cuban
Government against the holders of Public Works Bonds is so shockingly
contrary to the express agreement made by Cuba with the bondholders when
It borrowed their money that this Committee is compelled to take condign
action to obtain equitable treatment and prompt payment of the interest
due to those bondholders who have entrusted their bonds to its care.

Foreign Holders of French Gold Bonds Instructed
as to Certification to Avoid 10% Cut in Interest
Payments—New York Stock Exchange Amends
Rulings on Bonds
The French Embassy in Washington made public an
announcement on July 27 addressed to holders of gold bonds




671

Financial Chronicle

dated April 1 1917, June 1 1921 and Dec. 1 1924, referring
to the recent decree of the French Government providing for
a 10% deduction from coupons of such bonds which are
owned by a French citizen or corporation. The announcement said that bonds which on July 17 1935 were owned by
a foreigner should be presented before Oct. 1 1935 at the
office of J. P. Morgan & Co. for certification. The 10%
deduction from interest payments to bondholders who are
French citizens was one of the economy decrees adopted on
July 16, as noted in the "Chronicle" of July 20, page 351.
The New York Stock Exchange this week issuea an announcement, dated July 25, which amenas the previous
announcement it issued of rulings affecting the bonds. The
previous announcement was given in our issue of July 27,
page 535. The announcement of this week follows:
NEW YORK STOCK EXCHANGE
Committee on Securities
July 25 1935.
The Committee on Securities rules that every bond delivered on and after
July 29 1935, in settlement of transactions in Government of the French
Republic 25-year sinking fund 7% gold bonds, due 1949, and 20-year
external gold loan 734% bonds,due 1941,shall be accompanied by an ownership certificate, signed either by the owner on the date of execution of the
certificate or his agent, certifying that the bond was, on July 17 1935, in
the beneficial ownership of a person other than a French citizen or corporation and setting forth, upon information and belief, the name ofsuch person.
Such certificate must be in form provided by Messrs. J. P. Morgan & Co.,
and if the owner or agent signing the certificate is not a member or member
firm, the signature must be guaranteed by a member or member firm.
The Committee on Securities further rules that the delivering member in
the case of all transactions settled after July 17 1935, but prior to July 29
1935, shall make every possible endeavor to provide such a certificate.
ASHBEL GREEN, Secretary.

Portion of 6% External Loan Sinking Fund Gold
Bonds of Finland Drawn for Redemption Sept. 1
The National City Bank, as fiscal agent, is notifying holders of Republic of Finland 22-year 6% external loan sinking
fund gold bonds, due Sept. 1 1945, that there has been drawn
by lot for redemption on Sept. 1 1935, at par plus accrued
iuterest, $232,000 princinal amount of these bonds. Bonds
se drawn should be presented at the head office of the bank,
55 Wall Street.
Tenders of 30-Year 5% Sinking Fund Gold Bonds of
New South Wales (Australia) Invited by Chase
National Bank
The Chase National Bank of the City of New York, successor fiscal agent, is inviting tenders for the sale to it of
State of New South Wales, Australia external 30-year 5%
sinking fund gold bonds, due Feb. 1 1957, at prices not
exceeding principal amount and accrued Interest, in an
amount sufficient to exhaust the sum of $150,259.64, now
held in the sinking fund. Tenders will be received up to
12 o'clock noon on Aug. 6 1935 at the Corporate Trust
Department of the bank, 11 Broad Street, New York.
Uruguay to Pay 3 2% of Aug. 1 Coupons on 8% Bonds
of 1921—Rulings of New York Stock Exchange on
Bonds
J. Richling, Minister of the Republic of Uruguay, announced that in accordance with the decree of the Government of Uruguay, dated Dec. 13 1933, and the budget law
for the year 1935, the coupon of the 8% Uruguay bonds of
1921, due Aug. 1 1935, will be paid at the National City
2% per annum.
1
Bank, fiscal agent, at the rate of 3/
Through its Secretary, Ashbel Green, the New York
Stock Exchange on July 30 issued the following rulings on the
above bonds:
NEW YORK STOCK EXCHANGE
Committee on Securities
July 30 1935.
Notice havng been received that payment of $17.50 Per $1.000 bond will
be made on Aug. 1 1935,on surrender of the coupon then due from Republic
of Uruguay 25-year 8% sinking fund external loan gold bonds, due 1946:
The Committee on Securities rules that transactions made on and after
Aug. 1 1935, shall be settled by delivery of bonds bearing only the Feb. 1
1936 and subsequent coupons; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary.

g% External Sinking Fund
August 1 Coupons on 63/
Bonds of Rio de Janeiro (Brazil) to be Paid at Rate
of 20%—New York Stock Exchange Rules on Bonds
Holders of City of Rio de Janeiro (Federal District of the
United States of Brazil) 6%% external sinking fund bonds
due Feb. 1 1953, are being notified that funds have been
remitted to White, Weld & Co. and Brown Brothers, Harriman & Co., special agents, for the payment of the Aug. 1
1935 coupons appertaining to these bonds at the rate of 20%
of the dollar face amount of such coupons. An announcement in the matter also said:
Coupons will be paid on and after Aug. 1 1935, at the rate of $6.50 per
$32.50 coupon upon presentation and surrender thereof to the special agents.
In connection with this announcement, White, Weld & Co. and Brown
Brothers, Harriman & Co., as fiscal agents, are calling attention of bondholders to the fact that a partial payment at the rate of $10.06 per $32.50
coupon, has been and is being made on the Aug 1 1931 coupons. Bondholders who have not received this payment and who desire to do should
present these coupons to either of the fiscal agents.

The New York Stock Exchange, through its Secretary,
issued the following rulings on the bonds on July 31:

672

Financial Chronicle
NEW YORK STOCK EXCHANGE
Committee on Securities

July 31 1935.
Notice having been received that payment of $6.50 per $1,000 bond will
1935, on surrender of the coupon then due, from City of
Rio de Janeiro 6,55% external secured sinking fund gold bonds. due 1953:
The Committee on Securities rules that transactions made on and after
Aug. 1 1935, shall be settled by delivery of bonds bearing only the Aug. 1
1931 ($10.06 paid), to Feb. 11934,inclusive (ex Aug. 1 1934 to Aug. 1 1935,
inclusive), Feb. 1 1936 and subsequent coupons;and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary.

be made Aug. 1

Chase National Bank Invites Tenders of Argentine 6%
Gold Bonds of 1923 and 6% Gold Bonds State
Railways Issue of 1927
The Chase National Bank of the City of New York is
inviting tenders for the sale to it of Government of the
Argentine Nation external sinking fund 6% gold bonds of
1923, Series "A", due Sept. 1 1957, at prices below par,in an
amount sufficient to exhaust the sum of $447,248.83.
The Chase National Bank is also inviting tenders for the
sale to it of Government of the Argentine Nation external
sinking fund 6% gold bonds State Railways Issue of 1927,
due Sept. 1 1960, at prices below par,in an amount sufficient
to exhaust the sum of $355,204.83.
Tenders in connection with either of these issues will be
received up to 12 o'clock noon Sept. 3 1935, at the Corporate
_Crust Department of the bank, 11 Broad Street, New York.
20% to be Paid on Aug. 1 Coupons on 7% Gold Bonds,
External Loan of 1928, of City of Porto Alegre
(Brazil)
Ladenburg, Thalmann & Co., as special agents, are notifying holders of City of Porto Alegre (United States of Brazil)
40-year 7% sinking fund gold bonds, external loan of 1928,
that, pursuant to decree of the Chief of the Provisional
Government of the United States of Brazil, funds have been
deposited with them sufficient to make a payment,in lawful
currency of the United States of America, of 20% of the face
amount of the coupons due Aug. 1 on these bonds-$7 for
each $35 coupon and $3.50 for each $17.50 coupon. Acceptance of such payment, optional with the holders, signifies
full payment of such coupons and of claims for interest represented thereby. It is stated:
Payment will be made upon presentation and surrender of coupons for
final cancellation. No present provision has been made for coupons
maturing Feb. 1 1932, to Feb. 1 1934, inclusive, but holders are advised
to retain these coupons for future adjustment. '

Funds Remitted for Payment of 20% of Aug. 1 Coupons
on State of Santa Catharina (Brazil) 8% Sinking
Fund Gold Bonds
Halsey, Stuart & Co., Inc., as special agents, are notifying
holders of State of Santa Catharina (United States of Brazil)
25-year 8% external sinking fund gold bonds, due Feb. 1
1947, that, pursuant to decree of the Chief of the Provisional
Government of the United States of Brazil, funds have been
deposited with them sufficient to make a payment, in lawful
currency of the United States of America, of 20% of the face
amount of the coupons due Aug. 1 1935, on these bonds,
amounting to $8 for each $40 coupon; $4 for each $20 coupon and 80 cents for each $4 coupon. The announcement
said:
Such payment, if accepted by the holders of these bonds and coupons,
the notice points out, must be accepted in full payment of such coupons
and of the claims for interest represented thereby. Payment at the rates
specified will be made upon presentation and surrender of the coupons for
final cancellation by the special agents. The notice concludes that while
no provision has been made for the coupons maturing prior to Aug. 1 1934,
they should be retained for future adjustment.

$500,000 of Cuba Stabilization Fund 53.% Secured
Gold Bonds Invited for Purchase by National
Sugar Exporting Corporation
National Sugar Exporting Corporation is inviting tenders
for the sale to it of The Republic of Cuba Sugar Stabilization
Sinking Fund 53'2% secured gold bonds, due Dec. 1, 1940,
at a price not exceeding the principal amount and accrued
interest, in an amount sufficient to exhaust the sum of $500,000 which has been deposited by the corporation with the
Chase National Bank of the City of New York. Tenders
will be received up to 3 p.m., Aug. 9 1935, by the Bank at
11 Broad Street, New York, or at its office 86 Aguiar Street,
Havana, Cuba.

Aug. 3 1935

$62,983,748 were pledged as collateral for the borrowings
during July, it is reported, which compares with $83,902,925
in June. The following is the report for July 31:
New York Stock Exchange member total net borrowings on collateral,
contracted for and carried in New York, as of the close of business July 31
1935, aggregated $768,934,748.
The detailed tabulation follows:
Demand
Time
(1) Net borrowings on collateral from New York banks
banks or trust companies
$393,708,700 $347,386,000
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the City
of New York
25,890,748
1,949.300
$419,599,448 $349,335,300
Combined total of time and demand borrowings
$768,934,748
Total face amount of "Government securities" pledged as collateral
for the borrowings included in Items (1) and (2) above
$62,983,450

The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.

Below we give a two-year compilation of the figures:
1933May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov.30
Dec. 30
1934Jan. 31
Feb. 28
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov.30
Dec. 31
1935Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 30
July 31

Demand Loans
$398.148,452
582,691,556
679,514.938
634,158,695
624,450,531
514.827,033
544,317,539
597.953.524

Time Loans
5130.360,986
197,694,564
236.728,996
283,056.579
272,145,000
261,355,000
244,912,000
247,179.000

626,590,507
656,626,227
714,279,548
812,119,359
722,373.686
740.573,126
588,073,826
545,125.876
531.630,447
546,491,416
557,742,348
616,300,286

276,484,000
281,384.000
267,074,400
276,107,000
294,013,000
341.667,000
334.982,000
329.082,000
299.899.000
280,542.000
273,373.000
263,962,869

903.074,507
938.010,227
981,353.948
1,088,226.359
1,016,386.689
1,082,240,126
923,055.826
874.207,876
831,529.447
827,033,416
831.115,348
880.263.155

575,896,161
573,313,939
552,998,766
509.920,548
471.670.031
474,390,298
419,599.448

249,062,000
242,544,500
220.124.500
294.644.900
320,871,000
334,199,000
349,335,300

815.858.439
773,123.266
804.565.44R
792,541,031
808.589.298
768,934,748.

Total Loans
3528,509,438
780,386.120
916,243,934
917.215,274
896,595,531
776,182,033.,
789,229.539.
845.132,524

824,9158,161

Market Value of Listed Stocks on New York Stock
Exchange Aug. 1, $38,913,092,273, Compared with
$36,227,069,618 July 1-Classification of Listed
Stocks
As of Aug. 1 1935, there were 1,174 stock issues aggregating 1,307,662,401 shares listed on the New York Stock
Exchange with a total market value of $38,913,092,273.
This compares with 1,184 stock issues aggregating 1,304,145,173 shares listed on the Exchange July 1, with a total
market value of $36,227,069,618, and with 1,189 stock
issues aggregating 1,303,596,329 shares with a total market
value of $34,548,762,904 June 1. In making public the
Aug. 1 figures yesterday (Aug. 2) the Exchange said:
As of Aug. 1 1935, New York Stock Exchange member total net borrowings on collateral amounted to $768,934,748. The ratio of these member
total borrowings to the market value of all listed stocks, on this date, was
therefore 1.98%. Member borrowings are not broken down to separatethose only on listed share collateral from those on other collateral; thus
these ratios usually will exceed the true relationship between borrowings on
all listed shares and their market value.

As of July 1 1935, New York Stock Exchange member
total net borrowings on collateral amounted to $808,589,298.
The ratio of these member total borrowings to the market
value of all listed stocks,on that date, was therefore 2.23%.
In the following table listed stocks are classified by leadingindustrial groups with the aggregate market value and
average price for each:
Aug. 1 1935

Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufacturing
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel..k radio).
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous businesses
Leather and boots
Tobacco
Garments
U. S. companies operating abroad_ _
Foreign companies(incl. Cuba & Can.)

Markel
Value

Aoge.
Price

$
2,877,041,911
964,298,768
4,469,474,037
401,070,481
1,134,256,701
2,691,200,732
251,402,355
565,591,475
185,272,459
36,991,333
1,579,135,131
1,145,345,478
4,179,724,898
248,049.105
2,229,265,637
3,674,228,232
1,716,472,198
199,350,749
1,777,617,902
1,245,738,096
2,963,469,939
197.104,924
174,735,274
335,071,358
9,155,628
28,520,586
89.697,163
242,326,689
1,812,638,793
21.035,369
705,179,880
762,628,992

$
27.71
17.55
60.00
23.66
31.00
33.13
24.91
47.96
12.26
7.48
31.63
21.00
21.79
15.64
36.12
31.89
43.85
18.55
25.59
12.90
79.88
19.69
8.10
31.84
4.37
9.42
15.97
40.84
70.04
22.05
21.16
20.85

July 1 1935
.1farket
Value
2,463,682,285
846,083,907
4,301,009,996
326,158,995
984,126,609
2,538,575,197
242,783,546
507,665,363
178,527,354
36,223,960
1,454,509,413
1,177,793,249
4,192,631,535
241,175,467
2,072,618,951
3,351,726,573
1,360,032,977
187,110,676
1,650,213,571
1,144,448,396
2,798,927,131
150,854,314
151,654,248
324,851,806

Avge.
Price
23.47
15.51

57.99
'
20.61
26.89
33.66
24.05
42.78
11.82
7.33
29.14
20.97
21.8015.14
33.6029.09
34.75
15.68
23.75
11.85
75.44
15.91
7.03
30.87
8
3.
.6
37

Decrease of $39,654,550 Shown in Outstanding Brokers'
Loans on New York Stock Exchange During JulyTotal July 31, $768,934,748-Government Securities
Pledged as Collateral Totaled $62,983,450
25,351,504
The New York Stock Exchange reported yesterday (Aug.2)
85,991,582 15.31
that outstanding brokers' loans on the Exchange July 31
231,009,092 38.93
amounted to $768,934,748, a decrease of $39,654,550 from
1,698,470,210 65.63
20,415.787 21.40the June 30 figure of $808,589,298. During June the loans
720,907,892 21.47
increased $16,048,267. Compared with July 31 1934, the
754,883,388 20.63
total for July 31 this year shows a drop of 8154,121,078.
38,913,092.273 29.76 36,227,069,618 27.78
All listed stocks
According to the July 31 statement, demand loans deWe give below a two-year compilation of the'total market
creased to $419,599,448 from $474,390,298 June 30, while
time loans increased to $349,335,300 from $334,199,000 at value and the total average price of stocks listed on thethe end of June. Government securities in amount of Exchange:




Financial Chronicle

Volume 141

Market
Value
-1933-July 1- --- $36,348,747,926
Aug 1
32.762,207.992
Sept. 1
36,669,889,331
Oct. 1
32,729,938,196
Nov. 1---- 30,117,833,982
Dec. 1
32,542,456,452
1934Jan. 1
33,094,751,244
Feb. 1
37,364,990,391
Mar. 1
36,657,646,692
Apr. 1
36,699,914,685
May 1
36,432,143,818
June 1
33,816,513,632
July 1
34.439.993.735

Average
Price
1934$28.29 Aug 1
25.57 Sept. 1
28.42 Oct. 1
25.32 Nov. 1
23.30 Dec. 1
25.13
1935Jan. 1
25.59 Feb. 1
28.90 Mar. 1
28.34 Apr. 1
23.37 may 1
28.13 June 1
26.13 July 1
26.64) Aug. 1

Market
Value

Average
Price

$30,752,107,676
32,618,130,662
32.319,514.504
31,613,348,531
33,888,023,435

$23.76
24.90
24.61
24.22
25.97

33,933,882,614
32,991,035,003
32,180,041,075
30,936,100,491
33,548,348,437
34.548.762,904
36,227,069.618
38.913.092.273

25.99
25.29
24.70
23.73
25.77
26.50
27.78
29.76

Filing of Registration Statements Under Securities Act
The Securities and Exchange Commission announced,
July 29, the filing of five additional registration statements
under the Securities Act of 1933. The total involved is
823,946,404.09, of which $7,355,563.02 represents new issues,
the Commission said. The securities involved are grouped
.as follows:
No. of
Type of IssueIssues
1 Commercial and industrial
1 Investment trusts
1 Certificates of deposit
2 Securities In reorganization

Total
$3,755,563.02
3,600,000.00
425,000.00
16,165,841.07

The securities for 'which registration is pending follow:
Vest Dusen River Redwood Co. (2-1549, Form E-1), of Wilmington, Del.,
seeking to issue, in a plan of reorganization, 6,000 shares of $100 par 6%
preferred stock. The shares are to be issued in exchange for first mortgage
bonds of Bemis Redwood Co., having an aggregate face value of $453,250
and for $146,750 in cash, to be paid as and when the Board of Directors
calls for it. Filed July 18 1935.
Wellington Foundation, Inc. (2-1550, Form C-1), of Philadelphia, Pa.,
seeking to issue a maximum of $3,600,000 Wellington Foundation trust
certificates. Filed July 19 1936.
Algoma Steel Corp., Ltd. (2-1551, Form E-1), seeking to issue 27,000
preference shares of $100 par value and 130,000 shares of no par common
stock, in a plan of reorganization. Filed July 19 1935.
First In/vestment Counsel Corp. (2-1552, Form A-2), of Boston, Mass.,
seeking to issue 43,437 shares of class A capital stock, to be offered at
their value at the time of issue as determined by appraisal made by the
directors. The quoted price as of July 15 1935 was $86.46 a share.
F. Haven Clark, of Reliant, Mass., is President of the company. Filed
July 22 1935.
Bondholders Protective Committee (2-1553, Form D-1), of Madison, Wis.,
seeking to issue certificates of deposit for $425,000 of first mortgage 6%
bonds of the Capital Investment Co. of Milwaukee, Wis. Filed July 22 1935.

In making available the above list the SEC said:
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
the issue or that the registration statement itself is correct.

The last previous list of registration statements appeared
in the "Chronicle" of July 27, page 516.
Champion Coated Paper Co. of Hamilton, Ohio, Files
Registration Statement with SEC for $5,500,000
of 43
4% Debentures and 60,000 Shares of 6%
Preferred Stock
A registration statement (No. 2-1558) was filed July 26
with the Securities and Exchange Commission by the
Champion Coated Paper Co. of Hamilton, Ohio, covering
$5,500,000 of 4%% sinking fund debentures due 1950, and
60,000 shares of 6% cumulative preferred stock. W. E.
Hutton & Co. and Goldman Sachs & Co., both of New York
City, are listed as principal underwriters. The underwriting
allotments and the estimated net proceeds have not been
determined. An announcement by the SEC continued:
The prospectus filed with the registration statement
is under the name
of the Champion Paper & Fibre Co. In transmitting the registration
statement, J. L. Henson, an officer of the company, informed the
Commission
that a special meeting of stockholders has been called for Aug.
7 to consider, among other things, a proposal to change the name
of the company
from the Champion Coated Paper Co. to the Champion
Paper & Fibre Co.
The prospectus states that it is intended to call
for redemption and to
redeem with a portion of the proceeds from the sale
of these two issues the
following securities of the registrant under its new
name:
15-year 6% sinking fund gold notes due April 15 1941
8431,000
6% serial notes due serially, May 1 1936 to May 1 1944
630,000
7% preferred, cumulative, $100
10,000
shares
Par
7% special preferred, cumulative, $100
23,526 shares
par
Also intended to be called for redemption and redeemed with a
portion
of the proceeds, according to the prospectus, are
the following securities
of the Champion Fibre Co.:
16-year 6% sinking fund gum noms, due April 15 1941
51,540,500
'7% preferred, cumulative,$100
22,070 shares
Par
According to the prospectus, the plan is to exchange the new preferred
for the three issues of old preferred as follows:
1 1-10 shares of new preferred for 1 share of 7% preferred of the Champion Coated
Paper Co.
1 1-20 shares of new preferred for 1 share of special 7% preferred of the Champion
Coated Paper Co.
I 1-10 shares of new preferred for 1 share of 7% preferred of the Champion Fibre Co.

SEC Clarifies Ruling Exempting Temporarily from
Registration Securities of Issuers in Bankruptcy
or Receivership
The Securities and Exchange Commission announced on
July 31 the adoption of an amendment designed to clarify the
meaning of paragraph (b) of Rule AN8. Rule AN8 provides
a temporary exemption from registration under the Securities
Exchange tact of 1934 for the securities of issuers which, on




673

June 30 1935, were in bankruptcy or receivership or in the
process of reorganization pursuant to Section 77 or 77-13
of the Bankruptcy Act. As to the new amendment the
SEC said:
The amendment makes clear that for issuers coming out of insolvency
proceedings, the exemption is to continue until the 120th day after the
termination of the proceedings, or until the 120th day after the filing of
applications on an appropriate form is authorized, whichever is the later.
The rule as amended still applies only to securities which were temporarily registered.
Special forms are being prepared for the registration of securities of
companies which have emerged from bankruptcy,receivership or reorganization proceedings, and securities of successor companies. A form for the
provisional registration of new securities ofsuch issuers, pending the publication of such special forms, will be published shortly.

New Issues in First Half of 1935 Almost
Same 1934 Period, According to SEC Analysis-All but 4.1% of Offerings Represented Refunding-Costs of Registration Cut Sharply Since Last

Total of
Double

Year

The Securities and Exchange Commission on July 28 made
public an analysis of financing during the first half of 1935,
showing that the total of issues becoming effective under the
Securities Act during that period was more than $665,000,000, or more than double the amount for the corresponding
period of last year. Last year's issues, the SEC pointed
out, consisted largely of the common stocks of investment
trusts, while 1935 registered offerings have been, for the
most part, debentures and secured bonds of large public
utility and industrial corporations.
The analysis reveals that this year's financing has been
almost entirely for refunding purposes, with only about
$22,000,000 offered for plant and equipment and other forms
of capital expenditure, or about 4.1% of the total net proceeds of securities offered, compared with 7.3% of the
smaller total during the first half of last year.
We quote below, in part, from the analysis published by
the SEC on July 28:
This year's financing nas been swelled by the wave of refunding induced
by the easy money conditions that have prevailed for the last two years.
Numerous leading corporations have registered under the Securities Act
for the first time, to take advantage of the opportunity to reduce their
fixed charges. While this movement, on its face, appears to have little
connection with the flow of new capital into industry, it Is paving the way
for new capital financing in several ways. The first is by clearing up the
high coupon callable bonds that are still outstanding. Only after these
high yield senior securities have been removed from the investment field
and other indebtedness, bearing high interest rates, at minated,is it usually
possible to successfully undertake new financing at low enough interest
rates to make new capital expenditures desirable and profitable. Again,the
savings to companies effected through their refunding operations, to the
extent that they are placed to surplus provide a source from which appreciable capital expenditures are normally made.
Among the leading refunding issues were: Southern California Edison
3 of 1960;
Co., Ltd., $73,000,000 and 835,000.000 refunding mortgage 3%s
Pacific Gas & Electric Co. $45.000.000 and $30,000,000 f rat and refunding
mortgage 4s of 1964. National Steel Corp., $50,000,000 first mortgage
sinking fund 4s of 1965: Swift & Co., $43,000,000 first mortgage sinking
fund 3%s of 1950; Commonwealth Edison Co., $29.500,000 first mortgage
3(s of 1965, and American Rolling Mill Co., $25,000,000 convertible
debenture 431s of 1945.
What may be the first instance of a secondary movement toward the
reduction of dividend rates on preferred stock issues is shown in the Commission's figures through the registration of the Commercial Credit Co.,
which registered over $27,000,000 of common and 5A % preferred stock
to be offered in exchange for preferred issues bearing rates from 6 to 8%.
The volume of funds being raised for plant and equipment and other
forms of capital expenditure continued small-a total of about 822,000.000
having been proposed for these purposes in the first half of this year. This
amount is somewhat larger than that proposed during the similar period
of 1934, but percentage-wise it amounted to only 4.1% of total net proceeds
as against 7.3% last year.
An interesting development was the pronounced,reduction in the cost of
distrubuting securities. Selling costs, which came to 10.7% in the first
half of 1934. were cut to 4.6% this year, so that while issuers last year
expected to realize only 89.3% of their offerings to the public, those in the
1935 period anticipate 95.4% as net proceeds. This reduction in distribution costs was due to several factors, among which may be mentioned the
radical change in the type and size of the issues registered, the credit standing of the issuers, and to the readiness with which high grade securities can
be disposed of. Registrations this year were predominantly large Issues of
high grade securities, particularly public utility and industrial bonds. The
higher selling costs last year were due to the prevalence of small issues of
iunior securities of more speculative industries or of investment trusts.
A new monthly high was set in June 1905, when registration statements
became effective for securities totaling $192,630,000. Thirty-nine issues
were registered on 30 registration statements. In May 1935, 33 issues were
registered covering $140.208.000 in securities, and in June of last year
35 issues were registered totaling $54,983,000.

The following table prepared by the SEC analyzes the
types of securities registered during the first half of 1934
and 1935:
THE TYPES OF NEW SECURITIES INCLUDED IN 130 REGISTRATION
STATEMENTS WHICH BECAME FULLY EFFECTIVE FROM JAN. 1
TO JUNE 30 1935
Type of Security
Common stock
Preferred stock
Certificates of partic.,
warrants. &c
Secured bonds
Debentures
Short-term notes
Tntal

No. of
Issues No. of Units Cross Amount

Per Cent of Total
1935

1934

75
30

47,402,711
2,250,783

$116,742,728
43,379.608

17.5
6.5

70.9
12.3

17
22
11
2

7,760,421

61,240,151
376,923,819
65,802,250
1,250,000

9.2
56.7
9.9
0.2

8.4
0.8
7.4
0.2

sass Rag FAR

100.0

100.0

157

Financial Chronicle

674

The SEC also issued the table given below, indicating the
average size of the industrial issues registered during the first
half of this year:
GROUI' CLASSIFICATION OF ISSUERS OF NEW SECURITIES THAT
BECAME FULLY EFFECTIVE FROM JAN. 1 TO JUNE 30 1935
Group
Extractive industries:
Gold and silver mines
Other metal mines
Quarrying and coal mining ____
Oil and gas wells

Per Cent of Total
No. of
State- No. of Gross Amount
1934
1935
meats Issues
18
1

19
1

$10,697,161
747,518

1.61
0.1.1

5.8

ii

iL

7,493,054

1.1

0.2
0.4

33

35

$18,937,733

2.8

6.4

8

10

954,958,370

8.2

0.4

3
2
3
14

4
3
6
18

15.975,000
93,625,000
19,571.250
21,767.083

2.4
14.1
2.91
3.3f

7.4
0.3
7.0

Total manufacturing

30

41

$205,896,703

30.9

15.1

Financial and investment cos.:
Investment trusts
Others

26
13

28
19

$102,069,034
51,605,267

15.4
7.8

61.2
3.4

Total financial and investml

39

47

8153.674.301

23.2

64.6

Merchandising
Real estate
Transportation & communication
Electric light, power, gas & water
Service
Miscellaneous

3
2
3
16
3
1

3
4
4
17
5
1

888,500
587.820
10,239,194
271,330,805
2,283,500
1,500,000

0.1
0.1
1.5
40.9
0.3
0.2

0.3
1.7
-10.5
0.8
0.2

130

157

'665.338,556

100.0

100.0

Total extractive
Manufacturing companies:
Food and related industries_ _ _
Brewing, distilling, and spirituous liquors
Iron and steel
Oil refining
Other manufacturing

Total

Review of Banking Conditions by Federal Reserve
Board-Foreign Bank Deposits in New York Increased $60,000,000 in Five Weeks Ended June 26Rise of $160,000,000 in Reserve Balances in June
Attributed Solely to Heavy Gold Imports
Deposits of foreign banks in New York City increased
about $50,000,000 ill the five weeks ended June 26, at a time
when imports of gold from Europe were large, the Federal
Reserve Board said in its "Monthly Bulletin" for July, made
public on July 26. The Board noted that member bank
reserve balances on deposit with Federal Reserve banks and
excess reserves during June were the largest ill the history
of the Federal Reserve System, and said that an increase of
$150,000,000 in reserve balances ill June was entirely due to
further large gold imports. The "Bulletin," in its review
of banking conditions, said, in part:
On Feb. 1 1934, immediately after revaluation of the dollar, excess
reserves of member banks were about $800,000,000 and were largely the
consequence of purchases of United States Government securities by the
Reserve banks in 1932 and 1933. Since that date the increase in the
monetary gold stock of the country from about $7,000,000,000 to $9,100,000,000 on June 29 1935 has been the principal factor in the growth of
$2,260,000,000 in member bank reserve balances. In the same period
required reserves increased by $660,000,000, the remaining $1,600,000,000
being added to excess reserves.
Of the $260,000,000 added to monetary gold stock of the United States
in June, four-fifths came from France. Nearly all of the French gold was
withdrawn from the Bank of France during the last week in May, when,
in addition to private operations, gold was being placed under earmark
for account of the United States Treasury in accordance with an arrangement for supplying dollars to the French authorities. An additional
$20,000,000 was shipped to this country after the fall of the Bouisson
Cabinet early in June; but with the acceptance of the Laval Cabinet, on
June 7, the franc rose above the point at which it is profitable to send
gold abroad, and drafts on reserves of the Bank of France ceased. The
decline in reserves of The Netherlands Bank and of the Swiss National Bank
into
also ceased at this time. About $20,000,000 of gold was imported
withthe United States from Holland during June; but this gold was
.
.
.
May.
of
week
last
drawn from the Netherlands Bank in the
• Member Bank Credit
May,
Largely as a result of heavy gold imports during the last week of
and most of June, deposits of reporting member banks have continued to
New
in
increase at a rapid rate. Much of the increase occurred at banks
York City, where the gold was received, but transfers of funds from New
York in connection with Treasury operations resulted in an increase at
reporting banks outside New York. In the five weeks ended June 26,
adjusted demand and time deposits at New York City banks, excluding
interbank balances, United States Government deposits, and checks and cash
items on hand or in process of collection, increased by $180,000,000, and
at member banks in leading cities outside New York there was a similar
increase. Demand deposits showed a larger increase as time deposits
declined, reflecting a ruling of the New York Clearing House in May
prohibiting the payment of interest on new time deposits maturing in
less than six months and reductions in other cities of interest rates paid
on these deposits. Deposits of foreign banks in New York showed an
increase of about $50,000,000 in the period.
Loans and investments of reporting member banks in leading cities
increased by $180,000,000 in the five weeks ended June 26, reflecting
principally a largely temporary increase of $160,000,000 in holdings of
direct obligations of the United States Government. At the beginning of
June there was an increase in the reporting banks' holdings of securities
guaranteed by the United States and a similar decrease in holdings of other
securities, reflecting the exchange of a called issue of Home Owners' Loan
Corporation bonds guaranteed as to interest only for a new issue guaranteed
as to both principal and interest.
Retirement of National Bank Notes
Early in March the United States Treasury called for redemption on
July 1 all outstanding 2% consols of 1930 and for redemption on Aug. 1
all 2% Panama Canal loan bonds. These issues were the only outstanding
United States Government securities that carried permanently the privilege
of being pledged with the Treasury as collateral against the issuance of
National bank notes. Because of the expiration on July 22 of the tempo-




Aug. 3 1935

provision
rary grant of the circulation privilege to certain other bonds,
of the
for issuing National bank notes will cease by Aug. 1, when the last
permanent circulation bond issues will be redeemable.
National
29,
June
and
bonds
these
Between the time of the calling of
of
banks deposited with the United States Treasury about $410,000,000
these
funds, thereby transferring to the Treasury the liability for redeeming
about
notes when they return from circulation. During this period also
$90,000,000 of National bank notes were retired, largely as they became
The
Treasury.
the
to
returned
were
unfit for further circulation and
funds
difference between these two amounts, $320,000,000, represents
temporarily placed at the disposal of the Treasury. These funds were
balance
not specifically earmarked but were placed in the general fund
equivalent
of the Treasury. Since the Treasury made disbursement of an
of
extinction
in
National
banks
by
cash
of
amount of funds, this deposit
their note liabilities did not result in a reduction of member bank reserve
balances.
Elimination of National bank notes from the circulating medium of the
country is being carried out by a method which will result in a minimum
of disturbance to the money market. On July 1 National banks which
still had National bank notes outstanding against the pledge of consols
were allowed to offset this liability against (1) their holdings of consols
and (2) any balance remaining in their redemption fund with the Treasury
not applicable to National bank notes outstanding against 2% Panarnas or
against bonds on deposit with the temporary circulation privilege. The
difference payable by the Treasury, chiefly to redeem consols, required
approximately $500,000,000 of Treasury funds. To assist in meeting these
and other disbursements the Treasury on July 1 deposited $90,000,000 of
gold certificate credits with the Federal Reserve banks and withdrew $350,000,00( from depositary banks. In this manner large payments were made
without any substantial change in member bank reserve balances. The
transactions on July 22 and on Aug. 1 will not be sufficiently large to
cause any disturbance in the money market. From time to time, as
National bank notes return from circulation and are retired, the Treasury
will deposit additional gold certificate credits with the Federal Reserve
banks and will thus be able to meet its liability without at the same time
reducing member bank reserve balances. When the bonds have been
redeemed and the notes retired, the net result on the various factors affecting reserves will be a decrease in the item known as "Treasury and National
bank currency" and a corresponding and offsetting decrease in Treasury cash.
Supply and Use of Member Bank Reserve Funds
For several years the Federal Reserve Board and the Federal Reserve
banks have etnployed a method of presenting figures derived from Federal
Reserve bank condition statements and from Treasury circulation statements organized in such a manner as to define the channels connecting
banking and monetary conditions of the country with the Federal Reserve
banks. These figures are presented in the form of a balanced statement,
which shows the various currency and credit elements that correspond to
increases or decreases in the supply of and in the demand for reserves of
member banks.
The importance of factors of supply and use of member bank reserves
lies in the fact that the ability of member banks to make loans or investments and their attitude in the matter are influenced by the availability
to them of reserves and by the method through which these reserves are
obtained. There is an important difference in cost, in liability, and in
attitude of the banks between reserves obtained at the banks' initiative
through discounting paper and reserves obtained either through open
market operations by the Reserve banks or through the inflow of gold
from abroad or of currency from circulation.
Computation of the various items comprising this statement has been
previously explained in publications of the Board. Within the last few
years, however, there have been fundamental changes in the significance
and relative importance of these items and also in the arrangement of
the statement and in the content of individual items. The following table
gives the various items which comprise the statement, together with
figures for each as of June 29 1935. Subsequent paragraphs give first a
discussion of the interrelationship of the various items and then a description of the source and derivation of each item and an explanation of the
significance of each item.
AMOUNT OUTSTANDING JUNE 29 1935
Factors supplying reserve funds:
Reserve bank credit outstanding-total
$2,480,000,000
Bills discounted
$6,000.000
Bills bought
5.000,000
United States Government securities
2,433,000,000
Other Reserve bank credit
37,000,000
9,115,000,000
Monetary gold stock
Treasury and National bank currency
2,506,000,000
Factors using reserve funds:
Money in circulation
5,568,000,000
Treasury cash and deposits with Federal Reserve banks
2,968,000,000
Non-member deposits
325,000,000
Other Federal Reserve accounts
261,000,000
Member bank reserve balances held
4,979,000,000
Estimated required reserves
S2,565,000,000
2,414,000,000
Estimated excess reserves
This statement is in effect a consolidated balance sheet, combining the
statement of condition of the Federal Reserve banks with such items in
the circulation statement of the United States Treasury as have a direct
relationship to the supply of or demand for reserve funds. All of the items
except required and excess reserves are derived from these two statements.
The need for combining the Federal Reserve bank statement with the circulation statement for the purpose here in view arises from the fact that
the Treasury has important monetary and currency functions that have a
direct effect on the volume of member bank reserves.
The sum of the three items, total Reserve bank credit, monteary gold
stock, and Treasury and National bank currency equals the sum of the
other five items, money in circulation, Treasury cash and deposits with
Federal Reserve banks, non-member deposits, other Federal Reserve accounts,
and member bank reserve balances held. The reason for the balancing
character of the statement is implicit in the accounting method by which
it is derived. The first three items may be considered as primary sources
of reserve funds and the others as reflecting uses made of these funds.
The ways in which changes in any of the items are connected with changes
in other items, however, are different at different times. For example,
sometimes the demand for reserve funds increases because an increase in
member bank deposits increases their reserve requirements ; at other times
reserves increase because of an inflow of gold, a decrease in circulation, or
open market purchases by the Reserve banks, and the increase in member
bank reserves may be absorbed by a commensurate growth in deposits and
reserve requirements, or it may result in an accumulation of idle or excess
reserves. The items are all mutually related, and changes in any one of
them can be accounted for by balancing changes in all the others. These
interrelationships are illustrated in the accompanying chart, which shows
fluctuations in monthly averages of the major items from 1918 to date.

Volume 141

Financial Chronicle

Interrelationship of Various Factors
One line of classification of the items is according to whether changes in
them are primarily and directly caused by actions of the member banks or
the Federal Reserve banks, or are the result of influences not directly controlled by member banks or Reserve banks. In the latter category belong
gold movements, changes in money in circulation, and in Treasury cash
and deposits with Reserve banks, in all of which the member banks and
the Reserve banks are primarily passive. On the other hand, there are
changes in which the active element may be supplied by member banks,
such as a growth in reserve requirements arising from a growth in deposits
caused by an expansion of loans; and there are other changes in which the
active element is supplied by the Reserve banks, such as the purchase of
securities in the open market.
Generally, in the past, bills discounted, representing borrowings of
member banks at the Reserve banks, have been the most significant element
in the statement. When member banks have used all available reserves,
any increase in reserve requirements, resulting from an expansion of deposits,
makes it necessary for member banks to borrow from the Reserve banks.
This was the case during most of the history of the Federal Reserve System
until 1932.
Increases in those items which supply reserve funds—Reserve bank holdings of bills and of United States Government securities, monetary gold
stock, and Treasury and National bank currency—enable member banks to
repay borrowings, while decreases in these items result in increased borrowings. Increases in the items shown in the second group, on the other hand,
reduce reserve funds and require an increase in borrowings, while decreases
in these items enable member banks to reduce their borrowings.
When, as has been the case in more recent years, member banks are
almost entirely out of debt at the Federal Reserve banks, changes in the
various factors are reflected in the reserve balances of member banks rather
than in their borrowings. There are nearly always some banks that are
holding a small amount of reserves in excess of requirements, but in the
summer of 1931 and from April 1932 to date, excess reserves held by
member banks have been large and widely held, and since about the end
of 1933 member bank indebtedness at the Reserve banks has been small in
amount and confined to relatively few banks. When a number of member
banks are borrowing at the Reserve banks and at the same time a large
number are out of debt, as in 1931 and from April 1932 to the latter part
of 1933, changes in the various reserve factors are in part reflected in
borrowings and in part in excess reserves.
In the last half of 1933 there was a substantial increase in the total
amount of Reserve bank credit, reflecting an increase in holdings of
United States Government securities in excess of a reduction in bills
discounted. This increase added to the supply of reserve funds available
to member banks. In addition, since early in 1934 large gold imports have
furnished member banks with a further supply of funds. In this situation
member banks, having practically no borrowings to repay, added the
additional reserve funds to their reserve balances. When during this
period they lost funds for any reason, principally because of Treasury
transactions or seasonal increases in money in circulation, their reserve
balances were reduced while their borrowings being negligible were little
affected. Since the increase that has taken place in this period in required
reserves, as a result of expansion in member bank deposits, has not been
as great as the increase in reserves held, member banks have held a
growing amount of excess reserves.
As a consequence of these developments, member bank reserve balances,
or more particularly excess reserves, have in recent years taken the place
of the volume of discounts as the most significant element in the statement. In the practical absence of discounts, increases in those items shown
In the statement as factors supplying reserves—the various types of Reserve
bank credit, monetary gold stock, and Treasury and National bank currency—have had the effect of increasing member bank reserve balances
other factors remaining unchanged, while decreases in these items have
reduced reserve balances. Increases in the second group of items—money
In circulation, Treasury cash and deposits with Federal Reserve banks, nonmember deposits, and other Federal Reserve accounts—on the other hand,
have resulted in reductions, and decreases in these items have resulted in
increases in the supply of funds available for reserves.
The following table shows changes in the various items of the statement
from June 30 1934 to June 29 1935, arranged in accordance with their
effect upon member bank reserves. This form of table is useful in analyzing
the effect of changes that occur in any period of time:
SUPPLY AND USE OF MEMBER BANK RESERVE FUNDS
June 30 1934 to June 29 1935
Changes That
Added to
Reserves

Changes That
Reduced
Reserves

Items increases In which add to reserves:
Reserve bank credit
+88,000,000
Monetary gold stock
+1,259,000,000
Treasury and National bank currency
+141,000,000
Items increases in which reduce reserves:
Money in circulation
+5196,000,000
Treasury cash and deposits with Federal Reserve
banks
—48,000,000
Non-member deposits
+92,000,000
Other Federal Reserve accounts
+29,000,000
Total
$1,456,000,000 5317,000,000
Net change In member bank reserve balances held_
+51,139,000,000
Net change in estimated required reserves
+457,000,000
Net change in estimated excess reserves
+682,000,000
Further analysis of these interrelationships is given in a subsequent
section dealing with the significance of the individual items in the
statement.
Description of Berns
The following paragraphs give a brief explanation of the source and
nature of the figures used in measuring the various factors supplying and
using reserve funds.
Factors Supplying Reserve Funds
Reserve Bank Credit—The total volume of Reserve bank credit outstanding represents principally the loans and investments of the Federal
Reserve banks. The various types of Reserve bank credit in use on
June 29 1935 . . . are:
(1) Bills discounted, which represent principally rediscounts for and
advances to member banks, although at times they include loans on gold
to foreign central banks, advances to non-member banks, to Federal intermediate credit banks, and to individuals, partnerships, and corporations
under special legislation.
(2) Dills bought, which represent bankers' acceptances purchased by the
Federal Reserve banks from bill dealers or banks, either outright or under




675

resale agreements, and acceptances payable in foreign currencies purchased
from foreign central banks and guaranteed by them.
(3) United States Government securities, which are purchased by Federal
Reserve banks in the open market. In recent years most of these securities
have been held in the so-called System Special Investment Account, which
is handled by the Federal Open Market Committee and is participated in
by all of the Federal Reserve banks.
(4) Other Reserve bank credit, which includes funds held on deposit in
foreign banks; in recent months advances made for the purpose of providing working capital to industrial and commercial concerns in accordance
with the provisions of Section 13b of the Federal Reserve Act; other securities such as Federal intermediate credit bank debentures and municipal
warrants; and finally, Federal Reserve bank float, which arises through
transit items that are credited to the account of depositing banks prior to
their actual collection by the Reserve bank.
Monetary Gold Stock—Monetary gold stock includes at the present time
only gold held by the Treasury. Prior to Jan. 30 1934 monetary gold
stock included gold held by the Treasury and by the Federat Reserve banks,
except gold held under earmark for foreign account, and also included gold
coin in circulation in the United States. The latter figure was estimated
by taking into consideration imports and exports of gold coin, mintings,
meltings, and the use of gold coin in the arts as well as payments of
gold coin into circulation and withdrawals from circulation. On Jan. 30 1934
title to all gold held by Federal Reserve banks was transferred to the
United States Government. The Federal Reserve banks now hold gold certificates or gold certificate credits on the books of the Treasury, against
which the Treasury holds gold. There is no circulation of gold coin, and all
imports, exports and changes in earrnarkings of gold are immediately
reflected in Treasury holdings.
Beginning Jan. 31 1934, the estimated figure of gold coin in circulation,
amounting to $287,000,000, was excluded from monetary gold stock and
from money in circulation. Figures prior to Jan. 31 1934, and subsequent to 1913, have recently been revised to exclude the $287,000,000 of
gold coin, leaving the remainder of gold coin in circulation in the published
figures. For the earlier years the resulting figure is probably an understatement of gold coin actually in circulation, but fluctuations in the
total, which alone are important from the standpoint of this analysis, are
not affected by this revision.
Treasury and National Bank Currency—Treasury and National bank currency outstanding measures the contribution of the Treasury and the
National Banking System to the currency supply of the country. It represents the stock of money for which the Treasury is primarily responsible,
comprising standard silver dollars, silver bullion against the pledge of
which silver certificates and Treasury notes of 1890 are outstanding, subsidiary silver and minor coin, United States notes, National bank notes, and
the Federal Reserve bank notes for the retirement of which funds have
been deposited with the Treasurer of the United States. Since March 1935
all Federal Reserve bank notes outstanding have been in this category.
These figures include the currency of these kinds that is held in the Treasury and the Federal Reserve banks as well as that in circulation. Treasury
currency does not include Federal Reserve notes, gold coin, or gold certificates.
National bank notes, issued by National banks upon pledge of Government bonds, are liabilities of issuing banks until lawful money is deposited
with the Treasury for their retirement. For the sake of simplicity all
National bank notes are combined with Treasury currency. Since there
will be no bonds bearing the circulation privilege after Aug. 1 1935, liability
for all National bank notes will be transferred to the Treasury by that time
and these notes will be retired as they are returned to the Treasury. After
that date all of the types of currency included in this item will be, strictly
speaking, Treasury currency.
Because of the interplay between "Treasury and National bank currency"
and "Treasury cash and deposits with Federal Reserve banks," and because
of the smallness of changes in each, the two items were combined prior to
February 1934 in one item called "Treasury currency adjusted." The
increase in Treasury cash resulting from reduction in the gold content of
the dollar, explained below, made "Treasury currency adjusted" a negative
figure. This necessitated division into two separate items. In addition,
the new issues of silver certificates beginning in 1934 and the retirement
of National bank notes now in process make "Treasury and National bank
currency" an important separate item.
Factors Using Reserve Funds
Money in Circulation—The figures for money in circulation include all
kinds of United States money outside of the Reserve banks and the Treasury, with the exception that gold coin known to have been exported was
always excluded, and beginning Jan. 31 1934 all gold coin outstanding has
been excluded. The figures include, therefore, not only money held by the
public but vault cash held by banks and such United States money as
may have been carried abroad, other than gold coin known to have been
exported. For reasons explained above in connection with monetary gold
stock, figures previously published for the period from January 1914 to
January 1934 have been revised to exclude $287,000,000 of gold coin.
Treasury Cash and Deposits with Federal Reserve Banks—This item represents the cash assets which the Treasury has at its disposal without drawing on balances with depositary banks. Treasury deposits with Federal
Reserve banks represent the general account of the United States Treasurer
with the Reserve banks. Treasury cash includes gold bullion, silver and
minor coin, and currency held in the Treasury, excepting (a) gold held
against gold certificates, (b) silver held against silver certificates, and
Treasury notes of 1890, and (c) gold held for Federal Reserve banks.
The various components are shown in Table 5.
The item of Treasury cash was increased by $2,800,000,000 after the
close of business on Jan. 31 1934, as a result of reduction in the gold
content of the dollar. Since the value of the monetary gold stock was
correspondingly increased at the same time, this transaction in and of itself
had no effect on the amount of member bank reserve balances.
Non-member Deposits—This item includes all deposits with the Reserve
banks other than the Treasury general account and member bank reserve
balances. It includes deposits for non-member banks and for others, such
as foreign central banks and governments, and in 1933 and 1934 it also
included special deposits held for unlicensed member and non-member banks.
Other Federal Reserve Accounts—This item, form4rly designated as "Unexpended capital funds of Federal Reserve banks," is derived from the condition statement of the Federal Reserve banks by adding "capital," "surplus," "reserve for contingencies," and "all other liabilities" of the
Reserve banks, and subtracting the sum of "bank premises" and "all other
assets." Since some components of these items in earlier years were carried
in accounts other than those in which they now appear, adjustments have
been made to bring the entire series into conformity with the current
figures.

676

Financial Chronicle

Member Bank Reserve Balances—Member bank reserve balances, as shown
on the Federal Reserve bank condition statement, represent reserve balances
actually held by member banks at Federal Reserve banks. Figures for
required reserves and excess reserves are not shown on the Reserve bank
statement, and must be derived from reports obtained from member banks
as to their deposits.
(1) Reserve Balances Held—These comprise total net balances held by
member banks with the Reserve banks. Since August 1917 only balances
with the Federal Reserve banks have counted as legal reserves of member
banks.
(2) Estimated Required Reserves—Reserves required by law to be held
against net demand deposits amount to 13% for central reserve city banks
in New York and Chicago, 10% for reserve city banks, and 7% for country
banks; all banks are required to hold 3% against their time deposits.
Under Board regulations reserves held are not required to equal the legal
minimum at all times, but over certain designated periods of time must
average enough to cover the average minimum requirements. Reserves
held each day and those required are averaged semi-weekly in the case of
banks in Federal Reserve bank and branch cities and also in a few other
designated Reserve cities; they are averaged weekly for banks in other
Reserve cities and semi-monthly for all country banks. For this reason on
any given day reserves held may be substantially above or below computed
requirements. For the same reason, reports as to deposits and required
reserves are not obtained every day from all member banks. Approximate
figures for required reserves may be computed on the basis of daily reports
of deposits from certain member banks in New York City, weekly reports
from certain banks in other leading cities, and monthly reports for other
member banks.
(3) Estimated excess reserves represent the difference between reserves
actually held and the estimated required reserves.
Significance of Individual Items
Each of these items has a direct and measurable effect upon the balanced
statement, in that a change in one item is always offset by a corresponding
change in one or more other items. Each of them, however, represents
factors which may result from different influences and which may set
into operation different forces. The effects of changes in the various items
upon market conditions and indirectly upon the other items are of considerable importance, and knowledge of them makes the balanced statement
useful in analyzing banking and credit conditions. Some of the more
Important effects are pointed out in the following paragraphs. The items
are discussed in the order in which they are described in the previous
section.
Factors Supplying Reserve Funds
Reserve Bank Credit—All of the various types of Reserve bank credit
place funds at the disposal of member banks to be used by them to meet
demand') for currency, export demands for gold, or Treasury withdrawals,
or to build up reserve balances. From the standpoint of banking and
credit policy, however, each of the three major types of Reserve bank credit
is of different significance.
(1) Bills Discounted—An increase in the amount of member bank borrowing generally indicates that a loss of reserve funds or an increase in
required reserves has forced member banks to obtain additional reserves by
borrowing, while a decrease in borrowing indicates that additional reserve
funds have become available through some other channel or that required
reserves have declined. There is a well-established tradition among member
banks against being continuously in debt to the Reserve bank, and member
banks usually try to keep their borrowings as small as possible. This
tradition is based in part upon the fact that a member bank is liable for
assets rediscounted or pledged against advances, and in part upon the indication which long-continued borrowing gives that the bank is not in a
strong condition.
Consequently, when a member bank is in debt it is hesitant about extending additional credit and is likely to call loans or sell investments for the
purpose of obtaining funds to repay borrowings. When one bank contracts
its loans and investments, total bank deposits are reduced or reserves are
obtained from other banks which either draw on excess reserves or increase
their borrowings.
The pressure which increased borrowings on the part of member banks
banks
exert is indicated by money market developments. When member open
are heavily in debt money rates rise, particularly in the well-organized
by
funds
reserve
obtain
to
markets, reflecting efforts of member banks
small
calling loans or selling investments. When member bank borrowing is
these conand confined to relatively few banks, money rates are low. If
by
ditions continue for an extended period, bond yields and rates charged
of the
because
is
banks on loans to customers also begin to change. It
repercusof
because
and
banks
tradition against borrowing at the Reserve
ordisions in the money market that the item of bills discounted is under
nary conditions the most important item in the consolidated statement.
by
(2) Bills Bought—All prime bankers' acceptances offered for sale
a
member banks or dealers are purchased by Federal Reserve banks at
they
when
except
acceptances,
fixed rate. Federal Reserve banks never sell
have acquired them under resale agreements; decreases in their outright
holdings are the result of an excess of maturities over new purchases.
Increases in holdings of acceptances reflect in part market conditions, such
as the supply of acceptances available and the need of banks for reserve
funds, and in part differentials between market rates and Federal Reserve
bank buying rates. Buying rates are a matter of Reserve bank policy.
In general, it may be said that the need for reserves forces member
banks, in the first instance, either to borrow at the Reserve banks or to
sell acceptances to the Reserve banks ; which of these alternatives they
adopt depends upon a number of factors. In the past the Reserve bank
buying rates for bills have generally been close to or below market rates
and below the discount rate of the Federal Reserve Bank of New York,
where most of the transactions occur. Although member banks may have
same objection to selling bills, because of liability on their endorsement,
It is not as strong as their feeling against borrowing. As a consequence,
banks in need of reserves prefer to sell acceptances to the Reserve bank
rather than borrow. In the autumn, when both the supply of acceptances
and the demand for reserves are seasonally large, the Reserve banks have
ordinarily held a large portion of available acceptances.
At times, however, member banks as a group may be borrowing In considerable amount and at the same time may bold a substantial volume of
acceptances. Banks needing funds for only a few days sometimes prefer
to borrow rather than sell acceptances with longer maturities. Acceptances
are held chiefly by the large money market banks, which ordinarily borrow
only for A few days at a time, and many of the banks needing reserves may
hold no acceptances and therefore may have to borrow.
(3) United States Government Securities—Changes in Reserve bank holdings of United States Government securities reflect action taken entirely at
States Government
the initiative of the Reserve banks, except when United
securities are purchased from dealers under resale agreements or from the




Aug. 3 1935

Treasury in the form of one-day certificates to offset temporary overdrafts.
These securities are paid for by officers' checks of the Federal Reserve
banks, which upon presentation are credited to the reserve accounts of
member banks. By purchasing securities Reserve banks may supply member
banks with funds to reduce their borrowings, to increase their reserves,
or to meet withdrawals of currency, gold, or Treasury funds without borrowing or losing reserves. Sales of securities by the Reserve banks, on the
other hand, reduce member bank reserves and may force them to borrow.
This item is important, therefore, because, together with changes in discount and bill-buying rates, it is an indication of the policy that is being
followed by the Federal Reserve System, and shows whether prevailing
conditions are primarily reflections of developments in the market, or of
active intervention by the Federal Reserve banks.
Monetary Gold Stock—Increases in the monetary gold stock of the United
States are one of the most important sources of reserve funds. Additions
to the gold stock furnish funds to member banks and enable them, other
factors remaining unchanged, to increase correspondingly their reserve
balances or to reduce their borrowings at Reserve banks. Reductions in
gold stock have the opposite effect. Increases in gold stock, therefore,
tend to ease conditions in the money market, while decreases tend to
tighten them.
As previously explained, the large increase in monetary gold stock resulting
from revaluation of the dollar on Jan. SI 1934 represented a revaluation of
existing gold holdings and was reflected in a corresponding increase in
Treasury cash without immediate effect upon the amount of member bank
reserve balances.
Treasury and National Bank Currency—New issues of National bank
notes supplied currency directly to National banks and enabled these banks
to deposit an equivalent amount of currency to the credit of their reserve
balances at the Federal Reserve banks. New issues of Treasury currency
and redemptions of both Treasury and National bank currency are made
by the Treasury, however, and their effect upon member bank reserves or
borrowings operates through a more involved process. Changes in Treasury
currency often take place in conjunction with changes in Treasury cash
and deposits with Federal Reserve banks. When the Treasury issues new
currency it either places. the currency in its cash holdings or deposits it
with Federal Reserve banks. When the funds thus made available to the
Treasury through the increase in Treasury currency are disbursed by the
Treasury, Treasury cash and deposits are reduced and reserve balances of
member banks are increased. When .Treasury currency is retired redemption is made by drawing down deposits with Federal Reserve banks; to
replenish these deposits the Treasury ordinarily withdraws funds from its
deposits with member banks and thus reduces member bank reserves. In
this manner increases in Treasury currency indirectly tend to increase
member bank reserve balances, while decreases tend to have the opposite
effect.
Factors Using Reserve Funds
Money in Circulation—Currency needed for cash purchases, payrolls, pocket
change, or till money is withdrawn by the public from banks, which in
turn obtain it from the Federal Reserve banks, giving some value In
exchange. Thus, increases in money in circulation result in a reduction in
member bank reserves or an increase in their borrowings, while a decrease
in currency permits member banks to increase their reserves or reduce
their borrowings. Money in circulation ordinarily shows significant seasonal changes, and from 1931 to 1933, when there were large withdrawals
of currency from banks for hoarding, it was a factor of especial importance.
Treasury Cash and Deposits with Federal Reserve Banks—Substantial
changes in the amount of cash held by the Treasury and in its deposits
with Federal Reserve banks exert an important Although generally temporary, influence on the amount of member bank reserves or borrowings.
Additions to this item usually result in a decrease in reserves or an
increase in borrowings, while reductions have the opposite effect, although
often changes in this item are partly offset by changes in Treasury currency.
Disbursements of the Government are made largely by checks drawn on
Treasury balances maintained with Reserve banks; these checks are deposited
by member banks with the Reserve banks, and member bank reserves are
increased thereby. Tax receipts are deposited by the Treasury in its account
at the Reserve banks, and collection is made through a charge against the
reserve accounts of member banks. The sale of public debt securities by
the Treasury for cash similarly results in an increase in Treasury deposits
at the Reserve banks and a reduction in member bank reserves. Sales of
short-term Treasury bills and sales of all new Government securities to investors other than banks are generally made on an immediate payment basis.
On the other hand, sales of longer-term United States Government securities to banks are generally paid for by deposit credits to the account of the
Treasury at the banks purchasing the securities. These transactions have
no immediate effect upon member bank reserves. As the Treasury requires
funds, however, withdrawals are made from the depositary banks and the
amounts are placed to the credit of the Treasury at the Federal Reserve
banks. These transfers increase Government deposits at the Reserve banks
and reduce member bank reserve balances.
Figures for cash held by the Treasury and for Treasury deposits with the
Reserve banks are combined into one item, rather than shown separately,
because a number of Treasury transactions involve merely a transfer of
funds from one of these categories to the other without having any effect
upon member bank reserves or borrowings. An increase in Treasury deposits
at Reserve banks as a result of a transfer of gold certificates or of gold
certificate credits from the Treasury to the Reserve banks, for example,
does not affect the volume of member bank reserves; it merely diminishes
Treasury cash and correspondingly increases Government deposits with the
Reserve banks.
When gold is received by the Treasury from imports or otherwise, the
Treasury purchases the gold through the issuance of a check drawn upon its
account at a Federal Reserve bank. This check is deposited by the seller
of the gold and finds its way to the Federal Reserve bank where it is
charged to the Treasury's account. The deposit of the United States Treasury consequently is reduced on the books of the Federal Reserve bank and a
credit is given to the reserve account of a member bank. At this point
the gold received by the Treasury has resulted in an increase of monetary
gold stock and of member bank reserve balances ; Treasury cash has also
increased and Treasury deposits at the Reserve banks decreased, with no
change in the total of these two. Subsequently, the Treasury may restore
its deposits at the Reserve banks by transferring to them gold certificates
or gold certificate credits. This transaction decreases Treasury cash and
increases Treasury deposits at the Reserve banks without changing the
total of these two items. It results in an increase in Reserve bank holdings
of "gold certificates on hand and due from United States Treasury," an
item that is not included as such in the reserve analysis.
The addition to Treasury cash of the increment resulting from reduction
in the gold content of the dollar was offset by a corresponding increase in
monetary gold stock, as previously explained, and had no immediate effect

Volume 141

Financial Chrcnicle

upon the amount of member bank reserve balances. When payments are
made from this increment for various purposes—for the account of the
exchange stabilization fund, for example—other items in the statement are
affected, and to the extent that such funds are paid out to the public,
member bank reserves are increased.
Under Section 13b of the Federal Reserve Act, as amended, the Secretary
of the Treasury from time to time transfers to each Federal Reserve bank,
from the increment that has resulted from revaluation, gold certificates or
gold certificate credits against advances and commitments made by the
Reserve banks to provide working capital for industrial and commercial
concerns. These transfers, which by June 29 had amounted to about
$21,000,000, reduce Treasury cash and increase Reserve bank surplus, which
is included in other Federal Reserve accounts. Member bank reserves are
increased when the advances are made by the Reserve banks; these advances
are included in other Reserve bank credit.
Non-member Deposits—Since these deposits are usually built up out of
funds transferred from member banks, an increase in this item is likely
to result in a decrease in member bank reserves or an increase in borrowings, while a decrease has an opposite effect. Sometimes, however, changes
in these deposits may be reflected in changes in monetary gold stock, in
Reserve bank holdings of bills and securities, or in Treasury cash and
deposits with Reserve banks.
Other Federal Reserve Accounts—This item measures the amount of funds
taken out of the market directly or indirectly by Reserve bank capital,
"other liabilities" and earnings, in excess of the amounts paid out by the
Reserve banks for premises, "other assets" and expenses.
Member Bank Reserve Balances—As previously explained, prior to 1931
aggregate reserve balances of member banks were usually kept close to the
minimum required by law, and member banks did not carry any considerable
volume of excess reserves. Reserve balances fluctuated largely with changes
in member bank deposit liabilities, which chiefly reflected changes in
member bank loans and investments. When member banks do not hold
excess reserves and reserve requirements increase, there is a corresponding
increase in member bank borrowings, while a decline in reserve requirements results in a decrease in borrowings.
When member banks are holding excess reserves and are practically out
of debt at the Reserve banks, as is the case at present, changes in required
reserves do not affect the amount of borrowings or the amount of reserves
actually held, but are reflected in the volume of excess reserves. When
member banks are out of debt at Reserve banks, reserve balances actually
held are the residual of the other factors previously described, and excess
reserves reflect the net effect of all of these factors and required reserves.
Excess reserves indicate the extent to which member banks may legally
expand their loans and investments without having recourse to the Federal
Reserve banks. When a bank increases its loans and investments its own
or other banks' deposits increase by a similar amount, unless there are
offsetting influences, and the additional deposits cause an increase in
reserve requirements.

Federal Reserve Board Amends Regulation T, in Cases
Where Account is Transferred from One Customer
to Another
The Federal Reserve Board on July 29 issued another
amendment of its Regulation T, governing the amount of
margins required in security transactions, with particular
reference to the transfer of an account from one customer
to another. With certain stipulations, the Board said that
such an account may be treated by the creditor as if had
been maintained for the transferee from the date of its origin.
The text of the new amendment is given below:
AMENDMENT OF REGULATION T
Amendment No. 5 of Regulation T—Effective August 8 1935
Subsection (e) of Section 8 of Regulation T is hereby amended by adding
at the end thereof a new paragraph reading as follows:
"In the event of the transfer of an account from one customer to another,
such account may be treated by the creditor for the purposes of this regulation as if it had been maintained for the transferees from the date of its
origin: Ptovided, That, if the account be a restricted account, the creditor
shall have filed a report with any regularly constituted committee of a
national securities exchange having jurisdiction over the business conduct
of its members,of which exchange the creditor is a member or through which
his transactions are effected, reciting the circumstances of the transfer and
stating, as of the time of the transfer, the adjusted debit balance of the
account and the maximum loan value of the securities in the account."

Loan of $3,100,000 Is Arranged for Bank of United
States—Depositors in Closed Institution to Receive Another Dividend This Year
The New York State Banking Department on July 26
announced that negotiations have been concluded whereby
the Metropolitan Life Insurance Co. has approved a loan of
$3,100,000 on the San Remo Apartments in New York City,
one of the assets of the closed Bank of United States.
George A. Porter, Deputy Superintendent in charge of the
Department's liquidation division, said that proceeds of the
loan will be applied to a fund to make possible another dividend payment to the bank's depositors. This dividend will
be declared toward the end of 1935. No official estimate
was given as to the amount of the dividend. Four payments,
totaling 60% of deposits, have been made to date.
Guaranty Trust Co. of New York Attacks Administration's Taxation Program as Harmful to All Groups—
Says Proposals Inject New Element of Confusion
into Economic System
The Administration's proposed tax program has injected
a new element of uncertainty into the economic situation,
the Guaranty Trust Co. of New York declares in the issue
of "The Guaranty Survey," its review of business and financial conditions in the United States and abroad, published
July 29. The enactment of this legislation, the bank asserts,
would threaten "the orderly and efficient operation of our
present industrial system," while hasty action on the question would invite disaster. The "Survey" says that income
and estate taxes on large aggregations of wealth already are




677

near complete confiscation, and that high estate and inheritance taxes tend to dissipate collections of wealth on which
industry depends for its capital and on which the Government depends for much of its revenue.
The bank's analysis of this question reads, in part:
On the reasonable supposition that the main purpose of the President's
suggestions regarding income and inheritance taxes is to redistribute wealth
and income, rather than to bring the Federal budget into a more nearly
balanced condition, it should be clearly recognized that a principle of the
utmost importance is being proposed—one that may set a precedent for
governmental tax policies for years to come, with far-reaching effects on
our entire economic system. Such a step requires the most careful and
deliberate consideration. To enact it hastily would be to invite disaster.
We oppose this new tax program, first of all, on the ground that its
enactment would threaten the orderly and efficient operation of our present
industrial system. The inherent justice of "share-the-wealth" programs is
a question of social philosophy on which opinions will always differ. But
the practical effects of such measures on the operation of our competitive
industrial system constitute an economic problem in which some analysis
Is possible. Under such a system the quest for profit is the mainspring
of enterprise and material progress; and, without security of private property, profit is meaningless. The right to enjoy property and the right to
transmit it are the two principal phases of that security. To the extent
that these rights are curtailed, the influence of the profit motive is
diminished.
Income and Mate taxes on very large aggregations of wealth already
approach the point of complete confiscation; and a former Secretary of
the Treasury has pointed out that the income tax rates existing in the
past have been sufficient to drive capital from productive investments into
tax-exempt securities and to reduce, rather than increase, the revenue received
by the Government. How much further the process can go without disastrously weakening the incentive to the profitable investment of capital
cannot be conclusively known except by experience. If the attempt is
carried too far the experience will have been gained at a very great cost.
There are two broad classifications of income: that derived from labor
and that derived from the ownership of capital. Both of these are really
drawn from the same source—the joint employment of labor and capital in
productive enterprise. Statistics show that the total amount of income
derived from wages and salaries greatly exceeds that derived from all other
sources, and that the disparity has increased, not diminished, during the
depression. We believe that a tax system designed to penalize the small
group of wealthy individuals for the benefit of the others injures all groups
by diminishing the incentive to productive effort, thereby reducing the
total output available for distribution, which really constitutes the national
income.
We oppose this Federal tax program on the additional ground that high
estate and inheritance taxes tend to dissipate the aggregations of wealth
on which industry depends for its capital and on which the Government
depends for a substantial part of its revenue under the present income tax
rates. To the extent that this dissipation takes place, the effect is to dry
up a source of revenue and shift the tax burden to the lower income
'brackets, where it must inevitably fall in the end in any case.

The "Survey" says that the plans proposed by the advocates of redistribution in its more extreme form appear to
rest on a false conception of the nature of wealth. It adds:
Even a superficial consideration of the matter is enough to show that the
real wealth of a country does not consist of money, securities or bank
deposits. These things are merely shares of ownership or evidences of debt.
The real wealth consists of land, buildings, machinery, products of farm
and mine, and the innumerable physical objects that are of use to people,
either for the direct satisfaction of wants or for the production of new
commodities and services. As was recently pointed out by one of the
greatest industrialists and employers of labor in the country, a heavy tax
on wealth may force a liquidation of assets resulting in a change of ownership of physical properties used for productive purposes. Such forced
changes of ownership may interfere very seriously with the orderly functioning of productive equipment; and in some easel they may even compel a
cessation of operations, resulting in unemployment and in a waste of
valuable industrial facilities.
The proposal for a graduated income tax on corporations rests on entirely
different grounds. This cannot be considered a "share-the-wealth" project,
in as much as the size of a corporation's net income obviously bears no
necessary relation to the wealth of its individual shareholders. The actual
ownership of the largest American corporations is widely diffused. Nor
can the graduated corporation income tax be regarded as a revenue-producing
measure, since some rates would be raised and others lowered, with the
result that the estimated increase in revenue would be negligible in comparison with the size of the Federal budget and the amount needed to
bring it into approximate balance.
The clear inference seems to be that the intent of the proposal is to
place large corporations at a disadvantage in competition with smaller
enterprises. If this is the case, we regard the recommendation as the least
defensible in the entire program. Its adoption would mark a very definite
step in economic retrogression. The remarkable strides that have been
made in raising the standards of living of the masses in the last halfcentury or more would have been impossible without the development of
"big business." If "size begets monopoly," it is equally true that size
usually begets efficiency. When size is found to beget monopoly, the
monopoly can be restrained or regulated. But to aboliah or cripple large
business units because of this tendency would be not only to sacrifice an
important part of the benefits resulting from technical advances made in
the past but seriously to retard further progress.
From ithe point of view of business recovery and employment, the case
against the graduated corporation income tax is equally clear. Large
corporations employ a high proportion of the working population. Moreover, their relative importance is especially marked in the durable goods
industries, where the great bulk of the unemployment now exists. The
problem of unemployment must ultimately be solved by private business;
and punitive taxes will not speed the solution, but rather indirectly penalize
the very group—the unemployed—that the Government declares it desires
to help. It is by encouraging, not discouraging, large-scale industrial
expansion that the Government can best help workers to recover their jobs.
The stored-up resources of American corporations have been an important
factor in mitigating the effects of the depression. In the year 1932 alone
the amount of income paid out by business enterprises is estimated to have
exceeded the income produced by about $9,500,000,000, which was withdrawn from the surpluses accumulated in earlier years. During the three
years, 1930-1932 inclusive, the amount so withdrawn is
estimated at
$23,198,000,000, a large part of which was distributed in the form
of
wages.

678

Financial Chronicle

It is to be hoped that final action on the tax proposals will be postponed
would not
until the next session. To defer consideration of the program
from
only hasten adjournment, which in itself would be highly beneficial
more
much
for
ty
opportuni
the standpoint of recovery, but also afford an
at present.
adequate thought and discussion than can be given the matter
the latter
The fair-mindedness and good sense of the American people, if
to reject,
are given time to consider the question, can be relied upon
scheme.
unsound
through their constituted representatives, any specious and

Corporation
First National Bank of Boston Assails
ss" Is
Tax Proposals—Says Plan to Tax "Bigne
Blow at Living Standards and Penalizes Thrifty

graduated inThe Administration proposals to impose a
upon "bigness"
come tax on large corporations are an attack
living and Penalwhich constitute a blow at the standards of Boston said in
ize the thrifty, the First National Bank of
July 2. Large
its "New England Letter" released oninevitab
le outcome
corporations, the bank declared, are the
ble for the highof mass production which has been responsi
history. This country
est living standards in the world's wealth with less than
now controls about 40% of the world's
said.
7% of the world's population, the survey
two or three
More progress has been made in the past
than was accomgenerations in improving living standards"Letter" asserted,
plished in all the preceding centuries, the productivity made
adding that the marked increase in laborreflected In higher
possible by mass production has been
hours.
wages and a steady reduction of working
The review continued, in part:
deliberate policy on the part
The development of bigness was not a mere

natural outcome of economic progress.
of corporations, but was largely the
and the application of mechanical
With the introduction of machinery
other household and local Induspower, the spinning wheel, grist mill and
factory system. The chief impetus
tries disappeared and gave way to the
by the Civil War, when there was a
to large-scale operations was provided
provide for the abnormal needs of that
to
demand
e
imperativ
and
sudden
was further accentuated by the
period. This movement toward bigness
Not all
communication facilities.
development of transportation and
e basis. Size is determined largely
industries have developed on a large-scal
of
character
the
the industry, such as
by the fundamental factors within
needed, degree of risk involved, nature
the raw material, amount of capital
of skilled labor, and the like. In
of demand for product, availability
large-scale operations in railroads,
response to these principles we find
automobiles, chemicals, coal, petroleum,
public utilities, insurance, banking,
and similar lines. The advantages
rubber, steel, sugar refining, tobacco
they provide economies in the purchase
of large-scale operations are that
the use of labor-saving devices and
and sale of materials, make possible
best
are in a position to command the
the utilization of by-products, and
nt.
manageme
talent for
industry is in general determined by
In other words, the size of an
line that our system has been built.
economic factors, and it is along this
punitive and discriminatory taxation would
To unscramble big business by
system. Such procedure would
result in a disintegration of our economic
been
ces. It would disrupt what has
consequen
disastrous
ng
far-reachi
have
, increase costs and thereby decrease
built up, cause a shift of population
living.
employment and lower the standards of
condemned any more than smallness
Bigness in itself should not be
not be size but contribution to the
should be commended. The test should
basis large corporations have played
that
on
and
,
standards
living
general
the chief role.
efficiently and render satisfactory
If a large corporation does not operate
course of time it withers or collapses,
service to the community, then in the
it makes profits which in turn are
for it cannot continue to exist unless
rendered.
service
the
by
d
determine
for small, efficient organizations, but
There is and always will be a place
are imperative. Any arbitrary reduction
In some lines large-scale operations
an
taxation is likely to be followed by
in the size of private enterprise by
its resultant waste, extravagance
with
cy
bureaucra
tal
governmen
increase in
and high cost to the consumers.
be a direct attack upon the economic
Not only would such a punitive tax
unfair penalty upon small investors,
system, but it would inflict a heavy and
hospitals, colleges and other holders
savings banks, insurance companies,
of large corporation securities.
us not strike blindly and pull down
In this zeal for social reform let
us preserve what is good in the present
the temple over our heads, but let
appears, regardless of size, and exercise
order, eliminate abuse wherever it
regulation. Our efforts should be
intelligent and reasonable governmental
and not retard it by punitive
recovery
business
promoting
on
concentrated
intervention and extravagant Federal
legislation, threat of governmental
spending.

Steady Business
Magazine "Banking" Notes Slow,ntial
Rise in InSubsta
sts
Foreca
ement—
Improv
n
Autum
This
y
Activit
dustrial
largely indeA slow but steady business improvement,
d in the current

pendent of Government aid, was reporte American Bankthe
issue of "Banking," published Aug. 1 by recovery, although
ers Association. The survey said that
inspired by the
slow, appears fairly sure, despite doubts , and the possipolitical outlook, continued Federal deficits
unfavorable factors
bility of labor disputes. Two other some instances has
were listed as the fact that production in
together with the
been maintained above consumption,
work relief protendency of business to hold back until the ed. The review
gram can be properly forecast and evaluat
added, in part: .
l rise in trade
in general, however, is preparing for a substantia

Business
weak spots where hesiand industrial activity this fall. There are some
correct themselves in the •
tancy is still the rule, but these would tend to
e seems to be of a
confidenc
event a reasonable revival takes place. Present a variety of adverse influparticularly strong fibre, capable of resisting
and legislative outlook
ences and of persisting in the face of a political
warranted that business is not
that is not reassuring. The conclusion seems
1933 and 1934 and
frightened any more, having run the gauntlet of

easily
survived.

prospect of higher and dis'Mere has been unfavorable reaction to the
much less than might have
criminatory taxes on corporate incomes, but




Aug. 3 1935

anticipated and discounted, and
almost be counted a favorable
equitable, bearing on all
development, provided the taxes are fair and
classes according to their ability to pay.
is something of
This lack of a serious business reaction to tax proposals
upset less and
a key to the present situation. It is evident that business is
tal regulation,
less by legislative threats and the prospect of more governmen
time-proved business principles.
and is disposed more and more to rely upon
ng the National IndusOne effect of the Supreme Court decision invalidati
confidence in itself. The
trial Recovery Act has been to give business more
Congress, particularly the
same effect has been produced by a tendency in
conservative course, although
House of Representatives, to follow a more
upon. Government regulaa continuation of this trend is not to be depended
prospect for adapting existtion is pressing less heavily, more freedom is in
ng tendency for both
ing regulations to reality, and there is an encouragi
and work together for
business and Government to drop mutual distrust
the commonwealth.

been expected. Increased taxation has been
any definite solution of the matter could

New Offering of $50,000,000 or Thereabouts of 273-Day
Treasury Bills—To Be Dated Aug. 7 1935
Tenders to a new offering of $50,000,000 or thereabouts of
273-day Treasury bills were invited on Aug. 1 by Henry
Morgenthau Jr., Secretary of the Treasury. The bids will
be received at the Federal Reserve banks, or the branches,
thereof, up to 2 p. m., Eastern Standard Time, yMonday
Aug. 5. Tenders will not be received at the Treasur Department, Washington. The bills, which will be sold on a discount basis to the highest bidders, will be dated Aug. 7
1935, and will mature on May 6 1936. On the maturity
date the face amount of the bills will be payable without
of
interest. There is a maturity of Treasury bills in amount
$75,185,000 on Aug. 7. From Secretary Morgenthau's
announcement of Aug. 1 we take the following:

or
They (the bills) will be issued in bearer form only, and in amounts
$1,000,000
denominations of $1,000, $10,000, $100.000, 8500,000, and
(maturity value).
Each tender
No tender for an amount less than $1,000 will be considered.
on the
must be in multiples of $1,000. The price offered must be expressed
Fractions
99,126.
e.g.,
basis of 100, with not more than three decimal places,
must not be used.
banks
Tenders will be accepted without cash deposit from incorporated
investand trust companies and from responsible and recognized dealers In
of
deposit
be
by
a
accompanied
ment securities. Tenders from others must
are
10% of the face amount of Treasury bills applied for, unless the tenders
ted bank
accompanied by an express guaranty of payment by an incorpora
or trust company.
5 1935.
on
Aug.
of
tenders
for
receipt
Immediately after the closing hour
all tenders received at the Federal Reserve banks or branches thereof up to
e
the closing hour will be opened and public announcement of the acceptabl
prices will follow as soon as possible thereafter, probably on the following
to
right
the
Treasury
reserves
expressly
morning. The Secretary of the
reject any or all tenders or parts of tenders,and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve banks in cash or other immediately available funds on
Aug. 7 1935.
The Treasury bills will be exempt. as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. (Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.) No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes of
any tax now or hereafter imposed by the United States or any of its Possessions.

Bids of $158,852,000 Received to Offering of $50,000,000
of 273-Day Treasury Bills Dated July 31—$50,050,000 Accepted at Average Rate of 0.071%
The Secretary of the Treasury, Henry Morgenthau Jr.,
announced on July 29 that a total of $158,852,000 was
tendered to the offering of $50,000,000 or thereabouts of
273-Day Treasury bills, dated July 31. Of the tenders
received, it was stated, $50,050,000 were accepted. The
offering, which was announced on July 25 by Secretary
Morgenthau, was referred to in our issue of July 27, page 519.
In his announcement of July 29 the Secretary gave the following details of the accepted bids:
The accepted bids ranged in price from 99.963, equivalent to a rate of
about 0.049% per annum, to 99.941, equivalent to a rate of about 0.078%
per annum, on a bank discount basis. Only part of the amount bid for at
the latter price was accepted. The average price of Treasury bills to be
Issued Is 99.946 and the average rate is about 0.071% per annum on a
bank discount basis.

Offering of $100,000,000 of VA% Treasury Bonds of
1955-60 to Highest Bidders
The Treasury this week again offered an issue of $100,000,000 or thereabouts of 2/4% Treasury bonds of 1955-60
to the highest bidders. The bonds, which are dated March 15
1935, are an addition to and form part of a series of 2%%
Treasury bonds of 1055-60 offered last March. We gave
reference to this earlier offering in our issue of March 9,
page 1572. The bonds mature IN/Iarch 15 1960, but are redeemable at the option of the United States at par and
accrued interest on and after March 15 1935. Interest on
the bonds is payable semi-annually on March 15 and Sept. 15.
The offering this week was announced on July 28 by Henry
Morgenthau Jr., Secretary of the Treasury. The bonds were
received at the
offered on July 29 and the tenders were
Federal Reserve banks and branches thereof up to 12
o'clock noon, Eastern Standard Time, July 31. Bids were
In
not received at the Treasury Department, Washington.was
Secretary Morgenthau's announcement of July 28 it red,
stated that "tenders at less than par will not be conside

Volume 141

Financial Chronicle

and tenders not received at a Federal Reserve bank or branch
before 12 o'clock noon July 31 will be disregarded."
The results of the offering were made known on Aug. 1 by
Secretary Morganthau who said:
Tenders for $320,981,000 face amount of bonds were received, of which
$106,483,000 was accepted at prices ranging from 101 24-32 down to
101 17-32, and accrued interest from March 15 1935, to Aug.5 1935. Only
part of the amount bid for at the latter price was accepted, tenders for
amounts up to and including $10,000 being accepted in full, and 25% of
tenders for larger amounts being accepted, but not less than $10.000 on
any such tender. The average price of the bonds to be issued is about
101 18-32, and a total premium of $1,663,838.14 will be received. Based
on the average price at which the bonds are to be issued on Aug. 5 1935, the
yield is about 2.771% to the earliest call date, March 15 1955, and about
2.787% to maturity, March 15 1960.

This week's offering is the fourth issue of Treasury bonds
to be offered by the Treasury to the highest bidders. A
previous offering, also consisting of $100,000,000 of 2%%
Treasury bonds of 1955-60 (referred to in the "Chronicle"
of July 20, page 357), brought tenders of $510,958,000 of
which $101,967,000 were accepted at an average price of
101 19-32.
The Secretary's announcement of July 28, as made available for publication on July 29, follows:
Secretary of the Treasury Morgenthau is to-day offering to the people
of the United States an additional issue of 2%% Treasury bonds of 1955-60,
in the amount of $100,000,000, or thereabouts, and is inviting tenders
therefor at not less than par and accrued interest. The bonds will be sold to
the highest bidders. Tenders will be received at the Federal Reserve banks
and branches thereof up to 12 o'clock noon, Eastern Standard rime, on
July 31 1935. Tenders will not be received at the Treasury Department,
Washington.
The bonds for which tenders are now invited will be an addition to and
will form a part of the series of 214% Treasury bonds of 1955-60, issued
pursuant to Department Circulars No. 531, dated March 4 1935, No. 536,
dated April 22 1935, and No. 546, dated July 15 1935; they will carry the
same tax exemptions, and otherwise will be identical in all respects therewith. The bonds will mature March 15 1960, but may be redeemed at the
option of the United States on and after March 15 1955. Interest will be
payable semi-annually on March 15 and Sept. 15.
Each tender must state the face amount of bonds bid for, which must be
$1,000 or any even multiple thereof, and the price offered, which must be
stated exclusive of accrued interest and must be expressed on the basis of
100, with fractions expressed as 32ds of 1% in accordance with the usual
practice—for example, 101 16-32. Tenders at less than par will not be
considered, and tenders not received at a Federal Reserve bank or branch
before 12 o'clock noon, Eastern Standard Time, July 31 1935, will be
disregarded. Tenders will be accepted without deposit from incorporated
banks and trust companies and from responsible and recognized dealers in
investment securities. Tenders from others must be accompanied in every
case by a deposit of 5% of the amount of bonds bid for, except where the
tender is accompanied by an express guaranty of payment by an incorporated bank or trust company. If the tender is accepted,in whole or in part,
the deposit will be applied toward payment for the bonds, and if the tender
is rejected the deposit will be returned to the bidder.
Tenders should be made on the printed forms and forwarded in special
nvel opes, which will be supplied by the Federal Reserve banks. Incorporated banks and trust companies not located in a city where a Federal
Reserve bank or branch is located, may,in their discretion, submit tenders
by telegram.
Immediately after the closing hour for the receipt of tenders on July 31
1935, all tenders received at the Federal Reserve banks and branches
up to the closing hour will be opened, and public announcement of the
acceptable prices will follow as soon as possible. In considering the acceptance of tenders, the highest prices offered will be accepted in full down to the
amount required, and if the same price appears in two or more tenders, and
it is necessary to accept only a part 9f the amount offered at such price,
tenders for smaller amounts may be accorded preference and tenders for
larger amounts prorated to the extent necessary in accordance with the
respective amounts bid for. The Secretary of the Treasury expressly reserves the right, however, to reject any or all tenders or parts of tenders and
to award less than the amount bid for, and any action he may take in any
such respect or respects shall be final.
Payments for any bonds allotted on accepted tenders must be made or
completed in cash or other immediately available funds on or before Aug. 5
1935, and must include the face amount, and the premium which the bidder
has agreed to pay, together with accrued interest on the face amount from
March 15 to Aug. 5 1935.

Details of the •offering are contained in the following
circular issued by the Treasury:
UNITED STATES OF AMERICA
234% Treasury Bonds of 1955-60
Dated and bearing interest from March 15 1935
Due March 15 1960
Redeemable at the Option ofthe United States at par and Accrued Interest on and
after March 15 1955
Interest payable March 15 and Sept. 15
Additional Issue
TREASURY DEPARTMENT
1935
Office of the Secretary,
Department Circular No. 547
Washington, July 29 1935.
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved Sept. 24 1917, as amended,offers to the people
of the United States $100,000,000, or thereabouts, 2Hi% Treasury bonds of
1955-60, and invites tenders therefor at not less than par and accrued
interest from March 15 1935, to Aug. 5 1935.
Description of Bonds
The bonds now offered will be an addition to and will form a part of the
series of 2H% Treasury bonds of 1955-60 issued pursuant to Department
Circulars No. 531, dated March 4 1935. No. 536, dated April 22 1935, and
No. 546, dated July 15 1935, will be freely interchangeable therewith, are
identical in all respects therewith, and are described in the following quotation from Department Circular No. 531:
The bonds will be dated March 15 1935, and will bear interest from that
date at the rate of 23% per annum, payable semi-annually, on Sept. 15
1935, and thereafter on March 15 and Sept. 15 in each year until the principal amount becomes payable. They will mature March 15 1960, but may




679

be redeemed at the option of the United States on and after March 15 1955,
in whole or in part, at par and accrued interest, on any interest day or days,
on four :nonths' notice of rede:nption given in such manner as the Secretary
of the Treasury shall prescribe. In case of partial redemption the bonds
to be redeemed will be determined by such method as may be prescribed
by the Secretary of the Treasury. From the date of redemption designated
in any such notice, interest on the bonds called for redemption shall cease.
The bonds shall be exe:npt, both as to principal and Interest, from all
taxation now or hereafter imposed by the United States, any State, or any
of the possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes,x and (b) graduated additional
income taxes, commonly known as surtaxes, and excess-profits and warprofits taxes, now or hereafter imposed by the United States, mxin the
income or profits of individuals, partnerships, associations, or corporations.
The interest on an amount of bonds authorized by the Second Liberty Bond
Act, approved Sept. 24 1917, as amended, the principal of which does not
exceed in the aggregate $5,000, owned by any individual, partnership,
association or corporation, shall be exempt from the taxes provided for in
clause (b) above.
The bonds will be acceptable to secure deposits of public moneys . . .y.
They will not be entitled to any privilege of conversion.
Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, will be issued in denominations of $50. $100, $500,
$1,000, $5,000, $10.000, and $100,000. Provision will be made for the interchange of bonds of different denominations and of coupon and registered
bonds, and for the transfer of registered bonds under rules and regulations
prescribed by the Secretary of the Treasury.
The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States bonds.
Tenders and Allotments
Tenders will be received at the Federal Reserve banks and branches
thereof up to 12 o'clock noon, Eastern Standard Time, July 31 1935, and
unless received by that time will be disregarded. Tenders will not be received
at the Treasury Department, Washington. Each tender must state the face
amount of bonds bid for, which must be $1,000 or any even multiple thereof,
and the price offered. The price offered must be stated exclusive of accrued
interest from March 15 1935, to Aug. 5 1935; and must be expressed on the
basis of 100, with fractions expressed as 32ds of 1%, in accordance with
usual practice, e.g., 101 16-32. Tenders at less than par will not be considered.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment
securities. Tenders from others must be accompanied in every case by
deposit of 5% of the face amount of bonds bid for, except where the tender
is accompanied by an express guaranty of payment by an incorporated bank
or trust company. If the tender is accepted, in whole or in part, the deposit
will be applied toward payment for the bonds, the balance to be paid as
hereinafter provided. If the tender is rejected, the deposit will be returned
to the bidder
Immediately after the closing hour for the receipt of tenders on July 31
1935, all tenders received in writing or by telegraph at the Feferal Reserve
banks or branches thereof up to the closing hour (12 o'clock noon, Eastern
Standard Time) will be opened. The Secretary of the Treasury will determine the acceptable prices offered and will make public announcement
thereof as soon as possible after the opening of tenders. Those submitting
tenders will be advised by the Federal Reserve banks of the acceptance or
rejection thereof, and payment on accepted tenders must be made as hereinafter provided. In considering the acceptance of tenders, the highest
prices offered will be accepted in full down to the amount required; and if the
same price appears in two or more tenders and it is necessary to accept only
a part of the amount offered at such price, tenders for smaller amounts may
be accorded preference and tenders for larger amounts prorated to the
extent necessary in accordance with the respective amounts bid for. The
Secretary of the Treasury expressly reserves the right, however, to reject
any or all tenders or parts of tenders, and to award less than the amount bid
for, and any action he may take in any such respect or respects shall be final.
Payment
Payment for any bonds allotted on accepted tenders must be made or
completed on or before Aug. 5 1935, in cash or other immediately available
funds, and must include the face amount, and the premium which the
bidder has agreed to pay, together with accrued interest on the face amount
from March 15 1935, to Aug. 5 1935.z In every case where payment is
not so completed, the 5% deposit with application shall, upon declaration
made by the Secretary of the Treasury in his discretion, be forfeited to the
United States.
General Provisions
Federal Reserve banks, as fiscal agents of the United States, are authorized
and requested to receive tenders, to make allotments as indicated by the
Secretary of the Treasury to the Federal Reserve banks of the respective
districts, to issue allotment notices, to receive payment for bonds allotted,
to make delivery of bonds on full-paid allotments, and to perform such other
acts as may be necessary to carry out the provisions of this circular. Pending
delivery of the definitive bonds, Federal Reserve banks may issue interim
receipts.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
receipt of tenders and the sale of bonds under this circular, which will be
communicated promptly to the Federal Reserve banks.
HENRY MORGENTHAU JR..
Secretary of the Treasury.
x Similarly, the exemption does not apply to the gift tax, see Treasury Decision
4550.
Y The original circular contained the following further language at this point:
and will bear the circulation privilege only to the extent provided in the Act.
approved July 22 1932, as amended.' This provision is now inapplicable since the
circulation privilege referred to expired July 22 1935.
x Accrued interest from March 15 1935, to Aug. 5 1935, on $1,000 face amoun
is S11.171875.

Average Rate of Interest Paid on All Government
Securities Now 2.715%, Against 3.505% Three
Years Ago—Secretary of Treasury Morgenthau
Issues Statistics Showing Results of Refunding
Operations
Secretary of the Treasury Morgenthau on July 27 made
public statistics showing the progress made by the Treasury
in extending the maturity of billions of dollars of the Government bonds and reducing interest obligations. The tables,
which were prepared in the Division of Research and Statistics of the Treasury Department, revealed that the Treasury
in recent months, through refunding operations, has been
able to effect a sharp decrease in the average rate of interest
which it pays on all outstanding securities. This was 3.505%
on June 30 1932; 3.350% in 1933; 3.181% in 1934, and only

2.715% in 1935. The Treasury tables are given below:

Financial Chronicle

680

TABLE I-AVERAGE MATURITY OF ALL GOVERNMENT SECURITIES
OUTSTANDING, EXCLUDING PRE-WAR, POSTAL SAVINGS AND
UNITED STATES SAVINGS BONDS AND SECURITIES ISSUED EXCLUSIVELY TO GOVERNMENT AGENCIES AND TRUST FUNDS
(Weighted Average to the Nearest Month)
Computing Uhertys
to Date Actually
Called and All Other
Computing All
Securities to Final
Securities to Final
DateMaturity Date
Maturity Date
June 30 1932
6 years 11 months
9 years 6 months
June 30'1933
5 years 11 months
8 years 1 month
June 30 1933
8 years 4 months
7 years 7 months
June 30 1935
8 years 7 months
8 years 7 months
TABLE II-AMOUNT OF PUBLIC DEBT DUE WITHIN ONE YEAR, EXCLUDING PRE-WAR, POSTAL SAVINGS AND UNITED STATES
SAVINGS BONDS AND SECURITIES ISSUED EXCLUSIVELY TO
GOVERNMENT AGENCIES AND TRUST FUNDS
(Daily Statement Basis)
P. C. of
Amount
Division-Total
June 30 1932
21.8
Due in less than one year
$3,941,800,000
45.4
8,201.300,000
Liberty bonds
32.8
An other issues (maturity longer than one year)
5,919,600,000
Total

518,062.700,000

100.0

$3,307,000,000
8,201,300,000
9.520,100,000

15.7
39.0
45.3

$21,028,40(,000

100.0

$3,894,300,000
6,345,800,000
15,012,800.000

15.4
25.1
59.5

$25,252,900,000

100.0

$3,734,700,000
1,335,000,000
21,025,000,000

14.3
5.1
80.8

$26,094,700,000

100.0

June 30 1933
Due in less than one year
Liberty bonds
All other issues (maturity longer than one year)
Total
June 30 1934
Due in less than one year
Liberty bonds
All other issues (maturity longer than one year)
Total
June 30 1935
Due in less than one year
Liberty bonds
All other Issues (maturity longer than one year)
Total

TABLE III-AMOUNT OF PUBLIC DEBT DUE BEFORE AND AFTER
JAN. 11939, EXCLUDING PRE-WAR,POSTAL SAVINGS AND UNITED
STATES SAVINGS BONDS AND SECURITIES ISSUED EXCLUSIVELY
TO GOVERNMENT AGENCIES AND TRUST FUNDS
P. C. of
Amount
Total
Division-June 30 1932
60.2
$10.870,700,000
Due before Jan. 1 1939
1,933,200,000
10.7
First Liberty bonds (1947), called 1935
29.1
5,258,800.000
Due after Jan. 1 1939
Total
June 30 1933
Due before Jan. 1 1939
First Liberty bonds (1947), called 1935
Due after Jan. 1 1939
Total

$18,062,700,000

100.0

$13,879,300,000
1,933,200,000
5,215,900,000

66.5
9.2
24.8

$21,028,400,000

100.0

$13,458,400,000
1,933,200,00
9,861.200,000

53.3
7.7
39.0

$25,252,800,000

100.0

June 30 1934
Due before Jan. 1 1939
First Liberty bonds (1947). called 1935
Due after Jan. 1 1939
Total
June 30 1935
Due before Jan. 1 1939
First Liberty bonds (1947), called 1935
Due after Jan. 1 1939
Tots

$10,000,800,000

38.3

18,093.900,000

61.7

$28,094,700,000

100.0

We also quote, in part, from a Washington dispatch of
July 27 to the New York "Times" commenting on the Treasury statistics:
The average maturity of all Government securities treated in the study
on June 30 1935, computing all securities to final maturity date, was eight
years and seven months, as compared with seven years and seven months
in 1934.
Computing Liberty bonds to date actually called and all other securities
to final maturity date, the average maturity on June 30 1935 was eight
years and seven months, as compared with six years and four months in
1934, five years and 11 months in 1933, and six years and 11 months
in 1932.
One of the big refinancing problems which faced the Treasury in 1933
was that a huge block of $5,268,000,000 of Fourth Liberty VA% bonds were
scheduled to mature in a lump in 1938, unless rearranged in the meantime.
These bonds, however, were callable on six months' notice, beginning
Oct. 15 1933, and the late Secretary Wroodin undertook the first step in
cutting down the great maturity by calling a part of them on Oct. 12 1933
for redemption in April 1934.
In exchange he offered intermediate bonds paying 414% interest for
the first year and 34% thereafter, maturing in 1945 and callable in 1943.
About $900,000,000 were exchanged.
For the same block of callable bonds a second exchange offering of a
4% issue, maturing in 1946 and callable in 1944, was made as of April
/
31
1934. An additional $827,000,000 of exchanges was obtained.
Secretary Morgenthau Offered Notes
Another block of the Fourths was called by Secretary Morgenthau in
April 1934 for redemption in October 1934, and 314% bonds, maturing
in 1946 and callable in 1944, and 2%% Treasury notes, maturing in four
years, were offered in exchange. As a result of this operation about $456,000,000 of the Fourth Liberties were exchanged for the new bonds and
$596,000,000 for notes.
Notes as well as bonds were offered as exchanges at that time, as there
was a great demand for a Treasury security of intermediate maturity by
the banks and the market conditions were not entirely favorable to wide
distribution of new bonds.
A third large block of the Fourth Liberty bonds was called in October
1934 for redemption April 15 1935, and, aided by extremely favorable
market conditions, the Treasury offered as exchanges only 2%% bonds,
maturing in 1960 and callable in 1955, stating that it would pay off in
cash any holders of the called bonds who did not take advantage of the
opportunity.
Exchanges totaled $1,558,000,000, which was considered an exceptionally
successful operation in view of the low interest rate carried by the new
bonds and the length of their maturity.




Aug. 3

1935

As a result of these operations, all except about $1,300,000,000 of the
$6,268,000,000 Fourth Liberty bonds had been called. About $3,740,000,000
were exchanged for new bonds and $596,000,000 for Treasury notes, and
holders of about $630,000,000 who did not accept exchanges were paid
off in cash.

Gold Receipts by Mints and Assay Offices-LimportsDuring Week of July 26 Totaled $2,646,854
Announcement was made on July 29 by the Treasury
Department that receipts of gold by the mints and assay
offices during the week of July 26 totaled $6,177,710.15.
Of this amount, it is noted, $2,646,854.51 represented.
imports, $1,015,685.66 secondary, and $2,515,169.98 new
domestic. The amount of gold received during the week of"
July 26 by the various mints and assay offices is shown in
the following tabulation issued by the Treasury:
Week Ended July 26 1935Philadelphia
New York
San Francisco
Denver
New Orleans
•Seattle

Imports
$2,586,600.00
29,560.36
27,532.00
3,162.15

Secondary New Domestic
8223 841.68
$3 778 92
47,400.00
275,600.00
61,417.29 1,695,893.79
366,990.00
61,757.00
46,101.93
1,576.20
41,734.76
704,764.07

Total for week ended July 26 1935._$2,646,854.51 $1,015,685.68 52.515,189.98
•Note-Includes week ended July 19.

$311,647 of Hoarded Gold Received During Week of
July 24-$17,537 Coin and $294,110 Certificates
The Federal Reserve banks and the Treasurer's office
received $311,646.74 of gold coin and.certificates during the
week of July 24, it is shown by figures issued by the Treasury
Department on July 29. 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 July 24, amounted to.
$127,778,897.85. Of the amount received during the week
of July 24, the figures show $17,536.74 was gold coin and
$294,110 gold certificates. The total receipts are as follows:
Received by Federal Reserve banks:
Week ended July 24
Received previously
Total to July 24 1935
Received by Treasurer's office:
Week ended July 24
Received previously

Gold Coln
817,536.74
30,604,265.11

Gold Certificates
8285,110.00
94,412,980.00

$30,621,801.85

$94,698,090.00.

$264,306.00

$9,000.00.
2.185.700.00.

$264,306.00
$2,194,700.00
Total to July 24
Note-Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.

Receipts of Newly Mined Silver by Mints and Assay
Offices from Treasury Purchases-Totaled 379,-010.39 Fine Ounces During Week of July 26
During the week of July 26, it is indicated in a statement.
issued by the Treasury Department on July 29,silver amounting to 379,010.39 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 proclamatioa
was issued total 40,911,538.18 fine ounces to July 26. During the week of July 26 the Philadelphia Mint received
89,730.86 fine ounces, the San Francisco Mint 231,974.53
fine ounces, and the Denver Mint 57,305 fine ounces.
The total weekly receipts since the issuance of the proclamation are as follows (we omit the fractional part of theounce):
Week Ended1934-

Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13

Ounces
1,157
547
477
94,921
117,554
375,995
232,630
322,627
271,800
126,604
832,808
369,844
354,711
569,274
10,032
753.938
436,043
647.224
600,631
503,309
885,056
295,511
200,897
206,790
380,532
64,047
1,218,247
230,491

Week Ended- Ounces
1934July 20
115,217
July 27
292,719
Aug. 3
118,307
Aug. 10
254,458
Aug. 17
649,757
Aug. 24
376.504
Aug. 31
11,574
Sept. 7
264,307
Sept. 14
353,004
Sept. 21
103,041
Sept. 28
1,054,287
Oct. 5
820,838
Oct. 12
809,475
Oct. 19
712,206
Oct. 26
268,900
Nov. 2
826:342
Nov. 9
Nov 16
1,025,955
Nov. 23_ _ _
443,531
Nov. 30
359,296
Dec. 7
487,693
Dec. 14
648,729
Dec. 21
797,206
Dec. 28
484,278
1935Jan. 4
467,385
504.363
Jan. 11
732,210
Jan. 18
---40.--.

Week Ended1935Jan, 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
Mir. 22
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
May 3
112
May
May
June
June
June
June
July
July
July
July

1?
24
31
7
14
21
28
5
12
19
26

Ounces
973,305
321,760
1,167,706
1,126,572
403,179.
1,184,810
844,528
1,555,986
554,454
695,558.
836,198
1,438,681
502,258•
67,704
173,900
686,930
86,907
363.073
247,954
203,482
482,541
1,253,628407,100
796,750
621,682
608,621
379,010

Silver Transferred to United States Under Nationalization Order-16,306 Fine Ounces During Week of
July 26
Silver in amount of 16,306 fine ounces was transferred to
the United States during the week of July 26 under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Receipts since the order was issued and up to July 26, total
112,946,751 fine ounces, it was noted in a statement issued
by the Treasury Department on July 29. The order of
Aug. 9 was given in our issue of Aug. 11, page 858. In the
July 29 statement of the Treasury it is shown that the silverwas received at the various mints and assay offices during:
the week of July 26 as follows:

Volume 141

Financial Chronicle

Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended July 26 1935

Fine Ounces
909
13,329
467
669
404
528
16,306

Following are the weekly receipts since the order of Aug.9
was issued:
Week Ended- Fine Ozs.
1934Aug. 17
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. 6
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
261,870
Nov. 30
86,662
Dec. 7
292,358

Week Ended- Fine Ozs.
1934Dee. 14
444,308
Dec. 21
692,795
Dec. 28
63,105
1935Jan. 4
309,117
Jan. 11
535,734
Jan. 18
75,797
Jan. 25
62,077
Feb. 1
134,096
Feb. 8
33,806
Feb. 15
45,803
Feb. 22
152,331
Mar. 1
38,133
Mar. 8
57,085
Mar. 15
19,994
Mar. 22
54,822
Mar. 29
7,615

Week Ended- Fine Ozs
1935Apr. 5
5,163
Apr. 12
6,755
Apr. 19
68,771
Apr. 26
50,259
May 3
7,941
May 10
5,311
May 17
11,480
May 24
100,197
May 31
5,252
June 7
9,988
June 14
9,517
June 21
26,002
June 28
16,360
July 5
2,814
July 12
9,697
July 19
5,956
July 26
16,30.

Text of President Roosevelt's Letter in Which He Says
Silver-Purchase Act Will Be Carried Out -in Public Interest"

Reference was made in the "Chronicle" of July 27 (page
521) to a letter addressed by President Roosevelt to Senator
Thomas. in which the President said that he would carry
out the Silver Purchase Law "in the manner most advantageous to the public interest," The President's letter was
written in reply to a communication in which 46 Senators
had asked him to follow the silver-purchase program "enthusiastically," The complete text of President Roosevelt's letter, as made public by Senator Thomas on July 26.
is given below:
There has just come to me your joint statement dated June
20 on the
general subject of silver, and I am glad
to have the benefit of your observations and suggestions on this subject. As evidence of the broad
objectives.
I need only to refer to my message on silver to the Congress on May
22
1934, which is but one of numerous statements I have made on the
desirability of a wider monetary use of silver.
VMS glad to have that message supplemented by statements made on
my behalf to the Senate to the effect that, if the silver purchase act
were
passed, it would be carried out vigorously and in good faith.
The administration of this act has been and, of course, will be characteri
zed by this
spirit and purpose.
When we come to such particulars as the amount and price of day-today purchases of silver and the issuance of silver certificates in excess of
the cost of silver, their determination is a duty which the Congress by the
provisions of the silver purchase act, has laid upon the Secretary
of the
Treasury. I know,from my frequent conferences with him on the administration of this act,surcharged with such great possibilities for our National
welfare and the advantage of the world, that that duty has been and
will
be discharged in the manner most advantageous to the public interest,
as the act itself enjoins, and in pursuit of our common objective of a
wider
monetary use of silver.

Executive Order Amends Work Relief Wage Schedules
Permits Works Progress Administrator to Redefine
Original Wage-Scale Regions

President Roosevelt on July 29 issued an Executive Order
amending the original rules and regulations governing work
relief wage schedules. The President's amendments were
designed to answer widespread criticism of these schedules
and to permit elasticity in ironing out inequalities which
have become evident. The Order permits Harry L.Hopkins,
Works Progress Administrator, to redefine original wagescale regions to prevent the existence of a different set of
rates in two or more communities accustomed to equal wages.
The text of the new Executive Order is given below:
EXECUTIVE ORDER
Amending Executive Order No. 7046 of May 20 1935, prescribing
rules
and regulations relating to wages, hours of work and
conditions of employment under the Emergency Relief Appropriation Act of 1935.
Amendment to Regulation No. 1
By virtue of and pursuant to the authority vested
in me by the Emergency
Relief Appropriation Act of 1935, approved April 8
1935 (Public Resolution No. 11, Seventy-fourth Congress), I hereby amend
Regulation No. 1,
prescribed in Executive Order No. 7046, of May 20 1935,
as follows:
Strike out all of that paragraph of Part I of said
Regulation No. 1 which
reads as follows:
"Monthly earnings applicable to a city should in
general apply also to
contiguous urban areas, even though such urban
areas are not in the same
county. Monthly earnings applicable to the largest municipali
county should in general apply also to the remainder of the county ty in a
in which
the municipality is located, but need not necessarily so apply
in event that
local circumstances warrant a different
rate of earnings. If the territory
covered by the operation of any individual project involves
the application
of more than one schedule of monthly earnings, the
schedule of monthly
earnings for any class of work on the project should
be the higher schedule
involved. In order to allow for these and any other adjustment
s, the
Works Progress Administrator or his representat
ive may adjust the rate
Jf earnings for any class of work in a locality by not
more than 10% from
She monthly earnings shown in the foregoing schedule."
And insert, in lieu thereof, the following:
"The foregoing monthly earnings schedule
is subject to the following
readjustments:
"(a) The Works Progress Administrator, or representat
ives designated
by him, may redefine any of the regions defined in the foregoing
whenever he or they find that it is necessary to do so in order schedule
to avoid
undue inequality among workers accustomed to similarity
of wage rates.
"(b) Monthly earnings applicable to an urban area within
a county shall,
in general, apply to contiguous urban areas in adjacent
counties in the
same region.




681

"(c) If the territory covered by the operation of any individual project
involves the application of more than one schedule of monthly earnings
the schedule of monthly earnings for any class of work on the project shall
be the highest applicable schedule.
"(d) In order to adjust the monthly rate of earnings to local conditions
and to avoid inequality among workers or classes of workers
in the same
region the Works Progress Administrator, or representatives designated
by
him, may adjust the rate of earnings for any class of work on any
project
by not more than 10% above or below the monthly earnings shown
in the
foregoing schedule, or as adjusted pursuant to clauses (a), (b)
and (c) of
this paragraph."
FRANKLIN D. ROOSEVELT.
The IVhite House, July 29 1935.

Congress Approves Two Army Bills, Adding $46,285,000
to Government Cost Next Year-President Roosevelt Signs Army Promotiom Measure-Other Bill
Enlarges Spanish War Benefits
President Roosevelt on July 31 signed the Army Promotion Bill, advancing almost half of the commissioned officers
one rank, and estimated to cost $705,000 for this fiscal year.
The Senate on July 31 agreed to House changes in the measure and sent it to the White House immediately, where it
was signed by the President, thus making promotions effective Aug. 1. The Senate on July 31 also concurred with
the House in passing the McGill bill to restore full pension
benefits to veterans of the Spanish-American War. The combined cost of the two measures in the next year was estimated at $46,285,000. A Washington dispatch of July 31 to
the New 'York "Times" outlined the two measures as follows:
Automatic promotion will be given to 4,918 officers of the 10,640
on
the army active list eligible for promotion. All others will be
benefited
by the acceleration of promotions.
The law creates 158 new colonels, 364 new lieutenant colonels
and 890
majors. It provides automatic promotion for second lieutenants
after three
years of service and for first lieutenants after they have served a
maximum
of seven years in the upper grade. All promotions, it is estimated,
will be
accelerated by from two to six years.
With Senator Hastings alone voting "no" in a roll-call of 74
to 1, the
Senate passed the McGill bill to give the Spanish War veterans
the pensions
they received before passage of the Economy Act.
Hope was privately expressed by some of the Democrats that
the President
would veto the measure.
The McGill bill would increase by $45,580,000 the $85,618,00
0 paid
under present law to veterans of the Spanish War, Boxer Rebellion,
Philippine Insurrection and their dependents. The administrat
ion estimates that
with this bill, the veterans would receive $111,600,000 and
the dependents
$19,600,000, or a total of $131,200,000.
Already the veterans have been restored to 75% of the benefits
they received prior to the Economy Act. About 48,000 veterans
and dependents
would be added to the pension rolls if the bill becomes law.

Gold-Clause Bill Amended in Senate Committee to
Permit Suits Against Government Within Six
Months After Passage

The Senate Banking and Currency Committee on July 31
amended the measure to prohibit suits against the
Government under the gold clause by inserting a provision that
suits might be filed at any time within six months aftersuch
passage of the bill. This amendment was sponsored by the
ator McAdoo, and was said to be against the wishes ofSenthe
Administration, which favored the measure already passed
by the House, barrin,, suits already instituted as well
as
those attempted in the future. Nevertheless Attorney General Cummings said on Aug. 1 that the McAdoo amendme
nt
was "satisfactory" to the Justice Department, and added
that he doubted that many suits would be filed because
Supreme Court had already ruled against such claims. the
Adoption of the McAdoo amendment by the Senate
tee was noted as follows in a Washington dispatch ofcommitJuly 31
to the New York "Times":
The amendment was accented by a vote of 12 to 5
and immediately afterward the bill with this change included was
ordered reported to the Senate
by a vote of 11 to 7. Later in the day the
bill was reported.
By the same division, 11 to 7, the committee rejected
an amendment by
Senator Gore to permit suits within six months after maturity
of a Government obligation.
M adopted by the committee, the bill provides that
for six months after
enactment suits for damage could be brought against
the Government "upon
any gold clause securities of the United States
or for interest thereon, or
upon any coin or currency of the United
States, or upon any claim or demand arising out of any surrender, requisition
, seizure, or acquisition of any
such coin or currency or any gold or silver and
involving the effect or validity of any change in the metallic content of
the dollar or other regulation
of the value of money."
Pending suits, suds as two in the Court of
Claims, could proceed under
the McAdoo amendment, and future litigants
could also file actions within
the prescribed six months.

A reference to this bill was contained in
the "Chronicle" of
July 27, page 525.
Senate Passes Bill Setting 40-Hour
Week
Employees-Measure Adds $22,000,000 for Postal
to Annual
Cost of Post Office Department

The Senate on July 29 approved
sent to conference
with the House a bill designed to fix a and
40-hour week for postal
employees. The measure provides that
postal clerks required to work on Saturdays shall
time allowances the following week. receive compensatory
would work an average of not more Railroad mail clerks
for 254 days a year. United Press than eight hours a day
Washington advices of
July 29 outlined further provisions of
the bill as follows:

682

Financial Chronicle

The Senate Postoffice Committee reported that the bill would cost about
$22,000,000 a year but would permit employment of 10,000 of the 18.000
substitute postal workers.
The bill was changed from its form as it passed the House on suggestion
of Postmaster James A. Farley, who said the changes would aid many lowsalaried workers.
A section limiting railway clerks to 175 miles a day was eliminated. Mr.
Farley said it would cut working time in many cases to less than 30 hours
a week.

House Passes Bill to Place Truck and Bus Systems
Under Federal Control—Measure Goes to Conference with Senate Committee
An Administration bill to place the bus and truck systems
of the country under Federal supervision comparable to that
now exercised over the railroads was approved on Aug. 1
by the House of Representatives by a vote of 193 to 18.
The favorable Committee report on this measure was referred
to in the "Chronicle" of July 27, page 524. The bill as
passed by the House was only slightly different from that
previously approved by the Senate, and hence its advocates
were hopeful yesterday (Aug. 2) that differences would soon
be adjusted in conference and the measure sent to President
Roosevelt for his signature. The principal provisions of
the House bill were summarized as follows in a Washington
dispatch of Aug. 2 to the New York "Times":
The measure would require issuance of certificates of public convenience
in
and necessity to all common or contract carriers by bus or truck engaged
or newsinter-State Commerce. except for trucks carrying farm produce
papers exclusively.
Conunlsh.,These certificates would be issued by the Inter-State Commerce
in
sion, which also would supervise rates and the issuance of securities
excess of 3500.000.
Eastman,
hk,The bill would follow the recommendations of Joseph B.
nationally
Federal Co-ordinator of Transportation, looking toward a
by
carriers
in
taking
system
n
transportatio
co-ordinated and integrated
await a
rail, highway, water and air. The water and air legislation will
future session of Congress.

House Again Defeats "Death-Sentence" Clause in Utility Holding Company Bill—Vote Is 210 to 155—
Senate Committee Continues Inquiry on Lobbying
Activities
The House of Representatives on Aug. 1 defeated for a
second time the "death-sentence" clause in the Utilities
Holding Companies Bill, and on the same day instructed
its conferees to forbid the presence of Administration spokesmen, not members of Congress, at further conferences with
roll-call vote
the Senate on the measure. The House by ative
Rayburn,
of 210 to 155 rejected a proposal by Representa
one of the authors of the bill, that the House concur with
the Senate in the abolition of holding companies. This
represented a majority of 55 against the "death sentence"
compared with a majority of 70 against the clause by a teller
by
vote on July 1. Shortly afterward the House approved,
Huddleston
a vote of 183 to 172, a motion by Representative-Senate
conthat "outsiders" be barred from further House
interferences on the bill. These two House votes were obtain
preted as indicating that it may prove difficult to during
Congressional approval of any utilities legislation
tence" clause in
this session. The vote on the "death-sensentence",
155—
the bill was as follows: For the "death
7; FarmerDemocrats,'139; Republicans, 6; Progressives,
Laborites, 3. Against the "death sentence," 210— Democrats, 124; Republicans, 86.
ng lobThe Senate Committee which has been investigati
heard more
bying activities in connection with the measure
adverwitnesses this week. On Aug. 1 E. P. Cramer, an
to
tising man, told the investigators that he had suggested
cama utility company early this year that a "whispering that
paign" be initiated to create the popular suspicionC. E.
President Roosevelt was "incompetent or insane."
& Share ComGrosbeck, Chairman of the Electric Bond this
suggestion,
pany, to whom Mr. Cramer said he had sent
that he had
issued a statement on Aug. 1 in which he deniedthe
letter in
ever heard of Mr. Cramer or had ever seen
question.
Previous descriptions of the Senate inquiry were contained
and 523. On
in the "Chronicle" of July 27, pages 522 Order
by PresJuly 31 there was made public an Executive
to
ident Roosevelt, directing the Secretary of the Treasury
excess
make available to the Senate committee all income,
in
profit and capital stock returns "to the extent necessary
with the
the investigation of lobbying activities in connection
or
so-called 'Holding-Company Bill,' or any other matter
time the
proposal affecting legislation." At the sameauthorizing
President approved a new Treasury regulation,
. The
the release of this information to the Committee
the rules govregulation is in the form of an amendment toThe
Executive
erning the inspection of income tax returns.
Order was dated July 25. It read as follows:
and capital stock tax
it is hereby ordered that income, excess profits
the National Industrial Rereturns made under the Revenue Act of 1934.
be open to inspection by the
covery Act, and the prior Revenue Acts shall
United States Senate,
special committee to investigate lobbying activities,
for the purpose of. and to the
or any duly authorized subcommittee thereof,
in connection
activities
extent necessary in the investigation of lobbying
any other matter or proposal
with the so-called "Holding Company Bill," or
subcommittee is authorized
affecting legislation, which such committee or
165, passed July 11 1935; such
and directed to make by Senate Resolutioncompliance with the rules and
Inspection to be in accordance, and upon
Treasury and approved by
regulations prescribed by the Secretary of the
for the inspection by that committee, or
me bearing even date herewith




Aug. 3 1935

an authorized subcommittee thereof, of income and excess profits tax returns made under the Revenue Act of 1932 on or before the date of the
enactment of the NIRA, and under the prior Revenue Acts, and capital
stock returns made under the NIRA, and the Revenue Act of 1934.

The Treasury regulation read:
13 (c). Notwithstanding any other provisions of these regulations, income and excess-profit tax returns made under the Revenue Act of 1932
on or before the date of the enactment of the NIRA and under the prior
revenue acts and capital stock tax returns made under the NIRA and the
Revenue Act of 1934 may be inspected by the special committee to investigate lobbying activities in connection with the so-called holding company
bill or any other matter or proposal affecting legislation, authorized by
Senate Resolution 165, passed July 11 1935.
The inspection of returns herein authorized may be by the committee or
a duly authorized subcommittee thereof, acting directly as a committee or
a subcommittee, or by or through such examiners or agents as the committee or sub-committee may designate or appoint. Upon written notice of
the chairman of the committee or the authorized sub-committee to the
Secretary of the Treasury, giving the names and addresses of the taxpayers
whose returns it is necessary to inspect and the taxable periods covered by
the returns, the Secretary and any officer or employee of the Treasury
Department shall furnish such committee or sub-committee with any data
relating to or contained in any such return, or shall make such return available for inspection by the committee or sub-committee or by such examiners
or agents as the committee or sub-committee may designate or appoint, in
the office of the Commissioner of Internal Revenue.
Any information thus obtained by the committee or subcommittee
thereof, which is relevant or pertinent to the purpose of the investigation,
may be submitted by the committee or the subcommittee to the Senate.

Other hearings of the Senate committee this week were
devoted principally to testimony regarding the Associated
Gas & Electric Company and :the activities of its officers.
Figures presented to the committee on July 29 showed that
personally owned companies of H. C. Hopson, head of the
System, had averaged more than $560,000 a year profit
during depression years on revenue. received from the System, which was then omitting dividends. Senator Black,
Chairman of the investigating body, said on July 30 that
every United States Marshal in the country will be instructed
to seek to place Mr. Hopson in custody unless he reports
at once to the Committee, which has been seeking to have
him testify. Officials of the company had testified this
week that they had not seen Mr. Hopson for some time and
that they did not know his present whereabouts.
United Press advices from Washington on Aug. 1 described
the action taken in the House on that date as follows:
Bitter debate, charges and countercharges marked the vote in a crowded
chamber echoing to cowboy whoops, cheers, jeers and boos.
The vote threw the utilities bill back into conference with the Senate,
where it is likely to become deadlocked indefinitely.
Representative Rayburn, Texas Democrat, who battled vainly for the
death sentence, predicted the result might prevent enactment of any utility
bill this session.
Mr. Huddieston said that the only hope of agreement was the "exclusion
of outsiders." referring to Benjamin Cohen, PWA attorney and brain
truster.
He charged that Mr. Cohen and other brain trusters were "trying to
tell Congress what to do."
He termed Thomas G. Corcoran, another brain truster, and Mr. Cohen
"the wet nurses of the bill." He called Mr. Corcoran the "Ambassador to
Passamaquoddy.

House Considers New Tax Bill, Designed to Raise
$270,000,000 Annually—Would Increase Surtaxes
on Incomes Over $50,000 and Penalize Inheritances
of Same Amount—President Roosevelt Assails 58
Wealthy Families as "Tax Dodgers"
The House of Representatives late this week began consideration of a new tax bill, designed to raise $270,000,000
annually, and Administration leaders predicted that the
measure would probably be approved by Monday (Aug. 5).
The measure was formally reported to the House on July 30
by the Ways and Means Committee, which voted 17 to 7
on the bill. The vote was along party lines, with the Republicans voting in the negative.
President Roosevelt on July 31 at his press conference
discussed the new tax program, and charged that the 58
wealthiest families in the United States had "dodged" taxes
in 1933 and had escaped levies on $37,000,000 of their
aggregate incomes through the ownership of tax-exempt
securities. He said that in one instance a wealthy American
family had established 197 family trusts to reduce net incomes so that they would not be affected by the heavy surtaxes on excessive incomes.
Democrats on the Ways.and Means Committee on July 31
agreed that corporation gifts and contributions which could
be exempted from taxation under the new measure would be
limited to 5% of the corporation's net income.
Representative Doughton, Chairman of the Ways and
Means Committee, introduced the tax bill in the House on
July 30, and said that he would press for speedy action on
the measure. The bill as formulated in Committee contains
five principal tax provisions, each of which is designed to
increase the taxes on accumulated wealth and incomes in
the higher brackets. One of the chief new items is an inheritance tax on inheritances of more than $50,000 by blood
relatives and $10,000 by others, and a gift tax to porevent
evasions. The bill would increase surtaxes on individual
incomes above $50,000, with taxes as high as 75% on incomes
above $5,000,000, and a new graduated corporation income
tax of 1334% to 1414% would be imposed instead of the
4% The excess profits tax would be
present flat rate of 133
applied to all corporate profits above 8% on the declared
value of the corporation's stock as of 1934.

Volume

Financial Chronicle

141

Senator Harrison, Chairman of the Senate Finance Committee, on July 30 criticized the bill introduced in the House,
and opposed a departure in any detail from President
Roosevelt's original suggestions.
Our most recent reference to proposed new tax legislation
was contained in the "Chronicle" of July 27, pages 524
and 525.
A brief summary of the expected yields from the bill is
given below, as included in a Washington dispatch of
July 29 to the New York "Times":
Administration members of the committee admitted they were making
only a rough guess when they estimated the yield of the bill at a mxaimum
of8275,000,000. The increased surtaxes on indivudual incomes are expected
to produce about E30,000,000 a year.
The graduated corporation tax, according to their estimates, would
raise around $15,000,000 and the excess profits levy around $100,000,000.
The inheritance and gift taxes are counted upon roughly for a maximum of
$120,000,000.
This makes the total around $265,000,000. Any increase in business
activity the bill's sponsors believe, would be reflected immediately in the
new taxes, hence they placed their estimates at $275,000,000 and their
hopes at $400,000,000.
Just before approving the draft of the bill to-day the Ways and Means
Committee Democrats made a second adjustment of the surtax rates on
large incomes, this time dipping as low as net incomes of $50,000 to start
the increase.
Under the provision approved by the Democrats and included in the bill,
the rate upon surtax net incomes of between $50,000 and $56,000 would be
increased from 30%, as under the present law, to 31% and thence with a
systematic step-up running through all brackets to incomes above $5,000,000
which would bear a surtax rate of 75% in addition to the present normal
rate of 4%.
Committee members believed that by this amendment they had broadened the scope of the bill so to include about 7,000 individual taxpayers in
the increase.

Associated Press, Washington advices of July 29 summarized the proposed new taxes as follows:
Individual Incomes
A step-up in the surtax levies on all income over $50,000. The present
30% levy on that part of an income between $50,000 and $56.000 would
be raised to 31%. The tax on the portion of an income over $5,000,000 would
be 75% instead of 59%. Estimated to produce $45,000,000 a year.
Inheritances
In addition to existing estate taxes, new taxes ranging from 4% on the
first taxable 810,000 to 75% on the taxable portion of the inheritance over
$10,000,000. A flat 850,000 exemption granted to close of kin; a $10,000
exemption to others. Estimated revenue $93,000,000.
Gifts
Taxes, in addition to those already imposed on gifts, ranging from 3%
on the first taxable $10.000 to 57% on that part of the gift over $10,000,000. Same exemptions as inheritances. Estimated revenue,$25,000.000.
Corporation Income
Thirteen and one-quarter per cent on all corporation income not over
$15,000 a year; 144% on all net income over 815,000. Estimated revenue,
$15,000,000.
Excess Profits
Profits of 8-12% on the adjusted declared value of capital, tax 5%;
12-16%. 10%; 16-25%. 15%; over 25%, 20%. Estimated revenue, $100.000,000.

The new proposed surtax schedule is as follows:
Net Income Bracket

Proposed
Rate

NNOWOOM,POOMNO,

30%
33
36
39
42
45
50
52
53
54
54
55
56
57
58
59
59
59

Proposed Total Present Total
Surtax
Surtax

.....

31%
35
39
43
47
51
55
58
60
62
64
66
68
70
72
73
74
75

Present
Rate

§§05§§§§§§§§§§§§

350,000 to
$56,000____
$56,000 to
$62,000____
$62,000 to
$68,000___
$68,000 to
$74,000____
$74,000 to
$80,000_ _ _
$80,000 to
$90,000____
$90,000 to $100,000__ _..
1100,000 to 8150,000____
$150,000 to $200,000____
$200,000 to $250,000_ _ __
$250,000 to $300,000_ _ _..
$300,000 to $400,000____
$400,000 to 3500,000____
$500,000 to $750,000____
$750,000 to $1,000,000____
$1,000.000 to $2,000,o®,_.
$2,000,000 to $5,000,000_ __
Over $5,000,000

The following table was included in the majority committee report on the tax bill, and gives data on the proposed
inheritance taxes:
INHERITANCE TAX RATES AND AMOUNTS
Total Net Value of
Inheritance x

Rate
Am't
of To2 of Tax.

Total Net Value of
Inheritance x

Rate Amount
of Tax of Tax •

E888888888

-c...
ww.-

$0 to
$10,000
47
11,000,000 to $1,500,000 44% $551,600
$10,000 to
120,000
8
11,500.000 to $2,000,000 48
791,600
'
$20,000 to
130,000 12
12.000.000 to 13,000,000 52 1,311,600
$30,000 to
$50,000 16
$3,000,000 to $4,000,000 56 1.871,600
150,000 to 3100,000 20
84,000.000 to 35,000,000 60 2,471,600
3100,000 to 3150,000 24
15,0(0,000 to 36,000,000 64 3,111,600
1150,000 to 3250,000 28
86,000,00010 38,000,000 68 4,471,600
$250.000 to 8400.000 32
$8.000,000 to $10,000,000 72 5,911,600
1400,000 to $700,000 36
75
Over $10,000,000
3700,000 to 31,000,000 40
x Alter deduction of spectre exemption. •Computed on upper limit o bracket:
for example, inheritance tax on 310,000 Is $400.
Note-Specific exemption to spouse and gear relatives, $50.000. Specific exemption
to all others, $10,000.

Another Washington dispatch of July 30 to the "Times"
quoted from the minority report submitted by the Republican members of the Ways and Means Committee as follows:
The minority report characterized the committee bill as a "political
gesture universally conceded' and intended to catch votes. It charged
that the committee majority, "in order to avoid a direct slap at their own
administration with a Presidential election in the offing, have reluctantly
tried to pull the President's political chestnuts from the fire."




683

"They will undoubtedly make every effort to justify the bill as a revenue
measure, but a casual reading of the President's message clearly indicates
that it was not so intended. and it certainly was not so interpreted by the
country," the Republicans asserted.
The bill, according to the minority, "will at least demonstrate to the
country that the extravagant•and wasteful expenditures of the Democratic
administration cannot be met merely by 'soaking the rick'."
Rates of taxation in the measure, the Republicans declared, "border on
confiscation," but, the minority report continued, "its proponents estimate
that it will produce only $270.000,000 of revenue."
"This amount," the report went on "would pay the running expenses of
the Government for less than two weeks and it falls $3,305,000,000 short of
meeting the deficit for the last fiscal year. Even as a redistribution-of-wealth
measure, it would provide but $2.25 for each of our 120,000,000 people."
The minority report was signed by Representatives Treadway of Massachusetts, Bacharach of New Jersey, Crowther and Reed of New York,
Woodruff of Michigan and Jenkins of Ohio.
Representative Knutson of Minnesota, seventh Republican member,
was not in the Capitol when it was completed.
Harrison Hits Profits Clause
Mr. Harrison particularly attacked the Ways and Means Committee's
nclusion of an excess profits tax on large corporation profits, instead of the
full graduated schedule of rates on corporate incomes.
He complained also that the House Committee had dipped as low as
incomes of $50,000 in readjusting the rates on large personal incomes,
instead of confining itself to the brackets above $1.000,000, as he understood the President's wishes.
The Senator voiced his complaint at a hearing before his own committee
on the bill as presented to the House. It was in the form of questions addressed to L. H. Parker, Chief of Staff of the Joint Congressional Committee on Internal Revenue, who aided the House leaders in framing the
measure.
From Mr. Harrison's remarks observers inferred that administration
leaders in the Senate would attempt to bring the bill strictly within the
limits suggested by Mr. Roosevelt. If that were done, it was the belief that
the probable yield of the measure, now estimated at $275,000,000, would be
whittled down to $200.000,000.

We also quote in part from a description of President
Roosevelt's press conference of July 31, as given in a Washington dispatch of that date to the New York "Sun":
Discussing a Supreme Court decision, made in 1931, on the gift tax
law passed by Congress, the President pointed to the minority opinion
written by Associate Justice Stone as reflecting his own views.
After Congress had repassed the law in 1932 and before it could become
operative, he said, one family gave away 8100.000,000 and another gave
away $30,000,000, and he said that was what was known as "beating the
gun."
The President referred sarcastically several times to the "thriftiest"
families. He said that of course every one is for thirft, but in the case of the
58 families whose wealth was the theme for his discussion, 37% of their
incomes had escaped taxation. costing the Government plenty.
Roughly, he said, they had paid on $57,000,000 of their taxable incomes.
The fl,Nres were compiled yesterday by the Treasury Department. The
President said that he was getting other interesting figures which he would
make public later.
Be said that he was not prepared to say anything further than he had
expressed in earlier statements regarding the graduated corporation taxes
and taxes on inter-corporate dividends, but that he had discussed the
situation with Treasury officials and was in possession of much valuable
information on the subject.
Gocernment Bonds Included
Throughout his discussion the President referred repeatedly to those
who invest their money in tax exempt securities as the worst offenders in
cheating the Government. Chief of that class of securities in which there are
great investments with small income returns are United States Government
bonds. Investment of surplus wealth in the Government's own securities
thus was rated as an attempt to cheat the Government.
The bill itself now before Congress cannot touch the trust fund investments of which the President bad much to say, nor does it reach the very
persons included in his list of 58 wealthiest families and, therefore, the
purpose of his discussion appeared to be mainly to show the great need for a
constitutional amendment.

The Senate Finance Committee on July 31 began hearings
on the proposed tax program, and heard attacks on the
Administration measure from representatives of business and
industry. A Washington dispatch of July 31 to the "Times"
described the first hearing as follows:
Spokesmen for the National Association of Manufacturers, the New
York Board of Trade, the Associated Industries of New York State and the
Association of American Railroads all joined in protesting the House bill
in toto or in its most important sections.
Particularly singled out for condemnation were the combination excess
profits and capital stock tax, and the proposed new graduated corporation
income levy. The former were variously described as an "enormous lottery"
and a "gamble in its worst form," and the latter as violative of the "abilityto-pay" principle which has been the foundation of the American system of
taxation.
The hearing, at which Secretary Morgenthau failed to make his scheduled
appearance,served to bring out an intention of the committee to amend the
House bill so as to waive the stock transfer tax for expediting simplification
and integration of existing utility holding company structures.
Amendment Ordered Written
Chairman Harrison instructed L. H. Parker of the Joint Committee
on Taxation to prepare the amendment after Senator Hastings disclosed
that it had been omitted from the holding company bill by the Interstate
Commerce Committee on the ground that it was more properly a part of a
revenue measure.
Secretary Morgenthau postponed his appearance until to-morrow after
communicating with Chairman Harrison. He is to be followed by Newton
D. Baker, head of the 1935 Mobilization for Human Needs, and Community Chests and Councils, Inc.

Secretary of the Treasury Morgenthau appeared before the
Senate Finance Committee on Aug._ 1 to testify regarding
the proposed tax legislation. Mr. Morgenthau presented a
prepared statement, in which he pointed out that Treasury
experts had prepared much material relating to probable
yields under various tax rates. He added that "additional
revenue which will necessarily fall far short of meeting our

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full needs will not warrant new or additional expenditures
outside our budget plans." Mr. Morgenthau was closely
questioned by members of the Committee as to his opinion
of the proposed House taxation bill, but he refused to commit
himself as to the desirability of the measure in its present
form. His evasiveness angered Members of the Senate
Committee, and on Aug. 2 Representative Treadway declared in the House that the Secretary was either ashamed of
the bill or else that he lacked ability to analyze it.
The text of the formal statement presented by Mr. Morgenthau on Aug. 1 is given below:
Mr. Chairman and Members of the Committee:
I am pleased to respond to your invitation to appear before you and to
discuss briefly pending tax proposals. On July 8 I had an opportunity to
make a statement to the Ways and Means Committee of the House of Representatives, which was then about to begin preparation of a tax bill to give
effect to the recommendations contained in the President's Message to the
Congress of June 19. That statement summarized the Treasury's position
with respect to the President's recommendations and I should like to have
you regard it as a part of my statement here to-day.
The President, in the message to which I have referred, stated that his
recommendations were based on studies of our tax system carried on in the
Treasury Department as well as the excellent research work done by the
staff of the Joint Committee of Congress on Internal Revenue Taxation.
All of the data gathered by the Treasury Department will of course be made
freely available to your Committee. I should like to refer particularly to
studies carried on by Robert H. Jackson, counsel of the Bureau of
Internal Revenue. Mr.Jackson has summarized and analyzed a great deal
of data from income tax and estate tax returns which bear directly on the
President's recommendations. He is prepared to present this summary and
analysis to you.
I shall not attempt to review the data that has been gathered, but only
to indicate its scope. It deals with such questions as these:
The extent to which our national revenues are now derived from taxes
aid directly on the consumer and the extent to which they are derived
from taxes based on the ability to pay.
The changes in the balance of taxation as between these two classes that
have been brought about by the depression and other causes within the last
few years.
The distribution of income and the degree of concentration of high incomes.
The effectiveness of income tax rates as modified by various devices for
escaping taxation.
Whether existing surtax schedules are fully consistent with the principle
of ability to pay.
The actual yield of present estate taxes as related to the size of estates.
Devices for avoiding estate taxes.
Problems of administering and collecting an inheritance tax.
Stability of yield of a graduated corporation income tax as compared to
stability of yield of a flat tax rate.
Extent of the concentration of income and of assets in the hands of large
corporations.
I cite this material merely to indicate the willingness of the Treasury to
offer such assistance to your Committee as you may desire.
In conclusion, I want to add an earnest word as to the use to which any
additional revenue that the proposed new taxes will produce should be put.
Ordinary expenditures for the general purposes of government have been
held within the revenues. We have incurred and are incurring large emergency expenditures according to a carefully planned program for the sole
object of caring for the urgent needs of our citizens and promoting recovery.
Additional revenue which will necessarily fall short of meeting our full
needs will not warrant new or additional expenditures outside our budget
plans. Any such new or additional expenditures would not conform to the
best interests of the national credit. I hope the Congress will provide that
the proceeds of the new taxation you are considering shall be preserved
scrupulously for the purpose, first, of reducing the deficit, and, later, of
reducing the public debt.

House Committee Tables Administration Bill for New
Coins—Consider Too Much Authority Granted
Treasury
An Administration bill providing for the coinage of new
half-cent and mill pieces was tabled on Aug. 1 by the House
Coinage Committee, on the ground that it would grant too
much authority to the Treasury. The new coins had been
proposed by Secretary of the Treasury Morgenthau to facilitate payment of State sales taxes, and President Roosevelt
himself had suggested designs for the new coins. Representative-Somers, Chairman of the Coinage Committee, said
on Aug. 1 that a special subcommittee had been appointed to
study the matter further, and "if the Treasury can show a
real need for a particular coin we shall give the matter more
consideration." The Committee objected to the measure because it did not specify what coins the Treasury could issue.
Previous reference to the bill was made in our issue of July
27, page 520.
Designs of the coins as proposed bv President Roosevelt
were described as follows in a Washington dispatch July 29
to the New York "Times":
Rough designs for the Government's proposed new half-cent and onemill coins were sketched by President Roosevelt, himself, Secretary Morgenthau revealed to-day.
The President suggested that the half-cent coins be made with a hole
In the centre and that the one-mill coins be square. These plans will be
carried out by the mints, said Mr. Morgenthau, who first laid the fractional
coinage scheme before Mr. Roosevelt a week ago.
"The President was very much interested. He took a pencil and paper
and said one should be like this and one like this," Mr. Morgenthau related,
explaining that the President had sketched a hollow and a square coin.

House Approves Bill Providing Federal Inspection and
Grading of Tobacco Before Auctions, if Two-Thirds
of Growers Favor Procedure
The House of Representatives on July 25 without a record
vote approved a bill providing for Federal inspection and
grading of tobacco before sales can be made by auction on
warehouse floors. This grading would be compulsory when




Aug. 3 1935

it is favored by two-thirds of the growers. The bill was
sent to the Senate for its consideration.
The principal amendment adopted on the floor of the House
prohibits the designation of markets by the Secretary of
Agriculture where tobacco may be bought and sold at auction until two-thirds of the growers, who sold tobacco at
that market during the preceding year, indicate their approval. Under the bill originally reported only a majority
was required. The chief provisions of the bill were listed
as follows in a Washington dispatch of July 25 to the New
York "Journal of Commerce":
Briefly the bill provides for the investigation of tobacco marketing, and
the establishment of standards for tobacco and authorizes the demonstration of tobacco standards by distributing samples and otherwise.
Secretary Given Power
Authority is given the Secretary to designate auction markets upon the
basis of the producers votes and provides (a) that after 30 days' notice
no tobacco shall be offered for sale at auction on a designated market
until it shall have been inspected; (b), for suspending the requirement
of inspection in certain emergencies, (c) that no fees or charges shall be
made for inspection on a designated market, and (d) that the Secretary
shall not have the right to prevent transactions in tobacco on markets
not designated or to close any market.
Section 6 provides for the sampling, inspection and weighing of tobacco,
upon request of the owner or other financially interested person, in cooperation with State or other agencies. Appeal inspections are to be Permitted and all inspection certificates shall be received in all courts as prima
facie evidence of the truth of the statements therein contained.
Section 8 requires auction warehousemen to provide a space on tickets or
other tags or labels for statement of grade in a form as the Secretary may
prescribe, and Section 9 authorizes the establishment of a tobacco market
news service.
•

New York State Milk Control Act Held Constitutional
by Special Statutory Court—Provision Permitting
Sale of Unadvertised Brands at Cent a Quart Below
Others is Ruled Legal
Price-differential provisions in the New York State
Milk Control Act were held constitutional on July 29 by a
special statutory court composed by Judge Learned Hand,
of the United States Circuit Court of Appeals, and Judges
Henry W. Goddard and Alfred C. Coxe, of the United States
District Court at New York City. Their ruling reaffirmed a
prior finding of the statutory court, and reversed an opinion
by Charles C. Burlingham, appointed as special master in
the case after the original decision had been appealed to
the United States Supreme Court. The section of the law
in dispute permits the sale of unadvertised brands of milk
at one cent a quart less than the price asked for advertised
brands.
The statutory court's decision was summarized as follows
in the New York "Herald Tribune" of July 30:
The decision was predicated on an action brought by Borden's Farm
Products, Inc., which sought an injunction against the differential enacted into law in 1933 on the recommendation of the Division of Milk
Control of the Department of Agriculture and Markets. The Borden
organization acted in behalf of itself, the Sheffield Farms Co., Inc., the
Dairymen's League Co-Operative Association, Inc., and the H. M. Ranken Dairy Co. When the adverse decision was received from the statutory
court, the case was appealed to the United States Supreme Court, which
referred it back to the statutory court with the recommendation that a
special master be named to review the facts presented in the complaint
and answer.
In denying the handlers of advertised milk the prerogative of reducing the price of their product one cent a quart in the retail market, the
statutory court upset Mr. Burlingham's contention that the contested
section of the milk control law was "discriminatory, arbitrary and unreasonable." Yesterday's decision, which was written by Judge Hand, held
that Mr. Burlingham's review of the facts, despite his conclusion, warranted a declaration that the price differential was justified and constitutional. It should be pointed out that Mr. Burlingham's opinion was merely
in the nature of a recommendation and was in no way binding on the statutory court.
Excerpts From Hand's Decision
The injunction brought by the Borden organization was aimed at Peter
G. Ten Eyck, Commissioner of Agriculture and Markets; Kenneth E.
Fee, director of the Division of Milk Control under Mr. Ten Eyck; John
J. Bennett, Jr., Attorney General, and William C. Dodge, District Attorney. The statutory court's decision of yesterday, as presented by
Judge Hand, held:
After the autumn of 1932, advertised brands were able to hold their
own at a cent above the others. Commercially these brands had come to
mean a better grade of milk, for the hygienic properties of a product do
not fix its commercial quality, but the opinion in which buyers hold it
does. When the Legislature, therefore, came to fix minimum prices in
the spring of 1933 it was faced with the fact that there were two grades
of milk in the market in addition to the admitted grades: "A" and "IL"
Independent dealers on some occasions before Nov. 1 1931, and until
April 1 1932, tried to sell bottled milk to stores at the same price as that
charged by the plaintiff and Sheffield Farms, the decision set forth at another point. In each case they were compelled by loss of business to resume
71
their earlier and lower price. During tue period mentioned . .
customers, when offered the several brands at the same price, would usually take a bottle of the plaintiff's or Sheffield Farm's milk in preference
to that of an independent dealer.
If the "independents" were eliminated, it was stated further, that was
an economic hardship to them; it was permissible as an incident of the plan
to prefer their survival to the absorption of the whole market by the "advertised" dealers. Moreover, if they were eliminated, the independent
farmers, for whom they constituted the demand, must look elsewhere.
• • •

Deadlock of Conferees on Banking Bill Ended Following Apology by Representative Goldsborough—
Had Charged "Influences" Had Been Brought to
Bear on Subcommittee
A deadlock this week of Senate and House Conferees on
the Administration's Omnibus Banking Bill as a result of
charges made on July 29 by Representative Goldsborough,
one of the conferees, was ended on Aug. 1 when the Representative apologized for his remarks. Mr. Goldsborough

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had declared that WallStreet and the great New York bankers
had begun a campaign to formulate the bill according to
their own design, and told the House that "influences" surrounded the Glass subcommittee which wrote the bill.
Members of the subcommittee were said to resent these
remarks, and at the initial meeting of the conferees in secret
session on July 31, some of the Senators said they did not
wish to sit with Representative Goldsborough. Asking
the privilege of addressing the House out of order, Mr.
Goldsborough on Aug. 1 said:
I understand that some members of the other body feel that certain of
my remarks reflected upon them. Of course I was discussing issues and
not personalities. In view of the understanding which certain members
of the other side have.I desire to say that I intended no reflection on the
steadfast patriotism, the absolute integrity and high purpose of any member
of the United States Senate.
On the actual issues involved in the statement I made Monday, I adhere
absolutely to what I then said.

Passage of the bill by the Senate was noted in the "Chronicle" of July 27, pages 523 and 524. The Senate approved
the measure on July 26 without a record vote and without
making the slightest change in the bill as originally reported.
Associated Press Washington advices of July 26 summarized
the principal features of the bill passed by the Senate as
follows:
Creates an open market committee of seven Reserve Board members
and five representatives of the twelve regional Reserve Banks with power
to control credit fluctuations by purchasing and selling government bonds
on the open market by the Reserve Banks.
Retains existing statutory requirements governing maintenance of
reserves against deposits as a further check on use of bank funds for speculation. By a vote of not lees than five of the seven board members the
present requirements of 7, 10 and 13% could be doubled, but not lowered.
Allows Reserve Banks to continue to propose changes in rediscount
rates, subject to board approval, rates to be restated at least every two
weeks. The board could veto the proposed rates or change them.
Reorganizes Reserve Board into a seven-member hi-partisan board, all
appointive and all having the title of "Governor," to serve 14-year terms
at $15,000 salaries. Secretary of the Treasury and Controller of the
Currency are removed as ex officio members. Not more than four of
seven could be of the same politics, the entire organization to be effected
in 90 days.
The President would select a chairman and vice-chairman from the seven,
to serve for four years.
Gives head of 12 Reserve banks title of"president" instead of"governor"
so as not to conflict with the new Reserve Board titles. Presidents would
be selected for five-year terms by the bank boards,subject to Reserve Board
approval.
Makes permanent the temporary law expiring Aug. 31 fully insuring
bank deposits up to $5,000. Provides annual assessment on banks for
insurance fund membership of one-twelfth of 1% of total deposits, assessments to continue until the fund reaches $500,000,000, then to be resumed
when that total is impaired 15%•
All State banks organized after bill becomes law would have to join the
Federal Reserve System by July 1 1937, in order to get deposits insured.
The same requirement is applied to all State banks now in operation with
deposits of $1,000,000 or more if they want to remain insured.
Relaxes existing prohibition against banks of deposit underwriting securities, permitting them, under strict regulation, to take up to 20%,
or13100.000, whichever is the greater, of a single issue, so long as this did
not exceed 10% of capital and surplus. Aggregate underwritings could not
exceed double a bank's capital and surplus. Resales would be limited to
dealers, not including retailers or other banks.
Prohibits a banker from serving on the board of more than two banks.
Permits National banks to make five-year real estate loans up to 50%
of appraised value of the property, with aggregate loans not to exceed the
capital and surplus of the bank or 60% of its time and savings deposits,
whichever is the greater. Loans could be made up to 60% if secured by
mortgage insuring repayment of at least half the loan in 10 years.

Drive Started to Force Congress Adjournment by Aug.
20—Size of President's "Must" Program Interferes—Senate Defeats Hastings Proposal to End
Session Aug. 10 by Vote of 52 to 10

Administration leaders in Washington were reported on
July 31 to have started a new drive for adjournment by
Aug. 20 or 23. These reports followed a White House
conference between President Roosevelt and Senator Robinson on the legislative situation.
Efforts of Senator Daniel 0. Hastings of Delaware to
force adjournment of the Senate on Aug. 10 were defeated
on July 29, when the Senate by a vote of 52 to 10 tabled a
motion to that effect offered by Mr. Hastings. Those who
voted against tabling were all Republicans. A Washington
dispatch of July 31 to the New York "Times" discussed
adjournment proposals in part as follows:
The President is understood to have insisted upon completion of the
entire program now before Congress. This includes:
The fax Bill, which is to be called up in the House to-morrow.
The Guffey Coal Stabilization 13111, which is yet to be reported by the Ways
and Means Committee.
The Gold Clause Suit Bill, which has been passed by the House and was
reported to the Senate to-day in a modified form.
All the bills now in conference—Social Security. Utility Holding Co. Control, Banking, Agricultural Adjustment Act and Tennessee Valley Authority Act amendments, and the second deficiency appropriation.
Heat Increases Friction
Growing friction between the Senate and House, agitated partly by the
hot weather, has created a tense situation in several of the conference
committees considering these subjects. The situation, coupled with the
general size of the task still remaining, caused Mr. Robinson to temper
his adjournment predictions.
"We want to speed adjournment all we can," Robinson told newspaper
men on leaving the White House conference. "Of course, there are several
bills still in conference between the Senate and House for final adjustment,
and there are some others that the President would like to see action upon."




685

When pressed to name an adjournment date, he said that the "hope"
was to get out of Washington by Aug. 20. Later, at the Capitol, he
amplified his statement somewhat.
,"The desire of an early adjournment is generally recognized and will
be promoted in every practical way," he said. "The outstanding conference reports, the Tax Bill, the Gold Clause Bill and the Guffey Bill are
still undisposed of by the Senate. It is expected that these will be considered.
"The tax bill has as yet to be acted on by the House before it can be taken
up in the Senate.
"Under the circumstances I feel we will be fortunate to get through by
Aug. 20."

Federal Bar Association Urges Congressional Inquiry
into Corporation Reorganization "Rackets"—Resolution Sent to President Roosevelt Hits Monopoly
in Bankruptcy Receiverships
The Federal Bar Association of New York, New Jersey
and Connecticut on July 28 sent resolutions to President
Roosevelt asking that the Congressional investigating committee, headed by Representative Sabath, which held hearings in New York City on investment frauds, in July, return
to this city "at an early date and resume its investigation
into new forms of racketeering that seem to have developed
in corporate reorganization." The resolutions urged the
committee to inquire into underlying causes of frauds in
corporate investments, and to ascertain to what extent the
statute recently enacted to prevent monopoly in bankruptcy
receiverships is violated. The New York "Times" of July 29
gave further details of the petition as follows:
Henry Ward Beers, President of the Association, said he was unalterably
opposed to the appointment of investment bankers as reorganization trustees
under the Bankruptcy Act.
"It gives all managements an opportunity to obtain necessary assents
to a plan to continue them in operation before other creditors are on the
alert," he said.
"The present Bankruptcy Act makes it possible to leave old managements in control of bankrupt properties. This decreases the opportunities
for searching investigations.
"I propose that the Act be amended to state specifically that, if the
debtor is insolvent, the former managements shall not be allowed to continue
managing properties."
The resolutions of the Bar Association also asked the Sabath Committee
"to ascertain incidentally to what extent, if any, the statute recently passed
to prevent monopoly in bankruptcy receiverships and trusteeships is being
obeyed or frustrated and the emoluments derived by those who are thriving
thereon."
The resolutions declare "it is currently charged that it is still the practice
ot some of the judges of our Federal courts to appoint banking corporations
and trust companies as trust officers of their courts in the place of natural
persons, in defiance of public interest, bestowing enormous fees and
unhealty power on favored appointees."

Plea for Increased Imports Made by C. T. Murchison—
Head of Bureau of Foreign and Domestic Commerce
Says Exports Will Suffer Unless We Continue to
Buy Abroad
The export trade of the United States is "a cornerstone
of national prosperity," and a maintenance of this trade is
conditioned upon our willingness to purchase goods from
foreign countries, Claudius T. Murchison, Director of the
Bureau of Foreign and Domestic Commerce, told the Rotary
Club of Columbia, S. C., on July 29. Mr. Murchison declared
that continuance of exports is impossible unless we continue
to buy from abroad, and in that connection mentioned recent
protests against increased imports of iron and steel, textiles
and fruits and vegetables. He pointed out that the current
rate of iron and steel imports is only about one-fourth of
the exports of the same products; that textile exports exceed
imports in a ratio of about three to one, and that exports of
fruits and vegetables to foreign countries are almost twice
the volume of imports.
What is true in these specific instances, Mr. Murchison
said, is also true of our entire foreign trade. "The grand
total of American exports," he continued, "is greater by
some $400,000,000 annually than our imports. In other
words, the gross income to American labor and capital from
our export activities is currently higher than that of foreign
labor and capital from their sales to the United States."
Mr. Murchison added, in part:
In full recognition of the importance to our national economy of maintaining our foreign trade, the United States has embarked upon a program
of trade promotion which is both courageous and unique—unique in the
sense that it differs in theory and in practice from the procedure of any
other major country, and courageous in the sense that it takes issue with
reactionary policies which are powerful both at home and abroad. The
program expresses itself through individual commercial treaties which are
arrived at through a bargaining process. The other country to the treaty
is called upon to make certain tariff reductions and other concessions having
to do with their imports from the United States, and in return for these
we grant the other country, roughly, equivalent concessions on the commodities of which it is an important supplier to the United States. This
mode of approach assures that every step taken by ourselves to reduce our
own tariff duties produces corresponding action on the part of other
countries, and therefore there is almost certain an increase both in the
export and in the import trade.
Upon the completion of a particular treaty our policy is to make the
concessions which we have granted available not only to the country which
is a party to the treaty but also to other countries which give us mostfavored•nation treatment in their tariff duties. By such action we make
certain our participation in the benefits of all tariff reductions inaugurated
by other countries, either in the present or in the future. It is a procedure
which has a cumulative effect in breaking down trade restrictions throughout the world as a whole. Were we to refuse to follow the most-favorednation method, our reciprocal treaties would become bilateral and exclusive

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Financial Chronicle

in character, each one tending to shut us off from trade with other countries and making up primarily dependent upon the few countries with whom
we enacted such treaties. Many treaties of this type are in vogue to-day
throughout the world, and to them may be attributed a large share of the
blame for the present sad state of world trade.
In our own type of treaty it is our policy to minimize the use of such
artificial trade restrictions as exchange controls and the use of quota
systems. Although it is impossible to eliminate entirely such practices, it
is feasible to cause them to be administered in such a way as to be nondiscriminatory. All the trade treaties which we have so far consummated
are characterized by their insistence that exchange controls and quota
systems shall be administered without favoritism to any one country.
So far, negotiations for such treaties have been completed with five
countries—Cuba, Haiti, Brazil, Belgium and Sweden. Of these the Cuban
treaty is the only one which has been in effect long enough to demonstrate
beyond question the beneficial results. The treaty with Belgium has been
In effect only since May 11; that with Haiti since June 3, and that with
Sweden since Aug. 5; the one with Brazil has not yet been ratified by the
Brazilian Congress. Negotiations are in progress with a number of other
countries, including France, Spain, Canada and Italy.
The beneficial consequences of the Cuban treaty for the first eight
months of its existence have been truly remarkable. As compared with
the corresponding eight months of the 1933-1934 period the total trade
between the two countries has increased 76%. Exports from the United
States to Cuba increased to $36,800,000 as against $21,200,000 in the
preceding comparable period. Passenger automobile exports increased by
approximately 300%; radio exports increased in number from 7,000 to over
23,000; lard exports increased about 120%; barrels of flour increased
from 665,000 to 750,000; lumber in board feet increased from 17,000,000
to 23,000,000; exports of Irish potatoes from 11,000,000 pounds to over
33,000,000, or approximately 200%; onions increased from 3,129,000 pounds
to 5,252,000 pounds; cotton yarns, which in recent years have rarely enjoyed
the experiences of increased demand, increased their exports from 1,371,000
pounds to 1,955,000; the shipments of rayon dress and piece goods increased
by approximately 300% to 1,302,000 square yards; typewriters enjoyed a
truly phenomenal increase, rising from 242 in number to 1,494. There is
no evidence, however, that these increased American exports to Cuba have
wrought injury to their public; on the contrary, Cuba is now enjoying the
highest level of prosperity she has experienced in several years. The price
of sugar is at the highest level in several years; electric power consumption
and such other indices as the volume of freight and passenger traffic and
the number of telephone users indicate that Cuba has benefited from her
trade agreement with the United States just as definitely as our own export
industries have benefited.

Utilities Again Urge Stockholders to Protest Passage
of Wheeler-Rayburn Bill—North American Co. and
Detroit Edison Co. Declare Measure Is Still Objectionable
Inspired by the current Congressional investigation into
lobbying activities in connection with the utilities holding
company bill, several leading utility companies have recently
communicated with their stockholders urging them again to
protest to their Senators or Congressmen against the passage
of this measure. The North American Co. sent such a communication to its security holders on July 25 and a similar
letter was sent by the Detroit Edison Co. on the following day.
Reference to the utility legislation and the Congressional
Inquiries is made elsewhere in this issue of the "Chronicle."
The Detroit Edison Co. said that despite changes made by
the House of Representatives, the bill is still objectionable,
to operating companies as well as holding companies. The
text of this communication follows:
Concerning the Wheeler-Rayburn Rill
While this bill has been somewhat altered in the House of Representatives,
it is still full of trouble, not only for holding companies, but for operating
companies like ours. If it goes through, it will be left to the judgment of a
Federal commission whether we are excused from extinction. Still further,
under Title II of the bill we may find ourselves submitting many details
of our business to a Federal commission in Washington, and asking permission from them to do things that are now within the scope of our own
management or within the control of the Michigan Public Utilities
Commission.
The particular occasion for now writing you is to assure you that the
Industry at large, including the Edison Electric Institute and the Committee
of Public Utility Executives, most thoroughly disapproves of the methods
which appear to have been used by certain employees of the Associated
Gas ,k Electric Co. to simulate a bombardment of telegrams directed to
Senators and Representatives.
If the industry were in a position to discipline these blunderers it would
surely do so; but the industry has had no way of stopping anyone from
buying into it, and the newspaper story of the present foolishness is an
excellent illustration of how the whole industry has had to suffer because
of the offenses of a few who were never invited by us into our industry and
whom we have no power to get rid of.
This is written for your information. I am sure that not one of you
has been coaxed into writing letters or sending telegrams that you did not
personally desire to send; and that what you have already written or
telegraphed is within your citizens' right of petition; and that if you
feel disposed to write or telegraph confirming what you have already
written there is no reason why you should not do so.
(Signed) ALEX DOW, Provident.

We also quote, in part, from the letter sent by the North
American Co.:
The Wheeler-Rayburn public utility bills are now in the hands of a
conference committee representing both branches of Congress.
There is in progress at the same time an investigation of so-called "lobbying" by a special committee of the Senate. In the conduct of this investigation considerable publicity is being given to certain acts in opposition
to the bills by employees of a public utility system not affiliated with
either the Edison Electric Institute or the Committee of Public Utility
Executives, in both of which the North American Co. has membership.
By means of this publicity those who advocate destructive legislation and
Government ownership of utilities and control of business are attempting
to nullify the effect of protests against legislation of this character which
have been honestly made by hundreds of thousands of investors in utility
securities.




Aug. 3 1935

The North American Co. has heretofore urged its security holders to
exercise their right of petition, and their protests have been made by their
own free choice with the purpose of safeguarding their own interests.
We regret that occasion has arisen to impose further efforts upon the
owners of our securities, but we feel that the good faith of their previous
action should not be questioned. We therefore again ask our security
holders to wire or write to Senators and Congressmen protesting against
their voting for any bill which provides for the destruction of holding companies or for Federal control of operating companies already subject to
State regulation.
The right of citizens to petition their Government in defense of their
property is one which has existed in this nation since it was founded.
We believe it still exists.
The names of the members of the United States Senate and House of
Representatives are shown on the inside pages.
(Signed) J. F. FOGARTY, President.

H. P. Fletcher Charges Administration Seeks to "Subvert Constitution"—Republican Chairman Says
New Dealers Seek Scapegoat After Failures of
Recovery Program
The Roosevelt Administration is seeking to "pervert or
subvert the Constitution," Henry P. Fletcher, Chairman of
the Republican National Committee, charged in a radio address on July 29. He declared that the Administration
Intends to obtain constitutional revision to validate its policies, and that the Republican party is ready to meet this
challenge. Mr. Fletcher's speech stressed the assertion that
those responsible for the recovery program "sought to evade
the Constitution under the guise of an emergency," and that
"now that the New Deal is failing to bring about recovery
the Administration is looking for a scapegoat and thinks it
has found it in the Constitution." The next election, he
added, would be "one of the most important in American
history."
Quotations from Mr. Fletcher's address are given below,
as contained in a Washington dispatch of July 29 to the
New York "Herald Tribune":
"The fundamental issues are becoming clear," he said. "They will
transcend mere party lines."
"The Republican party," he said, "believes, with Abraham Lincoln, that
the people of these United States are the rightful masters of both Congress
and courts—not to overthrow the Constitution, but to overthrow the men
who pervert the Constitution."
Mr. Fletcher said that the President's press conference on May 31, at
which he discussed the Supreme Court decision on the National Industrial
Recovery Act, and political developments since then, "indicate the political
trend."
Charges Socialistic Aims
"Many of the New Deal laws and pending bills, which the President has
ordered Congress to pass whether they like it or not, will have to undergo
the final test of constitutionality," he said. "The nearly uniform decisions
in the lower courts forecast the ultimate result. Most of this legislation
will not square with the fundamental law of our Government.
"The Roosevelt Administration realizes this. So what? The Constitutional barriers to "planned economy" are to be removed. Why? Because
they stand in the way of a centralized, socialistic State, governed without
restraint or limit, by a President and a subservient Congress.
"We need not doubt for one moment that if the safeguards of the
Constitution are removed, all subsequent Congresses will be subservient to
the Executive. They cannot help but be. No Congress, however able,
independent and self-respecting, could legislate for the daily needs and
control the lives of our widespread citizenry. It would have to set up
commissions and bureaus for that purpose and delegate its powers and
authority to them. The Supreme Court has said this cannot now be done.
Should the New Dealers succeed in fomenting sufficient dissatisfaction and
opposition to the Constitution to bring about its change, the barriers can
be pushed aside and the things which the Administration has tried unsuccessfully and indirectly to do might then be accomplished.
"Plausible arguments will be offered to us. We will be told that that
clause of the Constitution giving Congress the power to regulate commerce
amongst the several States has been too narrowly interpreted by the courts;
that in this day and generation Congress must have power over all subjects
of national interest and concern, if social justice and the so-called 'more
abundant life' are to be attained in the United States.
"Devious and dramatic, secretive and sudden 28 many of the important
acts and decisions of the President have been, we can, nevertheless, see
pretty clearly the course which has been charted for the New Deal.
"Cher a year ago President Roosevelt spoke lightly of our Constitution
as 'resilient.' Now that it is shown that it cannot be stretched to cover
the socialistic policies of the New Deal the issue becomes clear. Either
the Constitution must give way to the.New Deal or the New Deal must
give way to the Constitution.
"The President has solemnly sworn to preserve, protect and defend the
Constitution, but his political dreams and desires are embodied in the New
Deal. Ile was at the crossroads on the last of May. He could then have
reaffirmed his devotion to our fundamental law. Did he? He did not.
He showed clearly his preference for his New Deal, which neither he nor
anyone else had sworn to preserve, protect and defend, and which was never
beard of until after his inauguration."

P. H. Gadsden Charges Senate Lobbying-Inquiry
Committee Engages in "Character Assassination"
Charges that the Senate committee investigating lobbying
activities is "engaging in the practice of character assassination" by means of "false and absurd" statements were made
in an announcement July 27 by Philip H. Gadsden, Chairman
of the Committee of Public Utility Executives. A description
of recent hearings by the Senate committee is contained elsewhere in this issue of the "Chronicle." Mr. Gadsden declared
that the purpose of the investigation is to "provide a smoke
screen behind which the real issue—the Wheeler-Rayburn
bill—might be obscured." He asserted that the inquiry constitutes a "campaign of terrorism" which is designed to influence House members to abandon their opposition to the

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"death sentence" in the utility measure. Mr. Gadsden's
statement is given below:
By innuendoes and insinuations which have their base in malice and not
in fact, Senator Black and his investigating committee are apparently engaging in the practice of character assassination to which the sponsors of
the public utility bill have for some time resorted. The falsity and absurdity
of these charges becomes apparent as the facts develop.
Congressman Rankin, for example, even went so far as to broadcast to
the American people the allegation that his telephone wires were "tapped"
by the public utilities, and despite the utter baselessness of that statement
he has failed to withdraw it. Senator Black makes a one-day sensation out
of the charge that a public utility representative signed the name of a
"dead" man to a telegram protesting against the bill; the "dead" man comes
back to life and states that he himself signed the telegram and that it correctly represents his opinion. The Senator makes dark and mysterious references to a sinister "wrapped box" and package, hinting at efforts to bribe
a Congressman; and, after the public has been kept in suspense for twentyfour hours, it develops that these packages contained, respectively, a few
cigars and some text books on agriculture exchanged as gifts between a
Congressman and a young boy.
The American people will rightly regard with contempt these practices
on the part of Government officials who take advantage of their high
office to assassinate the character of the private citizen or representative
in Congress who happens to be opposed to their radical legislative proposals. It is now obvious that the purpose of the Senate Committee's investigation is to provide a smoke screen behind which the real issue—the
Wheeler-Rayburn bill—might be obscured. The investigation is being used
to impugn the genuineness of the hundreds of thousands of protests from
people all over the country.
The use of a Congressional investigation for this purpose is nothing more
than a campaign of terrorism. It is apparently designed to silence any
further protests from the public and thereby to influence the members of
the House to abandon their courageous stand against the death sentence
which would destroy the savings of so many of their constituents.

Opponents of Guffey Coal Bill Charge Its Enaction
Would Double Costs of Industrial Consumer—
House Ways and Means Subcommittee Returns
Measure Without Recommendation
Enaction of the pending Guffey Coal Bill would increase
the cost of coal to the industrial consumer approximately
100%, according to estimates furnished to the Department
of Commerce on July 30 by bituminous coal operators who
are opposing the legislation. The bill is being considered
by the House Ways and Means Committee, which received
it on July 30from a subcommittee which failed to recommend
its passage, despite President Roosevelt's recent communicaton in which he urged passage of the measure, regardless of
doubts that might be held as to its constitutionality. Before returning the bill to the Ways and Means Committee,
the subcommittee eliminated a section authorizing the appropriation of $300,000,000 with which the Secretary of the
Interior could purchase coal mines and withdraw them from
production.
Action of the subcommittee in returning the bill was noted
as follows in Associated Press Washington advices of July
30:
The reason for the lack of a recommendation was described as persisting
doubts as to the constitutionality of the measure. President Roosevelt
recently addressed a personal letter to Samuel B. Hill, Democrat, of Washington, Chairman of the subcommittee, urging that the subcommittee
let no doubts as to constitutionality, however reasonable, block the legislation.
As a matter of political policy, it was reported to-day, the Democratic
members of the subcommittee decided the bill could not die in the subcommittee. They would go no further, however, than to report the bill
back to the full committee without a recommendation. Mr. Hill. asked
whether he still thought the bill unconstitutional, made no comment.
It was said, however, that the subcommittee had agreed the constitutionality would hinge on whether the courts decided that Congress could
declare coal mining, although not directly involved in inter-state commerce,
had a "substantial effect" on inter-state commerce. Previous court decisions in the stockyards case were cited as examples. In that case, Congress by law declared that the handling of cattle in stockyards had a continuing effect on inter-state commerce. The courts ruled that it could
not go behind such a declaration unless it was obviously an erroneous one.
On the other hand, some subcommitteemen recalled the Supreme Court's
National Recovery Administration decision, interpreting that to mean
that Congress had no jurisdiction over commerce within a state no matter
now substantially it affected inter-state commerce.
Mr. Hill said the subcommittee's suggestions would be submitted to the
full committee "probably" as soon as the tax bill was passed by the House.

The estimate of possible increased costs under the Guffey
Bill was prepared under the direction of L. J. Dickinson, a
West Virginia coal operator. A Washington dispatch of
July 30 to the New York "Journal of Commerce" outlined
the principal features of the analysis as follows:
The estimated increased costs in the Dickinson study are based upon
the code prices that were in effect prior to June 16, the expiration date of
the NRA. The recapitulation of the increase in cost on account of the
Guffey Bill totals $1.10 per ton, with the estimated wage increase if the
measure is passed amounting to 45c. Thus, the estimated increase in cost
to the consumer would be $1.55.
The itemized increased costs include administration, $.0085; district
code expense, $.025; national coal reserve. 11.067; price fixing, 8.41; coordInating of prices. 3.445, and accounting. 8.15.
"It Is also evident that none of these increased costs take into account
the steady increase in cost of production that will result from displacement
of coal and substitution of oil, gas and hydro-electric power, with a consequent loss of tonnage and reduction of running time," Mr. Dickinson
stressed.
Describing the consumer as the "forgotten man" under the Gaffey Coal
Bill, the committee laid bare the circumstances compelling consumers Of
coal to expend large sums of money for "a strike coal supply."
Blamed for Strike Threat
"There has been but one motivating force behind the creating of the
four threatened general soft coal strikes that have been dangled before the




687

eyes of the American people for five months and that is the enforced passage
of the Guffey-Snyder Coal Dill, which even the President has referred to
as of doubtful constitutionality," the committee declared.
The committee enumerated four "national emergencies" in the bituminous
coal industry, as characterized by John L. Lewis, President of the United
Mine Workers, and others. including Administration officials, in an effort
to bring about enactment of the Guffey Bill.

Utilities Holding Companies Measures Held Unconstitutional—Opinion Prepared for Commonwealth
& Southern Corp. Says Bills Exceed Congressional
Powers
If the power over utilities provided in either the Senate
or House versions of the Wheeler-Rayburn bill is granted
to Congress there will be no business in the country which
would not be subject to control under the inter-State commerce clause of the Constitution, regardless of how local
such business might be in character, according to an opinion
on the constitutionality of the utilities legislation prepared
for the Commonwealth & Southern Corp. by the law firm of
Winthrop, Stimson, Putnam & Roberts. Wendell L. Willkie,
President of the company, on July 29 mailed copies of the
opinion to members of the American Bar Association and to
10,000 business executives throughout the country.
The measure in question is discussed elsewhere in this
Issue of the "Chronicle." An announcement by the Commonwealth & Southern Corp. on July 31 summarized the
principal points of the legal opinion as follows:
"The extent of regulatory power over the electric industry possessed by
the several States, that while the engaging in inter-State commerce and
use of the mails is a privilege accorded every citizen as a matter of right,
without regulation, nevertheless there may be a place under proper Federal
lgislation for regulation by the National Government of:
(a) Wholesale inter-State electric and gas rates (customer's rates ale intra-State
and only subject to State regulation).
(b) The issue and distribution in Inter-State commerce of holding company
securities, and accounting practices In connection therewith. and
(c) Such service, sales and construction contracts as may be held to be InterState commerce.
"Both Acts go far beyond providing regulation of this character. The
Senate bill seizes upon this limited field as a basis upon which to build a
system of complete control of the entire industry, and as to the holding
company, there is no effort to regulate except as a prelude to ultimate
elimination.
"The House bill, while not going so far in superseding 'State regulation,
is subject to the same vice. It is a far cry from such a field of limited
regulation to Section 11 of the House Act, compelling a State corporation
to limit its assets to but a single integrated utility system: Both Acts
clearly offend against the constitutional division of powers between Congress
and the States recently enunciated by the Supreme Court in the National
Industrial Recovery Act case."
The opinion concludes that the Acts are not confined to the limited
constitutional scope of jurisdiction of the Federal Government under the
commerce clause but deal with matters of pure local concern in the numerous
instances pointed out, and that Congress in enacting into law either Act
will exceed its constitutional power.

H. C. Clark Makes Recommendations for Program of
Examination of Title and Mortgage Guaranty Companies—Aide of New York State Insurance Department Urges Standard Bookkeeping Methods
A report by Herbert C. Clark, Chief Examiner of the
Title and Mortgage Bureau of the New York State Insurance
Department, proposing a program of reforms for tightening
administration of the title and mortgage guaranty companies, was made public July 26 by Louis H. Pink, State
Superintendent of Insurance. The Department is now
liquidating or rehabilitating 24 such companies. Mr. Clark
reported that all companies are now being examined annually and that the 1935 examinations will be completed
early in 1936, although the insurance law requires examinations only once in five years. This year's reports, he added,
will save 20% in time by eliminating routine.
Mr. Clark pointed out that all companies are now required
to make quarterly reports and to submit a list of mortgage
delinquencies every six months. With these additional
checks, he said, examinations every two years may be sufficient, although annual reports will be continued for the
time being. His other recommendations were summarized
as follows by the State Insurance Department:
A second major proposal of Mr. Clark is that the insurance law be
amended to give the department power to require standard bookkeeping
practices for all companies. He points out that uniform methods are now
required of railroads and public utilities and that the State Banking Department has the power to require them of banks, if it desires.
Mr. Clark suggests also amendment of the law with regard to loans on
improved property. He would require that property not only be improved,
but income-producing as well, a remedy that would have prevented the
guaranteeing of mortgages on vacant land.
The Chief Examiner would require the acceptance of more direct responsibility by officers of the companies. He suggests that only officers duly
elected and authorized by the board of directors be permitted to sign
policies of guaranty or mortgage certificates, if their sale is permitted
again, in order to establish responsibility.
The entire matter of company advertising needs a wholesale overhauling,
he adds.
Mr. Clark points out that the Joseph bill prohibits the sale of mortgage
certificates until July 1 1936, and he urges that meanwhile a State policy
should be formulated.
Superintendent Pink is studying the recommendations. He commended
the Westchester Grand Jury for the intelligent suggestions they presented
and for the unbiased and courageous manner in which they approached a
controversial question. Their proposals, along with the Moreland Commission's and Mr. Clark's, will receive attention when the time comes for the
Department to propose remedial legislation.

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Financial Chronicle

Mayor LaGuardia of New York City Maintains Attitude
in Refusing Massage License to German on
Grounds of Discrimination Against Americans in
Reich

Mayor LaGuardia of New York City refused this week to
change the attitude he had adopted on July 23, when he
sustained the refusal of the City's Commissioner of Licenses
to grant a massage operator's license to a German alien on
the ground that American citizens had been unfairly discriminated against in Germany. His action was reported
in the "Chronicle" of July 27, page 528. Numerous meetings of protest were held this week by German societies in
New York, but no announcement of any formal protest by
the German Embassy came from Washington. The Mayor
on July 30 said that when the alien in question, one Paul
Kress, becomes an American citizen, "as far as his case is
concerned the aspect is chanted." Representatives of Kress
had said that he would have the right to become an American
citizen in October.
State Attorneys-General to Establish Legal Clearing
House in Chicago—Plan to Exchange Data on
Important Cases
A clearing house of legal opinions will be established by
the Attorneys-General of the 48 States in Chicago this fall,
it was announced July 29 by Henry W. Toll, speaking on
behalf of the National Association of Attorneys-General.
The secretariat will be created in connection with the
Council of State Governments, of which Mr. Toll is director.
The organization was suggested two months ago, when the
Association held its first regional meeting at Hartford,
Conn., to consider inter-State compacts and administrative
agreements among the Eastern States. Mr. Toll's announcement continued:
The Attorney-General of Massachusetts, Paul Dever, commenting at the
time on the need for such a clearing house, said: "We need some agency
through which Attorneys-General can easily exchange ideas and information
on the important questions which they must decide in the near future.
Among these are the problem of the taxation of stock held by the Reconstruction Finance Corporation and the problems arising out of old age or
unemployment insurance systems."
The move is seen by Mr. Toll as evidence of a closer working union of
the State officers whose job it is to untangle legal conflicts between the
States and their residents. Especially valuable, in Mr. Toll's opinion, is
the possibility of the Attorneys-General supplying needed advice and
assistance on the legal aspects of regional compacts and inter-State agreements on crime control, parole and probation.
The National Association of Attorneys-General will house its secretariat
In the same building with Public Administration Clearing House, the
American Legislators Association and 15 other organizations of municipal
and State governmental officers interested in improving governmental
administration.

Federal Trade Commission Publishes Report on Cotton
Textile Industry—Survey Covers Years 1933 and
1934, Showing Financial and Operating Ratios
The Federal Trade Commission on Aug. 1 made public
the first part of a new report on its investigation into the
textile industry, with particular reference to cotton textiles.
This report was made in compliance with the President's
direction for continuing the inquiry in a letter of Jan. 25
1935, supplementing the Executive Order of Sept. 26 1934.
It covers the years 1933 and 1934, and also includes a larger
number of companies than did a previous report, which covered the period between Jan. 1 1933 and Aug.31 1934. The
latest survey includes cotton spinning companies, weaving
companies, combined spinning and weaving companies, and
dyeing and finishing companies. We quote in part from the
summary of the report made public Aug. 1.by the Commission:
The period July-December 1933, was by far the most prosperous of the
period of the inquiry for each branch of the industry except commission
dyers and finishers. The rate of return on investment for this six-month
period ranged from 4.32% for the commission dyers and finishers to 10.68%
for the stock dyers and finishers. For the period January-June 1933, the
rates of return on textile investment ranged from 3.06% for the spinning
companies to 7.99% for the stock dyers and finishers. For the JanuaryJune 1934 period, the rates of return on textile investment ranged from
.23% for the weaving companies to 9.85% for the stock dyers and finishers.
For the July-December 1934 period, however, each branch of the industry
showed losses ranging from .31% for the weaving companies to 5.17% for
the commission dyers and finishers. It will thus be noted that the last
period was very unprofitable for the industry as a whole.
Cotton Spinning Companies
One hundred and eight exclusively cotton spinning companies are Included in the report. Only 84 companies of this class ere included in the
earlier report. These 108 spinning companies reported as in place on
June 30 1934, more than 2,600,000 spindles.
These companies have a total textile investment averaging for the twoyear period covered approximately $76,300,000, or about $700.000 per
company. The average of the 84 companies included in the first report
was only about $650,000 per company.
For the first three six-month periods, net earnings constituted respectively, 3.06%,8.14% and 4.07% of textile investment. Losses in the last
period were equivalent to 1.96% of the net textile investment. These rates
are computed on an annual basis.
For the 108 companies, the proportion of total manufacturing cost represented by raw material, including processing tax, ranged from 52.99%
to 59.21%. The processing tax, considered independently, constituted
in the second period 12.63% of the total manufacturing cost: in the third
period. 12.47%, and in the last 11.93%. Proportion of cost represented
by labor ranged from 23.83% to 26.09% of the total manufacturing cost.
The proportion represented by. other manufacturing expense ranged from
16.28% to 23.18%.




Aug. 3 1935

In thefirst three periods covered, profits on sales constituted,respectively,
3.39%. 7.13% and 3.43% of sales. In the last period losses were equivalent to 2.86% of sales.
From July 1 1933, to December 31 1934, the processing tax item absorbed
in each of the three periods about one-half as much of the sales dollar as
the item of labor cost, and represented a considerably larger proportion of
sales than that represented by the item of selling, administrative and
general expense.
The Commission has also studied the effects, under certain assumptions,
which would have resulted from decreases in working hours, or direct wage
increases. This study shows that in the first and third periods the reduction in hours of between 12;4 and 15%, and in the second period a reduction of between 223 and 25%, would have eliminated all profits on sales.
In the last period, these companies showed losses, and therefore had no
ability to meet increased labor costs.
Cotton Weaving Companies
Fifty-three cotton weaving companies made returns to the Commission
which were included in this report, whereas only 44 companies were included in the preliminary report. These companies reported about 7.800
looms in place as of June 30 1934. The Bureau of the Census reported
17,275 looms in place in this class of mills in 1931. Average total textile
investment of these companies ranged from $26,858,558 to $28,874,388
tior all of the periods covered.
' During each of the first three periods covered, net earnings constituted
4.03%, 10.17% and 0.23% of the net textile investment, respectively.
During the last period, the companies lost 0.31% on the textile investment.
During the first two periods, the rates of return for the 53 companies
exceeded those for 44 companies covered in the Commission's preliminary
report. The 44 companies showed a higher rate of return in the January.June 1934 period.
For these 53 companies, the proportion of total manufacturing cost
absorbed by raw material ranged from 61.03% to 64.26%.
The processing tax, which was not in effect during the first period, absorbed slightly over 1% of the total manufacturing cost in the second
Period. During other periods, this item was negligible since weaving
companies use little or no raw cotton on which processing taxes are paid.
Labor absorbed from 21.46% to 23.91% of the total manufacturing
Cost.
Differences between these ratios and those for the 44 companies covered
in the Commission's preliminary report were negligible.
Rates of profit on sales for the first two periods covered were,respectively,
2.75% and 6.29%. In each of the last two periods, the companies lost,
roughly, about A of 1%. Although these rates differed somewhat from
those for the 44 companies,the ratios for other items did not vary to a great
extent from those for the 44 companies. For the first three periods, the
ratios for the two groups did not differ by as much as 1 point per cent.
except for two items in the third period.
Under certain assumed conditions, the effect of reductions in hours or
of direct wage increases by corresponding percentages were studied for
this group of companies. The Commission's study shows that in the first
period covered a reduction in hours of between 123 and 15% would have
eliminated all profits on sales. In the second period, the companies could
have paid the increased labor costs due to 25% reduction in hours without
eliminating all profits.
In the last two periods, increased labor costs would have resulted only
in increased losses on sales.

Federal Trade Commission Clarifies Rules of Procedure
in Drawing Up Fair Trade Practice Agreements—
Applications of 40 Industries Now Being Considered
The Federal Trade Commission on Aug. 1 issued a state.ment clarifying rules governing.the drawing up of fair trade
practice agreements by industries which formerly operated
under National Recovery Admimstration codes, and which
must now have such agreements approved by the Commission before they can become effective. The announcement
said that the applications of about 40 industries for trade
practice agreements, filed with the Commission or referred
to it by the NRA, are now under consideration, while in
addition a large number of inquiries as to the procedure
necessary in order to negotiate such agreements has been
received.
The Commission's statement explaining its rules is as
follows:
Explanation of Group I Rules
The unfair trade practices which are embraced in Group I rules are
considered to be unfair methods of competition within the decisions of the
Federal Trade Commission and the courts, and appropriate proceedings
In the public interest will be taken by the Commission to prevent the use of
such unlawful practices in or directly affecting inter-state conunerce.
Explanation of Group II Rules
The trade practices embraced in Group Ii rules do not, per se, constitute
violations of law. They are considered by the industry either to be unethical, uneconomical or otherwise objectionable; or to be conducive to
sound business methods which the industry desires to encourage and promote. Such rules, when they conform to the above specifications and are
not violative of law, will be received by the Commission, but the observance of said rules must depend upon and be accomplished through the cooperation of the members of the industry concerned, exercised in accordance with existing law. Where, however, such practices are used in such
manner as to become unfair methods of competition in commerce or a violation of any law over which the Commission has jurisdiction, appropriate proceedings will be instituted by the Commission as in the case of
violation of Group I rules.

Number of Processing Tax Suits Mounts to 500-17
Chicago Packers Seek Injunction Against Collection of AAA Levies—Cigarette Manufacturer
Withholds Payment—Memphis Court Rules AAA
Is Constitutional
The number of suits against the collection of Agricultural
Adjustment Administration processing taxes continued to
increase rapidly this week, with estimates from Washington
placing the total now on file at around 500. On July 29,
17 Chicago packing companies, including the Swift and
Armour concerns, began suit in the Federal District Court

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at Chicago, attacking the validity of the processing tax on
pork levied under the AAA, and seeking to enjoin the collection of several million dollars in such taxes which they
now owe to the Government. •
Our most recent reference to the processing tax suits was
contained in the "Chronicle" of July 27, page 531. The suits
filed in Chicago on July 29 were the first to be brought by
Chicago packers, and were precipitated by the refusal of
the Internal Revenue Office to grant further extensions on
the payments. The main features of the packers' suits were
listed as follows in a Chicago dispatch of July 29 to the
New York "Times":
Separate bills were filed by Armour & Co., Swift & Co., Oscar Mayer & Co.
and H. Brennan & Co. Eleven other smaller companies joined in these
three suits. A separate bill was filed by two other firms.
The Swift & Co. bill, filed by Henry Vedder, sets forth that the assessing
and collection of the tax is unconstitutional on the grounds that the processing and manufacture of the commodities subject to the tax is purely intraState business.
The company asserted that it had paid a total of $35,272,677 in processing
taxes, and $938,470 in floor taxes. This is an average of more than
$2,000,000 a month since the tax went into effect in November 1933.
The bill calls attention to the numerous injunctions issued against collection of the taxes in other parts of the country. Because competitors have
won relief from the tax, Swift & Co. have been put at a competitive disadvantage, the bill asserted.
The company further set forth that the AAA amendments now pending
before Congress prohibit the filing of suits against the Government under
the Act, and alleges that due to price fluctuations and differences in time
of marketing of different cuts of pork it is difficult to figure the amount
of the tax on the various cuts.
Seven Points Raised
The following are the points on which the constitutionality of the Act is
attacked:
1. Regulation of production of hogs, corn. cotton and other
subject
to the Agricultural Adjustment Act Is in contravention of thecommodities
rights reserved to
the States.
2. Processing taxes were not imposed to pay the debts or to provide for the
general welfare of the united States,
the common defense, but were imposed
or
for the benefit of a particular class, thefor
producers.
3. The Act violates the Fifth
to the Constitution. since the processing taxes constitute the taking Amendment
of the property of one class for a private purpose,
to wit, the payment of gratuities or
another class.
bounties
to
4. That the Processing taxes are taxes in name
only and that they constitute
merely an exaction by the Government for
purpose of raising prices for farm
the
products and farm income, and not for the purpose of raising revenue for the Government.
5. That the Act delegates legislative power to the Secretary of Agriculture without
fixing clear and adequate standards.
6. That the delegation of power to the Secretary of Agriculture to pay out of the
proceeds of the taxes without appropriation by Congress violates the Fifth Amendment to the Constitution because
no basis of fact or specific findings are required
to be found by the Secretary to impose
the tax and no judicial leview is provided.
7. That the taxes cannot be levied under
the Constitution
to Congress
the right to regulate commerce because the production of the giving
commodities Is not
Inter-State business.
Armour Has Paid $39,965,359
The Armour bill sets forth the same complaints. The company asserts
that it has already paid over to the Government $39,965,359 in taxes and
owes an additional $3,330,924.

It was also revealed on July 29 that the P. Lorillard Co.,
one of the largest cigarette manufacturers in the country,
had obtained injunctions from Federal courts in Virginia
and New Jersey restraining the Government from attempting to collect the AAA processing tax on tobacco.
H. G. Lucas, President of the Texas Agricultural Association, announced on July 29 that farmers would launch a
counter-attack on manufacturers who are opposing the
processing taxes, and that on Aug.2 a meeting held in Brownwood, Tex., would plan a campaign to break down tariff
barriers which protect American manufacturers from cheap
competition abroad. His remarks were noted as follows in
Washington United Press advices of July 29:
"If we sell in an open market we want to buy in one," Mr. Lucas said.
He described the many suits by manufacturers to recover processing taxes
as an attempt to defeat the first plan ever devised by the Government for
the benefit of agriculture.
"We have been paying the protective tariff for years," Mr. Lucas
said,
adding farmers now intend to try to abolish the tariff, because of the
fight
against AAA.
Farmers from six States—Texas, Louisiana, Oklahoma, Iowa, Alabama
and
Mississippi—have joined in the counter-attack against the manufacturers,
Mr. Lucas said.

District Federal Judge John D. Martin, of Memphis, Tenn.,
on July 27 upheld the validity, of the AAA and ruled that
processing taxes are legal under the welfare clause of the
Constitution. Associated Press advices of July 28 from
Memphis summarized his opinion as follows:
The judge, in his oral decision late last night, took cognizance that "certain District Judges have pronounced the Act unconstitutional, and the
United States Court for the First District, in a two-to-one decision, has so
held," but that his court feels free despite such decisions "to pronounce
Independent views."
He held Congress has fixed the products to be taxed under the Act, set
up a scale of prices, and, therefore, did not delegate taxing authority to
the Secretary of Agriculture; that it was a tax and not a revenue measure.
Judge Martin's decision dismissed a suit brought by Jacob G. Lacroix,
Memphis packer, to recover $6,863 paid in processing taxes. The
ease is
to be appealed.
"No more serious problem existed," the judge said, "that the predicament of the farmer, and so the Agricultural Adjustment Act was born. It
remained unchallenged, so far as its constitutionality was concerned, for
many months until improvement in the agricultural situation was mited."
He said it was his opinion that "if any legislation has ever been necessary for the United States and its farmers it was the AAA."
"The general welfare clause of the Constitution," he asserted, "gives
legality to such a (processing) tax.
most serious question is whether
the Act is delegating a taxing power toT1e
t Secretary of Agriculture.
"Congress has set out products to be taxed and fixed the basis for such
taxation rate. It is only left to the Secretary of Agriculture to follow the
scale."




689

He said it was not the intention of the Constitution makers "to musclebind the country with extraneous phrases."
The packing company contended the processing tax on packers was not
a tax but a revenue measure.
"The money is paid into the United States Treasury," Judge Martin said
in reference to this question, "and no matter for what use it is earmarked,
that alone makes it a tax."

Conferees on AAA Bill Agree to Elimination of PriceFixing and Right to Sue for Recovery of Processing
Taxes
Senate and House conferees discussing the bill to amend
the Agricultural Adjustment Act on Aug. 1 tentatively approved a Senate provision maintaining the right to sue the
Government, under special conditions, for the recovery of
ocessing taxes actually paid to the Treasury. On the
preceding day (July 31) it was tentatively agreed to accept
the Senate amendments which would remove the right of
the Secretary of Agriculture to fix prices on products other
than milk under the broad powers proposed to be granted
him.
Our most reference to the status of the AAA bill was contained in the "Chronicle" of July 27, page 522. A Washington dispatch of July 31 to the New York "Journal of Commerce" described deliberations of the conferees as follows:
The conferees are unable to reach definite conclusion at this time on
compromises proposed to be offered for the differences between the two
houses on the measure because of the absence from the city of Chairman
Smith of the Senate Agricultural Committee. By holding informal meetings,
however, they hope to speed up their deliberations and make it possible
for the bill to be reported back at an early date.
It was also learned that tentative agreements have been reached to accept
the Senate amendments to the bill with respect to barley and rye. As
passed by ,the Senate the bill imposes a processing tax of 30c. per bushel
on rye effective Aug. 15 next and a processing tax of 25e. per bushel on
barley, the latter to become effective when proclaimed by the Secretary of
Agriculture.
Only those subjects which were uncontroversial are being considered at
this time and those which are expected to lead to disputes are being put
over until Chairman Smith returns to the city.
Among the amendments passed over are: The Warren potato control
program; the export subsidy plan; provisions allowing suits for recovery of
taxes, and the requirement that processing taxes be changed when prices
exceed or near parity.

Processing Tax Collections Totaled $866,694,982 to
May 31, AAA Announces
The Agricultural Adjustment Administration reported,
July 26, that cumulative gross receipts of processing and
related taxes from date of imposition through May 31 1935
had reached a total of $866,694,982.40. It said:
The processing taxes have been collected on the first domestic processing
of eight agricultural commodities designated by the Adjustment Act as
basic, and compensatory taxes have been collected on paper and jute products which compete with cotton. The related taxes include the ginning
tax on excess cotton under the Bankhead Cotton Control Act, and tobacco
producers' sales tax collected on excess tobacco under the Kerr-Smith
Tobacco Act:

The AAA lists collections, by commodities, as follows:
Wheat
Cotton
Paper and jute
Tobacco
Field corn
Hogs
Sugar

$234,019,262.98
236,624,912.90
12,310,764.27
48,469,115.09
10,860,650.51
254,315,586.89
61,500,501.14

Peanuts
$3,367,490.21
Rice
17,719.80'
Cotton ginning tax
947,212.15
Tobacco producers' sales
tax
3.229,243.25.
Unclassified
1,032,523.21

New Sugarcane Production Adjustment Contract to be
Offered by AAA to Louisiana Growers for 1936
Crop Year
Announcement was made on July 31 by the Agricultural
Adjustment Administration that a new Louisiana sugarcane
production adjustment contract will be offered to Louisiana
sugarcane producers for the 1936 crop year, instead of extending the existing contract in its present form. The announcement further said:
The new contract is now being drafted by the Adjustment Administration
sugar section and is expected to be offered to producers in the near future.
It will contain changes which appear desirable in light of the experience with
the 1934-35 contract. It will provide for the adjustment of production
within the limits of approximately 221,000 short tons of sugar, raw value.
This will call for production allotments to co-operating producers substantially the same as those In the 1935 contract.
The present contract, under which participating producers receive benefit
payments on their 1934 and 1935 crops, makes extension of the contract to
the 1936 crop optional with the Government.

Farmers Would Cut Wheat Acreage 16% Next Year
Under New AAA Four-Year Contracts—In Event
Supreme Court Invalidates Act Government Will
Pay Farmers Up to Date of Decision
The Agricultural Adjustment Administration announced
on July 31 that a 15% reduction in wheat acreage in 1936
would be required of farmers who signed adjustment contracts. Chester C. Davis, AAA Administrator, also told
farmers that if the Supreme Court should invalidate the
AAA program the Government would pay them for their
"compliance" up to the date of the Court's decision. In
announcing the details of the new four-year wheat contracts
Mr. Davis said that the new contract will cover the years
1936-39 inclusive, and will be subject to termination at
the end of any marketing year by the Secretary of Agriculture, and any grower will receive an option of withdrawal
at the end of the first two-year period. Further details of

690

Financial Chronicle

the announcement follow, as contained in Associated Press
Washington advices of July 31:
Mr. Davis urged farmers to sign as soon as the contracts were completed. He called attention to the pending AAA amendments which,
he said, should make certain the constitutionality of the farm program.
In case of invalidation by the high court, the Administrator declared.
"the Government would have both a moral and a legal obllgation to compensate farmers fully for performance up to date of such a decision."
"The Government, in fairness and honesty, would pay, and legally
would be bound to pay In full for their compliance up to that time, but
not beyond that time," he added.
The AAA, officials said, would seek to put 50,000,000 to 53,000,000
were
acres of wheat land under contract. In 1933 about 51,000,000 acres
for
placed under contract, and a 15% acreage reduction was required
required.
1934. The contract covered 1935, when a 10% reduction was
Under the new contracts, farmers cannot plant more than 85% of the
base acreage (1930-32 average), nor less than 54% of the base acreage
a maxifor 1936. The contracts will provide for acreage adjustment to
mum of 25% in subsequent years.
to use
It is expected that the contracts also will provide specific plans
crops.
the contracted land for soil-improving and erosion-preventing
crops.
tree
or
grass
to
while some acres may be returned permanently
signed
Two principal differences between the new contract and that
in 1933 were reported as follows:
actual
on
based
A more specific provision for adjustment payments
average farm prices of wheat during the marketing year.
of 20.
Maximum reduction from the total base acreage of 25% instead

Aug. 3 1935

the total issued since the start of the program to 259,234
loans amounting to $103,951,917.
The mortgage program was also active, it was stated,
there being 1,774 mortgages reported with appraisal fees
paid for a total of $6,826,290 during the week. This brought
the total to 27,726 mortgages for a total of $110,347,878.

HOLC Chairman Predicts Thousands of Foreclosure
Proceedings Within Next Few Years—John H.
Fahey Says Government Will Not Harass Borrowers Nor Ask Them to Do Impossible
The Home Owners Loan Corporation will have to acquire
thousands of homes through foreclosure proceedings in the
next year or two, John H. Fahey, Chairman of the HOLC,
declared in a statement on July 27. He added that borrowers
would not be harassed nor asked to do impossible things, but
pointed out that the law requires the HOLC to collect the
money due from borrowers who are able to pay. Mr. Fahey
said that the Corporation now holds mortgages on more urban
homes than there are owner-occupied houses in New York,
Chicago and Philadelphia, but remarked that foreclosure
proceedings have been taken against only one of 1,100 borHis report, in part, is given below, as contained
Providing
rowers.
Order
PWA
in
Change
Seek
Executives
Steel
dispatch of July 27 to the New York
nt
Washington
a
in
Governme
on
Materials
for Use of Foreign
:
Financed Projects When They are 15% Cheaper "Times"
"Acquisition of properties by the corporation cannot be prevented in
Than Domestic
spite of the convenient terms on which these loans are made and the corExecutives of steel companies were reported to be hopeful poration's purpose to give worthy borrowers who are in temporary trouble
said. "Those borrowers will not be unduly
this week of obtaining a cancellation of a Public Works every possible assistance,"theheimpossible,
but, under the law, the corporation
do
to
asked
nor
harassed,
an
that
Administration order of May 25, which provided
must collect the money due from borrowers who are able to pay.
contracts for as much as $10,000 borrowers from the Govern"The vast majority of borrowers are making their payments regularly
but the very fact that the corporation
ment should use foreign materials provided they are 15% and are in no danger of foreclosure,
has become the largest real estate lending organization in the world means
cheaper than domestic. Officials of the American Iron and that
of than any other single mortdispose
it will have more properties to
Steel Institute recently appeared in Washington to protest gage lending institution. The corporation now holds mortgages on more
it will have over 1,000,000."
the ruling on the ground that in efforts to promote employ- than 885,000 urban homes. Soon
He said that in cases of "genuine distress" the HOLC had permitted
ment through PWA funds, employment in the steel industry borrowers
to postpone at least part of their payments, and that foreclosures
would actually be hampered when foreign steel was used.
had occurred "only in instances of abandonment, willful delinquency, legal
Despite the Institute protests, President Roosevelt at a complications or death of the borrower."
"The corporation has taken foreclosure proceedings against some 800
press conference on July 26 indicated his belief that the properties,
representing, after all, only one out of every 1,100 HOLC borwere
products
other
and
steel
of
behalf
protective tariffs in
rowers," he went on. "This is insignificant contrasted with the 20,000 urban
institutions in the first five months
high enough to offset cheap foreign competition, especially home foreclosures by private lendingcover
only one-third of the country's
of 1935, according to reports that
were
His
remarks
.
differential
15%
added
the
of
view•
in
population.
26
July
of
dispatch
n
Washingto
a
summarized as follows in
"The corporation does not propose to dump hastily on the market the
homes which it is obliged to take over.
to the New York "Times":
represents
Mr. Roosevelt devoted almost five minutes to defending the 15% difrule and
ferential. But he conceded that there are exceptions to the
the only
revealed that a contract for airplane cloth had been awarded to
American firm manufacturing this product despite a Japanese bid 50%
American firm on the
under the American one. The contract went to the
defense.
ground that airplane cloth is an essential material for national
are protected
commodities
similar
many
He pointed out that steel and
n came
by high tariffs, which were written before the present administratio
to overcome
into being and which have been considered sufficiently large
competition
in
costs
g
the handicap of foreign wage levels and manufacturin
encountered by American producers.
bidders when
American
to
contracts
awarding
of
The general practice
than 15%, he added, gives
foreign bidders do not undercut them by more
protection.
American bidders, in effect, an additional 15% tariff

Power Division Created Within PWA by Administrator
Harold L. Ickes
For the purpose of giving special and expeditious attention
to applications for publicly owned power plants, Public
Works Administrator Harold L. Ickes this week created a
Power Division within the PWA.The Administrator's order
setting up the new division stated that preference shall be
given in all PWA State offices to the study of power projects.
Dr. Clark Foreman of Atlanta, Ga., has been appointed
Director of the Power Division,and it is stated that personnel
will be transferred from other divisions of PWA. No
additional employees will be necessary.
An announcement in the matter also said:
Administrator Ickes stated that the Power Division will have jurisdiction
over all power projects from the time they are received In the PWA State
Director's offices until they are finally approved or disapproved. Examination of power projects will continue to be made by legal, finance and
engineering examiners in the field, but in event it appears impossible for
State offices to complete these studies in a reasonable length of time the
State Directors.
applications are to be forwarded direct to Washington by theSecretary
of the
Dr. Foreman has recently been Special Counsel to the
Interior.
•

$4,000,000 of Modernization Loans Advanced by FHA
During Week of July 20—Loans Are Now in Excess
of $100,000,000
A record week of over $4,000,000 in loans carried the
Federal Housing Administration modernization credit
volume well over the $100,000,000 mark the week ending
July 20, it was announced July 22. Loans reported during
the week numbered 12,690 for a total of $4,305,156, bringing




"The $2,700,000,000 of loans already made by the corporation
over one-seventh of the estimated urban home loan debt in the United States.
Some $3,000,000,000 of bonds of the corporation will shortly be outstanding
for
as a contingent liability of the United States Government. If funds
payment of these bonds are not collected from the HOLO borrowers the
burden would be thrown upon the entire public, in the form of taxes."

Executive Order Extends Life of Old NLRB Until Sept. 1
President Roosevelt on July 31 issued an Executive Order
extending the life of the old National Labor Relations Board
until Sept. 1. This action was interpreted as evidence that
the President may not designate for SOMP weeks the personnel of the new board provided for in the Wagner Labor
Disputes Act. In that connection, a Washington dispatch of
July 31 to the New York "Times" said:
It was regarded as likely that Edwin S. Smith, the sole remaining member of the NLRB, would be reappointed. A careful examination is being
made of the names already presented to the President and it is understood
that it has been decided to name a lawyer as chairman.
Among the names mentioned for the chief post were James Landis and
John J. Burns of the Securities and Exchange Commission. Other names
suggested for the vacancies are Carter Goodrich of Columbia University,
Otto M. Bever, assistant to the transportation coordinator; Jacob Billikopf of
the Philadelphia Regional Labor Board and Dr. Joseph Willits of the University of Pennsylvania.

Court Rules NR A Codes Are Still Binding on Signatories—Refuses Petition to Dissolve Coat and Suit
Code Authority
Signatories to a National Recovery Administration code
of fair competition are still bound by its terms, regardless of
the constitutionality of the original NRA. Supreme Court
Justice Aaron J. Levy of New York City ruled on July 24.
Justice Levy denied a motion for a dissolution of the Code
Authority of the coat and suit industry brought by Arthur
Bernstein, a clothing manufacturer, and other members of
the Merchants' Ladies Garment Association. The court's
ruling was summarized as follows in the New York "Herald
Tribune" of July 25:
In ruling on that part of the application which asked the return of any
contributions which the plaintiff has made to the authority either by way
of assessment or by fine, Justice Levy pointed out that "plaintiff made his
payments of assessments under the impression that the law was constitutional in all respects, and the least that may be said is that it is extremely
doubtful if he may recover a payment made under a mistake of law."

Volume 141

Financial Chronicle

Furthermore, the court ruled, as Mr. Bernstein and those in behalf of
whom he acted are members of the Merchants' Ladies' Garment Association, they are bound by the rule of that body, which adopted and "voluntarily acquiesced" in the code of fair competition of the code authority
regardless of the constitutionality of the NRA.
The coat and suit trade was the first industry to adopt a self-government
plan to carry on NRA fair trade practices and wage and hour provisions
after the NRA bad been declared unconstitutional. The voluntary provisions, however, are being administered by the National Coat and Suit
Recovery Board, which was set up by the industry to replace the code authority. The authority meanwhile is being gradually dissolved in an
orderly fashion, making it unnecessary, according to Mr. Alger, to appoint
a receiver.
In other industries where no attempt has been made to retain the beneficial provisions of the NRA, the courts have been granting applications
for the appointment of receivers and for injunction to prevent the authorities from continuing operation. Only last week Justice Edgar J. Lauer,
in Supreme Court, enjoined the Code Authority for the Solid Retail Fuel
Industry No. 4, covering the metropolitan district and Long Island, from
further operating and granted an application for a receiver for that code's
assets.

Investment Bankers Seek Organization to Replace
NRA Code—Committee Asks 3,200 Dealers to Support Project
The Investment Bankers Code Committee announced on
July 31 that it had submitted to more than 3,200 securities
dealers plans for a further effort looking toward the
preservation of principles and rules of the investment bankers' code, for the protection of the public "as well as the
maintenance of sound investment banking practices." The
committee said that sentiment in favor of retaining a code
predominated among investment bankers. The Securities
Exchange Commission and the National Recovery Administration were also said to favor continuance of a self-regulatory and self-disciplining organization among securities
dealers as an economical and effective co-operative measure
In enforcing fair dealing in securities transactions.
The committee, in an announcement of July 31, discussed
the steps taken to preserve the code principles as follows:
In a letter to all registered dealers the Investment Bankers Code Committee calls attention to the critical situation growing out of the recent
Supreme Court decision invalidating certain provisions of the National
Industrial Recovery Act. The committee now proposes to retain the
national and regional code committees, but with only a skeleton staff in
Washington. A study of the recent NIRA decision of the Supreme Court
and the anti-trust laws, the committee says, indicates doubt as to the
feasibility of re-establishing the code at the present time. The code
organization, the committee points out, should take up the problem ling be
prepared to co-operate with the Government as further legislation may
be developed sanctioning fair trade practice agreements.
Vital subjects affecting the securities business are said to be under consideration in Government circles, and the committee emphasizes the need
for maintaining an organization to present the viewpoint of the largest
possible membership of the investment banking industry. Subjects under
official consideration, it is stated, include such problems as additional
requirements for registration of dealers, registration of outstanding securities not dealt in on the exchanges, further forms for registration of new
securities, pegging and stabilizing securities in over-the-counter markets,
separation of dealer and broker functions, separating of underwriting and
distribution functions, additional regulation of over-the-counter transactions,
and dealing in when-issued securities. The committee suggests also that a
study of the code be made with a view to eliminating or modifying provisions which experience has proved unworkable.
The investment bankers code was widely hailed as a progressive step for
the plotection of the public. The document, which laid down numerous
rules for the information and safeguarding of investors, also provided a
unique system for registration of dealers as a means of self-regulation
of the industry.
Since expiration of the investment bankers code and the decision of the
Supreme Court, the Code Committee has continued its activities in a
voluntary capacity, together with the 17 regional code committees throughout the country. Over 100 men throughout the country have been serving
on these committees without compensation. Pending a vote by registered
dealers on the question of continuing efforts to preserve the code, the committee is maintaining a small office in Washington in charge of a secretary.

Number of Families on Federal Relief Decreased 6.6%
in June and Cost 9.8%—Decline Attributed to
Rise in Private Employment
The number of families in the United States on Federal
relief dropped 270,061 or 6.6% between May and June, Harry
L. Hopkins, Federal Emergency Relief Administrator, announced on July 26. He said that this sharp decline was
more than seasonal, and indicated that the number of needy
in the nation was being reduced by an increase in private
employment. The Government's work-relief program had
no influence on these figures, it was pointed out, since only
a few new Civilian Conservation Corps men had been recruited with work-relief funds up to the end of June. Total
Federal relief expenditures in June amounted to $169,840,125,
as compared with $189,323,700 in May, a decline of 9.8%.
Mr. Hopkins' report was summarized as follows in a
Washington dispatch of July 26 to the New York "Herald
Tribune":
In May there were 4,100,932 families on general relief. In June, according
to preliminary reports, the number fell to 3,830,871. These figures do not
include beneficiaries of special phases of relief such as transient relief, rural
rehabilitation, emergency education aid and college student aid, The figures
for relief expenditures do include these special programs, however.




691

The most marked declines were shown in the agricultural States. No
mmments were issued by Federal Emergency Relief Administration in making
public the figures, but it was evident that the increase in outdoor work, especially in the agricultural States, was an important factor. Another factor,
suggested unofficially, was careful combing of relief rolls in most States
to eliminate "chiselers."
Largest. Drop in South Dakota
The largest decline in number of families on relief was reported by South
Dakota, which had 53,614 families on relief in May and 37,779 in June, a
drop of 29.5%. Early this week all relief in South Dakota was suspended
as a result of complaints of farmers that they were unable to obtain help
for harvesting their crops.
Georgia reported a decline of 21%; Wyoming, 17.5%; Idaho, 16.3%, and
Texas, 16.3%. Declines in the industrial States were smaller; 3.6% In New
York; 5.5% in Pennsylvania; 2.2% in Ohio; 6.6% in Indiana; 3.1% in
Illinois; 4.6% in New Jersey, and 2.1% in Michigan. Florida, where the
Winter season was well past, reported an increase of 1.9%, and Washington,
which has felt the effects of the lumber strike, an increase of 0.8%.

Early End of New York Shipbuilding Corporation Strike
Forecast by Secretary of Labor Perkins—Communists Charged with Instigating Walkout
An early settlement of the 11-week strike at the plant of
the New York Shipbuilding Corporation was forecast on
Aug. 1 by Secretary of Labor Perkins after a White House
conference with President Roosevelt. Navy Department
officials were also reported to be seeking methods to end the
walkout, since work on three cruisers and four destroyers,
costing more than $50,000,000 has been held up since May
13. The shipyard workers struck for higher wages. President Roosevelt after his press conference on July 31 said
that the Navy Department had taken up the strike situation
with the company on July 29, while Secretary of the Navy
Swanson told reporters the Department had written the
company "a dozen letters insisting that they proceed with
construction."
Our most recent reference to the strike was contained in
thr "Chronicle" of July 27, pages 533 and 534. On July
29 John F. Metten, President of the company, fold a subcommittee of the House Labor Committee that Communism
was behind the walkout. His remarks were reported in part
as follows in Associated Press Washington advices of July 29:
The union which terminated its contract with the company and called
this strike is dominated by a small radical element anxious to defeat the
purposes of our national defense program and keep this shipyard tied up
as long as possible.
In making this statement I want to emphasize that there are a great
many loyal citizens who belong to the Industrial Union of Marine and Shipbuilding Workers of America, which called this strike, and no doubt other
Royal Americans who are assisting in the direction of this strike, but there
is sufficient evidence. I believe, to warrant the assertion that the strike
has been tormented for the purpose of advancing Communism and that
it is being prolonged by many of the insidious tricks of the Communist
doctrine.

J. L. O'Neill Resigns as Acting Head of NRA, Effective
July 31—Returns to Banking Business in New
York City
President Roosevelt on July 26 accepted the resignation
of James L. O'Neill, New York banker who was appointed
Acting National Recovery Administration Administrator on
June 16 to succeed Donald R. Richberg. Mr. O'Neill, who
is returning to private business, resigned effective July 31.
Mr. O'Neill declined to comment regarding the probable
future of the NRA, but other officials were said to believe
that the organization would be merged with the Federal
Trade Commission through legislation at the next session
of Congress. Associated Press advices from Washington
July 26 commented on Mr. O'Neill's resignation as follows:
"Anybody who expects to see new legislation setting up a separate
agency to replace NRA is foolish," one official said. "I think we will see
most of the practical functions of NRA and many of its employees transferred to the trade commission, which should have one or two additional
members."
When Mr. O'Neill came to Washington it was on a leave of absence of
three months. This later was extended to six months. Then, Mr. O'Neill
added, when Donald It. Richberg decided to resign as head of NRA he
asked that Mr. O'Neill's leave be extended.
"I called New York the other day and asked whether it was for 60 or
90 days that they had granted the last leave." Mr. O'Neill said.
"'Well,'they told me,'Richberg asked for either 60 or 90 days and, being
conservative!, we granted 60 days.'
"So, I'm going back to New York at the end of this month."

Clothing Manufacturers Sign NRA Hours and Wage
Agreement with Workers' Union—Pact Effective
Until June 1937, Retains Code Provisions
Approximately 125,000 garment workers in the United
States are expected to be affected by a collective agreement
embodying National Recovery Administration wages and
working hours which was signed on July 29 by the Amalgamated Clothing Workers of America and the New York
Clothing Manufacturers Exchange. The agreement, sue-

692

Financial Chronicle

Aug. 3 1935

ceeding the pact that expired July 1, will be effective until
June 30 1937. It directly applies to more than 30,000 employees in the New York market, but Sidney Hillman, President of the union, said on July 29 that at least 80% of the
industry in all parts of the country would benefit. Provisions of the agreement were summarized as follows in the
New York "Times" of July 30:

In 1890 he went into politics and was elected a member of the Massachusetts House of Representatives from the Springfield district. He soon.
became Chairman of the judiciary committee and he began to think hopefully of realizing his ambition to become a judge. Two years later bewent from the Massachusetts House to the House of Representatives in
Washington. It was the beginning of one of the longest consecutive
Political careers in the history of the country. It continued without interruption for thirty-eight years.

Incorporated in the agreement is a child labor clause and the NRA
work-week schedule of hours. The new contract stipulates that no person under 16 years of age shall be employed in the industry. The contract
eml-odies a provision for the 36-hour week, with the additional provision
that no day shall exceed eight hours.
Additional provisions of the agreement are that slack season work will
be equally distributed among all employees and that any manufacturer
moving from the metropolitan area shall continue to be bound by the
agreement.
The unemployment insurance fund embodied in the old agreement is
continued, obliging the employers to pay a total of 134% of their payroll
Into the fund. It is provided, however, that if any Federal. State or
municipal fund should be set up during the life of the agreement the manufacturers shall be granted an equalizing adjustment.
Farming out of work to employees to be done at home is forbidden.

He succeeded Uncle Joe Cannon as dean of the House and followed
Champ Clark as Speaker. The election itself was marked by fireworkswith the party split between Nicholas Longw orth and Gillett. The Progressives were holding out on the Massachusetts Congressman, but when
the vote was actually taken the tide suddenly turned and Mr. Gillett was
successful virtually hands down.
He continued in the House until 1925. He diverged slightly from his
traditional philosophy by coming out strongly for the world court. In
May 1924. he announced his forthcoming retirement from the Speakership
and simultaneously his candidacy for the senatorial nomination from the
Second Massachusetts district, which had been returning him with historic
consistency to the House. He was 73 years old at the time. In the fall
election, his constituents sent him to the Senate, and defeated David I.
Walsh, the opposing candidate, now a Senator.

Charles West Named Under-Secretary of Interior—
President Roosevelt's Liaison Man with Congress
Gets New Post
President Roosevelt on July 25 appointed Charles West to
the new post of Under-Secretary of the Interior, with a
salary of $10,000 annually. Mr. West, who is a former
member of Congress, had been acting as the President's
liaison man with Congress, and was active in the Administration's fight to preserve the "death-sentence" provision
of the utility holding company bill. A Washington dispatch of July 25 to the New York "Times" commented on
the appointment as follows:
The position was created by Congress some weeks ago by insertion of an
appropriation in the Interior Department bill of a salary allotment for an
Under-secretary. This was the second Under-Secretaryship created at
this session, the other being in the Agriculture Department, with Rexford
Guy Tugwell, one of the early members of the President's "brain trust,"
as the appointee.
Secretary Ickes was asked to-day at his press conference whether Mr.
West's activities for the holding companies "death sentence" had recommended the new Under-Secretary to him. He replied:
"Well, I didn't regard them as a detriment. I think he'll make a very
good man, and I'm very glad to have him."
Mr. West will do "general supervisory work" in the Interior Department
and not confine himself to any particular activities, he added.
Mr. Ickes refused to answer a question as to whether Mr. West's appointment had been suggested by him or by the President.

Mr. West's nomination was confirmed by the Senate on
July 30.
Death of Dr. Van Buren Thorne—Veteran Newspaper
Man Was 65
Dr. Van Buren Thorne, member of the editorial staff of
the New York "Times" for 30 years, died suddenly of heart
disease on Aug. 1. He was 65 years old.
After his graduation from the University of New Brunswick in 1892, he engaged in teaching and then entered the
New York University Medical College, from which he was
graduated in 1896. Dr. Thorne's journalistic career was
described as follows in the New York "World-Telegram" on
Aug. 2:
After practicing a year, he decided to leave medicine and take up journalism. He joined the staff of the "Evening Sun" in 1901, and when he
left that paper, four years later, he was editor.
He joined the staff of the New York "Times" in 1905. and after serving
two years as reporter became Assistant City Editor, and, eight years later,
City Editor. Later he was made and Assistant to the Managing Editor.
His early medical training returned to plague him in later years, for his
colleagues on the paper never failed to run to him with their ailments,
to get the benefit of his medical advice.
Among the important stories he covered was the assassination of Presdident McKinley at Buffalo, where, because he was a physician, he obtained
several exclusive stories on McKinley's condition for his paper.

Succeeded Clark as Speaker

Death of Michael C. Bouvier—Was Dean of New York
Stock Exchange Members
Michael C. Bouvier, oldest member of the New York
Stock Exchange in point of seniority for purchase of membership. died on July 29 at his summer home in Narragansett, R. I. He was 88 years old, and had been in poor health
for several months. The immediate cause of his death was
recorded as pneumonia. Mr. Bouvier had been a member
of the Stock Exchange since June 25 1869, and until a year
ago had been active on the floor, where he represented his
firm. M. C. Bouvier & Co. John V. Bouvier, 3rd, a grandnephew of Mr. Bouvier, was admitted to the firm on July 29.
The New York Stock Exchange on July 29 issued the following biography of Mr. Bouvier:
Born in Philadelphia April 8 1847, Mr. Bouvier attended Catholic
schools in Philadelphia, coming to New York as a young man to become
associated with his brother, John V., who was at that time a member of
the Stock Exchange. At the age of 22 Mr. Bouvier bought his own "seat"
on the Exchange and several years later formed the Stock Exchange firm
of Bouvier & Wallace. In 1898 the name of the firm was changed to M.C.
Bouvier & Co., with the admission of John V. Bouvier. Jr., to the partnership. Mr. John V. Bouvier, Jr., retired from the firm in 1918 and Russel
A. Voykendall and John G. Bishop, both of whom had been associated
with,the firm for many years, were admitted to partnership.
Mr. Bouvier restricted his business interests to his Stock Exchange firm
and refused numerous offers to join the directorates of some of the larger
corporations.

Fifth Annual Economic Conference for Engineers to Be
Held at Johnsonburg, N. J., Aug. 10 to 18
The fifth annual Economic Conference for Engineers will
be held at the Stevens Institute of Technology camp at
Johnsonburg, N. J., Aug. 10 to 18. Governor Harold G.
Hoffman of New Jersey made known on July 31 that he
will discuss the financial and taxation situation in New
Jersey before the conference on Aug. 13. The general theme
of the conference, which is expected to be attended by graduates of 20 or more engineering colleges, is "Taxation and the
Cost of Government."
Senator Franklin S. Edmunds, formerly Chairman of the
Pennsylvania Tax Commission, is scheduled to address the
conference on Federal tax policy. Dr. Charles A. Beard
and a spokesman for the United States Treasury Department
to be designated by Secretary Morgenthau will also speak
on the same subject.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Announcement was made Aug. 1 of the sale of a membership on the New York Stock Exchange for $114,000, a new
high for the year. Earlier in the day a transaction occurred
at $110,000, up $2,000 from the preceding sale of July 31.
The low price for a Stock Exchange seat this year was
$65,000, established April 3.

Death of F. H. Gillett, Former United States Senator
and Speaker of House of Representatives •
:M.
Isr Frederick H, Gillett. former United States Senator
former Speaker of-the -House of-Representatives died at
A Chicago Board of Trade membership was sold Aug. 1
Springfield. Mass., on July 31. He was 83 years old. He
$6,025 net, a decline of $25 from the previous transfer.
for
had been in poor health for several months. Mr. Gillett
retired as a Senator in 1931, and spent much of his time
The New York State Banking Department on July 23 gave
after that date in 'writing,
to Heidelbach, Ickelheimer & Co., New York, to
approval
The House of Representatives on July 31 halted its reduce its permanent capital from $3,000,000 to $2,000,000.
regular proceedings for 20 minutes, while members in short
addresses paid tribute to their former Speaker. Mr. GilFelix G. Langer assumed the presidency of the Trust Co.
lett's funeral was scheduled to be held yesterday afternoon of North America, New York, on July 31. He was formerly
(Aug. 2) at Springfield, Mass.
Vice-President of the company. At the same time, George
The former Senator was born in Massachusetts on Oct, 16 H. Rbinehart became Vice-President, moving up from his
1851. He served as a member of Congress for 38 years, position as Assistant Vice-President. Jacob Schapiro conA short account of his official career is given below, as con- tinues as Chairman of the Executive Committee.
tained in the New York "Sun" on July 31:




Volume 141

Financial Chronicle

The Roosevelt Savings Bank of Brooklyn, N. Y.,
celebrated its fortieth anniversary this week. During these
40
years the number of depositors has increased from
70 to
over 103,000, and the resources have gained from $48,0
00 to
$52,343,602.
The South Side National Bank of Butler, Pa., has
been
taken over by the Butler Savings & Trust Co. of
that city,
of which W. B. Purvis is President, we learn from Butle
r
advices, printed in "Money and Commerce"
of July 20. The
acquired bank, which was founded in 1920
by Frank E.
Troutman, its President. It was capitalized
at $100,000 and
bad deposits of $202,232, it is understood.

that the final dividend checks to depositors would
Thursday and Friday, on presentation of the receiver
's
Fifty per cent, has been paid and the final dividen
d
more, it has been stated. The total disbursed in the
be about $13,000.

693
be given out here
certificates.
will be around 7%
final dividend will

The City National Bank of Olney, Tex., capita
$60,000, was placed in voluntary liquidation on July lized at
institution was absorbed by the First National 25. The
Bank of
Olney.
The Los Angeles "Times" of July 19 reported
that depositors of the Wilshire National Bank of Los Angel
es, Calif.,
were receiving a final dividend, which would make
of 100% returned to them since the institution a total
closed
March 1 1933. We quote the paper further, in part:

We learn from Middletown, Pa., advices, on
July 20,
appearing in "Money and Commerce,"
that R. G. Goldsborough, heretofore Vice-Presiden of
t
the High Spire State
Bank, High Spire, Pa., has been electe
d President of the
institution to succeed the late Marti
n A. Cumbler, while
Institution to succeed the late Marti
n A. Cumbler, and that
Warren K. Harlacher has been appoi
nted Vice-President to
succeed Mr. Goldsborough.

The current dividend followed the approval by J. F.
T. O'Connor, Comptroller of the Currency, of the application of J. C. Scully,
receiver of the
bank, for a loan of $19,000 from the Reconstruction
Finance Corporation,
which, together with collections made by Mr. Scully,
enabled him to complete the full payment of depositors.
Deposits at the time of suspension were $205,652.
The Comptroller of
the Currency levied a 100% assessment on the stockho
lders. . . .

Regarding the affairs of the defunct
Union Trust Co. of
Cleveland, Ohio, the following
was contained in a dispatch
by the Associated Press from that city
on July 22:

Dividend checks covering 5% of deposits in the
closed First National
Bank of Beverly Hills have been sent by air mail
from Washington, J. F. T.
O'Connor, Comptroller of the Currency, was notified
yesterday (July 20).
William Prentiss Jr., receiver for the bank, will
start paying out the
dividend checks, which aggregate $170,000,
the first
dividend will bring the total payments to deposit of the week. This
ors of the bank to
close to 50%.

Oscar L. Cox, liquidator of
the Union Trust Co. for two years, asserted
to-day the time had come
for depositors of the bank to manage its
liquidation.
The Union Trust Co., one
of Cleveland's largest banks, did not reopen
after the banking holiday of 1933.
Mr. Cox's annual report, made public
to-day, showed a net profit of
$2,610,196 for the year ended June 15 1935.
The liquidator said that
since functions such as the assessment of double
liability have all been
carried through, he believed depositors should be
given the option of taking
over their own bank. This would require a
change in State laws.
"From now on," Mr.
Cox said, "liquidation is largely a matter of
business judgment. The
depositors are acquainted with the interests of the
bank and city. The bank,
if they took it over, would be in the position
of any other business, in the
hands of its owners and not the Government."
Bankers said it would be
impossible for the Union Trust to reopen as a
going concern. One main
reason was that a 35% dividend took out of the
bank what would have been
its deposits.

Repayment of $40,586, or
1214%, to depositors of the
West Side Trust & Savin
gs Bank of Chicago, Ill., was announced on July 26 by Edwa
rd J. Barrett, the State Auditor,
according to the Chicago "Trib
une" of the following day,
which added:
This is the first
distribution since the institution closed on Jan. 16
1932,
owing depositors $324,670.
Checks were mailed yesterday, funds being
obtained from a Reconst
ruction Finance Corporation loan. Receiver Willia
m
L. O'Connell said prior
creditors have been paid $47,926 and that $83,64
0
In old bills have been wiped
out.

Announcement was made on July 25 by
Edward J. Barrett,
State Auditor of Illino
is, that he had authorized a payment
of 5%, amounting to $33,61
2, to depositors of the Melrose
Park State Bank, Melro
se Park, Cook County, Ill. In reporting this, the Chicago
"News" of July 25 went on to say:
This is the
fourth payment to be made since
the bank closed, bringing
the total to 30%. In
addition to this amount, $103,908 has been
preferred creditors and
paid
$160,000 has been paid on bills payable.

We learn from the St.
Louis "Globe-Democrat" of July 22
that a third dividend was
being distributed on that day to
creditors of the closed
St. Louis National Bank, St. Louis,
Mo. The paper continued,
in part:

The total available for
distribution is $163,926.90, which is 15% of
the
total claims. The bank closed
Jan. 13 1933. Two previous dividends of
15% each have been paid.

Mark E. Eastin,
er for the past 33 years of the
Farmers State BankCashi
Cashier of the Bank of Sturgis, Ky., has been appointed
of Sturgis of that place, according to
an announcement on July
22 by Mayor C. H. Ellis, President and former Cashi
Mr. Eastin succeeds in er of the latter institution, whom
the cashiership. A dispatch from
Sturgis to the Louisv
ille "Courier Journal," in noting the
matter, added:
Mayor Ellis was forced
to resign as Cashier because of illness.
Eastin was succeeded at
Mr.
the Farmers Bank by Frank Steelman,
Evansville, Ind. .

In indicating that depositors of
the closed Citizens Bank
of Lake Wales, Fla., were to receiv
e a final dividend on
July 25 and July 26, advices from
that place to the Florida
"Times-Union," under date
of July 22, stated:
Charles Clements,
agent for Comptroller Lee, in the
liquidation of the
Citizens Bank of Lake Wales,
which closed in 1929, announced
here to-day




The following concerning the affairs of the defun
ct First
National Bank of Beverly Hills, Calif., appeared
in the Los
Angeles "Times" of July 21:

Effective July 5, the First National Bank
Calif., capitalized at $50,000, was placed in volun of Banning,
tary liquidation. The institution was taken over by the
Trust & Savings Bank of Riverside, Calif. Citizens National
On July 17 the United States National Bank
of Eugene,
Eugene, Ore., went into voluntary liquidation.
tion was absorbed by the United States Natio This institunal Bank of
Portland, Ore.
The annual report of the Standard
of South Africa,
Ltd. (head office London), covering Bank
the fiscal year ended
Mar. 31 1935, and presented to the propri
etors at their
122nd ordinary meeting on July 24, has
received. The statement shows net profit just recently been
(after payment of all expenses, provi s for the 12 months
doubtful debts and rebating currentding for all bad and
which when added to £162,580, repres bills) of £502,590,
credit of profit and loss brought forwa enting the balance to
rd from the preceding
fiscal year, made 1665,170 available for
distribution. Out
of this sum, the report tells us, an
interim dividend at
the rate of 10% per annum (subject
the half year ended Sept. 30 1934, callinto income tax) for
g for £125,000, was
paid, and £75,000 credited to bank
premises account, leaving a balance of £465,170. This amoun
mended be appropriatted as follows: t the directors recompension fund, £125,000 to pay a divid £125.000 to officers'
on 500,000 shares (being at the rate end of 5s. per share
of 10% per annum),
subject to income tax, making a
total
year at the rate of 10% per annum, distribution for the
bonus of 2s. per share (subject to and £50,000 to pay a
balance of £165,170 to be carried income tax), leaving a
year's profit and loss account. forward to the current
Standard Bank of South Africa, Total resources of the
Ltd., are shown in the
statement as £70,901,373, and its paidup capital as 12,500,000, with reserve fund of like amoun
t. The institution was
established in 1862.
THE CURB EXCHANGE
Dealings on the New York Curb Excha
considerable improvement this week. nge have shown
The volume of
business has not been particularly large
have recorded a modest increase from but the transactions
ties were in demand during the fore day to day. Specialpart of the week, but
these gradually gave way to the public
also have shown improvement, but utilities. Oil shares
interest manifested in the mining and there has been little
metal stocks. There
have been occasional periods of
irregu
taking which slowed up the trading larity due to profit
to some extent, but
most of the stocks were able to maint
ain a part of the
advances.
Specialties attracted a goodly amount
of buying during
the short session on Saturday. Publi
and there was some interest apparentc utilities were strong
shares and mining and metal issues in the alcohols. Oil
tivity and industrial stocks were genera displayed little acthe gains were Acme Wire, *4 pointlly irregular. Among
1N points to 21; United Gas pref., s to 21; Technicolor,
7g;
Jersey Central Power & Light (6) 1y8 points to 75/
pref., 2 points to 70;
Childs pref., 1 point to 204, and
Hira
m
Walker, 1 point to
27.
Trading on the Curb Exchange
showe
d further improvement on Monday, though the
buying centered around a

few popular shares in the specialties and public utilities
groups. The volume of sales was not particularly heavy,
the total turnover being approximately 221,000 shares.
The best gains were recorded by Georgia Power pref (5),
which advanced 4 points to 68; Cleveland Traction, which
gained 33% points to 17, and Ruberoid, which climbed
upward 2 points to 655%.
New high prices were recorded by the oil shares on Tuesday
as the curb market continued to move upward. Other
parts of the list failed to participate in the oil rally and
most of the active stocks moved within a comparatively
narrow channel. The volume of trading was somewhat
up
larger than on the previous day, the turnover movinghad
to approximately 232,000 shares. Specialties which and
been in good demand for several days turned quiet ons
mining and metal stocks in many cases showed recessi by
as the market closed. The best prices were registered
Aluminium, Ltd., pref., 234 points to 6834; Gulf Oil of
Pennsylvania, 3 points to 633%, and Chesebrough Manufacturing Co., 2 points to 138.
Public utilities assumed the leadership of the curb market
higher levels.
on Wednesday and moved briskly forward to
of the
Trading NNW in larger volume and the total transfers
turnover
day were in excess of 300,000 shares, the largest
& Electric
since the latter part of May. American Gasdeman
d and
and Electric Bond & Share were in heavy
and metal
advanced to new tops for the year. Mining
r of fracstocks were again quiet, but there were a numbe
specialties, the intional gains among the miscellaneous
dustrial stocks and a few of the oil issues.
during the
Curb market prices moved slightly higherprofit
taking
opening hour on Thursday, but a wave of of
the trading
developed as the day progressed and a number
red during the early
favorites lost part of the gains registe
not particularly
part of the week. The recessions were
a point.
heavy, the declines ranging from fractions to about
h the list but
There were a few advances scattered throug
The volume
these were small and not of special importance.
ng day, the total
of sales was lighter than on the precedi
shares.
transfers reaching approximately 275,00d0their
upward swing
Stocks on the Curb Exchange resume
ly small and
on Friday, and while the gains were general
to practically all
without special significance, they extended
approximately
parts of the list. The volume of trading dwas
American Gas &
307,000 shares. The best gains includeContin
ental Gas &
% points to 1073%;
Electric pref. (6), 13
c Bond & Share
Electric pref. (7),23% points to 733%; Electri
& Light pref.
pref. (5),3 points to 64; Jersey Central Power 1 point to
(6),3 points to 73; American Superpowertopref.,
2. As com303/
pref. (2),2 points
2034 and Schiff & Co.
were generally higher,
pared with Friday of last week, pricesagainst
% on Friday
175
Allied Mills closing last night at 19,
8, against 303/2;
a week ago, American Gas & Electric at 323/
4,against 11%; Associated
American Light & Traction at 113
%,
Corp. at 113
Gas & Electric A at %, against %; Atlas 143
%; Commonagainst 113%; Carrier Corp. at 153%, against idated Gas of
wealth Edison at 81, against 80%; Consol
Creole Petroleum at 17,
Baltimore at 833%, against 83;Share
at 113%, against 99/;
against 163%; Electric Bond &
73%; Ford of Canada A
Fairchild Aviation at 83%, against
at 61,against
at 27H,against 273%; Gulf Oil of Pennsylvania
4;International
at 583%, against 563
(new)
Oil
e
Humbl
%;
603
4; National Bellas Hess at
Petroleum at 3434, against 333
5;
73%, against 6%
4; Niagara Hudson Power atUnited
2, against 13
Shoe Maand
Peniiroad Corp. at 23%, against 2,
chinery at 823%, against 823%.
NEW YORK CURB EXCHANGE
°ALLY TRANSACTIONS AT THE

Week Ended
Aug. 2 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Salm at
New York Cum
Exchange

Socks
(Number
of
Shares) I Dome:tie

Bonds (Par Value)
Foreign
Foreign
Government Corporate

Total

134,850 $1,751,000
221,250 3,209,000
232,330 3,416.000
301,270 4.156,000
274.665 3,773 00
307,415 3,989,000

$11,000
45,000
35,000
19,000
35,000
41,000

$38,000 31,800,000
59,000 3,313,000
40,000 3,491,000
18,000 4,193,000
76,000 3,884,000
40,000 4,070,000

1,471,780 320,294,000

S186,000

$271,000 820,751.000

Wm* Ended Aug. 2
1935
1,471,780

1934
683,486

Stocks-No. of shares.
Bonds
$20,294,000 812,124,000
Domestic
679.000
186,000
Foreign government _ _
201,000
271,000
Foreign corporate
$20,751,000 $13,004,000
Total

Jan. Ito Aug. 2
1935

1934

30,517,863

42,844.302

$714,931,000
9,991.000
7,543,000

$647,661,000
23,722.000
18,977,000

$732,465,000

8690.360,000

R MARKETS
THE ENGLISH GOLD AND SILVE
circular of
weekly
We reprint the following from ,the
written under date of
London
of
Co.
&
gu
Monta
Samuel
July 17 1935:
GOLD
against notes amounted to £192,716,841
The Bank of England gold reserve
the previous
no change as compared with
on the 10th inst., showing
Wednesday.
hands at the
changed
£2,000,000 of bar gold
In the open market about
ts in prices have been narrow,
Movemen
week.
the
during
daily fixing
to increase slightly,
gold exchange parities has tended
but the premium over
Quotations during the week:




Aug. 3 1935

Financial Chronicle

694

Eittivalent Value
Per Fine
of Sterling -£
Ounce
12s. 0.95d.
140s. 8d.
July 11
12s. 0.69d.
lid.
140s.
July 12
12s. 0.69d.
140s. lid.
July 13
0.82d.
12s.
914d.
140s.
July 15
12s. 0.65d.
140s. 11 Yid.
July 16
12s. 0.56d.
Ad.
141s.
July 17
12s. 0.73d.
140s. 10.58d.
Average
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 8th inst. to mid-day on the 15th inst.:
Exports
Imports
£2,750
£2,045,596 Union of South Africa.. _.
British South Africa
10,500
487.734 British India
British India
4,100
e
Palestin
41,443
British Malaya
389,824
France
250,019
Australia
95,215
75,000 Netherlands
Canada
176,500
221,396 Switzerland
France
172,999
25,634 Venezuela
Netherlands
1.309
s
countrie
Other
5,636
and
Switzerl
30,429
Venezuela
27,743
Other countries
£853.197
£3,210,630
on the 13th inst., carries
The SS. "Mantua," which sailed from Bombay
consigned to London.
gold to the value of about £630,000
amounted to 889,026 fine ounces
vs The Transvaal gold output for June 1935
for May 1935 and 868,129 fine
as compared with 916,035 fine ounces
ounces for June 1934.
SILVER
the end of last week was not mainThe sharp recovery in prices seen at
y was again apparent during the week undo
tained and an easier tendenc
liquidations by the Indian Bazaars and
review. There have been further
speculators, and sales have been made on China account.
the first part of the week, the American
Although not in evidence during
lower levels, good support being given,
Government was a buyer at the
on to exert pressure.
without, however, any dispositi
to ease, but on the other hand, except for
Speculative resales have tended
much demand. The tone of the marbeen
not
American buying, there has
moment, but movements in the near future may
ket appears steadier at the
continue to be erratic.
Kingdom imports and exports of silver
The following were the United inst. to mid-day
on the 15th inst.:
8th
registered from mid-day on the
Exports
Imports
£22,470 United States of America- .C735,453
Aden and dependencies__
9,626
British India
191.149
g
Hongkon
13,100
27,386 Sweden
Netherlands
1,100
Norway
6.644
Belgium
880
14,935 France
France
21,149
5,000 New Zealand
Syria
1,214
4,102 Other countries
Egypt
349.609
Japan 3,763
Argentine Republic
8,654
s
countrie
Other
£782,522
£633,712
Quotations during the week:
IN NEW YORK
IN LONDON
(Per Ounce .999 Fine)
Bar Silver per Oz. Std.
Mos.'
2
Cash
69c.
July 10
31 5-16d. 3130.
July 11
69%c.
31 5-16d. July 11
3134d.
July 12
69c.
July 12
30)4d.
5-16d.
30
13
July
68c.
July 13
30 3-18d. 30%d.
July 15
68c.
July 15
30 3-16d. 30 5-16d. July
July 16
68c.
16
5-16d.
30
3-16d.
30
July 17
30.719d.
30.552d.
Average
New York recorded during the period
The highest rate of exchange on
inst. was $4.9634 and the lowest $4.95.
from the 11th inst. to the 17th
inst. consisted of about 278,000,000 dolStocks in Shanghai on the 13th
in bar silver as compared with 279,000,000
lars and 44,600,000 ounces
silver on the 6th inst.
bar
in
dollars and 44,680,000 ounces

COURSE OF BANK CLEARINGS
show an increase as
Bank clearings this week will again
inary figures compiled by
compared with a year ago. Pi•ehmfrom
the chief cities of the
us, based upon telegraphic advices
day.
country, indicate that for the week !ended to-day (Satur
cities of the United States
Aug. 3) bank exchanges for all
will be
from which it is possible to obtain weekly returns
onding week last year.
13.8% above those for the corresp
against
Our preliminary total stands at .$5,566,384,578,
$4,893,163,658 for the same week in 1934. At this center
Our
there is a gain for the week ended Friday of 15.7%.
comparative summary for the week follows:
Clearings-Returns by Telegraph.
week Ended Aug. 3
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Prancisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Twelve cities, 5 days
Other cities. 5 days
Total all cities. 5 days
8J1 cities, 1 day.
Tntal all cities for week

1935

1934

Per
Cent

$2,909,488,318
219,917,039
265,000,000
164,765,000
76.810,608
60,400,000
109,154,000
87,766,500
78,920,996
52,204,771
51,724,338
20,364.000

12,515,521.718
192,490,730
248,000,000
170,000,000
69,155,202
56.900,000
92,127,000
82,394,307
67,307,412
48,581,575
52,440,554
21,237,000

+15.7
+14.2
+6.9
-3.1
+12 7
+6.2
+18.5
+6.5
+17.3
-I-7.5
-1.4
-4.4

84,096,455,570
542,198.245

$3,615.155,498 +13.3
515.521.870 +5.2

$4,638,653,815
927,730,763

$4,130,677,368 +12.3
762,486.2o0 +21.7

35,566,384,578

$4.893.1R3.11514 -1-15.8

the week covered by the
Complete and exact details for of
next week. We cannot
issue
foregoing will appear in our much
as the work ends to-day
furnish them to-day in as
will not be available
(Saturday) and the Saturday figures
in the above the last day
until noon to-day. Accordingly,
to be estimated.
of the week in all cases has
nt, however, which we
In the elaborate detailed stateme
to give final and complete
present further below, we are able
week ended July 27.
results for the week previous-the
e of 16.4%, the aggregate
For that week there is an increas

Financial Chronicle

Volume 141

of clearings for the whole country being $5,389,453,800,
against $4,628,609,554 in the same week in 1934. Outside
of this city there is an increase of 11.8%, the bank clearings
at this center having recorded a gain of 19.3%. 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 19.3%, in the Boston Reserve District of
15.0%, and in the Philadelphia Reserve District of 0.3%.
In the Cleveland Reserve District there is an improvement
of 12.7%, in the Richmond Reserve District of 9.9%, and
in the Atlanta Reserve District of 10.1%. The Chicago
Reserve District has to its credit a gain of 13.6%, the St.
Louis Reserve District of 2.8%,and the Minneapolis Reserve
District of 16.4%. The Kansas City Reserve District
enjoys an expansion of 11.2%, the Dallas Reserve District
of 35.6%, and the San Francisco Reserve District of 21.6%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Incas
Dec.

1934

1935

1933

1935

229,185,673
3,507,7=810
301,999,320
220,536,821
100,776,583
99,490,876
367,732,238
102,757,535
85,468,840
125,589,694
43,680,650
204,512,760

199,377,444
2,939,717,361
301,229,450
195,693,932
91,716,505
90,402,751
323,811,193
99,926,651
73,412,609
112,920,500
32,221,165
168,125,993

Total
III cities
Outside N. Y. City

5,389,453,800
1,976,815,604

4,628,609,554 +16.4
1,768,212,973 +11.8

5,123.328280
1,705,075,748

3,969,545.793
1,517,005,754

-7.1

452,148,192

024,553,678

Canada

32 cities

275,610,613

296,695,770

198,195,358
2,533,379,791
252.553,081
183,981,437
89,353,278
62,755,193
269,843,704
68.209,586
56,681.756
88,443,791
29.288,457
136,850,363

We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended July 27

Clearings at
1935

1934

Inc. or
Dec.

$
$
%
First Federal Reserve Dist rict-Boston4aine-Bangor__
545,337
424,207 +28.6
Portland
1,632,137
1,670,975 -2.3
4a68.-Boston _ _ 199,834,884 175,000,000 +14.2
Fall River__ _ _
638,991
550,793 +16.0
Lowell
279,864
287.656 -2.7
New Bedford...
584,717
675,698 -13.5
Springfield._ _ 2,213,500
2,049,217 +8.0
Worcester
1,153,422
1.039,902 +10.9
3onn.-Hartford.
11,036,997
7,210,902 +53.1
New Haven
3,052,817
3,495,719 -12.7
t.I.-Providence
7,820,200
6,633,900 +17.9
0. H.-Manch'er
392,807
338,475 +16.1
Total (12 cities)

229,185,673 199,377,444
Second Feder al Reserve D istrict-New
0. Y.-Albany._
8,005,102
5,679,373
Binghamton._ _
1,228,045
707,141
Buffalo
26,600,000
26,086,304
Elmira
658,677
388,381
Jamestown_ _ _ _
438,199
415,435
New York.... 3,412.638.1962.860,396.581
Rochester
5.704,960
4,957,669
Syracuse
3,107,451
3,848,443
2onn.-Stamford
2,764,879
2,400,806
0. 1.-Montclair
•300,000
207,917
Newark
13.460,671
15,480.736
Northern N..2..
32.179,638
19,943,567

+15.0

1933
$

1932
$

388,023
1,761,352
198,000,000
496,682
242,827
516,788
2,575,900
1,104,327
9,765,797
3,803,924
6,633,100
410,839

355,177
1,608,713
172,607.725
483,961
262,819
464.870
2,481,199
1,563,382
8,584.032
3,365,832
6,038.900
378,748

225,704,759

198,195,358

York8,876,925
+41.0
4,481.038
705,648
763,458
+73.7
27.761,652
22,729,091
+1.6
574,958
502,269
+69.6
293,778
392,224
+5.0
+19.3 3,418,252,632 2,452,540,039
5,360,689
+15.2
4,903,800
2,801,925
3,024.499
+23.8
2,500,000
+15.2
2.092.648
285,184
+44.3
767,727
14.777,695
-13.0
16,058,890
24,239,882
+61.4
25,214.070

Total(12 cities) 3,507,722,810 2,939,771,361 +10.3 3,506,430,968 2,533,379,791
Third Federal Reserve Dist rict-Philad elphia9a.-Altoona___.
318,412
298.447
329,385
337,581 -5.7
Bethlehem_ _ _ _
b
a2,059,257
a264,000
b
Cheater
230,255
226,568 •(/.4
225,707
312,404
Lancaster
973.314
1,169,546 -19.1
946,256
1,120,102
Philadelphia... 291,000,000 289,000.000 +0.7 241.000,000 243,000,000
Reading
1,021,531
1,290,274
900,000 +43.4
1,637,431
Scranton
1,814,932
+9.9
1,984,440
1.805,502
1,966,765
Wilkes-Barre.. _
1,675,139
783,139
957,387 -18.2
1,407,496
York
1,095,933
1,201,092
971,498
939,866 +27.8
0.1.-Trenton....
2,111,000
4,250,000
5,893,000 -27.9
1,818,000
Total(9 cities).

+0.3

250,220,551

252,563,081

Fourth Feder al Reserve D Istrict-Clev eland)hio-Akron.
c
cc
Canton
c
cc
Cincinnati ......
42,215,933
39,332,080 +7.3
Cleveland
64.982,159
57,767,986 +12.5
Columbus
8,384.000
7,418.000 +13.0
Mansfield
1,119,709
1,120,991 --0.1
Youngstown
b
b
b
'a -Pittsburgh
103,835,020
90,054,875 +15.3

c
c
43,449.420
70.943,968
6,169,400
983,907
b
85,103,479

c
c
42,050,221
63.000.000
6.188,400
832,704
b
71,910,112

195,693.932 +12.7

206,650,174

183,981,437

Fifth Federal Reserve fist rict-Riches ondY. Va.-Hunron
128,0(0
150,242 -14.8
Ja.-Norfolk_-__
1,924,000
2,060,000 -6.6
Richmond __
29,465,846
26,456,144 +11.4
9. C.-Chariest'n
653,987 +10.0
724,593
Ad.-Baltimore_
53,245,932
49,037,103 +8.6
D. C.-Washlon
15.288,212
13,354,029 +14.5

98,466
2,528,000
22,873.119
564,629
38,029,351
9,748,235

272,973
2,109,000
21,174,334
554,727
50,752,495
14,489,747

+9.9

73,841,800

89,353,276

Sixth Federal Reserve Dist rict--Atlant arenn.-Knoxville
1,946,501 -27.6
1.408,409
Nashville
11,801,406
9,905,329 +19.1
3a.-Atlanta
35.400,000
32,600,000 +8.6
Augusta
894,638 -11.2
794,236
Macon
v650.000
583,463 +11.4
la.-Jacks'nville
12,859,000
10,445,000 +23.1
kla.-Birm'ham. 13,742,920
+7.1
12,830,705
Mobile
1.231,999
859,053 +43.4
11Lss.-Jackson...
b
b
• b
Vicksburg
75,553
74,465 +1.5
".o..-NewOrleans
21,527,353
20,263,597 +6.2

3,267,212
10,326,644
26,400,000
693,541
457,276
8,631,000
8.658.286
781,958
b
82,316
18,239,189

1,815,765
6,995,909
20,700,000
498.759
301,601
5.856.261
7,168,910
594,792
b
60,072
18,763,124

77,537,422

62,755,193

Total(5 cities).

Total(6 cities)_

Total (10 cities)

301,999,320

220,536,821

100.776,583

99,490,876




301,229,450

91,716,505

90,402,751

+10.1

1934

Inc. or
Dec.

•
Seventh Feder al Reserve D Istrict--C hi celloMich.-Adrian _
57,135
33,937 +68.4
Ann Arbor......
252,823
249,369 +1.4
Detroit
80,899,323
72,577,879 +11.5
Grand Rapids_
1,757,474
1,593,095 +10.3
1,123,186
716,497 +56.8
Lansing
Ind.-It. Wayne
656,907
532,737 +23.3
Indianapolis_
14,209,000
11,269,000 +26.1
South Bend_ _ _
724,011
683,842
+5.9
Terre Haute_ _
3,750,579
2,993,579 +25.3
Wls -Milwaukee
13,926,370
12,962,979
+7.4
Ia.-Cedar Rap's
764,721
525,308 +45.6
Des Moines_
6,340,682
4.989,622 +27.1
Sioux City-2,556,034
2,353,820 +8.6
Waterloo
287.935
Ill.-Bloom'gton_
456,980 -37.0
Chicago
235,993,558 208,021,050 +13.4
Decatur
553,604
556,718 -0.6
Peoria
2,380,677
1,878,523 +26.7
628,285
Rockford
512,154 +22.7
Springfield
869,934
904,104 -3.8

1933

1932

11,625
255,810
52,212,714
949,793
560,570
404,024
10,572,000
509,562
2,705,531
11,817,505
190,554
4,880,267
2,164,707

61,476
364,341
55,471,931
2,127,094
1,195,900
1,733,889
10,793,000
738,793
2,578,949
11,342,893
524,462
4.061,673
1,757,065

293,174
229,039,165
508,727
2,264,179
503,630
879,203

801,715
172,026,003
461,935
1.770,022
539,900
1,492,663

323,811.193 +13.6

320,722,740

269,843,704

Eighth Federa Reserve Dis trict-St.Lo uls-2nd -Evansville.
68,1,0,000
Mo.-St. Louis
67,900,000 +0.3
Ky.-Loulsvhle._
23,584,779
20,240,290 +16.5
Tenn.-Memphis
10,685,756
11,443.361 -6.6
Ill.-Jacksonville
387,000
Quincy
343,000 +12.8

61,200,000
17,519,756
9,524,081

47,200,000
14,486,307
6,152,707

367,732,238

1932

Federal Reserve Dist.
let Boston_ .._ _12 cities
2nd New York.12 "
3rd Philadelphia 9 "
4th Cleveland... 5 "
5th Richmond - 6 "
6th Atlanta_ ___10
7191 Chicago __.i9 "
8th St. Louis... 4 "
9th Minneapolis 7 "
10th Kansas City 10 "
ltb Dallas
5 "
12th San Fran 12 '•

=5,704,759
+15.0
+19.3 3,506,430.968
250,220,551
+0.3
206,650,174
+12.7
73,841,800
+9.9
77,537,422
+10.1
+13.6
3=722,740
88,540,837
+2.8
85,951,214
+16.4
100,114,539
+11.2
30,926,227
+35.6
156,687,14
+21.6

Week Ending June 27

Clearings al-

Total (19 cities)
Week End. July 27 1935

695

297,000

370.572

.+ 2.8

88,540,837

68,209,586

Ninth Federal Reserve Di. trict-M inn eapolis
2,420,370
Minn.-Duluth
1,944,618 +24.5
56,014,781
Minneapolis
48,789,692 +14.8
21,803,363
St. Paul
18,278,782 +19.3
N. D.-Fargo _
1,647,803
1,526,303 +8.0
653,912
S. D.-Aberdeen
415,448 +57.4
Mont.-Billings _
384,385
381,686 +0.7
Helena
2,544,228
2,076,080 +22.5

2,836,449
64,267,357
14,991,706
1,517,002
429,954
287,152
1,621,594

1,726,296
38,907,444
12.269.967
1,412,782
562,417
215,865
1,586,985

73,412,609 +16.4

85,951,214

56,681,756

Tenth Federal Reserve Dia trict-K a n s as City
Neb.-}remont..
79,388
79,507 -0.1
Hastings
143,894
32,733 +339.6
Lincoln
2,270,956
1,773,938 +28.0
Omaha
26.427,262
25,715,476
+2.8
2,242,986
Kan.-Topeka _
1,719,420 +30.4
Wichita
3,314,771
2,555,256 +29.7
Mo.-Kan. City..
87,374,477
76,948.407 +13.5
2,727,544
St. Joseph... _ _
3,161,340 -13.7
528,335
Col.-Col. Spr'gs
513,283 +2.9
480,081
Pueblo
421,140 +14.0

47,776
1,564,683
21,615,951
1,488,815
2,515,732
69.046,496
2,825,572
563,225
446,289

109,382
97.682
1,229,058
18,257,404
1,275,530
3,889,752
60,325,221
2,219,928
583,895
455,939

112,920,500 +11.2

100,114,539

88,443,791

Eleventh Fede rat Reserve District-Da IlasTexas-Austin _
1.287,794
417,799 +208.2
33,591,313
Dallas
24,221,900 +38.7
Ft. Worth_
5,360,385
4,924,774
+8.8
Galveston
1,442,000
1,000,000 +44.2
La.-Shreveport_
1,999,158
1,656,692 +20.7

539,520
22,803,927
4,794,796
1,296,000
1,491,984

440,002
21.550,595
4,326,782
1,583,000
1,388,078

30,926,227

29,288,457

Twelfth Feder al Reserve D strict-San Franci sco-Wash.-Seattle..
26,886,558
21,229,214 +26.6
19,675,676
Spokane
7,374,000
6,994,000 +5.4
4,260,000
Yakima
466,977
412,239 +13.3
253,250
Ore.-rortland _ _
23,415,274
18,525.197 +26.4
19,073,825
Utah-S. L. City
10,619,150
8,624,734 +23.1
8,100,094
Calif -Long Ira
3,323,172
2,683,595 +23.8
2,747,363
r asadena
2,538,033
2,046,467 +24.0
2,469,686
Sacramento _
6,024,328
3,154,415 +91.0
2,736,221
San Francisco.. 119,385,600 100,378,072 +18.9
94,305,211
San Jose
2,010,238
1,977,694
1,261,195
+1.6
Santa Barbara_
1,089,805
945,018 +15.3
801,274
Stockton
1,380,125
1,155,348 +19.5
1,003,354

18,878,451
4,336,000
306,340
13,831,408
7,074,318
2,396,336
2,015,831
4,067,303
81,079,463
1,220,399
744.785
899,729

Total(4 cities).

Total(7 cities)-

Total(10 cities)

Total(5 cities).

102,757,535

85,468,840

125,589.694

43,680.650

99,926.651

32,221,165 +35.6

Total(12 cities) 204,512,760 168,125,993 +21.6 158,687,149 136,850,363
Grand total (111
cities)
5 389,453,800 4,628,609,554 +16.4 5,123,328,380 3,969,545,793
Outside New York 1,976,815,604 1,768,212,973 + 11.8 1,705,075,748 1,517,005,754
Week Ended July 25
Clearings at
1935

1934

Inc. or
Dec.

1933

1932

CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William........
New Westminster
Medicine Hat
Peterborough......
Sherbrooke
Kitchener
Windsor
Prince Albert.,...
Moncton
Kingston
Chatham
Sarnia
Sudbury

$
95,311,314
77,239,163
34,630,018
13,926,448
17,116,493
3,543,420
2,115,122
3,784.429
4,271,196
1,635,348
1,457,904
2,171,646
3,707,574
3,293.751
277,012
392,922
1,223,959
426,437
717,473
488,342
554,639
221.512
565,252
532,745
823,891
2,068,198
329,525
773,332
457,879
331.314
485,248
737,107

98,515,233
78,033,333
66,371,963
14,891,525
3,561,800
3.504.422
1,986,017
3,400,949
4,725,455
1,645,010
1,339,671
2,231,712
3,142,795
2,604,931
294.103
323,498
1.111,972
348,028
623,274
607,538
580,148
166,264
563,336
499.683
841,398
1,851,589
246,686
761,899
483,522
340.612
369,598
697,603

--3.3
--1.0
--47.8
--6.5
A-380.6
A-1.1
A-6.5
A-11.3
A-9.6
-AD.5
A-8.8
--2.7
A-18.0
A-26.4
-5.8
+21.5
+10.1
+22.5
+15.1
-19.6
-4.4
+33.2
+0.3
+6.6
--2.1
+11.7
+33.5
+1.5
-5.3
-2.7
+31.3
+5.7

137,208,217
104,612,371
151,304,682
16,332,338
3,815,225
3,745,421
1,830,010
3,784,429
6.546,621
1,481,550
1,473,519
2.304,140
3,051,984
2,409,744
296,933
337,672
1,059,474
418,169
754,386
522,024
444,410
195,869
607,393
606,750
899,974
2.897,360
228,428
864,458
557,359
481,075
454,527
621,680

70.776,326
65,796,404
40,672,877
11,519.999
3,380,210
3,109,594
1,849,364
3,049,530
3,352,714
1,321,008
1,187,853
2,278,184
3,353,531
2,345,542
310,926
258,999
1.169.076
422,371
617,700
640,664
428,880
145,037
491,991
472.567
790,224
2,288,099
229.568
718,872
500,595
304,028
346,130
424,815

Total(32 cities)

275,610,613

296,665,770

-7.1

452,148,192

224,553,678

a Not included n totals. b No clearings available. c Clearing House not functioning at present. •Estimated.

Aug. 3 1935

Financial Chronicle

696

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:
Wed.,
Tues.,
Mon.,
Rat..
July 31
July 30
July 29
July 27
30 3-16d. 30 3-166. 30 3-16d.
Silver, per oz.. 30%d.
Gold, p.fine oz. 1408.53d. 1408.7d. 1408.5d. 140d.8s.
8514
85%
8514
Consols, 214% Holiday
British 314%10634
10634
10614
Holiday
W. L
British 4%11934
11934
11934
Holiday
1960-90

Fri.,
Thurs.,
Aug. 2
Aug. 1
30 3-16d. 30 3-166.
1408.9)4d. 1408.106.
8534
859-10
10614

10614

11934

11934

The price of silver per oz. (in cents) in the United States
on the same days has been:
Bar N.Y.(Foreign)
U. S. Treasury
U. B. Treasury
(newly mined)

6734
50.01

0734
50.01

6734
50.01

6734
50.01

6734
50.01

6734
50.01

77.57

77.57

77.57

77.57

77.57

77.57

CHANGES IN NATIONAL BANK NOTES
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:

June 30 1935___.
May 31 1935_
Apr. 30 1935....
Mar. 31 1935....
Feb. 28 1935....
Jan. 31 1935____
Dec. 31 1934._
Nov. 30 1934....
Oct. 31 1934....
Sept. 30 1934....
Aug. 31 1934....
July 31 1934....
June 30 1934____

National Bank Circulation Afloat on-

Amount Bonds
on Deposit to
Secure Ctrcula
ion for National
Bank Notes

Bonds

Legal
Tenders

$
141,945,660
283,529,310
330,642,140
478.777,490
657,937.080
877,472,540
684.354,350
890.752.650
696.720,650
700.112.950
707,112.680
718,150.910
736.948.670

$
220,605,430
244,006,952
271.360,682
430,477,157
653.340.478
671.167.407
678,808.723
686.236.828
692.796.653
694,482.833
702.209.638
713.013.985
729.973.968

8
548.4q0,215
550,975,223
553,161,838
418,780.298
214,371,617
205.204.723
209.127.752
212,667.960
214,595.435
223.506.135
226.778.812
228,770.240
224.720,785

Total
$
769.095,645
794,982.175
824,522,520
849,257,455
867.712,095
876.372,130
887.936.475
898,904.788
907.392,088
917.988.768
928.988.450
941,784,225
954,694,753

2,380,123 Federal Reserve bank notes outstanding July 1 1935, secured by
lawful money, against $2,432,763 on July 2 1934.

The following shJws the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes June 30 1935:
U. S. Bonds Held, June 30 1935
Bonds on Deposit
July 1 1935

On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes
Notes

$
28, 97.8. Consols of 1930
28, U.8. Panama of 1938
2s, U.S. Panama of 1938
3s, U.8. Treasury of 1951-1988
3348, U.8. Treasury of 1546-1949
334s, U. S. Treasury 01 194.1-1943
334it, U. S. Treasury of 1940-1943
3388, U. S. Treasury of 1943-1947
U. U. 8. Panama Canal of 1961
Re, U. 8, convertible of 1946-1947
3)(s, U.8. Treasury of 1933-1941
314e. U. S. Treasury of 1944-1946
38. U. S. Treasury of 1946-1948
8348, U. B. Treasury of 1943-1945
U. S. Treasury of 1949-1952
214s, U.S. Treasury of 1955-1980
'Totals

Total
Held

113,437,050
6.765,740
5.182,620
4,658,750
2,418,250
465,000
558,100
1,149,400

113,437,050
6,765,740
5,182,620
4,656,750
2,418,250
485.000
558,100
1,149,400

15.000
786,750
1,276,000
1,420,000
325,000
30,000
3.480,000

15,000
786,750
1,276,000
1,420,000
325,000
30.000
3,480,000

141,945,660

141,945,660

The following shows the amount of National bank notes
afloat and the amount of legal tender deposits June 1 1935
and July 1 1935 and their increase or decrease during the
month of June:
National Bank Notes-Total AfloatAmount afloat June 1 1935
Net decrease during June

$794,982.175
25,886,530

Amount of bank notes afloat July 1 1935
Legal Tender Notes1
Amount deposited to redeem National bank notes June
Net amount of bank notes redeemed in June

3550,975,223
2,485,008

3769,035,645

$548,490,215
Amount on deposit to redeem National bank notes July 1 1935-

NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
LIQUIDATIONS

VOLUNTARY
Amount
$100,000
Amarillo, Texas
July 22-The Amarillo National Bank, C. T. Ware, Amarillo,
Effective April 3 1935. Liq. Agent,
Amarillo,
Bank,"
National
Texas. Succeeded by "Amarillo
Texas. charter No. 14206.
50,000
Calif
July 22-The First National Bank of Banning.
$20,000
Capital stock consists of $30,000 common stock and
Committee,
Liq.
1935.
5
preferred stock. Effective July
Dill, Banning,
J M. Westerfield. D. A. Innes, and H. W.
Savings
dalif. Absorbed by "The Citizens National Trust &
8907.
No.
Bank of Riverside." Calif., charter
25,000
Ill
Worden.
of
Bank
National
First
July,22-The
Meyer, Worden,
Effective July 18 1935. Liq. Agent, W. E. other banking
any
by
succeeded
or
absorbed
Not
Ill.
association.
of Eugene, Eugene, Ore_150,000
July 23-The United States Nat. Bank
and $100,000Capital stock consists of $50,000 common stock
Agent, H. L.
preferred stock. Effective July 17 1935. Liq.United States
Edmunds, Eugene, Ore. Absorbed by the 4514.
No.
charter
Ore.,
Portland,
National Bank of




$60,000
July 26-The City National Bank of Olney. Texas
Effective July 25 1935. Liq. Agent, Joe C. Benson, Olney.
of
Bank
Olney."
Texas. Absorbed by "The First National
Texas. charter No. 8982.

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

25c
Acme Wire of New Haven
$3
Alabama & Vicksburg Ry. Co.(semi-ann.)
25c
Allegheny Steel
1134
Preferred (quar.)
25c
American Arch Co. (quarterly)
75c
American Chicle (quarterly)
American Elec. Securities Corp.,part. pref.(qu.) 714c
7.34c
A coin_
American & General Securities Corp.,
75c
13 cum. pref
$1).i
American Tobacco Co., corn. & com.B
Anglo-Canadian Telephone, class A (initial)._ 1214c
10c
Class B (initial)
8714c
7% preferred (initial)
Anglo-Iranian Oil Co., Ltd., Amer. dep. rec.
47c
for ord. reg
$1 h•
Appleton, 7% preferred (guar-)
e400%
:ent
Associates Invest:
75c
Badger Paper Mills,6% pref.(quar.)
$1
Baldwin Rubber, preferred A
50
Bandini Petroleum (monthly)
$1
Belden Mtg. Co. (quarterly)
h50c
Blue Ribbon Corp.. 614% preferred
40c
Borden Co., common (quar.)
25c
Brach (E. J.) & Son (quar.)
60c
Co
Light
Gas
Bridgeport
UM
Brown Shoe, 7% preferred (quar.)
8134
Buckeye Steel Castings,6% pref. (quar.)
$114
63.6% pref. (quar.)
1230
Buck Hill Falls (quar.)
/41
Calaveras Cement. 7% preferred
r1234c
Canadian Oil Cos., Ltd. (quarterly)
214
Carolina Telep. & Teieg. (quar.)
1
Champlain Oil Products, pref. (quar.)
Chemical Paper Mfg., 1st pref. (quarterly)- - Chicago, Wilmington & Franklin Coal,6% pref.
$1
Citizens Gas Co. of Indianapolis.5% pref
10c
Collateral Trust Shares of N. Y.,series A
$1
Compania Swift Internacional (semi-annual)_ _ _
1234c
Compo Shoe Machinery (quarterly)
25c
Consolidated Gas, N. Y
50c
Dayton Power & Light Co.,67 pref.(mo.)
35c
Deere & Co., 7% Cu: ul.. pref
$1.
Delaware Division Canal of Penna. (s.-a.)
8c
Deposited Insurance Shares (semi-annual)
75c
Dictaphone Co
$2
Preferred (quarterly)
El Paso Electric Co.(Texas). $13 Pref. ((lilar.)- - $1.14
10c
Empire Capital Corp., class A (quarterly)
400
Employers Re-Insurance Corp. (quar.)
Sc
Equity Fund, Inc. (quar.)
15c
Fish:oan(M.H.)(quarterly)
Firestone'Tire & Rubber, pref.(quar.)
$1A
Franklin Co
General American Corp
35c
(s-a)
Globe Knitting Works,pref.
$1
Gude Winmill Trading Corp. (initial)
$134
Gulf State Utillties. 1534 pref.(quar.)
$1
$6 pref. (quarterly)
20c
Hawaiian Agricultural Co. kmonthly)
$154
Hazel-Atlas Glass Co
50c
Hires(Chas. H.) Co..class A coin.(quar.)
15c
Honolulu Gas Co. (monthly)
$134
Hope Webbing Co. (quar.)
50c
Inland Steel (quarterly)
250
Extra
Investment Trust of New York,Inc.,collateral
10c
trustee shares, series A (semi-ann.)
Iron & 13essemer Ry.& Light Co.,7% pref.(qu.) $134
750
Jewel Tea (quarterly)
Jones(J. Edw.) Royalty Trust$4.19
I'artic, certificates, nor. D ($500)
81.39
Partic. certificates, ser. E (1100)
77c
Partic. certificates, ser. F (1100)
24c
Panic. certificates, nor. G ($100)
270
Partic. certificates, ser. 11(1100)
18.8c
Partic. certificates, nor. I($100)
$3.60
Partic. certificates, nor. J 4500)
24c
Partic. cenificates, nor. K ($100)
$1.47
Series L ($100)
25c
Johns-Manville
$134
Preferred (quarterly)
1234c
Itelvinator Corp. (quarterly)
WA
Kansas City Stockyards of Maine (qu.)
10
$4
1
5% preferred (quarterly)
Rroger Grocery & Baking (quarterly)
1%
77 preferred (quarterly)
154
6% preferred (quarterly)
Lake Superior District Power Co.
$134
(quar.)
preferred
cumulative
77
$1
6% cumulative preferred (quar.)
Lanston Monotype Machine Co.(quar.)
h31,4
preferred
7%
Ltd.,
Langley's
250
Lee M. D. Mercantile (guar.)
$134
Lexington Utilities. 014% pref. (resumed)
250
MacMillan Co.(guar.)
15c
Madison Square Garden (resumed)
$1 15
Mats in Navigati n (mar.)
$214
Midland Mutal Life Insurance Co.(quar.)
h$1
Minneapolis Valley Can. 7% preferred
$13.1
Montgomery Ward. class A (quar.)
90c
Morrell (John) & Co.(quar.)
50c
Morse Twist Drill & Machine Co.(quar.)
15c
MItor Wheel Corp
50c
National Container (quarterly)
50c
(quar.)
pref.
$2 cony.
40c
National Screen Service Corp.(quar.)
50c
National Union Fire Insurance
$1
Extra
250
New Bedford Cordage
250
Class B
$134
7% preferred tquar.)
10c
New Bradf ,rd Oil
.
Ferry
de
Ry.
River
Hudson
New Jersey &
$.3
6% preferred (s.-a.)
800
New Jersey Insurance (semi-annual)
750
Northa:n Warren. pref.(quar.)
15c
North River Insurance (quar.)
5c
Extra
$134
Nova Scotia Light & Power Co.,6% pref

$154
nix

t

When Holders
Payable of Record
Aug. 15 July 31
Oct. 1 Sept. 9
Sept. 14 Aug. 31
Sept. 1 Aug. ,5
Aug. 31 Aug. 20
Oct. 1 Sept. 12
Sept. 3 Aug. 206
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Sept. 3 Aug. 10
Sept. 3 Aug. 15
Sept. 4 Aug. 15
Aug. 1 July 15
Aug. 7 July 20
Aug. 1 July 25
Aug. 15 Aug. 2
Aug. 1 July 22
Aug. 20 Aug. 15
Aug. 20 July 31
Aug. 15 Aug. 10
Aug. 1 July 25
Sept. 3 Aug. 15
Sept. 1 Aug. 10
Sept.30 Sept. 16
Oct. 31
Aug. 1 July 29
Aug. 1 July 29
Aug. 15 Aug. 1
Aug. 12 Aug. 5
Aug. 15 Aug. 1
Oct. 1 Sept. 24
1
5j
26
ig. 11
Aug.
.)uily 3
,
Aug. 1 July 25
Sept. 1
Aug. 31
Sept. 1 Aug. 15
Sept. 1 Aug. 20
Sept. 9 Aug. 9
Sept. 1 Aug. 20
Sept. 3 Aug. 15
Aug. 15 Aug. 3
Aug. 1 July 1
Sept. 3 Aug. 16
Sept. 3 Aug. 16
Oct. 15 Sept.30
Aug. 31 Aug. 20
Aug. 15 July 31
Aug. 15 July 31
Aug. 31 Aug. 15
5
19
y. 2
pt.. 1 J
Auulg
Seug
A

Sept. 1 Aug. 15

July 2t
Aug. 15 Aug. 10
Sept. le Aug. 30
Sent 11. Aug. 30
Aug. 27 Aug. 20
Oct. 1 Sept. 18
Sept. 3 Aug. 15
Aug. 15 Aug. 12
Aug. 1 July 26
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Aug. 31 July 31
Sept. 2 Aug. 15
Oct. 15 Oct. 1
July 29 June 29
July 29 June 29
July 29 June 29
July 29 J_ne 29
July 29 June 29
July 29 June 29
July 29 June 29
July 29 June 29
July 20 June 29
Oct. 15 Sept.24
Oct. 1 Sept. 17
Oct. 1 Sept. 5
Aug. 1 July 19
Aug. 31 J
Auug
ly. 19
9
Nov. 1 Oct. 18
Oct. 1 Sept.20
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Aug. 31 Aug. 21
Aug. 15 July 31
Aug. 10 July 31
ug. 160 Aug.
Au
A
. 16
Aug.
Aug. 30 Aug. 15
Aug. 15 Aug 10
Aug. 1 July 29
Aug. 1 July 29
Oct. 1 Sept. 20
Sept. 14 Aug. 24
Aug. 15 July 25
Sept. 10 Aug. 20
Sept. 1 Aug. 15
Sent. 1 Aug. 15
Aug. 1 July 20
Aug. 12 July 30
Aug. 12 July 30
Sept. 3 Aug. 14
Sept. 3 Aug. 14
Sept. 3 Aug. 14
Sept. lb Aug. 15

Aug. 1 July 31
Aug. 21 Aug. 6
Aug. 31 Aug. 15
Sept. 10 Aug. 30
Sept. 10 Aug. 30
Sept. 3 Aug. 15

Financial Chronicle

Volume 141
Name of Company

Per
Share

When Holders
Payable of Record

Northwestern Public Service, 7% pref
1.16 2-3 Sept. 2 Aug. 20
6% preferred
$1 Sept. 2 Aug. 20
Occidental Insurance (guar.)
30c Aug. 15 Aug. 5
Ohio State Life Insurance (guar.)
$2% Aug holy 16
Pacific American Fisheries,5% pref
$1% Aug. 1 July 15
Parker Pon _
15c Sept. 1 Aug. 15
Fender (David) Grocery, class A (quar.)
87Sic Sept. 2 Aug. 20
Penick & Ford (quarterly)
75c Sept. 16 Sept. 3
Pennsylvania Gas & Elec. Corp., cl. A (quar.)_ _ 37Sic Sept. 2 Aug. 20
$7 preferred (quarterly)
$14 Oct. 1 Sept. 20
7% preferred (quarterly)
$14 Oct. 1 Sept. 20
Peonies Telep. Corp., 7% preferred (quar
$14 Sept. 1 Aug. 31
Pressed Metals of America
12,4c Oct. 1 Sept. 16
Puritan Ice Co., 8% pref. (s.-a.)
$4 July 31 June 30
Public Service Electric & Gas7% preferred (quar.)
$14 Sept.30 Sept. 3
$5 preferred (quar.)
$14 Sept.30 Sept. 3
Railway & Light Sec. Co.(Del.), pref. A (quar.)_
Aug. 1 July 29
$1
Republic Insurance Co. of Texas (guar.)
Aug. 10 July 31
2
Scott Paper Co., common (quar.)
45c Sept.30 Sept. 16
Seaboard Oil of Delaware (quar.)
15c Sept. 15 Aug. 31
Extra...................................
10c Sept. 15 Aug. 31
Second Investors Corp.
75c Sept. 1 Aug. 15
ref. (quar.)_
Sherwin-Williams Co., common
$1 Aug. 15 July 31
6% preferred (AA)
3134 Sept. 3 Aug. 15
Signal Mountain Portland Cement , prof
/42 Aug. 15 July 31
Signal Royalties (Los Angeles) (quar.)
15c July 15 July 10
Southern Calif. Edison, pref. A (quar.)
43%c Sept. 15 Aug. 20
Preferred B (quarterly)
3755c Sept. 15 Aug. 20
Southern Pipe Line Co
15c Sept. 3 Aug. 15a
Standard Coosa-Thatcher (resumed)
123ic Aug. 10 Aug. 1
7% preferred (quarterly)
Oct. 15 Oct. 15
$1.
Standard Oil Co. of Calif
25c Sept. 16 Aug. 15
Sterling Products, Inc.(quar.)
95c Sept. 3 Aug. 15
Tobacco Trust Shares, series A rag
17.4c Aug. 15 July 31
Trustee American Bank Shares, series A
5.8c July 31
Trustee New York Bank Shares clrearer)
2.4c Aug. 10
Trustee Standard Oilshares, ser. 13 (s.-a•)
8.6c Sept. 1 July 31
Tyre Rubber,6% pref.(quar.)
$134 Aug. 15 Aug. 10
Union Investment Trust Shares, ser. J (s-a)
$27 Aug. 15 July 15
United States Elec. Lt. & Pr. Shares, Inc.,ser. B
3c Aug. 15 July 31
U.S. Freight (quarterly)
25c Sept. 1 Aug. 21
U.S. Steel Corp.,7% pref
50c Aug. 30 Aug. 2
Universal Winding, 7% prof. (quar.)
$14 Aug. 1 July 25
Veeder-Root (quarterly)
50c Aug. 31 Aug. 17
Vicksburg Shreveport & Pac. Ry. Co.(seml,ann.) $236 Oct. 1 Sept. 9
l'referred (semi--ann.)
$234 Oct. 1 Sept. 9
Virginia Electric & I'ower, $6 pref.(quar.)
$134 Sept. 20 Aug. 30
Wagner Electric Corp., pref.(quar.)
$14 Oct. 1 Sept. 20
Walker & Co., class A
50c Aug. 15 Aug. 1
Weaver Piano (s.-a.)
$2 Aug. 31 Aug. 31
Wellington Fund (quar.)
15c Sept. 1 Aug. 15
Wesson Oil & Snowdrift Co., Inc., pref. (quar.).
$1 Sept. 2 Aug. 15
Western Grocer (Iowa),7% pref
$2 July 31 July 20
Western Public Service, 514 preferred A
Sept. 3 Aug. 9
h3734a
Westinghouse Electric & Mfg
50c Aug. 30 Aug. 12
West Virginia Water Service,
Oct. 1 Sept. 16
$6 preferred
h$136
Wilcox-Rich, class 11
30c Aug. 15 Aug 1
Worcester Salt
50c Sept.30 Sept. 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given in the preceding table.
When Holders
Per
Name of Company.
Share. Payable. of Record
Abbott Dairies, Inc. (quar.)
25c Sept. 1 Aug. 15
7% let & 2d preferred (guar.)
$184 Sept. 1 Aug. 15
Affiliated Products (monthly)
Sc Sept. 1 Aug. 15
Agnew Surpass Shoe Stores (s.-a.)
20c Sept. 2 Aug. 15
Extra_
20c Sept. 2 Aug. 15
Alabama Great Southern RR.Co., preferred
3% Aug. 15 July 13
AlaskaPackers Assoc
$2 Aug. 10 July 31
Special
$2 Aug. 10 July 31
Allen Industries, corn (quar.)
50c Sept. 1 Aug. 20
Preferred ((mar.)
75c Sept. 1 Aug. 20
Allentown-Bethlehem Gas, preferred (quar.)
8736c Aug. 10 July 31
Alexander & Baldwin (quar.)
Sept. 14 Sept. 3
$1
Extra__
$1 Sept.14 Sept. 3
Allied Stores Corp.,5% pref. (initial) (quar.)_ - - $184 Oct. 1 Sept. 20
Aluminum Goods Mfg. Co.(quar.)
10c Oct. 1 Sept. 20
Aluminum Mfgs.(quar.)
50c Sept.30 Sept. 15
Quarterly
50c Dec. 31 Dec. 15
7% preferred (quarterly)
Sept.30 Sept.15
$131
7% preferred (quarterly)
$131 Dec. 31 Dec. 15
Amerada Corp. quarterlY)
50c July 31 July 15
American Bank Note, pref.(guar.)
75c Oct. 1 Sept. 11
American Can Co.,common (quar.)
$1 Aug. 15 July 25a
7% preferred (quarterly)
$131 Oct. 1 Sept. 19
American Envelope.7% pref. A &
$14 Aug. 1 July 25
American Factors, Ltd.(monthly)B (quar.)--1()c Aug. 10 July 31
American Hardware Corp.(quar_.
25c Oct. 1 Sept.15
Quarterly______
____________
_______________
_________
___
25c Jan.1 '36 Dec. 14
American Home Products (monthly)
20c Sept. 3 Aug. 14
American Hosiery Co.(quarterly)
25c Sept. 2 Aug. 21
American Metals, preferred
1012 Sept. S Aug. 21
American Paper Goods
60c Aug. 1 July 20
7% preferred (guar.)(quarterly)
$151 Sept.lb
7% preferred (quar.)
$14 Dec. 15
American Re-Insurance (quar.)
624c Aug. 15 July 31
American Smelting & Refining 6% 2d pref
h$6 Sept. 2 Aug. 9
7% 1st preferred (quar.)
$151 Sept. 2 Aug. 9
Anglo-Persian 011, Am.dep rec.ord.reg.(nuans w1212% Aug. 7 June
27
Armsuong Cork (quar,)
124c Sept. 2 Aug. 15
Ai doom Corp., preferred
h$1% Sept, 1 Aug. 15
Asbestos Mfg Co.,$1.40 cony. pref.(quar.)
35c Aug. 1
31.40 convertible preferred (guar.)
35c Feb.1'36
Associated Dry Goods, let preferred
h$3 Sept. 3 Aug. 9
Associated Investment
1
Aug. 15 Aug. 2
Atchison Topeka & Santa Fe
$2 Sept. 3 July 31
Atlanta & Charlotte Air Line RY.(s.-a.)
$44 Sept. 2 Aug. 20
Baltimore American Ins. Co. -a.)
10c Aug. 15 Aug. 1
Bomberger (L.) & Co.. 634% (s.
$1.6236 Sept. 3 Aug. 15
prof. (guar.)
Bankers & Shippers Insurance (quar.)
75c Aug. 8 Aug. 5
Extra_
25c Aug. 8 Aug. 5
Beiding-Corticelli. preferred (quar.)
$184 Sent. 14 Aug. 31
Blauners Inc. (guar.)
25c Aug. 15 Aug. 1
Preferred (quar,)
75c Aug. 15 Aug. 1
Best & Co (guar.)
50c Aug. 15 July 25
Bethlehem Steel, preferred
$14 Oct. 1 Sept. 6
Block Bros. Tobacco Co.(guar.)
373.4c Aug. 15 Aug. 11
Quarterly
373-4c Nov. 15 Nov. 11
6% preferred (quar.
$136 Sept.30 Sept.25
6% preferred ,quar.)
$134 Dec. 31 Dec. 25
Blue Ridge Corp., preferred (quar.)
m75c Sept. 1 Aug. 5
Bon Ann, class A (guar.)
Si July 31 July 15
Class B (quar.)
50c Oct. 1 Sept. 18
Boss mfg. Co., common
Aug. 15 July 31
Boston Insurance (quar.)
Oct. 1 Sept.20
Boston do Providence RR.
32.125 Oct. 1 Sept. 20
((Mar.)
Quarterly
32.125 Jan.2 '36 Dec. 20
Bourjois, Inc.,$24 preferred (quar.)
684c Aug. 15 Aug. 1
Brewer (C.) & Co., Ltd.(monthly)
$1 Aug. 25 Aug. 20
Monthly
31 Sept. 25 Sept.20
Bristol-Myers CO., COM. (quar.)
50c Sept. 3 Aug. 9
Extra....................................
10c Sept. 3 Aug. 9
Brooklyn Edison (guar.)
$2 Aug. 31 Aug. 9
Brooklyn Telep. & Messenger (quar.)
$1.25 Sept. 1 Aug. 20
Brooklyn Union Gas (quarterly)
$14 Oct. 1 Sept. 3




sia

Name of Company

697
Per
Share

When Holders
Payable of Record

Brooklyn-Manhattan Transit pref (quar.)
$14 Oct. 15 Oct. 1
Preferred (guar.)
$14 1-15-36 Jan. 2
Preferred (guar.)
$136 4-15-36 Apr. 1
Buckeye Pipe Line Co
75c Sept. 14 Aug. 23
Buffalo Ankerite Gold Mines, Ltd.(quar.)
Sc Aug. 15 Aug. I
Burroughs Adding Machine Co
15c Spot. 5 Aug. 3
Byron Jackson (guar.)
1234c Aug. 15 Aug. 5
Calainba Sugar Estates, corn. (guar.)
Oct. 1 Sept. 14
4
California Packing Corp.(quar.)
3734c Sept. 16 Aug. 31
California Water Service, pref. (quar.)
$134 Aug. 15 July 31
Campbell, Wyant & Cannon Foundry Co
20c Aug. 31 Aug. 10
Campo Corp. common (quar.)
20c Sept. 1 Aug. 15
Canada & Dominion Sugar, Ltd.(quar.)
r37 34c Sept. 1 Aug. 15
Quarterly
T37 Sic Dec. 1 Nov. 15
Canadian Converters. Ltd.(quar.)
50c Aug. 15 July 31
Canadian Hydro-Electric, pref. (quar.)
Aeupgt.
.20
1
61 8
$14 JanOSecpt :32
Carnation Co..7% preferred (quarterly)
$124
7% preferred (quarterly)
$14
7% preferred ,quarterly)
$14 Aprl'36
Case (J. I.), 7% preferred
h$1 Oct. 1 Sept. 12
Castle (A. M.) & Co. (quar.)
50c Aug. 10 July 22
Caterpillar Tractor (quar.)
25c Aug. 31 Aug. 15
Extra
25c Aug. 31 Aug. 15
Cedar Rapids Mfg. & Power (quar.)
75e Aug. 15 July 31
Central Cold Storage
25c Aug. 15 Aug. 5
Central Mass. Light & Power, pref.(quar.)
3134 Aug. 15 July 31
Central Mississippi Valley Elec. Prop. pref.(qu.) *134 Sept. 1 Aug. 15
Centrifugal Pipe Corp.(guar.)
10c Aug. lb Aug. 5
Quarterly
10c Nov. 15 Nov. 6
Century Ribbon Mills, pref.(quar.)
$14 Sept. 3 Aug. 20
Chain Belt Co. (quar.)
15c Aug. 15 Aug.
Champion Coated Paper (quar.)
10
15
1
$1
Chartered Investors,35 pref.(guar.)
$14 Sept. 2 Aug. 1
Chase (A. W.) Co., extra
50c Aug. 10 July 31
Preferred (quar.)
50c Aug. 10 July 31
Chestnut Hill RR. Co.(guar.)
75c Sept. 3 Aug. 20
Chicago Mail Order (quarterly)
25c Sept. 3 Aug. 10
Extra
Aug.
b2l4c
Chicago Yellow Cab (quarterly)
Sep
18
Sept.
t*
. 3 Aug. 2
Chrysler Corp.(quar.)
25c Sept.30 Sept. 3
Extra
25c Sept.30 Sept. 3
Cincinnati Union Terminal. preferred (quar.).... $14 Oct. I Sept.20
Preferred (quar.)
$14 ran 1 '36 Dec. 20
Cleveland Electric Illuminating, pref. (quar.)
Aug.
.1
10
6
Sept.
$1St sept.
Cleveland & Pittsburgh Ry.7% guar.(quar.)
8734c
7% guaranteed (quar.)
8734c Dec. 1 Nov. 9
Special guaranteed (quar.)
Sept. 1 Aug. 10
Special guaranteed (guar.)
50c Dec. 1 Nov. 9
Climax Molybdenum Co. (quar.)
Sc Sept.30 Sept. 15
Quarterly
Sc Dec. 30 Dec. 15
Colgate-Palmolive-Peet (quar.)
12%c Sept. 2 Aug. 6
Preferred (quarterly)
$1% Oct. 1 Sept. 5
Colt's Patent Fire Arms (quar.)
3134c Sept.30 Sept. 7
Columbia Broadcasting System (quar.)
40c Sept.30 Sept. 16
Columbia Gas & Electric Corp.
6% preferred, series A (quarterly)
$134 Aug. 15 July 20
5% preferred. series No. 25 (quar.)
8184 Aug. 15 July 20
5% preference stock (quarterly)
3131Aug.
1 July 20
5
Columbia Pictures Corp.. preference (guar.) _ _ _
5
Sept. 2 j
ugy. 19
Ata
Columbia-Troy Corp
Columbian National Life Insurance Co.(Mass.)
$2 Aug. 3 July 19
Commonwealth Utilities Corp.
634% preferred C (quarterly)
$14 Sept. 3 Aug. 15
Concord Gas. 7% preferred (reduced)
87Sic Aug. 15 July 31
Confederation Life Assoc.."Toronto" (quar.)
$1 Sept.30 Sept. 25
Quarterly
$1 Dec. 31 Dec. 25
Connecticut Lt. & Power Co.,64% pt. (quar.) 314 Sept. I Aug. 15
54% preferred (guar.)
314 Sept. 1 Aug. 15
Connecticut Power (quarterly)
6234c Sept. 3 Aug. 15
Connecticut Rwy.& Lighting, (quar.)
$1.125 Aug. 15 July 31
Connecticut Ry. & Light Co., pref. quar.)(
$1% Aug. 15 July 31
Connecticut River Power. 6% pref. (quar.)
$1% Sept. 2 Aug. 15
_
Consolidated Cigar. 7% preferred (guar.)
$1% Sept. 2 Aug. 15
Consolidated Gas & Electric Lt. of Bait
90c Oct. 1 Sept. 14
5% preferred (quarterly)
$1% Oct. 1 Sept.14
Consolidated Oil, preferred (quar.)
$2 Aug. 15 Aug. 1
Consumers Glass.7% pref.(quar.)
$131 Sept. 15 Aug. 31
Continental Can Co., inc.(corn.quar.)
60c Aug. 15 July 25a
CopPerweid Steel (quar),
12Sic Aug. 31 Aug. 15
Quarterly
12Sic Nov. 30 Nov. 15
Consumers Power Co.
88 preferred (quarterly)
$14 Oct. 1 Sept. 14
6% preferred (quarterly)
$14 Oct. 1 Sept. 14
6.6% preferred (quarterly)
$1.65 Oct. 1 Sept. 14
7% preferred (quarterly)
$14 Oct. 1 Sept. 14
6% preferred (monthly)
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
Counaulds, Ltd.. ordinary registered_ ___ ___ _ _ w24% Aug. 14 July 11
Amer. dep. receipts. ord. registered (interim). w2S4% Aug. 21 July 18
Cresson Consolidated Gold (guar.)
Sc Aug. 15 July 31
Extra
2c Aug. 15 July 31
Crown Zellerbach, preferred class A & B
75c Sept. 1 Aug. 13
Crum & Forster 8% pref (quar.)
$2 Sept.39 Sept.20
Cuneo Press, Inc.. 636% preferred
$14 Sept. 1 July 20
Curtiss-Wright Export Corp. pref. D (quar.) _ $14 Oct. 1 Sept. 14
Preferred E (quarterly)
Oct. 1 Sept. 14
$1'4
Delaware & Bound Brook RR.(quar.)
$2 Aug. 19 Aug. 13
Denver Union Stockyards, preferred (quar.)_
$1;i Sept. I Aug. 20
Detroit Hillsdale & Southwestern RR.(5.-a.)
Jan 6 '36 Dec. 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
Diem & Wing Paper Co.,7% preferred (quar.)- _
$1% Aug. 15 July 31
Distillers Co., Am. dep. rec. ord. rag
air 1215% Aug. 8 July 9
Dominion Bridge, Ltd. (quar.)
r30c Aug. 15 July 31
Dominion Coal Co.. new pref. (initial)
75c Aug. 10 July 31
Dow Chemical (quar.)
50c Aug. 15 Aug. 1
Preferred (quar.)
$131 Aug. 15 Aug. 1
Duplan Silk Corp. (semi-ann.)
50c Aug. 15 Aug 2
Eastern Gas & Fuel Assoc..434% pref.(quar.).. _ 31.12. Oct. 1 Sept. 14
6% preferred (quarterly)
$134 Oct. 1 Sept. 14
Eastern Shore Public Serv. Co..$64 Pref. (qu.) $1% Sept. 1 Aug. 10
$6 preferred (quarterly)
$134 Sept. 1 Aug. 10
Eastern Utilities Associated (quar.)
25c Aug. 15 Aug. 9
Eaton Manufacturing Co.common (quar.)
25c Aug. 15 Aug. 1
Extra
121ic Aug. 15 Aug. 1
Eddy Paper (Initial)
30c Aug. 31 Aug. 20
Electric Shareholdings.$6 pref.(resumed)
141.50 Sept. 3 Aug. 5
Electric Storage Battery Co., corn. (quar.)_ _
c50e Oct. 1 Sept. 9
Preferred (quar.)
50c Oct. 1 Sept. 9
Elgin National Watch
15c Sept.16 Aug. 31
Elizabeth & Trenton RR.,(seml-ann.)_
$1 Oct. 1 Sept. 20
5% preferred (semi-annual)
$1 % Oct. 1 Sept. 20
Emerson's Bromo-Seltzer. 8% preferred (quar.)
50c Oct. 1 Sept. 1
Empire & Bay State Telep..4% gtd.(quar.)_
$1 Sept. 1 Aug. 22
4% guaranteed ((Mar.)
$1 Dec. 1 Nov. 21
Erie & Pittsburgh RR. CO.7% gtd.(quar.)
87Sic Sept. 10 Aug. 31
7% guaranteed (auar.)
8718c
c Dec. 10 Nov. 30
Guaranteed betterment (quar.)
Sept. 1 Aug. 31
Guaranteed betterment (quar.)
80c Dec. 1 Nov. 30
Fair (The), preferred
5514 Aug. 10 July 27
Preferred (quar.)
$131 Aug. 10 July 27
Farmers dc Traders Life Ins.(quar.)
$24 Oct. 1 Sept.11
First State Pawners Society (Chicago, Ill.) (clu.) 314 Sept.30 Sept.20
Fitz Simons & Connell Dredge (guar.)
124c Sept. 1 Aug. 21
Extra
124c Sept. 1 Aug. 21
Florida Power. 7% preferred (guar.)
8736c Sept. 1 Aug. 15
7% preferred A (quar.)
$131 Sept. 1 Aug. 15
Franklin Simon & Co., preferred
$14 Sept. 3 Aug. 17

Financial Chronicle

698
Name of Company

Per
Share

When Holders
Payable of Record

Florsheim Shoe Co.,class A (guar.)
25c Oct. 1 Sept.16
Class B (quarterly)
121ec Oct. 1 Sept.15
Food Machinery Corp. of N.Y 634% pref(mo).
50c Aug. 15 Aug. 10
634% preferred (monthly)
500 Sept.15 Sept.10
FortWayne & Jackson RR,534% pref.(0.-a.)- - $2i Sept. 2 Aug. 20
Freeport Texas (quarterly)
25c Sept. 2 Aug. 15
Nov. 1 Oct. 15
Preferred (quarterly)
Si
General Cigar preferred (guar.)
$134 Sept. 2 Aug. 23
Preferred (guar.)
$1 y Dec. 2 Nov. 22
Mar. 2 Feb. 20
Preferred (guar.)
$1
Preferred (guar.)
$1 st Junel'36 May 22
General Foods (quarterly)
45c Aug. 15 July 26
Sc Sept.30 Sept. 9
Goebel Brewing (guar.) increased
Sc Sept.30 Sept.30
Extra
Golden Cycle (quarterly)
40c
Extra
Gottfried Baldng Co., Inc .preferred (guar.).- 1
$;f
1.6
%, Oct. 1 Sept.20
Grace(W. R.)& Co.. pref.6% pref.
$3 Dec. 30 Dec. 27
Preferred A (quarterly)
$2 Dec. 30 Dec. 27
Preferred B (semi-annual)
$4 Dec. 30 Dec. 27
Grand Union,preferred
h375c Sept. 1 Aug. 9
3Uc Oct. 1
Great Eastern Fire Insurance(N.Y.)
Great Lakes Dredge & Dock (guar.)
25c Aug. 15 Aug. 3
80c Aug. 15 Aug. 5
Great Western Electro Chemical (Initial)
60c Oct. 2 Sept. 14
Great Western Sugar (quarterly)
Preferred (quarterly)
$1'4 Oct. 2 Sept. 14
50c Sept. 16 Sept. 6
Greene Cananea Copper (guar.)
75c
Greenfield Tap & Die. $6 preferred
$1 K
1
Aug. 15 Aug. 1
Gurd (Cnas.) Ltd., preferred (quar.)
15c Sept. 3 Aug. 15
Hale Bros. Stores (guar.)
Hardesty (R.)Mfg.Co..7% pref.(quer.)
$131 Sept. I Aug. 15
7% preferred (quarterly)
$14 Dee. I Nov. 5
$I Aug. 31 Aug. 20
Hartford & Connecticut Western RR.(s.-a.)
Hartford Times, Inc.. $3 preferred(quer.)
75c Aug. 15 Aug. I
h75e Aug. 15 Aug. 1
Havana Electric & Utilities. 6% pref
Hawaii Cense'. Ry.,7% pref. A (guar.)
20e Sept.15 Sept. 5
2oe Dec. 18 Dec. 5
7% preferred A (quarterly).
Hawaiian Coin nercial & Sugar %quar.)
75c Aug. 15 Aug. 3
50c Aug. 15 Aug. 3
Extra
Heels. Mining (quarterly)
10c Aug. 15 July 15
15c Aug. 15 Aug. 1
Heileman Brewing (resumed)
Hercules Powder, preferred (guar.)
$1% Aug. 15 Aug. 2
Hershey Chocolate (quarterl,)
75e Aug. 15 July 25
Cony. preferred(qua'terly)
41 Aug. 15 July 25
Co.(mo.)
Hibbard. Spencer. Barter
I Oc Aug. 30 Aug. 23
Monthly
10c Sept.27 Sept. 20
Hobart Mfg.. class A (quar.)
3734c Sept. 1 Aug. 19
Hollander (A.) & Sons. (guar.)
125c Aug. 15 July 31
Hollinger Consolidated Gold Mince;
r1 0 Aug. 12 July 26
Hooven & Allison Co..7% pref.(quar.)
$14 Sept. 1 Aug. 15
Hormel (George A.)(guar.)
25c Aug. 15 July 27
Preferrod (quar.)
$1.50 Aug. 15 July 27
Horn & Hardin of N.Y Dr.lerre.41 (duarterlY)- $1
Sept. 3 Aug. 14
Huason Day Mining & Smelting (initial)
r50c Aug. 31 Aug. 9
Imperial Life Insurance (quar.)
Oct. 1 Sept.30
Quarterly
Feb.2'36 Dec. 31
Imrerial Tobacco of (It. Britain & IrelandInterim
754%
Indianapolis Water Co..5% cumul. pref. lquar.)
Oct. 1 Sept. 124
Ingersoll-Rand
50c Sept. 3 Aug. 5
Insurarishares Certificates, Inc
Sc Sept.20 Sept. 12
International Business Machines Corp. (guar.).
Oct. 10 Sept. 21
International Harvester pref. (guar.)
$1
Sept. 3 Aug. 5
Interstate Hosiery Mills (guar.)
50c Aug. 15 Aug. 1
Quarterly
50e Nov.15 Nov. 1
Intertype Corp. first preferred
$2 Oct. 1 Sept. 16
Iron Fireman Mfg.(guar.)
25c Sept. 2 Aug. 10
Quarterly
25c Dec. 2 Nov. 9
Jantzen Knitting Mills 7% preferred (guar.)._
$131 Sept. 1 Aug. 25
Kalamazoo Vegetable Parchment (guar.)
15c Sept.30 Sept.20
Quarterly
15c Dec. 30 Dec. 30
Kelvinator of Canada.7% pref.(guar.)
$1% Aug. 15 Aug 5
Kendall Co., preferrea class A (guar.)
$1.50 Sept. 3 Aug. 10a
Kentucky Utilities Co..7% jr. preferred
8754c Aug. 20 Aug. 1
Keokuk Electric Co.. 6% preferred (quar.)_ _ _ _ $131 Aug. 15 Aug. 10
Klein (D. E.) & Co.. common (quar.)
25c Oct. 1 Sept.20
$1.75 Oct. 1 Sept.20
7% preferred (guar.)
Sept.30
Kroehler Mfg. Co., 7% pref. (guar.)
El
$1
Dec. 31
7% preferred (quarterly)
Sept.30
Class A preferred (guar.)
$1
Claw A preferred (quar.)
$134 Dec. 31
Landers. friary & Clark (quar.)
37%c Sept.30 Sept.20
Qoerrprlv
3734c Dec. 31 Dec. 20
Sept.15 Sept. 5
Landis Mac Ins,7% preferred (quarterly)
$13( Dec. 15 Dec 5
7% preferred 'quarterly)
25c Aug. 10 Aug. 10
Lansing Co.(quar.)
La Salle At Koch Co..7% pref.(quar.)
$13,
1 Aug. 15 Aug. 14
Lihby-Owens-Ford Glass (guar.)
30c Sept.16 Aug. 30
40c Sept. 3 Aug 1
Life Savers Corp
Liggett & Myers Tobacco (quar.)
$1 Sept. 2 Aug. 15
$1 Sept. 2 Aug. 15
Class B (quarterly).
60c Aug. 8 Aug 2
Lincoln Nationr 1 Life Insurance (s.-a.)
25c Aug. 10 July 1
Lincoln Telep S. curities.class A (guar.)
Lincoln Telephone & Teleg (guar.) 6% pref A
$134 Aug. 10 July 31
10c Aug. 12 Aug. 3
Lindsay Light & Chemical (quar.)
20c Sept. 1 Aug. 15
Link Belt
Preferred (guar.)
$1% Oct. 1 Sept. 14
r25c Sept. 3 Aug. 14
Loblaw Groceterias,class A and B (quar.)
$2 Oct. 1 Oct. 1
Lock Joint Pipe. preferred (guar.)
$2 an.1 '36Jan. 1
Preferred (guar•)Loew's Inc.. $05 preferred (guar.)
$1% Aug. 15 July 26
15c Aug. 15 July 20
Lone Star Gas
Oct. 1 Sept. 18
Loose-Wiles Biscuit Co.. 1st pref. (guar.)
$1.50 Sept. 3 Aug. 16
Lord & Taylor Co., 1st pref. (guar.)
Los Angeles Gas & Electric, 6% pref. (quar.)..
$134 Aug. 15 July 31
Louisville Henderson & Bt. Louis By.
$4 Aug. 15 Aug. 1
Preferred (semi-ann.)
$234 Aug. 15 Aug. 1
$1 Aug. 24 July 31
Louisville & Nashville R.R.Co
1234c Aug. 15 Aug. 4
Lunkenheimer Co. (quar.)
Lunkenheimer Co..6;e% preferred (quarterly)- $1 34 Oct. 1 Sept.20
84% preferred (quarterly)
SI e4 Jan.1 '36 Dec. 21
Luzerne Co. Gas & Elec., $7 1st pref.(guar.).- $1.75 Aug. 15 July 31
0c Aug. 15 July 31
.50
$15
$6 let preferred (guar.)
Aug. 15 Aug. 5
Lynch Corp. (quarterly)
MacMillan, $6 preferred
$134 Aug. 8
50c Sept. 3 Aug. 9
Macy (R. H.) & Co., Inc., (guar.)
Magnin (I.) & Co.6% pref (guar.)
Si h Aug. 15 Aug.
$I 35 Nov. 15 Nov. 5
6% Preferred (quarterly)
50c Aug. 10 Aug. 1
Managed Investment (quar.)
I5c Sept. 3 Aug. 8
Manhattan Shirt (quar.)
40c Aug. 15 Aug. 1
Manufacturers Casualty Insurance (quar.)
Maaonite Corp., 7% pref.(semi-ann)
$3.50 Sept. 1 Aug. 25
15 Aug. 15 Aug. 10
Matson Navigation (quar.)
.50
$11
Oct. 1 Sept.20
Maui Agricultural Co
30c Oct. 1 Sept.20
Extra
40c Sept. 3 Aug 16
May Dept. Stores (guar.)
May Hosiery Mills. $4 pref.(guar.)
$1 Sept. 1 Aug. 20
McClatchy Newspapers.7% pf. Wu.)
4331c Sept. 1 Aug. 31
43Mc Dec. 1 Nov.30
7% preferred (Quarterly)
50c Sept. 2 Aug. 1
McIntyre Porcupine Mines (guar.)
McWilliams Dredging (quarterly)
c50c Sept. 1 Aug. 20
Special
25c Sept. 1 Aug. 15
Aug. 15 July 31
Meadville Telephone Co. (quar.)
37
Minneapolls-lloneywell Regulator Co
Aug. 15 Aug. 3
25c Aug. 15 Aug. 3
Extra
Monmouth Consol. Water,7% pref.(quar.)_
$131 Aug. 15 Aug. 1
150 Aug. 1
Monogram Pictures Corp.(quar.)
15c Feb.1'36
Quarterly
25c Sept.14 Aug. 25
Monsanto Chemical (quarterly)
25c Sept.14 Aug. 25
Extra
$2 Aug. 15 July 31
Montreal Light. Heat & Power (quar.)
75c Aug. 15 Aug. I
Moody's InvestorsService. pref. (quar.)




g

Name of Company

Aug. 3 1935

Per
Share

When Holders
Payable of Record

Oct. 1 Oct. 1
Moore Dry Goods(quar.)
Jan.I '36 Jan. 1
Quarterly
Oct. 1 Sept.20
Morris5& 10c to $1 Stores.Inc.,7% pref.(qu.)_
Sept. 1 Aug. 27
Morris Plan Insurance Society.(quiz.)
Dec. I Nov. 26
Quarterly
Aug. 10 Aug. 1
Motor Products(quarterly)
Aug. 10 Aug. 5
Muskegon Motor, special class A
Sept. 2 Aug. 15
Muskogee Co..6% cum. pref. (quar.)
Mutual Chemical Co. of Amer..6% prof.(qu.)Sept.28 Sept. 19
Dec. 28 Dec. 19
6% preferred (quarterly)
Aug. 20 Aug. 10
Mutual Telep. Co., Hawaii (mo.)
40c Oct. 15 Sept. 13
National Biscuit Co.(guar.)
$1Y
4
Preferred (guar.)
Aug. 31 Aug. 15
$13i Sept.30 Sept. 13
National Lead (quarterly)
$134; Sept. 14 Aug.- 30
Class A preferred (guar.)
$134 Nov. 1 Oct. 18
Class B preferred (guar.)
10c Aug. 15 Aug. 1
National Liberty Insurance Co.of Amer.(s.-a.)..
Sc Aug. 15 Aug. 1
Extra
$334 Sept. 1 Aug. 20
National Linen Service Corp.,$7 pref.(s.-a.)
20c Sept. 3 Aug. 5
National Power & Light Co.. common (quar.)_ _
National Short Term Securities. pref.(quar.)_ _ 1734c Oct. 10 Oct. 1
$1%; Sept. 1 Aug. 16
New berry (J.J.)& Co.,7% pref.(guar.)
50c Aug. 10 July 19
New Jersey Zinc (quar.)
Newmont Mining Corp
50c Aug. 15 Aug. 2
New York Hanseatic (guar.)
$1 Aug. 15 Aug. 10
50c Aug. 15 July 31
1900 Corp. class A (quar.)
50c Nov. 15 Oct. 31
"A" (quay.)
Norfolk & Western Ry.(guar.)
$2 Sept.19 Aug. 31
Adjustable preferred (quar.)
$1 Aug. 19 July 31
North American Edison Co. preferred (guar.)._ $134 Sept. 3 Aug. 15
North Pennsylvania RR.(guar.)
$1 Aug. 25 Aug. 20
Northern RR. Co. of N.J.4% Olt (quar.)
$1 Sept. 1 Aug. 20
4% guaranteed (amar.)
El Dec. 1 Nov. 21
15c Aug. 20 Aug. 20
Oahu By. & Land Co.(monthly)
Oahu Sugar (monthly)
20c Aug. 15 Aug. 5
Old Canada Invest. Co., Ltd., class A
6
Aug. 5 July 31
5
Preferred
Aug. 5 July 31
Old Colony Insurance (guar.)
Aug. 1 July 1
20c Aug. 20 Aug. 10
Onomea Sugar Co.(monthly)
$2.25 Aug. 20 Aug. 8
Oswego & Syracuse RR.(semi-annual)
Owens-Illinois Glass Co.(guar.)
51 Aug. 15 July 30
10c Aug. 5 July 31
Pasuhan Sugar Plantation (monthly)
Pacific Fire Insurance of N. Y.(quar.)
75c Aug. 5 Aug. 3
25c Aug. 5 Aug. 3
Extra
34%c Aug. 15 July 31
Pacific Gas & Electric,53e% pref.(guar.)
6% preferred (quarterly)
3734c Aug. 15 July 31
Pacific Lighting,(quar.)
Aug. 15 July 20
075c Aug. 20 Aug. 10
Parker Rust-Proof (guar.)
Pennsylvania Power Co., $6.60 pref. (mo.)
55c Aug. 1 July 20
$134 Sept. 2 Aug. 20
$6 preferred (guar.)
Peninsular Telephone Co..7% pref. (guar.)
$1.75 Aug. 15 Aug. 5
Penmans, Ltd.(quarterly)
75c Aug. 15 Aug. 5
Peoria & Bureau Valley RR.(s.-a.)
$3.50 Aug. 10 July 19
Pepper (Dr.)(quarterly)
20c Sept. 1 Aug. 15
Quarterly
20c Dec. 1 Nov. 15
Petersburg RR.(semi-annual)
Oct. 1 Sept. 25
Semi-annual
$131 Apr.1'36 Mar. 25
Philadelphia Co.,5% preferred (s.-a.)
$131 Aug. 31'Aug. 10
Philadelphia Electric Power 8% cum. pre.(cm.)
50c Oct. 1 Sept. 10
Philadelphia Germantown & Norristown RR_
1134 Sept. 5 Aug. 20
Philadelphia Suburban Water Co. pref. (quar.)_ 6134 Aug. 31 Aug. 120
Philadelphia & Trenton RR.(guar.)
$234 Oct. 10 Sept 30
Phillips Petroleum
25c Aug. 30 Aug. 2
Phoenix Finance Corp.,8% pref. (quar.)
80c Oct. 10 Sept.30
8% preferred (quarterly)
50c Jan 1016 Dec. 31
Phoenix Securities, preferred
h$2 Aug. 15 July 31
eh ji sh Aug. 15 July 31
Preferred
Pittsburgh Bessemer & Lake Erie (s-a)
75c Oct. 1 Sept. 14
Pittsburgh Ft. Wayne & Chicago By. (quar.)_
$134 Oct. 1 Sept.10
Quarterly
$13i Feb.1'36 Dec. 10
7% preferred (quar.)
Oct. 8 Sept. 10
7% preferred (guar.)
U M Jan.? '36 Dec. 10
Pittsburgh Plate Glass (special)
c$1 Aug. 15 July 20
Pittsburgh Youngstown & Ashtabula RR.
7% preferred (quar.
$13( Sept. 1 Aug. 20
7% preferred (quay.
$15.1 Dec. 1 Nov. 20
Pollock Paper & Box Co., pref.(quiz.)
$1 ei Sept. 15 Sept. 1
Preferred (quarterly)
El
Dec. 15 Dec. 1
Potomac Electric Power Co.,6% pref.(quar.).. $1.34 Sept. 1 Aug. 15
534% preferred (guar.)
$1% Sept. 1 Aug. 15
Procter & Gamble (corn. (quar.)
373ec Aug. 15 July 25a
Public Service Corp. of N.J cone (quar.)
60c Sept.30 Sept. 3
$5 preferred (guar.)
$13,
1 Sept.30 Sept. 3
preferred
(monthly
65'
80c Aug. 31 Aug. 1
6% preferred monthly)
80c Sept.30 Sept. 3
7% preferred (quar.
$134 Sept.30 Sept. 3
8% preferred (guar.)
$2 Sept.30 Sept. 3
Public-Utilities (quarterly)
$134 Aug. 5 July 31
Pullman, Inc. (quarterly)
75c Aug. 15 July 24
Pr ene Mfg. Co., con. (special)
20c Aug. 15 July 31
Quaker Oats pref (quiz.)
$134 Aug. 31 Aug. 1
Quebec Power Co.(guar.)
r25c Aug. 15 July 25
Reading Co. (quarterly)
50c Aug. 8 July 11
1st preferred (quarterly)
50c Sept.12 Aug. 22
2nd preferred (quarterly)
50c Oct. 10 Sept.19
Reynolds Metals Co.common
25c Sept. 1 Aug. 15a
534% cum. preferred (quar.)
$134 Oct.
Sept.160
Rice-Stix Dry Goods, let & 2d pref. (quar.)_ $132 Oct. 1
1 Sept. 15
Richmond Insurance Co.of N.Y.(quar.)
lOC Aug. 11 July 11
Rochester Gas & Electric, 7% pref. B (guar.)._ $131 Sept.
1 Aug. 14
6% preferred C & D (quarterly)
$134 Sept. 1 Aug. 14
Rolland Paper.Ltd.. preferred (quar.)
$134 Sept. 2 Aug. 15
St. Louis Rocky Mountain & Pacific RR.Co.
Preferred (quarterly)$131 Oct. 21 Oct. Ao
San Carlos Milling Co., Ltd.(extra)
50c Aug. 15 Aug. 2
Monthly
20c Aug. 15 Aug. 2
San Francisco Remedial Loan Assn.(guar.)._
750 Sept.30 Sept. 15
Seotten Dillon
30c Aug. 15 Aug. 6
Second Twin Bell Syndicate (monthly)
20c Aug. 15 July 30
Servel. Inc., 7% preferred (guar.)
$14 Oct. 1 Sept.20
Power
(guar.)
Water
&
Shawinigan
r13c Aug. 15 July 24
Shenango Valley Water, 6% pref. (guar.)
$1.50 Sept. 1 Aug. 20
Sioux City Gas & Elec.,7% pref.(guar.)
$131 Aug. 10 July 31
Sioux City Stockyards Co.$134 Part eref(guar., 37qc Aug. 15 Aug. 14
$134 participating preferred (quiz.)
37 c Nov.15 Nov. 14
Smith (A. 0.) preferred (guar.)
$14 Aug. 15 Aug, 1
Smith (S. Morgan) Co (quarterly)
$1 Aug. 1 Aug. 1
Solvay American Investment.534% pref.(gu.)_ $134 Aug. 15 July
15
$6
pref.
(guar.).
_
South Carolina Power Co..
$134 Oct. 1 Sept.15
Southern California Edison Co., LtdCommon (quarterly)
3734c Aug. 15 July 20
Southern Canada Power Co.common (guar.)._
20c Aug. 15 July 31
Stamford Water (quar.)
32 Aug. 15 Aug. 5
Stanley Works.6% preferred (quar.)
3734c Aug. 15 Aug, 3
Stein (A.)& Co.
26c Aug. 15 July 31
Strawbridge & Clothier Co..6% pr. pref. A (qu.) $1
Sept. 2 Aug. 6
Sun Oil Co., common
2
Sept. 16 Aug. 26
Preferred
$134 Sept. 3 Aug. 10
Susquehanna Utilities, 6% pref. (quar.)
U34 Sept. 2 Aug. 20
Sutherland Paper (bi-monthly)
Aug. 3
31 Aug
g.
. 20
Extra
Sc O
Ac
utg.
Swift & Co.(quar.)
1234c
I Sept. 1
Sylvania Industrial Corp.(quar.)
Sept. 15 Sept. 5
Tampa Electric (quar.)
56c Aug. 15 July 31
Preferred A (quar.)
$1E Aug. 15 July 31
Tampa Gas, 8% preferred (guar.)
Sept. 1 Aug. 20
$131 Sept. 1 Aug. 20
7% Preferred (quarterly)
Texas Gulf Sulphur (quar.)
50c Sept.16 Sept. 3
15c Oct. 1 Sept.14
Tex-O-Kan Flour (quar.)
150 Jan 2'36 Dec. 14
Quarterly
Quarterly
15c Apr2'36 Mr14 '36
Thatcher Mfg. Co.cony. pref.(quar.)
90c Aug. 15 July 31

Volume 141

Financial Chronicle
Per
Share

Name of Company

Tennessee Electric Power.5% pref.(quar.)---- $1.25
6% preferred (quar.)
$1.50
7% preferred (quar.)
$1.75
7.2% preferred. (guar.)
$1.80
6%, preferred (monthly)
50c
6% preferred (monthly)
50c
7.2% preferred (monthly)
60c
7.2% preferred (monthly)
60c
Thompson (John R.) (quarterly)
12Sic
Tide Water Oil. 5% preferred (guar.)
$1Si
Tide Water Power, $6 pref. (guar.)
31
Toburn Gold Mines (auar.)
Twin Bell Oil Syndicate(monthly)
$2
Union Copper Land & Mining Co
10c
Union Oil of Calif.(guar.)
25c
United Biscuit of America (guar.)
40c
Preferred (quarterly)
$1Si
United Dyewood, preferred (guar.)
$1.75
United Engineering & Foundry
25c
Preferred (guar.)
$1%
United Gas Improvement(guar.)
25c
Preferred (quar.)
$1 Yi
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(quar.)
$2
United States Petroleum (semi-annually)
lc
United States Pipe & Fdy Co.,Common (quar.) i2).c
Common (guar.)
1254c
lst preferred (guar.)
let preferred ((War.)
30c
United States Playing Card (quar.)
25c
Extra
25c
Upper Michigan Power & Lt.00..6% pf.(qu.)6% preferred (quarterly)
6% preferred (quarterly)
Utica Clinton & Binghamton Ry.—
Debenture stock (semi-ann.)
$234
Utica Gas & Electric. 7% pref. (quar.)
$1.7
Vick Chemical Co.(quar.)
50c
Extra
10c
Vick Financial Corp. (semi-ann.)
7Sic
Va.-Carolina Chemical
Corp.,7% pref
$8
Va. Coal & Iron (quar.)
25c
Vulcan Detinning, preferred
114
Warren RR.(semi-annual)(guar.)
S1
Washington Ry.& Electric Co.(guar.)
5 preferred (guar.)
$131
8 preferred (quar.)
$13,1
5% preferred (s.-a.)
$2;i
Washington Water Power $6 pref.(guar.)
$134

111

When Holders
Payable of Record
Oct. 1 Sept.14
Oct. 1 Sept.14
Oct. 1 Sept.14
Oct. 1 Sept.14
Sept. 2 Aug. 15
Oct. 1 Sept.14
Sept. 2 Aug. 15
Oct. 1 Sept.14
Aug. 15 Aug. 5
Aug. 15
Sept. 1 Aug. 10
Aug. 21 July 25
Aug. 5 July 30
Sept. 1 Aug. 1
Aug. 10 July 20
Sept. 1 Aug. 6
Nov. 1 Oct. 15
Oct. 1 Sept.13
Aug. 9 July 30
Aug. 9 July 30
Sept.30 Aug. 30
Sept.30 Aug. 30
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
Dec. 15 Dec. 5
Oct. 20 Sept.30
Jan.2016 Dec. 31
Oct. 20 Sept.30
Jan.2036 Dec. 31
Oct. 1 Sept. 20
Oct. 1 Sept.20
Aug. 10 July 31
Nov. 10 Oct. 31
Feb.10'36 Jan. 31
Dec. 26 Dec. 16
Aug. 15 Aug. 1
Sept. 3 Aug. 16
Sept. 3 Aug. 16
Aug. 15 Aug. 1
Aug. 12 July 31
Sept. 3 Aug. 15
Oct. 19 Oct 10
Oct. 1 50Ct. 5
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Dec. 1 Nov. 15
Dec. 1 Nov. 15
Sept.14 Aug. 23

Weekly Return of the New York City
Clearing House

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, JULY 27 1935
Gearhart House
Members

• Capital

Surplus and
Undivided
Profits

Net Demand
Deposits,
Average

Time
Deposits,
Average

8
$
$
$
Bank of N Y & Trust Co.
132,501,000
10,564,300
6,000,000
5,829,000
Bank of Manhattan Co.
365,892,000
25,431,700
31,417,000
20.000,000
National City Bank._ 127500 000 41,898,100 a1,138,088.000 146,643.000
Chemical Bk & Trust Co
393,793,000
20:000:0
18,663,000
0
0 48.725,100
Guatanty Trust Co
90,000000 177,067.100 51,225,532,000
51,835,000
Manufacturers Trust Cc
10,297,500
332,755,000
95,293.000
935,000
Cent Hanover Elk & Tr Co
21.000,000 61,523,900 667,987,000
19,042,000
32.
Corn Exoh Bank Tr Co_
16,538.000
200,524,000
15.000,000
20,340,000
First National Bank
437,598.000
10,000,000 90,301,700
5,509.000
Irving Trust Co
467.829,000
50,000,000 57,918,100
1,473,000
Continental Bk & Tr Co.
3,689,000
34,691.000
4 000 000
2.425,000
Chase National Bank,._ 150:270
53.711,000
:
000 70,850,900 c1,579,369.000
Fifth Avenue Bank
3,438,900
46,104,000
500,000
Bankers Trust Co
63.316,100 d748,945.000
25,000,000
10,466,000
Title Guar & Trust Co._
7,957,900
15.487.000
10.000,000
296,000
Marine Midland Tr Co._
7,789,700
63,269,000
á,000,000
3,335,000
New York Trust Co
21,361,500
264,907,000
12,500000
18,977,000
Comml Nat Bk & Tr Co
7,682,400
58.029.000
7,000,000
1,769.000
Public Nat Bk & Tr Co...
5,272,500
58,891,000
8,250,000
38,303,000
Totals
ai a amm nnn 921 A94 den R232 101 OM 525 226 MO
•As per official reports: National, June 29 1935; State, June 29 1935; trust
companies. June 29 1935.
Includes deposits in foreign branches as follows: a $205,962.000; b $70,719.000:
c $64,983,000; d $28,345,000

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 July 26:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, JULY 26 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURE
Loans
Other Cash Re8. Dep., Dep. Other
Disc. and Including N. Y. and Banks and
1noestmetus Bank Notes Elsewhere Tnut Cos.
Manhattan—
$
Grace National
$21,720,500
Trade Bank of N. Y.. 4,231,447
Brooklyn—
People's National... 3.843.1100

Gross
Deposits

$
$
$
$
$76,000 $3,970,400 $2,155,000 $24,391,500
785,565
171,299
109,352 4,178,023
011.000

1.463.000

430.000

5.357.000

TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments

Cash

Ret. Dep., Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos.

Gross
Deposits

Manhattan—
s
$
$
$
$
Empire
$47,518,100 s$8,465,700 $8,667,700 $2,652,900 $55,377.300
Federation
786,123 1,646,891 8,036,779
7,177,305
159,336
Fiduciary
467,966
62,697 9.764,226
10,697,243 *599,969
Fulton
17,986,000 *3,418,200 1,416,0110 1,249,700 19,169,100
Lawyers County__ 27,925,600 *7,490,800
969,800
33,897,300
United States
64,538,569 21,467,524 18,390,115
75,808,323
Brooklyn—
Brooklyn
125,000 104,451,000
81,897,000 2.666,000 28,349.000
tunas Countv___
90 Ass sea .0 Ian 420 72111 flit
32 250 751
•Includes amount with Federal Reserve as follows: Empire. 57,360.900; Fiduciary, $345,836; Fulton, $3,213,500; Lawyers County, $6,837,100.




699
Per
Share

Name of Company

When Holders
Payable of Record

Weill (Raphael) & Co..8% pref. (semi-ann.) __
$4 Sept. 2 Aug. 1
Western Cartridge,6% preferred (quar.)
$1.50 Aug. 20 July 31
West Jersey & Seashore RR.(s.-a.)
$134 Jan.1 '36 Dec. 14
Westland Oil Royalty Co., class A (mo.)
10c Aug. 15 July 31
Class A (monthly)
10c Sept. 15 Aug. 31
Westmoreland, Inc.(quar.)
30c Oct. 1 Sept. 14
West Penn Electric, 7% Pref. (guar.)
$1 Si Aug. 15 July 19
6% preferred (quarterly)
Aug. 15 July 19
$1
Westvaco Chlorine Products (quar.)
1
Sept. 2 Aug. 15
West Virginia Pulp & Paper. pref.(guar.)
$1.50 Aug. 15 Aug. 1
White Knob Copper & Dev., Ltd..7% pref
h5c Aug. 6 July 26
Will& Baumer Candle Co.,Inc..corn
10c Aug. 15 Aug. 1
Wilson & Co
1234c Sept. 1 Aug. 15
%vitiated Hosiery (quar.)
$114 Aug. 1
Woolworth (F. W.) quar.)
60c Sept. 3 Aug.—9Worcester Salt Co.(guar.)
$IN Aug. 15 Aug. 5
6% preferred (guar.)
$1Si Aug. 15 Aug. 5
Wrigley(Wm.)Jr. Co.(mthly.)
25c Aug. 1 July 20
Monthly
25c Oct. 1 Sept.20
Yale & Towne Mfg. Co
15c Oct. 1 Sept. 10
Vona Cooperative Mercantile Ina. (quar)
50c Oct. 15
t Quarterly dividend, but amount varies.
a Transfer books not closed for this dividend.
c The following corrections have been made:
- Electric Storage Battery, holders of rec. Sept. 9; previously reported
as Sept. 1.
McWilliams Dredging, holders of rec. Aug. 20: previously reported
as Aug. 15.
d Pyr-17yter class A, pays one share class A stock for each four shares
held in payment of all accumulate dividends.
e Payable In stock.
f Payable in common stock. g Payable in scrip. h On account of accumulated dividends. jPayable in preferred stock.
1 Associated Investment, pays four additional shares for each share held.
m Blue Ridge Corp. (opt. $3 cony. pref., ser. 1929) 1-32d of one share of
com, stock, or at the option of holder, 75 cents cash. Holders desiring
cash must notify the corporation on or before Aug. 15.
n One-tenth of a sh. of Amer. Mach. & Metals, Inc. for each sh. of
Columbia Troy Corp. stock.
o Parker Rust-Proof is paying a 10% stock div. and its reg. guar. div.
p Electric Shareholding, pays 44-1000ths of oneshare of common stock
or at the option of the holder. $136 cash
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.
u Payable in U. S. funds. is A unit. to Less 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 July 311935,
in comparison with the previous week and the corresponding
date last year:
July 31 1935 July 24 1935 Au.. I 1934
Assets—
Gold .yrtificatee on hand and due from
$
$
$
2,576,220,000 2,488,351,000 1,721,912,000
U. S. Treasury.'
Redemption fund—F. R. notes
833,000
1,537,000
976,000
Other cash*
72.410,000
74,175,000
50,418,000
Total reserves
2,650,167,000 2,563.359,000 1,773,506,000
Redemption fund—F. R. bank notes_
1,855,000
Bills discounted:
Secured by U. S. Govt. obligations
1,332,000
direct & (or) fully guaranteed
1,544,000
1,672,000
Other bills discounted
2,223,000
2.196,000
10,223,000
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

3,528,000

3,767,000

11,895,000

1,801.000
6,929,000

1,790,000
6,862,000

1,937,000

99,496.000
480,777,000
164,045,000

99,496,000
479,377,000
165,445,000

165,752,000
395,159,000
216,844,000

744,318,000

744,318,000

777,755.000

Other securities
Foreign loans on gold

35,000

Total bills and securities

•

755,576,000

756,737,000

791,622,000

Gold held abroad
Due from foreign banks
F. R. notes of other banks
Unoollected Items
Bank premises
All other assets

•
•
•

255.000
4,415,000
114,323,000
11,937,000
34,302,000

266,000
3,930,000
111,774,000
11,937,000
33.600,000

1,192,000
4,068,000
111,596,000
11,455,000
33,602,000

Total assets

• 3,571,975,000 3.481,603,000 2,728,696,000

Liabilities—
F. R. notes in actual circulation
• 707,052,000 697,103,000 650,933,000
F. R. bank notes in actual circulation ne
32,946,000
Deposits—Member bank reserve aeet_ • 2,411.308,000 2,151,104,000 1,605,980,000
U. 8. Treasurer—General account._
16,266,000 186.531,000
76,669.000
Foreign bank
•
8,620,000
8,852,000
2,508,000
• 185,605,000 192,694,000 124,179,000
Other deposits
Total deposits
Deferred avallabWty items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities

• 2,621,799,000 2,539,181,000 1,809,336,000
113,536,000 116,303,000 106,816,000
59,469,000
59,459,000 59,474,000
49,964,000
49,964,000
45,217,000
,
6,863,000
6,578,000
7,500,000
7,500,000
4,737,000
,
5,792,000
5,515,000
19,237.000

.

Total liabilities
3,571,975,000 3,481,603,000 2,728,696,000
Ratio of total reserves to deposit an I
F. R. note liabilities combined
79.6%
79.2%
72.1%
Contingent liability on bills purchase I
for foreign oorreepondenta
•
356,000
Commitments to make industrial ad
VaneeS
8.863 000
8 07ft 000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
v 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. 3 1935

Financial Chronicle

700

Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, Aug. 1, 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 JULY 31 1935
July 31 1935 July 24 1935 July 17 1935 July 10 1935 July 3 1935 June 26 1935 June 19 1935 June 12 1935 Auy. 1 1934
I
3
$
$
3
$
$
$
5
ASSETS
Golden!.on hand & due from u.S.Treas,a 6,224,116,000 6,226,004,000 6,226,200,000 6,226,231,000 6,226,221,000 6,126,491,000 6,119.488,000 6,019,475.000 4,906,009,000
24,003.000
21.859,000
21,746,000
22,583,000
22,529,000
21,546,000
21,829,000
21,857,000
22,881.000
Redemption fund (F. R. notes)
269,230,000 265,407,000 251,848,000 241,301,000 216,175,000 239,614,000 234,018.000 233,432,000 225,591,000
Other cash •
6,515,175,000 6,513,247,000 6,499,594,000 6,490,061,000 6,465,277,000 6,388,688.000 6,375,363,000 6.274,766,000 5,155,903,000

Total reserves
Redemption fund-F.R. bank notes--Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances

2,105,000
3,432,000
3,138,000

3,083,000
3,026,000

3,608,000
3,057,000

3,939,000
2,902,000

5,384.000
2,987,000

3,591,000
3,546,000

6,570,000

6,109,000

6,665,000

6,841,000

8,371.000

7,137,000

4,687,000
28,354,000

4,676,000
28,358,000

4,679,000
28,268,000

4,687,000
28,175,000

4,687,000
27,904,000

4,690,000
27,518,000

4,434,000
3,300,000

4,337,000
17,033,000

6,881,000

7.734,000

21,370,000

4,723,000
27,386,000

4,706,000
27,282,000

5,206.000
5,000

3,681,000
3,200,000

292,212,000 292,214,000 292,222,000 292.416,000 292,743,000 316,865,000 316.891,000 316,904,000 467,809,000
1,569,963,000 1,564,987,000 1,543,136,000 1,528,108,000 1,533,137,000 1,510,483,000 1,515,436,000 1,512,480,000 1,252,320,000
568,034,000 573,034,000 594,889,000 609,889.000 604,879,000 602.879,000 597,914,000 600.879,000 711,651,000

U.S. Government securities-Bonds
Treasury notes
Certificates and bllls

Total U. 13. Government seouritles- 2,430,209.000 2,430,235,000 2,430,247,000 2,430,413,000 2,430,759,000 2,430.227,000 2,430,241,000 2,430.263.0002,431,780,000
465,000

Other securities
Foreign loans on gold

2,469,820,000 2,469,378,000 2,469,859,000 2,470,116,000 2,471,721,000 2,469,572,000 2,469,231,000 2,469,985,000 2,458,826,000

Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other assets

635,000
17,127,000
455,435,000
49,904,000
47,520,000

646,000
18,977,000
459,060,000
49,904,000
46,230,000

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

636,000
17.940,000
527,436,000
49,839,000
44,652,000

711,000
16,853,000
468,964,000
49,826,000
42,531,000

678,000
17,312,000
563,31-5,000
49,822,000
42,098,000

694.000
18,020,000
523.601.000
49,814,000
49,592.000

3,124,000
17,298,000
558,000
49:727,000
52438.
674,000

9.555,616,000 9,5.58,342,000 9,631.028,000 9,549,955,000 9,577,501,000 9,437,145,000 9,517,819,000 9.386,472,000 8,178,215,000

Total assets
LIABILITIES
F.It. notes In actual circulation
F. R. bank notes in actual ciroulation_

3,261,622,000 3,242,240,000 3,258,418,000 3,267,401,000 3,299,860,000 3,197,898,000 3,188,278,000 3.178.446.0003,078,823,000
33,864,000

5049.181,000 3,914,813,000
Deposits-Member banks' reserve account 5,099,616,000 4,944,603,000 4,924,402,000 5,051,797.000 4,899,723,000 5,029,492.000 4,995,666,000
65,780,000 159,594,000
125,951,000 282,077,000 250,869,000 101,588,000 181,686.000
80,301,000 126.035,000
U. S Treasurer-General account__
20,741.000
6 864 000
25,258,000
24,656,000
24,930,000
23,288,000
25,700,000
24,101,000
Foreign banks
193,407,000 211: :
27,564,000978000
229,553,000 239,827,000 277,405,000 277,526,000 286,484,000 281,499,000 273
Other deposits
778 000
5,478,438,000 5,491,765,000 5,477,332,000 5,455,841,000 5.393.593.0005.415,393,000 5,423,043,000 5,329,109.0004,293.249.000
Total deposits
460,873.000
146,647,000
144,893,000
21,572,000
30,781,000
10,790,000

Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities

Commitments to make industrial advances
Maturity Distribution of Bela and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days NM bought In open market-18-30 days bids bought In open market-81-60 days bills bought in open market
61-90 days bills bought in open market
Over 90 days bills bought In open market

1-15 days industrial advances
16-30 days Industrial advances
31-80 days industrial advances
1-90 days Industrial advances
Over 90 days industrial advances

542,264,000
146,608,000
144,893,000
21,288,000
30,780,000
9.445,000

470.026,000
146,613,000
144,893,000
20,871,000
30,780,000
13,530,000

531,850,000
146,570.000
144,893,000
20,870,000
30.777.000
9,088,000

467,642,000
146,584,000
144,893,000
20,482,000
30,778,000
13,475,000

551,087,000
146,594,000
144,893,000
20,482,000
30,778,000
12,664,000

521.872,000 437 474 000
:000
146,622,000 146'
'
552
144.893,000 138,383 000
3
2
20
0
4:.4
228
7726
2.:00
000
00
00
22
00
J
30
0:0
00
2
7;14

9,555,616,000 9,558,342,000 9,631,028,000 9,549,955.000 9,577,501,000 9,437,145,000 9.517.819,000 9.386.472.0008,178,215,000
l

Total iabilities
Ratio of total reserves to depoelts and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents

Total bills bough In open market

469,872,000
146,630,000
144,893,000
21,287,000
30,780,000
10,875,000

74.5%

74.6%

74.4%

74.4%

744%

74.2%

74.0%

73.8%

69.9%
1,085,000

23,022,000

22,197,000

21,696,000

20.850,000

20,844,000

20,579.000

20.404 000

20.008,000

$
4,386,000
617,000
876,000
468,000
223,000

S
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

$
6,401,000
255.000
638,000
871,000
206.000

$
5,070,000
412,000
110,000
1,294,000
251,000

$
5,180,000
158,000
290,000
1,059,000
194,000

$
6.419,000
192,000
303,000
592,000
228,000

$
14,498,000
1,007,000
4,919,000
805,000
141,000

6,570,000

6,109,000

6,665.000

6,841,000

8,371,000

7,734.000

21,370,000

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

667.000
373,000
891,000
2,756,000

906,000
495,000
960,000
2,326,000

7,137.
870,000
0
607,000
714,000
2,499,000

6
1,998.000
838,000
671,000
1,199,000

606,000
1,413,000
400,000
2,787.000

4,687,000

4,676,000

4,879,000

4,687,000

4,687.000

---4,690,000
4,723,000

4,706.000

5,206,000

1,259.000
110,000
461,000
1,779,000
24,745,000

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

1,777.000,81
8 000

1,203,000
183,000
305,000
525,000
25,302,000

857.000
762,000
1,327,000

1,387,000
141,000
266,000
557,000
25,035,000

1,317,000
163,000
299.000
460,000
25,043,000

28,358,000
28,354,000
28,268,000
28,175,000
27,904.000
Total industrial advances
27,518,000
27,386,000
27,282,000
43,023,000
52.407,000
44,853,000
51,255,000
46,050,000
1-15 days U. S. Government securities...
66,160,000
63,810,000 11
5,365,000
54,263,000
40,614,000
32.260.000
50,419,000
43,023,000
44,853,000
16-30 days U. S. Government securities.51,055,000
45,550,000
66
36,997,000
52,033,000
52,393,000
57,190,000
88,034,000
82,679.000
83,637,000
31-60 days U. S. Government securities
94,617,000 17 ,160,000
0,306,000
105,834,000
98,120.7
115,812,000 109
50,963,000
52,393.000
81-90 days U. S. Government securities
52,033,000
57,190.000
72.484,000 104,325,000
Over 90 days U.S. Government securities. 2,117,339.000 2,185,493,000 2,171.951.000 2,197,138,000 2,204,754,000 2,177,342,000 2,169,074,000
2,005,948,000 417,944,000
2,430,209,000 2,430,235,000 2,430,247.000 2,430,413,000 2,430.759,000 2,430,227,000 2,430,241,000
Total 53.6. Government securities
2.430,263,000 711,651,000
1-15 days municipal warrants
430,000
16-30 days municipal warrants
..
31-60 days municipal warrants
35.000
61-90 days municipal warrants
0,
101'90 days municipal warrants
Total municipal warrants
465,000
Federal Reserve NotesLimed to V. It. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation

3.532,140.000 3,540,798,000 3,548,339,000 3,565,978,000 3,537,646,000 3,478,268,000 3,465,678,000 3
,459,394,000 3,367,162,000
270,518,000 298,558,000 289,921,000 299,577,000 237.786,000 280,370,000 277,4005000 28
0,948.000 288,339,000
. 3,261,622.000 3,242,240,000 3.258,418,000 3,267,401,000 3.299.860.000 3,197,898.000 3,188,278,000 3.1
78,446,000 3,078,823,000

Collateral Held by Ayes: as Security for
Notes Issued to BankGold Ws.on hand & due from U.S.Treas. 3,359,839 000 3,398,539,000 3,420,339,000 3,414,839,000 3,392,539,000 3,277,639,000 3,284,139,000 3.299
,639,000 3,098,156,000
4,627,000
5,090,000
5,174,000
By eligible paper
5,349,000
6,880,000
5,618,000
5,371,000
6,212,000
10,831,000
U. B. Government securities
205,000,000 201.000,000 175,000,000 188,000,000 165,000.000 233,000,000 225,100,000 225
,000.000 297,400,400
3,599,929,000 3,604,466,000 3,600,513,000 3,608,188,000 3,564,719,000 3,516.257,000 3,514,610.000 3025
Total collateral
4.1 Ann, •ds, ,..-... .... „
•Revised figures.
•"Other cash" does not Include Federal Reserve noted.
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
the
Went
of the difference, the dif wens) itself having been appropriated as
on Jan. 31 1934. these certificates being worth lees to
profit by the Treasury under the
provisions of the Gold Reserve Act of 1934.




Financial Chronicle

Volume 141

701

Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STA1 EMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 31 1935
Two Ciphers (00) Omitted
Federal Reserve Bank of-

New York

Boston

Total

Phila.

Chi,caoo

Cleveiand Richmond Atlanta

St. Loose Minneap. Kan. City

Dallas

San Fre*.

RESOURCES
$
5
$
$
$
5
5
5
i
$
$
s
$
1010 certificates on hand and due
from U. B. Treasury
6,224,116,0 395,943.0 2,576,220,0 267,677,0 440,191,0 178,754,0 126,065,0 1,266,770,0 188,497,0 138,431,0 180,5.51,0 136,299,0 328,718,0
.edemption fund-F.It. notes
1,537.0 2.146.0 1.554,0 1,793,0 3,276,0
21,829,0 3,675,0
497,0
307,0 3,565,0
632,0
1,744,0 1,103.0
weer cash_•
72,410,0 32,316,0 11,018,0 10,967,0 10,573,0
269,230,0 30,533,0
35,943,0 12,593,0 13,495,0 12,767,0 8,948,0 17,667.0
Total reserves
6,515,175,0 430,151,0 2,650,167,0 302,139.0 452,763,0 191,514,0 139,914.0 1,304,457,0 202,193,0 152,423,0 193,950,0 145,554,0 349,950,0
41Is discounted.
See. by U. S. Govt. obligations
direct & (or)fully guaranteed
1,332,0
764,0
504,0
110,0
25.0
3,432,0
120,0
4,0
43,0
21,0
269,0
140.0
100,0
Other bills discounted
2,196,0
70,0
124,0
27,0
69,0
3,138,0
30,0
73.0
15,0
48,0
338,0
148.0
Total Mils amounted

834,0

3,528,0

628,0

137,0

150,0

69,0

115,0

4,0

94,0

116,0

607,0

288,0

illls bought In open market_...
345,0
4,687,0
adularia' advauces
28,354,0 2,254,0
I. B. Government securities:
Bonds
292,212.0 17,419,0
Treasury notes
1,569,963,0 102,754,0
Certificates and bills
568,034,0 37,504,0

1,801,0
6.929,0

475,0
3,697,0

.445,0
1,640,0

174,0
4,590,0

169,0
1.075,0

557,0
1,842,0

80,0
449,0

64,0
2,076,0

127,0
1,157,0

122,0
1,837,0

328,0
808.0

6,570,0

Total U.S. Govt.securities_ 2,430,209,0 157,677.0
Total bills and securities
Jue from foreign banks
red. Res. notes of other banks
ineollected Remo
lank premises
111 other resources
Total resources

99,496,0 20,160,0 23,227,0 12.434,0 10,070,0
480,777,0 115,454,0 142,710,0 76,397,0 61,664,0
164,045,0 41.506,0 52,088,0 27.884,0 22,507,0

33,808,0 11,474,0 14,260,0 11,548.0 17,081,0 21,235,0
230,353,0 70,996,0 45,056,0 69,815,0 43,513,0 130,474,0
91,528,0 25,730,0 16,258,0 25,481,0 15,881.0 47,622,0

744,318,0 177.120,0 218,025,0 116,715,0 94,241,0

355,689,0 108,200,0 75,574,0 106,844,0 76,475,0 199,331,0

2,469.820,0 161,110,0

756,576,0 181,920,0 220,247,0 121,629,0 95,554,0

358,203,0 108.733,0 77.808,0 108,244,0 79.041,0 200,755,0

48,0
635,0
381,0
17,127,0
455,435,0 48,451,0
49,904,0 3,168,0
555,0
47,520,0

255,0
65,0
23,0
60,0
23,0
4,415,0
732,0 1,132,0 2,345,0 1,163.0
114,323,0 37,768,0 41,603,0 36,663,0 13,157,0
11,937,0 4,642,0 6,632,0 3,028,0 2,328,0
34,302,0 5,051,0 1,621,0 1,200,0 1,663,0

3,0
17.0
44,0
3,0
17,0
77,0
599,0 1,317,0
263,0 1,319,0
791,0
2,670,0
64,706,0 19,171,0 12,120,0 28,366.0 15,145,0 23,962,0
4,958,0 2,628,0 1,580,0 3,449,0 1,685,0 3,869,0
317,0
475,0
680,0
533,0
882,0
241,0

9,555,616,0 643,864,0 3,571,975,0 532,317,0 724.058,0 350,402,0 253,802,0 1.735,751,0 333,760,0 245,066,0 335,860,0 242,587,0 530,374.0

LIABILlTINS
r. R. notes In actual circulation_ 3.261,622,0 283,668,0

707.052,0 236,742,0 317,645,0 147,175.0 127,388,0
•
Mpoelts:
Member bank reserve account_ 5,099,616,0 273,133,0 2,411.308,0 218,922,0 318,384,0 144,575,0 95,929,0
U. S. Tramurer-Gen. soot__ 125,981,0 9,095.016,266,0 3,067,0 10,296,0 9,642.0 1,799,0
Foreign bank
8,620,0 2,298,0 2,205,0
23,288,0 1,671,0
859,0
836,0
Other deposits
229,553,0 2,990,0 185,605,0 1,842.0 2,440,0 2,193,0 1,400,0
Total deposits

3olene(' availability Items
7apital paid In
lurplus (Section 7). _
furplus (Section 13-b)
3eserve for contingencies
111 other liabilities
Total liabilities

794,263,0 140,527,0 97,675,0 122,454,0 58,768,0 228,265,0
767,498,0 151.013,0 111,979,0 170,530,0 152,091.0285,354.0
59,801.0 3,044.0 6,479,0 2,843.0 1,893,0 1,756,0
624,0
557,0
604,0 1,625,0
696,0
2,693,0
446,0 1,329,0 14,377,0
3,083.0 7,251,0 6,597,0

5,478,438,0 286,889,0 2,621,799,0 224,129,0 333,325,0 157,269,0 99,964,0

833,075,0 162,004,0 125,612,0 174,443,0 156,817,0 303,112.0

113,536,0 36,907.0 41,376,0 36,817.0 12,894,0
59,469,0 15.120,0 13,110,0 5,040,0 4,452,0
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 1,416,0 2,604,0
5.792,0
856,0
224,0
164,0
206.0

65,444,0 20,824,0 12,856,0 29,270,0 16,722.0 25,618.0
12,806,0 3,960,0 3,134,0 4,035,0 4,008,0 10,759.0
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
939,0
775,0
695,0
891,0 1,171,0
827,0 1,383,0 2,041.0
5,325,0
352,0
2,097,0
195,0
193,0
243,0
239,0

460,873,0 48,609,0
146.647,0 10,754,0
144,893,0 9,902,0
21,572,0 2.165,0
30,781,0 1,848.0
229,0
10,790,0

9,555,616,0 643,864,0 3,571,975,0 532,317.0 724,058,0 356,402.0 253,802,0 1,735,751,0 333,760,0 245,066,0 335,660,0 242,587,0 580,374,0

latio of total res, to dep.& F. R.
note liabilities combined
Dontingent liability on bills purchased for for'n correspondeuto
ZlommIttments to make Industrial
advances

74.5

75.4

79.6

65.6

69.6

62.9

61.5

80.2

66.8

68.3

65.3

67.5

65.9

23,022,0

2,978,0

8,863,0

742,0

1,852,0

1,857,0

645,0

514,0

1,895,0

149,0

243,0

448,0

2,836,1

•"Other Cash" does not include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00)°muted
Federal Reverse Agent en-

New York

Boston

Taal

Federal Rceerve notes:
$
$
Issued to F.R.Bk.by F.R.Agt- 3532140,0309,733,0
Held by Fed'1 Reserve Bank-- 270,518,0 28,065,0
In actual circulation
3 261,822,0 283,668,0
Collateral held by Agent as sorority for notes Issued to ban:
Gold certificates on hand and
due from U. B. Treasury-- 3,389,839,0 316,617,0
Eligible paper
833,0
5,090,0
U. S. Government securities
205,000,0
Total collateral

Phila.

Cleveland Rtchtnend Atlanta

Chicago

St. Levis Mimosas; Kan. Cite

Dallas

Sanirran.

$
$
$
$
$
801,605,0 251,307,0 335,217,0 157,084,0 143,006,0
94,553,0 14,565,0 17,572,0 9,909,0 15,618,0

$
$
$
$
$
s
823,112,0 146,492,0 103,756,0 130,790,0 03.945.0266.093,0
28,849,0 5,965,0 6,081,0 8,336,0 5.177,0 37,828,0

707,052,0 236,742,0 317,645,0 147375.0 127.388.0

794.263.0 140,527,0 97,675,0 122,454,0 58,768,0 228,285,0

818,706,0 216,000,0 316,715,0 131,000,0 92,685.0
628,0
2,055,0
137,0
150,0
69,0
35,000,0 20,000,0 27,000,0 55,000,0

847,546,0 133,632,0 104,500,0 122,000,0 64,175,0 226,263,0
115,0
115,0
283.0
94,0
607,0
4,0
14.000,0
10,000,0
44,000,0

820,761,0 251,628,0 336,852,0 158,150,0 147.754,0

847,681,0 147,636,0 104,594,0 132.115,0 64,782,0 270,546.0

3,599,929,0 317,450,0

Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks 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
the 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 DISTRICTS. ON
JULY 24 1935
(In Millions of Dollars)
Federal Reserve DistrictLoans and investments-total

Boston

Total

New York

PhiSo.

Cleveland Richmond Atlanta

Chicago

St.Louts Minneap. Kan. My

Dallas

San Fran.

18,718

1,168

8,638

1,093

1,233

349

338

2,096

546

347

581

410

1,921

Loans on securItlea--total

2,997

187

1.803

179

162

49

42

227

55

32

48

41

172

To brokers and dealers:
In New York
Outside New York
To mere

855
160
1,982

7
27
153

833
60
910

13
12
154

6
156

1
48

3
39

1
29
197

5
50

1
31

1
3
44

1
40

12
160

Acceptances and eomml naper bought
I oans OD real Mate
Other loans

301
951
3,197

37
88
282

143
239
1,337

23
71
180

3
73
150

7
16
75

2
12
111

30
30
315

9
37
95

6
5
106

20
13
110

2
24
107

19
343
329

U.S. Government direct obligations.
Oblige. fully guar. by U. S. Govt.-Other Securities

7,507
887
2,873

383
17
172

3,535
372
1,209

291
76
273

628
29
188

120
26
56

100
19
52

1.098
92
304

219
41
90

139
16
43

226
44
120

152
43
41

616
112
330

Reserve with Federal Reserve banks-Cash In vault

3,697
297

236
93

1,915
54

149
13

161
22

65
11

38
7

602
46

108
9

71
5

101
11

73
9

178
17

15,544
4,394
511

1,031
310
31

8,120
974
263

827
284
34

776
468
25

248
138
6

215
134
16

1,964
563
39

430
169
14

278
123
3

521
157
11

332
123
19

802
951
50

1.816
4,387

107
222

178
1,960

153
261

127
198

99
108

88
100

305
624

97
186

89
95

244
292

138
132

191
209

Net demand deposits
Time deposits
Government depoeite
Due from banks
Due to banks
Borrowlece from Ir. R. banks




1

1

Financial Chronicle

, go sinanriat
Tutitintroll (girrxrItirie

United States Treasury Bills-Friday, Aug. 2
Rates quoted are for discount at purchase.
Bid

Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO Orricz-In charge of Fred. H. Gray. Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON Onion-Edwards & Smith, 1 Drapers' Gardens. London. E.C.
NOTICE.-On account of the fluctuations in the rates of exchange.
remittances for foreign subscriptions and advertisements must be made
in,„New York funds.

WILLIAM B. DANA COMPANY, Publishers,

Daily Record of U. S. Bond Prices July 27 July 29 July 30 July 31 Aug. 1 Aug.2
101.15
101.12
101.15
28
117
117
117
2
112.3
111.31
112.1
43
106.21
106.21
106.21
4
110.18
110.18
110.18

101.15
101.13
101.15
12
117
117
117
1
112.2
112
112.2
8
106.24
106.23
106.24
26
____
____

101.15
101.12
101.13
10
117
117
117
2
112.1
112.1
112.1
1
106.23
106.21
106.21
15
110.18
110.18
110.18
3
107.27
107.27
107.27
3
104.4
104.2
104.2
28
103.28
103.26
103.28
26
108.23
108.23
108.23
2
108.25
108.25
108.25

lo

____

107.26
107.26
107.26
5
104.3
104
104.3
9
103.28
103.26
103.28
95
108.20
108.20
108.20
5
108.20
108.20
108.20
5
105.3
105
105.2
10
105.1
105
105.1
21
108.24
108.24
108.24
5
106.14
106.13
106.13
506
101.21
101.19
101.21
50

-_-__
--__
___
104.2104.2
104.2
9
103.30
103.27
103.29
18
108.23
108.21
108.23
51
108.27
108.25
108.27
21
105
105
105
10
105
105
105
1
108.26
108.24
108.26
11
106.11
106.13
106.11
10(
101.21
101.1t
101.20
33

105.2
105.2
105.2
5
105.1
105
105.1
51
108.26
108.26
108.26
5
106.17
106.13
106.16
67
101.20
101,18
101.18
144

1
102.16
102.15
102.16
20
102.22
102.21
102.22
28
101.19
101.17
101.19
16
102.11
102.8
102.11
31
101.2
100.31
101.2
22

102.17
102.17
102.17
10
102.21
102.20
102.21
4
101.18
101.16
101.18
17
102.12
102.10
102.12
4
101.2
101
101.2
98

102.17
102.15
102.16
72
102.24
102.24
102.24
1
101.16
101.15
101.15
12
102.12
102.10
102.10
10
101.3
101
101.1
181

s

*Odd lot sale.

Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
101.10 to 101.12
6'4th CO 1933-38
21 Treas. 3s1951-55




103.29 to 104

Dec. 24 1935
Dec. 31 1935
Jan. 8 1936
Jan. 15 1936
Jan. 22 1936
Jan. 29 1936
Feb. 5 1936
Feb. 11 1936
Feb. 19 1936
Feb. 26 1936
Mar. 4 1936
Mar.11 1936
Mar.18 1936
Mar.25 1936
Apr. 1 1936
Apr. 8 1936
Apr. 15 1936
Apr. 22 1936
Apr. 29 1936

Asked

0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%

Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Aug. 2
Figures after decimal point represent one or more 32ds of
a point.

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.

Bid

Asked

0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20(7.

Maturity

Ins.
Rate

Bid

Asked

JP:Strip/

Int.
Rate

Bid

June 15 1936._
Dec. 15 1939...
June 15 1940_
Sept. 15 1936_
Mar. 151940..
June 15 1939._
Sept. 15 1938_
Dec. 15 1935-Feb. 1 1938_

134%
134%
1 iE %
13E%
1)47
2)40
2
234%
234%
214%

100.31
100.27
101.1
101.20
101.20
103.25
105.7
101.12
1115 11

101.1
100.29
101.3
101.22
101.22
103.27
105.9
101.14
105.13

Dee. 15 1936Apr. 15 1936...
June 15 1938Feb. 15 1937...
Apr. 15 1937...
Mar.15 1938Aug. 1 1936Sept.15 1937-

2H%
2)4%
234%
3%
3%
3%
33E%
33E%

103.23
102.6
106.6
104.13
104.26
106.11
103.7
106.5

Asked
M

Including Postage12 Mos.
6 Mor
United States. U. S. Possessions and Territories
$15.00
$9.00
In Dominion of Canada
9.75
16.50
South and Central America, Spain, Mexico and Cuba - 18.50
10.75
Great Britain, Continental Europe (except Spain), Asia,
Australia and Africa
11.50
20.00
The following publications are also issued:
COMPENDIUMSMONTHLY PUBLICATIONSPUBLIC UTILITY-(semi-annUally)
BANK AND QUOTATION RECORD
RAILWAY & INDUSTRIAL-(four a year)
MONTHLY EARNINGS RECORD
STATE AND MUNICIPAL-(sOn11-0.1111.)

Aug. 7 1935
Aug. 14 1935
Aug. 21 1935
Aug.28 1935
Sept. 4 1935
Sept. 11 1935
Sept. 18 1935
Sept. 25 1935
Oct. 2 1935
Oct. 9 1935
Oct. 16 1935
Oct. 23 1935
Oct. 30 1935
Nov. 6 1935
Nov.13 1935
Nov. 20 1935
Nov. 27 1935
Me. 4 1935
Dec. 11 1935
Dee. 18 1935

WWm

PUBLISHED WEEKLY

Terms of Subscription-Payable in Advance

fourth Liberty Loan
High 101.13 101.14 101.13
4.3iC% bonds of 1933-38- Low_ 101.13 101.12 101.12
(Fourth 4s)
Mee 101.13 101.14 101.12
14
11
4
Total sales in $1,000 units__
--------117
High
Treasury
Low.. ---------117
113Es 1947-52
--------117
Close
2
__Total sales in 11,000 units_ _
____ 112.3
---_-_
{High
_
112.3
____
Low.
is, 1944-54
____
____ 112.3
Close
___
24
-_
Total sales its $1,000
units_(High 106.20 106.21 106.21
Low. 106.20 106.21 106.21
43O-3(O. 1943-45
Close 106.20 106.21 106.21
9
6
6
Total tales in $1,000 units__
High 110.16 110.21 110.22
Low. 110.16 110.21 110.22
3ue. 1946-56
Close 110.16 110.21 110.22
10
2
*1
Total sales in $1,000 units_ _.
____
High 107.28 107.28
____
Low. 107.27 107.28
IiMe, 1943-47
____
Close 107.28 107.28
__
10
101
_.
Total sales in $1,000
_illig11 104.3 104.3 104.2
units104
Low.. 104.3 104
Se. 1951-55
Close 104.3 104.1 104
14
5
4
Total sales in $1.000 units_ __
High 103.29 103.29 103.29
Low 103.28 103.27 103.26
3s. 1946-48
Close 103.28 103.29 103.26
9
127
3
Total sales in $1,000 units_ _ _
____ 108.22 108.21
High
108.21 108.20
Low_
1130. 1940-43
___ 108.21 108.20
Close
10
6
____
Total sales in $1.000 amts.__
____
____ 108.21
righ
____
____ 108.21
Low_
IMO.1941-43
-___
___ 108.21
Close
_
7
---_
Total sales in $1,000 units_
_____ 105.4 105
High
Low.
____ 105.1 105
534s. 1946-49
____ 105.1 105
Close
12
8
_ ___
Total sales in $1.000 snits_.._
High
.__ 105.1 105.2
.
___ 105.1 105.2
Low.
3His. 1949-52
Close
.___ 105.1 105.2
30
1
____
Total sales in $1,000 units._
--__
____ 108.24
{High
-___
____ 108.24
3)(s. 1941
Low.
---_
____ 108.24
Close
____
6
Total sales in $1,000
_
---units_(High 106.12 106.13 106.14
$3O. 1944-46
Low. 106.11 106.13 106.11
Close 106.12 106.13 106.11
18
9
51
Total sales in $1.000 units_ __
High 101.21 101.21 101.21
2145, 1955-60
Low. 101.19 101.19 101.19
Close 101.20 101.20 101.19
182
11
Total sales in $1,000 snits....
13
Federal Farm Mortgage 'High 104
830. 1944-64
Low. 104
Close 104
3
Total sales in $1,000
---5
.
Federal Farm Mortgage units_{High 102.17 102.18 102.18
Be. 1944-49
Low. 102.15 102.17 102.15
Close 102.17 102.18 102.16
203
Total sales in 31.000 units_ _
5
15
Federal Farm Mortgage
High 102.20 102.22 102.21
35. 1945-47
Low. 102.18 102.20 102.20
Close 102.20 102.22 102.21
4
Total sates in $1,000 Units__
2
6
Federal Farm Mortgage
High 101.19 101.16 101.19
2Ms. 1942-47
Low. 101.19 101.16 101.18
Close 101.19 101.16 101.19
4
26
Total saletin $1.000 units.
-2
Higi.
i 102.9 102.12 102.12
1
Owners'
Loan
Home
Be. series A.1944-52._ Low. 102.9 102.10 102.9
Close 102.9 102.12 102.10
Total MAW 01 $1,000 units__
253
7
1
Home 0.,...ers' Loan
1
(High
101.2 101.1 101.2
23E8, series 13, 1939-49
Low. 100.31 100.30 100.31
101.2
Close 100.31 101.1
119
Total saws in $1.000 units...
20
30

Aug. 3 1935

000000001
WWW4..A0WW1

702

The Week on the New York Stock Market-For review
of New York Stock Market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY

Week Ended
Aug. 2 1935
Saturday
Monday
Tuesday
Wednesday _ _
Thursday
Friday
Tn1A1

Stocks.
Railroad
State.
Number of and Miscell. Municipal &
Shares
Bonds
ForeignBonds
734,240
1,752,270
1,679,580
1,908,020
1,889,050
1,517,710

$2,682,000
8,196,000
8,097,000
9,444,000
10,710,000
8,432,000

$400,000
1,103.000
1,307,000
1,043,000
983,000
1,014,000

0 450 5711 147 AR1 (inn

ES 550 non

Week Ended Aug. 2

Sates at
New York Stock
Exchange
Stocks-No,of shares_
Bonds
Government
State and foreign
Railroad & Industrial.
Total

1934

1935
9,480,870

United
States
Bonds

Total
Bond
Sales

$190,000
213,000
1,055,000
919,000
437,000
641,000

$3,272,000
9,512,000
10,459,000
11,406,000
12,130,000
10,087,000

ES 455 non 15/1 5155 111111
Jan. 1 to Aug. 2
1935

1934

3,675,350

157,682,862

236,250,568

$3,455,000 $14,209,000
6,031,000
5,850,000
47.561,000 29,277,000

$445,213,000
230,265,000
1,257,366,000

$404,283,200
400,197,000
1,544,130,000

$56,866,000 $49,517,000 81.932,844,000 $2,348,610,200

CURRENT

NOTICES

-Ernst & Company, members New York Stock Exchange, announce the
opening of a Chicago office under the management of Timothy A. Collins.
-Stroud & Co., Incorporated, Philadelphia, announce that John T.
Stephenson, Jr., has become associated with the New York office of the firm.
I
has beeTh
-Ornte-d factor forilmitrag
Co., Philadelphia, Pa., manufacturers of gliders and metal furniture.
-Friedman & Company have moved their offices to larger quarters at
30 Broad St., N. Y. City. They handle listed and unlisted securities.
-Homer & Co., Inc., 40 Exchange Place, New York has prepared- a
special circular on high-grade railroad bonds.
-Estabrook & Co., 40 Wall St., New York, have issued a review of
business for the first six months of 1935.
-Christian B. Hewitt has become associated with Harrison & Schultz.
-David B. Lemon, Jr., is now associated with Harris, Ayers & Co., Inc.
FOOTNOTES FOR NEW YORK STOCK PAGES
•Bid and asked prices, no sales on this day.
I Companies reported in receivership.
a Deferred delivery.
n New stork.
r Cash sale.
x Ex-dividend.
is Ex-rights.
32 Adjusted for 25% stock dividend paid Oct. 1 1934.
"Listed July 12 1934; par value 105. replaced El par, share for share.
U Par value 550 lire listed June 27 1934; replaced 500 lire DU value.
ss Listed Aug. 24 1933; replaced no par stock share for share.
"Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
Adjusted for 66 2-3% stook dividend payable Nov. 30 1934.
311 Adjusted for 100% stook dividend paid April 30 1934.
"Adjusted for 100% stook dividend paid Dee. 31 1934.
• Par value 400 lire; listed Sept. 20 1934; replaced 500 Ure par value.
• Listed April 4 1934; replaced no par stock share for share.
u Adjusted for 25% stook dividend paid June 1 1934.
The National Securities Exchanges on which low prices since July 1 1933 wets
made (designated by superior figures In tables), are as follows.
u Pltteburgh Stock
11 Cincinnati Stock
New York Stock
U Richmond Stock
"I Cleveland Stock
New York Curb
14 Colorado Springs Stock 04 St. Louie Stock
New York Produce
"Salt Lake city Stook
New York Real Estate is Denver Stock
"San Francisco Stook
I,Detroit Stock
Baltimore Stook
"San Francisco Curb
"Los Angeles Stock
Boston Stock
as San Francisco Mining
i• Los Angeles Curb
Buffalo Stock
Minneapolis-St. Paul
"Seattle Stock
California Stock
"New Orlean *Stock
"Spokane Stook
Chicago Stock
Chicago Board of Trade I, Philadelphia Stock
"Washington(MC.)Sion
II Chicago Curb

703

Volume 141

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
-4a
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.
HIGII AND LOW SOLE PRICES-PER SNARE, NOT PER CENT
Saturday
July 27

Monday
July 29

Tuesday
July 30

1 Wednesday
July 31

Thursday
Aug. 1

Friday
Aug. 2

$ per share S per share 6 per share $ P
per share $ per share $ per share
.36
3878 *36
39
4212 4312 4312
42
39
42
39
40
*112 11312 11312 11312 *112 114 *113 114 *11312 114
114 114
6114 6112 61
6214 *6012 61
61
6112 6112 6134 6258 *61
712 714
718 712
718 712
738 758
738 734
738 758
*8912 91
91
*8912 95
91 (492
*8912 95
*8912 95
92
31
31
3014 31
31
3012 3012 3058 3038 3012 3012 30
1112 1158 11 12 1134 1112 1134 1138 1158 1138 1158 1112 1112
1214 1214
12
1218 1112 1112
1214 12
12
12
1112 12
734 'Ps *Vs
712 712
712 712
Vs
Vs 758
Ps 758
118 14814 14814 14814 148 149
14612 14714 14512 14714
147 148
.7, 1
*1
118
1
I
118
118
1
1
1
1
1512 153t 1534 16
1512 1534 1538 1558 1514 1558 1512 1512
134 134
2
2
134
134 *134 178 *134 178 *178 2
118
lls
118 114
114
118
118
114
118
118 118
114
378 37
4
4
414
4
4
414
4
4
4
4
1
*312 4 4 *312 414 *312 4
33* 338
33* 334
*312 414
*31:: 414 *312 414
378 378 *312 418
334 334 *312 4
ii.
*9
*1038 1134 12
12
10% 10,8 1034 11
1118 12
29
2934 2938 2978 29
27
2814
2958 2878 2914 2812 29
159 159
16014 162
159 16014 159 160
160 162
15834 160
*12534 127
127 127 *12534 127 *12534 127
126 127 *12534 128
1
518 5 8
5
538 534
53*
514
514
5
514
518 514
6014 6014 6012 6012 6012 6012 *60
60% 6112 6012 62
61
2638 2678 2614 27
2514 2614
2538 2678 2512 2658 258 27
18
18
18
1818 1818 1818 *1712 18
1778 1778 1778 1778
338 358
338 312
338 312
312 312
338 358
312 334
*28
29
•28
29
2812 2812 2812
*28
29
2812 2812 *27
6218 6238 6178 64
67
6834
6712 69
6314 66
6534 67
46
4614 47
4812 48
4814 4812
49
*48
4812 4814 49
2718 2758 27
2714 2714 2734 2712 2734 2778 2858 2712 2834
*64
651 4 *64
*64
6514 65
64
64
6514
65
6434 65
3618 3678 3614 3758 3714 3734 304 37
3612 3634
3634 37
126 12612 *12612 127
12612 12612 *12612 127 *12634 127 *12634 128
140 141
14214 14434 142 143
143 14434 143 14434
142 143
15834 15834 *15812 15912 159 15912 159 159 *158 15978 15978 15978
21
21
2112 24
2334 2478 2234 2438
2234
253
8
23
24
*5112 5314 5314 5572 5512 5612 5512 5714 55
5712
5634 56
14
14
14
14
1514 *1414 1478
1414 1434 1434 1538 15
*7912 85
85
*79,2 8312 80
*77
79
*81
81
81
80
*91
9238 9214 9214 *9112 9212 9172 9214 9214 9214 9214 9212
•3414 35
*3414 35 •3414 35
3414 3411
*3414 35
*3414 35
0314 334 *314 358 0314 334 *314 334
312 312 *312 33*
2438 24% 2438 2458 2418 2412 2412 2434 2414 2458 2438 243*
1312 1358 13,8 1314
123* 1278 1212 1234
1234 1314 1258 13
118 118
116 116
115 116
116 117
114 115
115 117
74
*73
7478 7478 74
/212
7312 72
72
74
74
*73
118
118
1
118 118
1 I
1
118
1
118
lis
Is
*534 614
614 632 *634 714
VS
VS
7
714 8653 7
*175 250 *175 500 *175
--__
*175 _ __ *175 _
45
434
458 434
478 51
434 -5
438 -4%
8
438 -4-73234 3314 32
36
33
3312 3234 3314 32
3314 3212 34
1012 11
10
1034 10313 1138
1012
912 1014
934 1014 10
'2512 26
2512 2634 *2534 2634 2612 2738 2614 28
27
2834
*1014 10% 1014 1014 1014 101 4 1014 1014 1018 1018 1014 10'4
*432 5,2 *434 518
518 518
514 514 *438 434
434 5
*2258 2312 23
2312 2338 24
2538 2478 25
2414 2514 25
353
* 3533 353* 3534 353* 3572 353* 3534 35% 36
3534 3614
278 3
*234 278
212 3
234 278
212 278
212 234
*243* 28
2478 *2414 25
21
2412 25
2478 25
25
25
8
8,8
814 858
912 9
814 87
838 878
83* 8%
*238 3
*238 3'2
238 312 *238 312 *238 312 *238 312
1634 1634 1634 1738 1718 1712 1714 1838 1758 1814 1678 1712
5734 5612 5758 56
5753 5512 56
*56
5514 55
'
1 56
58
2312 2413 2378 2438 24
2458 2334 2412 2358 2438 2358 24
9
93*
9
9
838 812
838 83*
878 878
838 812
812 8,2 *8,4 834
814 8,4
812 812 *814 812 *814 834
.2012 21
21
21
2038 2118 2012 2058 2038 2012 203* 2038
*110 115
__ •110
__
- 11014 11014 .108
__ *110
*2812 30 *110-*2812 30
29 2-912
2812 29
*2812 10
*2812 -2-i
414
432 43*
478 514
412 478
414 458
412
4
3012 3114 30
31
3712
30
3314 2212 33% 34
3034 30
2612 26% 2572 2612 2512 2614 26
29
32
2812 2712 29
1658 1678 1634 17
1712 1678 1712
1714 17
1634 1714 17
*1521
15212
- - 15212 1521 *15212
15212
-- *15212 _
_ *15212
22528 233
; 2312 241
24% 2358 - 3-4 2312 2412
2358 24
-2112 2314 -93
93
*87
93
93
*87
9212
*91
93 .90
93
93
83* 88
838 8%
834 834 •812 834
838 834
838 858
*2234 23
2234 23
2414 2434
25
2258 2312 2312 2412 24
4338 44
4278 4438 4238 4312 42
4314 4134 4212 4178 4212
*138 13812 *13814 13844 13814 13814 138 138 *137 13838 13714 13714
*11414 115
115 116
116 116 *11512 117 *11512 11612 *11512 11678
75
7414 7414 *74
7518 75,8 75% *7412 75
75
7575
*13812
14112 13812
13812 *137 138 *135 138
138 138 *135 14112
1832 1832 1812 19
1834 1912 1834 1918 1834 1938 1834 1914
106 106
103 106
106 106
106 106
10512 10512 .106 107
3734 3734 37
3712 37
37
37
3738 3714 3712 *37
37,2
5512 5614 5434 5512 5434 55
52
5312
54
5434 53
54
.132 13512 *132 13512 *132 13512 *13314 1351 •13314 13512 132 13314
*2158 22
2158 2234 2212 2234 2212 22% 2212 2278 2218 2214
12812 12934 129 13178 13014 131
13014 13218 131 13134 131 13212
9613 97
9734 9812 98
9838 9838 9812 9814 9814
98
98
9812 9932 9912 100
99
9934
9912 10014 9978 100
9912 100
14012 14012 *14014 14034 14014 14014 14058 14058 •14012 141 *14012 141
*312 41
*352 412 *378 412 *37g 414 *412 4,4 *372 414
*1334 1538 1334 1378 14
1512 153.4 1534
15
15
15
14
1138 12
1158 12
1278 1258 1314
1158 123* 12
1112 12
*5814 7014 7014 7014 7012 7012 7112 7112 72
*7332 75
735*
712 712
712 838
778 814
8
812
818 812
734 818
45
45
4414
4712 4614 4738 46
4712
4814 46
4838 47
%
58
58
78
31
*5a
34
58
3
4
3
4
3
8
58
*3
314
3
318 *3
312
338 312
338
338 312 *3
4
453
414 438
414 412
3% 378
378 4,8
414 4'4
48
45
4734 4731 .4518 47
46
45
4734 45
*43
*44
16
1612 1614 1612 1578 1638 1578 16/4 1558 16
1558 1618
2218 2218 2278 23
2078 21
2012 21
*20
21
2234 21
*1312 1334 1318 1312 1234 13
1314
1278 1278
1234 1318 13
*10514 1011 *10514 10734 *106 107
107 107
106 106 *106 107
658 658
634 634 *634 712 *634 712 *634 738 *6
712
49
49
4958 5008 5034 5112 51
5178 52
51% 5112 52
_ _ 119 119 *11814 119
119 119 *110 11878 11812 11812
*119*105 10i14 105 10534 106 106
10718 107,4 10712 10712 *10714 10712
4
4%
378 4
378 4
418
3,
8 4
4
334 4
62
6238 62
63
6314 62
63
63
6312 63
6312 63
.97 10018 100 100
*97 102
897 10112 *99 10112 *99 102
2714 2758 2778 2838 2818 2812 2758 2834 2838 2878 2812 29
__*175

For footnotes see page 702.




Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

1933 to /tango for
ear 1934
July 31
1835 MohanI.<
Illeh
Lose _if

Range S•nce Jan. 1
On Basis of 100-share Lois
Loseesi

Par 3 per share
Abraham & Straus
No par 32 Apr 3
Preferred_
100 110 Jari10
25 51 June 25
Acme Steel CO
Adams Express
414 Mar 15
No par
Preferred
100 8434 Jan 2
Adams Millie
No par 26 June 6
8 Jan 12
10
Address Multigr Corp
415 Mar 18
Advance Rumely
No par
Affiliated Products Inc _ No par
634 Jan 15
Air Reduction Inc
No par 10438 Mar 18
Air Way Elea Appliance- No par
54 Apr 3
Alaska Juneau Gold Min
10 1512July 25
112Ju11e 24
A P W Paper Co
No par
34 Mar 30
tAlleghany Corp
No par
238 Mar 21
Pre! A with $30 warr
100
Pref A with $10 warr
2 Mar 27
100
154 Mar 28
Fret A without warr
100
231% prior cony prat __No par
658 Apr 2
Allegheny Steel Co
No par 21 Jan 12
Allied Chemical dk Dye
No par 125 Mar 118
Preferred
100 123 Apr 20
Allied Stores Corp
318 Mar 13
No par
100 249 June 1
5
f
12 Mar 13
No par
Allis-Chalmere Mfg.
600 Alpha Portland Cement__ No par 14 Mar 13
6,000 Amalgam Leather Co
218 Mar 14
1
200
50 26 June 25
7% preferred
4,800 Amerada Corp
No par 48% Jan 11
2,700 Amer Agri()Chem (Del) No par 4112June 1
10,400 American Bank Note
10 1312 Jan 12
60
Preferred
50 43 Jan 11
2,200 Am Brake Shoe & Fdy_ __No par 21 Mar 29
30
Preferred
100 119 Jan 8
14.200 American Can
25 110 Jan 15
1,000
10 15134 Jan 4
Preferred
21,200 American Car & FdY
No par 10 Mar 13
8.300
100 2512 Mar 13
Preferred
2,600 American Chain
8 Jan 30
No par
30
7% preferred
100 88 Jan 11
900 American Chicle
No par 66 Feb 1/1
10 Am Coal of NJ (Allegheny Co)25 30 Mar 26
100 Amer Colortype Co
23e Mar 14
10
2212 Mar 18
3.200 Am Oomm'l Alcohol Corp
2
4,900 American Crystal Sugar
10
6% Feb 5
300
7% 2nd pref
100 575 Jan 2
340
100 72 Aug 1
6% 1st pref
2,800 Amer Encaustic TIling___No pa
34May 24
234 Apr 2
500 Amer F•uropean Elec's____No par
__.
Amer Express Co
150
July 22
100
26.800 ewer & Porn Power
No par 2 Mar 13
16,800
Preferred
14 Mar 15
No par
8,500
No par
2nd preferred
378 Mar 14
4,400
$6 preferred
No par 12 Mar 30
700 Amer Flawallan S S Co
10
8 Apr 18
500 Amer Hide & Leather __No par
214 Mar 13
2,000
Preferred
100 17 Mar 13
3,100 Amer Home Products
1 r 2918 Apr 12
3,900 American Ice
No par 238 July 24
1,200
6% non-cum pre
100 22 July 18
14,000 Amer Internet Corp
412 Mar 18
No par
1314 Mar 13
2 Am L France & Foamitepref 100
10,700 American Locomotive
9 Mar 13
No par
3,300
100 32 Mar 19
Preferred
5,800 Amer Mach & Fdry Co---No par 1812 Mar 13
2,400 Amer Mach & Metals__ __No par
414 Apr 4
600
Voting trust Ws
412 Apr 4
No par
4,400 Amer Metal CO Ltd
No par 1312 Mar 15
100
6% cony preferred
100 72 Jan
600 Amer News. N Y Corp_ No par s24 Jan 3
49,500 Amer Power & Light____No pa
1% Mar 13
28,700
$6 preferred
No par 1018 Mar 13
31,500
35 preferred
838 Star 13
No par
87,500 Am flail & Stand San'y_ No par
1012 Mar 13
20
Preferred
100 13412 Mar 1
66,900 American Rolling Mill
25 15% Mar 18
200 American Safety Rasor __No par 66 Max 14
2,100 American Seating vs a_ _No par
412 Mar 12
840 Amer Shipbuilding Co__-No par 20 Mar 14
24,400 Amer Smelting & Retg___No par 315* Apr 3
500
Preferred
100 121 Feb 4
500
2nd preferred 6% oum
100 103 Feb 14
90 American Snuff
26 63 Jan 16
30
Preferred
100 125 Feb 20
11,700 Amer Steel Foundries____No par
12 Mar 14
180
Preferred
100 88 Feb 4
1,000 American Store,
No par 3312 Apr 4
5,200 Amer Sugar Refining
100 52 Aug 2
200
Preferred
100 12812 Jan 3
3,900 Am Sumatra Tobacco____No par 1812 Jan 29
43,000 Amer Telep & Teleg
100 9878 Mar 18
1,900 American Tobacco
25 7212 Apr 3
5.900
Common class B
25 7434 Mar 21
400
Preferred
100 12918 Jan 18
212 Mar 18
tAm Type Founders
No par
360
Preferred
9 Mar 15
100
45,600 Am Water Wks & Elec___No par
718 Mar 13
800
let preferred
No par 48 Mar 10
10,100 American Woolen
47s Mar 13
No par
10,200
100 3512 Mar 18
Preferred
500 tArn Writing Paper
1
5s Mar29
100
214Mar 15
Preferred
No par
4,400 Amer Zinc Lead & Smelt_100
3 Mar 13
1,100
25 31 Mar 20
Preferred
58,500 Anaconda Copper Mining
8 Mar 13
50
1,300 Anaconda Wire & Cable__No par 1618 Apr 1
2,300 Anchor cap
12I2May 15
No par
60
$6.50 cony preferred-No par 100 July 6
300 Andes Copper Mining
3% Mar 21
10
4.400 Archer Daniels MMI'd___No par 36 Jan 16
210
7% preferred
100 1183* Jan
600 Armour & Co (Del) pref-100 97 Apr 3
19,600 Arrour of Illinois new
5
314 Apr 3
5,200
SE cony Pre
Vo par 5512May 1
300
wr.f.rr.d
ino 85 Jan 2
19.100 Armstrong Cork Co
No par 2533 July 19

Shares
100
30
1,300
23,400
150
3,400
4,000
2,600
700
2,600
800
8,600
600
14.500
1,700
400
300
1,000
8,800
4,300
500
23,100
2,000
23,900

No account is taken cf s/ eh

$ Per Shari $ Per 58 1 per skate
36
43
30
4312 Aug 2
89
111
89
114 Am 6
21
6238July 31
414
117
,
734July 31
6
65
91 July 20
7014 s85
1411
16
3478
3312 Jan 2
6
117tMay 17
614 11%
1234July 23
3,8
313
7%
478
478
9%
838 Feb 11
14034 July18
9114 113
8018
34
1%
3%
178 Jan 7
1518
161g 2372
22018 Jan 9
312 Jan 8
214
774
112
34
114
514
178 Jan 7
238
438 16%
7 Jan 4
4
2
1458
6% Jan 2
378 14/
1
4
154
638 Jan 5
658
1234May 14
3012June 19
2318
15
1314
162 July 29 10712
151g 16034
12711 Feb 27 117
2218 130
614 Jan 13
312
814
3111
18
62 Aug 2
2514 6312
103*
2714July 23
10/g 23%
111,
2014 Jan 5
21.1g
218
214
784
334July 31
2114
33 Aur 22
25
45
39
5558
27
7034May 17
20
2514 48
5734 Feb 16
1118
1111 2514
29 July 23
40
5012
6514July 23
3412
3734July 31
1913 311
19,2
122
88
12814July 23
96
80
145 July 22
9014 11484
168 May 3 120
12611 15211
3378
10
2538July 31
12
2612
5712 Aug 2
32
5612
4
4% 1214
1538July 31
4(1
14
8518 A pr 26
19
464 70%
4312
96 June 8
22
20
3414 Aug 2
35,2
2
358May 17
318
612
3314 Jan 3
2034 6212
2034
612 1312
1734June 11
612
33
12712J1ine 14
612 7372
74
78 July 22
3 Jan 3
5
11g
14
234
10
714July 31
150 July 22 105
-1-3I
4
2
518 Jan 3
1124 30
1134
36 Aug 2
37g
1138 Aug 2
618 1714
35
1014
2834 Aug 2
11
814
13 Jan 10
1012 221g
214
312 1012
612May 22
17
17,14 4214
27345tay 22
2434
3614 Aug 2
2514 364/
23u
10
478 Jan 17
3
22
2544 6514
3734 Feb 16
412
434
11
9 July 30
134
314 10
6 Jan 18
9
1413 3838
2014 Jan 9
35% 7414
32
58 July 30
1218 2318
12
2458July 31
314 1014
.3
934 Apr 26
412 10
912 Apr 26
3
12% 27%
Pra
2138Mity 20
91
83
63
11014 Aug 1
3434
2034
3012N1ay 7
21
514 Aug 2
3
121.4
1 12
1018
11% 297g
3712 Aug 2
912 26,4
8118
31. Aug 2
1712 Aug 1
17%
914
10
15212July 25 10712 11112 1377g
1218
2434 Aug 1
1312 2814
33%
38
'1514
9534July 25
2
21g
718
912July 6
15
2614 Jan 7
171g 30
3014 51 14
4718May 17
2812
71
125
144 Slay g
100
57
117 May 6
7114 10912
4544 71
43
76 June 26
143 July 19 106
106
12712
1938 Aug 1
1013 2612
10's
5978 02
52
106 July 27
4414
43 Jan 9 31 3318
37
72
7012 Feb 16
46
4512
14012May 6 102
10312 12918
11
24% Jan 3
13s4 24
9878 10018 125,
13212 Aug 2
4
11812July 29
6514 8512
63,2
10014July 31
6478
89
67
14038July 31 105
10714 13034
213
834 Jan 18
3
13
1938 Jan 18
7
714 2824
21478 Jan 10
12% 2758
713
74) July2
48
80
54
938S1ay 21
478
7
17%
6112May 21
36
8334
3512
114 Jan 16
1
414
58
6% Jan 18
272 1712
214
538Slay 23
3
334
9
48 July 27
31
3612 50%
1818May 23
8
10
1714
25 May 17
914 1858
758
1758 Jan 4
1318 2414
1212
109 Apr 26
106
80
84
7345.14y 25
418 1018
318
52 Aug 1
2614 39%
217s
117
12214July 19 106
10
76i4 10312
10712July 19
64
618 Jan 3
313
614
314
464 7114
70% Jan 10
4614
3114
10011 Feb 4
85
54
29 Aug 2 5 13

New York Stock Record-Continued-Page 2

704

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 27

Monday
July 29

Tuesday
July 30

Wednesday
July 31

Thursday
Aug. 1

1 Sales
for
Friday
the
Aug. 2
Week

$ per share $ per share $ per share 8 per share 8 per share $ per share
6/
1
4 678
618 638
612 678
6
638
634 7
*578 6
678 678 *634 6/
*6
7
1
4
712 712 *634 738
6/
1
4 7/
1
4
*72
- . *72
*72
__ *72 -_
__ *72
*72_
131g -13-14 1314 -1358 1314 144 1334 1438 1334 -1-418 1334 14
*99 100 100 1004 100 101
101 101
101 101
101 101
784 7812 *7918 81
76
ns 80
7834 7834 7812 7812 76
497 *31
40
40 *38
*31
40 *38
3978 *38
3978 *31
5458 5538 5478 5718 x5414 5558 5414 5538 5358 5514 5138 5478
*8934 90
90
9018 9012 9014 9014 89
8978 90
9014 90
2438
2314 2414 23
2178 2218 2212 2312 2318 24
2314 24
6
612
*5/
1
4 634 *5/
1
4 634
578 578 *534 6
*5/
1
4 6
8/
1
4 *614 818 *612 712
718 718 *6
*738 8/
1
4
712 712
23 2314 23 2334 2358 2418 2318 2418 2312 24
2234 23
37/
1
4 37/
1
4 38
38
3814 3814 3734 3734
3812 3734 38
38
11212 11212 113 113
*111 11212 11212 1121 *112 114
113 113
/
4 *111 11158
*111 11158 *111 11158 *111 11158 *111 11158 *111 1111
*658 738 *658 738 *658 678 *658 678
1
4 634
67s 678 *6/
1
4 2538 2658
22
2258 2258 2434 2334 2634 264 2734 2534 27/
7
7
7
7
7
718
1
4 714 *61z 718
*638 7/
1
4 *6/
*3712 40 *3712 40
40 40
42 .
40 40 *40
*40
43
34 -34
018 -34
27g ---3148
284 -27234 -278
3/
1
4 312
312 334
312 334
358 334
358 378
358 378
2212 2014 2234 20/
1
4 2178
20 2012 20 2038 2018 2134 21
1414
1
4 1438 13
1314 1334 1314 1378 13/
1218 1212 1238 131
1418 1414 1412 1534 1534 1618 1512 1612 1618 1738 1534 17
108 108 108 108 10912 10912
*10614 10912 *107 109 *10718 108
47 47
4612 4612 4534 4634 4612 47
4412 454 4534 453
*11312 11412 *11312 115 *114 115 *114 115 115 115 *114 115
518 518
478 478
5
5
5
518
478 47
*473 518
51
51
52
5134 52
49 50 *49
48 48
50
*48
814 834
814 81
814 834
838 8/
1
4
838 858
812 812
*4312 4414 4312 431 *4212 4312 4212 4212 4213 4234 4313 4312
11014 11038 *11038 111
31111 113 *111 113 *111 113 111 111
*1514 1574 1578 1578 1534 1578 1534 1578 1558 1534 1518 1518
105 105 *100 105 105 105 *100 105
*10112 105 *103 105
92
91
92
911
/
4 9112 91
9112 92
*87 92 *87 92
1214 1212 1238 1278 1212 1278 1258 1278 1258 1234 1212 1278
138512 89 *8512 89 *8512 89 *8512 89
*8534 89 *8512 89
1
4 1712 1658 1718 1634 1712 1634 1738 1614 17
1712 17/
17
1818 1814 1614 1814 1818 1838 1812 1812 1012 1858 1838 1812
4712
4712 47 4734 47
4712 4734 4714 4758 47
47 47
1
4 3434 3638
3618 3734 3618 37/
1
4 3578 3712 3534 37/
3413 36
9112
9312 90
93 9318 91
87/
1
4 9034 9134 9414 9334 95
2112
2012 2058 21 2214 22 22
2118 2138 2012 2234 21
1238 1178 1214 1134 12
1238 12
1238 12
12
1218 12
21
*1718 2014 *1812 2014 2014 204 2012 2012 204 2034 21
108 10812 10812 10812 108 108 108 10812 108 10812 108 108
6212 63 *62
70
64 64
6212 6212 8212 63
64 64
912 934
9
914
9/
1
4 1058 10
1114 1034 1114 1038 11
45 4638 44 4573 4434 4512 4312 4438
464 4612 464
100 100
9973 100
9978 100
100 100
9978 100
9834 100
4534
*4314 46 *43
1343 46
4612 4612 *43 46 *43 46
25
2534
/
4 2538 26
/
4 2572 261
2512 2618 2534 261
2512 26
1
4 47/
44/
1
4 4512 45/
1
4 4734 4838 4813 4978 4812 4934 4612 4914
6
6
0
6
*518 6
*514 6
5
5
*458 . 5
224
/
1
4
*34
78
978 118
78
1
478 1
71$
1
1312 1378 13/
1
4 1378 1312 14
/
4 1258 1334 1358 14
11/
1
4 111
3634 3712 3712 3814 3738 3814 37 3818 3712 383s 3712 3838
44/
1
4 *4312 4412
4358 4358 4334 4514 45 4538 4412 4514 44
1
4 3534 3534
*35
3514 3558 3558 3514 3534 3514 3514 3534 35/
2/
1
4 214 *178 214
214
218 214 *2
2
2
*134 2
*21
22
21
21
*1958 2012 2013 2012 *20 2178 2178 22
/
4 4138 4112 4238 4178 4238 4212 4338
1
4 4058 4034 411
4158 41/
99 99
99
9812 984 99
99 99
99 99
*9812 99
6558 6712
6334 6734 *6512 67
6334 64
6312 64
*6312 64
6314 6334
64 *6113 64 *6214 64 .63 65 *6312 641
*61
1
4 12138 3112158 122 *12158 122
*121 12212 *121 12112 12112 12112 121/
378 4
378 4
4
418 414
414 414
418
334 4
714 714
718 714
714 714
718 714
7
714
• 7
718
1258 1258
1278 127
13
1314 13
13
1312 13
1312 13
90
08
88 *82
90
89 90 *78
*88/
1
4 91
*8834 91
458 5
434 5
438 484
458 434
434 47
458 4/
1
4
36/
1
4
36
38
38
38
37/
1
4 3834 36
3812 39
*38
39
512 534
513 57
1
4
458 434
512 5/
514 558
458 514
6/
1
4 6's
612 634 *658 68
718 718
7
713
6
712
161
/
4 161s
1
4 17
1
4 1684 16/
1
4 1712 16/
1738 17/
1
4 16/
1
4 1714 16/
58
"2
58
"2
58
*12
%
*12
*1
/
4
32
*12
%
____ ____ -... _-__ -- ___ --_-_
78
*14
*14
78
58
*14
*14
58
58
*14
---4 ---28
33
4
/
4
1
4 *31
318 3/
4
*3
*3113 4
53
4
*3/
1
4 4
1658 1678
21634 17
1678 17
165s 17
1658 1658 1612 17
212
212
258 284
11
/
4 212
2
2
1/
1
4 184
*158 2
7/
1
4 758
7/
1
4 812
7/
1
4 8
6
6
7
*5
714 *5
1812
1
4 18
1512 1818 1738 19/
1334 1334 1312 1334 1438 15
/
4
11
/
4 11
/
4 *158 134
1/
1
4 11
134 134 *134 178
*158 11
/
4
58
12
12
12
58
12
*i2
28
*T2
28
58
58
1778 1638 1738
16
1612 1578 1612 1658 1738 1718 1814 17
60
58
5912 61)
5534 5534 5534 5678 59
5512 5512 55
32
31
3312 3012 33
3338 3378 33
3338 3358 3358 34
53
12
58
12
58
12
12
12
72
12
12
12
318 35
*314 338
338 338
314 338
314 314
314 338
2112
2134 2114 2218 2138 2218 21
2054 21
2034 2112 21
9
978
1012 1058 1014 1012 1013 1014 1018 1018 1018 10'2
54
54 'Si
5334 *51
5334 *51
5334 *51
.51
5334 *51
978 1018
1032
1014 10
1038 10
10
1038 10
1018 10
3418
3418 *34
3418 34
3378 3378 *34
3378 34
34
34
11
11
11
*9/
1
4 1038 1014 1012 1012 1058 1012 1012 11
*4484 46/
*44/
1
4 47
1
4
1
4 48 *44 48
*4214_ _ *43 50 *43/
91
*87
91
*87
*8734 91
*8734 91
*8734 -91- *87,
4 91
9434
94/
1
4 *92
9134 9134 *92
94
94 94 *92
*93 94
6678 6858 681
/
4 6958 67 6878 6634 6858 6512 68'4 6414 67
10612 10612 10612 10612
103 103 10312 104 *105 110 *106 110
5512 5334 55
5334 5414 5334 5438 53 5418 5312 5514 54
2658 27/
1
4 2684 2738 2714 2858 2712 2812 2738 2834 2734 2914
312 4
378 4
4
4
358 414
318 318
3
3
4 ---------------4
358 4
314 312
*234 312
31
3214 3112 3134
3012 32
2738 2912 2912 3014 3084 33
*2518 2512
2414 25
2414 25
2414 2414 2414 25
2434 25
4912 5212
52
52
46
52
4614 48
*42
4312 4314 47
614 614
614 614
1
4
6/
1
4 658
*612 6/
1
4
618 6/
612 658
13100 102 *100 102 *100 102 *100 102 *100 102 *100 102
5714
36
68
5612
58
5714 5878 57
5834 59/
1
4 5812 59
514 6
618
6
614
6
6
6/
1
4
578 6/
1
4
558 534
4934 4714 4912 47 4784 4712 4734 4634 47
4638 47
42
*434 618 *434 618 *434 618 *434 613 *434 512 *434 512
45
4412 4512 45
4414 45
4234 4234 4312 4412 4412 45
1
4 4538 4618
4514 4538 4514 4558 4518 4558 4518 4584 4512 46/
*12 238
*52 13g
*58 . 112 *558 112 *558 112
*58 112
112
112 *1
112 *I
112 *1
11
/
4 *1
*1
138 *1
78
78
78
"4
34
714
"4
78
34
34
*/
1
4
72
*258 3
*258 3
*258 3
234 234 *258 3
*258 234
•114 234 *114 284 *114 234 .114 234 *114 234 *Di 234
2612 27
2512 2512 2614 2634 2534 2678 2614 2612 2818 27
/
1
4 1
/
1
4 1
/
1
4 1
78 1
78
78
78
*/
1
4
138 138
138 158
138 112
112 112
158 112
11
/
4 118
214 214
2/
1
4 212
214 2/
1
4
238
214 212
2
2
2
512 512
512 6
514 514
512 534
534 578
5/
1
4 534
812 878
852 878
884 878
834 914
938 532
91s 958
4012 3812 3812
39
41/
1
4 4218 4034 4134 4012 41
42 42
132 112
4,/
1
4 1
1
1
114 112
1
118 138
118
/
4 212
238 238 1311
2l8 212
2
213
134 114
*114 2
178 178
134 2
134 2
112 178
13,3 112
112 113
*1112
1212
12
12
12
*1112
12
*1112
*11
12
*11
12

STOCKS
NEW YORE STOCK
EXCHANGE

Par
Shares
5
17.300 Arnold Constable Corp
No par
800 Artloom Corp
Preferred
100
__ _ _
1
16:300 Associated Dry Goods
100
900 6% lat preferred
7% 2d preferred
100
1,000
Associated 011
25
37,400 nub Topeka & Santa Fe____130
100
2,200
Preferred
13,600 Atlantic Coast Line RR
100
180 At G & W 1 BB Lines-No par
Preferred
100
300
25
14,200 Atlantic Refining
1,100 All.. Powder
No par
100
110
Preferred
Prof called
No par
100 Atlas Tack Corp
36,000 Auburn Automobile
No par
900 Austin Niehole
No par
30
Prior A
No Da
._ - Aviation Corp of Del(The)--5
New
3
16:000
26,100 Baldwin Loco Worke---No paT
10,800
Preferred
100
74,900 Baltimore & Ohio
100
14,300
Preferred
100
100
40 Bamberger(1)& Co pref
1,500 Bangor & Aroostook
50
20 Preferred
100
1,100 Barker Brothers
No par
260 614% cony preferred
100
13,700 Barnsdall Corp
5
500 Bayuk Cigars In*
No par
1s1 preferred
50
100
1.000 Beatrice Creamers
25
300
Preferred
100
1,000 Beech-Nut Packing Co
20
7,200 Belding Hemingway Co-No par
Belgian Nat By. part prof
30,900 Handl: Aviation
5
3,200 Beneficial Indus Loan---No par
1,800 Beet & CO
No par
70,100 Bethlehem Steel Corp----No par
9,400
7% preferred
100
1,160 Bigelow-Sant CarpetIno-- No par
8,803 Blaw-Knox Co
No par
240 Bloomingdale Brothers-No par
370
Preferred
101)
140 Blumenthal dc Co prof
100
41,100 Boeing Airplane Co
6
4,400 Bohn Aluminum & Br
5
250 Bon Am! clam A
No pas
200
Clue B
No par
16,800 Borden Co (The)
le
14,200 Borg-Warner Corp
10
400 Boston & Maine
100
300 /Botany Cons Mills class A___50
61,200 Bridgeport Bra.. Co-----No par
30.200 Briggs Manufacturing_No p.„,
3,400 Briggs & Stratton
No par
1,400 Bri8tol-Myere Co
6
700 Brooklyn & cineenil Tr-No par
800 Preferrcd
NO par
10,200 Bklyn Manh Traneat
No par
1,100
16 preferred series A
No vat
3,000 Brooklyn anion Gas
NO par
200 Brown Shoe Co
No par
100
60
Preferred
2,100 Bruns-Balke-Collender-No par
4,500 Buoyrus-Erie Co
10
3,600
6
Preferred
40 7% preferred
100
9,300 Budd (R 0) Mfg
No par
1,900
7% preferred
100
73,200 Budd Wheel
No par
3,200 Bulova Watch
No vat
5,800 Bullard Co
No par
Burns Bros Maas A
No par
Class A v t o
No par
Class B
No par
7% preferred
10
100
5,900 Burroughs Add Mach----No par
6,000 :Buell Term
No par
1,100
Debenture
100
660 Bulb Term BI gu prat ctla
100
500 Butte Copper & Zinc
5
No par
900 IButterIck Co
14,600 Byers Co (A M)
No par
420
Preferred
100
No par
9,100 California Packing
I
6,400 Callahan Zino-Lead
4.700 Calumet & Reda Cons Cop__ _25
13,600 Campbell W & 0 Fdy____No par
5
9,800 Canada Dry Ginger Ale
100
Canada Southern
25
22,900 Canadian Pacific
No par
1,900 Cannon Mille
1
1,400 capital Admlnis ol A
10
Preferred A
Carolina Clinch & Ohio Ry_100
100
Stud
110
100
26,100 Case (J I) Co
Preferred certificates
100
200
No par
9,400 Caterpillar Tractor
No par
44,600 Celanese Corp of Am
No par
2.400 SCelote4 Corp
1,200
No par
Certificates
100
1,960
Preferred
1,900 Central Aguirre Asso--No par
3,100 Central RR of New Jersey _100
1,800 Century Ribbon Mills-No pm
100
Preferred
12,100 Cerro de Pasco Copper-No par
--No
par
10,100 Certain-Teed Product,
100
2,260
7% preferred
Checker Cab
6
No par
4,000 Chesapeake Carp
20,800 Chesapeake & Ohio
25
tChlo & East Ill By Co
100
6% preferred
100
400 G•bicago Great Western
100
Preferred
100
100
IChie Ind & Louis, pref
100
5
4,700 Chicago Mail Order Co
3,700 :Chic MIlw St P & Pao---No par
100
6,800
Preferred
7,500 Chicago & North Wes5ern-100
100
1,700
Preferred
5,600 Chicago Pneumat Tool...NO par
No Dar
2,700
Cony preferred
2400 tadeago Rock Isl & Pacific-100
100
500
7% preferred
100
2,500
6.; preferred
No par
200, Chicago Yellow Cab

Aug. 3 1935

Range SINICI Jan. 1
Os Basis of 100-share Lots
Lowest
$ per chore
4 Mar 6
334 Mar 15
70 Apr 25
712 Mar 13
8078 Apr 3
48 Mar 12
2934 Feb 21
3534 Mar 28
6638 Mar 28
1912 Apr 3
3 Mar 6
6 Mar 5
2188 Mar 12
3234 Apr 3
10638 Jan 2
111 Apr 30
4 Mar 13
15 Mar 16
512May 6
3512May 7
3 Mar 13'
234Ju1y 10
112 Feb 20
7/
1
4 Apr 3
712 Mar 13
918 Mar 13
10034 Feb 21
8618 Mar 12
10614 Mar 18
314 Feb 25
32 June 21
57a Mar 6
8712 Mar 14
10738 Jan 11
1418July 6
1004 Jan 5
72 Feb 2
111
/
4 Mar 18
85 Apr 26
1178 Mar 13
15/
1
4 Mar 13
34 Jan 30
2138 Mar 18
55/
1
4Mar 18
1484 Mar 19
958 Mar 14
1658Juno 19
10314 Jan 22
2814 Mar 13
6/
1
4 Mar 18
3958July 10
90 Jan 31
45 July 25
21 Mar 29
28/
1
4 Jan 18
334 Mar 27
12June 6
84 Apr 30
2412 Feb 7
2318 Jan 17
3038May 25
138 Apr 18
1418May 2
3612 Mar 15
90 Jan 4
43 Mar 18
53 Mar 11
12118July 24
338July 6
4/
1
4 Mar 1
818 Mar 15
6238 Mar 22
3/
1
4 Mar 15
33 Mar 14
1
4Mar 21
2/
334May 13
1
4 Mar 13
8/
/
1
4July 9
38June 17
14Mar 20
3 Mar 16
131
/
4 Mar 14
1 Apr 8
54 Apr 3
10 Mar 28
118 Mar 12
'.June 3
1114 Mar 14
32 Mar 14
3012 Aug 1
14July 8
24 Mar 13
74 Mar 13
834 Mar 2
50 Apr 9
938Mar 18
80 June 1
438 Mar 21
3212 Feb 2
821
/
4 Feb 27
85 Mar 20
4534 Mar 18
8312 Apr 11
3612 Jan 16
19/
1
4 Apr 25
1% Apr 3
/
4 Mar 8
11
114 Mar 20
2214 Feb 13
34 Mar 18
July 31
9814 Mar 14
388
.Jan 18
313Mar 13
23 Mar 12
498 Mar 27
36 Mar 12
37/
1
4 Mar 12
1 Apr 26
%June 3
38 Feb 28
138 Feb 28
1 Mar 30
1918June 7
/
1
4 Mar 29
%Mar 29
138June 28
358July 1
45 Mar 14
20 Mar 13
34 July 9
/
4 Mar 30
11
11
/
4 July 22
914July 19

Highest

July 1
1933 to Rang.for
July 31 Year 1934
--1935
Low Lots
High

$ per share $ perch
7 Aug 1
278
3/
1
4
712 Aug 1
70/
1
4 Jan 22 6334
1438July 31
714
44
101 July 30
7834July 31
36
3812June 27
20
5718July 29
3534
91 June 28
5314
1912
3714 Jan 4
3
7 Jan 7
6
9/
1
4 Jan 19
28 May 16
2118
4412May 16
18
113 July 31
75
111 Apr 30 111
734 Jan 8
4
15
2934 Jan 7
4
14 Jan 2
63 Jan 2
2738
558 Jan 3
3
334 Aug 2
234
112
658 Jan 9
7/
1
4
2634 Jan 21
74
15 Feb 18
94
1772 Jan 7
10912 Aug 2 88
47 Aug 1
2914
9112
115 May 8
532 Jan 22
214
52 Aug 1
14
5/
1
4
1058May 16
6038June 18 23
115 May 16
80
19 Mar 1
8/
1
4
10818June 18
55
92 July 30
54
13/
1
4 Feb 23
7
117/
1
4Mar 7 8334
18 July 23
934
1933July 5 3 12
21
48 July 23
2158
3734July 29
4438
95 July SO
1434
2614 Jan 23
6
13/
1
4 Jan 8
16
2314 Jan 21
65
112 June 19
28
7212July 23
61
/
4
1114July 31
33/
1
4
59/
1
4 Jan 8
68
100 July 18
4784 July 17
45
10
2638July 23
1113
4978July 31
71 Jan 4
334
11
/
4 Jan 9
Is
14 July 30
84
61
/
4
38/
1
4 Aug 1
1012
4538July 30
25
381
/
4 Jan 10
138
34 Jan 5
14
317 Jan 3
1
4 Feb 19
2534
44/
9974May 25
0914
43
67 July 31
41
63/
1
4 Aug 2
12514 Apr 11 117
678 Jan 9
358
818May 23
3/
1
4
6
15 May 23
67
9112July 16
3
514 Jan 2
16
4038July 25
57 July 31
2
24
7/
1
4July 27
41
/
4
1818 July 18
2% Jan 25
14
/
1
4
14 Jan 23
1
11
/
4 Feb 7
97 Jan 23
3
1012
1734 July 12
313 Jan 21
54
2
1012 Jan 22
418
2212 Jan 21
118
2% Apr 26
134 Jan 3
38
1138
2058 Jan 7
60 Jan 5
32
6212 Feb 18
1652
118 Jan 3
14
212
44 Jan 7
2228 July 6
6
1658 Jan 7
834
44
63 Feb 4
13/
1
4 Jan 9
9/
1
4
36 Jan 10
2214
11 Aug 1
414
43 July 23 26
37 May 17
60
95 July 18
70
69/
1
4July 29
35
10612 Aug 1
Ws
5513 Aug 1
15
353* Jan 7
1714
478May 21
118
434May 21
78
3334June 13
212
29 May 8
18/
1
4
55/
1
4 Jan 4
34
1238 Jan 16
512
10912 Jan 2 75
6334 Apr 25
2334
6/
1
4 Jan 7
25.
4934July 29
1058
632 Jan 7
458
4512 Aug 1
294
4638 Aug 1
374
2/
1
4 Jan 12
1
2/
1
4 Jan 8
78
38
214 Jan 7
412 Jan 4
11
/
4
2 Apr 13
1
27 Aug 1 9 894
/
1
4
3 Jan 3
4/
1
4 Jan 4
34
514 Jan 7
138
105
.Jan 8
3/
1
4
934July 25
3/
1
4
4414July i l
1414
2/
1
4 Jan 9
34
418 Jan 9
153
4 Jan 10
114
12 Aug 1
9/
1
4

$ per share
.,
8,
8
4
1012
6334 704
74 161
/
4
46
90
36
6472
2912 4012
6514 7334
701
/
4 90
24/
1
4 54/
1
4
5
10
778 24
2112 15/
1
4
3514 5512
83 107
112
161
/
4
612
3114
834
- -412
1614
12/
1
4
15
8613
354
9518
214
1618
578
23
89
10,4
55
58
1
4
8/
9512
934
124
26
24/
1
4
5478
1914
6
17
80
28
694
44/
1
4
78
.
.
CV's
1618
514
re
--12
14
26
33,
311
/
4
2814
8212
46
45
1181
/
4
4
312
6
60
3
16
2
278
57
11
/
4
/
1
4
1
4
1012
34
234
518
112
11
/
4
1334
40
181
/
4
%
234
6
124
4812
1078
384
6/
1
4
26/
1
4
74
70
35
8814
23
17/
1
4
118
1
04
1834
53
5/
1
4
82
3014
314
1712
412
34
3912
11
/
4
138
11
/
4
312
134
8/
1
4
2
313
3/
1
4
534
3/
1
4
1414
138
2%
2
918

1-614
5758
1658
65
1034
-16
6484
344
3738
10278
464
116
612
3812
10
45114
109'2
1934
100
Ma
1514
127
3374
194
40
6912
82
40
1614
26
109
561
/
4
1114
6838
94
.
.
-2814
308
1912
3
-18-32
271
/
4
3712
gss
5814
4473
V7
8012
61
12614
107
9/
1
4
144
76
7/
1
4
44
538
612
151s
8
412
312
1512
3108
378
9,3
21
34
4/
1
4
5234
677s
41/
1
4
I1
/
4
632
1578
2912
5612
1014
38,4
101
/
4
33
85
921
/
4
063.4
93
38,
4
4178
578
a
22/
1
4
3212
92
128*
11012
4412
734
35
161
/
4
48/
1
4
48,
2
7
8
51
/
4
111
/
4
7
19
1
4
8/
1314
15
28
9/
1
4
28/
1
4
64
95
8
216

For loorpotee ere page 702




''',

New York Stock Record-Continued-Page 3

Volume 141

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 27

Monday
July 29

Tuesday
July 30

Wednesday I Thursday 1
Aug. 1
July 31

Friday
Aug. 2

1 Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

Range Sacs Jo,.. 1
Rs Bat& of 100-share LOtO
Lowest

$ per share 3 per share $ per share $ per share $ per share $ per share Shares
Par $ per share
26% 26% 27
10 254 Mar 12
*27
27
2712 1,800 Chickasha Cotton 011
28
2734 28
27
27
27
*478 5
4/
1
4 478
312 Mar 15
412 48 1,500 Childs Ct,
478 478
No par
434 434
43* 44
25
*174 19
9 Feb 23
31171
18
/
4 1812 1712 1712 *1712 1814 18
*1918 1958
30 Chile Col/Per Co
5718 598 5834 60
5 31 Mar 12
5732 598 132,000 Chrysler Corti
5834 59% 5838 60% 5834 60
2114 2114 211
/
4 2114 1712 2034 16
No par 16 July 31
1714 1738 1914 1838 197 21,000 City Ice & Fuel
*98
9812 9712 98
100 87 Jan 10
1,830
91
Preferred
9118 90
9012 90
9012 961z 88
314 Apr 30
*312 4
*312 4
5
*358 4
800 City Stores new
312 334 *34 37
34 334
1638 1638 1612 16/
No par 1214May 15
1
4 16/
1
4 1712 1714 1814 1734 1814 1612 1738 9,400 Clark Equipment
35
3534 3414 3434 3312 3414 338 34
33
3414 3238 334 12,600 Cleve Graphite Bronze Co(The) 1 2758July 3
*8412 ---_ *8412
Cleveland & Pittsburgh
50 80 Mar 26
*8412
*8412 -__ *8412 ____ *8412 ____
*48
._ ___
*48_
Spool grt4% bettermentIlk 50 48 June 25
*48
_ *48
_
*48
___ *48
20 -21
2014 -21
2114 -2112 2,800 Cluett Peabody & 0o----No par 20 July 27
_- *2012 -21
2014 -2-034 2034 If
*115 123 *11512 123 *115 122 *115 122 *115 122
Preferred
122 122
100 1124 Jan 7
10
*22512 228
22612 22814 2274 22712 22872 23012 229 229
1
4 Jan 2
1,800 COca-Cola Oo (The)
227 227
No par 161/
*5512 5614 *55/
1
4 5618 *5512 5612 *5512 5534 .55 1 5612 *5512 58%
Class A
No par 5332 Apr 20
*435__- *435
Coca Cola Internet Corp_No par
. *435
_ *435
__ _
_
_ *435
_ *435
18 -1-8,8 1732 1774 11,300 Colgate-Palmolive-Peet- No par 1518June 1
8 1712 1774 17.2 1734 173* 1738 1738 173*10312 104
104 10414 *10314 104 *10314 104 *10314 104 *10314 104
6% preferred
100 101 Jan 3
300
2312 2434 24
9 Mar 13
2458 2338 2412 2312 2538 2434 2578 25
No par
2612 37,600 Collins & Aikman
*99 100
99
Preferred
100 61)34 Mar 13
400
99
100 100
100 100
9912 100
998 100
*612 8
*612 8
654 Jan 10
No per
100 Colonial Beacon 011
*612 778 *612 778 *612 7%
8
8
218 218
2
24 2,800 :Colorado Fuel & Iran.-No par
hi Mar 13
218 24
2
218
24 214
218 214
14
15
1478 16
5 Mar 14
100
Preferred
540
1512 r1534 1534 r1512 1512
15
15
16
*15
1712 1634 17
100 1034 Feb 28
510 Colorado & Southern
20
1812 1934 *16
*15
1678 168 19
•15
17
17
7 Feb 26
100
17
4% 1s1 preferred
130
*1518 1712
17
1712 17
*15
1678 17
*11
12/
1
4 1311
658 Mar 9
100
4% 2d preferred
30
124 *8
1
4 1434
1278 128 124 1358 1358 1313/
*92
93
9012 9112 8912 9014 8912 90
8712 8984 8834 8914 3,500 Columbian Carbon v to No par 67 Jan 15
7434 754 7314 7412 7114 7314 70
1
4 Jan 16
7234 7412 5,200 Columb Pict Corp v I o__-No par 34/
7212 74
72
738 712
31 Mar 13
718 778
838 9 112,800 Columbia Gas & Elec....-No par
8
83
738 838
738 758
*7012 72/
1
4 74
100 3512 Mar 13
74
Preferred series A
2,810
76
7512 7613 76
7212 7412 7412 76
64/
1
4 6434 *6434 67
100 31 Mar 15
5% preferred
70
73
*65
6434 6434 6512 6512 *6434 70
47/
1
4 48
4738 48
10 3912 Jan 2
4712 484 4634 4938 4834 5014 4912 50% 23,200 Commerclal Credit
25 29 Jan 5
7% 181 preferred
50 534 Jan 7
Class A
25 294 Jan 3
Preferred B
64% Brat preferred
100 10934June 13
*11484 11614 *11484 11-61-4 *1.11434 I16l-8 1- 1484 11-5 115 11-514 115 11-5 1,200 54% preferred
112 June 27
5738May 2
Class A atock reoelpta
65'4 6S4 6514 661z 66
No par 5614 Feb 7
6634 6838 677k 6834 67 6812 9,300 Comm Invest Trust
67
13112 11212 11212 11212 *112 11212 11212 11212 *112 11212 11212 11234
Cony preferred
Na par 111 Mar 13
300
9914 977
1
4 July 29
$4.25 cony pf ser of 1935 No par 97/
9878 98
9812 9838 9834 985 9878 9834 9912 8,300
98'3
2014 2038 2012 203* 194 2014 1984 2014 194 2018 1938 19% 25,100 Commerelal Solvents
No par 1732 Mar 13
1.2 112
%Mar 6
188 112
112 158 44,000 Commonwith & son
No par
p. ii,
112
IA
v. 1i2
50
5014 4934 50
1
4 Jan 4
No par 29/
5412 6,500
$6 preferred shies
50
5012 5278 5178 5214 53
51
*8
914 *8
572 Mar 18
914 e8
100 Conde Nast Pub., Ino___No par:
94 *8
914
8
8
*712 9
368 367
37
9,900 Congoleum-Nalrn Inc.-No par 27 Mar 15
3638 37
3738 3634 3714 37
3712 3612 37
*13
13711
No par
9 Feb 7
500 Congress Cigar
1
4 1378 *1248 1378
1314 1314 1314 1314 1314 1312 *12/
42
423* *40
41
530 Connecticut Ry & Lighting-100 2334 Mar 1
38/
1
4 3912
39
3912 *38
r3934 3934 39
*54
56
*54
5512 *52
100 41 Apr 2
Preferred
70
55
56
53
53
*53
55
55
7 Mar 14
No par
900 Consolidated Cigar
8
*71
/
4 8
734 8
734 734
*734 8
812
734 8
*69
70
*69
100 62 Mar 28
Preferred
20
70
*68
70
69
68
70
*69
4439
70
*7812 80
7812 7812 *77
100 71 Apr 2
Prior preferred
60
76
76
76
77
77'2
77
80
Prior pref ex-warrants
100 73 Mar 28
*75 _*77 - -- 377
80
*75 _
*77 _ . *75 _
*4
-414
4
312May 31
1
4
432 478 7,400 Oonsol Film Indus
4
-512
*4
4
-4
114
16
16
1534 16
No par 1414May 31
Preferred
1
4 10,300
1534 157
158 1618 1614 1814 1714 17/
2618 2714 2612 2714 2634 274 27
No par 1578 Feb 20
2912 2812 29% 294 3014 145,300 Consolidated Gan Oo
*9812 99
No par 7218 Feb 23
9834 9834 9834 99
Preferred
100 10014 3,600
100 100
988 100
234 278
312 384 17,300 Oonsol Laundries Corp
358 44
338 418
3
113 Mar 12
No par
338 334
358
71
734
734 7%
612 Mar 13
77
No par
818 85, 63,200 Congo! 011 Corp
814 812
83,
814 812
*11038 112 *11038 112 *11078 112 *10834 111/
100 10812 Feb 5
300 8% preferred
1
4 *109 10912 10912 10917
*372 4
*372 4
212 Jan 25
100
100 Consol RR of Cuba pref
3/
1
4 3/
1
4
*3/
1
4 4
*3/
1
4 4
*3/
1
4 4
Is
58
12 Mar 12
No par
12
12
38 2,000 Consolidated Textile
58
12
58
12
58
13
55
1038 1132 1012 1114 1038 1078 10
834June 5
20
1038 1014 1032 1018 1014 13,300 Container Corp class A
34 37*
358 378
278June 10
No par
Class B
312 312
338 312 8,500
33* 312
338 33*
13638 672
7
714
412 Mar 13
64 6°4 1,700 Continental Utak class A No par
718 714
64 7
685 7
*78 1
58 Apr 1
78
No par
1
3,400
7
Class B
34
34
78
34
78
78
78
*63
66
*65
100 4814 Jan 28
6612 65
Preferred
600
6314 6314
6558 *6314 6434 6314 64
87
8812 8818 8914 88
20 62 4 Jan 15
11,900 Continental Can IncIno
87
8614 8714 86
88% 8738 88
*1018 10/
1
4 1014 1134 1118 '114 1114 1114 1118 1138 1034 11
7 Jan 15
5
4,500 Cont'l Diamond Fibre
39
39
3878 3912 3914 4018 397 40
1
4 Mar 13
2.60 28/
1
4 4014 3978 4012 8,100 Continental Insurance
39/
*77
1
/
1
4 1
34 Jan 2
NO par
9,600 Continental Motors
1
11
1
1
1
1
/
1
4 1
208 2114 2034 2112 2012 2112 21
5 1512 Mar 14
1934 207 23,400 Continental 01101 Del
21
2114 20
55
5514 55
5514 55
5638 1.970 Corn Exchange Bank Trust Co 20 4134 Mar 11
55
55
55
55
5514 55
6934 70
62 Feb 6
7012 7012 711 11,500 Corn Products Relining
6912 8978 6913 7014 6938 7038 70
161 161'S *1605
8 162
100 149 Jan 2
162 162
401) Preferred
16118 16118 16118 16118 *15934 163
438 432
438 458
47
412 434
4/
1
4 Mar 13
No par
434 47
8,100 Coty Inc
5
412 478
3734 3734 3734 3734 3758 373
No par 3578 Jan 15
3758 3758 3758 3734 3,800 Cream of wheat ate
3758 373
1478 1478 144 1478 1378 1414 1358 14
1318 3,400 Crosley Radio Corp
1314 1312 *13
No par 124 Jan 15
3438 35
3412 2.200 Crown Cork & Seal
No par 2312 Mar 14
/
4 3434 34
3434 341
35
3514 3434 3404 534
*4514 46
4514 4514 46
No par 4312 Jan 4
$2.70 preferred
500
4612 4612 4612 4612
46
46
46
*82
8434 *8114 8478 *8414 563 *7418_ __ *7312 8612 .84
Crown W'mette Pap la p1No par 7412 Mar 13
8834
418 4% 4,000 Crown Zellerback v 1 o
3/
1
4 3/
1
4 *338 334
34 Mar 18
334 4%
334 334
No par
4
-4
23
23
23
2478 24
2334 2414 2312 2412 224 2334 8,000 Crucible Steel of Amerlea--100 14 Mar 15
25
*7112 74
74
75
754 7612 7534 7534 2,800
74
Preferred
100 474 Apr 12
753
754 76
*1
..
153
1
1
114
114
*1
1 Jan 28
No par
500 Cuba Co (The)
114
114 *1
1/
1
4 *1
10 Cuba RR 6% pea
6
6
712
*6
*6
71
51 *6
778 *6
5 Jan 5
100
712
*6
538 ''
512
517 514
54 5/
1
4
512 558 6,200 Cuban-American Bug se
538 534
5/
1
4 534
512Ju1y 22
10
64
64
63
60
63
6014
59
60
61
580
61
6214 60
Preferred
100 4012 Jan 3
4234 42/
1
4 4234 4234 * 4214 4284 4212 4234 4214 4214 42
4212 2,800 Cudahy Packing
50 40 May 3
1812 1812 1814 1878 1814 1813 1838 19
1834 1914 1814 19
No par 15 Mar 15
7,700 Coati!Pub Co (The)
*10212 103
10272 10278 10278 10312 10212 1034 *10238 103
No va7 5917 mar 14
103 10312 1,600
Preferred
218 214
24 24
218 23 15,600 Curtiss-Wright
218 23*
2 Mar 12
1
218 214
218 214
71
/
4 7511
712 734
712 734 14,400
7/
1
4 8
758 778
734 7/
1
4
614 Mar 15
Class A
1
*86 11014 *86 11014 *86 1101 4.86
*83 1104 *83 1104
89
Cushman1
/
4 Sons 7% pref -100 73 Mar 23
72
72
*70
72
*61
70
70
*61
70
70
70
8% preferred
No par 61 June 8
70
70
25
25
2514 2534 25
2512 4,700 Cutler-Hammer Inc
2538 2512 2534 2514 2534 25
No par 16 Mar 13
611 612 .63g 612 463* 61
4534 678
638 63, *614 678
500 Davega Stores Corp
6 June 7
5
341e 3612 3412 36
55
1
4 25,900 Deere & Co
8 53
..No par 2234 Mar 18
333* 354 3414 3512 3314 34/
2638 2638 26
2512 2534 2512 2534 2,400
26
26
2512 26
26
Preferred
20 19 Jan 15
3218 3218 3234 3458 343
34
3512 23,200 Delaware & Hudson
3414 36
1
4 Mar 26
100 23/
358 3412 36
15
15/
1
4 1518 16
1
4 16
15/
1
4 1614 1512 1614 1512 164 15/
24,700 Delaware Lack & Western___50 11 Mar 13
*2
212 *15, 212 *128 2, .
14, 2%
212 21
214 218
112 Feb 27
200 Deny & RIO Or West pret
100
92
92
*9212 9412
/
4 93
9212 9314 9112 9112 *901
921
Detrolt Edison
100 65 Mar 13
*112 512 *112 512 9212 51900
*112 512 *112 _ ,- •112
/
4
*11
Detroit & Meekinao III Co-100
234maY
*5
7/
1
4 *6
712 *6
71
*6
712 *o
‘12 *6
6 June 28
5% noncom preferred
100
712
40
40
403 4134 42
4314 1,200 Devoe & Raynolds A-_--No par 3538July 15
44
4438 4212 4212 *40
42
*118 12012 *118 12012'3118 1201 *118 12014 12014 12014 118 118
20
1st preferred
100 11412Mar 8
*3438 35
35
/
4 3512 357 36
35
35
1,200 Diamond Match
No par 2612 Jan 2
3558 3512 3512 351
39
39
39
1336
3912 39/
1
4 3934 3984 323 *37
328 *38
300
Participating preferred
25 3438 Jan 7
37/
1
4 3732 3734 3814 3712 38
3634 3634 7,000 Dome Mines Ltd
1
4 37
1
4 36/
3612 37/
No par 344 Jan 85
8
8
778 8
7/
1
4 77
7
733
712 712
78 7% 1,400 Dominion Stores Ltd
634May 29
No par
27
2814 2778 2812 2738 29's 2814 293
271
/
4 281 48,500 Douglas Aircraft Co Inc No par 174 Mar 12
29
28
2012 20/
1
4 20
20
2078 2012 21
1,000 Dresser(SRI Mfgoonv A.-No par 1812 Mar 15
1934 193
1934 2018 *20
*8
812 *812 83*
814 814
8% 814 *818 812
400
814 814
632 Mar 18
No par
Convertible class B
*4
38
*4
',thine 13
Duluth S S & Atlantlo
32
100
*14
33
*14
%
*14
*4
as
38
*4
%
*4
34
*38
3
14June 2
*12
34
100
*38
34
Preferred
*38
34
*258 3
*238 3
234 234 *258 3
*212 3
*212 3
100 Dunhill International
2 June 6
1
1512 1512 *1512 15% *1512 153
x1618 1618 *1512 1638
16
1234May 2
300 Donlan Silk
16
No par
110 110 *109 111 *110 111 *110 111
110 111 *109 112
70
100 103 Mar 20
Preferred
106 10734 10732 108
106/
1
4 10732 106 10712 10614 10732 10512 10718 12,600 DuPont deNemours(131.)&Co.20 8642 Mar 18
131 131 *12912 131 *13012 131 *13012 131
13012 13012 13012 13012
500
6%,non-voting deb
100 12672 Feb 8
113 113 *1121
/
4 114
114 114 *114 ---- *114 ---- 11412 11412
190 Duquesne Light let pre-.100 104 Feb 18
*1414
*144
__ *16 .. __ *16
_ _ __ _
_ __ *16
_- *16
Durham flattery Mills pref-100 1712May 1
612 _-63
--4
634 _-712
6% -7
7
-74
7 _-74
714 -748
9,400 Eastern Rolling Mills
3/
1
4 Mar 13
5
147 14734 14784 14814 14752 14817 147 14772 145 14611 143 14514 3,400 Eastman Kodak (N en...No par 11012 Jan 1
*15512 164 *15512 162 *15512 160 4115512 160 *15512 160 *15512 160
6% cum preferred
100 141 Jan 4
2212 2318 2234 2314 225 2318 x2214 2234 224 2258 21% 2212 7,500 Eaton Mtg Co
16/
1
4 Jan 15
No par
412 438
514 514 *54 512 1,000 Mingo° Bend
538
44 5
5
512 57
314 Mar 27
No pat
25
2512 254 2534 241 2512 247 253
5 193sJune 1
243* 2514 2414 2434 21,100 Elec Auto-Lite (The)
11014 11014 11014 11032 11012 11012 11012 11012 11014 11014 11014 11014
100
100 107 Jan 23
Preferred
612 612
37 Mar 15
712 818 80,900 Electric Boat
734 81
/
4
634 714
74 734
718 75
3
638 638
638 6% 2,700 Elec & Mu, Ind Am shares
612 658
6/
1
4 612
612 61
/
4
658 6%
534July 2
414
3/
1
4
358 334
358 4
358 418
334 414
334 378
34,200 Eiestrto Power & Light --No pat
1'Mar 15
2338 2414 2258 2414 2212 2312 22
244 221g 2378 221g 2334 26.500
3 Mar 13
$7 preferred
No pa,
20
2058 1912 2034 1938 1978 19
2038 1838 1934 1878 20
16.200
212 Mar 13
26 preferred . ...._ .ye ea.
For footnotes see page 702




705
Highest

J„,„ .,
1933 to

Range for
July 31 Year 1934
1935
you Low
High

$ per share $ Per oh
2934 Feb 18
15
712 Jan 7
312
9
21 May 22
6058July 31
2614
2434May 20
1412
100 May 3
6332
5 Apr 16
3/
1
4
1814 July 31
61
/
4
2738
3534July 27
85 July 20
60
48 June 25
31
2812 Jan 7
20
90
126 May 20
85
23012July 31
57/
1
4 Mar 8
4512
200
9
184 Jan 7
66
10512 Mar 15
9
2612 Aug 2
10112July 17
6934
8 July 18
5
4
612 Jan 21
5
284 Jan 21
1044
1934 Aug 1
1712July 19
7
658
1358 Aug 1
45
94 July 23
1712
81 July 8
338
9 Aug 2
354
7612 Aug 1
7012July 8
31
1114
5038 Aug 2
22
3212May 14
32
5934May 13
23
33 Jan 25
85
11814May 13
11514 Aug 1 112
60 May 22
5738
6834 Aug 1 "22',
841s
11512 Jan 29
991
/
4 Aug 2
2774
2372 Jan 7
1534
134July 5
14
1728
5112 Aug 2
5
10 May 17
1612
3712July 31
714
1478May 16
49 July 19
2334
41
56 July 24
514
1012 Jan 9
74 Jan 24
3014
4514
82 Feb 28
4514
80 Mar 6
712 Jan 16
15
,
2218 Feb 15
724
3014 Aug 2
15/
1
4
10014 Aug 2 571
41
/
4 July31
14
1012May 17
612
112 Jan 28 103
5 May 14
24
%
118 Jan 5
13% J
Jan 10
414
2
54 Jan 9
734July 18
412
3:1
118June 13
6614 July 24
441
/
4
9118July 22
37
6
1134July 29
20
401
/
4 Aug 2
84
134 Jan 8
124
23 May 23
4012
5658 Aug 2
5512
7838July 10
165 May 23 133
314
6/
1
4 Jan 3
23
39/
1
4 Mar 4
7
1634May 14
36 July 10
1834
32
4734 Apr 20
86 Jan 11'40
314
54 Jan 10
14
254 Jan 7
30
7612 Aug 1
34
1/
1
4 Feb 19
3
10 May 15
812May 13
212
141
/
4
8034May 13
354
474 Jan 2
1312
2272 Jan 8
384
10514June 13
2
3 Jan 2
332
101e Jan 2
73
8312June 12
61
72 July 27
9/
1
4
2634Ju1y 23
54
814 Feb 14
104
3572Ju1y 29
1014
2718 July 24
2312
4311 Jan 7
11
194 Jan 7
112
4/
1
4 Jan 8
9412June 28
55
234
6 Jan 17
1212May 1
112
20
5032 Jan 2
891
/
4
12012July 8
21
3614July 9
411IMay 3
27/
1
4
4312May 17
25
1232 Jan 28
634
114
293o July 31
23 May 23
814
938May 24
338
4 Jan 9
14
4 Feb 13
14
2
51g Jan 18
1234
174 Jan 3
92
111 Aug 1
108 July 2!
.
5972
131 Apr 2' 10414
11434 Aug 2
85
13
23 Mar 5
8 Jan 7
312
152 July 9
6512
164 July 26 120
2338July 23
10
34
744 Jan 4
29 Jan 3
11/
1
4
112 Apr 26
75
84 Aug 1
3
8/
1
4 Feb 18 33 54
14
414July 31
24I July27
3
2034 July 29
24

$ par share
1914 30114
334
111
/
4
10/
1
4 17/
1
4
3914 601
1714 242,,
67 9212
12
24
8/
1
4 2134
704
38
2472
95
9514
501
/
4
314
9%
684
10
74
5
34
1012
1632
13
11
58
211
/
4
852
52
41
18/
1
4
234
38
24
914

78
45
45
115
161,2
57
314
18 1*
1024
281
/
4
94
9
8%
82
40/
1
4
33,4
30
7714
4138
19'4
7814
71
40,4
304
53
3012
110

--1
4
35/
91
-154
1
2112
5
22
74
32
55
5/
1
4
31
454
49
132
10/
1
4
1812
171
Ifs
7/
1
4
108
212
4
5,41
232
54
72
4414
6034
6
2338
/
1
4
1534
404
5512
135
3.8
28
8
1834
3s12
47
3%
17
44
7.
3/
1
4
312
201
/
4
37
1312
4312
2/
1
4
514
7514
844
11
6
1017
104
35
14
334
634
6
10
29
99
21
281
/
4
32
11
14/
1
4
8
5
/
1
4
12
3
13
92
100
115
90
21
44
79
120
1212
5
15
80
3
44
214
6/
1
4

--.
61
114

a

ie.:
3/
1
4
5214
13/
1
4
35/
1
4
1412
61.
58
1332
75
7472
70
6,4
2038
47/
1
4
95
4/
1
4
144
11212
6/
1
4
24
1314
532
145
2%
04
64,2
UN
36,4
232
2234
61
844
15058
94
36/
1
4
1712
8614
444
84
658
3814
71
34
1012
932
65
6232
2922
9544
614
1214
91
90
2112
814
3417
19,4
7312
3314
13/
1
4
84,,
7
1814
5514
117
2812
3412
RN
23
2812
20
1t7
lq,
24
*
117,
23
'
110
1037
1284
107
'
30
127,
116q:
147
'
221_
19,3
312:
1105
7,
2
9,
3
V*
217
la 4

‘118.

New York Stock Record-Continued-Page 4

706

'HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 27

Monday
July 29

Tuesday
July 30

Wednesday
July 31

Thursday
Aug. 1

Friday
Aug. 2

Sales
for
Inc
Week

STOCKS
NEW YORK STOCK
EXCHANGE

Aug. 3 1935

Rang* Shies Jan. 1
Os Bails of 100-share Lots
Lowest

July 1
1933 to
July 31
1935

Highest

8 per share 2 per Al
Par 8 per share
$ per share $ per share 5 per share 11 per share 8 per share $ per share Shares
No par 39 Mar 21 4912 Jan 7 81 337g
4512 4512 4534 4614 4612 47% 47
4734 4734 4734 4714 4712 1,900 EJee3Storage Battery
14
/
1
4 Jan 10
14 Mar 29
200 :Elk Horn Coal Corp
No par
*38
ss
*12
88
*12
38
*12
,
s
12
12
58
'8
38
112 Jan 10
58 Apr 1
*34
114
8% part preferred
80
*58 118
3,28 118
*78
114
*78 118
118
*1
45
50 5234 Jan 16 6514June 14
300 Endicott-Johnson Corp
6518
6518 *64
*64
*64
65
*64
64
65
65
6514 *64
*128 130 *128 130 *128 130 *128 130 *128 130 *128 130
Preferred
100 12534 Jan 10 132 Apr 23 112
4 Aug 1
11
/
4
/
4 Mar 16
11
33
*234 27
3,900 Engineers Public Serv--No par
*3% 378
234 3
334 4
313 4
312
101*
55 cony preferred
No par 14 Mar 19 3712 July 29
34
34
*3312 3518 1,500
36
317 3712 3638 3612 36
3614 35
11
*33
35
No par 144 Feb 7 3712July 8
1,800
36
35
37
554 preferred
*35
36
3614 37
37
3714 36
*3324 36% 3534 3712 37
12
56 preferred
3612 1,100
No par 154 Mar 19 38 July 30
3712 3712 3712 3712 *35
38
578May 17
434
434July 24
600 Equitable Office Bldg
*434 5
No par
*458 47
*458 434 *412 434
434 47
434 434
74 Mar 20 14 Jan 4
7/
1
4
100
912 94 10,500 Erie
934 10
934 1018
958 97a
94 934
94 94
84
813 Mar 26 1714 Jan 4
First preferred
100
13
1318 3,400
*1112 1214 1212 1314 13
131 133
1314 1312 14
100
04 Mar 12 13 Jan 7
824
400
Second preferred
*718 878
878 878 *732 878
878 878
812 813
838 838
80 8012 Feb 18 70 Feb 2
50
Erie dr Pittsburgh
*71
74
*71
74
*71
*71
74
*71
74
*71
74
74
628
13,600 Eureka Vacuum Clean
6 1012 Mar 19 1412Ju1y 24
1414 1438 1414 1438 1312 1414 1234 1314 1234 1353 1312 14
5 15 May 7 2314 Feb 21
3
1711 178 1678 17% 8,300 Evans Products Co
1614 1653 1612 1758 1712 18
1734 18
5 Jan 18
2
2 Apr 30
50 Exchange Buffet Corp-No par
212
212 212 *2
212
*214 258 *238 258
238 238 *2
24 Jan 19
%Mar 20
/
1
4
25
50 Fairbanks Co
114 *1
78
78 *1
114
*78
114
*78 114
*78 112
932 Jan 18
454 5
34
4 Mar 19
100
190
Preferred
45
453
512 512
553 538 *514 6
*412 434
472
7,600 Fairbanks Morse & Co---No par 17 Jan 11 2538 Apr 22
2214 23
223, 2212 22
23
2253 2134 2214 2138 2312 22
25
100 72 Jan 17 120 July 18
156
Preferred
11212 113
*110 114
11224 115 *112 115121•112 11512 11512 11512
1514 Aug 2
4
VS Mar 15
15
1518 1514 2,600 Federal Light & Trao
1312 1312 1312 1312 1353 1312 132 1412 1434 15
33
Preferred
No par 48 Jan 8 81 July 12
60
7812 79
*78
*78
80
*7812 80
*78
80
*78
80
80
40
Federal Min & Smelt Co____100 40 Apr 3 72 Apr 28
65
*52
648 *52
*5018 65
*50
68
*50
65
*50
65
50
Preferred
100 54 Apr 1 95 May 24
100
82
*70
*70
82
75
75
*70
80
*70
80
*65
80
75 July 18 " 264
334 Mar 23
67
678 4,500 Federal Motor Truok___-No par
634 7
6/
1
4 718
7
74
7
714
678 718
44 Jan 7
2 July 6
1
Federal
Screw
par
600
Works--No
*212 318
3
3
*3
312 318
314
3
231 3
3
14 Jan 7
78
78 Feb 25
114 114 1,000 Federal Water Serv A-No par
138 138
114
11
13
114 114 *114
138 138
164
1958 2012 2012 2112 2112 2112 2114 2153 2,000 Federated Dept Stores___No par 164 Mar 29 2158 Aug 2
20
20
*1958 20
2014
_3.50 2813 Mar 14 3978 Aug 2
37
3814 3712 3878 3812 3938 39
3914 3834 3912 3912 39723 6,700 Fidel Phan Fire Ins N
16
*1953 24
16 Apr 9 24 Aug 2
Y--No par
10 Filene's(Win) Sons Co___
24
24
*1934 24
*1938 24
318
24
24 '
*18
10
634% preferred
100 10614 Mar 6 114 July 3 285
*113 114 *113 11314 113 113 *111 113 *111 113 *110 113
134
5.600 Firestone Tire & Rubber
10 1318May 2 1818 Jan 7
14% 1518 1514 1512 1518 1514 1518 1538 1518 1514 1434 15
671
/
4
100 8412 Apr 8 95 June 25
900
95
95
95
Preferred series A
95
95
9434 95
95
95
95
*9434 95
4534
5434 55
55
5534 5518 5514 5538 5553 5514 5512 5518 5514 2,300 First National Stores-No par 4534May 6 5714June 22
1228
900 Florshelm Shoe claw A.._No par 19 Feb 21 23 May 9
2234 23
2212 2212 *22
2234 2234 23
2234 *22
2234 *22
632 Jan 7
2
24 Mar 6
No par
3% 312 2,400 /Follansbee Bros
312 358
4
4
4
414
*312 a%
378 43
4612 4612 1,700 Food Machinery Corp
4618 4618 *44
No Pr 2014 Jan 15 47 July 25 37 Iola
4614 4614 47
*4534 4612 4678 47
972 Mar 15 1712 Jan 2
1538 1538 4.000 Foster-Wheeler
812
No par
1553 1578 1534 1612 1614 1614 1534 1618 1534 16
444
50
Preferred
No par 6038 Mar 15 85 July 18
80
80
81
82
8214 8214 1581
*81
8212
8134 8124 81
.
..
_
_
_ _
_ ..
_ _ _
_.
238June 7 1018 Jan 7
258
Foundation Co
No par
18/
1
4
1 1984 Mar 21 32 July 29
'ill, -3112 5i1'2 -31 ;5i ii iii2 I112 5i; I112 ii -31-12 -2-,ioo Fourth Nat Invest w w
8/
1
4 Mar 15 1724July 15
21,800 Fox Film class A
1538 16
814
No par
16
161s 15% 1614 1512 1534 15% 154 1514 lb
20
80 Fkln Simon & Co Inc 7% Pf--100 3014 Apr 2 60 July 24
55
55
*5314 57
56
56
56
5413 5412 55
55
55
174
10 1714 Mar 18 2812May 23
2612 2512 2614 3,700 Freeport Texas Co
26
2558 26
26111 26
2612 28
2614 26
Preferred
100 11212June 27 12018 Jan 22 112/2
_ ___ -__
__ *11358
__ •11358
__ *11438_ *11358
1358
__ *11358
680 Fuller (3 A) prior pnst---No par 15 Mar 13 27 July 30
2534
2612 1612 2534 -124
20 /0
2612 17
22 /5
255 -27
434
4114 Mar 13 12 Jan 24
790
16 20 prat
No par
10
10
10
*9
1012 1038 11
84 9% 10
87
9
78May 21
218 Jan 3
78
138 188
1
114 1,100 Gabriel Co (The) of A
114
114
138
114 114
114
*1
114
No Par
968 Apr 22
7
7 Mar 30
320 Gamewell Co (The)
•8
9
812 81
No par
812 812
814 812
812 812
853 853
91
512
4,600 Gen Amer Investors
912.11113323
No par
838 9
9
9
918
512 Mar 13
914
914 912
912
914 914
644
100
9512 9512
96
Preferred
9512 *92
No par 8434 Jan 10 100 June 24
96% *92
9612 *92
*90
9613 *92
2524
5 3258 Mar 12 44 July 15
3934 3812 3953 13.800 Gen Amer Trans Corp
39,
8 38
40
3812 3958 3812 3934 38
40
1134
10 114 Mar 15 2058July 31
1934 2053 1834 2038 187a 1912 32,100 General Asphalt
1724 18
174 1834 184 20
84
728 Mar 29 11 July 18
3
1038 1078 1012 1034 1012 1034 18,400 General Baking
1038 11
1034 11
1078 11
28 preferred
No par 115 Jan 10 133 July 2 100
*130 136 *129 138 *130 136 *131 138 *133 138 *133 136
8
712July 25
514 Mar 4
7
714 4,600 General Bronze
7
718
5
7
714
718 714
7
74
74 714
434May 17
2
2 Mar 20
I No par
312 312 1,000 General Cable
358 353
312 312
34 358
334 334 *34 378
4
4 Mar 26 10 May 17
No par
Clam A
900
8% 834
8% 8%
85*
812 858 *8
858 824
834 834
14
7% cum preferred
SOO
3612 37
100 19 Mar 14 4612May 16
3812 '33614 38
38
3812 *36
37
38
'37
39
2414
514 5312 5,800 Ueneral Cigar Inn
No par 60 Mar 25 0414July 27
6312 5334 57
6312 6312 56
634 6414 6312 64
_
97
150
*140
7% preferred
142 142 *140
100 1274 Jan 2 143 May 21
142 142
*13914 142 *140 142
2812 2914 88,600 General Electric
,
8
2918 2934 2878 -2-9
No par 2012 Jan 15 2934July 29 1 16
2812 2914 29% 2934 2914 293
No par 8214 Mar 15 3778 July 8
3678 3714 3678 3718 11.700 General Foods
28
3678 37
3738 3678 37
37
3738 37
14
58 Jan 14
14 Feb 25
No par
2,000 Gen'l Gan & Eleo A
12
12
88
12
12
88
88
58
NI
12
*38
12
1212
1212 *8
Cony prat series A.---No par 10 Mar 15 15 Apr 6
1212 818
54
1212 *10
1212 *10
10
1212 *10
1612
Apr
5
$7
6
Mar
pre!
11
clam
•
No
par
*8
15
15
634
*8
*10
15
*10
15
*10
15
*10
15
$8 pref class A
712
No par 1524 Jan 15 18 Apr 6
158
15
*8
15
15
15 *10
*10
*10
15
*10
16
Gen Ital Edison Elm Corp
50
554 Apr 20 6184 Feb 5 54 54
*45
50 •45
*42
50
*42
55
*43
55
*---- 55
7012July
8
6
51
1,500 General Mills
No par 5978 Feb
1
4 69 69
6913 69/
6978 70
6978 70
70
70
*68
69
300
Preferred
100 116 Jan 3 11834 Apr 23 10012
*11714 11712 *11714 11712 11712 11712 *11714 11734 *11714 11734 11734 11734
1 4 223,
10 2653 Mar 13 3914 Aug'
39 162,100 General Motors Corp
3918 3838 3914 38
38
3878 38
3714 3814 3814 387
1,600
25 preferred
No par s10711 Jan 4 11712MaY 7
117 11712 11834 11718 116 116
84
*11612 11624 1164 11678 11634 117
300 Gen Outdoor Adv A
No par 10 Mar 20 1312May 10
814
1212 1212 *1212 1258 *1212 1258 *1212 1253 1212 1212 *1212 1318
4 Mar 21
Common
No par
400
3/
84 Jan 9
1
4
314 313 *314 31
z *314 312
314 312 *31
*314 312
1
4 Feb 5 3414July 25
No par 17/
3358 3318 3318 1,360 General Printing Ink
104
3378 334 3334 33
3312 3312 334 3378 33
60
56 preferred
No par 9312 Jan 22 100 May 21
6114
105 106 *104 106 •104 106
105 105
*105 106 *105 106
314 Aug 1
118 Mar 13
5,000 Gen Public Service
3
No par
3
118
318 314
278 313
278 278
234 278
*2/
1
4 278
2,900 Gen Railway Signal
No par 1522 Mar 13 8334J0ly 23
33214 33
1523
3234 3314 '
3234 33
3238 3278 3278 33
3134 32
go
Preferred
100 80 Jan 2 10812 Aug 2
60
10712 10712 108 10812
10634 1064 107 107
*10614 110 *10612 110
24
2
May
24
3
4
Apr
2
Gen
Utilities
1
Realty &
112 158 4,500
153 154
112 1,
8
14 1/
1
4
112 158
158 158
No par 1434 Mar 20 2328May 24
800
*2212 23
10
23
56 Preferred
*2134 23
2212 224 2134 2214 2214 2212 23
No par 1634 Jan 30 2338July 9
2258 8,300 General Refractories
2212 2278 2214 2212 22
23
2238 2278 2234 2318 22
84
7
Voting trust certifs.__No par 164 Jan 15 23 July 9
_ .240 Gen Steel Castings pref No par 14 Apr 13 4012JulF 29 1414
40
-57-84 -3-8-- -5/ -31;" -ii" iiti
-521.2 15- -31- 161-2 355 1612
Mar
14
par
,
1
174
Safely
Razor-No
Aug
1
Gillette
26,000
6
4
17
74
163
163
4
1714
161
/
4 1614 1618 1638 1628 1612 1812 1634
Cony preferred
No par 7012 Jan 4 91 Aug 2
4,100
454
89/
1
4 8938 8912 9034 9012 91
8814 8812 8824 8878 8878 89
314 3%
378 Jan 4
218 Mar 13
N. par
24
3% 353 5,800 Gimbel Brothers
312 312
314 33,
314 338
314 358
100 18 Mar 27 3912July 23
Preferred
134
3712 3578 354 1,400
3734 37
3834 3714 37
3734 *37
3712 37
32
June
Feb
7
par
15
2338
NO
12
30
3018 2934 3014 2978 3014 2978 3038 3012 3118 3014 30721 11,900 Glidden Co (The)
80/
1
4
Prior preferred
100 10478 Jan 2 10931aune 10
180
10812 10834 10812 108121 108 10812 *108 109
*108 109
108 109
78
138July 19
78July 15
454 Jan 25
14 Apr 26
Rig
5
Ds
tuober(Adolf)
--134 -ii --1
-58
- -178- -13.8 -lig --1E4 --1-78- --i7-8 --2-- ... ii8 -17-8 _ -2;i5o Gold
Dust Corp vie
No par 1433May 2 18 Jan 7
1438
1658 1678 6,500
1638 1718 1638 17
1628 1658 1812 164 1612 17
964
No par 11113May 3 120 June 29
26 cony preferred
*116 11878 *116 11678 *116 11634 *116 11634 *116 11834 *116 11634
74 Mar 13 1172 Jan 7
No par
74
6,600 GoodHoh Co(BY)
778 8
812
8
814 812
814 812
838 812
838 838
5418
40
Mar
15
Jan
8
100
264
Preferred
2.300
4914
48
484
47
4618
4614
4613 4634 46
4634 4614 4638
1524
1958 2038 2014 2058 1918 2012 1938 197s 1928 1973 1834 1978 31,100 Goodyear Tire & Rubb-No par 1534Mar 13 2678 Jan 7
No par 70 Apr 11 92 Jan 10"534
500
79
let preferred
7912 7912 79
*7912 81
*8118 82
81
82
*814 82
212 Apr 4
212
512 Jan 3
No par
458 44 *44 44 1,200 Gotham Silk Hose
458 454
434 434
434 5
458 458
20
100 20 Apr 3 50 Jan 3
Preferred
210
4112 4112
4134 42
42
42
42
42
43
*42
4212 41
3/
1
4 Jan 3
11
/
4June 25
1
114
11,400 Graham-Paige Motors
178 2
178 2
128
138 2
158
1,
8
158 134
134
934July 23
4
54 Mar 19
918 94 3.100 Granby Cons M Sm & Pr--100
9,
8 934
938 934
912 912
918 912
938 938
5 Jan 7
214 Mar 15
1
31. 353
338 338 2,200 Grand Union Co trolls
3313 338
338 313
338 314
312 312
214
No par 1433May 20 2934 Jan 3
19
Cony pref series
3,400
1483
19% 2018 2014 2078 2013 2012 1914 2038 1914 1914 19
No par 1818 Mar 29 2912July 31
1813
2912 2914 2912 2813 2918 2,800 Granite CS/ Steel
2853 287
29
29
2918 2834 29
No par 20 Mar 26 3512May 16
25
3533 2.600 Grant(W T)
35
3538 354 3512 3434 3514 3514 3514 *3414 3514 35
9l4 Mar 19 1278 Jan 7
No par
784
1214 1214 1258 1218 1212 10,100 Gt Nor Iron Ore Prop
1158 12
12
1214 12
1213 12
933Mar 12 2234J uly 15
928
100
2O8 1858 2018 78,100 Great Northern pref
2034 2138 21
2178 2034 2218 2012 2112 19
25
Ws Jan 15 3214May 6
2953 30% 2912 2934 6.200 Great Western Sugar---No par
2938 2934 2978 30
2934 30
2912 30
Preferred
100 119 Jan 2 140 May 4
320
133 133
99
131 133
133 133
133 133
13234 133 *131 133
*23
21
Green Bay & Western RR Co 100 21 Apr 12 25 June 8
40
40
*2313 40
*234 40 •2313 40
*2312 40 •23
4,37/
1
4
_ e3713
100 34 Feb 6 55 May 10
-- -- Greene Cananea Copper
*3722
18
•3712
__ *3712 --- *3712 7
54
17
Aug
4613Ju1y
Corp
(The)
22:900
5323
2 9 5
Greyhound
5
53 -54778
52l4 -53
5318 ii75178 -E4523
,-ET3_8
5134 -34
11
/
1
4
234May 13
1 Feb 1
No par
600 Guantanam0 Sugar
112
112 112 *112 134
112 112
1/
1
4 1/
1
4 *133 17s
Preferred
100 19 Feb 18 43141Vlay 14
60
714
*2412 33
2412 2413 2412 2413 *2458 2712 *2434 2712 2434 2434
714 Aug 1
4 Mar 7
4
684 714 4,200 Gult Mobile & Northern---100
612 714
*5
6
6
512 612
614
5% 512
6
6 Apr 3 2012 Aug 1
100
Preferred
1934 2012 1812 2018 3,000
1712 1734 19
1712 17
*15
1612 *16
300 Gulf States Steel
2034 2114
12
No par 12 Mar 29 24 Jan 8
*2114 22313 *2114 2478 2134 2134 *2114 2212 *2114 23
40
68
68
2514
Preferred
100 48 Mar 29 68 May 23
68
67
*62
*62
88
*6114 66
6612 *6312 67
2914
1
4 Jan 15 2912July 31
800 Hackensack Water
1978
25 21/
2912 *29
*2834 2912 *29
2913 2914 2912 2914 2914 29
100
33
7% preferred class A
33
26
25 30 Jan 18 34 June 29
*3112 34
*3112 33
33
33
33
33
*33
34
No par
34 Mar 13
614 Jan 13
Hahn Dept Store,
318
74 Jan 2 9 314
412 4%
4 Mar 19
400 Hall Prh3ting
*412 434 *412 5
10
412 412 *412 5
*412 5
612 Apr 30 1112July 23
1114
400 Hamilton Watch Co
114 11
358
No par
311
1112 '
'1034 11
1138 *II
1138 1132 *11
91
100
20
Preferred
100 03 Jan 4 96 July 25
*9012 9412 91
*90
95
95
95
*91
95
.90
95
480 Hanna(M A) Co $7 pf.--No par 101 Jan 2 108 June 3
77
10512 10553 *10512 10534 1054 105% 10512 10534 10512 10512 10512 10512
2334 13,000 Harbison-Walk Retrae---No par 16 Mar 15 2378 Aug 11 12
2212 2212 2234 234 23/
1
4 2384 2314 2358 2278 234 23
7 112 June 11
100 g93an
- -_____
82
4 J
Preferred
- *112
*11212
_ •112
_ 112
_ .112
*11118
--1158 14.200 Hat Corp of America al A.-.1
112
1114 11-58 1138 Iti
513 Feb 6 1238July 161
114 12-18 11
1178 -1/38 1114 11-78
100 81 Feb 6 109 July 24
280 (14% preferred
1412
*10834 10712 107 10712 10713 10712 *10312 10712 10714 1074 10712 1074
is
1 May 15
18 Apr 27
_ ---- ---- ---- __ ____ _._. -_ --- - ---- ------ Havana Electric) RI 00 --No par
612May 25
212 Apr 17
24
Preferred
100

ff

Range for
Year 1934
Low

High

$ per share
34
53
22
178
1
314
45
63
120
128
2
834
1018 2312
11
2412
234
13
5
1032
938 2478
1434 2814
9
23
50
68
7
144
274
9
3
1012
1
238
324 124
7
184
30
774
1114
6
844 62
52
107
98
62
Vs

864

2
1
20
23114
23
87
13
7118
33
15
2
ioi,
84
85
814
174
814
20
214
1134
14
5
j/
1
4
8
552
73
30
12
84
100
6
214
414
144
27
97
1678
28
is
614
11
13
so
51
103
2438
8924
884
314
104
7312
2
234
go
1
10
104
10
1712
812
47
2/
1
4
165,
1558
83

588
4
31
354
30
106
2514
9214
6914
25
1782
2158
22
80
1714
27,2
174
63
5088
1604
3312
1955
458
20
1112
87
4358
234
1488
1084
104
618
12
33
5934
12712
2514
3678
1
19
21
22
624
6412
118
42
109
21
658
25%
96
532
4534
1014
323
264
2358
20
4812
1472
72
64
30
2834
1074

Ift -V;
10
23
9612 120
8
18
54 6224
184 4138
64
88,4
3/
1
4 los
384 71,2
112
412
4
1338
4
834
23
40
21
31 18
28
4058
84 This
12/
1
4 321
/
4
25
3514
102
11812
18

59

---irs
74
5
12
1514
47
2012
27
312

--3;
31
1614
33/
1
4
42
83
26,4
31
814
94
1178
63
10184
2434
100
7/
1
4
92
112
84

313

328
25
84
13
87
118
1934
38
8

For footnotes see page 702

.




4.

New York Stock Record-Continued-Page 5

Volume 141

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Julie 27

Monday
July 29

Tuesday
July 30

Wednesday
July 31

Thursday , Friday
Aug. 2
Aug. 1

Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

pay
$ Per share $ Per share $ per share $ per share $ per share 5 per share Shares
34 34
318 314
318 314
2
34 5,900 Hayes Body Corp
318 38
3
34 34
*113 115 *113 115
113 11312 113 113 *110 11112 11012 11114
700 Hazel-Atlas Glass Oci
25
•130 14012 *130 14012 *130 14012 *130 14012 14012 14012 *131 141
100 Helms (0 W)
25
*155 160
160 160 *155 160 *155 160 *155 15934 15934 15934
Preferred
30
100
*2234 23
2212 2312 23
No spoe
224 22's 22
23
2214 23
1,300 Hercules Motors
22
*81
827
8278 838 *8212 837
*8212 85
84
8414 8434
84
800 Hercules Powder
Na par
*124 125 *124 125
124 124
123 123
37 oum preferred
12312 12414 s123 123
200
100
*77
79
78
78
79
*7714 7912 *7714 7912
7834 79
400 Hershey Chocolate
79
No par
115 115
1144 11478 11414 11414 1144 1144 11412 11412 *114 11474
Cony preferred
700
No par
1314 1338 1312 14
1274
1218 1234 23,700 Holland Furnace
1258 144 114 1234 1174
No par
78* 812 1814 888
712 712
5
8
8
4,800 Hollander & Sons (A)
778 84
734 814
39378 3937 *376 390 390 390 *385 390 *360 385
*390 399
200 Homestake Mining
100
4074 4074 41
4114 4114 4112 4112 42
414 4134 4154 4134 3,100 Houdaille-Hershey el A --NO uar
1378 1738 1714 1734 1714 1734 174 1812 174 1812 1712 1814 38,200
Class B
No par
*6678 67
6878 67
*6612 6974 6812 6812 *6612 6834 *6612 71
300 Household Flnanoe part pf-_50
*1314 1332 13
1434 1334 1414 2,900 Houston Oil of Tel tern otb3-100
138 1312 1412 1334 1418 14
214 232
4 28
214 212
24 24 3,700
24 24
232 212
Voting trust etre new
25
*4914 497 *49
4934 4812 49
4734 4880 4712 4814 4714 4712 3,400 Howe Bound Co 5
*278 3
274 274
3
34
3
34
314 354
100
312 312 2,100 111151151171 & Manhattan
734 734
734 734
734 834
Preferred
834 88
84 880
100
98* 912 1,800
813 834
814 834
918 10
95,000 Hudson Motor Car
812 880
934 1014
814 912
No Par
172 2
2
24
24 214
10
24 17,400 Hupp Motor Car Corp
24 214
2
24 214
1374 1438 1412 158* 1474 1512 144 1538 1412 1514 1418 1474 25,600 Illinois Central
100
*1934 21
21
22 •20
2234 •18
227 •20
23 •20
500
6% prat series A
21
100
*53
54
54
54
54
54
54
54
54
54
54
54
60
Leased lines
100
784 77
*64 3
*612 8
8
8
*714 8
130
8
RR Sec Otte series A.-1000
8
*214 238 *214 238
238 238 *238 212
214 214 *214 238
600 Indian Refining
10
2734 28
2712 28
2612 2834 2814 2714 2680 2712 27
2814 21,000 Industrial Rayon
No par
94
94
9334 94
9512 9614 96
1,400 Ingersoll Rand
964 9412 95 296
96
No par
130 130
__ *127
10
___ *128 1321 •127 . __ *127
Preferred
_ _
100
794 7934 *120-80
8034 8114 -82
824 831
7,600 Inland Steel
8334 8512 84 -8514
No par
278 27/3
3
278 274 *278 3
3
2% 278 *234 278
600 Inspiration Cone Copper
21)
*5341 61
*638 612
84 634
612 64
612 612
1
64 674 3,200 Insuranshares Ctfa Inc
*1234 13% 13
13
1534 22,600 tInterboro RapidTran vs e__100
1
4 15
1272 1312 134 14'8 1358 14/
---- ---- ---- ---- ____ ____ ____ -__- ---- ---- ---- ---No par
Certificated
*234 34
34 314 *234 318
31g 318 ----60 Internal Rye of Cent Amer__100
234 23
*258 3
3
*280 3
3
3
3
*252 3
20
Certificates
5252 3
,.No par
1214 1214 124 1252 1214 1280 13
350
100
1314 14
134 14
Preferred
13
*2
21
2
2
*2
214
234
214 218
400 Intercont'l Rubber
212 212 *2
No par
57
57
534 5%
614
534 534 5,700 Interlake Iron
534 6
6
No par
6
6
284
34
3
3
3
3
3
3
3
3
1,900 Internal Agnelli
3
3
Nova?
32
32
*30
32
*29
31
31
200
Prior preferred
*31
32
3173 3178 *29
100
1844 1847$ 183 184
18334 184
181 182
182 183
1.400 Int Business Maohines___No par
180 180
*6
84
53s 612
64 5,600 Internal Carriers Ltd
1
6
634 634
612 67s
638 634
30
31
3080 3184 31
MOO International Cement--No par
31% 30% 31
3112 314 3134 31
5114 5184 5111 53
5314 5112 524 16,900 Internal Harvester
5134 5234 5114 5314 52
No par
*144 14514 14512 14512 *14512 146
Preferred
700
100
14512 1451 14534 1454 *146 147
24 214 *2
214 *218 214
2l2 23s 4,800 Int Hydro-El Sys ol A
214 238
218 238
25
*234 27
234 234 *234 27
500 Int Mercantile Marine-No par
234 234 *214 212
*234 274
281
274 2834 2734 2814 2734 2814 2758 284 274 28 35,600 Int Nickel of Canada--No par
2780
*123 128 *123 126
126 126 *123 126 *123 126 *123 126
7% pre
100
---- ---- --- ---- ---- _ . ___- ---- ---- ---- ---- -__ ---1
Pre
-°° Inte
rnfa
er
Paper
*112 152
112 1% *152 -1-34
700 Inter Pap & Pow ol A..--No par
Fs 172
ih vs
ih iii
*is I
74
*39
74
7
200
358
Class B
78
No par
*34
78
34
a
84
5/1
4
Class 0
No par
4
52
BOO
34
*13
34
63
88
At
*13
852 884
884 87
14,500
87
912
Preferred
87
100
103* 11
9
980 10
271 •27
27
2714 2714 2712 274 2734 2712 273* 2712 2734 3.600 Int Printing Ink Corp-NO par
.105 1061 *10512 10614 •105 106 *105 106
80
105 10612 *10512 10612
100
Preferred
3134 321
3114 3112 3234 3234 3112 311
1,100 International Salt
3134 3134 •3134 32
No par
4814 4814 48
48
4884
48
800 International Oboe
48
*484 484 4814 484 .48
No Dar
*1934 201 *20
214 •184 20
2118 *1814 2074 •1814 21
International Sliver
*18
100
*70
711 *70
7174 *70
7078 704 *70
20
7% preferred
7112 711
71
7034
100
97 1014
934 1012 1014 1012 10
1012 1014 1074 1088 114 87,500 Inter Telep & Teleg
No par
125 13'a 1314 134 124 1338 1,211 13
134 134 1312 7,900 Interstate Dept Stores--No par
13
*80
84 *80
84 •80
81
8112 *60
82 •78
84
Preferred
*75
100
1312 1312 1312 13l2 134 1314 *124 1314 1234 1234 *1212 13
700 Intertype Corp
No par
026
27
2638 2638 26
26
*26
27
600 Island Creek Coal
I
26
2614 2614 26
•1101 ..,,. _ *11034 „. - *11034
Preferred
- - *11034
1
-- ----_
__ *11034 -__ *11034
65
6614 1614 65 -800 Jewel Tea Inc
66 -66
No par
*6413 6613 647s 15
652-617
6134 6212 63
64
6212 6414 6134 638* 24,000 Johns-Manville
651
634 6532 64
No par
*12414 12512 *12414 1254 *12414 125 *12414 125
12414 12434 124 124
Preferred
70
100
*13314 175 *13314 175 *13314 175 *1334 175 *13314 175 *13314 175
Joliet & Chic RR 00 7% gtd-100
69
70
7384 72
70
72
73
70
724 1,410 Jones & Laugh Steel pref
72
73
737
100
*118 120 *118 120 *118 120 *118 120
120
*120 - -.
120
10 Kansas City P & L pf KC BNo par
*534 6
6
614
6
*6
6
-614 1,600 Kansas City Southern
64 632
6
614
100
*8
934
934 101* *9
oto 944
94 912 1,200
1014 *84 02
Preferred
100
*1152 1172 1178 1212 1234 135
8
14
1414 8,200 Kaufmann Dept Moran $12.-50
14
14
135s 141
192
1952 1980
1978 1928 1034 1934 198a 1914 1934 19
1978 3,400 Kayser (.1) & Co
5
060
99
*60
99
69
99
69 •55
*60
99 •55 99
100 Keith-Albee-Orpheum pref-100
14 114
114 14
114 1%
114 114 2,600 /Kelly-Springlield Tire
114 132
114 114
5
2014 2014 2038 208
2034 2034 *204 2084 2014 2014 204 2014 1,400
5% preferred
No par
2212 2314 2214 2314 2112 2224 2112 2212 2134 2214 2034 214 9,900 Kelsey Hayes Wheel
0Onv.o1A-1
1934 2034 1914 20
1812 1914 184 1912 1812 19
1734 1858 10,000
Class B
1
12
13
12
1285 12
1285 124 1212 1214 1252 23,800 Kelvinator Corp
128* 12
No par
944 03 *94
*9412 95
94
9118 9112
9112 911
210 Kendall Co pt pf ear A.....No par
9534 92
1934 205* 20
1978 1914 1952 25,400 Kennecott Copper
2014 197s 2085 1934 2018 19
180 par
19
*18
*18
19
18
18
18
18
*18
19
19
19
400 Kimberly-Clark
No par
*485 47
47
*48
412 412
414 414 *334 412
Cs 414
400 Kinney Co
No par
3614 37
3512 364 3312 35
3212 331 *31
33
3314 35
420
Preferred
No par
2518 2514 2518 2533 2518 2514 25/
1
4 2538 2514 2512 2538 2512 6,500 Kresge (8 8)Oo
10
0109 11112 *111 1111 *111 11132 111 111'j 111 111 *109 11084
oo
7% preferred
100
*3
34 *3
314 *3
314 *3
312 *3
31
Kresge Dept Rom
*3
314
No par
*65
70
*65
70
70
*65
*65
*65
70
70
70
*65
Preferred
100
*5834 60
*5834 597g 5834 5912 55834 5912 5912 60 .59
60
300 Kowa (S H)& Co
No par
294 2934 2912 30
3014 3012 308 3012 31
30
2952 30
10,000 Kroger Groo & Bak
NO par
17
174 174 171
4
24
223
2314
a2312 2312
20
1712 20
580 Laclede Gas Lt Co St LOUIS -100
*314 35
42
42
40
32
42
43
37
280
35
5% preferred
100
; 2334 237t 2314 234 23
2334 -237
2314 2212 2314 2212 23
7.900 Lambert Co (The)
No par
*538 638 3538 08 *532 64 •54 63s *534 65* *54 64
Lane Bryant
No par
1112 11
*11
1118 1014 11
1032 1,500 Lee Rubber & Tire
1018 1034 1034 1034 *10
5
144 1412 *14
1413 14
1312 1312 1,400 Lehigh Portland Cement
14% 1312 14
1414 14
50
0100 10034 100 100 *100 10084 100 100 *100 10034 100 100
Preferred
7%
100
60
77
714 714
712 810
8
8% 9,500 Lehigh Valley ER
834
8
814
8
832
50
2
2
2
2
2
2
2
2
2
24
2
*2
1,500 Lehigh Valley Coal
No par
812 9
9
938 *852 9
94 94 2,300
814 938
834 9
Preferred
50
8812 884 89
901
91
91
9034 9114 91
4,000 Lehman Corp (The)
9134 9112 92
No par
12
1232 1214 1388 1234 1314 1234 1314 1234 1332 1318 1312 3,600 Lehn & Fink Prod Co
5
3534 3634 3612 37
37
3614 3514 3712 31,400 Libby Owena Ford Glass_ No par
3614 3754 37
38
23
23
2312 234 2312 234 2312 2312 23
2312 2314 23'g 1,200 We Savers Corp
5
200 Liggett & Myers Tobacioo-25
118 118 *116 11812 *116 120
1184 11812 *116 118
0115 120
11712 1174 1174 11812 11754 11811 11814 11814 11834 11834 11834 11914 2,800
Bellew B
25
*15814 160
160 160 *15814 163 *15814 163 .1601s 163 *15814 163
100
Preferred
100
*175, 1772 1780 1752 174 177s 174 171
1712 1734 1752 178*
700 Lily T3110 Cup corp.-No par
22
22
2214 23
2218 2284 23
2284 227
2358 *22
2212 1,900 Llma L000mos Worka____No par
33/
1
4 334 3312 34
3134 324 3212 3212 2,600 LInk Belt 00
33
3234 3312 32
N. par
3334 344 344 347
3258 3312 32% 3314 12,800 Liquid Carbonic
337 347
33
34
No par
3914 40% 3832 404 3814 3914 3858 40
3952 40% 3988 4014 43,700 Loaves Incorporated
No par
10514 10514 105 105
*104 105
105 105 *10514 1051 10512 10512 1,400
Preferred
No par
*114
13*
14 114
132 18
114
132
114
1,200 Loft Immunised
114 114
188
No par
1% 1% •112 152 •112 152
1% 152 •112 152 *112 Its
200 Long Bell Lumber A
No par
3912 391
3934 401
4032 401
4085 4058 4012 401
40
2,500 Loose-Wiles Biscuit
401
25
12414 125
125 125
1
4 12438 12432 12432 123 12432
390
12414 12414 124/
7% lat preferred
100
2352 24
24
243* 237 2485 24
2438 2418 2412 2413 2438 14,800 Lorillard (P) Co
10
139 140 *13614 1391 *13614 1391 13912 140
13934 13934
13934 140
190
7% preferred
100
h
hi
*38
I
is 1,000 :Louisiana OH
*311
h
NI
as
h
38
No pa
38
8
8
*8
81
812 87e
84 8 4
9
9
•8
914
160
Preferred
100
1814 1814 18
18
3,800 Louisville Gas & El A...No par
18
1833 1734 188 1812 18'4 1834 19
*3934 4013 4034 413 24114 42
42's 4134 4234 . 4112 4178 2.900 Louisville & Naahv1lle
42
100
22
2214
2112
2315 2214 23
2012 2134 13.400 Ludlum steel
2178 2238 2012 22
1
118 120
*1164 118
119 119 *119 11934 *11812 11984
120 120
500
Con, preferred
No pa
4515 45's 4514 4532 4512 451
*44
45
4534 4584 4514 46
1,300 bdaciAndrews & Forbes
10
127 127 *127 1293 *1254 1293 *12'7 12934 *12'7 1293
*127 129
0% preferred
100
1
Mackay Co. preferred
100
For footnotes Bee page 702




707

Range Mace Jan. 1
On Basis of 100-share Lots
Lowest
$ per share
158 Mar 18
85 Jan 2
127 Jan 5
14212 Jan 10
11 Jan 8
71 Mar 12
122 Feb 9
7$14 Apr 4
104 Jan 25
534 Mar 15
680 Mar 29
338 Feb 5
3072 Mar 14
64 Mar 13
49 Jan 2
91a Mar 15
112 Mar 13
43 Jan 15
234 Feb 27
012 Mar 14
614 Mar 26
34 Apr 5
912 Mar 14
15 Apr 11
40 Mar 21
44 Mar 30
218 Max 16
2312May 8
604 Mar 13
109 Jan 7
4614 Mar 22
24 Feb 27
4 Mar 1
8% Mar 15
214May 27
214 Apr 26
94May 21
14May 1
414 Mar 7
252July 11
28 June 1
1494 Jan 15
332 Mar 12
2272 Mar 15
344 Mar 18
135 Jan 2
114 Mar 15
14June 20
2214 Jan 15
1234July 11
14 Mar 15
%July 11
%May 7
414 Mar 13
214 Jan 15
984 Jan 2
29 Jan 21
4214 Mar 19
16 July 19
6012 Mar 21
54 Mar 13
87158ay 8
7012June 27
51a Mar 13
25 June 3
110 Jan 22
49 Mar 13
384 Mar 13
11712 Mar 15
180 Feb 19
50 Apr 4
11514 Mar 20
334 Mar 13
Os Mar 12
712 Feb 6
1534 Jan 17
34 Mar 7
at Apr 4
6 Apr 4
6 Jan 25
314 Mar 1
12 July 27
84 Mar 21
138* Mar 13
10 Mar 5
8 Mar 19
23 Mar 29
1914M3? 13
10318 Apr 26
2 May 21
42 Jan 11
564 Apr 5
2214May 16
12 Mar 22
194 Mar 27
23 July 31
5 May 13
812 Mar 14
1052 Mar 14
89% Jan 3
5 Mar 13
Ili Mar 13
512May 1
6718 Mar 28
1072 July 23
2112 Mar 30
21 Mar 14
944 Apr 5
935 Apr 4
15112 Jan 30
1612June 8
1313 Mar 14
17% Mar 13
244 Mar 13
3114 Feb 7
102 Feb 1
1 Mar 15
114 Mar 12
83 Apr 25
12114July 6
1812 Mar 26
124 Apr 5
se July 16
412June 19
101, Mar 18
34 NIar 29
1234 Mar 26
9014 Jan 4
40 Jan 24
118 Feb 8

Highest

July 1
1933 to Range for
June 30 Year 1934
1935
High
Low Low

$ per share $ peril
37 July 22
14
11712July 24
65
141 June 4
94
162 June 19 120
2512Juue 18
514
8514Juue 14
40
128 May 3 1041*
44
8134 Jan 19
118 July 17
80
141* July 30
4
11 Jan 2
54
412 May 14 200
42 July 31 • 7
2/
1812July 31
1
4
6812July 31
43
94
178* Jan 2
112
38s Jan 4
56 Apr 26
20
234
54 Jan 21
134 Jan 21
612
1234 Jan 7 1 6
37a Jan 7
34
1714 Jan 7
912
15
2334 Jan 4
574 Jan 10
40
414
10 Jan 4
234May 10
24
33 Jan 7 N 1314
45
9614 July 30
130 July 18 105
25
8614 Aug 2
24
4's May 17
2
674 Aug 2
512
1612 Feb 19
5
2
488 Jan 25
24
5 Jan 3
184 Jan 10
61
3 Jan 7
14
4
7 Jan 7
5 Jan 2
14
42% Jan 25
10
1844July 29 12534
68July 31
388
33 Jan 7
1832
5314July 31
234
152 May 9 110
27 Jan 9
114
17
34 Feb 20
293sMay 17 18 1480
13012 Mar 14 101
814
3 Jan 8
11
/
4
182 Jan 7
%
32
11s Jan 19
12 Jan 7
412
9
2734July 31
65
10654July 23
384May 14
20
4814 July 26
38
28 Jan 4
16
75 Jan 3
CI
114 Aug 2
58*
14 July 25
234
1614
84% Jan 7
1312July 23
434
36 Jan 8
2034
85
1204 Apr 9
6614 Aug 1
26
3612
6552July 30
12512Ju1y 23
87
130 Feb 19 115
45
7378July 30
9771
120 Aug i
834 Jan 7
334
6%
1034June 18
1474 Aug 1
514
12
2058May 23
15
69 Aug 1
32
21% Jan 17
5
2034July 29
24
2312July 18
211* July26
112
1814 Jan 9 N 6%
55
96 July 9
1334
214May 23
19 July 16
912
51 Jan 3
24
12
88 Jan 23
1014
2512 Aug 1
994
113 Apr 9
2
4 Jan 17
12
65 Mar 9
2754
6912 Jan 7
19
31 Aug 2
12
24 Aug 1
1914
43 Aug 2
2812 Jan 8
193*
41s
9 Jan 3
512
127s Jan 7
9
1785 Jan 7
73
102 June 21
5
1115 Jan 7
37 Jan 4
112
4
1212 Jan 23
92 Aug 1
588*
1714 .18.1125
1078
3814 Aug 1
21
244 Apr 22
1552
11612July 29
7111
11914 Aug 2
7314
167 May 4 123
1912 Apr 25
1414
244 Jan 5
1312
1112
34 July 18
347s July29
1612
44',July9
194
1084 Apr 5
60
1
154 Jan 2
212 Feb 14
1
4138 July 25
83
130 Apr 16 116
2412 Aug 1
14d4
14012July 22
984
1% Jan 7
32
412
144 Jan 8
1912July 8
103e
474 Jan 7
34
2318July 29
712
50
120 July 29
21
46 Feb 19
874
130 May 13
2018

3 pa share
114
Bh
74
9672
101
145
1234 153
514 124
59
8180
II 1
12534
484 7334
83
1054
414 1014
5/
1
4 13
310 Z43012
11
34
81,
280
43
54
1218 3938
585
2/
1
4
3512 8714
4
124
9
We
64 244
17g
74
Ms 9972
21
50
488* 66
74 2414
285
485
1985 3214
4912 738g
105
116/
1
4
3414 66
2/
1
4
671
24
41*
aus nil
54 1212
2
7
24
6%
7% 2234
57
24
4
114
2
518
15
3714
164
131
412 1214
18% 3734
2314 4671
110
137
24
912
2
6
21
2914
11534 130
10
25
2
612
312
4
52
254
84 2472
9
2512
66
100
21
33
38
50%
19
45/
1
4
59
8412
715 17%
34 16%
2158 8112
5114 10
245* 36
90
110/„.
33
574
39
68%
101
21
135
40
45
77
1
97
1412
6% 1934
1014 2712
6
10%
1372 1812
20
3712
1
912
5
20
3
10
712
2%
1180 2114
654 94
16
234
972 1814
3
74
1315 41
13% 22%
101 zt14
24
714
19
55
36
6512
2314 3388
20
6312
27
BO
224 31%
5
1414
7
144
11
20
7352 90
94 2114
312
5
5
16%
6414 78
114 2312
2212 437a
171s 24
73
110
7412 1114
129
15212
264
16
15% 3614
ilio
Hos
164 353*
2072 37
105
72
14
3
3
1
3314 24414
1198* 1284
1514 224
102 z130
38,
34
74 234
21
12
37$4 624
84 194
60
97
30
424
96
11114
204 33

New York Stock Record-Continued-Page 6

708

HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
July 27

Monday
July 29

Tuesday
July 30

Wednesday
July 31

Thursday
Aug. 1

Friday
Aug. 2

Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

Aug. 3 1935

Banat 8024 Jae. 1

os oasts of 100-11307e Lois
Lowest

Highest

Jule 1
1933 to Range for
July 31 Year 1934
1935
High
Leta Low

Nu 8 par share
$ pa shard $ per 85
1853
Mack Trucks Ina
No par 1853June 1 2813 Jan 8
3012
No par 3013 Apr 1 4514July 24
Macy (R H) Co 100
853July 31
24
54 Jan 2
Madison Su Gard v 11 o
No par
1214
Magma Copper
10 1852 Jan 18 36 May 22
2 Jan 4
14June 12
14
Mallinson (H R)& 04)---No par
214May 14
72
28 Feb 6
:Manati Sugar
100
100
4 Jan 7 10 May 24
1
Preferred
150
6 Aug 2
3
3 Apr 29
No par
400 Mandel Broa
14
165 :Manhattan RY 7% guar-100 29 Apr 23 3712 Aug 2
1034
100 1314 Mar 15 22 Feb 1
12,500
Mod 5% guar
10
25 10 Mar 28 15 July 10
2.300 Manhattan Shirt
3 May 23
1
1 Feb 23
1
1,800 Maracaibo 011 Explor
534.1une 26
412 Mar 23
5
413
1,300 Marancha Corn
814 July 29
5
54 Apr 1
1
30,500 Marine Midland Corp(Del)
28
112July 22
%June 14
100
40 Market Street By
2
5 Jan 8
24 Jan 2
100
Preferred
334 Mar 1 1034June 27
UM
3
Prior preferred
60
24 Jan 8
71
1 Mar 15
2nd preferred
100
12
No par 20 Mar 13 3332 Aug 2
4,500 Marlin-Rockwell
634
024 Mar 14 114 JAB 3
No par
7,400 Marehall Field & Co
94 Jan 7
24
4 June 27
No par
1,500 Martin-Parry Corp
234
11,300 Mathieson Alkali Works-No par 2334 Mar 14 32 Jan 8
100 136 Jan 2 150 Apr 1 10512
Preferred
70
23
10 8572 Mar 29 4714 Aug 2
2,300 May Department Stores
34
54 Jan 30 1234 Aug 2
No par
8,700 Maytag Co
824
No par 83 Jan 15 5012July 23
600
Preferred
8
Preferred ex-warrants-No par 3212 Jan 7 46 July 23
10
27
50
Prlor preferred
No par 8412 Jan 4 103 June 17
22
No par 28 Mar 14 35122une 17
1.800 McCall Corp
74 Apr 3 13 Jan 3
34
8,600 :McCrory Stores alassA_No par
14
613 Apr 3 124 Jan 3
Clam B
No par
1,500
34
100 5714 Feb 5 8412July 29
500
Cony preferred
93
4
Mar
26
4
Aug 2
714
500 McGraw-Hill Pub Co--_No par
2858
6,900 McIntyre Porcupine Mines_ _5 3853 Jan 15 4552 Mar 4
6714
9013 Jan 15 123 July 25
pa
1,400 McKeesport 'Fin plate___No 872 Jan 2
573May 22
312
4.600 McKeeson & Robbins
5
912
1,900
Cony pre: miles A
50 82 May 24 45 Mar 4
84
84 Apr 1 1538 Jan 3
17,000 McLellan Stores
No par
8
6% cony Prof see A
100 8512 Mar 13 10312 Aug 2
90
1212
2,200 Melville Shoe
No par 41 J1111 2 5853July 8
555 Jan 22
3
7,400 Mengel 00(The)
3 Mar 12
1
540
2034
7% preferred
100 2022 Mar 20 8812 Jan 23
60 March & Mln Tramp Co-No par 22 Apr 12 2714June 1 2 22
6,900 Mesta Machine Co
5 244 Jan 15 3553July 24 22 824
3414 354 35 1 3514
432May 17
318 318
24
212 Mar 13
5
1,500 Miami Copper
314 332
918
912 Mar 15 1378May 23
10
11,300 Mid-Continent Petrol
10153 1052 1018 1058
64
814 Mar 12 194July 30
No par
11,200 Midland Steel Prod
1728 1828 1858 19
100 6012 Mar 6 113 Aug 1
44
8% cum 18t pret
450
110 11014 11014 111
2053
1,100 Minn-Honeywell Regn_-No par 58 Jan 15 105 July 30
10412 10412 10414 10434
6% pref series A
100 105 Jan 9 21114June 19 3 68
80
*108 109 *108 10834
524 Jan 2
372 Mar 15
112
10,000 Minn Mollne Pow Impl ....No par
43. 434
2 433
5312 5414 5212 5312
15
2,200
Preferred
No par 31 Mar 14 57'2 July 8
4
..4
4
214
4
as Jan 7
13 Mar 4
100 :Minneapolis & St Louls-__100
34
212July 11
32 Apr 24
100 Minn Si Paul & SS Marle_100
*153 232 *153 24
4
July
10
Mar
6
1
1
200
100
7% preferred
3
3
*134 3
14
3 Jan 14
114 Mar 29
100
250
4% leased line otts
213 212
232 24
4,600 Mission Corp
1033
No par 1032 Apr 9 1673May 16
1214
12
1218 12
64 an 7
212July 22
5
27
18
3
3,300 Mo-Kan-Texas RR
No par
3
318
234 254
572MaY 7 1412 Jan
Preferred series A
100
3.800
7
712
612 634
3 Jan 4
1
1 July 8
2.800 :Missouri Pacific
100
138 112
114 133
4
Jan
Mar
30
7
9,100
113
112
Cony preferred
100
172 253
2
2
6,700 Mohawk Carpet Mills
1034
20 1034 Mar 13 184July 30
1634 1714 1738 18
6,000 Monsanto Chem Co
10 55 Feb 29 7712June 12 Is 24
7414 7414 7314 7412
154
76,900 Mont Ward & Co Inc _-_No par 2134 Mar 12 33 Aug 1
3134 3212 3214 3234
Morrel (.1) es Co
No par 5672 Apr. 9 66 Feb 25
3472
6112 *4112 624
*61
40 Morris & Essex
5534
50 614 Apr 18 6512May 24
*63
6512 *63 6512
4
113May 1
14 Apr 4
58' 2,200 Mother Lode Coalit1on-No par
I 4: 152
58
12
12
12
58
24
4
az
4
1514
3432 3334 3414 0.700 Motor Products Corp--No par 174 Mar 18 37 July 19
3534 13413 354 34
34
3578 3534 3612 35
113
4
Mar
12
Jan
7
614
718
Motor
Wheel
5
14,300
4
1018
93
10
1014
958
1038
1018
1018 10
234 978 10
7 Mar 13 1338July 23
372
No pat
1212 1232 1253 1214 1212 5,000 Mullins Mfg Co
1212 12
1253 1252 1212 1252 12
10
No par 867s Jan 11 7934July 9
460
77
7733
00129 preferred
78
79
78
7712 77
7634 7712 7712 7712 76
10
Nova' 11 Apr 3 1838 Aug 2
1712 1772 1853 1,600 Munsingwear Ino
17
17
16
1614 17
*15
1572 *1514 16
13
32
4
1
m uy
g 17
434 Mar 13 1438Aa
10
1213 1312 134 1312 1278 1338 1314 1414 1358 1438 1314 14 129,100 Murray Corp of Amer
No par 30 Jan 12 3912
500 Myers F & E Bros
3812 3712 38
3712 3712 *37
38
3812 *36
374 3813 *36
No pat 12 Apr 27 194 Jan 7
80,500 Nash Motors Co
11
13
1318 1341 1312 1338 1358 1314 1514 1512 1638 1518 16
560 Nashville Chats & St Louts --100 14 Mar 14 274 Jan 8
21
14
2012 2214 21
20
2012 20
*1712 1834 1834 2012 20
3
84July 25
412 Mar 13
1
752 752 9,500 National Acme
758 734
758 778
752 818
818 838
832 852
853 Apr 25
634 Feb 26
3,700 National Aviation Corp-No par
514
734 818 *732 8
754 814
712 724
753 712
*732 712
10 2214 Apr 1 3312July 16
2214
3214 3134 324 23,900 National Biscuit
'
2973 3012 2934 3032 304 314 3114 3214 32
100 14114 Mar 7 151 May 3 1294
7% cum and
100
_ *15014
___ *15014
149 149 *149 160 *1501
*14812 149
No par 1312 Mar 14 1883 Jan 3
9,900 Nat Caan Reglater
12
17-52 1634 -1752 -4 1738 17 -1712 1714 1652 1678 16341672 17
1273 Mar 21 1713,Tuly 23
NO par
1612 25,900 Nat Dairy Prod
114
1614 1612 1638 1634 1633 1634 1618 1638 1618 1612 16
100 1084July 25 10812July 25 10812
7% pret class A.
100
*10773 10834 *10772 10834 *10772 10834 *10778 10834 *10472 10834 10812 10812
452 Jan 17
14 Mar 7
1,900 :Nat Departmenttlsores-No par
172 2
4
134 134 *134 2
134 153
134 14
134 178
3
100 17 Apr 2 3434 Feb 18
Preferred
2212 2278 2212 2312 2312 2312 1,000
23
22
23
23
2212 23
16
No par 2312May 2 294 Jan 3
2634 2572 2614 22,800 Nati Distil Prod
2678 26
2652 26
26
2653 2618 2638 26
600 Nat Roam & Stamping-No var 21 May 31 3212July 8
10
*3154 3238 *3214 3213 324 324 32 3214 32 3214 3112 3113
100 145 Jae 18 17514May 22
8734
National Lead
•170.6. 180 *17612 180 *17634 180 *180 185 *18112 195 *185 19912
100 150 Jan 18 16212May 23 122
Preferred A
*16122164 *161 164 *161 164 *161 164 *161 104 *161 164
9934
100 12152 Jan 26 14012July 30
Preferred B
40
140 140 *137 140
14012 14013 *140 150
*140 150 "14012 150
472
472 Mar 15 104 Aug 2
No par
912 978 1934 1012 37,100 National Pow & Lt
914 938
938 934
918 938
914 938
28
1 Jan 10
12July 12
*12 1
Nat Rye of Max 1384% pf....100
*12 1
*12 1
*12 1
*,2 1
*12 1
14
4 Jan 2
14 Mar 19
100
2d
preferred
800
1
*14
3
8
3
2
3
8
*14
3
8
3
8
8
3
8
3
28
*14
,
83
643
4
Aug
1
Mar
13
403
2
25
Corp
National
Steel
6414
17,800
62
643
4
6312
6014
6412
61
6114 60
60
2
5814 60
9
9 Mar 13 19 May 28
26
1612 *1512 11514 2,200 National Supply of Del
1672 1612 1672 *1614 1612 Is
154 1572 16
33
100 36 Mar 20 76 May 27
610
Preferred
89
6934 69
69
6614 6614 6634 694 6972 704 6912 70
No
1814
Dar
3814
113
8
Jan
4
mar
13
National
Tea
Co
1.800
1014
10
*1012 1053 1052 1034 1012 1053 1012 1012 1033 1012
74 Jan 15 12 June 11 111 358
No par
1034 1078 2.700 Natomas CO
11
11
1053 11
1114 114 1118 1114 1072 11
4
No Par 2114June 6 2834 Aug 2
*27124 2712 2712 2834 1,300 Nelaner Bros
27
2712 27
*2612 2712 2714 2714 *27
15
No par 434 Jan 2 60 July 29
2,580 Newberry Co (.2 I)
5958 5934 5914 5934 594 60
5978 60
5914 5912 5912 60
80
100 109 Jan 25 117 May 7
7% preferred
10
*114 11553 *114 11553 *114 11538 *114 11532 114 114 *114 11552
35 July 13
8 July 29
352
30 :New Orleans Texas & Mex-100
8
"5
8
734 734 *5
734
*5
8
7
7
*5
8 Jan 3
44
432 Mar 12
1
64 64 3,000 Newport Industries
612 653
653 634
64 634
678 672
715 74
2814
Mar
12
Jan
4
1812
par
114
No
N
Y
Air
Brake
3,000
2612
264
20
27
26
*25
2578
25
7
8
2512
25
5
8
2538 2538
1214
No par 124 Mar 12 2124 Jan 7
2138 145,100 New York Central
2112 2012 2112 20
2034 20
1814 1858 1834 2038 20
6
6 Mar 12 13 Jan 4
100
912 1032 2,900 NY Chic a. Si Louis Co
913 10
913 912
9
932
834 9
*812 834
Mar
12
25
Jan
7
9
7
2
972
100
Preferred
series
A
10,300
194
20
2112
1912
2014
1714 1752 1834 1812 1934 19
17
*213 3
2
2 Mar 14 31s Jan 22
100
*215 3
100 New York Dock
3
3
*212 334 *214 334 *214 334
4 Mar 29
100
4
8'8 July 10
200
1034
Preferred
1034 '93
*6
7
7
*6
672
*614 8
8
*6
139
June
Mar
11
12
101
112
50
N
Y
de
Harlem
90
*131
137
136
135
135 135
135 135
135 135
*132 135
50 1144 Mar 14 1144 Mar 14 112
Preferred
*12212 160 *12212 160 *1224 160 *12212 160 *12212 160 *12212 160
14
14May 31
58 Jan 3
33 1,600 IN Y Investors Inc
No par
*14
38
*4
as
*4
4
4
32
4
23
32
99 May 22 99 May 22
Wsatern_100
7812
NY
Lackawanna
&
100
*50
*50
100
100
*50
*50 100
*50 100
*--- 100
43
4
812
Feb
26
278
Jan 4
24
100
9,700 N Y N H & Hartford
453 47
412
412 484
414 434
418 412
4
4
6 Feb 20 1452 Jan 7
6
100
Cony preferred
10,800
914 10
878 9'2
914
9
812 87/4
712 838
*734 772
6 Jan 19
252
252 Mar 15
100
338 338 1,900 N Y 0Marto & Western
*34 358
313 31
34 358
313 353
*3
313
la
1 Jan 9
4 Mar 29
No par
58 1,100 NY Railways prof
58
58
*38
39
39
hi
*38
*28
513
12
4
14
laMay
22
14May
22
Preferred
stamped
"
14
4
4
"
4
*4
.,*4
-.*14
*4_-164
14
Jan
Mar
618
7
64
10,600
NY Shipbldg Corp part 311.-__1
12
1014 -171.112 1034 -1114 11 -1-1.12 1114 I1i4 1188 lila 114 801
6912
70 Apr 18 87 Jan 7
*7s 79 *78
*78
80
80
8012 *78
8012 *78
*78
69
No par 69 June 5 9212July 15
130 NY Steam 26 prof
88
88
87
87
86
86
90
9034 90
9212 90
*87
79
No par 79 May 28 '100 Aug 2
$7 lit preferred
90
994 9984 99 100
9713 99
*98
99
9712 98
*9713 100
43
May
22
15
Jan
25
3012
par
3758
38
Noranda
Mine'
Ltd
No
7,700
38
8
377
3773
384
38
373
4
38
3734 384 3752
133 Jan 17
73 Mar 25
100
72
700 :Norfolk Southern
1'8
"I
11
114 *I
*1
114 *1
1
1
*52 1
100 158 Mar 13 18612 Aug 1 133
1,000 Norfolk & Western
18614 18614 18614 1861 *185 188
185 185
185 185
*183 184
108
June
18
10
77
Jan
99
190
200
*105
106
Adlas
.4%
prat
106
*105
*105
106
107
1074
107
*106 107 *106
9 Mar 13 2013 Aug 2
9
No par
184 184 1914 1872 1953 195s 20'e 110,600 North American Co
1838 1853 184 1834 18
50 354 Mar 15 534July 12 31
Preferred
*5114 5112 5114 5114 514 5113 5034 514 5114 5114 514 5111 2,100
4 Jan 23
2
2 Mar 13
North
Aviation
1
20,400
Amer
34
33
2
3'4
312
312 34
314 314
34
3
31.2 314
39
96
700 No Amer Edison pref ____No par 57 Jan 3 96 Aug 2
96
94
94
95
9212 9234 *9318 95 *92
*9212 95
1018 Apr 26
15
712July
718
North
German
Lloyd
75
*14
7
5
8
*14
7
53
"712
*----.
7
5
3
75.
772 *--*____
71
50 8012 Mar 29 95 May 21
Northern Central
*9714 _-- "9714 --*974 -_-_ *9714 --- *9714 ---- *974 99
a per share $ per share $ per share
23
2412 2352 244 2212 24
44l
4213 44
4458 441 444
44
2 812
84 84
814 852
*3112 3212 3212
*3112 33
__-- ....... -- ____ ____ ____
112
*Ds 112 *113 112 *1.12
538 532 *6
552 534
612
512 6
513
*4
54 *4
374 3712
35
35
33
35
22
184 1972 1952 2058 21
144 144 1414
1334 144 14
2
2
113 134
*112 134
*534 54 *534 573 ' 53. 534
8
814
778 812
8
812
*24 128
*34 1
*34 1
*258 334 *258 334 *258 334
812 812
852 873 *812 912
*138 214 "132 214 *138 214
3212 3278 3252 3338
3218 33
94 912
828 933
914 94
714 712 *54 7
6
7
2918 30
2978 30
2958 30
148 148 *14612 150 *14612 150
4714
47
46
4653 4613 47
1114 1112 1112 1212 1214 1234
49
49
49
48
48
*45
*46___ *45
_--__ *45
*99
9912 99 -9912 99 -99
344 344 3414 344 *334 35
812 872
812 834
9
9
832 858 *812 918
*858 914
84
*81
83
844 844 82
913 913 #914 934
934 934
a3734 3952 3712 3778 3733 38
12078 12112 120 120 *115 120
618
6
618 614
64 614
3512
35
3512 3512 3512 35
12
1232 1218 1278 1278 1352
99
9934 9934 10214 10312 10312
5618
5658 55
56
5612 56
4
41e
418 414
418 418
3312 3418 3514 3514 3434 3434
*1878 2434 *1878 2434 *1878 2434
3312 3378
344 3514 3434 3472 3334 35
318 318
314 314
314 314
318 314
1018 1058 1038 1034 1012 1034 1012 1034
1712 1853
1812 1912 1832 1872 184 19
112 112
11012 111
111 11212 112 113
105 105
10334 104 x10358 10352
108 108 *10814 10812 *10818 10812 108 10814
4
414
433 438
4
378 418
418
48
4812 *4812. 50
4512 47
48
48
*4
4
*14
4
214
4
14
14
124
158 158 *1
.153 218 *158 124
*212
3
*212
312
312
212 212 *212
212 212 *238 278
232 212 *212 278
12
1272 1214 1214 1214 1212 1214 1214
314 314
314 314
318 314
3
313
7
74 734
714 714
732
74 74
138 138
138 138
114 112
112 112
214 238
238 252
214 214
214 212
1638 1634
1712 1612 17
1712 1818 17
72
7314 7212 7314 7238 7278 7112 7272
3134 3278
33
3152 3232 3112 3234 32
6218 *6014 6234 *6078 61
624 *61
*61
63 "6314 6412
63
6412 63
63
*63

$ Per share $ per share 2 per share
2272 2372
2232 24
2132 22
4434 4434 4418 4458 44
4414
812 812 *813 853
0814 812
3184 324
3212 3212 3213 33
__ ____ ____ ____ ____ ____
112 *14
14 *1
112
*1
25
5
54
512
524 524
*412 512
*413 512 *412 6
*30
35
35
*29
35 *30
*184 1812 184 184 1818 1832
1452 1434 1413 1434 1432 1432
113 112 *112 134 *112 134
534 534
54 584
*54 594
74 773
772 814
8
814
118
118
*53 138
*53 Ds
*258 334 *258 334 *258 334
*812 912 *812 912 *812 912
*132 214 *138 214 *138 214
3114 3112 3134 3134
31
31
9
884 932
9
922
94
*512 5
*512 6
573 6
2934 3012
3034 3118 3038 31
.14558 148 *14512 148 *14553 148
464 4653 464 4612
4534 46
1114 1112 1114 1112 1138 1158
48
464 4613 *46
1104514 49
*46
_
46
*454
__ 46
*9812 1912 *9812 9912 *99 -11i12
35
35
35
35
*3412 35
84 94
9
94
912 94
852 94
83. 834
9
9
8412 8412 8412 8412
*8412 85
*818 015 *818 94 *812 94
3933 3958 3912 3934 3912 3972
12118 12114
1214 12112 122 122
64 614
64 638
64 614
3514 3534
3534 3534 3572 36
1232
1212 12
1213 1253 12
*9812 9934
*98 101
*98 105
5612
5534 5534 5534 5612 56
4
412
438 412
438 412
35
3612 35
36
3614 36
2538 2538 *1878 2434
*2532 30

otnotea see page 702.




Shares
14,600
5,900
1,200
900

$ POT shard
22
41'.*
354 6212
252
7
1512 x234
14
414
73
334
124
94
3
812
20
41
1012 2932
1012 2032
14
322
Vs
533
9
512
12
228
84
2
3
124
1
44
17
82
822 1952
4
1233
234 4028
136
110
30
4534
44
834
10
36
9
3234
49
9212
24
32
11s 124
14 1232
514 6932
4
1012
384 5012
79
9512
44
94
1172 4234
1
174
912 924
42
26
312 1 1
24
52
254 3314
22018 2524
274
64
918 1428
04 2172
24
854
86
65
87
107
572
172
1512 61
4
133
34
358
114
5111
14
74
-1
1-4;2;

-3
1
i
4/
4
71
;

14
24
1212
39
20
37
58

6
912
223*
6152
3553
8314
71

4
1
154 4438
652 1031
54 154
1212 4652
13
25
872 111.1
14
3352
1253 32
1934 464
812
872
514 134
2272 4912
131
12812
12
2352
13
1834
"I
'"Iil
5
284

16

315,

164
135
122
10012
552
24
28
344
10
334
9
714
64
31
100
6
512
114
184
9
16
233
5
108
112
se

3272
170
14612
12112
1512
2/
1
4
1
554
2113
60
1832
1032
304
4972
112
25
13
2834
4514
2673
634
84
20
139
120
II,

83
6
1012
44
52

90
2413
3751
1152
134

--1/12
72
73
90
304
14
101
82
1012
34
252
4:12
74
81

-Ili
8934
9912
10973
4572
44
157
1004
254
65
834
744
16
924

New York Stock Record-Continued-Page 7

Volume 141

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 27

Monday
July 29

Tuesday
July 30

Wednesday 1 Thursday
July 31
Aug. 1

Friday
Aug. 2

Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

709

Rano Since Jan. 1
Os Basis of 100-share Lots
LOOMIS

Highesi

J.,1
1933 Is

/tango for
July 31 Year 1934
1936
High
Loco Low

$ per share 8 per share $ per share $ per share 3 per share $ per share Shares
8 per share 5 Per sh
Par i per share
19% 1938 1914 2014 1878 194 19
1912 1814 194 1734 1918 30,600 Northern Pacific
100 131& Mar 28 217g Jan 7
34
*4212 43
1
43
43
42
43
42
*41
43
43
42
43
110 Northwestern Telegraph
50 3578 Jan 18 4412July 25
,,ts
*114
112 *118
112 *114
112 *114
Norwalk Tire & Rubber --No par
112 *114 112 *114
118 July 12
214 Jan 4
112
414
*2512 28
2512 2512 2512 2512 *2014 284 *2014 2612 *2014 2878
Preferred
50 220 Mar 20 321k Jan 3,,,0
30
107 1138 1034 1118 1034 1112 1118 1138 11
1114 11
1118 13,400 Ohio 011 Co
No par
914 Mar 18 1418May 17 '812
14 2
134 2
45 Jan 2
112 138 32,200 Oliver Farm Equip
138 178
138
138 112
138
1 May 31
I
No par
2112 2134 2178 2338 2212 2338 2014 23
2134 22
2134 2114 7,400
Preferred A
1334May 31 2608 Jan 2
No par
9
37g 4%
37g 418
41g
4
418
41g *378 418
418 414 3,900 Omnibus Corp(The)yto- No par
312July 23
5% Feb 16
312
*72
95
*72
95 *73
9018 *73
*73
Preferred A
95
9218 *73
95
100 76 Jan 16 77 Feb 26
0
74 714
77 Feb 19
738 738
7
714
7
434 Apr 3
718
64 714
7434
678 678 1,400 Oppenheim Coll & Oo____No par
19
19
19
1938 1834 1914 1838 19
1834 2012 2014 2078 39,600 Oils Elevator
No par 11% Apr 4 2078 Aug 2
1%
*120 124 "118 124 *118 123 *118 123 *11012 123 *119 123
Preferred
100 106 Jan 7 125 July 5
12
104 1138 1138 12
1114 1218 1178 1214 1138 1214 1114 114 68,800 Otis Steel
414 Mar 14 1214 July 31
No par
93
72
744 7434 7434 7012 7414 7012 7134 7212 7314 724 7212 2,100
Prior preferred
100 2214 Jan 16 7612July 24
71
*48
4934 *48
4934 *48
4934 4934 4934 *4934 50
4934 *49
50 Outlet Co
No par 38 Mar 12 4934July 18
8
*11314 --- *11314
_ •115
_ __
*11314
27
Preferred
_ *11314_ *115
100 11412 Mar 23 11412 Mar 23
9612 -97
x9.7 -97
9534 1534 95 1534 9512 1j,{
,
9512 -9614 3:200 Owens-Illlnols Glass Co
90
25 80 Mar 12 104 June 11
*1438 1434 *1438 1434 1438 1438 1438 15
1434 1518 1438 1412
800 Pacific Amer. Fisheries Ina--5 1438 Aug 2 1514July 24
61412
212 212 .1% 238 *114 238 *114 238 *112 238 •114 238
215 Jan 7
40 Paolfle Coast
Mar 26
1
1
10
•5
614 *412 614 *412 6% *458 614 *434 6
lstpreterred
No par
*414 614
334 Jan 2
8 Mar 30
312
*212 338 •238 338 *214 338 .3234 34 *214 338 *2
2d preferred
No par
338
1
1 Mar 27
4 Jan 7
2458 2434 2412 25
2412 25
2414 2518 2434 2514 244 2512 15,400 Paelfk Use gi gumut210
25 13% Mar 6 2534June 24
1238
3558 3578 367a 3914 39
4014 4018 41
39
4012 41
397
27,900 Paelflo Ltg Corp
19
No par 19 Mar 18 41 Aug 1
*14
15
15
15
15
*14
*1414 1434 1434 1434
15
15
No par 12 June 19 21 Jan 2
300 Pacific Mills
12
*11114 11178 11112 11112 11114 11I'4 111 111 *11018 111
11012 111
420 Pacific Telep 4 Teleg
100 70 Jan 2 112 July 23 37 6812
*13214 13312 13312 13312 *13312 1344 *1332
140 6% preferred
1 1343 13312 1331 *13312 13434
100 11112 Jan 14 13412June 20
9914
718
*718 712
7
718 8
778 77
*712 77
«712 778 3,400 Pao Western 011 Corp----No par
6342uly 11
912 Apr 16 I 5
47
434 478
51g
51e 127,900 Packard Motor Car
5
478 5
44 518
5
5
312 Mar 13
578 Jan 7 21 258
No par
1114 1114 *1114 12
1114 1114 *1114 12 "1114 12 "11% 12
200 Pan-Amer Petr & Tram
5 1034 Jan 9 12 June 14
814
12
7g
4
4
4
34
1
78
1
12
78 2,800 Panhandle Prod & Ref_-No par
34
.
34
12June 20
114 Jan 7
7
*13
13
14
14
1512 14% 15
14
*14
1534 15
15
8% cony preferred
860
612 Mar 12 1534 J uly 30
100
612
4
418
4
414
414 434
418 44
44 414
438 478 125,100 :Paramount Publlx etto
478 Aug 2
214 Mar 27
10
118
*1034 13 "1034 1314 *11
*11
12
12
12
13
100 Park-TIlford leo
*1034 13
1 11 May 20 1734 Jan 11
11
418 414
43, 412
378 41g
414
378 4
4
378 4
12,900 Park Utah 0 M
6 Apr 26
1
2
24 Mar 21
.34 1
*34 1
.
34 1
.34 1
.34 1
*34 1
12
Parmelee Transporta'n-No par
84 Apr 18
158 Feb 18
4
4
38
34
34
„
4
34
34
_No pat
34
12 Mar 8
78
118 Jan 2
34
78 12,100 Paths Exchange
934 101
104 1114 1034 1138 1014 1134 1112 12
1112 1214 15,500
Preferred class A
No par
8 July 12 1714 Jan 2
43
8
*1212 13
1258 124 1234 1258 1212 1228 1234 1334 13
1314 4,400 Patin° Mines & Enterer No par
84 Feb 28 15 May 23
814
1.84
78
7g
78
34
*78
78
1
34 1
4,78
1
34 July 12
800 Peerless Motor Car
4
3
Jae
1%
3
4
*7514 76
7538 7578 75
7534 75
744 75
754 74
75
2,100 Penick & Ford
114%
No par 8412 Feb 5 81 July 8
80
80
80
80
8034 80
804 7912 8078 4,800 Penney (I 0)
7978 8014 80
par 5714 Apr 3 80% Aug 1
No
35%
*10312 1033 *10312 10384 '10384 10334 *10312 10334 *10312 10334 10312 10312 1,200
100 z10338June 19 110 Mar 1 103
Preferred
334 4
4
4181
418 4% _ 414 438 3,300 Penn Coal & Coke Corp
418
4
4
4
2% Mar 13
10
4% Apr 20
174
334 384
334 378
334 334
3 Mar 9
34 34
34 334 3,200 Penn-Dixie Cement
No par
51* Jan 7
34 334
234
*21
2212 22
22
2114
2228 2112 2112 21
2218 23
*21
Preferred series A
700
Mar 11 2712May 28
18
100
10
2538 257g 2578 2612 261 2678 264 27
2718 51,800j Penney.
2638 2714 26
..yenta
50 1714 Mar 12 2714 Aug 1
1714
*3218 33
*3218 33
32 12 3212 *3218 3232 *3218 3238 *3218 33
1001 Peoples Drug Stores
No par 30 Feb 5 3928 Apr 1 22 104
*114 1161 "114 11612 114 114 *114 11612 *114 11612'114 11612
lOj Preferred
100 11034 Jan 9 11634 Mar 28
80
3434 36
365, 3814 3634 3818 3778 43% 3984 43
3838 4078 32,6001 People's 0 L & 0(Chle).- 100 1734 Mar 7 4314July 31
1734
"1% 312 *112 3
•112 3
1001 Peoria & Eastern
238 233 •14 312 *112 312
Feb 26
21*
7
100
3
Jan
2
"12
14
1358 1418 14
•14
1412 1412 1434 1512 16
1,7001 Pere Marquette_
15
914 Mar 13 19 Jan 31
100
914
2634 2634 27
27
2912
3012
30
317
29
8
30
1,1001 Prior preferred
298 "2734
100 1612 Mar 13 32 Jan 9
14%
*1812 20
1934 20
22
22
21
22
21
21
22
21
1,0001 Preferred
12
100 13 Mar 15 2413 Jan 11
*1534 16
*16
1612 154 1534 *1534 161
1512 1512 *1512 1614
1414May 15 194 Feb 4
No par
4001 Pet Milk
914
*9
9%
9
914 984938 938 3,3001 Petroleum Corp of Am
914
918 92
928 958
74
728 Mar 14 1I58May 23
5
1878 19
19
1938 1812 19
1818 11,4001 Phelps-Dodge Corp
1838 1838 1818 1838 18
25 1234 Mar 15 2032May 17
1134
4078 41
41
44
4212 42
44
4334 44
4212 44
43
Philadelphia
23
Feb 27 45 July 9
50
Co 6% pref
2,4001
21%
*6834 70
6912 6912 70
7112 7112 1,200
70
6914 694 70
70
I6 preferred
No par 3812 Mar b 7112 Aug 2
3814
*112 218 *158 2113 *158 218 *134 21
*134 284 *134 218
:Philadelphia Rap Tran Co___50
128July 26
4 Jan 8 31 112
*3
'
2 4
*312 4
312 378 *312 37
110
358 34 *34 4
preferred
7
312July 30
50
6 Jan 12
3
*24 24
214 214
212 284
214 238
238 23g
258 234 4,800I Phil, & Read 0 & I
47 Jan 9
134 Mar 21
154
NO Par
4634 47
47
4838 4834 4938 49
4812 5018 4812 494 11,9001 phIlllp Morris & Co Ltd
503
10 3584 Mar 12 5312June 15
104
*7
834 *714 84 *8
*834 10
*812 10
834 *818 83
I Phillips Jones Corp
No par
5% Mar 22 11 Jan 4
512
"5538 64
64
65
671 68 "69
68
711
68
7112 71%
170
7% preferred
100 5312 Apr 1 7112 Aug 2
48
205 2078 20
2012 20
2078 208 207 22012 21
2038 2034 39,6001 Philips Petroleum
No par 1334 Mar 12 23 May 17
11
*6
7
7
*6
*6
6% "6
614
6
*534 7
6
200 Phoenix Hoalery
5
3 Mar 21
612July 26
3
•5118 --- *5118 64,2 *5118 6412 *5118 671 *5118 671 *5118 67'z
Preferred
100 50 July 8 68 May 25
44
•14
4
88
821
38
3g
3
8
14
3
8
3
8
1,500
Pierce
011
14
1
Apr
26
Cori)
27
14
4 Jan 8
14
312 312 *314 334 *314 384
314 31
314 314
312 3'2 1,000
Preferred
109
234July 24
234
5% Apr 15
34
*55
*58
58
3i
58
*58
34
.58
58
58
500 Pierce Petroleum
3
No par
118 Jan 8
58
5a July 16
*34
3412 34
3412 34
34
*3312 34
3328 33% 34
34
3534
4,200
Plilabury Flour Mills
No par
31 Apr 8
July 19
18
*___ - 81 *_ . 81
793 *55
*55
7938 *55
81
*55
7938
Pirelli Co of Italy Amer shares_
72 Apr 17 76% Jan 25
72
'
7
8
*718 8
834 018
9
812
9
8
"8
9
1,800 Pittsburgh Coal of Pa
100
7 Mar 14 1012 Feb 4
7
*28
3012 3012 31
35
35
35
32
3212 35
35
35
1,000
Preferred
100 2812July 11 42 Feb 4
26
*177 200 *177 200 "177 200
177 177 *17712 198 *17712 198
100 Pitts Ft W & Chlo pref
100 172 Feb 14 178 May 20 141%
652 64
64 634
634 7
718
7
64 7
638 64 8,300 Pittsburgh Screw & Bolt..No par
512 Mar 13
9 Jan 11
41s
039
45
*40
4434 42
4334 45
47
43
44
4334 4384
400 Pitts Steel 7% cum pref
1514
100 2218 Mar 13 49 July 25
*4 114
1
118 .118 114
114
114 *114
13a •114
138
900 Pitts Term Coal Corp
100
I Mar 21
218 Jan 12
1
*1012 1211 11
11
1212 *1012 1212 *1012 12i
*1012 1212 *11
20
0% preferred
100 1014 Apr 4 15 Feb 25
618
234 278
21
318
3
3
3
3
3
278 27g 1.550 Pittsburgh United
338
Ds
Mar
318July
20
114
29
22
4714 49
4912 5212 5214 54
4978 52
5012 5214 4914 51
1,550
Preferred
100 24% Apr 4 54 July 30
24%
9
9
1014 1014 *934 11
11
1414 14
1014 11
15
810 Pittsburgh & West Virginia _100
678June 4 15 Aug 2
64
*114 11
*114
112
.112 112 3114
112 *114
112 *114 14
100 Pittston Co (The)
No par
1 Mar 21
1
218 Jan 4
9% 9%
914 9%
914 9%
918 914
9
9
834 9'8 4,800 Plymouth 011 Co
6
618 Mar 15 1128May 17
612
*834 9%
9
038
918 912
912 97g
934 1018
912 10
8,700 Poor & Co class B
618 Mar 15 1112 Jan 9
No par
8
"234 3,8 *278 318 *278 318
3
34 318
3
*234 318
400 Porto Rio-Am Tob el A-No par
lis Mar 19
428May 10
128
*78 1
*34 1
*34
1
*34
.
34 1
1
.34
1
Class B
No par
4 Feb 28
11 Jan 8
14
*54 538
538 578
858 578
534 54
514 534
538 538 4,200 :sootal Tel & Cable 7% pref.100
458
8June
43
13
16%
Jan
7
134 13
15, 134
1% 1% *158 184 2,000:-Wooed Steel Car
158 134
134 134
No par
%May 14
3% Jan 21
4
"1328 l3g
1334 14
13
1314 1314
1312 1312 1312 131zI 13
900
Preferred
514
612May 14 17 Jan 21
100
*5234 53
5238 53
5212 5214 5278 5134 5212 4,700 Procter & Gamble
52% 528 52
3318
No par 4238 Jan 12 5334July 23
*118,2 1187 *11812 11878 111878 11878 *11812 11878 *11812 11878 *11812 11878
20
5% pref leer of Feb 1'29)_100 115 Jan 2 x12034May 23 a,101
38
3812 3814 3884 38123812 40
40
39
3934 4038 23,200 Pub Ser Corp of N J
No par 20% Mar 5 4038 Aug 2
2038
*98
9828 9838 9838 9838 98% 9834 9912 9918 9912 9934 995
2,700
$5 preferred
5978
No par 623* Feb 20 9958 Aug 2
"108 110 *1071 Dol *10812 110 x109 109
110 110
11018 11018
500
6% preferred
100 73 Mar 14 11018 Aug 2
73
*121 123% *11814 1223 *118% 12234 1223 12238 *11814 12212 1214 12214
900
7% preferred
100 8518 Mar 18 12418 Jttly 10
84
*135 140
140 140 *128 141 *133 141
14018 14018 128 141
300
8% preferred
100 100 Mar 14 14018 Aug 1
99
*11112 11234 11234 11284 113 113 *111 113 *111 11234 *111 11234
400 Pub Set El & Gm pf 35---No par 99 Jan 5 113 July 30
8378
45
4558 4514 4584 45
4414 46
4334 444 16.400 Ptflman mo
4578 4434 46
No par 34 Apr 30 5272 Jan 9
34
858 834
828 88
828 9
878
87s 94
a
878 9
23,400 Pure On (The)
57
No par
578 Mar 21 1018June 19
8834 8912 8834 893
8934 89
5934 89
8912 8934 89
8934 1,070
8% cony preferred
8 Mar 18 9112June 29
100
49
492
70
70
7114 711
7114 7184 71
71
71
71
71
713
800
6%
preferred
25
708
June
100
Aug
65
2
3312
121s 13
13
1378 1334 1334 1318 13% 1314 1338 13% 1314 2,700 Purity Bakeries
No par
8114 Feb 1 1438July 18
838
63s 64
612 634
612 634
638 638 94,200 Rad10 Corp Of Amer
612 634
618 64
No par
4 Mar 13
634June 26
4
55
55
5478 5478 55
5412 5478 5438 5434 3,500
55
54
55
Preferred
50 50 Mar 18 5212 Jan 25
22
5878 5934 59'2 607
6214 5812 6012 31,400
60
, 59
6034 5912 63
Preferred B
No par 3514 Mar 12 6334July 31
13%
214 238
238 212
238 278
214 238
238 21
212 278 56,500 :Radio-Keith-Croft
No par
114 Mar 13
278 Aug 1
114
*1912 197g 1934 1934 1912 1978 1912 191
1912 l9li 19
1938 1,400 Raybestos Manhattan
No par 1612Mar 13 21 Jan 2
1118
3538 3584 3614 3612 36% 37
3814 3814 3914 *38
034
39
1.800 Reading
g
50 2974 Mar 28 4384 Jan 7
297
*38
4212 .38
4212 *38
421 *3812 4218
421 *39
4212 *38
let preferred
50 36 Apr 6 42'8 July 10
28
*36
37
*36
37
*36
364 37
*36
37
37
37 •36
200
2d preferred
50 33 Apr 17 3734May 14
27
75
7
7
714 714
758 *714 7'2
714 71
•614 732
600 Real Silk Hosiery
315 Apr 4
9 July 22
10
31g
*44
50
*43
55
*45
*45
50
40
50
*45
*45
50
Preferred
100 20% Apr 2 50 July 22
20%
•114 2
*I% 2
*112 2
*112 134
112
112 *112 134
100
Reis
(Robt)
&
I
par
Mar
21
26
Co
No
Jan 7
1
*11
•1914 14
14
*1128 13's
1312 *1128 12
*12
*12
14
1st preferred
8 Mar 12 15 Jan 7
100
54
10
1013 10
1014 10
1038 103 24,800 Remington-Rand
1012 1012 104 1012 11
7 June 1 1114 Jan 7
1
514
9212 921
9214 93
9514 95
96
92
9434 95
9434 9434 2,800
let
preferred
100 7184 Jan 15 96 Aug 1
2434
*88
92
*88
91
91
947k 95
9634 *93
93
92
99
280
2d preferred
100 71r Jan 9 9634 Aug 1
24
.95 103
*95 103
*95 103
*95 103
*95 103
*95 103
Reuss & Saratoga RR Co
100 9812June 10 110 Mar 1
9812
8
31
31t 314
3
278 314
338 314
314
3
314 18.900 Reo Motor Car
214 Mar 13
414May 9
5
2
1638 17
17
1728 173 1841 1718 1772 1638 1778 1634 174 56,200 Republic Steel
9 Mar 15 18's July 30
...No par
9
64
6538 6518 69
6712 681
64
6634 6838 6412 68
6812 19,200 6% oony preferred
100 2858 Mar 18 69 July 29
Corp-19
'648g 65
657g 683 *6634 67'2 6712 68
66
664 6514 68
2,100
6% pref Otto of deD
28 Mar 15 6834July 29
28
'612 73, •67
73
778 8
*7
*7% 734
8
712 734
600 Revere Cooper & Bram
5
5% Apr 3
51*
814511ti 16
*16
19
*16
19
*16
18
18
1812 *1712 19
"17
1812
100
Class A
10 13 Apr 17 1912May 16
13
"83
87
87
87
*83
86
•86
86
86
*831 8512
87
50
Preferred
100 75 Apr 9 92 May 16
35
*2312 2334 2334 241
2414 234 24
2312 237
24
238 24
Reynolds Metals 00----NO var 1712 Apr 29 241$ Jan 10 U 9%
*10614 10734 *10614 1071 *1061 1071 10712 1071 108 108 *107 10814 3,600
300
5li% cony pref
100 101 June 10 10834July 5 101
2234 2334 23
23
2234 2234 22
2258 2228 2234 223
22
3,600 Reynolds Spring
I 12148181'20
54% 5458 5458 55
5458 55
5428 5478 54% 547
54% 547g 17,100 Reynolds(R J) Tob (Saga B-10 4318Mar 26 23% July 26 'I 634
55 July 29
39%
"60% 604 6084 6034 "6034 61
4317t 68
•6114 68
61
61
30
Class A
10 6514 Apr 22 6112July 16
5514
*1312 1712 *1312 1712 .1312 171 *1312 171 "1312 171 "13% 1712
Rhine Westphalia Else Power... 13 June 6 13 June 6
1212
*938 1014 1014 1014 1012 101
1012 101 *1034 1114 *934 1014
300
Ritter Dents,/ Mfg
No par
514 Mar 26 1278June 14
518
*2614 2712 *2638 2712 "265 2738 *2678 2712 2712 271 *27
2712
500 Roan Antelope Copper Mines__
217* Feb 26 3038May 17
20
For foo cotes see page 702.
,




$ per share
144 36%
83
43
14
412
29
4014
812 1572
2
7
9
2738
Ms
638
70
95
5% 144
2
1212 19,
92
108
Ms
8
9
25
30
47
97
114%
60
94
-118
-1;38
3% 1114
64
2
1238 23i
.
2034 37
'
19
84
69
85,
103
116
'
5%
9
%
234
6,
1034 12 ^
28
2,
7
214
14
'
57
17
354
2„
6;
12
3I
12
4,
1012 24:
9% 2113
1
44
1145, 67'
51% 74,,
10512 108,':
171
F14
278
74
1214 3278
2018 87
195, 66
86
11214
1914 4378
2
8
12
38
18
5112
1318 43
9% 1778
814 1414
13% 1878
2414 87
49
1344
2
6
411 16
81e
534
1112 4838
7
21
68
7478
13% x2034
412 13%
50
64
4
1%
44 1034
84
2
18% 3434
70% 87
738 18%
26
4212
14112 169
412 1138
1514 43
11*
312
814 1912
1i8
6
2558 5978
10
27
114
5
714 164
6
1472
238
614
314
1
1012 2938
5%
114
558 22
3318 441,
10212 117
25
45
84
57
97%
78
88
106
1194
105
87% 10412
3514 591
61
Ws
49
81)
33% 63
8% 1934
9%
4%
2314 56%
46
16
112
414
141* 23
3518 5638
3314 4114
29% 3912
5
14
35
6014
1%
6
file 3838
6
13%
323* 71
SO
70
114
126
2
512
1012 2514
3312 6712
39% 4214
141*
a
1114 2812
46
90
1512 274
-612
3954
57
1212
51
20%

-11-6
5314
52%
23
13%
3338

New York Stock Record-Continued-Page 8

710

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 27

Monday 1
July 29

Tuesday
July 30

Wednesday
July 31

Thursday
Aug. 1

Friday
Aug. 2

Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

par
5 per share $ per share $ per share $ per share Shares
900 Royal Dutch Co (N Y shares).4118 4218 4134 4214 4238 4238 4212 4212
100
Rutland
prat
RR 7%
300
434 434 *44 512
412 412
*412 512
10
3,700 St Joeeph Lead
1812 1714 18
1838 1834 1812 184 18
*78 1
400 :St Loula-San Franebioo---100
1
1
*At
1
.
44 1
100
let preferred
800
114
112 112 *1
138 112 *138 112
100
Si Louis Southwestern
•838 1112 *838 1112 *84 1112
'832 12
100
Preferred
210
18
"18
1812 1812 1812 1812 1812
18
No par
3914 7,900 Safeway Stores
3878 3912 3834 3912 3878 3938 39
100
6% preferred
320
11012 11012 31110 11012 •110 11012 110 110
100
7% preferred
190
11212 1124 *112 11275 11272 11278 112 1124
No par
700 Savage Arms Corp
*94 10
10
1012 10
10
10
10
5
3134 3014 3118 10,800 Schenley Distillers Corp
2912 3038 3012 3118 31
1
238 278 6,100 Schulte Retail Store/
23g 234
218 238
214 214
100
Preferred
13
1412 1438 1714 154 184 2,170
13
13
par
No
Scott
Paper
Co
140
6814
6814
"68
6812
68
68
136712 68
No Par
"8
12 5,600 :Seaboard Air Line
12
38
12
38
38
12
100
Preferred
200
78
78
*14
4
58
4
75
78
2938 2912 4,900 Seaboard 011 Co of Del-No par
30
304 30
2814 3012 30
No par
Seagrave Corp
*318 312 *318 312 *34 312 *34 312
5058 5212 5214 5312 534 5414 55,900 Sears, Roebuck & Co---No par
5028 52
1
900 Second Nat !avatars
214
*2
214 *2
2
2
178 178 11134 2
*112 178
1
Preferred
5614 5712 5714 5714 1,110
5534 5412 5614 5614 564 5614 57
55
1
1012 1078 1012 1034 104 1058 1014 1012 24,300 Servel Inc
104 1014 104 11
No par
(F
0)
Shattuck
4,400
7
7
3
7
7
8
77
8
7
7
/
3
8
778
734 778
818
8
74 778
par
No
1714 1634 1738 1638 1718 32,400 Sharon Steel Hoop
16
1634 1678 1778 1634 174 16
No par
8,700 Sharpe & Dohme
434 5
514
5
54 514
478 54
414 478
*44 418
Cony preferred ear A-No par
4912 1,100
494 4912 *4812 4912 •49
4812 4812 4812 4812 4834 49
50 Shell Transport & Trading-2
*35
3634 3512 3512 3514 3534 *3514 38
37
37
*35
38
No Par
32,000 Shell Union 011
1038 11
1034 1118 107g 11
94 1018 1038 1034 104 11
100
Cony preferred
9714 9714 9734 9734 1,400
96
97
9434 9434 9434 9434 954 96
1314 10.800 Silver King Coalition Mine,-5
1414 1438 1378 144 1312 1375 13 . 1334 134 1314 13
par
No
Simmons
Co
16,400
1214
117
8
1278
12
1214
127
8
124
13
13
124 1212 1214
10
558 534 6,500 Simme Petroleum
558 6
534 534
512 534
54 538
538 518
25
1,800 Skelly 011 Co
10
10
10
10
10
978 1018 10
978 10
10
1018
100
Preferred
200
1186
4
87
/
1
4
873
86
8754
86
88
8934 *85
8934 4.85
*85
360 Sloss-Fuseb/ Steel & 1.2012..._100
*28
31
29
29
30
3212 3112 3112 30
*29
*2912 32
WO
7% preferred
170
4634 4734 4615 4634 454 4515 *4212 48
47
4712 47
*45
Snider Packing Corp_---No par
3,200
163
4
165
4
1714 174 1758 1738 1738 1658 1738 1638 1634
1317
1314 1318 1312 131g 1312 43,800 Socony Vacuum 011 Co Inc---15
, 124 1314 13
1212 1234 1258 127
200 Solvay Am Invt Tr pref--100
11112 11112 *11112 11158 11112 11112
•11112 112 *11112 112 *11112 112
No par
3,500 el) Porto Mao Sugar
2238 23
2334 2234 23
2312 2374 23
23/
1
4 2334 2314 24
100
Preferred
_ *146 150 *146 148 15147 „148 11147 148
__ *146
*146
25
Calif
Edison
Southern
13,500
19
193
4
8
19
4,
195
1912
19
185
8
193
8
1953191.
1918
par
A.
-No
Southern
Dairies
claw
-___
_------..--- - -- -- --- ---- --- ---- ---par
-No
Clan B
__..__
101)
75,500 Southern Paniflo Oo
1
4 1914 204 1,918 2038 184 20
iqi.2 ii" Mitt 1918 1.958 20/
100
74 15,100 Southern Railway
7
714 758
7341 712
714 753
714 712
1
4
715 7/
100
Preferred
10,700
938 10
988 1018
212 10
912 10
932 974
874 932
Mobile & Ohio ink Sr ens -100
*174 21
"174 21
*1718 21
*164 21
2318 *1512 21
•15
200 Spalding (A (3) & Brog-No par
612 612
64 632
•512 64 *512 618 *512 618 *54 61g
100
let preferred
340
6012 6012
60
5714 60
67
56
54
M18 54
*5418 56
360 Spang Chalfant & Co Ina pref-100
8712 8712
8712 88
874 8712 874 88
*82
88
*8012 88
No par
412 414 17,800 Sparks Withington
412 478
4
412
4
4
4
4
378 34
No par
44 418
10 Spear & Co
1
4 *338 414 *312 44 *338 44
1
4 *338 4/
*338 4/
100
80
Preferred
*67
1167
80
*67
80
80
*67
80
*67
*67
80
500 Spencer Kellogg & Sons -_No par
35
3518 35
35 "35
3512 35
*35
3514 3518 3514 *35
1
/
4 1214 1158 12 84,300 Sperry Corp (The) v 1 o
1118 1114 1158 1112 1178 1158 1218 111
11
No par
2.300 Spicer Mfg Co
12
1314 *1238 13
1258 13
13
•1312 1334 1312 1312 13
No par
4534
Cony preferred A
810
2 45
45
45
46
45
45
45
4514 44
45
6734 8,300 Spiegel-May-Stern 0o-No par
67 6912 66
69
1
4 644 64
6334 6438 63/
63
63
100
500
6g% preferred
•101 10312 *10134 10312 1033,103'! 10312 10312 10312 10312 *103 10338
Rights
20,700
738 8
734 878
632 838
614 6,2
638 658
612
6
No
par
144
15
Standard
Brandi!
64,900
15
3
8
143
8
8
16
153
154
1618
16
1534
1578 16
No par
Preferred
140
12614 12614 126 126
1
4 128
128 12812 *126/
*12614 128 *12614 128
34 378 2,400 Stand Comm Tobacco_No par
4 .44
44 418
34 4
378 4
4
4
414 412 10,300 Standard Gals & El Co
No par
4181 438
4
453
334 4
44 414
4
414
No par
Preferred
13,700
512 8
514 534
514 538
434 518
514 512
512
5
No par
1412 15
56 cum prior pret
5,600
16
1512 15
1334 1458 1312 1312 14
124 14
par
prior
prat
No
10,100
17
$7
cum
16
1514
163
4
1612
154
1512
1514
8
164
15
3
1512 1638
No par
14
158 *118 138 *118 138 3,100 Stand Investing Corp
114 *118 114
114
118 118
300 Standard 011 Export pref--_100
1121
/
4 11214 *11212 11318 11212 11212 *11212 1134 *11212 1134
*11214 113
No par
3234 3318 3234 3312 3318 3318 334 344 3358 344 23,200 Standard 011 of Cant
33
33
25
2618 16.900 Standard Oil of ['WI/ma
2618 26
2558 2534 2532 2534 2538 264 2534 2578 26
10
100 Standard 011 of Kansas
2512 2512 "2112 2712 *2014 2612
"254 27 '2518 28 "2512 28
New
Jereey
25
Standard
011
of
24,800
4612
4712
465
4
4738
4738
47
8
4654 4614 473
4554 464 46
800 Starrett Co (The) L S____No par
•18
1878 1812 1834 1838 184 1858 1838 1814 1814 1814 1814
Inc
10
Sterling
Producta
4,900
6314
6312
6414
63
643
4
657
8
663
8
6614
66
66
654 6578
112 112 1.700 Sterling Securities cl A.--No par
14 112
138
112
114 114 *138 14
*114
112
No par
414 414
Preferred
300
*4
434 *418 414
5
434 484 *4
•418 458
50
Convertible preferred
300
4134 411
/
4
*4012 43
*3958 4112 4112 42
*3912 42
*3958 42
5
124 1234 21,400 Stewart-Warner
124 1314 1234 134 1212 13
1212 1278 1234 13
NO par
778 878 87,800 Stone & Webster
738 838
638 84
6
638
64 612
54 614
(The)
new_l
Corp
228,400
33
4
4
44
:Studebaker
37
8
4
312
5
8
3313 3
278 358
212 234
No par
800 Sun 011
69
6938 69
6938 1369
694 6934 1169
6978 70
70
*69
100
220
119 119
Preferred
11812 11812 119 119
11812 11812 11812 11812 119 119
400 Superheater Co (The)--No par
1914 1914 1834 1914
*19
194 *1814 20
20
*17/
1
4 1978 *a
1
214
214 5,400 Superior 011
1
4
218 2/
218 214
14 214
178 2
178 2
100
87/4 878 8,300 Superior Steel
84 94
914 94
914 104
953 1014
94 914
50
438 44 *414 44 1.300 Sweets Co of Amer (The)
4/
1
4 Cy
1
4
4/
1
4 4/
414 414
*4
414
25
1618 1612 1618 1612 1638 164 164 1678 17,300 Swift & Co
16
1618 1578 16
No par
300 :Symington Co
82
88
88
38
*28
12
*88
12
*38
12
*4
18
No
par
Clan
A
500
.124
2
Vs
17
2
172
154 134 *114 172 *04
.158 134
5
700 Telautograph Corp
678 64
654 654
64 7
638 64
638 678
*634 7
..,
5
44
44 44 2,300 Tennessee Corp
4
418
4
44 414
44 438
*414 42
25
1938 34,100 Texas Corp (The)
1814 1912 184 1938 1918 194 19
1812 1834 1858 19
No par
344 10.800 Texas Gulf SulDbur
3412 3412 3438 3478 3412 3538 344 3434 3452 344 34
10
578 678
674 6
634 6
*64 6
534 578 5,600 Texas Pacifle Coal & 011
534 6
1
934 1018 8,900 Texas Pacific Land Trot
10
1014
94 10
24 934
*612 94
912 104
100
1
4 *1812 2014 2,000 Texas & Pacific Ry Co
1934 20/
2014 *1914 20
20
•1712 1934 194 20
No
par
Thatcher
2.400
1814
183
8
1838
Mfg
1818
1918
1918
191g 194 1938
*1834 19
19
No par
200
53.60 cony prof
*5614 57
*564 57
57
57
57
3156
*56
57
57
*56
No par
758 734 1,100 The Fair
712 712
712
*7
634 7
7
7
*634 74
100
Preferred
90
1382
90
1182
*82
90
90
*82
90
90 •80
*80
1
44 578
412 452
512 534 11,700 Thermold Co
411 412
412 412
*418 412
100
Avenue
Third
900
37
8
3
7
8
34
'23
8
4
33
312
34
318
312 312
34 314
1
500 Third Nat Investors
1
4 '2414 2434
2334 2378 2414 2414 •2418 2434 *2414 2412 2414 24/
25
5400 Thompson (J R)
612 *54 612
612 *6
612 612 *6
64 64
*6
612
No
par
InaProducts
8
1814
19,800
175
1814
Tbompeon
-.5
4
14
17
19
1838 1734 1838 174 1778 184 18
238 238 4,400 Thompeon-Starrett 0o---No par
24 234
212 238
212 212
214 212 *238 212
No par
20
•16
20 '16
53.50 cum pref
194 *1714 20
1978 *1718 1978 "18
•17
No par
912 1038 ,23,800 Tidewater Aell00 011
9/
1
4 1012
1014 1018 1034 1014 1018
10
1014 10
100
3,000
Preferred
9934 9934 9978 994 994 9938 994 994 9934 994 100 100
No par
10 Tide Water 011
3712 38
40
40
41
*39
41
1339
1139
41
41
*39
100
900
10618
10618
10618
Preferred
10618
10618
1064 10618 *1064 10614 1064 1061g 10618
10
84 878 62,100 Timken Dettolt Axle
84 9
778 814
712 8
778 818
4
4
4934 16,200 Timken Roller Bearing-No par
484 494 4834 4978 48
4878 4953 4934 6058 4812 50
No par
678 7
29,500 Transamerica Corn
678 7
672 7
678 7
678 7
6/
1
4 678
914 914 2,100 Tralascon & Western Air Ino.,..5
94 918
918 94
918 914
94 914
914 914
1014 1038 1053 1078 1012 1034 1014 1058 1018 1014 1018 1018 4.100 Transue & Williams Sin- No par
21,400 Tri-Continental Corp--No par
434 5
434 478
438 434
412 434
44 434
438 434
92
No par
*90
700
92
6% preferred
*90
9112 9112 9038 9038 9014 9112 9034 91
No par
Trioo Products Corp
_ __ _ ____ ____ ____ ___
413 A
412 412 1,200 Truax Tram' Coal
No per
412 "47-8 •417 -452
-̀158 44 '4',s -414
6
638 8,100 Truseon Steel
10
618
6
615 638
614 612
614 612
6
638
338 *3
312 *3
100 Twin City Rapid Trans... No par
314
34 318 *3
314
.3
34 *3
650 Preferred
100
2312 11224 2314 2212 2212
2238 2258 224 2438 23
22
22
No par
100 Ellen & Co
*134 178
*178 2
*178 2
*17g 2
14 1s 13134 2
6714 68
2,400 Under Elliott Fisher CO.No par
69
68
68
68
67
67
68
6712 *66
*66
129 131
100
Preferred
129 131
31127 133 *128 133 *129 131 *129 131
3112 331g 3312 3312 3234 331g 324 324 3238 3314 3238 3234 14,000 Union Bag & Pap Corp-No par
64
25,400 Union Carbide & Carb-No par
1
4 63
6512 634 64/
6214 63313 6234 6312 6314 6434 64
25
1714 1712 1714 1734 1718 174 1734 1714 1758 1734 1712 1734 8,300 Union Oil California
$ per share $ per share
*4212 4312 *4178 4212
5
5
1
4
*334 4/
1878 187g 184 19
34
14
*34 1
118 114
•1
138
*858 1214 *858 1214
19
19
"14
19
3914 3934 3914 3934
*110 11012 *110 11012
*112 11278 *11212 11278
1058 1038 1012 1012
2912 2978
2958 30
214 214
218 24
1338 1334 1338 1314
6711 6734
67 67
5i)
12
as
38
*58 1
*58 1
2812 2812 2838 2812
*34 312 *318 312
5014 5158 5118 5184

-1-6-3.

For footnotes see page 702




Aug. 3 1935

Rano Sorg Jan. 1
Os Buis of 100-sbaro Lots
Lomat
$ per slays
2912Mar 12
3 Apr 18
1014 Mar 13
sauna 6
1 Apr 3
6 Apr 15
12 Mar 4
3634June 13
10414 Mar 11
10612 Feb 7
6 Jan 15
22 Mar 12
104 Apr 4
8 Apr 4
55 Jan 2
14June 29
53 Aug 1
2014 Mar 12
318Ju1y 24
31 Mar 12
118May 6
40 Apr 3
738 Mar 13
714 mar 14
9 Mar 14
34 Mar 12
44 June 20
2038 Jan 2
54 Mar 19
63% Mar 21
838 Feb 15
6 Mar 15
5 July 19
612 Jan 15
60 Jan 22
13 Mar 20
24 Mar 12
1514 Apr 3
11 Mar 11
10712 Jan 15
20 Jan 30
132 Feb 4
104 Mar 13
3 May 6
14July 12
1214 Mar 18
512JulY 8
7 July 8
15 July 23
5 Mar 14
62 Apr 2
5912 Apr 3
318Mar 13
314June 25
65 Mar 23
32 Apr 3
714 Mar 14
84 Mar 14
113is Feb 14
4371 Mar 27
10134July 26
6 July 27
1338 Apr 30
12258June 4
211 Mar 15
112 Mar 15
11
/
4 Mar 15
04 Mar 15
6 Mar 15
4July 17
111 Jan 3
2734 Mar 15
23 Mar 15
2512July 31
85/
1
4 Mar 18
124 Mar 14
5814 Jan 15
118 Mar 19
318 Mar 28
36 Mar 6
658 Mar 6
24 Mar 14
214 Apr 17
6012 Mar 20
11512 Jan 10
211 Apr 4
158 Jan 2
5 Mar 18
3/
1
4 Mar 6
1514July 15
14 Apr 15
114 Apr 29
658Ju1y 18
4 Mar 15
1612 Mar 13
2814 Apr 4
814 Jan 2
812 Jan 16
14 Apr 12
134May 8
50 May 4
514 Apr 10
614 Jan 7
212 Mar 7
2 June 28
16 Mar 15
518 Jan 7
1338 Mar 13
158 Mar 15
17 Apr 23
758 Mar 18
84 Jan 8
2614 Mar 20
100 Feb 15
432 Mar 15
2838 Mar 15
478 Mar 12
74 Mar 29
518 Mar 14
178 Mar 13
69 Apr 4
36 Feb 7
44 Jan 15
34 Mar 13
212June 5
18 Mar 18
118June 10
53/
1
4Mar 29
12612July 17
29 May 28
44 JAB 16
1434 Feb 6

Highest

July 1
1933 go Bangs for
July 31 Year 1934
1935 Low Low
Ing1

$ per slum $ Dor sk 5 Piir Share
43 June 14
2858 394
2858
44 15
3
612 Jan 3
1014
2114May 23
1514 2778
114
438
34
2 Jan 8
112
64
1
212 Jan 8
6
14 Jan 12
8
20
2178May 13
13
27
12
3814 57
3514
46 Jan 2
11314June 29
8414 108
80
11412June 19
984 1134
9018
412 124
44
1118 July 17
3338July 17
1718
17% 3878
3
3
134
4 Jan 2
201
,Jan 18
8
15
3034
3714
69 June 11
41
604
78 Jan 4
'a
2
14
1
34
34
112 Jan 5
3545,lay 9
19
2014 3838
472 Jan 26
24
24
5/
1
4
5414 Aug 2
31
5114
30
Da
2 Jan 7
14
414
5712 Aug 1
30
32
52
11 July 29
34
418 9
914 A," 22
6
614 1378
1778Ju1y 19
4
518 1314
514July 31
314
4
778
50 July 23
30
38/
1
4 49
37 July 29
19
19
264
6
114
512
13 May 29
9754 Aug 2 27 4512
57
89
1212
8
1918 A,* 26 83 514
13 July 29
6
818 3418
1814 Jet 9
5
714 1718
1118May 23
6
6
114
9114May 23
42
5112 6818
2712
16
12
33 July 19
50 July 19
15
184 42
20 Feb lb
312
614 19/
1
4
1534May 24
11
1212 1978
11178July 2
76
86
1084
2818May 24
20
20
3938
150 July 5 112
115
137
2038June 11
1018
1018 2218
3
54July 12
54 1038
2 June 10
118
112
34
2038 Aug 1
1214
1472 8314
114 3612
54
164 Jan 4
Id
414
7
2058 Jan 4
3314 Jan 12
15
314 474
4
7/May 24
5
13
63 May 16
304
304 74
91 June 15
20
30
66
8
534 Jan 2
34
278
7 Jan 22
112
3
718
644
74 Jan 7
39
3012
3614May 11
1214
1534 334
44 118
352
1214 Aug 1
1412July 22
6
13
6
4712July 22
18
31/
1
4 4114
794 Jan 17
7/
1
4
19
761
/
4
10312July 1 1 45
--6
84 Aug 1
-___ -194 Jan 3
134
174 35'4
130 Apr 9 120
12114 127
47s Jan 21
212
3
8
4/
1
4 Jan 3
14
358 17
44 17
11
/
4
6 Aug 21
16 Aug 2
434
10
33
17 Aug 2
6
1114 3815
po
ri
112 Jan 7
78
116 Apr 6
9612 114
944
3872May 24
264
2614 4378
2714May 9
23
234 2714
32 Feb 18
19
26
41
334
5012May 23
394 5015
20 July 9
6
0
1538
4714 664
4534
67 Apr 25
174 Jan 18
1
/
4
3
11
54 Jan 3
338
3
7
2/1/
21
42 July -30
3818
1
4
1314July 30
44
412 10,
828 Aug 2
24
372 1358
44 Aug 1
24
75124 une 1.3
42
-1111-2 74-1-4
121 Mar 23
98
100
118
Il4 2134
2114June 19 211
3 Apr 17
114
114
314
1014July 29
Ps
644 15/
1
4
614 Jan 3
84
318
514
1714 July 18 3 11
_--- .....88
24
4
78 Jan 4
14
2/
1
4 Jan 4
14
453
978 Jan 9
658
/12 1514
512 Jan 26
318
312
834
2314May 17
1958 294
1612
4214
36/
1
4 Feb 19
30
2234
24
6s July 9
212
64
1212May 14
6
614 12
1312 43/
1
4
1312
2514 Jan 10
8
1918 Feb lb
8
18
57 July 19
39
5218
3858
734 Aug 2
4
4
124
85 June 24
45
50
83
242
3i8
24
578 Aug 1
5 Jan 5
2
4
84
2434 Aug 1
WA 224
13
117
612May 17
44
11
1838July 29
10
10
2014
11
34 Jan 7
1/
1
4
512
2012May 4
17
244
17
12 May 23 37 712
8
1418
1024June 4 n 4313
6411 87
41 June 19
18
24
40
10636June 18
80
1004
62
3
9 Aug 1
37a
812
604July 29
21
24
al
7 May 24
478
54
81s
104 Apr 24
_ _
74
1078July 25
-41.
2 WI;
44
5 Aug 2
3
6/
1
4
172
9212July 23
51
604 78
4212
424 Jan 7
33
25/
1
4
678May 10
158
512
112
612July 24
318
3/
1
4
912
5 Feb 19
/
1
4
11
/
4
84
2714 Feb 18
44
6
39
214 Jan 4
t
a
1
6912July 9
2212
36
5878
133 Apr 5
95
102
12878
504 Jan 22
29
394 6078
6512July 31 11 34
35,a 6072
204May 23
114
114 2012

New York Stock Record -Concluded-Page 9

Volume 141

MOH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 27

Friday
Wednesday Thursday
Aug. 2
Aug. 1
July 31
.
$ per share S per share 3 per share 3 per share S per share 3 per share
106 10612 10714 10834 107 10838 106 10718 105/
1
4 10712 105 10614
*8958 89/
1
4 8978 90
87
8712 8912 87
89/
1
4 0012 90
90
25
25
24
25
2412 2412
2418 2414 25
24
2358 24
1658 17/
1
4 1634 17
1
4 1578 1638
1658 17/
1
4 1658 1714 1614 16/
5/
1
4 534
618 638
531 578
638
6
61
/
4
6
534 618
15
15
15/
1
4 1538 •14
1512 1512 1512 15/
1
4
15
15
154
3
2378 2378 2378 24
2414 2414
2334 24
24
2412 2378 24
*119 138 .119 140 *119 140 a119 11014 *11334 126 •11334 126
57
57
5712 5612 5714 5634 57
57
5614 5614 56
5614
1
4 334
3/
1
4 4
334 378
3/
3/
1
4 418
312 4
3/
1
4 334
3718 3818 37
3758 38
37
3658 391
/
4 3712 3988 3812 3912
938 912
918 934
914 9/
1
4
912 9/
1
4
918 914
9/
1
4 91
/
4
11
1114 1034 1118 1012 11
1012
9/
1
4 10
10/
1
4 10
10
8112 8112 8114 8112 80
8012 .5814 7912 7934 80
8012 80
4
4
4
4
334 4
418
4
1
4
334 3/
334 334
73
75
7338 7412. 74
7412 73
7514 73
7338 7212 7314
14/
1
4 15
1434 1518 1478 1514
1518 1578 1512 1578 1058 16
106 106 *10584 1061
/
4 10612 107
1
4 10612
10612 10612 *10514 10612 *105/
3
31
/
4 3/
318
1
4
318 31g
314 314 •314 3/
1
4
1
4 •314 3/
---- ---- ---- ---- ---- ---- ---- ---- --- ---- ---- ------- _____ -- --_- --51
/
4 518
5
51
/
4
5
51,
588 514
5
538
5,4 558
*57
61
*5812 62
GO
60
*57
*5612 60
60
60
60
5934 5812 59
59
57/
1
4 5814 58
5812 5834 59/
1
4 60
60
150 150
150 152 *15014 155 *15014 155
15134 15134 152 152
*32
3534 *34
3534 3534 3534 .33
*33/
1
4 3512 3314 3.12
35
*113 114
118
184
118
118
118
114
11
/
4
118 138
114
*1114 1438 *1158 1312 *1212 131 4
1412 *1312 141 1
1312 1312 14
1834 19
1834 1958 19
1978 1918 1938 1878 1938
1978 19
*21
2114 *21
2114 *2118 2114 21
21
*2034 2118
2118 21
1178 114
*78
114 *1
114 *I
114 *1
114 *1
114
5
5
5
7
7
678 67g *618 7
7
*618 7
Monday
July 29

Tuesday
July 30

Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

Rani Since Jas. 1
On Basta of 100-share Lots

711
atm, 1
1033 to Raw@ for
July 31 Year 1934
1935 ----Low Low
High

Highest
Lowest
- -$ per share $ perch
Par 3 per man e
8212
100 8212 Mar 28 11112 Jan 10
Union Pacific,
6278
Preferred
100 7912 Mar 14 9012July 3
Union Tank Car
1334
No par 2072 Mar 13 2612Ju8y 17
5
972 Mar 13 1712July 22
United Aircraft Corp
818
6/
1
4 Jan 31
United Air Lines Transp v t c 5
412 Mar 13
31
/
4
1034 Aug 2
United American Bosch __No par
7 Mar 29
7
19
United Biscuit
No par 2014May 16 2612 Jan 9
Preferred
100 113 Jan 18 11712 Jan 2 10414
/
4July 9
2014
United Carbon
No par 46 Jan 28 611
414June 24
112
United Corp
112 Feb 27
No par
20/
1
4
Preferred
No par 2034 Mar 13 3912June 24
United Drug Inc
834June 14 1314 Jan 7
61
/
4
5
United Dyewood Corn
10
412 Mar 13 I134May 16
2/
1
4
50
Preferred
100 65 Mar 21 9012May 23
314 July 18
711 Jan 9
3
United Electric Coal
NO Par
4912
United Fruit
/
4 Feb 6 9234May 14
No par 711
914
914 Mar 18 16 Aug 2
United Gas Improve
No par
8212
Preferred
No par 8712 Mar 15 107'59 July 16
358June 29
1
:United Paperboard
218 Jan 28
100
Vs Jan 7
114June 3
114 8
United Piece Dye Wks-No par
10
61.4% preferred
100 10 June 3 3312 Jan 24
______
313 Apr 4
218
11,800 United Stores class A__No par
712 Jan 3
300
Preferred class A
46
No par 46 Apr 3 5512 Ian 19
37
2,500 Universal Leaf Tobacco No par 51 Mar 15 6634J1,ly 15
Preferred
110
100 13314 Feb 9 152 July 21) 10814
.50 Universal Pictures let pfd-100 30 July 2 40/
1
4 Mar 15
15
1 July 13
218 Jan 18
2,900 Universal Pipe & Rad
711
1
150
414
Preferred
100 12 Feb 6 1938 Mar 6
12
13,100 U 8 MO & Foundry
20 1434 Mar 14 22 Jan 7
121 preferred
1,600
1914 Jan 7 2112June 25
13,4
No par
US Distrib Corp
2/
58June 24
1
4 Jan 3
/
1
4
No pa
90
Preferred
5 July 20 10 Jan 9
4
100
14
United States Express
100
le Jan 2
ls Jan 4
-ii?. lit; -1r74 Iiii -18T2 -1:8"7;
11 Mar 14 21 Aug 2
- -1.§T2 -1-0.18 -161-8 -179-3-4 -1984 -if - _ 1.200 U 8 Freight
11
No par
*818 858
858 878
834 878
9 May 17
812 878 2.500 US & Foreign Secur
412 Mar 12
41:
834 834
8/
1
4 572
No pa
*83
38
88
88
81
Preferred
*85
60
500
8712 88
8734 *85
88
88
No par 6514 Mar 26 89 July 23
*6112 611
/
4 61
621
/
4 6212 6318 6314 6312 6314 64
6212 6314 7,500 U Se1yreum
3414
20 4012 M ar 12 61 Aug 1
*156 157 *156 157 *156 15614 156 15618 *153 156 *153 156
50
7% preferred
100 143 Jan 11 15712Juno 11 110
*658 7
*634 7
7
5 Feb 6
7
738May 24
714 738 1,000 U S Hoff Macti Corp
314
714 712
718 718
5
4112 4214 4012 42
4012 3812 4012 8,600 US Industrlal Alcohol_No par 3518 Mar 13 4678July 13
32
4034 4112 40
4058 40
*6
7
*612 673
612 612 *612 634 *612 634 *612 63.:
100 U S Leather v 1 0
85851,y '21
318 Mar 15
3/
1
4
No par
1212 1212 1212 13
1212 1212 1212 131s 1234 1234 1238 1238 2,000
Class A v 1 6
7
712 Star 16 1434May 21
No par
*66
8718 *66
6612 66
*59
100
68
66
*62
Prior preferred v 1 6
68 .59
66
45
100 53 Jan 22 67 July 19
41
/
4 458
412 5
3
4/
1
4 5
3 Mar 13
7 Jan 7
518 512 12,700 U S Realty & Impt
No par
1
4
514 5/
4/
1
4 51
/
4
1312 14
1334 14
1338 14
1318 13-,8 1312 1418 1338 1334 15,500 U 13 Rubber
We
91
/
4 Mar 13 1714 Jan 3
No par
35
3618 36
3612 3434 36
3612 3458 3614 17,100
let preferred
3458 3578 35
1718
100 2412 Mar 14 4238 Jan 7
10812 10934 10778 109
106 10712 10158 106
50 95 Apr 5 12412 Air 25
10318 10412 8,400 U li Smelting Ref & Min
5314
1021
/
4 104
*72
73
*7238 73
7212 7212
*72
73
200
Preferred
73 .7218 73
73
5112
50 6278 Jan 3 7334 July'4
1
4 4178 4312 4212 4358 4218 4378 4234 4334 4134 4314 117.900 US Steel Corp
40/
1
4 42/
2712
100 2712 Mar 18 4378July 31
9638 9838 9818 10034 9912 10034 9812 100
9918 16,800
Preferred
2985* 9914 98
6714
100 7358 Mar 18 10034July 29
*135 13818 *135 13978 *135 139 *135 139 *135 139 *135 139
U S Tobacco
811
/
4
Vs par 11912 Jan 4 14034slay la
*160 165 *160 165 *160 165 *160 165 *160 165 *160 165
Preferred
100 1491
/
4 Feb 11 16018 July 11 12458
Utah Copper
10 40 Mar 22 52 July 15
40
2/
1
4 278
2/
1
4 2/
1
4
212 272
11,900 Utilities Pow & Lt A
1
4June 22 31 /
234 3
1
4
234 3
1 Mar 15
3/
234 3
1
12
34
58
600 Vadsco Sales
34
/
1
4
59
*53
Da Jan 2
18 Mar 15
58
34
59
•58
No par
53
52
*2238 2459 *2238 2458 •2238 2458 •2238 2458 •2238 2458 *2238 24/
1
4
Preferred
2418June 19
1914
1914 AprIl
100
15
1614
16
1612 1578 1638 1512 1614 1558 1638 1518 1618 14.100 Vanadium Corp of Ara-No par
1114 Apr 11
1114
2134 Jan 7
2312 2334 2314 24
2334 24
8,900 Van Hardie CO Ins
2378 25
24
24
2418 24
334
/
4 Feb 7 25 Aug 2
E. 111
*104 106
104 104 *104 106 *105 106
100 106 *105 106
160
7% lot pref
5414
100 91 Feb 20 106 Aug 1
4,37ty 38
3714 3714 37
3714 3712 3712 3712 3712 3714 3734 1,400 Vick Chemical Inc
2318
5 34 May 28 3818June 24
*278 3
278 278
3
3
278 3
2,100 Virginla-Carolina Chem
2/
1
4 Mar 18
278 278
278 3
11
/
4
458 Jan 3
No par
20/
1
4 21
20/
1
4 2114 21
20/
1
4 20
2134 21
2014 3,400
2112 20
2714 Feb 1
10
6% preferred
100 1712June I
*102 107 *104 107
*94 100
895
96
97
*96
*06 100
7% preferred
5714
100 85 Jan 4 130la May 6
10214 10412 102 102 *101 10214 10214 10212 *101 102
102 102
140 Virginia El & Pow $612f No par
7212 Jan 4 10412July 16
60
0218 4
314 3/
1
4 •283 314 *21
/
4 3/
1
4
*283 314
3/
1
4 3I
4 Mar 5
20 Virginia Iron Coal & Coke_ 100
2 June 22
2
*15
25
*15
25
*15
25
25
25
*15
*15
*15
25
15
10(1 15 Feb 10 1518 Feb 28
6% pref
*73
75
73
73
75
75
36
90 Vulcan Detinning
73
7412 *71
73
*71
100 631: Mar 29 83 May 10
7412
*11688 ---- 1161
/
4 11618 11618 11618 *11412 --------------------60
Preferred
95
100 10914 Feb 5 11618July 29
*118 114
114
114 *11
/
4
138 *114
38
vs
Pa
138
138
400 t Wabash
1 Apr 1
2/
1
4 Jan 84
1
100
178 2
134 2
2
214
21., 2/
1
4
212 212 2,400
214 214
Preferred A
11
312 Jan 4
/
4 Mar 1
100
11
/
4
*118 212 *118 2
*118 212 *118 212 *118 212 *118 212
Preferred B
1 May 22
1
100
2/
1
4 Jan 19
0634 718 *678 7
678 7
678 7
6/
1
4 678 *634 7
No par
412 Mar 15
800 Waldorf System
712 Jan 10 • 378
3014 3014 3012 31
30
3078 3014 3012 301, 3118 3018 3034 5,900 Walgreen Co
/
4
26342une 8 3118 Aug 1 • 151
No par
*1161
/
4 11734 *11618 11734 *117 11734 *117 11734 11734 11734 *117 11712
50
6I2% preferred
101' 114 Jan 7 120 a pr 24 9 80
212 258
212 258
258 259
258 258
238 238 2,900 Walworth Co
212 212
Feb 28
par
114
37
8
No
Jan
7
1,4
*712 934 10
10
.9
912
9
*9
9
91.
10
*9
300 Ward Baking class A
5
5 Mar 14 1014July 17
No par
*114
112 *114
112 0133
112 *114
112
138
Class B_
138 •114
13;
100
17850 ty 20
114
114 Feb 28
No par
4134 4212 42
42
4212 43
43
*4212 43
43
43
1,400
43
Preferred
24
100 284 Jan 12 43 July 30
41
/
4 5
5
518
5
514
5
518
518 514
478 514 51,001) Warner Bros Pictures
514July 30
2/
1
4
I1
214 Mar 15
35
3834 3814 4012 3712 38
3712 39
3812 3934 371* 3814 1,700
23.85 cony pref
1412 Mar 13 4012July 29
12
No par
*h
7/4
34
94
991
7
8
500
993
Warner
7
8
2
7it
Quinlan
1.32
03
%Mar
4
No
3
4
Jan
pa
15
,
3
4
be
4
4
4
438
4
414
4
4
41
/
4
4
4
4
2,100 Warren Bros
2/
1
4 Mar 15
618 Jan 7
212
No pa.
*9
12
*9
12
*938 10
400
1014 1084 1012 1012 1012 11 18
161
/
4May 17
Convertible pref
Vo Mar 20
7/
1
4
NO par
.2258 2334 2212 2212 2212 2212 *2258
2312 2212 2234 2134 2214
1,600 Warren Fdy & Pipe
1312
No par 21 Mar 27 28 Jan 8
*438 412 *438 4/
1
4 •41
/
4 434 *433 434 *458 434
438
100 Webster Elsenlohr
4 Mar 14
0 Jan 2
3
No par
*80 -- _ *80 __ _ *80 _- *80- _ •80 _ _ *80 _ 459
_ ____
Preferred
1.3
60
Feb
29
85
90
Apr
100
*114
152
114
I-14
*114
112 *114 -1-12 *114 112 *114 112
a,
80 Wells Fargo &
138July 3
i
1 Jan 5
37
37
3678 3718 3718 3838 3838 4014 4038 4134 4038 4158 23,700 Wesson Oil& Co
15
Snowdrift --No 12.3, 3012 Jan 15 4134 Aug 1
8014 81
8012 8012 *8012 8118 *8012 81
8034 8034 81
81
1,100
Cony preferred
49
No pa, 72 Jan 2u 83 July 9
.6814 71
6812 6812 *68
6912 70
7034 63
70
*70
90 West Penn Elea clan A___No par 34 Mar 6 7312July 10
7114
34
80
80
80
80
80
81
81
Si
80
80
8012 80
370
Preferred
3972
/
4 Mar 6 8312July 10
100 391
68
68
6812 69
69
6912 69
56
691
6%
/
4
preferred
36
69
Mar
July
14
10
36
74
100
698
6812
70
119 119
11978 120 *119 120
119 120
119 119
11934 120
210 West Penn Power pref
8812
100 10412 Jan 17 120 July 29
113 113
113 113
11338 11332 11338 11338 *11334 __ 11334 11334
110
6% preferred
7834
100 95 Jan 2 11334July 17
---_ ____ _- - ---- ---- ---- -------West
Dairy
Prod
8
8
118
Jan
el
A____No
118June
214
par
*28 ---12 ---*23 ---1,
02
, -12
*25
-17.
*38
12
*38
12
38
Class 13 v I a
No par
38maY I
/
1
4 Jan 8
*758 773
8
838
8
858
g
812
814 858
8
838 11.400 Western Maryland
5/
1
4 Mar 15
Vs Jan 7
100
612
*10
1212 1212 1212 1212 1212 1234 1234 1234 1234 .11
13
500
2d
preferred
June
30
18
13
712
Mar
100
712
•114
112 *114
112 *114
Its *114
*114
114
112
112
114
100 Western Pacific
118 July 19
100
3/
1
4 Jan 7
1 18
*3lI 314
314 314
314 312
3
333
338
33s 33s 1,800
31s
Preferred
1
4
2/
100
232 }eh 26
772 Jan 7
397g 4078 41
4218 4012 4158 4038 4314 4134 4314 4258 44'2 60,200 Western
Union Telegraph-100 2053 Mar 14 4412 Aug 2
2058
2578 26
257s 2634 2514 2714 2678 2789 2612 2718 2538 2718 15,200
Westingh'se Air Brake_No par
1
4July 23 33 1554
18 Mar 27 27/
6134 6314 63
6518 63/
1
4 6478 64
6534 6312 6512 6218 6414 76,900 Westinghouse El & Mfg
2778
50 3258 Mar 18 65342uly 31
115 115
113 114
115 115
115 115 *111 115 .110 115
90
151 preferred
77
50 90 Feb 5 117 July 15
*1779 18
18
18
1738 18
1738 1738 1734 1838 1714 17/
1
4 3,100 Weston Elea lastruml___No par 10 Mar 18
19
July
24
5
35
35
35
3513 3512 3512
35
*3412 35
35
35 .35
60
Class A
No par 29 Jan 4 365sJuly 24
15
.191
/
4 20
18/
1
4 1912 1812 1912 1914 1912 1912 2078 2012 2178 10,900 Westvaco Chlorine Prod- No
121
/
4 Mar 13 231
/
4 Jan 3
/
4
par 161
*22 --___ *22
___ *22
___ *22
___ •22
___ ---Wheeling & Lake Erie Hy Co100 18 Jan 3 2712 July 18
18
*30
35 .30
*22-35
35 -35
*35 -48
•35 -45
35 -35
40
6% non-cum preferred__100 25 Mar 14 35 July 24
21
2138 23
2334 2438 23
241
/
4 231
/
4 241
/
4 2314 2438 23
2312 7,000 Wheeling steel Corp
1414 Mar 28 2438July 20
1112
No Dar
81
81
82
83
82
83
8312 83
83
83
83 83
2,600
Preferred
100 4612 Jan 12 8312 Aug 1
34
101s 1012 10/
1
4 11
1058 11
1214 24,700 White Motor
1038 1158 1114 1212 11
678 Mar 15 1852 Jan 3
50
672
1512 1512 15
15/
1
4 16
1
4 15
1512 15/
1
4 1514 15/
1
4 15/
151s 1,600 White Rk Min SD? elf ----No par
1318 mar 22 241: Jan 9
1312
212 258
212 234
238 238
284
214
238 217
288 2,500 White Sewing Machine___No par
218
11
/
4
July 29
11
/
4 Mar 15
1412 1514 1312 1518 1378 14/
1214 14
1
4 1312 141
1214 1234 10,400
Cony preferred
4
No par
6 Jan 11 1514July 27
.2
218
218 21
/
4 *218 214
*213 214
21s
218 21
210 1,100 Wilcox 011 & Gas
1
5
1 Mar 14
2/
1
4 Jan h
Wiloox-RIch Corp class A _No par 34 Feb 5 3512May 27
221
/
4
,„,.
8 57
5,
--,
,i,,> --5,
.53,; --Lz
4
;-.
a.8 534
558 58 30,100 Wilson & Co Inc
55
, 534
No par
3/
7 Jan 2
1
4 Apr 3
3/
1
4
Class A
No par 2512 Feb 7 3132 Jan 7
1114
70
70
70
70/
1
4 70i2 "if!, 7
7154 763,3
6512 -iii
-iii
-1,i(Eto
$o pref
58
75
58
Apr
Feb
100
2.
2
6158 623* 6214 63
6134 6278 6134 6218 6112 6178 61
617s 18,000 Woolworth (F W) Co
35
10 51 Jan lb 6514June 18
*1712 18
18
18
1714 1778 171.4 1812 18
1714 17's 5,400 Worthington P & W
1814
/
4 Mar 12 2111 J111:1 7
100 111
1134
43
4312 4234 4312 4212 4212 41
4334
4212 43
44
*41
580
Preferred A
25
4614July
/
1
4
Mar
100
13
17
2512
36
36
36
36
3314 1,000
3318 34
*32
3314 34
33
*32
Preferred B
100 20 Apr 4 3618July 18
20
04512 4812 47
47
4814 49
1
4 047
4938 49/
401
/
4 46
47
200 Wright Aeronautical
No par 35/
1
4 Mar 13 53/
1
4 Apr 24
12
*7812 SO
*7812 80
781
/
4 7812 7812 7812 79
7834 783
79
500 Wrigley (Wm) Jr (Del)No par
7334 Mar 13 8234 Apr 26
4734
2438 2412 2434
24
2414 2434 23
24
24
24
2334 234 2,500 Yale de Towne Mfg Co
25 1734 Apr 9 2434Ju1y 29
113
8
31s 3/
1
4
338 312
314 4
37g 41
/
4
4/
1
4 438
378 41s 31,500 Yellow Truck & Coach el B
10
258June 6
438 Aug 1
2/
1
4
*40
44 .40
44
52
4334 53
55
59
60
5012 6014
1,040
Preferred
100 3112May 8 6014 Aug 2
25
311
/
4 311
/
4 3158 32
3178 32
3158 3134 311
3212
313
8 32
/
4
4,600
18 Mar 18 3234July 18
1018
2278 2458 2478 2638 2558 2634 2534 2638 2512 2659 2412 257s 34.800 Young Spring & Wire...No par
Youngstown Sheet & T--No par
13 Mar 15 '2634July 30
12/
1
4
7412 7412 7512 75
74
7512 7434 7434 7334 7331 72
7212 2,100
55, preferred
100 3811 April7512July 24 "30
384 3/
314 314
1
4
3/
1
4 3/
1
4
312 334
358 334
354 3/
1
4 5,900 Zenith Radio Corp
110132 6
No par
31
/
4 Aug 2
118
4
4,4
418 438
418 414
358 334 19,800 Zonite Products carp
3512 334
35s 418
I
25asune 7
a% Jan 10
258
For foo100M9 •‘130 Doge IO2




ai

Shares
7,400
1,300
1,200
48,400
24,600
700
1,900
40
2,900
66,600
18,100
6,000
4,400
360
2,900
8,500
66,200
600
500
______

2 per share
90
13372
7134 89
1558 251
/
4
818 151
/
4
/
4
612
31
8
17
2114 2914
107
120
35
50/
1
4
218
8/
1
4
2114 3772
914 1814
3/
1
4 1074
591
/
4 7534
318
714
59
77
1112 2018
86
9938
152
3/
1
4
41
1311
/
4
30
68
314
8'4
76
54
4014 813
11211 140
161
/
4 4612
78
3
414 24
1512 33
1612 1958
112
4
4
14
14
114
11
2712
1584
6
6314 78
/
4
341
/
4 511
115
146
452 1018
32
6434
618 111
/
4
1
1934
45
80
1
4
12/
4
11
24
3418 6114
96/
1
4 141
5412 6642
2938 5978
6714 9911
140
99
126
150
4811 67
112
538
34
178
1914 2212
14
311
/
4
41
/
4 1212
35484 98
2451 36/
1
4
11
/
4
51
/
4
10
26
5934 84
65
80
358
9
161
/
4 27
52
82
112
95
11
/
4
VI
2/
1
4
81
/
4
11
/
4
612
4
872
2214 2974
8412 1161
/
4
214
61
/
4
5
12
114
3/
1
4
24
36
234
8,4
15
311
/
4
3,8
1
1
4
3/
1
4 13/
8
281
/
4
1312 31
65
91
1534
5312
4.183
5134
115
8912
7834
184
12
718
914
252
452
2912
Hag
271
/
4
82
6
1632
1474
2412
24
111
/
4
34
15
3114
11
/
4
5
2
271
/
4
4.114
Ira

90
2,
3514
7434
70
80
x6812
11052
105
612
212
1784
23
81
/
4
1712
667s
36
V.,
95
1512
2912
2714
29
36
29
67
281
/
4
3112
372
1114
534
3418
9
3238

-4114
1312
3112
23/
1
4
163,
5412
14
2/
1
4
28
13
121
/
4
34
112
3/
1
4

-5514
3174
53
42
75
76
22,2
714
4712
2234
3334
5954
434
711
.

712

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

Aug. 3 1935

On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and Interest"--except for income and defaulted bonds.
NCYPICE-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 ot such sales in computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 2

Jelly 1
Week's
g 1933 to
Rang. or
4,.8
Friday's
g; July 31
ti
..,a. BM ce Asked to*3 1935

Egle
U. S. Government.
Fourth Liberty Lean
4th 434%
Oct 15 1933-1938 A 0 101.12
Oct 15 1947-1952 A 0 117
Treasury 434s
Treasury 434733(e_Oct 15 1943-1945 A 0 106.20
Dec 15 1944-1954 J D 111.31
Treasury 4s
Treasury 3518
Mar 15 1946195681 8 110.16
Treasury 354s
June 15 1943-1947 .1 D 107.26
Treasury 35
Sept 15 1951-195535 S 104
Treasury 3s
June 15 1946-1948 J D 103.26
Treasury 3545
June 15 1940-1943 .1 13 108.20
Treasury 33-Is
Mar 15 1941-1943 M S 108.20
Treasury 34s
June 15 1946-19491 D 105
Treasury 3148
Dec 15 1949-1952 J D 105
Aug 1 1941 F A 108.24
Treasury 314s
Treasury 314e
Apr 15 1944-1948 A 0 106.11
Treasury 234s
Mar 15 1955-1960 M S 101.18
Federal Farm Mortgage CorpMar 15 1944-1964 M S 104
3348
Is
May 15 1944-1949 MN 102.15
3s
Jan 15 1942-1947 1 .1 102.18
Mar 1 1942-1947 M S 101.15
23(e
Home Owners' Mtge CorpMay 1 1944-1952 151 N 102.9
38 series A
Aug 1 1939-1949 F A 100.30
2348
a City-see note below.

Hs,' No.
101.15
117
106.24
112.3
110.22
107.28
104.4
103.30
108.23
108.27
105.4
105.2
106.26
106.17
101.21

79
7
76
66
26
119
69
278
74
41
45
104
27
757
433

9
104 2
102.18 327
45
102.24
101.19 • 77
102.12
101.3

306
470

Foreign Siert a Municipals
Agricultural Mtge Bank (Colombia)4
Sink fund Sc Feb. coupon on__1947 F A 2238 2212
24 ____
*Sink fund 6s April coup on---1948 A 0 *22
9
1963 MN 9412 9454
Akersbus (Dept) ext 50
914
1945 J ./
9
912
•Antloquia (Dept) coil 78 A
938
938 12
1948.3 i
*External s f 79 ger B
11
1945 J i *9
*External 8 t 78 ser C
3
9
939
1945 J 1
*External s f 78 ser D___
814
914 28
1957 A 0
'External s f 7s 1St ser
034 _
1957 A 0 ava
*External sec s f 79 2d ser
914
91
3
1957 A 0
*External sec s t 79 3d ser
15
1958.3 0 9918 100
Antwerp (City) external 58
1960 A 0 9634 9734 64
Argentine Govt Pub Wks 68
1959J D 0614 9734 43
Argentine 139 of June 1925
1959 A 0 9614 9754 25
Exti s f 613 of Oct 1925
1957 M S 9712 9818 45
External o f 6s aortae A
1958 J 0 0738 9778 48
External 68 series B
1960 M N 9614 9734 34
Exti s f 135 of May 1926
1960 M 4 9639 9714 56
External e 1 65 (State RI)
1981 F A 9634 974 21
Extl 68 Sanitary Works
Ent 68 pub wks May 1927 -1961 M N 974 9712 19
1962 F A 9418 9512 61
Public Works extl 5348
130
1955 J al 10339 104
Auetralla 30-year 158
1957 M S 10312 1037s 55
External 58 of 1927
170
98
1956 M N 973
External g 434s of 1928
19577 1 0534 9614 33
Austrian (Govt) 8 f 7e
*Bavaria (Free State) 634e '
1945 F A 29
1949 M 5 106
Belgium 25-yr extl 6345
1955 J J 10338
External s 1 Se
1955 1 D 11012
External 30-year 8 f 78
1956 MN z10758
Stabilization loan 78
1949 A 0 101
Bergen (Norway) 58
1960 M 5 98
External sinking fund 58
1950 A 0 27
'Berlin (Germany)8? 634n
1958 1 D 2114
*External sinking fund 68
1945 A 0 1418
*Bogota(City) extl s f 88
7
*Bolivia (Republic of) eon 8s---1947 AI N
612
1958 3 1
'External secured 78
612
1969 M 0
*External sinking fund 78

30
10738
104
111
10758
101
98
2714
2212
15
734
7
678

9
15
18
19
7
2
2
6
29
6
29
11
6

2634 54
1941 1 D 25
'Brash l (II 8 of)external 8$5
1957 A 0 1958 2012 102
*External o f 6345 of 1926
113
1912
2012
A
0
1957
1927
f
6348
of
*External s
1952.5 D 194 204 23
•78 (Central RI)
14
1935 M S 23934 40
*Bremen (State of) mil 7s
9612 15
1957 M El 96
Brisbane (City) e f ad
6
1958 F A 9618 9612
Sinking fund gold 50
1950 J D *lops 192 ____
20-year a f 6e
Budapest (City off20
1962 1 D 3518 36
•68 July 1 1935 coupon on
12
Buenos Aires(City)634e B-2 -1955 J 7 9512 96
2
1960 A 0 9114 9112
External a f 139 ser C-2
8
1960 A 0 9012 9114
External s f 68 ear 0-3
1
7512
7512
6s
1961
*Buenos Aires (ProY) ext1
"
I 13
1961 M 8 6014 6234 88
*e8 stamped
1961 F A *70
*External e f 6145
6312 50
1961 F A 60
•604c stamped
Bulgaria(Kingdom off19
1558 16
*Sinking fund Is July coup off17967 J J
1512 __-*Pink Lund 734s May coup off_1968 M N *15
•Caidae Dept of (Colombia)734371946 J J
1960 A 0
Canada(Dom'n of) 30-yr 4e
1952 MN
56
1936 F A
434e
1954.3 J
'Carlsbad (City) s 1 88_,
*Cauca Val (Dept) Colons 730_1946 A 0
195098 S
•Cent Agri° Bank (Ger) 78
*Farm Loan e f Os
July 151960.37
Oct 15 1960 A 0
*Farm LOAD s f 68
*Farm Loan 68 ger A _ _Apr 15 1939 A 0
1942 M N
*Chile (Rep)-Exti a f 711
1960 A 0
*External sinking fund 68
•Ext sinking fund 68
Feb 1961 F A
J
1111y ref eat 5 f 138
Jan 1961
•Ext 'finking fund 6e
Sept 1961 M 5
*External sinking fund 138
1962 741 8
*External ',inking fund Os
1963 51 N
*Chile Mtge Bk 8348
1957 D
D
*Sink fund 63415 of 1928
1961
*Guars 16a
1961 A 0
*Guar s f lis
1962 MN
*Chilean Cons Muni° 75
1960 M 5

6
1114
1139
83
10714 108
20
11312 114
1017s 10178 16
6
48
46
41054 1218 ____
3614 18
35
16
2614 27
2614 2654 24
3
3734 3734
7
134 144
1314 137s 83
1314 1312 22
1312 23
1314
1312 11
1314
1314
1312 11
1312 36
1314
1338 13
120
*1278 1412 _
1212 1212 10
1212 1239 11
114 118
5

4
*Chinese(Hukuang Ry)58
D 3712 3712
1951
Christiania (Oslo) 20-yr s 1 68_77_1954 M S *10014 1000,....7_
3
26
*Cologne (City) Germany 6;48_1950 M 8 26
Colombia (Republic oi)4135 Apr 1 1935 coupon on-Oct 1961 A 0 244 2534 40
6
*Be July 1 1935 coupon onJan 1961 J .1 2412 2514
*Colombia Mtge Bank 634.
1947 A 0 *2014 22
2
*Sinking fund 78 of 1926
1946 MN 2034 2114
1947 F A *2014 2334 _
'Sinking fund 7s of 1927
57
1952 J D 8934 91
Copenhagen (City) 58
1953 MN 8534 8714 29
25-year a 430
4
5218
1957 F A 52
*Cordoba (City) tuff 8178
5
4439 4639
1957
*78 stamped
*External sink fund 75
1937 MN *62
*53
1937
•78 stamped
6
Cordoba(Ploy) Argentina 78 ........1947 J J 7618 78

Low

Range
Since
Jan. 1
Low

BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 2

July 1
Week's
1;
Range
Q _ 1933 to
." Range or
Friday's
g.F.... July 31
Since
i3
t
.
7,0„, Bid & Asked toed 1936
Jan. 1
High
High Na. Low Low
Low

Foreign Govt. A Munle.(Cos.)
Costa Rica (Republic of)
3718 3718
1712
2
le79 Nov 1 1932 coupon On
1951 MN
2612 27
5 ......
1176 May 1 1938 coupon on
1951 -__
__ --684
1944 M 8
Cuba(Republic) hoot 1904
8318
1
100
100
1949 F A *97-External 5e of 1914 ser A
2
94
817s
1949 F A 94
External loan 434s
01
52
Sinking fund 534s ----Jan 15 1953 J J 9414 95
3334 39
19%
*Public wks 5348 --June 30 1946J D 32
pi
10
1118 12
1959 MN
•Cundinamarca 634e
779
4
10714
1951 A 0 107
Csechosiovakia (Rep of) Els
108
77
5
1952 A 0 8108
Sinking fund 88 ser B
10314 84
7978
1942 J .1 103
Denmark 20-year extl 68
75
92
External gold 5345
1955 F A 9712 99
61
9078 90
External g 434s_Apr 15 _7_1962 A 0 90
Deutsche Bk Am part etf 68 -1932
3
62
62
481a
*Stamped extd to Sept 1 1935
40
Dominican Rep Cust Ad 530_71942 NI El *6514 6634 ---36
3
let ser 534e of 1926
1940 A 0 6034 61
10214 104.5
98
36
8
61
2c1 series sink fund 534e
1940 A 0 603
94.27 99.16 102.20
27
3318 ---we= 100.38 10224 *Dresden (City) external 787-71945 MN *---____ 100.24 101.20
•EI Salvador (Republic) 88 A _7_1948 J J ------------86
35
J .1 *3518 3734 -94.26 99.18 102.16
*Certificates of deposit
5
4839
94
1967 J J 94
9228 96.20 101.e Estonia (Republic of) 76
70
Finland (Republic) ext lis
1945 M S 10634 10758 11
10334 12
704
External sink fund 63451
1956 M S 103
7
20
1953 M N 2518 27
*Frankfort(City of) s f 6349
9 126
17414
French Republic ext! 7348
1941 J D 172
26 12712
175
3312
21
1834
External 7e of 1924
1949.3 D 174
1912 32
*German Government Interim151
2214
8012 9634
64
tional 35-yr 534e of 1930
1965j D 2112 2314 340
75
3118
712 1154 •German Republic extl 78
1949 A 0 3014 3314 62
73s 4118 *German Prey AG Communal Bka
634
75
24
71
2318
934
(Cons Agri/ Loan) 6343
1958 J D 3912 40
714 1058 Gras (Municipality of)714
*88 unmatured coupons on
63
9 1014
49
1954 M N *974 98 777639
11212 51 10758
1937 F A 112
Or Brit & Ire(UK of) 5548
678 10
614
9558
64
14% fund loan £ opt 1960
1990 MN 0.1714 011734 22
634 97
3
22
88 128
7458
*Greek Governments leer 78_7_1984 M N 3638 3638
--9018 9912
44
-*7s part paid
1964 .._
1638
4
294 291x
*8 1 secured 68
90
44
1969 F A
9839
90
9858
4439
67
45
91
9014 98% Haiti (Republic) e t Or ger A
44
1952 A 0 90
5
24
2039
90% 9812 *Hamburg (State) (is
1948 A 0 24
4414
15
4
24
90
9812 *Heidelberg (German) MI 7349-1950 J J 22
4412
6614
6
1980 A 0 10214 10212
90
983 Releingfore (City) ext 6148
4414
4412
60
9839 Hungarian Cons Municipal Loan45
25
34 ____
90
*734e unmatUred coupons on1945 J .1 •35
983
21358
3
32
844 9512
4114
lle unmatured coupon on
1946 J .1 32
3312 _7_7
2918
98 1044 *Hungarian Land M that 7348-1981 MN *30
7739
35 ---1961 M N *30
*Sinking fund 7348 sae B
98 1044
78
2939
9214 98 Hungary (Kingdom of)737
314
4
•7349 February coupon On
9812
4214
81
1944 F A 404 4014
92
120 --Irish Free State extle f 5a
1960 OEM *115
60
1951 I D 6412 7012 218
29
37
2614
Italy (Kingdom of) extl 75
884
80
9
824
934 109
Itallan Cred Consortium 78 A _7 7'37 M S 80
10
63
External see sr 25 sec B
9314 1074
864
-1947 M 13 6212 263
4912
72
Italian Public Utility 6161 78
9254 1011a 119
1952 J J 5112 56
77
1954 F A 9578 9778 66
97 1104 Japanese Govt 30-yr 8f 6348
91
6718
24
Ertl sinking fund 5318
1965 MN 8612 87
9578 101
67%
93
9934 Jugoslavia State Mortgage Bank6214
23
4114 22
2518 38
22
478 with all unmet coup1957 A 0 40
2114 29%
2018
40 ---1154 18 •Lelpeig (Germany) e f 78
11%
2939
1947 F A *36
51
912 Lower Austria (Province of)Ms
60
5
•734s June 1 1935 coupon on_1950 I D 100
100
4
8
4
814 *Medellin (Colombia) 6348
4
8
9
918
834
4
1959 J D
'Mexican Irrig Meths 430
3
5
458
414
1943 MN
4
538 __
3978 *Mexico (US) extl Sc of 1899 £.71945 Q J *____
25
2178
75
*Assenting 5e of 1899
1918 3113
19%
478
1946 --78 16
*Assenting Ea large
518
19
3154
19
*Assenting 58 small
1914 3114
1839
*48 of 1904
412
3358 4112
29
*
6 __
1954
3
*Assenting 48 of 1904
8718 9714
*434
1959
68
539 ____
*358
*Assenting 48 of 1910 large
5 ---8558 9739
314
6812
*Assenting 4s of 1910 small _ _ _
314
6
334
4
.--97 10214
75
8 ____
44Treas 69 of'13assent (large)_ 1933 1 J'___
554
3914
•ISmall
. 1 .1
554
3218
29%
Milan (City. Italy) 6161 834e _ 7_1952 A 0 531-2 -6. 2 113
98
5039
84
4014
Minas Geraee (State of, Brazil)93
82
36
1418
1512 18
•634s Sept coupon off
1958 M 8 15
9212
82
3814
1959 M 5 1434 1512
5
1414
•13345 Sept coupon off
6619 771
2914
6158 65
2538
2714
4
*Montevideo (City of) 75
1953.3 I) 3612 38
78
67
2712
25
3512 27
34
1959 M N
*External s f fis aeries A
6514
62
2558
7334
New So Wales(State) ext15e _ 7J957 F A 10118 10134 35
7312
External s f 58
1414 18%
l414
Apr 1958 A 0 10114 10112 24
88
10678 19
1943 F A 106
Norway 20-year extl tis
134 19
134
17
8712
20-year external fis
1944 F A 10578 107
8318
1952 A 0 10115, 10212 41
30-year external Os
858 14
838
78%
40-year s f 534e
1965 1 13 10134 10214 25
861j 1044 10818
76
External sink fund 55
1963M $ 10114 10154 26
994 11014 1145s
804
____
1970 J D
Municipal Bank eine I de
9818 10178 10312
22
2578
__- ____
*24
1952 F A *100184534 6212 •Nuremburg (City) extl (is
4534
64
13
1953 M 8 8414 85
838 1318 Oriental Devel guar 6e
858
5914
12
813
8
MN
8112
EMI
deb
534e
5812
1958
35
2912
73
Oslo (city) 30-year I f 65
1958 MN 10112 10112 22
2614 47
26
2614
2614 4654
89
5
10512
106
D
extl
Panama
(Rep)
5348
1953.5
35
5.514
27%
2478
8
*Esti s f ser A
1983 M N 5734 5812
12
17
7
5114 54
27
17
*Stamped
5
104 154
1012 154 Pernambuco (State off618
7
1358
839
•76 Sept coupon off
1947 NI S 1318
1012 1512
614
7
1959 M 5 1712 18.18 17
1012 1512 *Peru (Rep of) external 78
61s
5
1512 166
•Nat Loan extls f 65 1st ler _.1960J D 15
1034 1538
618
1534 91
414
*Nat Loan eatl e f 68 2d stir_ 1961 A 0 15
6
1034 1512
17
83
1940A 0 815
56
1054 144 Poland (Rep of) gold 68
734
63
31
1947 A 0 11034 113
Stabilisation loan 8 f 78
11
1454
978
63%
38
External sink fund 9 8e
1950 .3 J 9312 96
11
1414
74
1034 1414 Porto Alegre (City of)711
1914
954 1212
1812
1961 .1 D •19
*8.s June coupon off
5
14
1578 ____
1966.3 1 *14
*7145 July coupoe off
7714
3
1952 M N 10412 10512
3712 47
Prague (Greater City) 734e
22
2312
4
2318
99 10258 *Prussia (Free State) MI 630-1951 M 5 23
75
23
1952 A 0 23 82314 21
*External e f 68
36
26
22
High

100.30 101.12 10419
104.10 113.8 117.7
97.26 102.28 10820
101.18 108.24 1126
11026
69.26 107
98.5 103.38 107.29
93.12 103.20 104.10
97.26 103.20 104.10
98.12 104.15 108.23
98.8 104.14 108.28
94.28 101.28 105.11
101.5 101.15 105.9
57.27 Mal) 108.28
99.24 102 24 106.19
103.14 100.15 101.28

18
2018
14
12
148
6012
5512
12
2978
25;

224
2212
18
1812
18
86
8114
4434
3834
50
4612
70

3512
37
244
2412
2512
9438
9118
5312
4758
60
52
3014

11012 11
Queensland (State) eft!5175 -7_1941 A 0 110
7
25-year external 69
1947 F A 10814 10814
1950 M S *30
377
*Rhine-Main-Danube 78 A
Rio de Janeiro (City on1518
5
1946 A 0 1518
*8:3 April coupon off
1312 25
•614s Aug coupon off
1953 F A 1278
Rio Grande do Sul (State 0012
•88 April coupon off
1946 A 0 1614 17
1312 21
leis June coupon off
1968 13 13
14
1434 16
•78 May coupon off
1966 M N
1
4,79 June coupon off
1967 1 D 1378 137ti
6134 167
Rome (City) exti 6341
1952 A 0 55

301s 371s
1712 3278
9412 100
90 100
9412
84
05
77
234 42
8% 1439
954 10714
9512 108
9884 105
93 101
8218 96%
5514
6114
55
547
33

70
714
64
64
435

654 654
62
35
94% 96
10318 108
10118 10434
2118 3514
16512 190
1694 190
2112 3712
3014 478e
38

4888

58 1084
1104 11612
10839 119
3311 394
37
37
2512 33
82
9112
24
364
31
16
10114 1034
294
3018
2911
3213

38
3714
35
35

345 494
1084 116
60
944
99
80
6212 89
4912 85
90 100
7714 8978
25

43

86

447k

97 106
634 104
414
Ws
7
7

31-114
11

554 554
439 8
314 7
314 7
734 734
6
834
5039 8511
1418 1938
1414 1912
3114 42
29
3612
9034 1024
962 1024
10312 10714
1034 107
10014 10414
998 103
984 1024
98 1018
2214 354
7714 go
7458 8558
99 10214
10218 10712
59
40
364 54
1839 157
2058
12
739 1712
712 173s
8318
71
997 12618
7978 9678
1612 22
22
14
99 10512
37
23
23
31339

94
8394
3518

10618 1104
1031 109
373 434

131
:
1214

1958
15
1214 1918

1614
13
1Ca
1334
51

1614
13
14
1334
51

2312
22
21
211s
8714

For footnotes see page 717.
NOTE-Sales of State and City scour ties occur very rarely on the New York Stock Exchange, dealings In such Securities being almost entirely over the counter.
n d and asked quotations. however, by actlye!dealera In these securities, will be found on a subsequent page under the general head of "Over-the-Counter Securities ''




Volume 141
BONDS
N. Y STOcK EXCHANGE
Week Ended Aug. 2

New York Bond Record—Continued--Page 2
Week's
/thy i
r.iI Bann or 141 t, 1933 to
:14.1 Friday's 1 ti,-, .hay 31
..!..°4 Bid et Asked al .3
1935
4

Foreign Govt.&Munk.(Cosa.)
Low
Hob No.
Rotterdam ((ity) extl 65
1964 M N .11258 118
Roumania(Kingdom of Monopolies)—
•75 August coupon off
1959 F A
3312 3610 33
Saarbruecken (('ity) 65
4878
1953 .1 J *
-Sao Paulo (City of, Brash)—
•1319 May coupon off
1952 M N .1658
2214 ---*External 6 49 May coupon off 1957 M N
1358
1358
2
San Paulo (State of)—
.88 July coupon off
1936J J
234
24
6
*External 8* July coupon oft
1950 J 2 1734
18
14
*External 75 Sept coupon off.__1956 M S 1558
16
2
•Extcrnal 61 July coupon oft
1518
1518
1968 J J
8
*Secured a f 75
1940 A 0 7734
79
60

Ranoe
Since
Jan. 1

Low Low
9218
112
2058
50

29
50

1512
135s

1110A
13918
3612
78

BONDS
N, Y STOcK EXCHANGE
Week Ended Aug. 2
At! & Dan 1st g 48
2d 45
AU Gulf & WI 89 coil tr be
Atlantic Refining deb be
Austin & N W let gu g 55

713
.
•
Week's
:
Z
Range or ;
71.
: Frtday's
!A
- - 84.1 ct Asked en ,j'f

1948 J
1948 1
1959 1
1937 1
1941 1

law
Hok N.
s
2912 30
26
1
2512 2512
3
J
4058
4118
12
1 10712 10712 28
2
99 4 100
1
9

July 1
1933 to
July 31
1935

Low Low
27
27
2318
234
351,
3514
101
10718
75
90

Moe
4214
3412
47
10814
100

9514
9512
54
101
6314
9314
86
7534
5212
3812
5212
110
1004
103
103
64

105
10412
7712
10912
8614
100
911i,
88
76
6078
76,2
11438
10614
110
118
68

100
100
95
11314
11684

1021 2
102
9612
12012
12653

10714
2712
2112
2412
31 1 8
10512
10318

Ili
44
3912
3958
4115
11515
10412

10258
3412
59,2
8012
5912
26
554
6

10918
45
79
791s
74
4058
1212
11

1512 194
1358 194 :Baldwin Loco Works 1st 55
1940 M N 104
104
3
9514
Bait & Ohio 1st g 4.o.... July
1948 A 0 101
103
90
8214
1518
231 1 30
Refund & gen be series A
1995 1 D
6812
7212 202
64
1.212
17
2334
let gold 55
_1948 A 0 10612 10814
July
77
9418
124
1412 21
Ref & gen 65 series C
7534 80
1995 1 D
265
59
1034
14
21
P. L E& W Va Sys ref 45
1941 MN
99
9938 130
7818
61
914
73
Southwest Div let 3(4-5s
195(1 J 1
9714
9814
97
744
Tol & Cln Div 181 ref 48A
1959 J 1
8612 87 25 61
'Santa Fe (Proy Arg Rep) 75
1942 M S 6334 6414
5
17
6414
52
Ref & gen 55 series D
281
71
2000 M F 6612
5212
*Stamped
61
62
15
38
4912 62
Cony
44s
5414
1980 F A
5814 726
3812
*Saxon Pub Wks(Germany) 79_1945 F A
2912
3218
11
2512
2912 4211
Ref & gen M 55 ser F
7134 153
1996 11111 S 6614
5212
*Gen ref guar 645
1951 NI N
28
2912 12
28
28
40
Bangor & Aroostook let be
1943 1 1 *11358 114 ____
9412
*Saxon State Mtge WM 75
1945.3 D 39
4112
6
40
40
55
Con
45
ref
1961 1 .1 106
10614
6
*Sinking fund g 614a
744
.1946 J D
--3834
3834 5212
48 stamped
1951-.--- 10958 110
19 13112
Serbs Croats & Slovenes (Kingdom)—
Bataylan Petr guar deb 434s..1942 1 J 118
118
1
9459
1113s Nov I 1935 coupon on ,,_1962 ---29
2924 35 ____
27
36
Battle
Crk & Slur let gu 3s
1989 1 11
66
66
1
60
•75 Nov I 1935 coupon on____1962-- 2814
2858
13. ____
2218 36
611,51,(Pro, of) exti 7i,
1958 .1
7454
75
13
42
6512 75
Beech Creek let gU g 45
193s J .1 10218 10214
6
88
*Silesian Landowners Asan 6s _1947 F A
4934
5014
15
2514
43
6114
2d guar g be
1036 1 1 *10014 ____ --_801a8088 (City of) extl 69
8911
2 117
158
1936 SIN 158
158 17512 Beech Creek ext let g 3(4s
1951 A 0 .98
--------66
Styria (Province of)—
Bell Telep of Pa 55 series B
1948 1 1 11834 11938
19 103
•75 Feb coupon off
9918
1946 F A *
474
99
86
let & ref 58 series C
1960 A 0 12618 12638
25 10314
Sydney (City) 51 54e
1955 F A
9712 994
14
75
9512 10212 13eividere Delaware cons 3'4s_1943 3 J •103I2
Beneficial Indus Loan deb 85 __ _1946 M 8 111
1-1-1-12
19 ii
Taiwan Else Pow a f 54s
1971 1 2 8258 8318 15
58
7412 8738 *Berlin City Elec Co deb 6145
291 1
1951 1 D
30
6
274
Tokyo City 55 loan 01 1912
1952 M S 7218
7238
4
5384
6612 76
*Deb sinking fund 814s
2412
1959 F A
2512
11
25
External s 1 554s guar
1961 A 0 82
83
21
59
744 86
*Debentures 65
1955 A 0 2412 27
11
*Tolima (Dept of) 5111 75
2459
812
1947 M N *10
1234 _- _
852 1214 *Berlin Elec El & linderg 634s. _A956 A 0 308
3118
1
2758
Trondhjem (City) 1st 54s
1957 M N
9318 100
634
61
91
100
Beth
Steel
1st & ref be guar A
1942 M N 111
11184 36
Upper Austria (Province of)—
94,s
I
30-year pm & Impt 5 1 55
1936 J J 10378 104 1 22
•78 uninatured coupon on
94
--------5114
1945 J 13 *106
95 110
•Exti 614e unmatured coups..,...
1 D ------------4113
82 10358 Rig Sandy 1st 45
1944 1 D *10938
_ l ____
•Clruguay (Republic) extl 85__1946 F A 3
90
4
4 58 3
18
3618 474 Bing & Bing deb 6145
1950 M F. *3712 --48i.
25
s I 65
1980*External
48
IO
39
40
2812
M N
344 4112 Boston & Maine 1st 55 A C
7412 77
1967 M 5
59..
67
*External a 1 69
1964 M N *39
40
2655
3418 42
let M 5s series Ii
1955 M N
7514
7814
6012
53
Venetian Prov Mtge Bank 75
1952 A 0 .60
7078 --_7078
7078 83
lat g 445 ear JJ
1961 A 0 7014
7118 59
56
Vlenna (City of)—
Boston & NY Air Line let 451955 F A
I
2914
33
4
20
•fle May coupon on
1
5258
90
90
1952 MN
8478 96
4 t•Botany Cons Mills 614e
1934 A 0 10
11
20
524
Warsaw (City) external 7s
72
73
41
23
1958 F A
63
744
•Certificatee of deposit
A C
912
912
2
8
Yokohama (CIty) ext1 65
1961 J D
8412 86
11
63
8014 90
f:•Bowman-Bilt Hotels 1st 75_ __1934
Stmp as to pay of $435 pt red
M
*5,2
---r44
Brooklyn City RR 1st be
1941 1 11
91
WI
8
6812
RAILROAD AND INDUSTRIAL
Bklyn Edison Inc gen bs A
1949) 1 10712 1074
11 103
COMPANIES.
Gen mtge 55 series E
1952 1 3 10712 1091z
•itAbitibl Pow & Paper 1st 55_1953 1 D
16 10212
2812
29
154
29
26
4112 Bklyn-Manh It T see 65 A
1968 1 1 107
10738 109
Abraham & Straus deb 54s
808
1943 A 0 10258 103
87
69
10258 10512
15-year sec 65. series A
10514
D
1
1949
10512
Adams Express coil tr g 45
38
98
1948 M 8 9818
9934 Bklyn Qu Co d Sub con gtd 65
85
9934
131
0
194i M r.
70
70
Adriatic Elec Co ext is
5258
3
1952 A 0 6014 6312
601 1
9
6014
10014
1st
stamped
be
1941 3 J *7012
76 _-_
Ala (It Sou let cons A 5s
5714
8012
19432 D *
107
108
10814 Bklyn Union El 1st g be
1950 F A 109
10958 26
let cone 45 ner B
7212
1943 J D
9834
!)831 10334 Bklyn Un Gas 1st cons g bo
9834 10
74
1945 1M N 12012 12012
1 10312
'Albany Parlor Wrap Pap 6s
1948 A 0 4578
4612 10
38
38
6458
1st lien & ref 013 series A
1947 M N •12518 12624 ____
10514
Alb & Susq 1st guar 314s
102
2
1946 A 0 102
83
9912 103
Cony deb g 5345
1936 1 J -----------158
tAlleghany Corp coil tr Ss
192
1944 F A
7414
78
4714
6412 78
Debenture gold be
1950 3 D 10514
0512
17
93
Coll & cony be
190
41
1949 1 13 6412 66
5212 6614
1st lien & ref &leerier' B
1957 M N 10878 110
*Coll & cony be
9 10012
21
37
13
1950 A 0 19
13
26
58 stamped
125
14
8
1950 1314
8
14
Bnins
&
West
let gu g 4s
1938 1 .1 .102
10212 ____
Alleg k West 1st HO 4ii
884
62
11
1998 A 0 894 90
8412 92
Buff Gen El 434* aeries B
1981 F 5 10912 11014
Aiteg Val gen guar a 48
11
9612
1942 M 8 10818 109
93
20
10510 10914 Buff Roch & Fitts gen g 88
1937 M 5 *10414 105 ___
Allied Stores Corp deb 44s •
91
9458 21
9258 95
1950 A 0 9334
Coneol 4348
1957 M N
607
6312
8
196
50
Ai Is-Chalmers Mfg deb 58
1937 M N 10118 10178 31
8312
100 102
ft•Ilurl C R & Nor let & coil 68_1934 A 0
1814
1814
•Alpine-Nfontan Steel 7s
5
1712
96
1955 87
9724
•
*Certificates of deposit
*1612 23 ___
14
f j•Bush Terminal let 48 _____ 1952 -A0 8758
88
19
Am Beet Sugar 65 ext to Feb
39
5
83
1 1940 F A 10212 103
98 103
*Congo! be
4012
1955 1 1
44,
8 31
Am & Foreign Pow deb 5s
1018
2030 M S 74
7512 406
32
49
7512 Bush Term Bldas be gu tax ex
1960 A 0 68
American Ices f deb 5s
70
9
31
8112 29
1953 1 D
75
62
70
884 By-Prod Coke 1st 54e A
1945 MN
Amer I G Chem cony 64e
85
86
22
54
1949 M N 111
11112 108
764
10412
1
11
1
2
Am Internet Corp cony 54131049 1 J
9812
99 1 100
65
8512 10012 Cal GA E Corp unt & ref 55
1937 MN .10814 109 ____ 10218
Am Rolling Mill cony deb 445_1915
M S 10738 11012 1112 10212 10212 11012 Cal Pack cony deb be
1940 1 1 10412 10412
Am Sin & It 181 30-yr 5s 8er A._
11
85
1947 A 0 10012 10138 166
92
10012
1054 Cal Petroleum cony deb 51 58 .1939 F A ----------Am Telco & Teleg cony 48
142
1936 M 8 .10214
10078
,--1102 104
Cony deb of g 5 tie
1938 MN ------- ---9413
30-year coil tr 6s
1946 J 0 10812 10958 96 10112 10712 11014 •C.maguey Sugar 7e ctts
1942 35-years t deb 55
4
81
4
14
1960J J 112,
8 113 1 86 10034
11.118
Canada
11312
Sou
cons gu Es A
1962 All2lo
0 112
20-year sinking fund 54e
8
79
1043 MN 11212 11278' 121 103
11124 11378 Canadian Nat guar 44e
1954 M S 10234 10314
Convertible debenture 44533
914
_1939 J J 1095* 10812 22 105
109
10618
30-year
gold
guar
445
1957 3 J 11014 11034 35
Debenture 58
914
1965 F A 11258 11314 69 100
111 11378
Guaranteed g be
July 1969 J 1 114
:•Am Type Founders 65 ctts
11434
16
9634
7
3959 4012
20
31
42
Guaranteed g 5a
Oct 1969 A 0 11618 11634
Amer Water Works & Electrio-- 1940 ---14
9618
Guaranteed
a
be
11.313 g 6s series A
1970 F A *1164 11612 ____
96,
4
1975 M N
874 89
53
58
8378 90
Guar gol , 434s--- ----Jute 15 1955 1 D 114
10-year 58 cony coll trust
11414
11
9454
1944 M 8 9934 10112 213
80
80 102
Guar g 448
F
1906
)•A III Writing Paper let g 8s
A
11214
11258 35
9158
1947 J .1 24
12
1914
24
2014
Guar
0
g
18
434s
Sept 1951 M 5 11078 11134 44
*Certificates of deposit
915s
2318
2012
3
23
2012 25
Canadian North deb guar 75
1940 J D 10414 10412 20 1024
*Anglo-Chilean Nitrate 7s
1945 M N
15
74 1512
154 24
Deb guar 845
34
19462 1 12358 12414
t•Ann Arbor 1st g 43_____
13 10515
1995 Q J *60
5012 6314
60,2
Canadian Pat Ry 4% deb stock
2 1 27
Ark & Stem Bridge & Ter bs
-88
8912 148
5259
1964 M S *93
9412 7818
8784 9512
Coll tr 44 8
1948 M S 103
Armour & Co (III) let 44s
10384 22
66
19393 D 10378 104
46
75
102 10412
65 eQuIP er CUP
1944 1 1 11212 11234 35
Armour & Cool Del 5 4ti
943
5
19433 J 10538 10512 115
74
103 10684
Coll tr g be
Dec I 1954 J I) 10658 10714 34
Armstrong Cork cony deb 5s1940
7314
1 D 10:318 10312 27
85
1034 10454
Collateral trust 44s
Atch Top AS Fe—Gen g 4s
19602 J 10212 10314 96
8
64
4
1995 A 0 10912 11012 89
8414
1064 1 1112 I.Car Cent let guar g 45
Adjustment gold 4o,
1999 J J
44
44
19
10
1995 Nov •104
75
101 10912 Caro Clinch & 0 let be
Statnped 99__ _ ____
1938 3 D 10812 109
21
9512
1995 MN 10412 105
7518
78
1013
4
10618
let & cons g Neer A _ Dec 15 1952 1 13 110
Cony gold 43 of 1909
110
8914
74
J D *103
75
10012 104
Cart & Ad 1st gu g 45
1981 J O *7212 7512 ____
Cony 4s of 1905
68
1955) D 104
104
2
744
100 10514 *Cent Bra nchU P 1st a 4,
1948 J D
Cony g 4s issue of 1910
30
3114
29
2414
.100
19603
D
.
10212
78
100 10312 Cent Dlet Tel 1st 30-yr 55
Cony deb 44e
1943 3 D *108
10934 ____
10358
8818
1948 1 D 10712 109
51
ter-entre] of Ga 1st g 55____Nov 1945 F A
1045* 110
Rocky Mtn Div lot 4s
47
47
1
39
19853 J 10359 10418
15
79
105
10014
•Consol gold 5/3
Trans-Con Short L 1st 4s
1945 MN
1824
2114
25
13
1058J J 11134 11212
5
89
10712 11212
•etet A gen 545 serlee B
Cal-Ariz lot & ref 434,3 A
1959 A 0
958
1112 20
1334
1962 191 S 11014 11012 37
8714
1084 11212
'Ref & gen bs series C
Atl Knox & Nor 1st g 58
1359 A 0
912
1134 86
7
54
10463 D .11258 12138 ___
99
110
113
•Chatt Dlypur money g 451951 1 D .____
At!& Charl AL 1st 44s A
2012 ____
1712
19443 1 101
101
16
8678
101 106
'Mac & Nor Div let g 55
1946) J *1512
let 30-year bs series B
25
__
19
19442 J 102
102
10
86
102 11038
*Mid Oa & AU Div pur m 55_1947 1 ------25 __
All Coast Line let cone 48 July
15
1952 M 23 9214
9378 88
714
9214 10312
*Mobile Div 1st g
1946 J .1 *___
General unified 445 A
25 __
20
24 9212 Cent Hudson 0 & E 59
1964 J D
74
76
6112
63
71
55
Jan 1957 M F 10514 10514
1. & N coll gold 45-__Oct .- —1952 MN
2 10018
57
7112
7314 116
6812 8212 Cent III Elec & Gas let 55
10 yr coil tr be
1961 F A
95
96
78
43
May 1 19451M N
90
325
90 100
9112 94
Cent New Engl let gu 45
1961 J .1
5112
53
18
50

For footnotes see page 717

BOND BROKERS
Railroad, Public Utility and Industrial Bonds




VILAS & HICKEY
New York Stock Exchange — Members — New York Curb Exchange

49 WALL STREET

-

-

NEW YORK

Private Wires to Chicago, Indianapolis and St. Louis

Ranoe
Sines
Jan. 1

434
84
10675
106
10418
104
55

4,
4
921 2
11012
110
1074
10558
71
7738
05
10058 1 1012
11414 121
11858 128
10318 10004
10814 III
10158
1084
104
51 12
1712
14
76
374
5312
77,
8

10314
1115*
107
701,
29
2108
88
51
70
8812

10778
10312
101
101
214
10614
10258
10812
11234
115
11518
113
109
10914
1041 1
119

109
10559
103
1037s
15
11218
1041e
1135s
118
12018
11978
1174t
11578
11458
10752
125

8112 8912
9914 10414
109521 11224
10114 1071 1
9512 10338
45
40
106 109
10712 I 1012
71
78
2712 39
10714 10958
35
47
13
26
7
14
614 1412
1712 19
19
19
15
15
20
25
10518 11014
7112 97
50 4 6714

Aug. 3 1935

New York Bond Record-Continued-Page 3

714

AUK 1
1Week's 4
Jour
Wises
1933 to
gangs
Hangs or
21
L
'
BONDS
4_ 1933 to Ranee
3 Range of
r ••
Sines
July 3
Friday's
i
N. I' STOCK EXCHANGE
Since
VI_ July 31
Friday's
.14 t
Jan. 1
Bid & Asked so sa 1935
..,(2,
2
Aug.
Week
Ended
1
Jan.
1935
;a Bid & Asked eiN
High
Low Low
High No
10ff
High
Low Low
aiOl No
Lew
45
99
10478 106%
1945 F A 10512 106
101 10834 Consol Gae(NY)deb 5348
90
34
102
1987.7 .1 101
Central of N 3gen g 5s
66
107
88
108%
99
10613
1951 J D
Debenture 4348
8734 9878
42
78
1987.7 1 8734 89
General 48
40
93
10234 10812
1957 1 .1 10518 106
Debenture 5e
9738 10314
8558
10134 80
1949 F A 101
cent Pee let ref gu g 421
5
19
19
26
3514
1954 1 J 24
4 Congo! RI non-cony deb 41
/
9712 1011
6318
2
1254 A 0 10218 10218
Through Short L let gu 48
4
25
20
211
3234
1955 1 J 24
9012
45
694
Debenture
55
238
8
863
9013
A
F
19130
25
Guaranteed a 58
1
2334 25
2334
0 25
A
1955
48
654
52
Debenture
49
69 ___cent RR & Bkg of Ga coil Si -1937 M N *64
7
22
22
25
25
1956' J 24
Debenture 4e
114 12118
3 100
1941 M N 12014 1214
Central Steel let get 38
38
3834 132
10
29
444
6312 864 Mons Coal of Md let & ref 54_1950 J D
8618 283
42
1948 M 8 82
44
Certain-teed Prod 634* A
29
10
90
4
383
%
3
3
-&poet
of
8
•Certificatee
1045
10212 10212
10314
1936.7 .1 •102
Charleeton & Elay'h let 75
103 10538
1
98
1936 3 -1) 10438 10418
102 10612 Coneumers Gas of Chic HU Si
94
1947W N 10434 10612 505
Cheeap Corp cony Be
4 105/
1
10434 10934
MN 104/
98
4
1
5
1952
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90 1054
1384
1961 J 1 10414 10510 69
4e series A
/
41
net
let
112
4
1
&
/
105
91
112
A
F
1955
48
9814 993* 123
Col & Tol let ext
J
100
.1
75
64
1952
B
series
534s
General
s
954
11012
1123
14
1949 F A 11118 11112
95/2
69
57
Conitel Invest Tr deb 534e
78
1973 .1 J 9212 94
General 513 series C
100 10314
92
4
4 10212
1
1943 A 0 102/
Conn & Pataum RI, let 42
8714 79
83
5372
8912
1976.7 .1 84
General 44* eerles D
881s low, lora
1951 J J •1084
Conn Ry & L let & ref 4318
1
84
.1
1277
89
8612
6234
176
584
E
series
4s
/
41
General
9658 106 10812
1951 J .1 •10778
Stamped guar 4348
Works
Hydro-Elea
*Consolidated
414
30
30
1
30
19363 ..1 30
of Upper Wuertemberg 70

el

BONDS
N Y. EITOC14 EXCHANGE
Week Ended Aug. 2

May

-

For footnnre, ,e page 717




New York Bond Record—Continued—Page 4

Volume 141

BONDS:','O
N. Y. STOCK EXCHANGE
Week Ended Aug. 2

Week •
i July 1
Rang. or
41933 to
Friday's
!II July 31
1.-...,
.4 0.: //fd & Asked re .5
1935

Log
*Green Bay & West deb Mrs A
Feb 04112
•Debentures ette B
Feb
712
Greenbrier Ry let gu 4s
1940 MN 0105
Gulf Mob & Nor let 534e 13
1950 A 0 07332
let mtge 5e series C
_1950 A 0 6672
Gulf & S list ref & lets, _ _ Feb1952 3 J *50
Stamped_J J 05012
Gulf States Steel deb 549„-194 1 D
9712
Hackensack Water let 4e
1952 .1 3 •1077*
•Hanea SS lines 60 with weer__ _1939 A 0 4012
•Ilarpen Mining Se
1949 J J 03612
Hocking Vol let cons g 4348
19993 J 116%
1•Hoc (R) et Co lot 63.4o oar A
1934 A 0 03012
•Holland-Amer Line 60 (flat)
14
1947 MN
Housatonic Ry eons 95,
1937 MN
8214
11 & T C 1s1 g be lot guar
1937 J 3 •10612
Houston Belt & Term Ist 50
1937 3 3 10314
Houston 011eink fund 540 A
9612
1940 M N
Hudson Coal let Of be oar A
41
1962 J D
Hudson Co Gas lot g 5s
1949 MN 1185
,
HIM & Manhat let 52 ser A
8514
1957 F A
•AdJuetment Income be __Feb 1957 A 0 3234

Mak No. Low Low
Hill
3612 3612
- 26
313
734 10
3
832
—
8814
75 —
537* 72
50
707* 55
4912
50
7032
--------65
8614 687*
____
4919
4912 5012
50
0834 24
90
9834
-- 9512
10512 108
..012
4
31
3812 4842
03712
4
34%
3412 4912
4
117
91
112% 11712
3514 ---20
30
42
1
14
1212
13
15
82,4
2
70
70
95
--- --9032
1047* 10634
10314
1
89
101 10312
9714
27
81
85
94
35
133
44
35
4472
119%
6 1017*
11334 1198
85% 94
6334
80
9032
341
: 132
25%
2534 397

Ililnois Bell Telephone 513
108
61 10312
1916 3 D 107
11111101s Central let gold 40
1951 J J 0105
---83
let gold 3340
1951 1 J 010112 10314 ---7612
Extended let gold 334s
1951 A 0 010112 --------78
let gold 3e sterling
1951 M S *8112 --------68
Collateral trust gold 45
57
16
75
1952 A 0 74
Refundin2 4s
77
21
76
1955 MN
5612
Purchased lines 334e
7432 __-1912.5 J •
56
Collateral trust gold 45
1953 MN 6634 6834 36
528
Refunding 50
4
7014
87
8712
1956 MN
15-year secured 6 34, g
9434 947
11
19363 J
82
40-year 43.8
52
5514 12' ' 4212
Aug 11988 F A
Cairo 13rIdge gold 40
1
7012
19503 D 1013 101%
Litchfield Div lot gold 3,
- - ---1951 3 3 08458
73%
Loulev Div & Term g 349
- —_
8512
-9212
1953 J J *92
Omaha Div lot gold 30
F A 0_ _ __
68% - - - 60
St Louie DI,& Perm g 30
75
1
75
1951.5 J
61
Gold 340
1951 J 1 •8112 82% ---,
6212
Springfield DI, let 93%,
1951 J J
9712. 9712
4
07
Western Line, let g 49
1
87
75
87
1951 F A
Ill Cent and Chic St LA N 0—
Joint let ref he serlea A
67
72
6278
5232
1963 3 D
lot & ref 434e seriee C
6218 153
493
&Oa
19833 D
Illinois Steel deb 4 3.4,
39 10114
1940 A 0 10718 108
elleeder Steel Corp mtge 60.
3712
1948 F A
2
31
3718
Ind Bloom & West let ext 4
___ --1940 A 0 0
89%
Ind III A Iowa let g 40
1
72
9914
99,4
1950.5 J 1022•1nd & Louisville let gu 99
't
3
7
1956 J J
7
Union
Ity
get 62 oar A
Ind
1985 1 J •10572 10812 ---98
Gen A ref 59 aeries 13
98%
1985 3 .1 010632--- ---Inland Steel 101 4% ear A
1078 A 0 1047* 10528 26
79
let ki of 4340 eer 13
39
108
'F A 10412 10514
80
I
sinterboro Rap Tran let 5ii
56%
1966 3 J 87% 8932 247
*Certificates of deposit
87% 63
87
868
(•10-year 611
1932 A 0 6012 6734 469
197*
*Certificates of tlepoeit
75
5714
63
2014
(010-year cony 7% note,
1932 1%A s 0012 9112 211
5712
*Certificates of depoeit
88
89
21
5712
Interlake Iron let 52 B
764 787
1951 MN
40
50
let Agric Corp let & coll tr 55—
I
Stamped extended to 1942
OS
98
M N
8
52
lot Cement con, deb 50
49
1948 M N 10312 104
74
t•Int-Ort Nor lot Neer A
2812 39,4 189
1952 3 J
25
•AdJustment 65 oar A ____July 1952 A 0
632
87s 250, 47
01e1 58 eerie, B
28
3514 114, 23
1966 3 J
•Ist g 5e series C
2812 3514 75, 23
1958 .I .1
internat Hydro El deb 60
1944 A 0 43% 47
2371 2814
tot Mere Marine s f 6s
6012 50, 37
1941 A 0 59
Internet Paper be ear A & B
7712 100
1947 J I 74%
47
Ref 0 t 62 seriee A
5534 248
1955 IV. 13 49
3114
lot Rye Cent Amer 101 50 B
7512 77
1972 M N
10
4512
let coil tried 6% g notee
2-- ---1941 M N *853
494
let lien A ref 634e
1-7812
7812
1947 F A
1
4312
Int Telep & Teleg deb g 43412
6814
71
1952 J J
171
37
Cony deb 434e
7932 8272 198
1939 3 J
42
Debenture be
75
1955 F A
7314
448
40
investors Equity deb Se A
10312 16
1947 3 D 103
8012
Deb 5e set B with warr
103
1948 A 0 103
4
82
Without warrants
1948 A 0 010214
- ---82
t•Iowa Central let 50 etre
1938 1 D
53
--6
37*
3
•let & ref 940
1951 M 8
*72
1 14
34
James Frank & Clear let 4a
8014
8112 28
1959 1 D
687*
Kai A &0 R let gu g be
101
1930.5 J 101
1
99
Kan & M tot gu e 48
1990 A 0 *102
--------70
24K C Ft S A M Hy ref g4,
3712
1936 A 0 37
5
2934
•Certificatel of deposit
A 0 3512 36
15
28
3.10 Pow & Lt let Intge 432s____1961 F A 1E332 11312
9
98
Kan(Sty Sou let 9010 Se_
743
1950 A 0 7414
27
611
Ref & inapt 521
Apr ____1950 3 J
5912 63
112
53
Kansas City Term let 40
19603 J 10634 10714 44
8412
Kansas Gas & Electric 434e
19803 D 1037* 104
18
7034
•Karetadt (Rudolph) let 60
43 ____
1943 M N 035
135
“7ertillcatee of deposit
7
13
3712 39
•62 stamped
2914
291 4
1943.
1
Keith (B F) Corp lot 130
8972
1946 M 8 85
15
44
t•Kelly-Springfield Tire Co
79
1942 A 0 79
5
2934
.65 stamped
79
79
1942 __
5_
Kendall Co 640
1948 M S 10212 103
33
6
;
Kentucky Central gold 92
110 ___1987 3 J •107
80
Kentucky de Ind Term 434s
93
1961 J 3 92
14
73
Stamped
100
1961 3 J 100
5
80
Plain
1961 A J 010034 --------03
Kings County El I. & P 5e
1037 A 0 *10812
- ____ 103
Pianism money 6e
150
__5 118
1997 A 0 150
Kings County Etc, lot g 4,2
9
66
1949 F A 10212 102%
Kings Co lighting let be
1954 J 1
- ___- 100%
Flret and ref 6340
011414--122
19643 J *12112
__
10512
Kinney(OR) A Co 734% notes
104
1938 3 D 101
1
7712
t•Kreuger & Toll CIA be Ma__ 1959 M 8 36
361s 64
1014
Lackawanna Steel lots, A
Laclede Gas Lt re• A ext 5s
Coll ds ref 54e series C
Coll & ref 6340 series I)
Lake Erie & West let g be
26 gold be
Lake 813& Mich Bog 33.0
•Lautaro Nitrate Co Ltd fis
Lemen C & Na, a 1 4340 A
Cons sink fund 4340 ear C
Lehigh & N Y let gu g 40
Lehigh Vol Coal let A ref of 50
lot & ref of Es
lot & ref a 158
let & ref of 58
Secured 6% gold notes
Leh Vol llarbor Term gu Es
Leh Vol N Y let gu g43-4,
Lehigh Val (Pa) cons 948
General cons 440
General cons be
Leh V Term Ry let gU 950

For footnotes see Page 717




1950 M 8 10712
1939 A 0 100%
1963 F A
76
1960 F A
758
1937 .1 J 10212
1941 J J 1003s
1997 3 D 10012
1954 .1 J
13
1964.5 J 106
1954 1 J *106
1946 M S .5612
1944 F A
92
1954 F A
66
1964 F A
62
1974 F A
60
9434
1938 J J
973
1954 F A
1940 3 J
85
36
2003 M N
2003 M N
4012
2003 MN
45
1941 A 0 *10654

Range
Since
Jan. 1

10712
3
1015, 41
78% 70
7814 52
103
8
1005*
3
100% 28
143 223
10012
9

9412
90
46114
48
77
61
79
43
7719
80
657*
6212
93
2
64
70
28
33
6412 24
3112
63%
11
32
9434
4
73
0872 50
79
8734 19
757k
3772 87
3014
43
24
33
47
19
3912
--------591g

107
103
99
991g
_ _
(3
6712
70
5912
7472
90
4212
98%
81
897*
67
74
80
9712
8512

11114
10613
103
102
.
--8312
867*
71
7512
9412
101
6314
10212
85
9234
77
76
14714
971-,
87

5212 7832
493 730
1013 10812
371s 4314
101 104
9514 9914
7
16
104 1084
106 10612
103% 10732
103% 10614
8114
8672
50
4812
84
82
72

9314
89
67%
63
95
944
8212

715

Week's
July 1
BONDS
r
Range or I; 1933 le
Range
N. Y STOCK EXCHANGE
2.-2..Friday's
c.,•=!.., July 31
Since
°:; Ma A Asked ,
Week Ended Aug. 2.1,10
6 e 1935
Jan. 1
--Low
Filo4 No
Loto Low
!Ito
Lex A Eaat let 50-yr ba gu
117
1965 A 0k 17
1
891,
11312 117
Liggett & Myera Tobacco 70
1944 A 0 1338 13412
6 117
130 13412
58
1951 F A 12272 1235s
25 103
115% 123%
Little Mlaml gen 40 aeries A
1982 M N
_ ---8112
104 104
Loew% Inc deb of 6s
1038 104
-1941 A 0 •1063422
76
10314 108
Lombard Elec 7e ser A
5012 19
1952 J 0 46
44
44
8012
Long Dock consol g 69
1935 A 0 10034 1004
5
9712
1110%1037.
Long Island gen gold 45
1938 J D 10614 10614
4
9814
10472 106%
Unified gold 40
1049 M 8 10412 10434
13
8714
102 105
1937 M N *103
20-year pm deb be
10334 --92%
10212 10334
Guar ref gold 4e
10412 10
1949 M 8 104
8534
101 12 10412
Lorillard (P) Co deb 7s
130
1944 A 0 130
20 110
12514 13012
50
11814
4
1951 F A 118
11212 1184
987*
53
75
Loulalana & Ark let be ser A
38%
165
7214
75
19893 J
19
Louisville Gee & El (KY) 511
1952 MN 11214 114
86
10714 114
Louie &Jeff Bdge Co gu g 4s
7512
1945 M B *1061 4 10712 ---102 10614
Louisville A Nashville 50
1 100
1937 M N 10712 10712
10714 10734
Unified gold 412
1940 J 1 10734 10318 91
8812
104 12 10812
let refund 53.4, emirs A
81
1057* 47
2003 A 0 105
10334 107.,
let & ref 58 eerie/ B
74 2 10334 107
56
5
234 105
2;2 14
2003 A 0 104
807
let & ref 4340 series C
98,3 104
1941 A 0 10818 10812 24
Gold 513
9812
10614 109
Paducah dc Mem Div 421
3
82
1946 F A 10434 10434
102 104%
St Louie Div 26 gold 30
7412 8312
1980 M 8 82'2 8212
3
5412
Mob A Monte let g 44,
92
1945 M S *11012 -----1087* 111
South Ry )(Ant Monon 40
8232 ---5672
1952 J -1 * -_
77
86
All Knox,& Cin Div Ale
1955 M N *1- ---80
105
107
08
*Lower Austria Hydro El 6340.-1949 F A *___.
-0-6- ---4412
88
99
'4

.1.

*:McCrory Stores deb 534,
1941
Proof of claim filed by owner_ 10312
McKesson & Robbins deb 540
1950 MN
998
1t•Manati Sugar let of 740
1942 A 0 2014
*Certificates of deposit_ 01632
it•Stmpd Oct 1931 coupon_ 1942 1C-0 01632
*Certificates of deposit---- ---f t*Flat stamped modified_ _1942 -___ 016%
1618
*Certificates of deposit_
I•Manhat Ry (NY)cons g 4a _1990 -A--0 56
5219
*Certificates of depoolt
---•
•26 40
2013 J 0 40
Manila Elec RR & Lt 015,
1953 M S *92
Manila RR (South Linea) 4,
1939 M N •7114
let ext 4a
1959 M N *59
•Man GB A NW lot 34e
1941 J J *--_
Mfrs Tr Co cti% of panic In
A I Namm & Son let 1311
0012
19433 D
Marion Steam Shovel s f 62
1947 A 0 5612
Market St Ry 72 ser A_April _ _1940 Q .1
8712
Mead Corp let 62 with wart
1945 M N
9318
Merldionale Elea let 70 A
1957 A 0 25812
Metr Ed let A ref Ea 'or C
1953 11 3 108
let g 44a settee D
1968 M S 10714
Metrop Wat Sew A D 534e
1950 A 0 98%
12•Met West Side El(Chle)45
1938 F A 01212
•Mex Internal 101 40 aestd
1977 M 1*,....,•Mlag Mill Mach let a f 70
1956 J D *29
Michigan Central Detroit A Bay
City Air Line Ale
1940 1 1 0103
Jack Lana & Sag 3340
8363
1951 M 4
let gold 340
1952 M N 103
Ref &!mot 4340 series C
9612
1979.5 J
Mid of NJ lot ext 50
1940 A 0 *- -Midvale St & 0 coil tr 0160
10212
1936 M
MIlw El Ry & Lt let 5, 23
9834
1 D
1061
1971 j j99
•
let mtge be
12•Milw&Nor let ext 434e (1880)1934 3 D *__ _ _
•Ist ext 432e
6512
1939 __
*Con ext 434o..193!) . .63
Mil Spar & NW lot gu 4s
1947 M 8 44
1\41Iw A State Line let 334e
1941 3 1 055
43
f•Minn & St Louis be etre
1939 M N
•Bit & refunding gold 4e
1949 M /3 *1
'Ref & eat 60-yr 52 eel' A
*1
1962 Q F
'Certificate, of deposit
Q F
032
M SIP ASS 14 con g 4s1nt gu___1938 J 1 33%
lot cons 5e
19383 J •2612
lot cons be go RR to lot
39,2
1938.5 J
let A ref Co aerie.; A
2512
1946 J J
25-year 5340
1949 M 8 20
8378
let ref 545 series B
1970.5 J
let Chicago Term a 1 40
1941 M N •80

10412 23
110
100
2134
5
--- ---____ ____
-- -- ---2912 -- _ 1615
14
0072 203
89
56
1
`*0
95 -- - 7312 ---6872 --__
50 ____

4612
53
9
7,2
612
4
4
712
35
35
27
82
495
51
50

8144
9334
11
814
812
12
914
7%
50
47
3713
90
63
mil

106
100
35
31
32
2112
3012
35
0072
57
45
98
72,4
70

91
5
00
28
8979 28
9512 50
60
32
1
108
10732 33
10012
17
16 ---2 -- -35 ----

50
41
60
47
5812
77
67
74
9
174
33

7114
65
83
797*
5812
10214
9572
96
914
- -

91
7))
92
9614
98
108
10752
10134
1712

io

ii

10334 ---9314
83,2
I
8734
103
8
8412
97
37
70
70 --_6132
1025, 55
90
67
100
97
99%
19
56
93 ---6214
58
1
651g
66 ___
5612
7
4412
3412
70 --- 6012
43
2
4
12
112 — _ _
P. ---15*
4
112 -35
72
263
2912 __ _
1972
40
14
31
16
1
2512
2038 24
15
8512 51
51%
--------85

10012
8312
10012
931$
6632
10232
7712
7612

10414
00%
10432
9912
80
103%
10014
10012

58
5612
:49%
645*
43
,2
1 12
78
2634
1972
31
18%
1714
6712

70115%
53
64%
8,4
21
17*
115
37
30
4212
2518
24
851.1

18
67
385*
33
363
12
20
19
57
1912
1812
1934
1872
32
1912
197*
1912
1874
71)
85
75
35%
49

30
897*
73
62
64
36,2
30
27,4
IV.
30
27,4
2934
27
77
30
2512
30,4
27
83
85
8059
48
447

5

76-12

9934
10412
41
1114
38%
3734
56%
61
78
58%
77
85
8112
71
8312
7512
104
1037
10314
974 t•Mo-III RR 1,1 6* series A
2
12
2512 2512
1959 J J
7612 121
1% Mo Kan & Tex let gold 40
87
1990 3 D 6974
8334 Mo-K-T RR or lien be ser A
40
58
3834
1962 J 3 38
8
40-year 42 aeries B
33
35
33
1962 1 J
9912 101
Prior lien 4340 se-tie, D
2
363
3832 388
1978 3 J
97 103
*Cum adjuat 50 ser A
133
62
12
Jan 1967 A 0 1214
293 41
t•Mo Pao let & ref 50 eer A
29
69
20
26
1965 F A
28
3912
19
25
35
25
*Certificates 01 deposit
92 402
57
11014 114
*General 40
1976 M 13
814
6912 7834
*1st & ref 5e aeries F
2834 283
1977 M 8 258
191z
741$
53
'Certificate, of deposit
2
1812
25
2514
10536 109
*let A ref Sc series 0
2834 102
1934
26
1978 M N
10014 105
-------187,
025
*Certificates of deposit
33
32
45
514
39
*Cony gold 534e
434
1949 PA N
26
42
29
1980 A 0 2614
146
*let A tel g Usenet, H
1913
2514 32
19%
*Certificates of deposit
-- --__
6712 8978
29
221
*1st & ref 50 seriea I
1912
26
1981 F A *25-4412 7914
25
1
25
1872
*Certificates of deposit
7712 79
•Mo Pao 367* ext at 4% July _ _1938 MN
83
83
3
(39%
10112 1037* Mob & Birm prior Hen g be
--------85
19453 .1(
10412 106%
Small
75
3
78
75
J J
77
93
let M gold 4s
3532
19415 .1 1 *3612 44 ____
95 10112
Small
3 3 040
5a --_40
/.Mobile & Ohio gee gold 4a__1938 M S •- -99
99
al
88,2 -- 10814 10834
*Montgomery Div let g 5e__1947 F A
13
14
9
108
14512 150
*Ref A impt 4340
5
1
1977 M S
434
5
94 103
53
*Sec 5% notes
2
5
.534
1938 M S
110 114
118 122
Mob & Mal 10( 90 gold 4,
81 -- 1991 M S 078
70
10014 105
Mont Cent lot gu 6e
17
87
1937 J 3 10272 10314
2614 37%
1st guar gold 50
7
1937 J .1 10112 10134
79%
Montana Power 1,1 6* A
Cl
77
1943 J 1 10514 108
1057* 10912
Deb 50 series A
99
0334
66
1962 1 D
6012
9714 1015, Montecatini Min A Agile—
5912 81
Deb g 70
8412 34
81
1937 3 J
7612
59
80
Montreal Tram let & ref as
10114
1941 J J 101
I
88
10114 103%
Gen & ref of 5e aeries A
1965 A 0 .84
--------703,
85 10032
Gen & ref 0150 series B
--------723
1955 A 0 .84
9711 102,2
Gen & ref of 4342 eerie, C
1955 A 0 079%
83%
7
1472
Gen & ref 0 f be series D
- -- - 1955 A 0
7034
10172 lows Morris & Co let of 434e
1047* 104%
1939.5 J *83--7
82
102 106
Morrie & Essex let gu 334e
9334 102
2000 3 D 9212
70
64
7314
Comitr 5.1 Se ser A
9412 95
35
1955 M N
77
87% 97%
Constr M 440 Belles B
8312 8672 164
1955 MN
6532
55
80
Murray Body let mtg 63
142
1942 J D 127
368
-So
98
51
72
Mutual Fuel Gan let en g 52
1947 MN 10934 110
4
95
52
7312 Mut tin Tel gtd 60 ,21 at 59'—1941 M N •106% ___ ____
8936
9114 9612 Namm (A 1) & Son—See Mfre
--Tr—
0712 104
Nash Chat% A Si L 4e ser A
1978 F A 08718
8s38 ____ 78
82
99
Naeh Flo & 8 10990 g 50
1937 F A *10314 105 ____
91
3014 5032 Nassau Elec gu g 4e etpd
1951 J 3 6114
6234 37
5014
33
541.4 Nat Acme let a 1 60
102
1942 J D 102
1
6512
3912 60
Nat Dairy Prod deb 540
1949 F A 10312 104
104
747
10512 10778 Nat Distillers Prod deb 440
993 10019 117
1945 MN
___
9112
971z
2512
4%
23
23
2814
487*
58
355
70
74%
6S
50
5812
5512
99
99
99
414
34
74

434
5

9
912

79
10012
9732
9312
67

8512
10314
102
107%
98

7(312 94
9614 101 14
82
77
7334
74
101
9114
94
8312
98
1033
102

7-85*
7972
10512
9512
102
9636
142
110
1067*

8814
10212
50%
8612
10212
9914

97
10514
6234
102
105
1005*

716

New York Bond Record—Continued—Page 5

Aug. 3 1935

.3

Any 1
Wed.
Z
July 1
7..
wurs
Range
Bangs Of ; 1933 to
S
RAMS
to
1933OND
.3
k
..B
Range of
e
Jra
BONDS
July
Slue
31
k
_
-...
Frielay's
N. Y. STOCK EXCHANGE
Mossy
ei July 31
Friday's
0.1 t
N. Y STOCK EXCHANGE
1 Bid & Askisd 14
.4r,
Jan. 1
1935
2
Aug.
Ended
Week
1
Jas.
1935
&
go
Bid
A4444
...a.
Week Ended Aug. 2
—
High
Low
Low Low
'10h No
HOD
9104 No. Low Low
Low
774 101 106
1961 1 J 10514 10534 24
Ore-Wash RR & Nov 4s
19573 J
4Nat Ry of Men or lien 4340
100%
94
6512
10034
7
100
F
M
1963
218
213 5 Oelo Gas & El Wks esti 58
8
218
112
*Assent rash war rot No 4 on_
8 72
99,
20
6953 0912
1941 M F 98
Otis Steel us mtge 8e see A
A -(5
19ii -*Guar 48 Apr '14 coupon
41
5
45
25
36
1946 J D 41
47 Pacific Coast Co lat g 58
Its - 2
234 ---i
2
__,_
*sapient cash war rct No a on_
27
107
1065
9812 106 109
J
J
Pacific Gas & El gen & ref 55 A _1942
li)2A
*Nat RR Men or lien 41,48
101%
79
80
99 101%
F A
998
1938
43
g
ext
let
Pao
Mo
of
614
RR
3
2
1
314
34
*Assent cash war ret No 4 on_
100
2
84
93 100
1938 3 J 100
vad extended gold 53
iiiii 1--1,5
•lst consol 43
1937 1 J 10618 10638 13 10314 10018 10712
Pacific Tel & Tel Ist As
2
218 ---5 "12%
24
*Assent Hugh war rot No 4 on_
N 11014 11034 15 10414 10918 11312
M
1952
A
series
be
mine
Ref
108
105
85
)
A-1
liiiii Nat Steel let coil 55
93
1054 10512
4
10213 104 Paducah & Illa lets f g 4345 .. -A955 1 3 *10518 106 ---230
19653 D 10318 104
let coil a f 4s
3312 4353
2518
60
65 10.Pan-Am Pet Co (Cal)0011v 6s-1940 J 0 414 4214 19
60
85 ____
1934 MN *50
Naugatuck RR lets 43
._
4012 4214 29
23
3314 434
1131j
deposit
of
1193*
*Certificates
-- 10112
19483 D *1191s
Newark Consol Gas cons 59
61
2
61
.1
2718
s 6118
423
1
5148-1951
PParamount-B'way let
81
78
6833
19463 1 *---68 ---2
New England RR guar fis
62
42
15
274
61
--- 61
70
*Certificates of deposit
60
3
60
1945 .1 1 63% 8838
0021801 guar 411
60
-65
65
----------------1951
15113
assented
124
122
54 10484 11612
1952 J D 12012
New Ens Tel & Tel l% A
1947
24
9914 11253 1234 Paramount Fam Lasky 68
1981 MN 12012 121
1st g 434.series B
1024
37
1318
5814 1024
4
--------821,
1I•Proof of claim filed by owner-- J D 963
8812 884
1988 F A *99
NJ Junction RR guar 1st 48
9634 10218 32
15
59 10218
684
94 108
28
•Certincatee of deposit
106
1980 A 0 105
NJ Pow & Light let 434.
ma F A
4833
4833 654 Paramount Pub Corp 61411
19833 J 6318 6512 38
New On Great Nor be A
134
594 10312
50
53
50
100Proof of claim tiled by owner_ — ---- 9833 10312 45
4978 __-_
NO & NE lot ref&impt 4348 A-1952 J 3 ....—
____
9812 1034 52
14
5834 10312
57
*Certificates of dance:It5512 80
38
1952 A 0 7853 80
:New On Pub Sere let 58 A
14118 48 10414 13014 163
1968 M 19 140
8g 8014 Paris-Orleans RR ext 5348
313
68
80
55
7912
D
19653
B
&
Finn
ref 55 series
10
8
3338
1712 34
33
1953
_
13
68
8934
:•Park-Lexington
otts
87
634o
74
71
4
19633 J
New Orleans Term let gu ris
3114
9
33
14
23
A0 31
1949 .—
1518 2812 Parmelee Trans deb es
1
1214
1935 A 0 2512 2512
t•N 0 Tex & Men n-o Inc 58
118 11814
- ---- 102
13
M
1949
44
&
53
Pat
cone
3112
Female
E
14
3112
&
G
1814
29
0
A
1954
•13t 59 series B
94
El
89
111
87
--1942
4
*•11812--1153
73
83
f
e
3110
ref
3112
4
let
197
1414
*Pauline Ry
1958 F A 29
•I8t 58 series C
3112 73
1874 9112
144
1958 F A 29
•Int 4 Ms aeries D
102 10213
M 5 *10318 --------94
1937
Penn
A
gu
It
Co
eoll
3214
3214
168
2818
0
20
334.
141s
A
1954
Slot 614. serlen A
1941 F A *10212 --------8153 100 10253
Guar 3348 colt trust ser B
10213 10712
19463 J *10713 --------92
N & C Bilge gen guar 434e
8334
9853 10234
1942 1 0 *10234 ---- ---Guar 314s trust Ws C
1935 A 0 ------------10034 10034 10253
N V 0 & N4 B 188 con g 53
98 103
1 10614_ _ _._
137
052
100
1
8112
D:
Ni NN
,88
3 .3
7
49
98
14
D
363
°Us
111
Guar
trust
314s
11214
9884
4
981
110
MN
1944
N Y Cent RR cony 138
--------841,
99% 103
64
Guar 48 oar E trust °Us
7313 8778
1998 F A 8514 8614 191
Consor 40 series A
12
82
104% 10734
760
Secured gold 434a
4314 88
4314
2013 A 0 6212 68
Ref & impt 414s series A
55
1941 NI 4 9012 9314 86
7112 9311
801
461,
464 74 Penn-Dixie Cement let 63 A
2013 A 0 8734 74
Ref & Impt as merles C
103 10612
78
9
92
9834 Pa Ohio & Det lot & ref 414e A....1977 A 0 1044 10513
737k
1997 J J 9514 9612 112
MV cent & Bud RI, M 334e
1 10653 10653 15 10114 10412 10638
1
1981
957
B
11
series
8
97%
67
414s
88
95
J
J
1942
Debenture 4e
754
983s 10814
1981 A 0 10553 106__ 145
68 Pennsylvania P & L 181 434.
43
43
632
6214 68
2013 Ref & impt 4344 ser A
9814 107 Ill
__-1943 MN
64
7833 8914 Pennsylvania RR cone g 48
1998 F A 8712 8812 57
tAke shore coil gold 31413
11212 113
MN *111-48
944 108 11418
1948
87
8
873
43
40
gold
8
887
A
65
Como!
79
F
1998
Mich Cent coil gold 31-48
-- ---95% 108 11312
10038 10212
77
48 sterl stpd dollar May 1 —1948 M N *1117
1937 A o 10112 10134 35
N lf chic & St L Int g 48
118
53
9813 11412.11912
1960 F A 117
Conaol sinking fund 434e
57
77
43%
1974 A 0 6512 7212 248
Refunding 5343 series A
108
8
D
1081
1
66
1965
10418 16913
8053
eerie*
682
A
66
61
47
434s
General
5712
364
1978 M 11
Ref 4413 series C
873* 109 115%
1968J 0 1144 11518 31
206
402
67
General 5s series B
4353 7112
1935 A 0 62
3-1r 6% gold notes
4 103
77 101
10234 106
1936 F A 102,
Secured 614s
9212 10633 111914
1953 F A 106% 10678 17
NY Connect let gu 434s A
105 108
1964 M N 1064 10612 24
81
Secured gold 56
10718 101134
1953 F A *1061/3 106% - -, 99
lot guar 53 series B
8 257
97,
66
1970 A 0 97
903 9753
Debenture g 434e
51
4112
598 7478
N Y Dock let gold 4e
1951 F A 6814 72
198 1 0 10512 10612 119
7514 100% 107
42% 58
30
5353 54
General 41is series D
1938 A 0 50
Serial 5% notes
106
10518
110
3
997e ion
9112
'
199
Gen mtge 43.(. ser E
1941 A 0 11153 11134 23 1084 11133 1144
NY Edison lot & ref 6345 A
11614 11 100
11053 116%
194 1 0 116
5 10212 10512 109% Peop Gaa L & C let cons 68
1944 A 0 106% 107
1st lien & ref 1% series B
$
1063
10812
4
11
80
9814
10712
4
194
be
gold
Refunding
10712
27
10614
11014
108
0
10253
1951 A
let lien & ref 53 series 0
194 1, 0 6812 8812
2
50
8012 7334
Peoria & Eastern 1st cons 43
NY & Erie—See Erie RR.
5
414
912
4
18
4
April ____199 1P1
*Income 4s
9 10418 11611 12134
1948 J D 12434 12434
N Y Gas El Lt El & Pow g be
8312 102 10712
197 3 A *10613 10814 __
Peoria & Pekin Un 101 594,
39
95
1070* 115
1949 F A 11312 114
Purchase money gold 48
91
75
27
al
61
8214 93 Pere Marquette let ger A 50 —195 1 1 8813 90
4
9214
1948 M N 91
NY Greenwood L gu g 5e
8114
4812
69
195. 1 1 744 7612 52
lot 40 series B
98 10214
8314
2
2000 M N 10214 10214
N Y & Harlem gold 3141
198, MI 33 7914 81
13
46
68
8212
10034 73
1st g 43.48 series C
08 10278
1973 M N 100
9253
N Y Lack & Went is ser A
89% 108 10gss
1972 M N *106-__
4348 seri B
112
'4N *111
108
2
987
--_Wash
&
194
1st
Bait
751,
94
43
Phi%
g
99
NY RE & W Coal & RR 13148 — 1942.
11 N'
65
v9- ---__
954 113 11914
197. F A •11814 12
General 53 series B
105 107
1 *106
--------87
NY L E & W Dock & limn 53_1943
87
10812 112%
197 1 J •113-___
General g 434s serles C
1941 M S *10312 -_-- ____
9ble 1011,1041*
N Y & Long Branch gen 43
107 11212
1 1008
198 1 11 11212 11_212
General 4348 series D
6114
794 10012
196' J D 99% 10012 268
30
10
28
28
Phila Co sec 55 ',cries A
39
194701 8 29
NY N H & If n-e deb 43
107
1 100
10814 110
198' '4$ 107
3612 Phila Elm Co let & ref 414e
27
2
37
1947 M 8 2814 2814
Non-cony debenture 314s
106
A
10714
F
10414
25
10814
4s
197
8953
ref
&
24%
2814
133
244
10
28
37
1954 A 0
Non-cony debenture 334e
6358 41
4853
197: I .1 62
5253 75
30
13
26
26
40 Phlla & Reading0& I ref 15s
19653 1 29
Nen-cony debenture 4s
4014 144
30%
304 5371
1941 al 8 38
Cony deb lis
2813 3912
2653
1956 M N 2812 2912 51
Non-cony debenture 4s
27
21
193- 1 J 26
2214 27%
2014
2414
2414 3853 Philippine Ry 1st s f 4s
5
1958 J .1 2753 2733
Cony debenture 314a
10112 104
8414
193' 1 D 10218 10234 86
Phililpi Petrol deb 510
62
30
30
1948 3 J 3514 3712 137
Cony debenture 63
10918
10512
108
0
4
10514
1
10214
63-1943
Pillsbury
Flour
51
Mille
53
20-yr
4514
83
4012
0
A
1940
40%
Collateral trust (13
85
2
85
82 10412
1951 MN 82
304 Pirelli Co(Italy)cony 7e
16
16
39
21
1957 M N 19
Debenture 48
1083 1124
1941 A 0 11214 11214
1 100
137
HSU CC & St L 4 Ms A
2712
271e 46
19873 D 3012 34
let & ref 434o oar of 1927
1084 112
99
8-._
1942 A 0 *1117
Series B 434s guar
17
9514
82
87
1954 M N 9312 94
Harlem R & Pt Chee let 4a
1111
4 — 10014 109 1098
1942 '4N 5111
49
111
40
Series r1 4 Ms guar
61
40
NYO&Wrefg4s
June 1992 M S 467
1946 NI N *110
97% 1074 10913
-_-___
32%
3812 50
Series 040 guar
3212 49
j955J 0 35
General 43
1949 r 4 *10212 --------8953 ..... ___
Berton E 834. guar gold
___
814
--- ---1942 A' 0
NY Providence & Boston 44
1953 1 0 5109 4 --------9653
SeHes F 48 guar gold
6
6614 -85
76
84
874
1993 A 0 *9953NY & Putnam lot eon an 4a
10912
1957 14 N *109% --------9810553
045
Series
guar
4
1212
123
1112
1212
8
or
A
1965
Rye
9_ 8
*NJ Y
Corp Inc 68--Jan
1966 F A *10978 ____ __._
107 110
el
45
Series H cons guar
1014 1112
1014
1453
1965 --. *12
*leo 63 assented
18 --------99
113% 11712
56
89
Series Icons 410
7018 9212
6
19653 J 88
Prior lien 65 tootles A
778
16
A *11
-- -___
r N
3M
1914
91312 113,
Series J cons Slue 43431
90
s 117
90
90
1965 _ - - *8812 90 _-__
Pr. lien 138 assented
1970 / D *11514 11512 --8834 111% 11614
General M 53 aeries A
96
10514 110
1951 M -N 10938 109% 10
NY & RIcOm Gas let Se A
11512 15
11, 2114
1975 A 0 115
8514 11133 11614
2 ---,
Oen mtge &leer B
114
pal Y State Rya 4 Ma A °UN--1962 --- *112
1977 1 J 10612 107
104 108
27
76
Gen 4348 males C
1%
2
178
153 234
153
1982 _,,- _,
•8 Ms series 11 certificates
110 114
1940 A 0 ------------97
98
108 11134 Pitta Sb & RE lets 53
1947 M -N 10878 11934 21
NY Steam 135 series A
conesl
ba
lot
1
gold
11034 1134
--__
1943
--,
4
1
1103
---7
90
107
1073
10453
10612
N
M
1951
1st mortgage 51
194? al N *10614
-- ......
10714 10714
94
5
914 10412 10718 Pitts Va & Char let 4is guar
1956 M N 10853 10612
lot mortgage be
68
1512
53
4
*Pitts & W Va let 4148 oar A..1955 3 0 65
63
53
4014
46
16
53
1937 1 J 52
NY Suaq & West lot ref ba
B
scrim
1958
M
411
1st
5134 65
52
am
4312
4113
9
434s
*39
A
65
F
1
2
58
1937
2
4
,
2d gold 4343
68
47
47
9
.sr 58,z 65
1960
1st M 434s series C
3734 5112
4
4618
1949 F A 45
3153
General gold 53
Pitts Y & Ash 181 40 ser A
1948 1 0 *109
97% 100
100
7253
--------9253 109 10934
1943 MN *99
Terminal let gold 53
1962 F A *113
1st gen be aeries B
11612 11653
--------97
1939 MN 11118 11134 65 10218 109 13134
NY Telep 1st & gen If 434.
453
86
56
___
81
1948 J 0 *75
N Y Trap Rock let 68
F A
4
3
80
Arthur
&
81
Can
8
Port
1952
Dk
7714 8553
85
6114
A
Os
80
7
80
80
80
1946
6s stamped
82
75
1963 P A *79
56
82___
lot mtge Oa series B
17% 32
1712
N Y Weetch & B lot ser 1 434s _1946 1 1 1934 2234 122
5014 751,
port Gen Eleo let 4143 see(-1 _1960 NI S 73
19412 108
90
744 138
7
374
1955 A 0 10612 107
Nies Lock &0 Pow let 53 A
4
J
10712
1935
5s
1st
extended
to
9212
10712
6214
1950
107
11
104
10712
48
107
9212
MN
4
893
1950
Niagara Share(Mo) deb 511s
51
15
5634
8018 Porto Rican Am Tob cone 61_1942 J .1 49
2814
42
38
63
5
8018
•Norddeutache I-102d 20-Sr Of 6s-1947 MN 80
524 :•Poetal Teleg & Cable colt 55—.1953 1 3 2914 3034 540
254
8678
254 5214
42
1947 M N 4718 4714 10
New 4-8%
iI•Preined Steel Car cony 913a-1933 1 J 504 53
171
4
135
10512
26
3814
381
44
5814
2150
14844
0
A
Nord Ry est sink fund 0340
1960
25 __
1957 M N •15
20
35
20
40
5
12
1912 Providence Sao guar deb 45
153
1414
II•Norfolk South let & ref 58.-1961 F A
45
Term
1953
3
1
let
M
Providence
__-1814
802
8838
1214
911s
4
*1318
1553
*Certificates of deposit
we 50 Pub Son El & G 1st & ref 434s___ 1289
1414
005 10080
17119
29311.4442
4 104,
11109
88978714
98
82
50 ____
084
3
189
7
.
1
60
8487
7
4 ii
1
8
8111 'i
g1158
00006
1°
r 0
pd
1941 MN *49
111122 1
A 4111104
s
8
5
5
000
0
1I•Norfolk & South let g aa
rA70
let & ref 450
9114 11012 117
1996 0 A 11512 11614 35
N & W Ry let cons g 43
4s
ref
&
let
10814
913
5
106
108
108
1941 1 11
Pocab C411 C Joint 43
Pure CHI e f 514% notes
8114 102
55
8114
102
1961 F A 101
North Amer Co deb 53
fil f 536% notes
0934 10253
7413 10012
56
29
1957 01 8 9834 100
No Am Edison deb Sleet A
1948 1 J 9718 9812 82
Bakeries of deb 63
8234 99
Purity
103
56
784
50
7814
103
10212
Aug 16 1963 F A
Deb 53.48 ser B
7112 100
54
Deb 139 ser C
Nov 15 1969 M N 9812 9912 43
ctfe
90
pt
Z•Radto-Keith-Orpheum
120
118
98
---12312
*119
S
M
1974
&
ref 521 A
North Cent gen
64
for deb 63 & com stk (65% pd)----- .,--- *62
4514 54
35
110 111
1974 M a *1124 --------88
Gen & ref 4 Ms series A
1941 J D 43
0334 38
:to/Debenture gold 83
264 63,
4
45
16
43
40
1
85
1946 A 0 43
:Worth Ohio 1st guar g 58
A 0 9714 98
43_1951
coil
Cent
Jersey
Co
Reading
29
73
9612 10012
45
45
4
3
35
---40
*3812
*El Apr'33-ONV33-Apr'34 cpne---1997 .1 J 10614 107
Gen & ref 4109 series A
25
79
105 1081s
•Strnpd as to sale Oct 1933, dr
1997 1 J 10618 10678 25
Gen & ref 414e series B
794 105 1084
2818 45
2
3818 3818
3438
__
•Apr 1934 coupons
10412 .59
7478 10434 1094 Rem Rand deb 511e with warn _1947 MN 104
63
99 10412
7
1947 al 13 10812 10812
Nor Ohio Tra° & LS 6s A
M N *104
taps
-- _.. ____
99% 104
534s without warrants
78
10113 107
55
105
1997 Q 1 104
North Pacific prior lien 43
IN N
1941
Os
gu
&
Saratoga
Rensselaer
7
--_._
3
7137
120
5012
7312
7012
71
F
Q
Gen lien ry & Id g 3s Jan _2047
1940 A 0 a10534 al-0-61-2 — 3
74% 897 Repub I & 13 10-30-yr 5*.1
10314 10634
60
80
8712 52
20473 3 86
Ref & Inapt 43'4e series A
1953 3 .1 10334 10414 31
944 10414
88% 10253
13112
Ref & gen 5340 smite A
8812
2047 3 3 9812 10114 350
Ref & impt Se series B
10818 21
1948 al 8 108
78
10714 1084
9614 Revere Con & Brass 6s ser A
82
81
9512 35
2047J J 94
Ret & impt fe series C
2618
4
33
1946 1 J 32
43
23
98 •Rbeinelbe Union s f 78
82
61
2047 .7 .8 9312 953* 87
Ref & Rapt batteries D
28
28
Water series 6a...._1953 l J
5
25
*Rhine-Ruhr
2614 3913
10814
105
100
---_
*1083*__
0
A
Calif
1938
of
Ry
guar
Nor
g 58
*___.
N
M
1950
El
3912
73
Pr
____
3614
3914
*Rhine-Westphalia
44
4
1
107
103
89
11612
38
1941 A 0 106
Nor States Pow 25-yr be A
3214 3584 11
1952 MN
3214 4312
3414
*Direct mtge 613
10514 1081
93
2
1941 A 0 1074 10734
1st & ref 5-yr 63 ser B
3234 3534 10
A
F
1953
of
(is
mtge
1928
43
35
4
323
*Cons
1014
101
100
____
104
*10218
J
J
Northwestern Tales 4149 ext_1944
8
3212
•Cons M133 of 1930 with wart..1955A 0 3484 36
3434 434
88
9853
6853
1957 M N 29612 9712 13
Norweg Hydro-El N115110
3114
3212 69
1944 MN
20
25
347
30
6014 1PRIchtleld 011 of Calif So
30
8
19483 J 3012 34
OS & L Cham lot gu g 48
N
of
M
8
37
305
s
deposit
1912
323
*Certificated
344
3414
1054
105
10612
4
3
8
1943 M S *1071
Ohio Connecting Ry 1.1 41
89
10914 113
1946 A 0 11218 11214 11
Ohio Public Service 7543 A
__
1948 11( N *3638 42
32
32
46
78
2
10753 11214 RIO & Meek let 545
112
1947 F. A 112
1st & ref 70 series B
1952 1 J *10618 ------99
10453 1074
Mehra Term Ry hit On be
10112 104
90
1938 3 D *10114 10312
Ohio River RR let g 6s
60
48
1955 F A .5214 60 ____
45
10118 10414 *Rime Steel let s f 78
87
1937 A 0 *103
General gold 55
8514 9512
1939 J 0 •901s ---- ---70
Rio Grande Juno lot so 58
10
1304 18
2
18
18
1944 F A
00010 Ben Coal 101 8.
_
1
1
12
99
2
109 11312 /.Rio Grande Sou 1st gold 43—_1940 1 1 •1
1943 F. A 11314 11338
Ontario Power N F 151 EA__
1
_
*1
1
1
*Guar 49 (Jan 1922 coupon)—1940 .1 J
944 110 11712
1945111N *11053 112 __
Ontario Transmission lot As
7914
J
118
8
1
8812
—1939
8258
66
11
let
31-West
gold
Grande
*Rio
105
109
8314
15
19403 D 10812 10853
Oregon RR & Nay corn a 4a
ssi-2
4
241,
1949 A 0 3212 3212
2412 .•
*let con & Coll trust is A
1144 11838
1946 J J 11714 11714 10 100
Ore Short Line 1st cones 5e
9961 1121
.11912
19463 1 11818 11318 13
Gt162 stpd cons be

__z,

For footnote* see Page 717.




q

-4

New York Bond Record—Concluded—Page 6

Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 2
Roch CUE gen M 5%5 ser C._1948
Gen mtge 914s series D
1977
Gen mtge be series F
1962
91•11 1 Ark & Louis 151 43.40
1934
Royal Dutch 9s with warr
1945
*Ruhr Chemical a 169
1948
Rut-Canada 1st gu g .te
1949
Rutland KR let con 434s
1941

t6.-2
4a:

July i
Weeks
Range or ; 1933 w
Friday's
July 31
Bid & Asked ro•i
1935

High No
LOW
M S *1081s 110
M S *10918
6
4
M A 10914 1-093121. 25
12
M
AO *11518
AO
33
33
J J
391,
J J *35

8314
70
641,
70

At L 8 W let 4S, bond etre __ .. 1989 MN
81
28 g 4sine bond etre
No. 1989 J J 63
let terminal & unifying 5e____.1952 J J 60
Gen & ref g be ser A
1990 .1.1 497s
Elt Paul City Cable cons be
.▪ 7 9514
1937
Guaranteed be
1937 J J *9512
At P & Duluth lot con g 4s
1968 J D *10214
St Paul E Or Trk lot 414s
1947 J J •
I•St Paul & K C Sh L gu 4.34e_ _1941 FA
1314
Al Paul Minn & Man 5
1943 J J 10612
Ment ext lot gold 48
1937 in 1041s
1PacIfic ext gu 9s (large)
1940 ii 1011,
Ht Paul Un Den baguar
1972 J J 118

11
22
4
1
2

51
4112
351s
27
45
457s
84
45
1118
9218
86
85
96

S A & Ar Pass let gu g 4s
8614
9014 110
San Antonio PublServ 1st 68
5
10912
5.1
j i 109
19
1 14
Santa Fe Fees & Phen 1st As
1942 M S
Schuler) Co guar 634e
1948.1 .1 *4318 4878
Stamped
54318 48
e I 6 Sis serial B
Guar
4712 48
Stamped
_6
194 1_4_!11_
1
4712 4712
Scioto V & N E let gu 4s
1989 M N 511318 11938
§1•13eaboatd Air Line lat g 98._ limp A 0
1414
1414
1
•CerVticates of deposit
*1414
24•Gold 49 stamped
1412 14
1950 A 0 1314
•CertIls of deposit stamped
14
A 0 813
•Adjustment be
*212
Oct
2I•Refunding 98
478 38
434
1r5C11 I
A
*Certificates of deposit
414
15
414
2•Ist & cons (3s series A
634 137
55.3
1945 M S
•CertifIcates of deposit
512 14
518
:PAO& BIrm let g 4s
38
16
1933 M S 12

55
70
95
34
2612
29
28
90
634
1014
10
1014
212
414
41s
412
312
812

54
1438
10678
10412
10112
11878

g

2•Senboard All Fla (le A ctfe____1935 AO
318
*Series 13 certificate('
*312
1935 F A
Sharon Steel Hoop 015(40
9712
1948 FA
Shell Pipe Line r deb 53
1952 M N 10414
Shell Union 011 r t deb be
1947 MN 10278
ShinYetsu El Pow 1st 6%13
1952 J D 86
•ISlemens & Batlike e f 7s
67,s
1935 .1 .1
*Debenture f 63413
1951 M S a4118
Sierra & San Fran Power Is
1949 F A 113
*Silesia Elec Corp s f 634e
28
1946 FA
Sileslan-Am Corp coll tr 78
5914
1941 FA
Sinclair Cone 0117s ser A__
1937 M S 101
let lien 6348 series 13
D 101
1938
Skelly 011 deb 514e
1939 M 8 10234
South & NOT Ala cons gu g 5s
1936 F A *10414
Gen cons guar 50-year be
1963 A 0 *115

4
414
9878
105
103
8612
6714
o4118
113
28
5912
10118
10118
103

11
5
4
46
27
1

South Bell Tel & Tel letsf be
Southern Colo Power 68 A
Ho Pao coil 48(Cent Pac coil)
let 4%o (Oregon Lines) A

10914
10038
82
8658
7558
76
75
10512

9
24
138
240
261
133
434
33

Gold 4501
Gold 4348
San Fran Term 1st 48
So Pac of Cal let con gu irt be
So Pac Coast 1st go g 4e
So Pao RR let ref guar 48
Stamped
Southern Ity 1st cons g As
Devi & gen 4e series A
Devi dr gen 613
Devl & gen 834e
Mem DI* let g be
St Louis Div 1st g 48
East Tenn reorg lien g 5e
Mobile & Ohio coil tr 46
ii•west Bell Tel 1st & ref 513
(*Spokane Internal let if be
Stand OH of N Y deb 4%e
Staten Island Ry 1st 4%13
12•Stevens Hotels 68 series A
*Studebaker Corp cony deb 6s
Sunbury & Lewiston lot 48
Swift & Co 1st M33is
Hyracuee Ltg Co let g be

1941 1 .1 10458
9958
1947 J J
7915
1949 J D
1977 MS 8412
74
1068 M
7418
1989 MN
7312
1981 MN
1950 AO 10412
1937 MN *10778
1937 J J *9918
1955 ii 97
*97
79
1994
1956 AO 3334
1956 AO 407s
1956 AO 4178
1996 ii
72
1951 J J
1938 MS 97
1938 MS 30
1959 FA 10818
634
1955 J J
1951 J O 103
1943 J D
21
1945 J J
44
J
1995
*10214
1938 J
S 10334
1950
1951 J D 12038

Tenn Cent let 613 A or B
Tenn Coal Iron & RR gen 55
Tenn Copp & Chem deb 8,13
'Tenn Else Pow let 88 tier A
Term Awn 01St L let g 43.4s
lot cons gold 5o3
Gen refund 8 f g 98
Texarkana & Ft S go 53-4o A
Texas Corp cony deb As
Tex & N 0 con gold 58
Texas & Pao let gold 58
Gen & ref 5s series 11
Gen & ref 58 series C
(len & ref be series 1)
'Tex Pac-Nio Pao Ter 530 A

1947 AO 62
1951 .1.1 12034
100
1999 M
D 9814
1947
1939 .40 *11114
1044 FA *1157,1
.1 105
1953
1950 FA
883s
1944 .40 10334
1943 ii 9912
2000 J D 116
1977 AO 9214
1979 AO 9114
9112
1980 J
1964 141 9834

9

9858 183
8114
38
4434
4512
7378
72
9812
35
10812
7
10378

178
202
54
118
_
11
13
45
20
18
137

if;

9
9838 829

16
12034
65
12034
1007s
9914
11134

-1.71
2
13
5
3
77

13
106
40
90
119
104
6
100
11612 12
30
94
9334 70
9312 109
2
100

Third Ave Sty let ref 4s
57
5618
1960 I J
•A(11 Inc be tax-ex N Y_Jan
1960 AO 2312 2412
Third Ave RR 1st g 5e
1937 J J *101 12 102
Toho Elea Power 1st 7a A
1955 MS 9412 95
•rokyo Eiee Light Co
Ltd—
let 65 dollar series
82
1953 in 81
Tol dr Ohio Cent As West div
1935 AO *10012
To! St L & W 10* 45
1950 AO 9034
Tol W V & Ohio 9a ser C
1942 51 S *107,4
Toronto ham & Buff 1st g 48 _ _1948 in 10212
Trenton 13 & El 1st g be
1949 MS *11812
Truax-Traer Coal eon• 6340
VI;
1943 11 N
87
Trumbull Steel lots t Os
10312 103513
1940 M
*Tyrol Hydro-Elea Pow 734e_ _ _1955
N 28812 8834
*Guar sec e f 7s
1952 CA 28634
8634
Ujlgawa Elec Power a 1 78
1945 M 8 9358 95




13
46
26
13
2
2

1-6.212

sal,
52
37
37
934
812
934
934
734
712

2,4
214
35
86
78,
2
58
39
38
86,
4
2578
33
10072
9872
80
99
89
10312
6014
46
55
44
43
42
8018
100
95
6012
97
74
28
3512
3518
60
5314
73
29
104
96
961,
12
39
9934
1033s
103
4314
10118
60
5412
99
98
71
6414
9312
64
82
55
5312
54
67

25
67

38
1852
8514
7014

34
_
3

5712
91
60
103
82
10158
35
6711
454
431s
691s

2
2
8
6
7
17

BONDS
N. V. STOCK EXCHANGE
Week Ended Aug. 2

7,

r.
Range Or
227'.
ay..
's
hrt
7ecfg
..14 Bid & Asked

Range
Since
Jan. 1

glob No
Lon
Low Low
MO
18
Union Eleo Lt & Pr (Mo) be
1957 A 0 10412 105
9418 10412 10938
Un El & P (I11) 1st it 534e A
..1 10512 10534
7
1954
9214
10411 10612
2•1Union Elev fly (Chic) 55
1945 A 0 *1618
13
1014
23
Union 011 30-yr 69 A
12012 — 11 105
May 1942 F A 120
11612 12012
79
Union Pao RR let & Id gr 9s ____1947 J .1 11118 11134
94
10772 11312
1st Lien & ref 95
10634 32
June 2008 68 S 106
8012 10414 10858
12
1055* 10614
Gold 43.4s
1967 J
103 108
81
1
115
1st lien & ref be
June 2008 MS 115
113 1211
99
49
Gold 48
10434
1968 J D 103
7052
9912 104,
4
20 105,
103 107
United Biscuit of Am deb 55 __ —1950 A 0 10534 10614
10534 1081g
4
60
95
96 10418 United Drug Co (Del) be
1953 MS 9414
87
63
95
17 N J RR & Can gen 4s
8612 90
1944 M 5 *11058 11211
1
9712
0758 11212
1:•United Rye St L 1st 8 413
8014 85
1934 J i29
25,
4 30,
4
1534
U (3 Rubber 1st & ref be ser A __ _1997 J J
9712 -981-2 215
9012 9812
56
5912 71
MN
United S S Co 15-year 6s
•9934
1937
98 100
8512
54
69
4
37
5618 •Un Steel Works Corp 6 tfe A__ 1951 J D 3412 35
34
26
43
3612
75
60
*Sec e f 8 %a series C
27
1951 J D *____
3318 4212
934 2714
5
34
*Sink fund deb 634s ser A
34
23
3212 41
1947 J .1
812 1534 17n Steel Works (Burbach)7s
120 135
1951 A 0 *13758
083.1
6
*Universal Pipe & Red deb Os
2612
13
3134
21
1936
934 18
2
934 1612 •Unterelbe Power & Light 139_ __A953 A 0 a32
a32
35
33
4138
734 1412 Utah Lt & Traci let & ref 58
9112 .53
1994 AO 9034
5013
65
92
73
712 1374 Utah Power & Light 1st be
9134
1944 FA
9012
6978 9314
5534
Utica Elea L & P loot s I g 58
116 11612
109
1950
61
51
Mil Power & Light 510
64
85
2414 32
203a
1947
J D
4938 84
A -9
F4
16
°34' 4814 187
Debenture 58
1959•
2014 4814
18
3518 63
27
5358 Vanadium Corp of Am cony be
66
8212 62
59
1941 A0 82
Vandalla cons g 45 series A
7814 96
99
1955 F A *1065s
4
79
Cons s f 48 series 13
102', 107
107 85
9512
1957 MN 107
*214
2
10112 10214 'I Vera Crum & P let gu 4340
412
114
1934 .7 .1
J .1
3
*214 -4
•IJuly coupon off
4
334 1612
4
91
1118 175s •Vertientes Sugar 7sct1e
3
914
1942
10412 10938 Va files dr Power Si. series B
10114
10514 10814
1954 .:1--1±1 *10658 10738
101 1041.
let .1, ref al 5s ser A
10512 10778
86
1955 A 0 10012 10534 13
9934 102
Secured con, 53413
10912 114
107
1944 .1 J 10912 10978
113 11878 Va Iron Coal & Coke let g be
50
5612 64
1949 M 24 *6112
Virginia Midland gen 6*
s
10034 102,
91
coil; 14
1936 MN 101
7412 9011 Va & Southwest 1st gu be
5
91 100
9734
7578
2003 .1 J 97
9
1st cons Is
10034 10934
63,
8 84
66
55
1958 AO 64
108 11238 Virginia Sty let be series A
11018 113
11138 30
89
1962 MN 111
8418 10314 106
34
4
let mtge 434s series B
50
1902 M N 10434 10514
29
50
3214 50
:Wabash RR let gold be
8912 9612
95
5738
9558 72
1939 MN
28
•2d gold be
40
50
78
5774 81
48
80
119964
39 F A
let lien g term 45
1091s 115
J *6018
64
50
5312 56
11
net & Chic Eat 1st 58
18
70
1193491
9812 101
9 J ./ *10012
1512 17
Des Moines Div let g 48
./ J 6934 -61
53
45
717s
4
10
Omaha Div 1st g 334s
4512 6214
5912
88
20
1941 A 0 557
1078 20
Toledo & Chic Div g 4.
77
83,2
58
1941 M 8
212 318 (*Wabash fly ref & gen 5340 A _1975 M S -i7
1214 21,
4
-1-2 213 192
1214
414
12
19
63
13
*Certificates of deposit
19
11
41s
•Ret & gen be aeries 13 ______ __1976
8
12
2134 154
12
21,
4
412 1178
14
18
1012 1912
*Certificates of deposit
1912
1012
311 10
193
*Ref dr gen 430 series C
18
1134 21
21
1134
1978 .40
812 1718
27
1378 18
74
*Certificates of deposit
18
11
*Ref & gen 55 series D
1134 2112
2112 191
1134
1980 AO
214
413
1012 17
*Certificates of deposit
1012
214
418 •Walworth deb 630 with warr__1935 I-0 47
1212
33
50
1012 11
80
1213
9878
_
*Without warrants
47
36
'lot *Inking fund (is ser A
10314 10514
3618 6812
50
16
311
1945 A 0 *4
10214 10378
65
*Deposit receipts
65
65
65
65
7612 88
Warner Bros Pict deb 68
58
76
702
4812 81
24
81
1939 MS 74
41,8 5034 Warner-Quinlan Co deb 6s.
24
40
2512 3112 48
24
1939 M S
10334 113
Warren Bros Co deb Os
39
3212 53
41
30
1941 MS 39
257s 3912 Warren RR 1st ref gu g 3lie__ 2000 F A
80
81
76
80
4512 60
92
Washington Cent let gold 45
94
10
79
91
9218
1948 QM
101 104
Wash Term let gu 334s
10352 10612
86
1945 F A *106
101 105
1st 40-year guards
10678 10678
94
1945 F A •107
4 10310 Wash Water Power e t be
98,
5
.1 J 11078 111979812 105 1197g
8
10378 10434 Westchester Ltg 53 stpd gtd
11514 12212
8 10314
_1
19
950
39 J D 12238 12212
112 11612 West Penn Power ser A be
9 10014
106 111 12
10738
1946 M S 107
let As series E
11414 122
1 10178
122
1963 M S 122
107 110
1st sec As series G
4 101
D 10658 10658
1958
10655 11112
82 10038
let mtge It ser
12
9014
10512 10912
1961 J .1 10612 107
6012 8334
apt
9)158
7312 8658 Western Maryland lot 48
8712 98
1952 AO
9712 91
let & rot 5148 series A
5612 Ms
031 105
66
1977 J J 104
33
10414
5511 76
West N
.• 1 10578 106
dr Pa let g 5s
105
6 100
,
4 107
1037
58
7578
Gen gold 49
A0 1063s 10612
102 108,
4
78
4
es
*Wtern
9912 106
Pac lst be ser A
25
23
37
37
11994463 MS 3335
35
10714 10734
'So Assented
25
36,
4
43
119938
3238
46
34
Western Unlon coll trust 5s
J J 10414 105
10112 105
27
89
9834
Funding & real sot g 41413
9612
82
6711
1950 MN
9512 96,2 24
97
97
15-year 64*
100 103
39
92
1936 J A 10214 103
77 10318
25-year gold be
7158
98
8212 9912
1196501
9 J O
99,2 74
28
30-year be
0212
M
0712
22
9658
80
9712 96
3512 81
*Westphalia Un El Power 6s_ 1953 J J
4312
32
27
32
6
32
3518 88
West Shore let 4e guar
7412 8614
66
2361 '.1 8212 83,2 50
7312 9212
Registered
7014 82
_2361 J
*76
,
8
7978
72
88
97 103
Wheel & L E ref 4 48 ser A
10238 10912
8
81
1966 MS 10234 10234
29
67
Refunding As series B
10314 104
2
6518
1966 MS 10314 10314
107 111
RR let consol 913
10214 109
MS 108
83
5
10818
6
9% Wheeling Steel Corp 1st 5348 __ _1
6
70
10014 105
949
998 J J 10418 105
102 1041.
lot & ref 4348 series 13
80
1953 AO 1003s 101
91
90 101
White Sew Mach 6s with ware
431,
65
96
_
1836 '.1 *92
13
2112
Without warrants
45
66
.▪ 1 95
96
15
39
Pantie o I deb 00
4S3s
4213
89
1940 MN
64
85
2
86
(*Wickwire Spencer St'l let 75
1935
10358
•Ctf dap Chase Nat Bank
812 1614
414
13,
4
1614 124
116 121
•Ctte for col & re( conv 70.4 ___1935
334
7
1512
1312
1512 201
Wilk & East let gu g be
36
33
1942
48
41,
4 4218 22
5414 65
113 121,
4 Will &S F lot gold 5s
86
10512 10578
1938
10212 10572
4
9112 102
Wilson & Co lat f 621A
1941
10818 11014
9534
1081s 10812 25
Winston-Salem S B lot
90 104
196
10452 10812
83
*106
40
1
108
_
1084 112
I•Wis Cent 50-Yr lot gen 48
738
1949
210
1014
13
752 1312
10912 116
•Certificatea of deposit
718 1012
718
1
71s
*7
10112 106
*Sup & Dul div & term let 4s__1936
412
411 7,
8
4
8312 961.4
*Certificates of deposit
712
412
413
*4
_
10258 10434 Wor & Conn East 1st 434s
577
66
1943
_Yooinverown Sheet & Tube 58_1978
83 100
8912 9-9
6314
98
99
99
113 120
Ist mtge s f 58 ser B
1970
9814
8912 9914
99
53
6314
79
94
7912 9331
7912 9312
8912 10014
Cash sales not Included In year's range. a Deferred delivery sale no Included In
5012 5878 year's range. n Under-the-rule sale not included In year's range. t Negotiability
1858 2612 Impaired by maturity. i• Accrued Interest payable at exonange rate of 54.8665.
10014 103
I Companies reported as being In bankruptcy, receiver hip, or reorganized under
8812 95,4
Section 77 of the Bankruptcy Act, or securities assumed by such coinpanies.
8518
72
o Friday's bid and asked price. •Bonds selling flat.
10012 101
C Cash sales in which no account Is taken In computing the range, are shown below
9412
81
103 103
Prussia 6)s, 1931, Aug. 1 at 25.
Stevens lIotel Os, July 31 at 2214
'.
9614 10212
z Deferred delivery sales In which no account Is taken In computing the range, are
1 1214 11734
given
below:
70
91
,
8 Belgium 7s, 1956, July 29 at 107%.
100 103
Nord Rye. 13348, 1950, Aug. 1 at 150%.
Bremen 7s, 1935, Aug. 2 at 39.
51
96
Norweg-Ilydro El. Nit. 5.14e, July 31 at
8034 9012 Colon 011 6s, 1938, Aug. 2 at 651i.
964e.
9612 Czechoslovak 6*, 1952, July 30 at 106%. Tyrol Hydro El. 7340, July 29 at 87%.
87
Italian Cred. 7s, ser. B, July 27 at 64.
78, 1952, July 29 at 861..
3,1erldlonale Elect. 7s, July 27 at 57.
NVisc. Cent. 4s, 1949, Aug. 2 at 84.

Low Low
Iligh
96
10634 109
108 108
88
107 110
8912
758 1312
7,
8
10512 13613
9038
3912
35
38
30
30
4014
3134 51
3134

Enloe & Grand IsId 1st 9ri
6
1947 J J 10638 107
1
St JO,111 Lt Ht & Pr 1st be
104
1937 MN 104
FR Lawr & Adr let g 5s
J
J
1996
2d gold 6s
1996 .40
At Louts Iron Mt & Southern—
oilltiv & G Div let g 4s
701, 106
1933 MN 6614
*Certificates of deposit
*6318
*St L Peor & N W 1st gu 5s
21
3958
1948
At L Rocky Mt & P 5e MD 1
10
1955.1, 7234 74
2•St 1.-San Fran or lien 4e 4
1314 63
1212
1950 J J
*Certificates of deposit .
40
1214
1118
*Prior lien be series B
13
1312 11
1950 J J
*Certificates of deposit
14
12
1212
•Con M 4348 series A__ _ __1978 M
111.1 170
1055
*Ctrs of deposit stamped
10
1038 56
8338 70
3
6314
118
63
53
137
2
9514
98,
4

Range
Sines
Jan. 1

717
./i11/ 1
1933 in
July 31
1935

941.

9

:1FA 1

6614

fO4-1-4

Aug. 3 1935

New York Curb Exchange-Weekly and Yearly Record

718

week, and when selling owside of
NOTICE-Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the
computing the range for the year.
the regular weekly range are shown in a footnote In the week in which they occur. No account Is taken of such sales In

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 (July 27 1935) and ending the present Friday (Aug. 2 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

STOCKS

Hioh
Par Low
21
Acme Wire v t o corn_ _2(1 21
Adams Millis 7% let p1-100
A ero Supply 3‘1fig el A..
2%
•
2
Class B
Agfa Ansco Corn con1- -I
344
Airusworth Mfg Corp___ _10 33
131
14
•
AR Invretore corn
• 1614 164
Cony pref
Warrants
35%
A labamallt Southern .._ _60 33
72
• 71
Ala Power $7 Pre
• 6034 6334
$6 preferred
Algoma Consol 7% pref. _ 5
Si
4
Allied Internatl Invest.. _ .•
• 1714 1914
Ailled Mille Ins
63
• 59
Aluminum Co common
994
100 95
6% preference
134
Aluminum Goods Mfg._
•
Aluminum Ltd corn
C warrants
I) warrants
100 684 6814
6% preferred
234 234
American 13everarce com._ 1
American Book Co_ _100
Amer Brit & Cons Corn. •
Amer Capital2
•
2
Class A corn
Common class B
916
516
•
• 1954 19%
$3 preferred
•
$5.50 prior pref
Am Cities Pow & LI25 4214 46
Clam A
1
336 4
Clans B
Amer Cynamld clam A.._I0 2014 22
10 20% 21%
Clam B n-v
Amer 1)151 Tel NJ own •
7%('on v preferred_ _100 1124 1123,4
.I
Amer Equities Co oom_.
294 24
916
916
Amer Founders Corp _.--1
50 294 30
7% prof aeries 13
2954
6% let pref ser D_-_50 28
warr_
254,
354
Amer & Foreign Pow
Amer Gas & Else corn__ • 304 32%
c 1054 10734
Preferred
Amer Hard Rubber com.50 10% 15
1534 1634
Amer Laundry Mach-20
25 1134 1214
Amer I, & Tr corn
25
6% preferred
Amer Mfg Co corn
1
Allier Maracaibo Co
916
34
Amer Meter Co
154
• 13
18
Amer Potash & Chemical.. 17
144
Am Superpower Corp coin •
13,4
• 6351 06
let preferred
• 1834 21
Preferred
431
434
Amer Thread Co met--.5
Amsterdam Trading
•
American shares
•
Anchor Poet Fence
Anglo-Persian 011 Co LtdAm dep nets ord reg_ _ El
54 634
Angostura %%runner Corp_ I
A pex Elec Mfg Co corn_ •
Appalachian El Pow prof..' 100 100
916
Si
Arcturus Radio Tube____1
134
13,4
Arkansas Nat Gas corn.....
144 14
•
Common clam A
10
43,4 5%
Preferred
Arkansas P & I. 37 pref__• 72
72
731 74
Art Metal Works corn.....,,5
Associated Elea Industries
El
9
934
Amer deposit rate _
Aseoc Gan & Elea1
4
Common
3,4
Class A
Si
916
I
334
3
•
35 preferred
()orlon warrants
Associates Investment Co • 145 145
associated Rayon corn. •
•
Atone Telep $1.50 pref _
44 534
Atlantic Coast Fisheries_ _•
Atlantic Coast Line Co_50 26 Si 2644
• 10% 1 134
Atlas Corp common
54
• 53
$3 preference A
351
Warrants
3
44 4%
•
Atlas Plywood Corp
Automatic-Voting Mach'
84 9
A xton-Fleher Tobacco5431
10 53
Class A common

Sates
for
Week

July I
,933 to
July31
1035

Range Since
Jan. 1 1935

STOCKS
(Continued)

High
Low
Shares Low
21
July
84 Jan
64
100
Feb lioi July
664 103
1134 Mar
July
5
5
4
Mar
4 June
Si
500
July
7
3
34 Jan
1831 Feb 3451 July
5
1,100
14 Jan
ji Mar
la,
300
9
100
1234 Mar 1634 May
34 Jan
4
'is Feb
Jan
Apr 40
30
100 30
4134 Jan 784 July
270 26
Jan 694 July
37
240 25
34 Feb
21 In
34 Feb
4 May
34 May
1,000 '16
1234 Jan 194 May
04
8,600
Mar 644 July
32
1,400 32
694 Mar 994 Aug
650 54
9 4Marconi12
Feb 13% Aug
8
1,500
May
Mar 33
17
17
234 Jan
7
Apr
23,4
64 Mar
5
Apr
5
5034 Apr 6834 July
100 37
144 Feb
2.34 July
1
500
57
Jan 6934 May
41
4 Feb
34 Apr
31
1
31
944
46

100
200
100

14 Apr
31 Jan
164 May
76
July

2
July
Si Jan
20
Jan
76
July

29
Mar 46
2314
54 Mar
4
Si
124 2014 Apr 22
Mar 22%
15
831
734 76
Jan 80
111
98
Apr11334
1% Feb
24
1
16
11.
'is Mar
1314 Jan 30
834
2914
1344 Jan
8
14 Ma
356
134
164
1634 Feb 3234
574 8034 Feb1074
44 Apr15
4
104 124 Mar 164
124
7%
73.4 Mar
16
173,4 Feb25
334
34 Apr8
Si
Si Mar
1531
Mar
8
544
1996
11
1214 Apr
14
34 Mar
%
44
44
Feb 66
744 Mar 21
734
44
6
Jan
3

1,325
12,000
200
11,200
100
100
1 500
75
175
600
18,300
525
400
600
5,300
3,300
1,725
150
21,300
1,700
4,200
1,200

1114
34

1134 Jan
M Mar

9
2%
344
574

1534 May
Si May

3.500

g

400
5,200
11,600
20
1,700

Si
Si
13,4
254
134

1534
144 May
May
ey,
4
43-4 Apr 734
Jan 100
71
9-16
.
14 Mar
14
4 Mar
136
Si Feb
534
231 Mar
41 4 Jan 72
74
331 Mar

4

534

Feb

31
34
1.31.
In

4
4
131
In

1,100
100
45,900
900
6,100
200
900

1
13
2
18
74
35
134
24
13,4

131
22
434
18
74
47
13.4
394
5

180

4334

2,400 I
15

320

300
300
2,200•
200
10 °

4334 145

May
July
May
June
Jan
May
Aug
Aug
July
July

934 Aug

Apr
54
I'mis
Mar
3%
Feb
tn
June
July 145
2%
Mar
Apr 243-4
June 1054
Mar 30
1111
Mar
Apr 54
Mar
394
614
Mar
911
Jan

4334 May

Aug
Aug
Aug
July
Mar
Apr
July
July
July
Aug
Aug
July
June
July
Aug
July
July
Feb
May
Aug
Jan
June
July
July
May

60

July
May
July
June
July
Jan
July
Jan
Jan
July
July
May
Jan
July
Feb

Mar 494 June
325 184 28
4734
I3abcock & Wilcox Co. __* 46
isairi win Locomotive w-orks
4
Feb
34 Jan
34
1,400
Warrants
4 1
May 4056 July
15
11
13aumann(L)&Co7%pfd100
54 June
14 Apr
154
1,200
44 4%
Balletic& Aircraft•I o....1
Jan
May 132
1044 123
100
Bell Tel of Canada
• Feb4 July
14
400
Benson & Hedgee oom____•
33,4 4
10
July
Mar
5
1%
200
Cony pref
10
84
•
14
May
894 Feb
436
400
Bickford' Inc corn_ __. ..._• 11% 12
May
334 Apr 35
23
•
$2.50 cony pref
9%
Mar
July
34
13,4
1311re(E W)& Co corn._ _•
84 94 7,500
1
Mar
2
Jan
1
itlue Ridge Corp corn__ _1
134 1% 3,900
May
1,100 2834 354 Mar 46
• 434 44
$3 opt cony pref
24 Jan
1011 July
1,600
5
7% 94
•
Blumenthal (81) & Co
Jan
5
June
11
7
Bohack(MC)Co com _ •
50
64 64
Feb
Feb 85
50
40
100
7% let pref
Si Jan
4 May
34
Botany Consol NIIlls corn •
434 Feb
3
June
3
300
Bourlois Inc
334 394
•
6
Mar
7
July
6
Borne Scryinser Co
25
Mar 2851 July
16
Rower Roller Bearing. -5 36
284 11,900" 64
llowman-Biltmore Ilota-s134
134 Jan
3
Jan
7% lot preferred_ _100
July
8
1034 Jan
200
8
iirastIllanTr LI & Pow_ _•
8
834
Jan
94
May
334
Si
Bridgeport Machine
200
•
751 8
34 Mar
1
May
34
•
Brill Co palms B
14 May
Jan
1
34
200
Clam A
14 13,4
•
7
Slay
634 Apr
54
200
Brillo Mfg Co corn
64 64
•
Jan 274 Feb
25
50 2234
• 274 2734
Class A
1634 June
1434 Mar
• 1631 1631
100 124
Brit Amer OR coup
June 16
June
16
14%
•
Registered
Britten Amer TobaccoApr 3134 Jan
800 2434 27
Am depress ord bearerEl 3044 31
300 2434 264 Apr29% July
Ant dep rcts ord reg _ _El 29% 29%
Hritish Celanees LeaSlat
4
June
2
2
100
334
334
Am den nets ord reg__10s
•
2131 2131 July 2534 Mar
British Col Power cl A
Apr834
....--... n... AOI ',ref
Jan
Illn
7
744
11111
34
5
For footnotes •ee

0.1120




723

tc'eek's Range
of Prices

July 1
Sales 1033 to
July31
for
1935
Week

High Shares Low
Par Low
556
Brown Forman Distillery _ 1
150 26
50 39% 41
Buckeye Pips Line
Buff Nlag & EMI Pr pref 25 224 2334 1,000 1434
450' 66
• 994 100.54
$5 let preferred
1634
Bulova Watch $34 pref..•
995 26
Bunker Hill & SullIvan__10 404 4356
St
•
Buren Inc corn
134
Burma Corn Am dep rcts
24
5% 6% 3,400
10
Butler Brothers
•
4
Cable Eleo Prod v t c
Cables & Wireless Ltd1,000
NG
14 13.4
Am dep rote A ord she.£1
516
500
4
4
Am dep rcts B ord she El
34
500
5
5
Amer dep rcts [ref she El
"154
Calamba Sugar Estate_20
541
100
8% 834
Canadian Indus Alcohol A•
44
14
8
100
0
734 6.0
B non-voting
14
34 2
7
;
Canadian Marconi
" 31
Canal Construct Co
•
134
Carib Syndicate
25c
23,4 24 3,100
Carman & Co6
Convertible class A____•
400 134
• 19
Carnation Co oom
1954
83
Carolina P dr L $7 pref._ _•
27
•
$8 preferred
434
Carrier Corporation
• 1434 154 4,900
344
I
64 74 6,200
Catalin Corp of Amer_
Celanese Corp of America
25 81
7% let panto pref___100 103 103
175 75
7% prior preferred _ _ _100 104 104
634
300
935
Celltilold Corp corn
8
15
25 164
28
17 div preferred
• 28
40
Is preferred
•
8
Cent Bud 0 & E v t o...-• 13% 1531 5,600
600 11
434
Cent PAL 7% pref_ __100 39
,,,,
Cent & South West -Mil
yi
iii, 4,200
34
Cent States Cleo corn_ _ _ _1
1
5% 1,300
6% pref without warn 100
3
3
600
831 931
100
7% Preferred
14
225
8
Cony preferred
7
100
Si
725
434 59,4
Cony Drat op ser '29 100
Centrifugal Pipe
•
Cherie Corporation new 1
Cherry-Burrell Corp
•
Chesebrough Mfg
25
Chicago Rivet & Mach_..•
Childs Co prat
100
Chief Consol Mining Co._ I
Cities Service oom
•
Preferred
•
•
Preferred B
•
Preferred BB
Ottlee Seri,P & L $7 Pre!_•
40 Preferred
•
City Auto Stamping
•
City & Suburban Homer, 10
Claude Neon Lights Ino_l
Cleve Elee Illum com____•
Cleveland Tractor com___•
Clinchfield Coal corn- -100
Club Alum Utensil Co__ _•
•
Cohn & Rosenberger
Colon MCorp oom
•
Colt's Patent Fire Arms.25
Columbia Gas & EleoCony 5% pref
100
Columbia Oil /s Oas vte__ •
•
ColumblaPicturee
Commonwealth Edleon...100
Commonwealth & Southern
Warrants
Community P & L 36 prof•
Community Water Serv-•
1
Como Mines
..1
Com po Shoe Machinery.
Conn GM & Coke sec 53 nf*
Consolidated Aircraft_ _.. _1
Consol Auto Merchand4-•
•
$3.50 preferred.
Consol Copper Mines.___5
Coneol GE LAP Balt 00170•
Conan' Min dr Smelt Ltd_25
5
Consol Retail Stores
8% preferred w w _ _100
Continental 01101 Nfex_ 1
10
Consol Royalty Oil
Coot GA E 7% prior pf 100
Continental 011 of Mex. _1
Continental Securl ties_ _ _•
Cooper Bummer corn __ __•
•
$3 Pre! A

454 4%
16% 184

400
2,500

Range Since
Jan. 11935
High
Low
034 Jan
5% June
304 Jan 41
Aug
1434 Jan 23% July
695.4 Jan 10034 July
2454 Mar 30
July
30
Mar 4934 Apr
134 June
Si Feb
244 Apr
1 ti Mar
754 Jan
5% Aug
Jan
1
'is June
134 June
9,6 June
June
Apr
May
May
June
July
May

34
20
74
1
641
Si
1014
14

Si Mar
May
Mar
Feb
Jan
Jan
Mar
July
Mar

5
23
11
10
254
1014
431,

631 Jan
Jan
17
545.4 Jan
57
Feb
1334 Mar
44 Am

84
19%
60
6(1
19%
84

90,

May
July
Feb
May
Feb
JulY

Pet
May 110
Feb
Mar 105
Jar
15
Apr
Jar
May 36
May 804 July
Mar
1531 Am
Jan 43% Am
34 Juin
Mar
Mar
Si May
551 Aug
Mar
1
2
Mar
9% AN
July
14 Mar
8
54 Aug
Si Mar

90
974
8
25
6934
854
20%
'e

54 Fet
34
4.34 Jura.
1234 Ma, 1834 July
9
5
243,4 Apr 2494 A pi
Fet
105
115
Slur 157
444
194 July
1234 Jail
Jai
534 16
Apr 30
A111
111
.3
4 .101
244 May
• Si
Si Man
634
634 Mar 244 May
Si
24 May
Si Mar
6
May
Mar 22
6
744
734 Mar 2631 May
63.4
631 Mar 23
Mai
3
751 Am
336 Jan
3
4
Apr
4
AL'
'le
Si Mat
'me Mar
214 234 Jan
4134 Au,
114
534 Jail 184 A p
131
14 May
2 Jun,
4
31 Aug
Si Jul
7
Mai
5% Mar
54
34
14 Ma:
Si June
25
15
Are
Jan 36

,

138 140
184
18
1854 2434
51
51

144 ig

16

18

224 234
1951 2234
64 7%

150
1,000
460
200
18,500
• 1,600
150
500
1,200

200
7,6
rls
4131 2,200
39
16.700
1354 18
31

34

100

Isl
. 1
34
36

2,700
675

64% 69%

1.875
2,500

516

SO

4

82

32
4
194
1,100• 304

2,900
34
9,6
400
1134 1234
300
31
Si
234 17,200
15.4
1,400
154 1694
114 1331 24,900
3
83
231

334
844

4,800
700
500

3

14 14
733,4
70

100
350

34 33,4
314 44
2296 234

200
700
500

Jul:
Jul:
Jul:
Jul:

si
. Jill
4
34 Jan
123,4 Jul
3
534 Jan
Jun
34
31 May
1
19,4 July
134
24 AP
ri
124 Apr
184 NI:,
46
46
July
46
Jul:
6
7 June 1331 Au
I,
'is Jan
16 Ja
I is
Si Jan
36 Ja
62c
1
Jan
454 Jun
4554 524 Jan 8534 Jul
115
134% Feb 182
Ma
34 Fe
36
2
Jut'
1234 3434 Jun 51
Jun
% Mar
44 Ma
4
1
I
Feb
2
Ma
36
Mar 7631 Jul
29
Si Nta
Si
34 Mar
2
2
A or
34 Jul
24
33.4 Apr
534 Ja
12
27
Jun
1634 Jan

3
100
354 334
•
Copper Range Co
3% 9,800• 2
Cord Corp
3
5
Corroon & Reynolds1
34 334 2,200
1
Common
100 10
40
• 40
36 preferred A
si
5,,
200
4
1
Cosden 011 corn
"
16
100
Preferred
Courtaulde Ltd8
Am dep rota ord rag__ tl
Cramp(Wm)dr Sons Shin
34
200
Si
31
& Eng Bldg Corp. _ _ _100
5
25 154 1734 10,500
Crane Co corn
225' 32
100 1143,4 11634
Preferred
534
5 16
1734 9,700
Creole Petroleum
314
834 93.4 5,700
Crocker Wheeler Elec.„.'
1
si
15,6
1,500
54
Croft Brewing Co
I• 23i
.•
_
Crowley Milner & Co„
Si
100
Crown Cent Petroleum_-1
"16
"16
400
54
Crown Cork Interned A....• 104 11
1%
Cuban Tobacco corn vto_•
200 154
31
• 31
Cuneo Press corn
6954
100
64,7 preferred
,e
151 1% 12,600
Cosi aexican M Ming_ _50c
44
400
54
5
Darby Petroleum com__IS
8
100
Davenport Hoelery Mille.* 1034 1094
De HavIlland Aircraft Co-4
Am Dep Rcts ord reg E1
5734
Dennison Mfg 7% pref.
.100
14
3,600
73
636
Detroit Gray Iron Fdy._ _5
Si
Derby Oil& Ref Corp com•
20
•
Preferred
94
•
Diamond Shoe Corp
700
13.4
314 44
2
Dictograph Products
Distilled Llouore Corp._ 5 1116 1234 2,000 1134
.
6

32
mar
73
Si Mar
Si
Jan z70
38
4741 Jan 874

35.4 Feb
234 Ma

4
43.4

Ja
Ja

1.4 lIar
22
Mar
4 JIIIIL
"is July

4
40
4
2

Jul
Jul
Ja
Fe

11 34 Star

1434 Jul

34
7
87
10
4
Si
24
Si
74
134
30
87
1%
44
8

Man
10
Jul
May
134 Ja
Feb
434 Mn
Feb
34 Jo
1134 Ju
Mar
3
JO
July
MIIr
Feb 34
Feb 10414 Jut 0
251 Je
Mar
634 Ale
Mat
Jo
June 16

13
574
4
Si
20
1094
24
114

1531
Jai
May
5744
734
May
Apr2
Feb 20
15
Jan
7
July
164
July

Ma
'4 Au
1734 Jul y
Ma
g.
Felt 116% Jul y
e
Mar

1834 J111

Al
MI
Al
Si,
FI

A
Ji
A

New York Curb Exchange-Continued-Page 2

Volume 141
STOCKS
(Corilinum)

Week's Range
of Prices

July-li
Sales 11933 to
Jul,'31
for
Week
1935

Range Since
Jan. 1 1935

STOCKS
(Continued)

High Shares
Par Low
Low
Low
High
Dietillers Co LtdAmer deposit Tel+ . £1 23
100 1734
Ma,
23
21
23% July
DistillersCoroSeagraMs-• 2036 21% 19,200
1334 Ma
2234 July
834
Mahler Dle Casting ____• 1954 204 2,100
104 Mar 21
3
July
Dorninhai Steel &Coal 1325
454 July
214
54 Feb
Dominion Tar & Chemical. __
434 Jan
34
7
Mar
Dow Chemical
1,100 33 3654 804 Mar 1054 July
• 9934 1044
Draper Corp
61
20 54
" 61
55
Slay 614 July
Driver Harris Co
10 1731 20
1,400
Apr 20
934
13
Aug
7% preferred
100
9136 Mar 100
48
July
Dabbler Condenser Corp_l34 Feb
14 Apr
Duke Power Co
375 334 37
10 5334 55%
Jan 56
Slay
Durham llos CI II corn_ •
% June
% Feb
34
Duval Texas Sulphur_._ _•
954 2,700
634 June
2
734
1234 Feb
Eagle Fisher Lead Co. 20
551
334
554
300
354 Mar
734 May
East Gas & Fuel Assoc.Common
•
336 3% 1,800 S 234
23-4 Mar
5
Jan
434% prior preferred_100 63
1006 53
644
58
Jan 564 July
6% preferred
425 38
100 47
4934
38
Apr 6055 July
East States Pow corn B__•
36
56
100
54
4 June
54 Jan
36 preferred series )3 _ __•
100
4
8
8
Ma
4
9% July
37 preferred series A__'
854
8
100
Apr9
5
5
June
Easy Washing Stitch "11".•
494 4%
200
236
3
Jan
4% June
Edison Bros Storm com__• 314 33
300
2455 Jan 344 June
6
•
Eisler Electric Corp
4
4
36 Jan
700
154 May
4
Elea Bond &Share com_ _ _ 6
931 II% 166,300
34
315 Mar 1134 Aug
$5 Preferred
• 58
4,800 25
65
34
Jan 65
Aug
511 preferred
714 8,900 284 374 Jan
• 66
71% Aug
Elm Power Mao° com__ _1
354 454 5,600
234
231 Mar
454 Aug
Class A
1
334 44
4 12,800
234
451 Aug
234 Mar
Elea P & L 2d pref A
• 124 13
200
234
251 Feb
13
July
Option warrants
1
100
1
1% Jan
54 Slur
34
Electric ShareholdingCommon
I
600
51
434 451
54 June
54 Mar
$6 cony pref w w
854
800 34
• 79
40
Jan 854 Aug
Electrographic( oro corn 3
12
1
400
8
Jan
12
1236 July
Elgin Nat Watch Co_15 25
July
636 23
25
50
Aug
25
Empire District El 8%_100
1231 14
July
Jan 35
Empire Gas & Fuel Co6% Preferred
100 18
100 1 751
May
18
751 Mar 35
634% Pref
100
8
8
Slur 36
May
7% preferred
100 21
400'• 8
8
23
Slur 37
May
8% preferred
100 24
254
851 Slur 40
150 33 854
May
EMPIre Power Pan fltk__• 184 19
9
300
4
Apr 194 July
Ernsco Derrick & Equip_ _5
6 254
12 June 134 July
Equity Corp corn
10e
14 134 4,900
14 May
1
13-4 Jan
Eureka Pine Line
50
3334 May 38
30
Feb
European Electric CorpClass A
10
7
9
654 Jan
June
534
7% 1,100
Option warrants
iit,June
si,
56 3,300
16 Jul
5,6
,
Evans Wallower Lead__ •
4
4 Apr54 May
7% preferred
lots
5 Slay
7
May
2
Ex-ce11.0 Mr & Tool
3 10% 1134 7,900" 234
Feb 11% July
6
Fairchild Aviation
254
754 July
1
754 834 3,700
934 Apr
I,&lard° Sugar Co
Jan 105
100 844 86
100 59
71
May
Falstaff Brewing
1
434
231
531 2,800
234 Jan
54 July
Fanny Farmer Candy
1
954 94 4,000" 254
934 July
734 Mar
Fansteel Products Co_
•
151 Mar
14
554 May
Fedders Mfg Co clam A....• 19% 2034
931 Mar 204 July
700" 4
Federated Capital core_ ..•
July
14 Jan
1
1
Ferro Enamel Corp corn _.• 22
July
25
4,600
736
10% Feb 25
Hat Amer dep recta
25
300 1554
25
2554 June
2134 Jan
Fldello Brewery
1
',6 July
ii Jan
716
34
1.000
71
Fire Association (Phila.) 10
u 31
57
Jan 654 July
Viral National Stores7% lat preferred__ __100 113 114%
Jan 115
40 110
112
Apr
Fisk Rubber Corp
1
5,700
5% 7
54 July
53j
1131 Jan
$6 preferred
100 704 74
900 354 67
June 88
Jan
Flintokote Co CIA
• 23% 2474 5,000
34
114 Slur 2434 Aug
Florida P & L $7 prat_ __ _• 32
39% Aug
831
3974 2,400
1054 Ma
Ford Motor Co LtdAm dep rots ord reit_il
836 8% 3,700
454
74 Mar
94 Jan
Ford Motor of Can CIA....• 27% 2834 7,700
2334 June 3234 Jan
834
Class B
• 30
50 1434
31
2534 June 374 Jan
Ford Motor of FranceAmerican dap rats J0o
44 May
2% Jan
254
Foremost hairy l'rod corn.
200
36
34 Mar
4 Ma
'is
716
Preferred
•
131 Slur
516 June
31
Froedtert Grain & MaltCony preferred
144 Apr 1734 Aug
15 1551 1734 4,300 1451
General Alloys Co
•
1%
154
100
4
Gen Electric Co LtdAm dep rate ord reg....£1 144 1454
1,400
934
Gen Fireproofing com
•
854 836
300
3
Gen Gas & Elm40 cone pref B
300
• 144 1476
531
Gen Investment oom
1
34
4
800
31
$o cony pref clam B • 1654 1654
100
3
Warrants.._ _ ___ _
______
'32
Gen Pub Serv $6 Pref____; 53
370 20
55%
Gen Rayon Co A stock__*
100
14 134
51
General Tire & Rubber25 41
450 38
42
6% preferred A -----1150 90
25 664
90
Georgia Power $6 prat__• 774 81
550 35
$5 preferred
• 66
130 50
68
Gilbert (A C) corn
100
•
1
3
3
Preferred
•
22
Glen Alden Coal
• 18
2034 8,200 10
Globe Underwriters Inc_ _2 log 103-4200
54
Godchaux Sugars class A..•
10
Clam 11
•
200
8
334
8%
Goldfield Consol MInes_10
H
3,
1,300
34
Gold Seal Electrical
1
,
9
4 1.300
'0
Gorham Inc clam A cam_•
2
14
200
2
$3 preferred
• 1234 1236
250 1151
Gorham Mfg Covs a agreement extended
13% 1431
700 105i
Grand Rapids Varnish_ •
8
9% 7,100
434
Gray Telep Pay Station.._• 1434 15
200
8
Great All & Pao TeaNon-vot corn Mock _ _._• 130 133
200 115
7% let preferred____100
170 120
12654 12734
ht Northern Paper
25 23
50 1934
23
Greenfield Tap & Die__ _ _
100
336
534 554
(lrocery Storm Prod v 6025%
54
500
4
Guardian Investors
3,
3,
1
200
14
Gulf 011Corp of Penna....26 6054 6351
6,200 43
Hall Lamp Co
300" 3
•
4% 534
IlamIlton Gas corn v t c_ _1
1,,,
ilandley Page LtdAm dep rata prat._.8 eh.
14
Ilartford Electric Light..25
484
Ilart m an Tobacco Co_ _ _ _•
1
600
134
36
liarvard Brewing Co
1
234 214
256
700
II aseltine COrP
700
854
•
8
24
II ecla Mining Co
26 1034 1134
1,500
4
Ifelena Rubenstein
•
sta
Hayden Chemical
10 48% 504
1,300 14
Hires(C Hi Cool A
100 IS
• 2434 244
Hollinger Congo! 0 M...._5 13% 13% 3,300
84
Holly Sugar Corn own.. • 594 60
100" 84
Preferred
"34
ilk
liolophane Co corn
•
1%
Holt (Henry) A Co el 4_ •
3
II ormel (Geo A) & Co__ _•
9 16
Born & Raman
• 23% 2436
825 1534
701, 5_____•ed
Inn 106 106
40 834
kw footnote. 'tee p.nite 725




51

Apr

1131 Mar
434 June
11
'ii

15
116

24
4
38
89
62
50
131
244
1354
7
1634
7
4
iis
14
1114

151

Feb 15
Slur
14
Jan
17
Jan
54
Ma
5531
196
Slur
July 7134
Apr99
Jan 83
Apr68
May
334
Slur 244
24
Slay
1034
Jan
Apr 28
Jan
117-4
Jan
34
Apr
1
May
336
July 194

124 Mar
534 Mar
834 Mar

Feb

14% June
954 July
Apr
June
Jan
Jan
July
Feb
Jan
Mar
June
July
June
Mar
Jan
July
Ma)
Slay
Apr
Feb
May
May

18
Jan
974 July
16
May

121
1224
20
454
4
4
504
354
"
4

Mar 139
Jan
Jan 7135
July
May
26
Jan
Jan
6
Slur
Feb
71s July
,
3
Ma
Jan
Slur 7434 May
0
May
Jan
may
34
June

331
504
4
254
7
6
44
37
234
124
30
100
2
54
1611
20
1024

654
Mar
Jan 71
I%
AP
331
June
9
June
Feb 1231
14
Jan
Jan 5234
May 254
July 204
Jan 70
Feb 100
Jan
5
Feb
7
July
1614
Fen 25
Jan 108

June
July
May

Slay
Feb
Apr
Slay
June
July
Jan
June
Feb
July
Star
July
Slay
May

Week's Range
of Prices

Par Low
Hud Bay Mln & Smelt__ • 154
• 56
Humble 011 & Ref
Huyiers of Delaware Inc4
Common
1
7% pref stamped__ _100 21
Hydro Electric Securit-les_•
3%
5
14
Hygraele Food Prod
upgrade Sylvania Corp • 32%
Illinois P & L $6 prof
• 284
6% preferred
100 30
Illuminating Shares el A •
Imperial Chem Industries
Amer deposit rcts____ZI
Imperial 011 (Can) 0011P-2 194
Registered
• 1934
Imperial Tob of Canada_5 14
Imperical Tobacco of Great
Britain and Ireland_._ £1 35
Indiana Pipe Line
534
10
Ind'polls P & L 9347P1100 874
Indian Ter Ilium 011L
Non-voting clam A____6
Class B
•
234
Industrial FinanceV t a common
1
1
7% preferred
100
Insurance Co of N Amer_10 674
International Cigar Mach •
Internal] 11 old .I., Inv Co_ _•
Internet Hydro-Eleo-Prat $3.50 minas
6%
50
Internal Mining Corp___1 1134
Warrants
34
International petroleum..' 3331
Registered
International Preclude_ _ _•
34
Internatl Safety Razor B_•
51
Internat.
!UtilityClaus A
231
•
rims B
I
5,,
$7 Prior prat
•
Warrants
Interstate EquitieeCommon
1
53 cons' preferred....-60
Interstate Ilos Mills
• 2651
Interstate Power $7 preL• 1614
Investors Royalty com25
Iron Cap Copper Co com 10
Iron Fireman Mtg v t c__10 22
Irving Alr Chute
1214
1
Italian Superpower A
•
4
Warrants
Jersey Central P & L547
0 Preferred
100 654
6% preferred
100 68
7% Preferred
100 80
Jonas & Naumburg -2.50
1%
Jones & Laughlin Elleel_100 24%

719
Sales
for
Week

July 1
393310
July 31
1935

Range Since
Jan. 1 1935

High Shares Low
16% 15,300
714
61
8,400 si 2254

Low
114 Jan
44
Jan

High
1651 May
64
Slay

36
21
314
154
34
31
3056

100
50
400
400
373
4,525
100

In,
204
256
14
17
10
10
3434

14 Mar
2034 Apr
24 Mar
156 June
26
Jan
1331 Jan
14
Jan
3434 Jan

1
2634
44
334
38
31
3054
50

19% 10,800
GOO
1934
144 5,000

6
104
114
954

84
1534
1534
12

Mar
Mar
Slur
Apr

954 Jan
2214 May
224 May
1431 Jury

35
534
874

100
100
25

2334
3%
48

3154 Mar
354 Mar
55
Jan

3531 Jan
6
June
8754 July

2%

200

1
14

154 Jan
13.4 Feb

431
431

Apr
Apr

14

300

684

1,000

831
12
314
3434

1.125
1,900
1,700
5,500

334
11

1,800
100

231
%

100
600

2654
194

100
180

22
134
51

50
2,900
500

6754
73
8434
1%
2634

700
120
200
1,300
2.025

Jut
Jan
Jan
Jan
Mar
Aug
Aug
July

54
1
344
1854
51

54
1
52
29
1

July
May
Slat
Mal
June

1%
64
6954
3334
1

Feb
July
July
Feb
June

334
714
214
1554
23
1
14

334
1114
351
28
2934
234
51

Slur94
July
1534
64
July
Mar 394
Feb 324
354
Jan
July
14

Jan
Jan
Jan
Slay
May
Jan
Feb

134
31
35
'Is

134 Jan
31 Jan
35
Apr
'is Mar

251 June
71. Apr
35
Apr
4 Jan

54
1514
18
7
1
34
34
251
4
34

4
20
22
8
1
54
1454
351
34
lie

Star
Jan
June
Jan
June
June
Apr
Jan
Mar
Jan

111, Feb
2434 Feb
2734 Jan
July
20
24 May
31 May
22
Aug
13% July
14 Jan
51 Apr

42
60
604
iii
1551

43
60
5034
51
18

Feb 674
Slay
73
Apr 8436
Apr14
Slur 3034

Kingsbury Breweries_ _ _ _1
100
1
134
14
Kirby Petroleum
500
Si
1
2% 2%
Kirkland Lake 0 M Ltd 1
100
34
16
716
Klein(Emil)
• 19
934
19%
200
Kleinert Rubber
5
10
Knott Corp corn
100
251 2%
1
1
Roister 13randes Lta____gl.
•1
Koppers Gas & CokeCo8% Preferred
275 u 54
100 94% 95
Krem (S H) 2nd pref...100
10
Kreuger Brewing
434
1,500
10
1034
I
Lackawanna RR of NJ1005934
Lake Shore Mines Ltd _ _.1 50
2,400' 324
51
Lakey Foundry & Mach_ _ I
Ti
74
400
4
Lane Bryant 7% Pre 100
25
Lefoourt Realty corn
1
1
Preferred
7
•
Lehigh Coal & Nay
1,300
634 734
554
•
Leonard 011 Develop_ _25
7,6
7,6
100
316
Lerner Stores common_ _• 594 6234
1,600 1031
40
6% Met with warr_--100
Libby MoNell & Libby..10
254
64 64 2,300
Liberty Baking 770 pfd_1001
II
3
Lion 011 Development ..•
Lohlaw Groceterias cl A _.•
15
Lone Star Oas Corp
731 9,000
614
434
•
Long Island LtgCommon
454
2
53.4 28,000
•
7% preferred
60 38
7736
100 74
Pref clam B
100 664 68
75 32
louden Packing Co
• 34
3431
75 • 1034
Louisiana Land & Ex Dior.'
14
754 74 8,500
Lucky Tiger Combinatn_10
2
Lynch Corp com
1,300• 15
5 39% 4034

4
14
ina
15
654
144
4

July

Mang& Stores Cor D
•
6 A % pref w w
100
Maned Consol Mfg
•
Marconi Internal MarineAmerican den receipts _II
Margay Oil Corp
•
Marlon Steam 8hovel_ __..•
Maryland Casualty
1
Mass Pill Assoc ytc
1
Massey-Harris com
•
Mavis Bottling clam A
1
Mayflower associates ___ _•
May Iloelery $4 pref
•
McColl Frontenac Oil
•
McCord Bad & Mfg B__•
McWilliams Dredging--__•
Mead Johnson & Co
•
Memphis Nat Oas com 6
Siemplas P & L $7 prat._ _•
Mercantile Stores corn_ •
7% Preferred
100
Merritt Chapman & Scott•
64% A preferred. _ _100
Mesabi Iron Co
•
Metal Textile pre!
•
Metropolitan Edison56 preferred
•
Mexico-Ohio 011
•
Michigan Gan Se Oil
•
Michigan Sugar Co
•
Preferred
10
altddle States PetrolClam A v li c
•
Class BY *0
•
Middle Went Utll corn...,.'
36 cony pref ser A w w •
Certificates of dep....•
Midland Royalty carp$2 cony prat
•
Midland Steel Prod
•
Nildvale Co
•
Mining Corp of Canada._•
Minnesota Mining & Mfg.•

734 8
60
62
2531
25

2
14
454
34

234
14
434
34

534 6
3834 39
69
70
454
374
1036 14
2

2

1,600
30
200

1
12
25

64
4
14
900
1
100' 1
100
3
2,600
54
38
22
12
2,500
134
700' 124
300 44 34
4,800
14
45
1,100
8%
60
400
4
5%

72
114
434
7531
48
54
67
174
18
514
Y

40
914
6%
1
34
1714
434
2
48
37
20%
43.4
34
2634

85

85

231
1

24
1

25 46%
4
200
2
100" 4
234

154
4
34

1%
54
34

500
300
700

17
174
40
40
154
1%
194 1954

ii
4
116
4
54

4
500
44
125 1834
100
"Is
175 • 744

21$ Jan
May
3
"16 Jan
22
May
714 Apr
331 July
.116 May

Mar 96
Apr
12%
Mar
1234
Feb 78
Jan 58
Ma
14
Jan 80
Star
24
Jan
2054
Star
74
Apr
51
Jan6234
Feb1064
836
June
June
I
651
Mar
Feb 1954
Mar
734

Apr
Jan
June
Slay
Mar
Jan
Jan
Slay
May
Apr
May
Aug
July
Apr
June
Am
July
Aug

Mar
Jan
Jan

Aug
July
July
July
May
Apr
July

Apr

Jan
Apr
Slur

54
79
6834
2934
934
334
414

54 June
July
47
25
July

10
Jan
62
July
3314 Jan

8
4
134
144
1
334
34
41
4054
12%
331
214
55
154
7534
9%
70
14
8

84
831
3.4
24
154
551
4
504
44
15%
74
394
70
414
7554
14
734
294
183-4

'16

34

Mar
Mar
Jan
Mar
Jan
Jan

Aug
Aug
Aug
Apr
Jan

June
Feb
Mar
Jan
Feb
Mar
Feb
Jan
Feb
Apr
Apr
Jan
Apr
Mar
June
July
Jan
Jan
Mar

16 May

34

Slur

80
Jan
14 Jan
2
Mar
54 Mar
3
Feb
4 Mar
31 Mar

34

Jan
June
Ma)
June
July
Jan
Jan
July
Mar
Jan
Jan
July
Aug
July
June
July
Jan
July
July
Jan
Mar

96
1
316
154
8

Slay
Jan
Slay
June
June

'III

I,

Jan

4

Apr
Al)

2% Slay
1116 May
11, Jan
I
Apr
34 Jan

June
Mar
Jan
Star
Jan

10
Jan
1834 July
404 Apr
134 Apr
1994 July

316

8
5
35
'
116

12

Nap

720
STOCKS
(Continued)

New York Curb Exchange-Continued-Page 3
July 1
Week's Range Bales 1933 tO
of Prices
for July31
Week 1935

High Shares Low
Per LOW
Miss River Fuel rights116
65
Miss River Pow 6% pfd 100
100
Moak Judson voehrInger-• 1134 1134
634
1,000 30%
Mob & Bud Pow 1st pref_' 70% 73
1,025
33
36
9
2d preferred
Molybdenum Corp
133 144 8,800 9 24
970 56
139 1404
Montgomery Ward
500 26%
30% 30%
Montreal Ls HI &
100 16%
Moody% Invest Service- -.1 30% 3034
12
Moore Corp Ltd com_ •
90
Preferred A
100
Mtge ilk of Columbia1%
A merlcan Shares
200
M ountaln & Gull 011
3'
1
34
%
334
Mountain Producers_ ___lft
5% 6,300
5
Mountain Sts Pow com •
1004
10
126
Mountain Ste Tel& Tel 100 126
700 31%
• 99% 103%
Murehy(001 Co
105
100
8% preferred
9 43-4
Nachman-Sprinfilled Corp*
1% 2% 29,800
134
Nall Belles Hess
300 28%
Nat Bond & Share Corp..' 364 37
National Container Corp100 10
• 20% 2034
Common
29
$2 cony pref
National Fuel Gas
• 184 18% 2,300 11%
200
1
14
%
National Investors com_l
35
1
$5.50 preferred
200
34
A
Warrants
31
Nat Leather cam
•
1,300 82
74
National P & L $6 pref_.._' 72
500 4 2
•
64 7
Nat Rubber Mach
200
Nat Service common
1
316
316
Cony part preferred-.
4 16%
250 114
National Steel Car Ltd_ • 161,
300 254
3034
• 30
Nat Sugar Rellning
Nat Tea Co 514% 1:01--_-30
600
831
National Tranelt____12.50 10
1034
100
Nat Union Radio oom
'16
I
716
4
200
4
•
Nehl Corp(tom
31
•
1st pref
25 2031
Weisner Bros 7% pref__10b 100 100
2
Nelson(Herman)Corp 8
8%
200
631 8%
Neptune Meter class A •
Ii 1
Nestle-Le Mur Co el A- •
6
Nev Calif Ewe corn_ _100
15$
214 2%
900
New Bradford 011
1,950 474
62
New Jersey Zino
25 61
44
1% 2
1,200
New Me:& Ails Land_i
134
4
100
4
New Haven Clock Co.,___'
Newmont Mining Corp_10 493.4 5031 2,700 34
104
New Process coin
•
34
N Y Auction Co com
11
NY & Foreign Inv pret 100
100 15
32
N Y Merchandise
• 32
350 17k
N Y & Honduras Rocutrio10 47% 49
50 59
99A
N Y Pr & Lt 7% pref___100 99
53%
•
$6 preferred
N Y Shipbuilding Carp44
400
914
9
Founders shares
1
500 12
14
et Y Steam Corp oom
• 14
100 113
N Y Teel)634% prof _100 117% 118
3
4
200
4
N Y Transit
8
50 20
75
NY Wat Seri6% pfd .,.100 75
Niagara Bud Pow24
634 734 21,900
15
Common
34
500 7
Class A opt warr
316
3i6
34
Class B opt warrants _ _
Niagara Share534 691 5,900
234
Class B common
24% 2,500
22
Niles-Bement-Pond
13'
214 2% 4,900
NIDiming Mines
A
500
134 1%
Noma Electric
1
Nor Amer L$& Pr9
134 3,100
1
Common
1
a
• 174 1031 2,400
$6 preferred
18
North American Match_
1,100
34
3% 4
No Amer Utility Securities*
300
154
234 3
Nor Cent Texas 011 Co 5
200
tts
Nor European 011 oom _ _ _1
116
lie
21
Nor Ind Pub Ser 6% pfd100
20%
7% preferred
100
Northern N Y Utilities
10 454
91
7% 1st preferred
100 91
4%
100
6
6
Northern Pipe Line
10
2,200
134
Nor Sts Pow corn class A100 12A 14
a
400
Northwest EnglneerIng_.• 1214 13%
7,600"14k
25
Novadel-Agene Corp.--• 22

.4

Range Sines
Jan. 1 1935
Mob
Low
M Feb
'is July
Feb 100 May
82
Jan
fog Mar 14
30M Mar 764 July
Mar 3734 July
9
74 Jan 14% July
127
Jaa 1443' May
264 May 3144 Jan
Jan 3034 Aug
23
1834 Feb 2234 July
Jan 137
June
125
314
31
44
Si
1054
72
112
6
134
294

Feb
Feb
Jan
Jan
Mar

Jan
Apr
Mar
May
Feb

44
54
5%
1
126
1034
116
811
23'
37

Apr
Feb
May
July
Aug
Aug
Apr
Jan
Jan

July

June 2214 May
Mar
July 35
afar 1834 July
13' Jan
Mar
Jan
Mar 86
4111 Jan
Feb
134 Jan
Mar
July
Feb 74
94 Mar
Jan
Apr
Si Jan
Jan
Apr
May 1834 Apr
June 35
Feb
St May
Apr
Feb104 July
MaY
h Feb
23' mar
6 May
July 50
July
50
Feb 10034 July
90
Jan
8
44 Apr
6% May
9
Ja9
234 July
534 Jan
514 June
534 June
23' Jan
2
Feb
Apr 63 June
49
2% Jan
May
July
4
331 May
34% Mar 6334 May
Jan 18
May
12
134 Feb
2.34
. June
11
June 15
Apr
2514 JIM 32 June
Feb 894 Apr
33
6134 Jan 9934 Aug
15334 Jan 7834 May

1834
30
114
14
55
34
11
4634
534
34
34
15
254
9
64

44
12
1134
3
464

MaT 134
May 1634
May 121
4
Apr
Feb 75

24 Mar
Si Jan
SS Mar
Mar
Mar
July
Jan

614
2614
3
2

34
454
2434
34
2

Mar
Mar
Jan
jail
Jan

134
1914
40
4
314

116

JAI/

82
Feb
38% Mar
45
544 Jan
13% Mar
634 Jan
lag may

Jan
May
Mar
July
July

74 July
fit June
134 June

24
8%
2•
34

19
Jan
175 1110
2611
Ohio Brass Co al B oom-• 26
Fe
75 45% 70
96
Ohio Edison $6 pref
• 96
Jo
100 814 89
Ohio 011 6% pref
100 10434 1041(
554 Jan
110 so
Ohio Power 6% prat 100 107M 108M
9011 Apr
71
Ohio P S 7% 1st pref_ _100
94 Feb
1,400
1531
Olkitooke Ltd corn
a 10M 11
800
1
Si Mar
1
Outboard Motors B com_•
4
Jan
200 If A
734
Class A cony prat
7
•
134 Apr
1,800
3
4
Overseas Securities
•
17
134
2
Mar
214 2/4 1,800
Pacific Eastern Corp
1
Pacific &E6% let pref25 2734 2834 2,800 13% 2014 Jan
500 1634 184 Jan
34% lst prof
26 25A 25A
725 66% 71
Feb
Pacific Ltg $a prof
100 101A
17 34
I
May
Pacific Pub Seri,non-vot-•
734 Feb
600,7 134
16%
let preferred
• 16
1,375 10
25
Jan
•
Pacific Tin spelt stk
2,100 31% 36 June
Pan Amer Alrways----10 3%
3
43g 11,200
54
13‘ Mar
Nanette° 011 of Vanes__•
131 2
314 Mar
334
Paramount Motor
1
900 19% 32% Jan
Parke, Davis & Co
4734
9 4
17 June
Parker Pen Co
4 47
10
Jan
1,750 at 394 55
Parker Rust-Proof oom_.• 614 65A
244 34
Feb
Pander D Grocery A
•
6
July
Class B
•
534 Ma
a
100
12
Peninsular Tele° oom_...-• 12
8014 7934 Apr
Preferred
100
24
Feb
425 24
Pa Cent Lt& Pow $2.80 pf• 38
4134
July
67
$5 preferred
150 67
70
67
214
54 July
100
Penn Mel Fuel Co
OA 5%
1
14
134 Mar
Pennroad Corp v t e
2
2% 18,400
1
931 Apr
6
600
Pa Gas & Elea class
12% 15
7414 80% Jan
•
Pa Pr & Tt 37 pref
Jan
•
ge preferred
7234 77
54 Apr
Penn Salt Mfg Co
50 4234
50 101 10134
400 41% 53% Jan
Pa Water & Power Co____• 7414 76%
220 5234 52% Apr
Pepperell Mfg Co
100 7314 78
31
9 21
Feb
Perfect Circle Co
•
904 113 May
Pet Milk Co 7% pref_ __i00
Mar
4
4
Philadelphia Co corn
900
8
93'
•
21 29% 334 July
Phila Elee Pow 8% pref-25
Phoenix Securities1% Feb
Common
54
24 234 1,700
1
200 164 274 Feb
$3 eons, pretser A---10 4531 46
834 Apr
334
* 104 1131 2,100
Ple Bakeries Ino cam
Jan
2
1
•
634 614 1,400
Pierce Governor corn
x
4 Jan
Pines WInterfront Co...,,5
8;4 Mar
84
Pioneer Gold Mines Ltd_ _1 104 1034 4,400
Pitney-Bowes Postage
MA
5
29f
6
631 2,500
•
Meter
For footnotes Woe. pane 723




STOCKS
(Continued)

Aug
July
Apr
May

Aug
Aug
June
July
May
'If May
6334 July
65
July
9634
7
1414
1434
25

July
May
May
July
Aug

Aug. 3 1935

July 1
Week's Range Sales 1933 to
for July 31
of Prices
Week 1935

Range Since
Jan. 1 1935

Low
High
High Shares Low
Low
July
2
300
24 Jan 5
43‘ 4%
1
Pittsburgh ForgIngs
51
Feb 674 Aug
6734 1,880 51
Pittsburgh & Lake Erie_50 60
Pittsburgh Plate Glass__25 7631 7934 3,700 804 4634 Apr 7934 July
2034 July 25-34 Feb
• 10
Pond Creek Pocahontas _ _•
23-4 June
34 Jan
234 214 1,600
Potrero Sugar corn
6
711
100
May
74 Jan 12
12
• 12
Powdrell & Alexander
634
IN
Feb
64
Power Corp of Can com •
Jan
July 30
200 154 23
23
Pratt & Lambert Co.....• 23
114 Jail
4
234 Apr
134 114 1,700
Premier Gold MinIng
1
31
31
534
July
July
100
31
31
Prentice-Hall Inc
914
914 June 1334 Jan
Pressed Metals of Amer_ •
*
m 4,300
Nil Jan
1f
4 Jan
Producers Royalty
Properties Realisation300 121( 1234 Apr 1734 July
Voting trust etts 33 1-3c 1754 1714
200
134 Feb
)4
m
M Mar
94
Propper McCallum Hoe'Y *
44
451 Mar
814 July
834 8% 1,500
Prudential investors
•
July
83
59
Jan 99
$6 preferred
Jan 22
July
110
8
22
Pub Sery of Indian $7 prof• 20
714 July
Jan
10
5
•
734 734
$6 preferred
• 034 1734 Feb 3831 July
Public Serv Nor Ill cora-,
9
16
Feb 3534 June
Common
ao
'
38
784 Apr 102
July
25
100 102 102
6% preferred
'
88
Feb
77
Jan 83
preferred
100
7%
Public Service Okla81
May
May
81
81
100
7% pr L pref
Puget Sound P & LMar 3334 June
13
29% 3234 1,625
$5 preferred
634 Mar 1714 May
a
575
1234 1314
$8 preferred
3334
70 June
Mar
Mg
Pure Oil Co 6% pref _100
24 Jan
114
54 July
700
53.4
Pyrene Manufacturing-10 55
July
1854
127
Jan
106
510
134
132%
Quaker Oats corn
•
July
13234 Feb 147
120 111
6% preferred
100 14434 146
By & Light Scour corn-.
By & Utll Invent A
1
Rainbow Luminous Prod•
Class A
•
Class B
Raymond Concrete Pile•
Common
$3 convertible preferred•
Raytheon Mfg v
Red Bank 011 Co
•
Reeves (13) corn
•
Reiter-Foster 011
Reliable Stores Corp
Reliance Internal-al A 10e
Reliance Management---•
Raybarn Co Inc
10
Reynolds Investing
1
•
Rice Stix Dry Goods
Richfield 011 pref
25
Rochest G &E 6% 13 pf 100
Rogers-Majestio class A-•
Rocsevelt Field, Inc
5
Root Petroleum Co
1
31.20 cony pref
20
Rossi& international
•
Royalite 011 Co
Royal Typewriter
•
Ruberoid Co
•
Russets Fifth Ave
S
RYanConsolPetrol- •
Safety Car Heat & Light100
St Anthony Gold Mines_l
St Lawrence Corp (tom_ *
St Regis Paper corn
10
100
7% preferred
Salt Creek Coneol Oil
_I
Salt Creek Producers-10
Savoy 011
•
Schiff Co corn
Schulte Real Estate am...*
Scoville Manufacturing-25
Securities Corp General
•
Seeman Bros Inc
Segal Lock & Hardware'
Seiberling Rubber com •
•
Selby Shoe Co
Selected Industries!noCommon
1
$5.50 prior stook
25
Allotment oertifleates_
Selfridge Prov StoresAmer dep reo
Sentry Safety Control
•
Seton Leather oom

•
•

150

1434 15

334

1111
44
17
4ti
5%
151

5Si
151

300
200

3
A

34
1

1,400
3,000

34

Ills

600

14
231

1%
231

800
300

19-4

51
351

500

1is
28M
26
64% 67A

1,200
775

A
134
72
72
31
31

800
25
600

14 1%
25
23

2,300
150

7

74

2,200

28

2834
834
25
244
35%

A
1734
;141

13

3034

900

224 25
1% 14

725
600

A
14
134 134
32
32

500
500 11
200 15%

134 1%
6731 8914
88
704
g

516

17
84

64 Mar
Si, Jan

154 July
34 Jail

Ng June
'is June

a,. Feb
14 Mar

Jan
454 Jan
6
Jan
17
Apr 25
54 Feb13' May
Feb
1
Feb3.4
4:4 Feb
74 Jan
Apr
34 May
84 Jan
434 Mar
14 Jan
74 Mar
13-4 May
Si Feb
Apr
2
3:4 July
144 Jan
Si Apr
July 124 Jan
9
Jan
I
July
Apr
A pr 85
85
94 Jan
Mar
8
134 Apr
234 May
2.34 July
Feb
1
July
34 Apr 12
Si Feb
24 May
2631 May 2134 may
154 may 2831 July
Jan 674 July
41
Feo
314 Apr
14 May
54 Mar
6034 Mar 7634 Al,,
.t. Apt
Si Jan
A May
14
2 June
Mar
1
July
174 Mar 29
1
Jau
Si Jan
734 May
.534 Mar
1
Jan
9-4 Jan
254 Mar 334 Jan
X Jan
31 June
Aug
1951 Mar 25
May
2
Si Mar
43% Mar 50
May
Si Mar
Si Jan
134 July
23.4 Jan
28
Jan 34
Apr

3,400
500
850

Si
38
37%

14 Mar
Mar
48
464 Ma

14 Jan
894 Aug
7034 Aug

500

154
34
33.4

2;i Ma
Jan
Mar

214 Jan
Si June
7
May

14 Jan
134
2% 24 1,000
Shattuck Diann MlnIng
5
1434 144 May
27 June Shawinigan Wet& Power_•
754 20
Apr
400
9634 Aug Sheaffer Pen com
• 2914 3034
Apr
Si
10731 May Shenandoah Corp oom
1
124 Mar
400 12
1994
43 cony pref
July
109
25 19
Jan
1,600 12 3201 84
July Sherwin-WIlliame oom 25 100 105
96
90 12 904 106% June
114 May
6% preferred A A-_100 106% 1083i
235
50 119
Mar
14 July Singer Mfg Co
100 300 301
731 July Singer Mfg Co Ltd2
234 Feb
100
3M 334
Amer dep rec ord reg.£1
Aug
4
1234 1214 Jan
Paper Mille-.
34 May Smith
2,100 1511 29
Jan
4834 59
2834 July Smith (A 0)Corp oom___
2534 July Smith (L C) & Corona
334
400
14
Feb
14
Typewriter
vt
102 June
1
1
600
Apr
134 114
1
I 14 July Sonotone Corp
14
4,200
334 Apr
3% 4
1734 July Bo Amer Gold & Flat
1
3434 Aug Sou Calif Edbion726
2814 Jan
75
443' Feb
507 original preferred-25 3931 3931
18% 204 Jan
25
24 Jan
73 pref series A
243-4 254 1,100 1634 17% Jan
Preferred B
4% Feb
800'71434 1531 Jan
23%
47% July
26 23
534% pre series 0.----25
100
10
Jan
17 June South'n N E Telep__ _100
A
1
3
100 9
3
Jan
July Southn Colo Pow el A-- _25
69
34 Jan
•
3734 June Southern Natural Gas_
831
200
334 Jan
431 4%
10
Feb Southern Pipe Line
7
9
Jun
12
July Southern Union Gas cont.*
300
434
49-4 Jan
5%
554
82 May Southland Royalty Co-__5
3,200 15% 21% Mar
22% 24
4134 July South Penn 011
844 454 Feb
July So'weet Pa Pipe Line 2
70
55
0
Jan Spanish & Gen Corp11
M June
Am dep rots ord bear-81
24 May
'HI Apr
15
Aug
Am dep rote ord reg--S1
900 I' 74: 17 May
2234
101
June Square 13 class B com____1 21
is
3
250
29
344
May
• 34
Class A prof
Jan
77
1%
1% Apr
10134 Aug Stahl-Meyer eom
•
% June
764 Aug Standard Brewing Co
200 23
29% Mar
3534
894 Jan Standard CaD & Seal oom-5 35
Apr Standard Dredging Co40
9 114
311 July
120
Cony preferred
Feb
250 1034 10% Apr
94 Aug Stand Investing $5.50 pi * 2411 27
3,600 1334 18
Jan
10 2034 21
33% July Standard 011(E1)
7%
200
734 Mar
914 103i
Standard 011(Neb)
25
14% 1,200 11% 11% Mar
234 July Standard 011(Ohio)cam 26 14
76% 91
Feb
100
6% preferred
July
46
1
300
Mar
1
•
134 11i
11% July Standard P & L earn
100
%
•
151 134
14 Apr
614 Aug
Common class B
a
100
9
Mar
. 144 1431
24 July
Preferred
Si Apr
;i 21,000
124 May Standard Silver Lead-- 1
5"
416 Feb
Si
Starrett Corporation
1
ins 2,100
600
10
Si Mar
01.7; erererred
7 June
134 15i

2%
1374
3014
194
20
106M
11314
301

Mar
Jan
Aug
Jan
July
July
Mar
July

x3M Apr
1214 Jan
72 May
14

July
234 Jan
4% Jan

394
284
25%
234
105
3

July
July
July
July
Apr
July
Jan
Apr
1
Apr
84 July
2834 May
524 Feb
34
14
22%
35
34
Si
354

June
Ayr
Aug
July
Fen
Jan
July

84 July
27
Aug
2134 Feb
12 May
1914 May
NA May

23.4
15.1
1434
1216
I
3%

May
May
July
June
Ape
Apr

Volume 141
STOCKS
(Continued)

July 1
Week's Range Sales 1933:0
for July31
of Prices
Week 1936

Par Low
High Shares Low
Steel Co of Can Ltd
•
32
Stein (A)& Co corn
5
4% preferred
80
100
Sterling Brewers Inc
I
800
334 335
344
Stetaon (.1 B) Co com___• 1134 1174
50
75(
Stinnes(Hugo)Corp
6
1
Stroock(S)&Co
•
44
sluts Motor Car
•
14 154 1,600
1
Sullivan Machinery__ .• 1031 11%
500
554
Sun Investing &No
•
434 4%
300
231
• 44
$3 cony preferred
700 34
46
Sunray 011
134 134 1,400
1
54
Sunshine mining Co--10r 194 22% 17,200 pi 2.10
SwanFinch Oil Corp__ 15
100
104
234 234
Swift Internacional
It, 324 33% 5,200 9 1954
Swiss Am Elect pref----100 54% 5434
100 32%
Swiss 011 Corp
700
1
235 2%
Syracuse Ltg 8% prof _100
89
Taggart Corp corn
•
31
Tampa Electric Co corn' 34
400 2154
35
Tastyeast Inc cl A
1
1
100
I
31
Technicolor Inc corn
• 20
2234 15,100
734
Teak-Hughes Mines
sth
i
4
434 3,200
Tenn El Pow 7% 1st pf 100
45
Tenn Products Corp com*
316
Texas Gulf Producing__ _•
24 214 4,600
234
Texas P & L 7% preL-100
75
Texan Oil& Land Co__ •
5% 54
400
454
Thermold 7% pref
100 34
375 20
Tobacco Allied Stocks____• 66% 40%
225 3734
67
Tobacco Prod Exports..'
200
2
2
54
Tobacco Securities Trust
Am dep rots ord reg__£1
1834
Am dep rcts do! reg1
Todd Shipyards Corp
•
18
Toledo Edison 6% pref 100
51
7% preferred A
100 103 103
10 58%
Tonopah Belmont DeveLl
Tonopah Mining of Nev._1
34
Trans Luz Pict ScreenCommon
1
2% 234 1,200
111
TM-Continental warrants_
14 1% 4,100
34
Triplex Safety Glass CoAm dep rein for ord reg._ 18
600 • 1134
1831
Tri-State Tel&Tel6% pf 10
le 7,4
Trunz Pork Stores
7
Tublze ChatIllon Corp_._1
3
3% 34 1,400
Claas A
1 1134 124
200
934
Tung-Sol Lamp Work. S
234
634 74 4,200
$3 cony pref
1,700 12
• 43
45
Unexcelled Mfg Co
10
2
Union American Inv'S___• 2234 2234
100 lei
Un El Lt & Pow 6% Pfd 100
10334
Union Gas of Can
•
4
400
44
Un 011 of Calif rights
Union Tobacco corn
•
100
34
34
Union Traction Co
Ii 3%
50
'United Aircraft'Transport
Warrants
434
100
434
3
United Carr Faetener__• 18
534
19% 1,800
United Chemicals corn...'
234
400
554 64
$3IMM & part prat
•
13
'um warrante
51 4,300
34
United Dry Docks corn __•
700
34
34
United Founders
'Is
31 38,900
United Gas Corp oom1
334 30,700
3
78
Prat non-voting
• 73
774 3,300 16
Option warrants
4
Ns
34 5.200
United 0 & E 7% pref_100
48
United Lt & Pow Gem A _•
134 134 12,200
Common clue B
•
134 231 1,400
$6 conv let prof
• 1134 1434 10,200
34
United Milk Products_ •
3
$3 preferred
•
20
United Molasses CoAm dep rots ord ref___21
434 534 6,100
234
United Profit-SharIng__-_•
1
100
1
14
Preferred
10
6
United Shoe Mach oem-25 82
525 a 47
824
Preferred
3034
US Dairy Prod el B ___ 26
•
• 34
US Elea Pow with warr1
500
34
14
io
Warrants
U S Finishing eons
•
34
0 El Foil Co class B
1 124 1354 2,800
534
U kl Intl Securities
•
800
134 134
54
let pref with wan'
• 6434 6834
800 8914
El S Lines pref
•
0 ill Playing Card .-.._i0 35%
150 IA 144
37
U S Radiator Corp com •
1%
300
2% 234
7% preferred
100 1234 15
200 6 6
U S Rubber Reclaiming•
100
34
4
United Storm v t e
•
74
2,200
14
(In Verde Extenelon___5ne
24
3,500
234
3
United Wall Paper
20
134 134
700
Universal Consol OIL_ _10
:7 1.20
Universal Insurance.....8 1534
600
534
1834
Universal Pictures coin__ I
1
100
4
4
Universal Products
* 16
900 16 434
18%
Utah Apex Mining 00_6
900
31
31
Utah Pew & Lt 37 pref•
275 134
Utica Gas & Cleo 7% pf.100 2834 29
60 77
99
Utility Eoultles Corp . 98%
91
4,000
334
234
Priority stook
• 62
30
1,275
70
Utility & Ind Corp
•
• 34
500
34
51
Cony preferred
11
g
•
134 2% 1,800.
Utll Pow & Lt corn
'sic 134 4,200
7% preferred
100 103,4 1234 3,550
354
Venezuela Meg 011 Co_10
2
100
131
2
Venesuelan Petroletuzi 5
1
54
1% 1,500
Vogt Manufacturing
•
214
Waco Aircraft Co
•
1,200
334
531
634
Wald & Bond el A
314
200
934
Class B..............•. ..........
031
14
....
walgreen Co warrants____
ti
100 ▪
Ns
516
WalkerMining Co
1
1% 134
300
Ns
Walker(Hiram)-Gooderb'm
& IVorts Ltd com____•
2634 2834 8,000 2014
Cumul preferred
• 1734 1734 1,600 124
Wendell Copper
200
1
116
34
Western Air Express
1
2
234 254
500
Western Auto Supply A • 514 54
650 17
Western Cartridge prof _100
6234
Western Maryland Ry
7% let preferred_ -100
35
Western Power 7% pref 100
65
Weetern Tab & Stat t 0.*
114
100
Westmoreland Coal Co • 1434 1434
MI 4%
West Texas Utll $6 pref__* 45
225 22
47
Westvaco Chlorine Prod7% preferred
100 10134 10134
50 60
West Va Coal & Coke____•
434 434 8,000
34
wililams(RC)&Co
•
10
Milan 011-0-Matlo Heat-•
4
400• 231
434
Wil-lcm Cafeterias Ino....1
44
Cony preferred
•
234
Wilson-Jones Co
• 24
100
24
- For footnotes see page 723.




4

New York Curb Exchange-Continued-Page 4

6

Rance Since
Jan. 1 1935

1934
•
2334
68
83
34
34

24
AD
7
Jul
Jan 33
Jan 96
Jan 104
Apr
Feb

164
1034
7
3
104
33(
29

July
June
July
Apr
July
Apr
Jan

.1
3

h
35
34
54
54
1
334
3
29

374 Feb
154 July
1834
1034
9
634
18
734
45

July
Apr
Jan
Jan
Jan
July
July

234 May
Mar
Jan
Mar 23
June 1034 June
04 Jan
May
June
34 June
Jan
51 Jan
5
Apr
Jun

234
194
10334
•
34
34
4
354
1431
2%
2134

Jan
Jan
Apr
May
July
Apr
Apr

13i

2
Apr
14 Mar

Mar
Jan
Mar
Apr
Mar
Apr
Mar
Mar
Mar
Mar
Jan
Mar
Feb
Mar
Jan
Jan

Jan
Mar
Feb
Jan
Jan
July
Jan
Jan
Mar
1034 Mar

434
34
734
70
36
%
tf
2

4

41h
% M
Aar
p•
34 Apr
3034 Mar
134 June
10
July
4 Feb
34 Mar
214 Apr
14 Aug
34 Jan
7
Jan
4 June
13
July
51 July
16
Jan
84
Apr
34 Mar
435( Jan
34 May
1
Mr
31 Feb
334 May

6
194
734
3834
"is
'is
4
334
80
elis
80
134
234
1434
434
3634

Jan
Aug
July
July
June
Jan
Jan
July
July
July
July
Aug
July
Aug
July
Apr

Jan
Apr
Apr
July
July
Feb
74 Jan
he Jan
2
Jan
1314 Jan
134 June
6834 Aug
31 Feb
384 May
Feb
3
17
Jan
34 Feb
134 Jan
414 June
54 Jan
/13-4 Feb
1834 Aug
A
June
1834 July
154 Jan
May
81
99
Aug
334 July
70
Aug
34 Aug
234 Aug
134 June
1434 June
534
151
734
85
4034

3
134
12
634
94
154
134
134

May
May
May
July
May
5fay
Feb
May

23%
34
16%
lid
2
48
98

Apr 3254
Jan 1834
34
June
34
Jan
July 6034
Jan 102

Feb
Mar
May
Feb
Mar
July

4634
7434
12
7
28

Mar
Mar
Feb
June
Jan

63
8354
1434
734
47

May
May
Aug
June
July

09
3
7
3
4
24
18

Jan 105 June
June
Apr
July 1734 Jan
434 Aug
Apr
IN, Feb
Mar
Jan
6
June
Jan 2734 May

14 Mar
Jan
8
Jan
34 May
434 Feb
4 Mar
54 July

July I
Week's Range Sales 1933 to
for July 31
of Pricey
Week 1935

STOCKS
(Concluded)

Low
High
42)S Mar 50% July
934 Mar 144 July
103
Jan 107
Feb
34 Mar
4
Apr
104 June 1534 Mar
134 May
Jan
2
64 Jan
934' July
1
3% Feb
July
10
Mar 1434 Jan
24 Mar
44 Aug
40
Mar 46
Aug
13( Jan
74 Apr
1034 Jan 25 June
254 Mar
3
Feb
31
Jan 3634 Apr
45% Jan 5834 Feb
2
334 May
Feb
89
Apr 97
July
31 June
134 Jan
2234 Mar 35
July
1% July
34 July
11% Jan 27 June
3% Jan
4% Mar
48
Feb 7634 July
31 Jan
316 July
234 July
454 May
75
July
Feb 93
5
6% Jan
Mar
2234 May 40
674 m
Aa
ug
y
Mar
60
131 Feb
234 Jan

721

Par

Winnipeg Electric
Wolverine Port Cement-10
Woodley Petroleum
1
Woolworth(F W)LtdAmer deposit rote-- -5e
Wright-Hargreaves MIL.*
Yukon Gold Co

Range Singe
Jan. 1 1935

Low
High Shares Low
1)( 1)(
100
154
4 134
5% 1,700
5
2

Low
134 July
354 June
334 Jan

High
14 July
334 June
6
May

17%
554

24
Mar
734 Aug
Mar

2834 June
10
Mar
24 July

7yi
134

734 15,400
134 15,900

tl•

BONDSAbbott's Dairy 68-1942
Alabama Power Colit & ref ft
1946
lei & ref 5s
1951
let & ref 5s
1956
let&rslS.
1968
1st & ref 430
1967
Aluminum Coal deb 55'52
5s called
1952
Aluminum Ltd deb 55_1948
Amer Com'Ity Pow 5340 53
Amer & Continental 5.1943
Am El Pow Corp aeb rls '57
Amer G & El deb 66_2028
Am Gas & Pow deb Ile 1930
Certificates of deposit_ _
Secured deb 5e
1953
Certificates of depositAm Pow & Lt deb els__2016
Amer Radiator 4348_1947
Am Roll Mill deb 54._1948
Amer Seating cony 63_1938
Appalachian El Pr 55_1958
Appalachian Power 65_1941
Deb Os
2024
Arkansas Pr & Lt 56_1950
Associated Elea 414e 1953
Associated Gas & El CoCony deb 5%.
1938
Cony deb the 0_1948
Cony deb 4344
1945
Cony deb Si
1950
Deb 5s
1968
Cony deb 5%e
1977
Assoc Rayon as
1950
Assoc Telephone Ltd 5e '65
Assoc T & T deb 634e A '58
Assoc Telep 11811 534sA949
Certificates of deposit65
1933
Ctfa of deposit
Atlas Plywood 634e..1943
Baldwin Loco W 6s w w '38
(ie without wart_ ___1938
Bell relay of Canadalet M 6s seriee A_--1956
let M 13s series B___1957
5e NOM C
1960
Bethlehem Steel 6*.. _1998
Binghamton L H & P 50'48
Birmingham Elea 44e 1988
Birmingham Gas 5s 1959
Boston Consol Om 58_1947
Broad River Pow 53_1954
Buff Gen Elea Si
1939
Gen & ref 54
1956
Canada Northern Pr de '53
Canadian Pao Ry 88_1942
Capital Adminis 5e
1953
Carolina Pr & Lt ISa _ _ _1956
Cedar Rapids M & P 56'53
Cent Aria Li & Pow 5.1960
Cent German Power 661934
Cent Ill Light de
1943
Central III Pub Service5e series E
1958
let & ref 434s ear F_1987
&Barisal:1
1966
434% series H
1981
Cent Maine Pow 5a D_ 1955
414s series E
1957
Cent Otilo Lt & Pow 561950
Gent Power be ser D 1957
Cent Pow & LS let 55_1950
Cent States Elea 5s _1948
534o sk-wafr
1944
Cent States P & L 634e. 53
ChicDistEle000na34e7,
Chic Jot Ry & Union Stk
Yards Se
1640
Chic Pneu Tools 5346-1947
Chic Rya 56°Bs
1927
Cincinnati St Ry 534s A '52
fts series B
1955
Cities Service 5e
1960
Cony deb Ts
1960
Registered
Cities service Gas 6315 '42
Cities Service GAS Pipe
1443
Line fle
alike Sery P & L 510 1952
534e
nag
Cleve Else 1111s1 54 1939
5e aeries A
1954
5e series B
1961
Commerz clt PrIvat 534s '37
Commonwealth Edison1st M 6e series A
1953
let M 6e serlea B.-1954
1e3 44s series 0-1956
let 634s mule. D_1957
let M 46 series F. 1981
Com'wealth Subeld 534s'48
Community Pr & Lt 51;1957
Connecticut Light & Power
7s series A
1951
534e aeries B
1954
4 he series C
1956
Se series D
1962
Conn River Pow 5s A 1967
Consol Use (Balto City)5e
1939
Gen mtge 434a
1964
Consol Gae El Lt& P(Haiti
434s series H
1970
letrefsfde
1981
Consol Gas URI Colet & coil Oscar A_1943
Cony deb 634, w w _1943
Consolidated Publishers73
-la stamped
1939
Consumers Pow 4348_1958
1s8 & ref fie
1936
Conti Gas & El 54 _ _1115)i
Crane Co
__ _Aug 1 1940
Crucible Steel 6s
1940
Cuban Telephone 734e 1941
Cuban Toriartec Se
.1944

104% 104%
102% 103%
97% 99
98%
97
90% 92
86%
85
107% 1074
105% 10531
10234 1024
14
14
105 10551
3934 4034
3831 4031
3434 3534
3331 354
8954 9134
1044 10431
9934 9934
9534 9634
105 1054
10834 10934
96
95
44
4834

1,000

324 13,000
30
25
5,000
23
2234 2531 77,000
27 144,000
24
94,000
27
24
10,000
26
29
66
87
61,000
10434 104% 8,000
7454 7534 41,000
2234 2334 58,000
22
2354 64,000
2.000
40% 41
3,000
7934 8034 19,000
5634 63
544 61

8634 102

Jan 1044 Mar

44,000 63
8834 Jan
84,000 54% 833.4 Jan
7,000 55
8334 Jan
40,000 47% 73
Jan
148,000 444 6654 Jan
22,000 9284 1954 Jan
5,000 1054 1054 July
34,000 69
974 Jan
134
134 July
93
8
Jan
3,000
734
734 Mar
166,000
8974 Jan
15,000 184 18
Jan
17,000 3234 3234 June
28,000 124 1734 Jan
52,000 2874 2831 May
269,000 3834 504 Jan
15,000 9734 10334 Jan
197,000 62
94% Apr
55,000 41
74
Jan
27,000 64
101
Jan
99
1054 Feb
4,000 68
3434 Jan
98,000 50
7334 Jan
156,000 2014 2934 Feb

122,000
222,000

12
954

1044
1014
101
9534
90
10734
105%
10274
34
102
17.54
1054
4054
4054
3534
3574
9134
108
100
9934
1063.4
109
111
OS
53

July
July
July
July
July
July
July
July
Apr
Apr
July
June
Aug
Aug
July
July
July
Feb
Jan
July
May
Mar
June
July
July

Mar 36
Feb294
Mar 2934
Mar 3134
Max 3074
Mar 32
Apr 7514
Jan 105
Jan 754
Jan 2534
Jan 254
Jan 43
Jan 42
Mar 86

June
July
July
July
July
July
Feb
June
Feb
July
July
July
July
Jan

11
1111
11
3834
764
34
9
8
1334
1331
47

1434
13
11
1234
12
1434
60
99
5754
1434
1434
20
20
78

3234
304

324 Apr
3034 Apr

1133411334 28,000 98
11734 11731 26,000 97
1194 120
7,000 9731
135 13635 19,000 102
7634
8634 8934 200,000 4531
74
7531 18,000 384
108311083' 1,000 1024
904 9134 34,000 29
107 10734 4,000 10234
102
10134 102
8,000 71
110 111
48,000 98
100% 100% 10,000 65
96% 9734 68,000 4614
11254 11254 6,000 9454
10454 10514 34,000 72%
3354
107 10834 4,000 99

10934
11134
11234
12634
10274
6934
66
106
70
10634
105
97
105
8834
8314
11034
89
39
106

Mar
Feb
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Apr
Apr
Mar
Jan
Jan
Jan
Jan
Mar
Apr

81
68

Jan
Jan

11534
11814
120
138
107
9134
78
109
9134
109.34
110
103
1124
10134
10034
11234
10534
444
10954

Apr
Apr
July
July
July
June
May
Jan
July
Jan
May
July
jail

May
May
May
July
June
Mar

9631 98
32,000
9034 92 120,000
954 9651 82,000
9031 91/4 9,000
10434 10434 19,000
9934 10031 49,000
874 9754 11,000
8834 8734 29.000
814 8414 262,000
4134 444 251,000
4334 4634 372,000
6631 674 01.000
1034 10434 27,000

50
7634
454 67
49
75
48
6774
80
101
72
9554
5574 72
37% 59
3734 15934
26
26
254 2354
29
4854
62
9234

110
10034
74
8731
9034
544
5534
56
90

00
10514 Jan 11054 May
5154 8774 Jan 102
July
43
6334 Jan 80 June
4034 58
Feb 89
Aug
47
6634 Feb 9134 Aug
July
28% 3054 Mar 58
287( 2934 Feb 5931 July
2931 Feb 56
Aug
4334 6334 Jan 9234 July

110
6,000
10134 39,00
39,00
78
11,00
89
9134 4,00
5531 47,00
574 611,000
56
2,000
83,000
92

100 10034 23,000
4834 504 250,000
4834 5034 99,000

55
2614
27%

Jan 994 July
Jan 9234 July
Jan 9754 May
Jan 9234 July
Jan 1054 Ala
Jan 1024 May
Jan 9834 July
Jan 8714 July
Jan 8434 Aug
Mar 4634 July
mar 4614 Aug
Jan 51934 „nay
Jan 10654 July

8434 Jan 10054 July
2634 Feb 51
July
2731 Feb 5154 July

10254 10254 13,000 10254 10234 July 106
105 105% 6,000 1013s 105
Aug 111
1084 1084 4.000 102
10834 July 114
34
34
1,000 33
34
Aug 47

Mar
Feb
Jan
Feb

112 11254
112% 1124
10934 110%
1104 11034
10434105
10034 10134
7134 7234

July
June
July
July
July
July
July

10634 107
1044 105

34,000
29,000
10,000
13,000
174,000
69,000
98,000

86% 10914 Jan 11354
109
Jan 113
80
86M 10514 Jan 111
7914 10454 Jan 11034
69.4 945t Jan 105
54
85
Jan 10234
3314 5114 Mar 7234

112
104
9854
17,000 102
8,000 87%

1184
10754
10834
106
10334

Jan
July
Jan
May
Jan

12254 June
112
Jan
110
July
10934 Jan
10634 June

6,000

103
111
Jan 113
9914 11434 Jan 122

May
July

10634 10834 39,000
10834 109
19,000

9634 10634 July 111
8874 10634 Jan 112

Apr
July

120% 122

80
83
49,000
1734 2034 34,000

133
454

51
Jan
434 Jan

97
97
1,000 70
87
10834 109
32,000 88
10734
10134 102
14,000 10034 10174
74
75% 290,000 83
42
10334 1034 11,000 7714 102
101 102341 30,000 604 9534
8334 8334 3,000 50
6134
35
40

Mar
Jan
July
Jan
Jan
Apr
mar
May

July
83
2234 May
97
109%
104
7614
104
10214
xush
4854

June
Mar
Jan
July
July
Aug
June
Jan

oqua

New York Curb Exchange-Continued-Page 5

722

mull/ 1
BONDS
(Continued)
Cudahy Pack deb 5411937
1946
5 f 58
Cumberld Co P& L 950'56
Dallas Pow & LS Si A-1949
1952
5/ scrim C
Dayton Pow & Lt 5s-1941
Delaware El Pow 634s__'59
Denver Gas & Elea bs-1949
Derby Gas & Elec14_1948
Del City Gas 69 ser A_1947
1950
5s let series B
Detroit Internet BridgeAug. 1 1952
634s
Certificates of depoelt.
Aug I 1952
Deb 7e
Certificates of deposit_
Dixie Gulf Gas 635e--1937
1967
Duke Power 435e
Eastern Utll Invest 55_1955
Elea Power &Light55_2030
Elmira Wet.Lt &RR 58'58
El Paso Elea be A--1950
El Paso Nat Gm 814e-1943
With warrants
1938
Deb 834a
Empire Dist El 5e____1952
Empire On & Ref 5%51942
Emote Marelli Elect Mrg1953
635e A ex-warr
1967
Erie Lighting be
European Elea Corp Ltd1965
634e x-warr
European Mtge Inv 78 Cur

Range Since
Jan. 1 1935

Week's Range Sales 1933 to
for
July31
of Prices
Week
1935
Low
Hioh
10315 10334
10334 104
10335 104%
10735 108
1044 10435
107 108
1014 10234
110 110
96
9734
103 10334
9734 99

Fairbanks Morse 55_1942
Farmers Nat Mtge 7/4.1963
Federal Sugar Ref 6s__1933
Federal Water Berv 548'54
Finland Residential Mtge
Dante 88-1483tamped1961
Firestone Cot Mille &LW
Firestone Tire & Rub 58 42
Fla Power Corp 5345-1979
Florida Power & Lt 56195y,
Gary Elea & Gas be ext_'45
Gatineau Power let 561958
Deb gold 68 June 15 1941
1941
Deb Mee/ries B
1940
General Bronze 6e
General Pub dery re 1953
Gen Pub Util 13355 A_1916
General Rayon as A 1948
Oen Vending 66 ex war '37
Certificates of depositGen Wat Wks & El 55_1943
Georgia Power ref 58-1967
Georgia Pow & Lt 58_1978
Oesfurel ile x-warrante 1953
Gillette Safety Razor be '46
Glen Alden Coal 45_1965
Gabel (Adolf) 6548_1935
with warranta
Grand Trunk Ry 635e 1936
Grand Trunk West 4s_19b0
Ot Nor Pow bs stmp_ _1951,
Great Western Pow M 1948
Guantanamo & Weet 6.'68
Guardia n Investors 5E3_1948
1947
Gulf Oil of Pa 5s
(iulf Statee Util 55-1958
1961
448 series B
Haekensack Water 6e,.1988
1977
bs aeries A
1947
Hall Print am stmp
1935
Hamburg Elea 78
Hamburg El Undergronno
1038
& Bt By 5355
19116
Hood Rubber 514e
1936
Ts
Houston Gulf Gas65_1943
6345 with warrante_ 1943
Houston Light & Power1953
let 50 ser A
1978
let 435e ser D
1981
let 435e see E
Hydraulic Pow 5e- _1950
1931
Ref & impr 5s
Hygrade rood as A _ _ _1949
1949
ille series B

34
4

4
4

35
35
102 102
107% 108

Low
$
33,000 9334
10.000 102
4,000 85
6,000 10034
1,000 94
17,000 9935
36,000 65
1,000 9235
38,000 5634
43,000 76
95,000 6734
6,000
25,000
2,000
3,000
6,000

6735 6935 618,000
5,000
10035 101
9,000
1024 103

924 94
88
67
1054 1054
88
45

64,000
33,000
2.000

8934 2,000
4534 15,000

10334 104
664 67

5,000
29,000

9,000
99
99
103% 10435 16,000
104 104% 18.000
944 9635 83,000
894 904 279,000
814 824 45,000
884 894 94,000
9,000
7535 77
7434 7635 25,000
13.000
9234 94
6,000
934 94
7235 7834 284,000
55
5735 3.000
82
96
7435
3235
10234
9034

8415 33,000
9635 181,000
7535 14,000
7,000
34
10234 9,000
92 201,000

8535 88
10234 102%
9134 9215
108 108
107% 108
4135
40
404 41
1084 10634
104 10534
100 1004

Low
10335 Mar
10334 Mar
954 Jan
10634 Apr
10531 Feb
105% Apr
864 Jan
1054 Jan
Jan
83
99
Jan
914 Jan

106
71

3135
10034
100%
10215
96

3134 1,000
7,000
101
1024 22,000
10335 39,000
9735 5,000

High
Jan
104
10735 Feb
10435 May
11034 Mar
Mar
107
109
Mar
July
103
July
110
9834 July
104% Feb
99
Feb

Jan
734
3
235
7
2
Jan
134
235
34 Jan
34
135
35 Mar
35
10134 Jan 1034
76
Jan 10834
105
85
June 1614
10
10
334 Feb 7135
22
8534 Jan 101
55
8934 Jan 1034
64

Apr
Apr
Apr
Apr
May
Mar
Jan
July
July
June

Jan 104
91
9035 Jan 10035
Jan 9435
87
64
Jan 71

June
June
July
July

5634
25
46
41

Jan
5834 5835 June 69
Jan 10835 July
100
78
694
24

Jan
85
3434 Apr

98
Apr
5534 Jan

9634 Jan 104
58
July 554
384 , 46
234
134 Feb
135
3134 Jan 6715
15

July
Jan
May
July

9835 Mar 100
88
10234 June 10535
85
Apr 10634
103
89
76
Jan 97
48
444 684 Jan 9134
6834 6834 Jan 87
7135 7934 Apr 994
Apr 2934
60
60
5935 5935 Apr 9834
814 Mar 94
55
Mar 94
74
54
2334 5134 Jan 7835
July 674
55
86
15
Jan
4
2
4
Jan 15
2
3835 5635 Jan 8534
5434 8135 Jan 100
6634 Jan 80
40
314 May 5635
30
10231 July 10531
93
8454 Jan 92
53

Apr
Mar
Mar
July
July
July
Jan
Jan
Jan
Jan
July
Aug
July
July
July
Aug
July
July
Jan
Feb
Mar

9334
105%
934
118
108
5235
4134
10734
10535
1024
1114
1064
7734
51

Feb
Jan
July
July
July
May
July
Jan
July
July
July
Feb
Apr
Feb

70
63.000 69
6,000 9834 10235
8634
17,000 63
4,000 102'4 10235
2,000 9335 107
1734
19,000 10
25
4,000 24
105
39,000 97
9434
15,000 62
8734
9,000 55
984 1084
105
1,000 98
60
39,000 60
37
37

106
68

BONDS
(Continued)

28
55
65
40
2931

31
84
87
93
76

Apr
Aug
May
Feb
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Apr
July
June

May 414 Feb
Jan 101% July
Jan 1024 July
Jan 10315 July
Mar 9935 June

9134
79
80
10035
100
5834 14,000 404
3,000 42
58

10435
1024
104
11135
10535
47
53

Apr
Feb
Jan
Jan
Mar
Apr
May

107
10535
10634
114
1074
6434
63

Mar
Mar
Mar
July
June
Jan
Apr

1947 10735 107% 3,000 86
Idaho Power Ss
44,000 60
Illinois Central RR 61 1937 66% 68
5,000 8235
1957 10634 107
III Northern UM 5s
67,000 48
99
111 Pow & L 1st lis ser A '53 98
46
15,000
94%
1st & ref 535e ser B_1954 94
1956 9035 91% 53,000 4254
1st & ref be ser C
43,000 324
86
8 1 deb 5345 __May 1957 84
indiana Electric Corp18,000 5431
94
1947 93
fle seriee A
3.000 58
845 series B
1953 9634 98
8234 30,000 45
1961 81
bs series C
93
Indiana Gen Hero 83_1948
8835 16,000 44
Indiana Hydro-Elec 55 '56 88
11,000 70
Indiana & Mich Elea 5e '55 1044 106
1957 11135 11135 6,000 8934
58
Indiana Service bs_1950 5935 6235 34,000 234
INV 5935 61% 21,000 22
1st lien & ref be_
Indianapolis Get,5ea_1952 10335 104% 25,000 68
ft/WI/14115P & L 55 ser A '57 104% 1044 68,000 73
Intereontinents Power14
Bs series A ex-w_ _1948
International Power Sea58
5,000
65%
59
series
0
1955
610
5,000 80
65
7e series E
1957 60
1,000
60
Registered
60
60
15,000
65
75 series F
1952 60
International Balt 55-1951 10754 10734 8,000 8334
International Bee 5e 1947 864 8835 56,000 43
9935 6.000 5334
Interstate Irn & SU 430'46 99
8335 224,000 37
Interstate Power 513_1957 81
1952 6135 6434 50,000 2635
Debenture (is
Interstate Public Service5s sales D
1956 7535 77% 15,000 41
60,000 42
4345 eerie! F
1958 7034 73
Invest Co of Amer-67
1947
5e series A w w
10034 10034 7,000 67
without warrants
24.000 56
Iowa-Nell L & P 68-1967 10235 103
1961 102 1024 4.000 5635
55 series B
3,000 72
Iowa Pow & Lt 4355-1959 1054 108
1957 9934 10034 97,000 5734
Iowa Pub Serv 55
5234 7,000 51
Isarco Hydro Elea 75_1952 50
72
Isotta Franehlni 7s __ _1942
Italian Superpower of Del
43,000 45
49
Dab Se without war_1963 46
Jacksonville Gal be.-1943
4,000 48
5234 53
Stamped
3.000 084
Jamaica wilt Sun 545'55 107 107
For footnotes see page 723.

10535
60
10234
7535
6934
66%
57

Jan 109
Mar 8015
Jan 10735
Jan 100
Jan 954
Jan 94
Jan 86

May
Jan
May
July
July
July
July

94
96
8354
10734
91
106
112
8534
65
10434
105%

July
Aug
July
Mar
July
May
July
July
July
Aug
July




1034 1044 11,000
104% 105% 7,000
58
58

64
68
60
107%
6235
99
10734
3634
3534
80
9734

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

134 Mar
58
60
80
60
10434
684
89
57
38

435 Mar

77%
Jul
July 854
July 60
Mar 8034
Apr 108
Jan 8835
Apr 9934
Jan 8335
Jan 6435

52
Jan
474 Jan
92
91
88
86
100
8235
50
72

Jan
Jan
Jan
Jan
Jan
Jan
Aug
July

45

July

Jan
Feb
July
Feb
Apr
Aug
May
July
Aug

794 July
7635 July
10035
10035
10335
10335
106
10034
8335
95

July
July
May
May
July
Aug
Apr
June

6634 Feb

May 57
48
10535 An, 108

June
Mar

Juts 1
Week's Range Sales 1933 to
July 31
for
of prices
1933
Week
Low

jersey Central Pow & Light
1947
5s /arias B
1961
435e series C
Jones & Laughlin BSI 5519
Kansas G.& Elea 85-2022
1947
Kansas Power be
Kansas Pow & Lt 113 A_'55
1957
Se aeries B
Kentucky Utilities Colet mitre 55 see H 196I
1948
6351/ sertee D
1955
5545'erica F
1969
be eerie/ I
Kimberly-Clark 5._A943
Koppers G & C deb 51 1947
Sink fund deb 545_1950
Kresge(SS) Co 53___ _1945
Certificates of deposit__
Laclede Gas Light 5451935
Lehigh Pow Secur as _ _2026
Lexington Utilities5s.1952
Libby MoN & Libby 5e'42
1942
Lone Star Gas 5s
Long Island Ltg 65-1945
Los Angeles 0& E 5e 1939
58
1981
ae
1942
1947
5359sertm E
1943
515/ series F
1949
5 ge serlee I
Louisiana Pow & Lt 551957
Louisville 0 & E 6e_A937
1961
435e series C

Aug. 3 1935

$

High

Range Since
Jan. I 1935
High

Low

Low

10135
6,000 77
10435 105
104 10434 114,000 7034 9334
2,000 1024 10635
107 107
11335 11335 6,000 6134 90
7734
964 7,000 55
96
10535 10534 5,000 804 105
100
10434 105% 9,000 70

Jan
Jan
Jan
Jan
Jan
Jan
Jan

10534
105
107%
115
984
10735
107

July
July
July
July
July
Mar
July

6234
46
73
55
69
50
4535 624
8235 102
1014
72
103
75

Jan
Jan
Jan
Jan
Jan
Feb
Feb

9135
105
98
92
104
10434
10535

July
July
July
July
July
June
June

10034
5615
9134
78
9834
101
954
10534
10334
108
107
1044
105%
883'a
100
104

Jan
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Aug
Jan
Mar
Jan

1034
834
108
10034
10434
104%
1054
10834
10735
110
I0934
10734
110
1034
103
10835

Feb
July
June
July
Aug
May
July
Mar
Feb
Feb
Feb
May
Feb
June
June
Apr

50

July

894
89
9934100
9334 95
90
88
103 104
102% 10334
104 1044

22,000
25,000
6,000
15,000
6,000
62,000
26,000

1024 1034 9,000 85
32,000 50
82
79
105% 10735 61,000 54
35,000 544
99
98
1034 10434 198,000 67
6,000 824
103% 104
7,000 65
105 105
1.000 100
106 106
107 10734 23,000 8734
109% 10931 1,000 9934
109 10934 6,000 94
1064 10634 1,000 95
1054 1054 8,000 94
10135 1024 74,000 6135
90
79
•
71,000 2234
56
Manitoba Power 545_1951 52
Mansfield Min & Smelt33
78 soul warr
1941
1958 90% 9234 78,000 70
Mass Gam deb 55
80
78,000
96
9434
1946
5351
MeCord Radiator & Mfg7,000 33
61 with warrants-1943 8635 88
Memphis P & L 55 4_1948 102 103.4 47,000 70
Metropolitan Ed 4s E-1971 10234 1024 16,000 63
58 meries p
1962 10735 107% 11,000 73
8834 9,000 46
Middle States Pet 63.4. '45 87
Middle Weal Utilities314
935
1134 42,000
51 ails of deposit-1932
335
835 1135 71,000
1933
fe etre of dep
335
51,000
1034
934 11
Eus Mrs of dep
80,000
335
835 11
5e efts of deposit-1935
18,000 53
81
Midland Valley 5s- _1943 79
Milw Gas Light 434i_1987 107 1074 123,000 90
Minneap Gm Lt 4355.1950 104% 10535 60,000 67
9534 40,000 54
1978 95
Minn P & L 435s
5s
1955 100 1004 25,000 5834
MiaalailIDDI Pow 55-1955 8834 8935 17,000 354
Miss Pow & L$55.. 1957 9034 934 136,000 40
MLsslivappi River Fuel1944 1034 10335 9,000 89
as with warranto
8514
Without warrants._
11,000 9535
Mee River Pow 1st 561951 107 104
Missouri Pow & Lt 5141'55 10735 10735 5,000 704
80,000 33
55
Missouri Pub &ay 58.1947 56
Monongahela West Penn94,000 58
Pub Bery 554 ear H_1953 10135 104
4734
Mont-Dakota Pow 535e '4
Montreal L H & P Con11,000 944
1st & ref 55 set A _ __ nu 1054 107
1070 106% 10735 21,000 9835
Si eerie! B
2
234 235 2,000
Munson El B 6353 ww.-1937
Narragansett Elea/ 51 A '57
1957
5s series B
Naesau & Suffolk LH:55W
Nat Pow & Lt (is A _2026
Deb be series B
2030
Nat Pub Seri'Ea elf/L-1978
Nebraska Power 4355_1981
6eseries A
2022
Nedener Bros Realty fle '48
Nevada-Calif Elea 55_1958
New Amsterdam Ga 58_48
RegLstered
N E clam & El Men 58_1047
1048
Cony deb 55
19150
Cony deb be
New Eng Pow Asen 5s-I948
1954
Debenture 54e
New ON Pub Sere 435e '35
1942
Is stamped
oeseriee A
1949
N Y Central Elea 534e '541
N Y & Foreign InY 534e '48
N Y Penn di Ohio 4301950
NY P&L Corp let 434e '67
N Y State0& E 4g4-1580
let 5340
1962
NY & Westeh'r 144 41 2004
1954
Debenture 55
Niagara Falls l'ilw 61-1950
asserts/IA
1959
Nippon El Pow 63111-1953
No Amer Lt& Pow 55-1936
1958
5358series A
Nor Cons UM 630___1948
No Indiana 0& E 65.1952
Northern Indiana P fl1966
5s series C
Igo
5esertes D
1970
44eserlesE
No Ohio P & L 545_1951
Nor Ohio Traci & Lt 54 '56
NOStatelPr ref 448-1961
1940
534% notes
N'westarn Elect 65-1985
Certificates of deposit_
N•western Power& A _1960
Certificates of deposit...
N'western Pub Serv be 1957
1940
Ogden Gas be
1960
Ohio Edison 1st 5s
Ohio Power let 51 R-1952
15t & ref 43.4s tier D 1956
Ohlo Public Service Co-1953
6s series C
bs serial/ D
1954
1981
5355 series E
Okla Gas de Elea 58--1950
115 series A
1940
Okla Power & Water be '48
194/
Oswego Falls 85
Pacific Coast Power 8. 1940
Pacific Gat & El Co1941
1st 85 series B
1955
55 eerie. D
let & ref 449 E....1957
194
tel & ref 44e F
Par Invest 55 ser A...1948

10435 10554 13,000
4,000
105 105
10334 10334 5,000
9735 102,000
95
85
8835 87,000
8
1035 597,000
110% 110% 6,000
115 115% 12,000
10,000
10135 102
824 8534 404,000
10935 10935 1,000
3,000
105 105
85,000
6854 70
15,000
6834 70
6834 7035 119,000
7531 764 97,000
7835 8034 109,000
6631 19,000
65
6234 6335 22,000
18,000
59
67
924 9234 5,000
16,000
10635 107
10535 105% 77,000
10034 101% 53,000
1024 103

4,000

10634 10734 15,000
894 15,000
89
10134101% 8,000
7035 774 50,000
41
4334 20,000
9734 994
9834
98
9335 94
10635 10731
10535 106%
10435 10434
103% 104
9934
29
934 9935
3335
33
3235 3334
9534 9635
103% 104
108 106%
107 107
10435 10535

19,000
22,000
34,000
101,000
13 000
80,000
15,000
9,000
9,000
5,000
7,000
56,000
20,000
33.000
5,000
14,000

10935 110%
10434 10434
106 10635
10454 105
10235 1034
7955
78
8535 884
1054 10535

6,000
9,000
15,000
21,000
14,000
18.000
25,000
4,000

1194
10534
10634
106%
9735

9134
933.5
98
51
42
335
83
704
35
54
85
84
334
334
4635
80
324
6215
25
55
.55
10334
73
584
77
81
96
104
9934
63
8135
254
1834
71
5134
5234
4934
69
65
71
69
54
90
83.4
834
4734
734
6335
88
8314
5

664 Feb

33 June 3634 July
June
8534 Mar 96
8735 Mar 10235 Jan
87
9035
89
10034
66

July
May 89
Jan 10535 June
July
Jan 103
Jan 107% July
Jan 8834 July

1135 Aug
Jan
1135 Aug
Jan
Aug
Jan 11
Aug
11
Jan
July
Jan 82
Icet 10834 Jau
Jan 10514 Aug
Jan 9634 July
Jan 10134 July
Jan 9134 July
Jan 9335 July
•
94
Mar 10334 July
Mar 10235 July
94
10635 Jan 10851 May
10134 Jan 10735 July
Feb
4131 may 58

5
434
4%
435
6235
107
9434
7954
8835
8234
72

Jan 105% July
86
574 Jan 8735 July
1044 mar 1074 Jan
1054 Mar 1084 Apr
Jan
5
2 June
10234 Apr
103
Apr
1004 Jan
714 Jan
6135 Jan
335 Mar
10734 Jan
10134 Jan
90
Jan
67
Apr
1004 Jan
104
May
4735 Max
48
Max
47
Mar
6415 Mar
6734 mar
4735 Jan
6235 July
3034 Jan
77
Jan
90
Jan
10335 Mar
894 Jan
85
Jan
9935 Jan
994 Jan
1044 Jan
10634 Aug
105% Apr
8235 Feb
100% Jan
44% Mar
2015 Mar
294 Jan

10634 Feb
1054 Fell
10435 May
9835 July
8834 Aug
1034 Aug
111
may
11635 July
10214 July
8535 Aug
1093, May
105
July
July
71
71
July
704 July
July
81
July
85
May
58
6335 July
0334 July
971j June
924 July
107% May
1054 June
1024 July
1084 June
May
106
Apr
112
Mar
110
10935 Feb
June
90
19234 June
7734 Aug
44
July
10635 July
1004
101
95%
10735
10734
105
104
99%
9934
Siiyi
37
964
10534
10835
10835
10634

July
July
July
Aug
July
July
July
July
July
Feb
Feb
July
July
June
Jan
May

704 10534 Jan 11035
6034 9935 Jan 105
10034 Jam 107
63
6834 99 Jan 10535
63
9015 Jan 104
40
Jan 81
48
4534 6534 Jan 87
9954 Jan 106
615

July
June
may
July
June
July
July
July

12055 19,000 101
2.000 91
106
5,000 8235
10634
10614 17,000 8214
9934 24,000 69

77
7634
7154
10134
100
9035
88
7415
90
28
28
72
96
9735
1044
10434

11135
10554
101
10035
87

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
Jan
Jan
Jan
Jan
Jan
Apr
Apr

Jan
Jan
Jan
Jan
Mar

12035
10834
10735
10714
9935

July
Jan
June
June
July

N.

New York Curb Exchange-Concluded-Page 6

Volume 141

723

--

BONDS
(Continued)
Pacific Ltg & Pow 5s__1942
Pacific Pow & Ltg 66_1956
Palmer Corn Os
1938
Park & Tilford (lg.__ _1936
Penn Cent L A P 4556 1977
II
1979
Penn Electric 45 F_
1971
Penn Ohio EdisonOs series A xw
1950
Deb 5 355 series
_1969
Penn-Ohlo P & L 61561954
B_Penn Power 55
1956
Penn Pub Sere 85 C 1943
65 series D
1954
Penn Telephone 55 C_1960
Penn Water Pow 58___1940
055 series B
1968
Peoples Gas L & Cokeile series 13
1981
fis series C
1952
1979
Peoples Lt & Pr 5s
Phila Electric Co 56_1960
Mile Elec Pow 545_1972
l'hila Rapid Transit 811962
Phil Sub Co Ci & E 4555'57
PhIla Suburban Wat 55 '55
Pledm't Hydro-El 6355 '6
Piedmont & Nor be__ _1954
Pittsburgh Coal 65__ _194i,
Pittsburgh Steel 65_1948
Pomeranlan Elm, e8__1953
Poor & Co 65
1939
Portland Gas & Coke Eat '40
Potomac Edison 5a___1956
435555nel F
1961
Potomac Elea Pow 55_1936
Potrero Sugar 7s
1947
Stamped
PowerCorigCan) 4345 B'51
Power Corp of NY 5355 '47
Power Securitlee 6a ___1940
Prussian Electric 65_ _1954
Pub dery of NH 4555 B '57
Pub fiery of NJ 6%Det ctfe
Pub Fiery of Nor Illinoislet & ref 58
1960
be series C
1966
4345 series I)
1978
it 46series E
1980
185.5 ref 4355 ser ir_1991
645 series H
1962
Pub Serv of Oklahoma&merles C
1961
!inseams 1)
1957
Pub Herr Subsid 5555_1949
Puget sound P & L 53.s'49
lat la ref 55851158 C-1950
1st & ref 415s ser D..1950
Quebec l'ower 59
1968
Queens HMO0& E 449'58
5 45 merles A
1952
Reliance Managemt 591954
With warrants
Republic Oas 65
1946
Certificates of deposit__
Rocheaer Cent Pow 551953
Rochester Ity & Lt 56_1964
Ruhr Ga5 Corn 6555_1953
Ruhr Housing 63.4s__195$
Safe Harbor Water 4145'79
St Louis Gas & Coke Os '47
San Antonio I'S 5s B._'58
San Diego G & E 555s D'60
San Joaquim L& P6013'52
5s series D
1957
Saudis Falls be
1955
Saxon Pub tyke;65_ _1937
Schulte Real Estate6.5 with warrants_ _1935
158 ex-warrants
1935
Serino(E W)Co 546_1943
Seattle Lighting 56_1949
Serval Inc 5s
1948
-thawlnigan W & P 445'67
a 355 series B
1968
let 5e series C
1970
let 44s5eries D
1970
Sheffield Steel 534e_1949
Sheridan Wyo Coal Os 1947
Sou Carolina Pow 55-1957
Southeast P A L 65_ _3025
Without warrants
Sou Calif Edison 55_1954
Refunding be Sep 1952
Nou Calif Gas Co 4145_1961
let ref 55
1957
5%a serifs B
1952
Sou Calif (las Corp 55 1937
Sou Countleri Gas 435s_'68
Sou Indiana 0.5 E 5358 '57
Sou Indiana Ry 45_ _ _ _1951
Sou Natural Gas 68_1944
V nntamped
Stamped
/Tweeter!' ASSOO Tel 56 '61
Southwent0& E bs A_1957
55 series II
1957
S'western Lt & Pr 55_1957
S'western Nat Gas 155_1945
So'West Pow & Li 55_2022
(('west Pub Seri,Os- _ _1945
StaleY Mfg 66
1942
Stand Can & Else 85_1035
Cony fis
1936
Debenture 85
1951
Debenture fle_Dec 1 1986
Standard Investg 545 1939
5s ex warrants
1937
Stand Pow & Lt 6e_
1957
Standard Telep 5345_1943
Stlnnes (Hugo) Corp__
en-ware
75
Bob
1936
7-4% stamped_ _ _1936
Deb 75 ex-warr
1948
7-4% 8;1=1)0.-1948
Super Power of Ill 435s '68
1st 4148
1970
65
1981
Swift & CO b% nOte8-1040
Syracuse Lig 5155-1954
Sri series 11
1957
Tennessee Elea Pow be 19bn
Tenn Public Service 55 1970
Tern! Hydro Flee 6 451953
Ten's Flee Service 66_1960
Teiss Gas Pell Re
1945
-




Week's Range
of Prices

Sales
Jar
Week

July 1
1933 to
July31
1935

Low
1164
81
10236

High
Low
$
1164
1,000 102
8236 121,000 35
103
3,000 85
62
9935 72,000 57
99
8,000
10234 103
94
9634 39,000 5174

9834
93
10634
10534
10755

9935
94
10635
106
108

10754 10715
113 11335
10734 108%
85%
102
3
112
110
8234
107
1044

8674
102%
34
112%
11035
8234
107
104%

Range Since
Jan. 1 1935
Low
110
5734
102
0235
8474
9314
7434

High
Apr
Jan 117
Jan
8634 July
Jan 10435 June
Jan 1004 June
Jan 100% July
Jan 105% June
98
July
Jan

864 Jan 100
96
6135 Jan
1034 Jan 10635
Apr 1084
105
Jan 108
100
95
Jan 10434
10374 Jan 107%
1104 Jan 11454
10534 May 1083i.

July
July
Mar
Feb
July
June
July
July
Jan

72
56,000 5634
53,000 6835 89
39,000
135
155
27,000 10474 11135
10755
44,000 100
7535
2,000 4434
1064
4,000 98
5,000 9555 1034

Jan
Jan
Mar
May
Apr
Jan
July
June

89
10235
4
11474
1114
854
109
106.4

July
June
July
Mar
July
May
Mar
Mar

44
69
89
79
25
80
6735
72
65
101
13
41
53
50
4135
29
82%
102

94
9335
10555
89
25
984
8735
9935
9355
10455
34
41
7874
76
78
20%
104
118

July
Jan
Jan
Apr
June
Apr
Feb
Jan
Jan
June
Jan
June
Mar
Jan
Feb
Aug
Jan
Jan

7514 Jan
July
103
1084 Feb
9835 Jan
35
Feb
103% July
884 July
1064 July
10755 July
105% Jan
Slay
66
July
51
8834 (Jan
1014 Aug
June
96
Feb
42
10635 May
June
132

64,000
35,000
11,000
15,000
17,000

3934
35
74
9274
6634
60
5,000 88
8,000 103
3,000 89

4555 4735 33,000
102
10235 61,000
95
954 40,000
6,000
2534 26
85
106
1064
10414

8674 83,000
10655
6,000
106% 10,000
2,000
10434

51
8534
101
93)5
2935
10536
130

1,000
51
86% 24,000
1014 11,000
9455
5,000
31
8,000
1054 6,000
20,000
131

109
10534
10035
9934
99%
10535

109
10534
10036
10035
100%
105%

31,000
2,000
1,000
14,000
47,000
78,000

02
584
5335
6235
5234
694

9035
89
81
8035
80
9845

Jan
Jan
Jan
Jan
Jan
Jan

1093-4
1054
104
103
10211
107

July
July
July
July
July
May

103%
10234
973.4
7934
7655
7334

10435
103%
99%
814
77%
74

3,000
9,000
61,000
129,000
59,000
80,000

6034
55
4011
3735
3655
3333

944
9335
7934
55%
5335
5034

Jan
Jan
Jan
Jan
Jan
Jan

10434
104
9994
84%
83
77%

July
July
Aug
July
July
July

10435 104%
105 105
9934 100

10,000
5,000
9,000

88
88
614

69
69

6,000
7036
70% 69,000

11334113%
39
40

7,000
9,000

1064
1136
102%
10555
12535

9,000
10634
12% 26,000
40.000
104
10536
5,000
1254
1,000

1735
10274
4235
106
98%
9835
1054
9834

18
103
45
106
9934
99
106%
9955

2,000
10,000
36,000
1,000
40,000
20,000
10,000
16,000

2,000
58
58
9534 9635 64,000
96
108%
10534
10534
10434
102%
1014
104
10534
54

554
14
1335
2234
100
2834
23
91
34
64
984
88
7534
101
36
7

39
41
374
904
92%
7831
8534
92
83)4

10634
5,000
564 61,000

9855
25

104% 9,000 7534

9734 9834
9735 9734
85
85%
1034 10355
102% 103
94% 9535
883.4 9135
90
91
99 10034

95,000
2,000
2,000
24,000
23,000
72,003
17,000
11,000
25,000

82
404
3945
3134
112%
36
26
10534
6
9234
1054
1074
98
10834
38

Apr 10534 July
Jan 10635 Mar
May
Jan 100
Jan
Mar
Mar
mar
Jan
Mar
June
May
June
Jan
July
Jan
Jan
Feb
Jan

9114
705;
7035
53
11334
4374
3414
10915
145.4
105
10814
126
105
111
4251

July
Aug
Aug
July
Mar
1,eb
Feb
June
July
July
Jan
June
Mar
Jan
Feb

11
Jan
20
Apr
20
104 Feb
Apr
44
July
103
Jan
96
6655
July
45
17
2874 Jan
Jan 106% Juno
101
61
90
8334
Apr 993-4 July
90
Apr 9935 Feb
63
Apr 10615 July
98
73
9155 Apr 9955 July
6315
Mar
773j 105% July 108

187,000
31,000
23,000
92,000
4,000
2,000
9,000

9735
10634
105%
10634
10414
10235
102

101
102
86

53
56
40
60
60
45
25
37
55

47
73

Jan
Jan

6434
10515
10534
9735
102
10234
1014
9635
10555
25

Jan
Jan
July
Jan
Jan
July
Jan
Jan
July
Mar

July
56
9614 July
9934
108
10831
10635
1083.4
10555
10214
10934
110
6131

Week's Range
of Prices

BONDS
(Concluded)

July
Feb
Feb
July
Feb
Feb
Mar
July
Jan
Juno

Feb 9854 July
81
8055 Feb 9734 July
July
87
6334 Jan
Jan 10335 July
93
924 Jan 10334 July
9534 July
7135 Jan
9155 Aug
Jan
60
Jan
91
49
A ug
100%July
Jan
77

104%
5134
52
489-4
4715
9315
94%
4514
364

105
5574
5555
5135
.503-4
9335
95
48
37

21,000
145,000
125,000
185,000
146,000
4,000
15,000
497,000
9,000

83
3734
374
30
284
84
6414
2514
16

103
3734
3735
32
31
824
85
2514
233(

July
Feb
Feb
Feb
Mar
Jan
Jan
Mar
Jan

106
68
68
5134
5034
95
954
48%
41

Mar
Jan
Jan
Aug
Aug
May
June
July
Slay

56
45
51
38%
102
102

56
4755
51
44
102%
10214

1,00
18,000
1,000
30,000
50,000
30,000

10136
10735
109
9434
8435
4535
9935
22

10134
10734
108
95
8435
4734
100
24

9,000
2,000
3,000
13,000
28,000
23,0013
83,000
7,000

3034
3031
29
25
59
58
70
9434
10335
97
98
40
43
60
12

4354
3414
36
2934
86
8534
10035
10134
108
10635
8134
7535
43
8514
133-4

Apr
May
Slay
Slay
Jan
Jan
Jan
July
June
Apr
Jan
Feb
July
Jan
tan

56
51
53
44
103%
10334
10655
10435
10835
109%
10034
8535
754
100
23

Feb
Feb
Feb
July
July
June
Slay
Jan
Feb
July
July
July
Feb
July
Aug

Par
Texas Power & Li es .1966
55
1937
65
2022
Thermoirl Co fle 580_1937
Tide Water Power 55_1079
Tietz (Leonard) 748_1946
1962
Toledo Edison bs
Twin City Rap Tr 54s'62

Low
10334
106
10255
784
9635
3631
10834
55

Ulen Co deb 89
1944
Certificates of deposit__.
Union Amer Inv 55 A.1948
Union Elea Lt & Power-&series A
1954
55 aeries B
1907
445
1957
United Elea NJ 45
1949
United El Fiery 75 x-w_1956
United Industrial 655s 1941
lots f 65
1945
United LI & Pow 05_1975
13345
1974
5355
Apr 1 1959
Un Lt & Rye (Del)645'52
United Lt dc Rye(Iwo&merles A
1952
6s series A
1973
17 CI Rubber 65
1936
634% serial notee
1938
635% Berta' notes-1937
654% serial notee 1938
64% serial notes
1939
64%Renal notes__1940
Utah Pow & Lt Os A__2022
4548
1944
Utica Gas & Elec 55 D..1959
58 Series E
1952
Yalvollve 011 5s
1937
Yam= Water Pow 5345'57
Va Public Baty 5358 A.1941
lst ref 55 ier B
1950
fle
1946
Waluorf-Astorla Corp-75 with warrants_ _1954
Ward Baking 65
1937
Wash Gas Light 55.. 1958
Wash Ry & Elect 4.5_1961
Waan Water Power 55_196e
Weet Penn Elea
_2030
West Penn Traction
5s__-55260
West Texas Uhf Ile A_1957
West Newspaper Un 65 '44
west United G & E 5145'55
Westvaco Chlorine 534s '37
Wheeling Elec CJ 55_1941
Wiac Elea Pow be A __ _1954
Wiso-Minn Lt & Pow 6544
Wise Pow .5 Lt bs E.,1958
Ss series F
1958
Wise Pub Serv ea A_..1952
Yadkin Itly Pow 55
1941
York Rys Co be
1937

High
10435
106
10235
8135
9774
3634
106%
5635
60

Sales
for
Week

J lay i
1933 to
July31
1945

Range Since
Jan. 1 1935

$
58,000
30,000
3,000
15,000
85,000
1,000
24,000
129,000

Low
65
87
61
55
49
23
79
19

Low
High
9474 Jan 10435 July
10335 Jan 10835 June
8315 Jan 103
July
87
Jan 833.4 NW
7635 Jan
9835 July
32
Feb
4035 Feb
1064 Jan 107% Feb
4535 Jan 68% May
4234 Apr
64
July
55
June 63
July
9474 Jan 10134 July

150,060

83

101

10135

9,000

78

105
106
115
48

106
106
1154
4835

3,000
8,000
3,000
6,000

41X
5335
5674
964
7535

4,000
220,000
36,000
22,000
71,000

59

41X
5135
5434
95
744
9935
54X
102
10034
1024
10235

1004 53,000
554 12,000
7,000
10255
3,000
10034
1024 6,000
10235 12,000

25,000
102% 103
8174 814 2,000

99
9235
9074
984
48
35
3374
26
2674
50
31

106
104
1054
1084
48
.59
3935
28
29
78
3935

Apr
Apr
Mar
Jan
July
Jan
Jan
Jan
Mar
Jan
Mar

10831
10815
10735
116
75
4234
43
5515
56%
98%
7531

Feb
Feb
Mar
July
Jan
July
1. en
July
July
July
July

614 8215 Jan 10335 July
25
30
Feb
5734 July
894 101% Anr 103
Feb
85
E/034 Aug 102
Feb
60
9934 Jan 102% July
9874 Jan 102% July
80
69
98
Jan 103% July
60
9835 Jan 10315 July
45
55
Jan
8435 July
524
62
Jan 68% July
104
92
May 108% July
91
10434 Jan 10934 July
73
75
52
45
45

9035 Mar
9514 Jan
73
Jan
684 Jan
5635 Jan

974
1034
9934
95
8855

June
June
July
July
July

1024
96
9234
86

10234
1,000
984 26,000
15,000
93
3,000
804

9%
106
105%
105
105
90
99%

3,000
44
6
Mar
10% June
934
1,000 9274 10434 Feb 1064 June
106
13,000 76
106
10034 Jan 10655 July
6,000' 83
105%
99
Jan 1054 Slay
8,000 75
106
964 Jan 106
June
6374 Jan
9255 23,000 4635
9355 June
84
Jan 10234 July
100% 28,000 60

7734
21
105
101%
106%
1063.4
105
97%
98
10574
10534
102%

814
28
10534
10235
107
10634
10534
9834
9835
105%
106
10335

112,000
41
63
Jan 82% Star
47.000
21
21
July
5954 Feb
9155 Jan 10555 July
10,000 64
1019, May 104
5,000 101
Jan
iot135 Mar 168
2,000 lou
May
10414 Feb 10635 Mar
1,000 97
19,000 61
94
Jan 105% July
37,000 52
7834 Jan
99
June
16,000 51
75
Jan
99
July
4,000 7834 9834 Jan 1011
July
9534 Jan 106
2,000 6334
July
944 Jan 1034 July
30,000 70

FOREIGN GOVERNMENT
AND MUNICIPALITIESAgricultural Mtge Bk (C01)
20-year 75_ _...1934-1946
With coupon
20-year 7s
1947
Baden 75
1951
Buenos Aires (Province)75 stamped
1952
7355 stamped
1947
Cauca Valley 7e
1948
Cent Bk of German State 5,
Prov Banks Os 11_1951
essertes A
1952
Danish 5345
1955
56
1953
Danzig Port & Waterways
External 649
1952
German Cone Muale 75 '47
Secured 65
1947
Hanover (City) 75-1939
Hanover(Prov)634a 194b
Lima (City) Peru 045__'68
Certificates of deposit..
Maranho 75
1958
75 coupon of/
1958
Medellin 75 ser E
1951
Mendoza 734s
1951
45 stamped
1951
Mtge 1.11 of Bogota 79_1947
Issue of May 1927
Issue of Oct 1927
Mtge Bk of Chile 85_1931
Mtge Bk ot Denmark 56'72
Parana (State) 7s.....,1958
Coupon off
Rlo de Janeiro 6145-19119
Coupon off
Russian Goys 635s_ _1919
614e certificates____1919
555e
1921
5345 certificates- -1923
Santa Fe 75
1945
7s stamped
1945
Santiago 75
1949
76
1 081

1855
2215
24

3,000
5,000

1934
21

2135 June
Apr
26
214 June
21
July

38
344
354
34

6235 64
6436 65
94
934

4,000
8,000
2,000

2554
2734
7%

Apr
64
Jan
59
714 Mar

86
70
11

34
31

34
3135

1,000
4,000

30
22

34
31

July
July

5535
49

Jan
Feb

9555 95)4
89
89

2,000
2,000

6834
61

9235 May
Apr
86

9835
9334

Jan
Jan

22
22

Jan
Jan
Jan
Jan
June
June
Jan

55
23
2234
32
22
114

55
23
233.4
35
23
12

6,000
16,000
8,000
16,000
2,000
32,000

3634
24
2134
23
22
436
34

55
23
244
304
22
634
514

July
Aug
Aug
Jon
July
Mar
Mar

Feb
72
3834 Feb
37
Feb
39
Feb
34
Feb
12
July
1034 July

1534
13
10%
5934
494

154
13
10%
5934
50

1,000
2,000
1,000
2,000
6,000

1231
94
26%
2374

1534 Apr
13
Aug
935 June
524 Jan
444 Jan

174 Jan
1534 Jan
Feb
13
63
Slay
554 Apr

22
21
20% 22
1235 13
874 874

9,000
3,000
8,000
1,000

1374
1315
74
6234

24
174 Mar
1834 Apr
2434
1135 Apr1355
94
834 Slay

1174

3,000

0
12

1114

13-4
155

134 27,000
155
1,000

444 454
1135 1135
11X 1135

8,000
2.000
1,000

135
13-8
134
1%
13
534
R,,,,f

Jan
Jan
Jan
Jan

114 July
1434 Fe •
1135 June
144 Feb
12
July
1534 Jan
114 June
14
Apr
14 JUne
434 Jan
14 June
474 Jan
136 June
5
Jan
434 Jan
113 Mar
46
Jan 564 Apr
44
June 534 June
94 Mar
114 Mar
,go,
' 1244 July
'
0 '

• No par value. a Deferred delivery s‘ es 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.
51 Price adjusted for spilt-up.
t2 Price adJusted for stock dividend.
Abbreviations Used Abate-cod," certificates of deposit; "cons," consolidated'
"cum," cumulative; "cony," convertible; "in." mortgage; "n-v," [111-voting stock:
gmtsrust certificates; "w I," when Issued; "w w," with warrants; "a w,"
without
ocn't
'warrants,
The National Securities] Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in tables), are as follows:
3 New York Stock
(t Cincinnati Stock
32 Pittsburgh Stock
New York Curb
,, Cleveland Stock
xt Richmond Stock
14 Colorado Springs Stock l• St Louis Stock
New York Produce
New York Real Estate 16 Denver Stock
n Salt Lake City Stock
Baltimore Stock
16 Detroit Stock
'I San Francisco Stock
Boston Stock
,7 Los Angeles Stock
"San Francisco Curb
Buffalo Stock
"Los Angeles Curb
"San Francisco Stifling
California Stock
,5 Minneapolis-St. Paul
a,Seattle Stock
Chicago Stock
t• New Orleans Stock
Pi Spokane Stock
'Chicago Board of Trade 61 Philadelphia Stock
II Washington(D.C.)Stock
1 Chicago Curb

Financial Chronicle

724

Aug. 3 1935

Other Stock Exchanges
Juni 1
Week's Range Sales 193310
for July31
of Prices
Week 1935

New York Real Estate Securities Exchange
uotations, Friday, Aug. 2

Closing bid and asked
Unlisted Bonds

Bid

Unlisted Bonds (Concluded)

Ask

- Mortgage Bond (NY)548
1934
___
(See ID

Alden 6s
1941
Allerton NY Corp 556s 1947

35
9

Brierfleld Apt Bldg ctfs__
Carnegie Plaza Apra
1937
Bldg 68
1948
Chrysler Bldg (52
1961
Dorset Os ests

1612 20

Bid

Ask

63

66

Park Place Dodge CorpWith v t e

-23
6812 6912 79 Madison Ave Bldg 15s '48
2412 ___ 2124-34 Sway Bidga etre_
2450 Bway Apt Hotel BidgCertificates of depOrdt---33
___
52
--Unlisted HocksCity & Suburban Homes---

6th Ave & 28th Bld 6565'45
5th Ave dr 29th St Corp 66'48

9

1212

10
12

-1412

814

---

34 -

Orders Executed on Baltimore Stock Exchange

Stocks (Concluded) Par Low
24
Int Hydro El System cl A25
6
Loew's Boston Theaters _ 25
5
Maine Central common 100
Preferred
100 18
144
Mass Utilities Assoc vte.._•
Mergenthaler Linotype-.• 28
New Ens Tel & Tel__ _ 100 1074
New River Co pref._100 79
4
N Y N Haven&Hartford100

High Shares Low
110' 154
24
4
20
6
4%
200
556
8
20
18
1
695
14
675 2094
30
549 75
109
46 2454
80
294
758
4%

66
1494
2594
19
14
144
84
536
89

100
Old Colony RR
Pacific Mills Co
100
Pennsylvania RR
50
PC Pocahontas Co
•
25
Quincy Mining
Reece Button Hole Maehl0
Shawnaut AND Br etfs
_•
•
Stone & Webster
•
Torrington Co

216
95d
1,226
235
100
8
905
2,959
193

613
15
2794
20
A
144
9
834
91

8
20
4
504
72
%
1,148 47
55 3994
400 6294
2,932
60e
1
10
10
34
414. 234

18
Union Twist Drlli Co -5 18
34
54
United Founders Corp....1
1
334 334
United Gas Corp
I) Shoe Mach Corp _-.26 814 8356
100 3894 39
Preferred
5
zi
54
Utah Apex Mining
1% 2
1
Utah Metal & Tunnel
255
234
Corp_10
Venezuela Mex 011
7
7
•
Waldorf System Inc
3% 434
•
Warren Bros Co

Sz)BOYCE
STEIN BROS.
Established 1353
39 Broadway
6.S. Calvert St.
NEW YORK
BALTIMORE, MD.
York, Pa.
Louisville,
Ky.
Hagerstown, Md.
MembersNewYork,Baltimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange,Inc.

BondsEast Mass St RySerieS A 4568

Baltimore Stock Exchange

1948

61

IGAR

RR

63
RR

5616
12
174
10
34
8
1594
24
35

514,000
2.500

32%
34

Range Since
Jan. 1 1935
High
Low
146 Mar
24 Jan
654 Mar
556 Jan
44 Jan
634 Max
Mar
114 Jan 20
1% July
Feb
1
244 May 3214 Jan
June
884 Mar 110
Aug
55
Jan 80
814 Jan
254 Feb
Apr
Mar
Mar
July
Jan
Mar
Feb
Mrr
Jan

72
21
2794
27
1
1634
916
8%
93

June
Jan
Aug
Jan
Feb
July
May
Aug
July

124 Jan
4 Mar
1% June
70
Jan
354 Jan
44 July
151 July
Feb
1
4% Mar
234 Mar

18
54
316
85
4044
194
234
3
794
694

Aug
May
July
ally
July
Jan
Jan
May
Jan
Jac

4936

July
63
003,/ JnIV

5654
12
173-4
19
34
13%
8
234
69

Jan

An

Mn,'

July 27 to Aug. 2, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 193310
July31
for
of Prices
Week 1935
High Shares
Par Low
Stocks100
10e
10e
Appalachian Corp
*
1,245
* 2094 2156
Arundel Corp
50
27
Atlantic Cot Line (Conn)50 27
* 13% 1656 3,804
Black dr Decker corn
690
25 324 33
Preferred
82
Ches dr P T of Balt pfd_100 1144 116
2
Commer Credit Corp com * 474 49
1
115 115
534% preferred
314
84
Consol Gas EL & Power _• 83
286
6% preferred ser D_ _100 113 11344
157
516% pref w 1 ser E_ _100 113 11334
71
100 11354 113%
5% preferred

Low
7c
11%
18
44
84
111
13%
115
4594
104
100
91

110
80
169
11
8
100
2,762
3

654
11
1534
8
4
54
4
5

7
124
82
33%
8
3
8
10

East Sugar Associates corn*
Preferred
20
Fidelity & Deposit
Fidelity & Guar Fire C_ -10
Finance Co of Am cl A _ _ _*
Guilford Realty Co corn-•
Houston Oil pref
100
Humphrey Mfg Co corn.*

9
1256
83
34
8
3
10
10

854 84
Mfrs Finance lot pret- _25
34
%
25
2nd preferred
1% 2
1
Maryland Can Co
136 2
Junior cony pref ser B_ _1
Mercantile Trust Co_ _ _ _50 218 218
Merch & Miners Transp * 2414 2556
22
Monon W Pa P S 7% pfd 25 21
Mt Ver-Woodb Mills pf 100 404 4041
New Amsterdam Carr. _ _ _5
Northern Central Fry- - -50
Pa Water & Power com_.•
2
U S Fidelity & Guar
Western National Bank _20
BondsDavison Realty Co 6s_1940
Wash B dr A (Md)5%
1941
tr etts

8%
9756
73
104
31

94
9716
75
10%
31

44

44

514

536

Range Since
Jan. 1 1935

Listed and Unlisted
Low
10c Feb
154 Mar
Mar
20
74 Jan
2316 Jan
111
Apr
4754 July
115
July
63
Jan
11194 May
1094 Feb
104% Jan
July
July
Feb
Jan
Jan
July
Feb
Mar

$1,000

July
Aug
July
July
July
July
May
June

9
May
156
June
216
Jan
234
Mar
Jan 218
Mar 28
Jan 224
July 44

Jan
Jan
June
June
Aug
May
July
Feb

54
71
4114
256
24

6
Ma
9%
91
Feb9756
53
Jan 75
54' Jan 11%
Mar 32%
28

Aug
July
July
June
July

27

36

14

6,000

High
10e Feb
22
June
31
Jan
1634 Aug
33
July
120
Mar
49 July
115
July
85
July
1154 June
11356 July
113% Aug
9
124
85
344
834
3
104
10

654
11
4194
2254
656
3
5
5

5%
54
150
16
16
22
1
1
41
154
1
673
210
4 182
21
90 21
55 124 1514
79 194 40
2,492
25
183
4,908
50

CHICAGO SECURITIES

146

mar

44

Aug

Jan

6

July

Boston Stock Exchange
July 27 to Aug. 2, both inclusive, compiled from official sales lists
42441/ 1

Range Since
Jan. 1 1935

Week's Range Sales 193310
for July31
of Prices
1935
Week
StocksPar Low
American Cont Corp
* 1151
Amer Pneumatic Serv Co50
3
6% non-cum pref
let preferred
50 16
Amer Tel 4 Tel
1(0 12834
Bigelow-Sanford Carpet._* 22
Preferred
100 95
Boston & Albany
lig. 114%
Roston Elevated
100 67
Boston & MainePrior preferred
100 23
Close A lot prof stpd-100
8
CIB 1st pref stpd _ _100 10
Ci C 1st pref stpd_ __ _100
9
100
7
Cl C 1st pref
Class D let pref stpd_100 13

High Shares Low
90 3 4
1156

Low
7
Apr

3
16
1324
22
96
116
70

25
15
3,935'
10'
17
202
258

256
10
98%
144
60
88
55

2
12%
98%
14%
82
88
5894

June
5% Jan
Jan 19% Jan
Mar 1324 Aug
Mar 25
Jan
May 96
July
Mar 12094 Jan
Aug
Apr 70

25
8
10
9
8
14

849
55
38
5
10
42

1294
354
534
44

123(
394
4
44

Mar
Apr
Apr
June

25
8%
12
94

July
July
July
July

616

6

Mar

14

July

14
Aug
44 Jan
4
Jaz
34 July
414 Jaz
504 July
6836 July

Boston Personal Prop_ _ __• 1334 14
calumet & Heels
25
3% 34
346 3%
Copper Range
26
East Boston Co
116
116
•
East Gas & Fuel Assn34
•
Common
3
•
0% cum pref
100 4616 49
44% prior preferred 100 62% 64
Eastern Mass St Ry60e
54
Common
100
856 10
lot preferred
100
100
336 34
Preferred B
Adjustment
100
1
14
536
5
Eastern SS Lines com_ _ _ _
10G 1503-4 152
EMSOU Flee Blum
154 16
Employers Groan

310
48
1,435
70

84
234
3
yi

954 Jan
246 Mar
3
Feb
1
Feb

602
466
380

2
374
53

2
Mar
374 Ain
5434 Mar

105
565
55
2,976
420
387
1,060

50c
44
1
95c
456
971.4
614

50c
5
136
76c
4%
9794
1194

3% 4
164 174
4
56

242
702
100

2%
75,
54
snsz

Gilchrist Co

•

(1111Ptt. earns, RSIOT

_•

•
Hathaway Bakeries MB_.
-_-_•

OR

For mut/roes see page 727




High
114 Aug

OR

gn

3

May
1
Jan 10
Apr
3%
July
116
Apr
7
Feb 154
17
Jan
Apr

12% Max

14 July

1114 May

Fel
Auy
Auy
Jar
jar
July
Mal

454 Jai
174 Am
4 Jul]
90

Paul HaDavis &Co.
Members:
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)

37 So. La Salle St., CHICAGO

Chicago Stock Exchange
July 27 to Aug. 2, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 193310
for
July31
of Prices
Week 1935

Range Since
Jan. 1 1935

High Shares Low
Par Low
Low
Stocks330 344 60
99
Jan
Abbott Laboratories oorn.• 98
5
20
12
Mar
Mfg
com_
_
_
•
19% 194
Adams (J 1))
154
800
246 3
14 Mar
Advanced Alum Castings_5
800
534
204
12.
Jan
Allied Products Coro el A_• 19
3
140
Amer Pub Seri Co pref-100 20 ' 22
734 Jan
34
. 434
900
4
Armour & Co commcn_g
334 Apr
134
146 Mar
294 34 3,300
Asbestos Mfg Co com____1
400 4356 79
Jan
Associates Invest Co coin_• 140 144
1,700
856 9
2ri
Jan
Automatic Products eom..fr
5
454 1,000
236
24 July
Bastian-Blessing Co com-•
12
Mar
Bendix Aviation corn.....' 1644 1754 6,650
994
354 434 1,750
2
BershofI Brewing
234 Jan
1%
100
116 Ian
1% 2%
Binks Mfg el A cony pref.*
3,900 11% 2834 Jan
Borg-Warner Corp ooru_10 4454 50
40 87
100 110 110
7% preferred
108
May
20
107% 10734
Called
10716 June
1,300 r 164
25
Brown Fence & Wire el A.* 24
1434 Jan
1,200 r 534
1414 16
4
Jan
Class B
700
9
*
7
5
5
Apr
Bruce Co(E L) corn
its 5% 854 9,850 s294 554 Aug
Butler wooers
Castle &Co(AM)com__10 39%
Cent Ill Pub sere pret • 44
1
4
Cent III Scour corn
Convertible preferred_ _* 11
Central W1
3.1
Common
• 31
Prior lien pref
• 11
Preferred
27
Chain Belt Co corn
2%
Chleago Corp common....-'
• 3854
Preferred
Chic Flexible Shaft erom_6 2436
Chicago Mall Order com 5 26
2
Chic & N W RY 00M---IOU
Chic Rivet dr Mach cap- -• 18
Chicago Towel Co cony pf * 95%
1134
Chic Yellow Cab Co Inc_
14
Cities Service Co corn.....'
Commonwealth Edison 100 80
Continental Steel• 154
Common
100 103
Preferred
2%
o
Cord Corp cap stook
21 154
Crane Co common
100 114
Preferred

4156
46%
1356

1,900
2,410
1,500
500

10
104
31
556

14 7,950
2
820
363-4
2
14%
380
100 14
28
1
13,450
3
700 204
3915
7
2555 1,650
650
264
256 1,400
320 C 414
1856
30 58%
05%
956
350
12
14
I% 4,050
8116 2,100 30%
9,250
19
90
103
3% 12,850
1736 10,850
560
115

6
40

2
5
32

Dayton Rubber Mfg coin_•
35
Cumul al A pref
Decker (Alf) & Cohn com10
Dexter Co (The) corn.....5
Eddy Paper Corp(The)__•
Mee Household TAU cap_6
Elgin Natl Watch Co.._l5
Fitz-Sim dr Son(D&D)com *

4%
16
14
694
174
1456
24
1456

514
164
254
74
184
1554
25
15

1,050
750
170
580
160
1,580
1,050
400

2%
814
94
3%

Gen Candy Corp el A ____5
Gen Household WM cam..
Godchaux Sugar Inc•
Class A
•
Class B
Goldblatt Bros Inc corn
Great akes D & D nom_•
Greyhound Corp corn.. _ _5
Hall Printing Co com___10
Harnischfeger Corp corn _10
Heileman Brew Co G cap.1
•
Horders Inc emu
Hormel & Co.(Geo) com A*
Hondaille Hershey Cl B_•

754
344

7%
4

100
750

3
2%

300
25
210
854
224 1,200
234 1,300
100
54
600
4%
844 1,10
7% 1,000
150
104
50
1754
184 13,650

10
3%
8%
1254
5
31(
44
(14
1016
16
2%

24%
8
2144
2294
5214
414
84
744
10%
1716
164

634
8%

High
June
103
2256 May
3
July
2036 July
2734 July
Jan
6
34 Aug
149
July
4134 May
456 Aug
184 July
454 Apr
256 Apr
July
50
113
Mar
108
July
2536 July
16
July
9
Aug
736 Jan

1756 Jan
1334 Jan
56 Jan
754 Feb

4134
48
74
134

July
July
July
Aug

34 Jan

114
364
144
28
3
3934
2716
264
544
194
99
12
24
85

Feb
Aug
Aug
July
July
July
July
Aug
Jan
July
May
July
May
June

6
7()
2
7
83

Feb 19
Jan 103
Mar
434
Mar
1756
Jan 115

July
July
Jan
July
July

214
856
1
436
1316
12
1434
836

May
May
Jan
Jan
Jan
Apr
Feb
Jan

July
July
June
May
Feb
Jan
May
July

1244
314
214
1
29
134
154
144
13
80
934
%
47

Jan
Mar
Jan
Apr
Jan
Jan
Mar
June
Mar
Jan
May
Apr
Jan

554 Jan
256 Jun
153-4
17%
17
1956
4
6
646
1016
16
634

Jan
Jan
Jan
Mar
Jan
May
May
July
July
July
Mar

54
174
254
74
19%
1754
25
15

Mar
9
74 Jan
284
1136
2394
2494
54
714
8%
834
113-4
1956
1834

May
May
July
Ally
July
Jan
Aug
July
July
Mar
July

Volume 141

Financial Chronicle
July 1
Week's Range Sales 1933 to
of Prices
for July31
Week 1935

Stocks (Concluded) Par Low
Illinois Brick Co
25
6
ill North Util pref
100 94%
laden Pneum Tool v t a--* 50
Interstate Power 17 pref_' 18
Iron Fireman Mfg v t . • 22%
Jefferson Electric Co corn.* 26
Kalamasoo StoveCommon
• 33%
Katz Drug Co corn
1 37
Kellogg SwItobbd com__10
5%
Ken-Rad T & Lamp oom A•
6%
Ky Utli Jr cum pref
50 33%
Keystone 811 & Wire oom.• 38
Preferred
100 103
Kingsbury Brew Co cap...1
1
La Salle Ext Univ com- _ _5
%
Leath & Co com
1%
(Abby MoNell& LIbby-11)
631
Lincoln Prig CoCommon
•
33.1
7% preferred
50 26)4
Lindsay Light com
10
4%
Lion Oil Ref Co com__•
4%
Loudon Packing atm_ _.* 32%
New
8%
Lynch Corp corn
5 40

High Shares Low
6
50
3%
140 423.4
96
400
9
51
260
18%
7
700
23
314
250
9
26)4
35
37%
5%
734
34%
40
103,4
134
%
1%
6%

930
400
100
2,350
330
1,550
20
450
300
300
2,200

4%
27
4%
4%
34
8%
4034

2,300
100
400
200
1,550
450
4541

870
2
1,400
3%
10 24 39
250 12%
20
34
1,850
200
250 20

07
19
1%
1%

5

65
Si

2
3
1031
15

Range Since
Jan. 1 1935
Low
534 Mar
80
Jan
30
Feb
8% Jan
1835 Feb
1834 Jan

Week's Range
of Prices

High
734 Jan
96
Jul6
51
Aug
July
20
July
23
2631 May

1534
33
334
3
6
22
85
31
34
pi
5

Jan 35% July
Mar 4034 May
Jan
6
May
Jan
7% July
Jan 35% July
Mar 40
July
Jan 10334 Aug
July
254 Jan
Jan
% Jan
Jan
134 Feb
Mar
8% Apr

1
531
3%
3%
19
834
26

Jan
Jan
Mar
Mar
Jan
Aug
Mar

4q
27
5
854
34
834
4134

July
July
July
Apr
July
Aug
July

9
1334
51
2254
34
6%
1%
20

Mar
Jan
Mar
Jan
Apr
Mar
Jan
July

18
2334
60
3934
1%
1134
4
22

Jan
July
July
July
Jan
Jan
June
July

McCord Had & Mfg A...'
MoUrow mean° cum -.5
mcQuay-Norris Mfg corn.*
McWilliams Dredging Co.*
Nlanhatt-Dearborn C corn'
monition Field common •
Mer & Mtrs See el A oom-1
Prior preferred
•
lckeberry's Food ProdCommon
1
Middle West UtilitiesCommon
•
$6 cony pref A
•
Midland Util7% prior lien
100
7% cl A preferred_ _100
Miller & Hart Inc cony pt•
Mourot ChemicalCommon
•
Preferred
Muskegon Mot spec el A_•

15
21%
60
38
1%
9
3%
2134

18
22%
60
3931
1%
934
334
22

1

2%

9,750

34

31 Apr

234 Aug

X
54

Pi
%

1,500
100

lie

34 Jan
% Mar

% Jan
% Feb

34
St

34
34
334

50
100
70

34
34

H Apr
% Mar
134 June

% Jan
1
July
45.4 Jan

7
73'
50
50
16% 16%

170
220
50

2
20%

634 Jan
4234 Jan
July
14

934 Feb
50
July
20
Jan

National Battery Co pret_•
Nati Ur psum CIA Oom 5
National Leather corn...10
Natl Repub Invest TrustCum cony preferred...*
National Standard corn..*
Natl Union Radio corn_ _1
Nonlithriparka Did oom •
Northwest Bancorp eorn •
Northwest Eng Co corn...*
North West Utll 7% pf 100
Prior lien preferred- _100

26
26,4
17)4 18)5
%
%

116
1,450
350

19

22
Jan
Mar
6
% Mar

2855 July
July
19
134 Jan

3
3434
34
19
6
12%
4)4
17

3
35
)4
20%
6%
13%
20

500
50
3,200
2,65
550
14
120

1
17
%
10
2%
3
1
2

134
2634
yg
1834
8%
5%
134
3

Feb
Mar
Apr
Feb
Jan
Jan
Jan
Mar

3
35
34
21
6%
1434
8
22

May
July
Feb
July
July
July
July
July

92
4%
24
19
12%

92%
6
24
19
.1531

40
800
150
200
2,950

56
3
10
4

7534 Jan
4% May
2134 Mar
11
Jan
Mar
8

9234
6
24
20
1534

Aug
Aug
July
July
Aug

50 I 1931
20C 21
400
34
300
1,700
134

2154 Apr
31H F
jan
eb

3734 July
32
9%
34 j
Aul
py
r

1% June
July
2

July
3
434 Apr

2,250
1,050
50
50

1554 Jan 4034
1634 Jan 40
6134 Jan 105
7334 Jan 115

Okla Gas & El 7% Pt.100
Oshkosh Overall corn.....
Convertible preferred...*
Parker ren (The) com-10
Penn Gas & Klee A oom._•
Peoples Gas Lt & Coke
cap
101)
Perfect Circle (The) Co-_
Pines Winterfront oom___13
Potter Co(The)corn
Prima Co common
•
Public Service of Nor 111Common
•
Common
60
8% preferred
IOU
7% preferred
106
Quaker Oats CoCommon
•
Preferred
100
Rath Packing Co com- _10
Raytheon Mfg com vto 50c
Reliance Mfg Co com_10
Preferred
100
Ryerson & Sons Ino corn...
Sangamo Electric Co
•
Signode Steel Strap Pre!-30
Common
•
Sivyer Steel Castings corn*
So Colo Pow A corn
25
Sweet Gas & El 7% pf 100
Southwest Lt & Pow pref_*
Standard DredgeCommon
•
Convertible preferred...
Storkline Fur cony pref _25
Sutherland Paper Co corn10
Swift International
15
Swift & Co
25
Thompson (J It) corn
25

3734 37%
37
37
1% 2
2% 3
2% 2%
38
37
103%
110

40%
40
103%
110

13234 134%
146 x14651
2734 2754
2
2
12)4 1334
10334 104
37
42%
19%
32
534
13%
2
90
45

BondsChicago City Ry 55 etts-'27
Chicago Rys otts
1927

Aug
Aug
July
July

Jan 135% July
July
Feb 148
July 30
Jan
July
July
2
Feb 14% July
Jan 104
Aug
Jan 42% July

Jan
8
1151 Jan
1% Jan
Mar
5
Mar
1
5414 Jan
2531 Jan

2034
33
8
15
2
93%
45

July
Aug
Aug
Aug
June
July
Aug

250
800
140
1,450
1,600
6,350
500

34
334
334
10
3151
1434
534

Mar
Mar
Jan
Jan
Jan
My
Mar

3
931
634
18
38
1934
634

July
July
July
Jan
Feb
Jan
May

44
1,250 a
1,300
500
34
1%
280
40 21,4

34
31
%
834
3434

Mar
Mar
Mar
Jan
Jan

134
%
23j
1334
40

Mar
Aug
JUly
July
May

250
21
700
100
1
3
20

234 3
7% 9
6
634
16% 17
32% 33%
16
16%
636 634

69% 70
74
75

934
9
28
88

840 106
28
380 111
33
50 20
27%
100
131
%
934
1,200
9
20 84
100
4,550 11
20

20%
33
8
15
2
92
45

Utah Radio Product corn
' 1
1%
Util & Ind Corp corn
•
%
34
Convertible unlit
•
1% 2%
Viking Pump Co corn_
13% 13%
Preferred
• 39
39
Vortex Cup CoCommon
• 18% 19%
Class A
• 35
35
Wahl Co corn
•
1% 1%
W &green Co common _ _.• 30
31%
Stock purch warrants..
34
Si
Ward (Montgom)& Co A • 13734 138
Waukesha Motor Co corn • 75
75
Williams-011-0-Matic corn*
4
4%
WisconsinBanksharee come
2% 3
Zenith Radio Corp atm..*
3
3%

34

1,450
500
250
4,250
20
120
60
1,450
2,750
7,200
$11,000
30,000

4
6%
134
3%
)4
39)4
14

5%
24
154
%
56
21
234
134
1%
36
43

15
31
1
2634
%
127
30
234
2
1%
82
67

Jan
1934 Aug
Jan 3534 June
Apr
234 Jan
June 3134 Aug
July
134 Jan
Jan 14334 May
Jan 92 June
Mar
434 May
June
8% Feb
Apr
3% July
Jan
Jan

74% June
77 June

Los Angeles Stock Exchange
July 27 to Aug. 2, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 193310
of Prices
for July31
1t935
Week
StocksBandlni Petroleum
Barker Bros pref
Bolsa China Oil A

Par Low
High Shares Low
•
2
334 33.4
400
100 49
20 I 14
49%
10
400
134
3
35.'

ynr footnotes see page 727.




725

Range Since
Jan. 1 1935
Low
354 Jan
July
41
251 Jan

High
Apr
4
495-4 July
434 Mar

Stocks (Concluded) Par Low
Bway Dept St let pref._100 84%
Byron Jackson Co
1234
Calif Packing Corp
• 31
Chrylser Corp
5 5931
Citizens Nat Tr & S Bk_ _20 2331
Claude Neon Elec Prod_ • 10
Consolidated Oil Corp_ _ _ _*
8
Consolidated Steel
•
134
Preferred
10

July 1
Sales 1933 to
for
July31
Week
1335

High Shares Low
85
101 42
1234
100 /6 35-4
3331
400 18%
60
500 I 26%
26
1,250 18
1,700
1034
731
834
200
834
90c
1%
100
10
4%
100

District Bond Co
25
634 631
Emsco Der dc Equip Co__5 12% 13
Exeter Oil Co A
1
14o
15c
Gladding McBean & Co..
931 10
Globe Gr & Mill Co
25
5% 531
Hancock Oil A corn
• 1636 16%
Holly Development
1
40c 40c
Kinner Airpl ds Mot Corp 1
45e 48c
Lincoln Petroleum Corp_ _1
32e 37c
Lockheed Aircraft Corp 1
334 3%
LA Industries Inc
2
1%
134
L A Gas & Elec 6% pret100 10531 106%
LA Investment Co
10
5% 531

Range Since
Jan. 1 1935
Low
60
Jan
7% Jan
31
Aug
3131 Mar
1934 Apr
10
July
631 Mar
1.10 Feb
431 Mar

High
87
July
13% July
41% Feb
GO
July
26
Aug
1131 Mar
1031 May
231 May
May
10

4%
235
12e
4%
5
6
258
10c
20c
90c
50c
7334
134

631
7
13e
4%
531
9%
31e
38c
28c
1.10
60e
81
5

July
7
July
Jan 13% July
Feb
14c Apr
Mar 1031 July
July
7% Mar
Jan 2234 May
Jan
400 Feb
Jan 6734o Feb
July
80e Feb
Jan
3% July
Fe
1% July
Jan 107% July
Jan
7% Apr

Nordon Corp
13c 15c 10,000
5
6c
Oceanic Oil Co
1
43e 43
600
304
Pacific Clay Products....•
531 5%
100
234
Pacific Finance Corp.. _10 18% 19%
900
636
Pacific Gas & Elec Co _ _25 2434 25%
1,100 I 12%
Pacific Indemnity Co_ _ _10 1631 1634
200
734
Pacific Lighting Corp-- -• 37% 4031
900 I 19
Preferred
• 100 10034
20 24 66%
Republic Petroelum 00_10
1% 2
400
1%

70
25e
2%
934
13%
834
20%
72
1%

Jun
150
Fe
30c
Jan
534
Jan
19%
Feb 25%
Jan 1634
Mar 40%
Jan 102
3%
Aug

Security-First Nat Bk.._20
Security Co Units
•
Shell Union Oil Corp
Signal 011 & Gas A corn..
So Calif Edison Co
25
Original preferred..._25
7% Preferred
25
6% preferred
25
534% preferred
25
Southern Pacific Co_ _100
Square D Co B corn
•
Standard Oil of Calif
*

4434
2531
1036
9%
18%
38%
2734
25
2334
18%
21e
32%

45%
2634
11
931
19%
39
27%
2531
23%
2034
21e
33%

1,700 25
801
13
500 1 5%
400
1%
2,800 1 10%
130 26
400 18%
1,200, 15%
1,300 14%
4.200 1 12%
20 16 70e
1,900 2634

33
15%
5%
5%
10%
29
20%
17%
16)4
13%
734c
28%

Apr 45% July
Mar 26% Aug
Mar 11% May
Mar 15
July
Mar 20% June
Feb 39% June
Jan 28% June
Jan 25% July
Jan 23% June
Mar 20% July
Jan 225.4e July
Mar 38% May

Transamerica Corp
•
Union Oil of California. 25
Universal Cons Oil Co_ _ _10
Weber Showcase & Fix pf-*

6% 7
17% 1754
634 63'
5
5

9,000
4%
4,800 I 11%
1,700 7 1.20
100
3,4

434 Mar
15
Jan
2
Jan
5
July

7
2034
8%
5

May
May
May
July

Jun
Jul
July
Aug

170
13%c
51c
220

Jan
Jan
Jan
Jan

Mining StocksIllk Mammoth Cons M _10e
Calumet Mines Co
10e
Toni Reed Gold Mines__ _1
Zenda Gold Mining Co_ _ _ 1

Sc
30
42c
Sc

6
200
200
300
300
900
300
8,500
9,800
3,200
3,300
108
100

10c 9,000
3
7,050
42
200
7 23,000

Unlisted StocksAmerican Tel & Tel_ _ _ _100 128% 132%
Bethlehem Steel
36% 36%
Cities Service
1%
1,4
General Motors
10 37% 39
Montgomery Ward
32%
32
Packard Motor Car Co...'
5
5%
Radio Corp of America...•
6% 6%
Warner Bros Pictures__ -5
5
5%

7c
3c
25c
6c

7c
3c
35c
50

715 1 98%
100 1 21%
100
1,800 22 22%
200 1 15%
500
2%
500 1 4
600
23(

99%
23%
SI
27
22
354
4%
2%

July
Mar
July
July
Aug
June
Aug
June
May

Mar 132% Aug
Mar 36% July
Mar
2% May
Mar 39
July
Mar 32% July
Mar
5% Jan
Apr
6% July
Mar
514 Aug

OHIO SECURITIES
Listed and Unlisted

GILLIS, WOOD & CO.
Members Cleveland Stock Ezchange
Union Trust Bldg.-Cherry 6050

CLEVELAND, - - - OHIO
Cleveland Stock Exchange
July 27 to Aug. 2, both inclusive, compled from official sales
lists
41141/ 1

Week's Range Sales 193310
of Prices
for July31
Week 1935
StocksPar Low
Allen Industries Inc
* 2434
Preferred
* 39
Apex Electric Mfg
*
554
City Ice dz Fuel
* 1654
Preferred
100 89
Cleve-Cliffs Iron pret_.• 2034
Cleve Elec 1116% pref _100 1123-4
Cleve Ry ate of dep_ _100 62
Cliffs Corp v t c
• 12
Corrigan McKinney vtg_l
153-4
Non-voting
1
1514
Dow Chemical pref_ __100 11454
Electric Controller & Mfg * 43
Foote-Burt
•
7
Hanna(M A) 87 cum pf_* 10534
Interlake Steamship
• 2534
Jaeger Machine
•
934
Kelley Isl Lim & Tris-• 15
McKee (A G) class B._ _•
Medusa Portland Cement *
Metropolitan Pay Brick.*
Miller Wholesale Drug..•
Murray Ohio Mfg
*
National Acme
1
National Refining
25
Preferred
100
National Tile
*
Ohio Brass B
6% cumul pref
Patterson-Sargent
Richman Bros
SeiberlIng Rubber
S M A Corp

13
17
5
834
15
834
434
55
33-4

High Shares Low
Low
High
2534
795
2
834 Jan 28
JU19
100 1734 39
393-4
Apr 45
Feb
534
35
4
Jan
334
73.4 May
2134 1,0731 1434 1631 July 2434 May
9334
70 I 6331 89
July 100
May
29
305 15
15
Mar 30
July
120 9934 11054 Jan 11554 July
11454
167 3434 50
623-4
AIM
63
July
14
736
5
5
Apr 14
Aug
8
1834 1,623
Mar 1834 Aug
8
1,471
814
1854
814 Mar 1854 Aug
11434
10 99
Mal
11234 Jan 117
52
331 1434 21
Jan 52
Jul)
60
734
4
5
Jan
734 Jul)
10554
31 77
10154 Jan 107
API
2534
29 20
2031 Mar 2834 Jar
27012 1
10
434 Jan
1034 July
15
50
11
63-4
Jan
15
May
13
17
5
834
1534
834
434
55
434

• 26
26 34
100 104 104
* 27 . 2754
* 5234 5434
•
131
13-4
1
13
1334

Trumbull-Cliffs FurCumul preferred_ _ _ _100
Truscon Steel 7% pref_100
Vlchek Tool
•
Weinberger Drug Inc_ .._ _•

95
54
5
14

Range Since
Jan. 1 1935

95
62
5
1434

60
5
36
6
25
154
30
3
150
23-4
20 1 3
25
234
100 45
878
1

9
12
2
354
3
534
254
50
1

Jan
14
Jan 17
Jan
634
Feb854
Mar 1634
Apr
834
Mar
734
Jan 65
Mar
434

Jul)
Jun,
Juno
Jul)
Jul)
Jul)
Api
Ma)
Jul)

100
27
375
604
30
69

10
48
103-4
38
1
831

19
96
19
46
1
9

Jan 28
Mar 105
Apr 2754
May .55
June
3
Jan
14

Ap
Jul!
Aui

23
109
40
131

60
25
1
7

95
25
2
1234

Juni

Jai
Jun,

Jan 100
Jul:
Apr 62
AU
Feb
554 Jul;
Jan 1534 Fe

Aug. 3 1935

Financial Chronicle

726

IPeek's Range
of Prices

BALLINGER & CO.

High Shares Low
Stocks (Concluded) Par Low
• 16
4%
1,065
17
Universal Prod coin
405
34
"16
1
.%
Warner Air Corp
1,400
%
1
34
34
Wolv Brewing corn
4
• 12
100
12
Wolv Tube com

Members Cincinnati Stock Eschew.°
UNION TRUST BLDG., CINCINNATI

Specialists in Ohio Listed and Unlisted
Stocks and Bonds

sales lists
July 27 to Aug. 2, both inclusive compiled from official
Juty 1
Since
Range
Week's Range Sales 1933 to
Jan. 1 1935
July31
for
of Prices
1935
Week
High
Low
High Shares Low
854 Jan
554 July
6
25
7
279 z 1054 1255 Mar 1634 July
1654
Apr
4
Feb
3
2
120
255
Feb
Jan 60
55
1 51
80
July
May 130
85
30 85
130
July
Apr 110
102
35 85
110
July
Feb 105
43 7934 100
105
July
110
Apr
10034
30 7834
110 110
Apr
7
255 Jan
1
50
5% 5%
July
7234 Jan 100
166 62
9934 99%
July
190
Feb
102
10 176
188 190
4% July
234 Apr
254
325
434 454
107 6034 62% Jan 8835 June
8354 85
Mar 1634 May
13
45' 7
1434 15
634 May
355 Mar
354
307
534 5%
754
1634 Jan 251% May
60
2734 28
Feb 3534 July
16 2234 27
34
33
July
Feb 21
10
4
25
21
21
July
Apr 85
65
40 118
85
83
2334 May 30% Aug
185' 19
2934 3034
Apr 12 June
8
8
100
12
12

Par Low
Stocks7
Aluminum Industries__ _..*
_20 16
ach__
NI
Laundry
Amer
254
*
Burger Brewing
Carthage Mills pref.. _ _ _100 80
100 130
Champ Coated
100 110
1st preferred
Special preferred_ ...J00 105

2
•
3
•
25 16
• 52
100 119
* 1934
655
*
• 44
10 36
454
•
50 21

2
3
16
5234
11954
1954
6%
45
3654
4%
21

3
2
25
2
%
24
10
20 10
83' 3335 4354
114
6 101
934 1734
20
5
2%
50
2754
61 12
55 1434 2934
3
2
75
10
454
5

3
Mar
3
Mar
Jan 16
Jan 5355
Jan 120
Jan 20
Feb
755
Jan 48
Jan 39
75%
Jan
Jan 25

Mar
May
Apr
July
July
May
May
July
Stay
May
June

WATLING,LERCHEN & HAYES

official sales lists
July 27 to Aug. 2, both inclusive compled from
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
July31
for
of Prices
Week
1935

•
For

nor's

*PP




W.7P

Low
High Shares Low
154 Mar
8,193
1%
2
6% Mar
21% 2,795
Mar
16
28% 3,826
Apr
14
578 1055
17
Mar
31
1,824
2654
60%
51 Mar
100
9'
1
8% Feb
4%
1,557
1055
1% Mar
154
330
Mar
65
193 55
92%
Feb
. 1
1
275
234
3% Apr
2
735 5,636
54 Mar
1,540
34
9% Jan
3%
1,449
17%
1754
1035
5%
3%

Mar
Mar
Feb
Mar
Nfar
June
June
Mar
June
June
June
May
Feb
Mar
Mar

6
754
3
27%
39
4%
2
555
2754
5%
18.55
1034

195 10
654
1,173
23-4
510
1.630
1.292
1.155
157
5,216 2 22%
3%
9,745
154
6,944
3
6.540
158 2054
1
100
235
2,788
5,340 21 6

234
2554
26%
3%
154
354
24
334
634
6%

25% 25%
.4
2% 254
1434 16
34
354 354
3455 36%
10
1054
12% 14%
24%
24

1,329 1031
100
3.4
100
134
450
3
34
1,300
2%
2,510
555 15%
1,322
3%
4,357
389 27 3

20 ' Mar
54 Aug
1% June
Jan
3
54 Apr
354 July
17% Mar
754 Mar
Mar
5
Feb
14

8,872 21
701
60
9,791
1,067
4,881
2,764
145
495
120
5,282
7,065
540
100
300
830
1,775

3%
33
55
7%
254
234
2%
20%
7%
1354
4%
1%
355
234
2
355
1

2254 22%
1354
13

loy, 11

4%
Packard Motors com_ _ _*
• 47
Parke-Davis & Co
62
Parker-Rust-Proof corn..
10
Pfeiffer Brew corn
5
334
Re° Motor Car coin
2
3%
Rickel (II W)
•
354
River Raisin Paper
10 25%
Scotten-Dillon corn
• 1134
Stearns corn
• 17
Sutherland Paper
7%
Timken-Detroit corn.. _10
•
155
Tivoli Brew corn
10
6
Truscon Steel COM
3.51
United Shirt Dist com___.•
254
•
U S Radiator corn
4%
Universal Cooler A

194

727

NEW YORK

1415 Walnut Street

30 Broad Street

Philadelphia Stock Exchange
lists
July 27 to Aug. 2, both inclusive, compiled from official sales
:July 1
Range Since
Week's Range Sales 193310
July31
Jan. 1 1935
for
of Prices
Week
1935
Low
High
High shares Low
Par Low
StocksApr 42% Jan
1,091 3334 33
• 36% 37%
American Stores
Apr
120
11434
Apr
10934
417
118%
11654
100
pref
Bell Tel of Pa
5% Jan
3
354 Mar
861
*
434 4%
Budd(E G) Mfg Co
23
Mar 37% Aug
15 1 16
100 37% 37%
Preferred
Aug
6
4.237' 2
234 Mar
•
4% 6
Budd Wheel Co
408 33% 40% •May 535.4 July
Electric Storage Battery100 4554 4734
8134 Feb 100% May
70 68
9655
Horn & Hard (Phila) corn • 96
May
Feb 25
145 2 1534 21
Horn &Hard(N Y)corn_ _* 2334 24
1202 3455 5191 Mar 6934 July
Insurance Co of N A _ _ _10 6734 6734
May
7%
May
554
555
665
7
654
Navigat'n.*
&
Coal
Lehigh
520' 5
534 Mar 1155 Jan
754 8%
50
Lehigh Valley
154 Feb
5.4
150
34
55 Apr
%
Mitten Bank Sec Corp_ _25
114 Jan
% Mar
55
1
683
34
25
Preferred
254 Jan
13-4 Mar
1% 2% 4,775 2 13.4
•
Pennroad Corp v t c
1734 Mar 2754 Aug
50 255,4 2754 3,946 1 1734
Pennsylvania RR
July
Slur 102
72 z 4255 70
50 10055 102
Penne Salt Mfg
103% Jan 113% July
128 90
Phila Elec of Pa S5 pref ___• 11254 11354
270 2914 31% May 34% July
3434
25 34
Phila Elec Pow pref
55 1934 19% Feb 2534 May
* 2154 2134
Pirtle Insulated Wire
Jan
4
154
154 Mar
205
1% 1%
Phila. Rapid Transit _ _ _ _50
354 Mar
6% Jan
275 1 3
33.4 3%
50
7% preferred
Jan
1234
Mar
2234
350
14
129-4
Philadelphia Traction__ _50 1 33-4
Jan 6854 June
46 1 373-4 56
6754
• 67
Scott Paper
May
24
Apr
18%
45
1734
2235
22
Bridge.*
Tacony-Palmyra
9,6 May
'16 Feb
'16
100
55
54
Tonopah-Belmont Devel_l
6% Jan
3.54
380
334 Mar
3% 4
50
Union Traction
Aug
Feb
93-4
954
1634
10.188'
1634
14%
•
United Gas Imp corn
338 8234 87% Feb 107% July
* 10554 10634
Preferred
954 Feb
5% 6
•
103
4%
5% July
Westmoreland Coal

I. M. SIMON & CO.

Detroit Stock Exchange

10
Kresge (S S) corn
Lakeynly & Mach com_l
McAleer Mfg corn
Mich Steel Tube corn....s
Michigan Sugar corn
•
Midwest Abr
•
Motor Prod corn
5
Motor Wheel corn
10
Murray Corp corn
Natl Auto Fibres V t C..___1

PHILADELPHIA

ST. LOUIS MARKETS

Telephone - Randolph 5530

551,
7
3
2734
3754
454
1%
455
27%
5%
1734
855

Members
New York Stock Exchange
Philadelphia Stock Exchange

DETROIT

Buhl Building

•
Eaton Mfg corn
5
Eureka Vacuum
3
Ex-Cell-0 Air corn
Federal Mogul corn
Fed Motor Truck corn_ _ ..*
Fed Screw Works corn. _.*
Ford Motor of Can A_ _ _ _•
General Motors corn.__ _10
1
Goebel Brew corn
Graham-Paige Mtrs com.1
Hall Lamp corn
Hiram Walker (.1 & W._ _*
Hoover Steel Ball corn..10
*
Houdaille-Hershey B
Hudson Motor Car

high
Aug
17
Jan
1
154 Slay
1234 JulY

BondsJan
May 21
12
Mee (Ss Peoples tr errs 4s '45 1334 14 $11,000 12
Feb
Piffle Elec (Pa) 1st 5s_1966 11154 111% 2,000 104% 11034 May 113% Aug
Jan 11094
108
Phila. Elee Pow Co 534*'72 110% 110% 2,0002 100

Members
New York Curb (Associate)
New York Stock Exchange
Detroit Stock Exchange

Par Low
Stocks134
Auto City Brew, com_ _ _ I
• 19%
Baldwin Rubber A
Bower Roller Bearing corn 5 26%
Burroughs Adding Mach.* 16%
5 60
Chrysler Corp corn
1
Continental Motors corn.•
Delsel-Wemm-Gil com_10 10
2
Detroit & Cleve Slav corn10
Detroit Edison corn_..100 92
•
2%
Detroit Forging corn
Detroit Gray Iron corn_ _ _5
1
Detroit Mich Stove corn_ _1
Detroit Paper Prod corn_ _* 1634

Low
Feb
9
34 July
34, July
12
Aug

DeHaven & Townsend

Cincinnati Stock Exchange

Meteor Motor
Moores A
Nash Company
Procter & Gamble
5% preferred
Randall A
11
Rapid
U S Playing Card
U S Printing
Preferred

Range Since
Jan. 1 1935

Established 1874

Wire System-First Boston Corporation

100
Champ Fibre pref
*
Churngold
Cin Gas dr Electric pref _100
100
CNO&TP
Cincinnati Street Ry_ _ _ _50
Cincinnati Telephone _50
•
Crosley Radio
20
Eagle-Picher Lead
•
Gibson Art
•
Hobart class A
•
Julian & Kokenge
100
Kahn lot prof
•
Kroger
*
Lukenheimer

Juty I
Sales 1933 to
July31
for
Week
1935

5%
47
65%
11
354
355
3%
25%
11%
17
8%
6%
334
3

4%
IN

25.4
19%
36
2
2
254
1
1754
454
3
1%
354
31
1%
1%
55c

Apr
Jan
Jan
May
Mar
Feb
Jan
Jan
Mar
July
Mar
May
Star
July
Mar
Feb
Apr

High
Jan
2
21% Aug
2834 Aug
1734 July
Aug
60
135 Jan
1055 June
254 Apr
July
93
254 May
7% Aug
134 July
17% Aug
2254
1454
11
6%
734
455
31%
39
43'
354
6
31

Aug
July
Aug
July
July
Jan
Jan
Aug
July
Jan
Jan
July
June
1855 Aug
1254 Jan

25% Aug
154 Jan
4
Jan
16
Aug
May
4% July
3634 Aug
1134 Jan
1434 Aug
2434 Aug
5%
47
69
11%
454
3%
434
26%
12
.17
8%
2%
654
3%
3
5
1 54

Jan
July
July
June
May
Apr
July
June
July
Aug
Aug
May
July
Jan
Jan
June
Jan

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

315 North Fourth St., St. Louis, Mo.
Telophono Central 3350

St. Louis Stock Exchange
sales lists
July 27 to Aug. 2, both inclusive, compiled from official
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
for
July31
of Prices
1935
Week
Low
High
High Shares Low
Par Low
StocksMay
9
3
Mar
125
7
8% 8%
*
American Inv B
June
14 117
120% Aug 126
100 12055 12034
Brown Shoe pref
45
May
Jan
8
25
330
42
4134
_1
corn.
Coca-Cola Bottling
Aug
16
454
554 Mar 12
12
5 10
Curtis Nffg com
Ely & Walker Dry GoodsJune
95%
Jan
70
77
7
95
95
100
2nd preferred
Feb
20 13
17% Jan 21
19
25 19
Common
534 July
258
234
234 Jan
454 554
1
Falstaff Brew com
Apr
11
20
50
10
1694
Feb
1734
Ilyde Park Brew com _ _ _10 17
49 38
42% Mar 4854 Aug
International Shoe corn...* 4754 4834
554 July
50
5
Mar
43.4
53-4 554
*
Key Boiler Equip com
150 1234
1534 May
18% Aug
20 1834 18%
Laclede Steel com
July
Apr
60
39
53
100
60
60
*
corn
NIcQuay-Norris
May
6
9
488
655 Apr
854
8
Nlo Port Cement com_ _ _25
June 1634 Feb
480 103-4
11
13
• 12
Nall Candy corn
Apr
15
July
13
130 10
13%
• 13
Natl Oats corn
15 70
July
92
Apr 101
101
Rice-Stix Dry Gds 2d pf100 101
20
1234 Jan
6%
834 July
10
• 10
Common
Aug
15 1554 28
Jan 36
36
Securities Invest corn_ _ _ _• 36
43 11555 119
May 12454 Aug
Southwest Bell Tel pref 100 1239412434
July
2054
355
635
Jan
19
1234
183-4
_15
_
_
com_
Wagner Electric

Pittsburgh Stock Exchange
compiled from official sales lists
July 27 to Aug. 2, both inclusive,
°fitly I
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
for July31
of Prices
1931
Week
Par Low
Stocks* 29
Allegheny Steel corn
454
_100
pfd
Gas
Natl
Arkansas
Atmstrong Cork Co corn • 273-1
* 11%
Blaw-Knox Co
2%
1
Carnegie Metals
454
Clark (DL)Candy Co...*
734
_•
Co
lilac
&
Gas
Columbia
10 1334
Devonian Oil
75.4
5
Duquesne Brew corn
8
5
A
Class
ld
inn
..___ .,-- -...•

High Shares Low
50 1 1354
29
1,8702 134
554
740 2 13
2835
6
674
1255
90c
4,569
3
3
700
5.4
617 1 354
8%
378
8
14
216 2 1
754
4%
110
8
A
Inn
ix

Low
203-4 Jan
Mar
2
Mar
17
9% Mar
194 Jan
Mar
3
37% Mar
10% Jan
3% Jan
554 Jan
R

a,.,.

High
30 June
554 Aug
28% July
1334 Jan
354 Mar
55.5 Aug
8% Aug
1434 June
Apr
8
854 Apr
lx

Iclv

Volume 141

Financial Chronicle
July 1
Week's Range Sales 1933 to
of Prices
for July31
Week
1985

Stocks (Concluded) Par Low
Fort Pittsburgh Brew__ 1
134
Harb-Walker Berra° corn.* 22%
Jones & Laughlin MI pf 100 73
Koppers Gas & Coke pf 100 95
Lone Star Gas
64
*
Mesta Machine Co
5 3434
Mountain Fuel Supply _ _.*
4%
Pittsburgh Brew Co cont.'.
3
Preferred
• 1934
Pittsburgh Forging
•
4
Pittsburgh Oil & Gas
5
1
Pittsburgh Plate Glass_ _25 7634
Pittsburgh Screw & Bolt.•
634
Pittsburgh Steel Foundry •
3
Renner Co
1%
1
Ruud Manufacturing Co _5 12
Shamrock Off & Gas
•
2
Standard Steel Spring_
* 12
United Engine & Fdy_ _ ...* 22%
Victor Brewing Co
1
90c
Westinghouse AB Brake • 25%
Westinghouse El & ',Mfg _50 6134

Plioh Shares Low
105
14
1%
23X
286' 12
73
66' 45
95 54
96
4%
731 7,851
337 1 84
35
5%
605
434
230
134
3
108 15
20
50
2
4
200
1
1
90' 3034
7834
955 1 44
7
100
3
154
1,203
1
134
100
12
7
2% 1,050
750
30
12
8
1,915
734
2354
90c 1,200'
%
2731
1,663 15%
901' 274
6531

UnlistedLone Star Gas 6% pref _100 95
96
634% pref
100
- 105
.
•, 105
..,

25
25
eno 7

DEAN WITTER&CO.
Municipal and Corporation Bonds
PRIVATE LEASED WIRES
Sark Francisco
Los Angeles
Oakland Sacramento Fresno New York
Portland Honolulu Tacoma Seattle Stockton

64
7451
1 El

Range Since
Jan. 1 1935
Low
1% Aug
16% Mar
55
Mar
73
Mar
431 Mar
2434 Jan
431 July
2
Jan
15
Mar
231 Mar
Apr
1
4731 Apr
531 Mar
134 June
14 Feb
7
Feb
750 Jan
9
Feb
2234 July
850 Mar
1834 Mar
32% Mar
69
90
1 SG

A TN

San Francisco Curb Exchange

High
234 Jan
233( Aug
73
July
96
July
734 Aug
35
July
5% July
May
4
254 Apr
434 July
14 Feb
7834 July
8% Jar
Pet
4
136 Api
12
July
July
3
1431 Jar
40
Ary
14 Jar
274 July
65% JUll

Mar 100
Jan 107

Jul!
Jul!

012 Trim

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 York Coffee & SugarEx.
Commodity Exchange, Inc.
Honolulu Stock Exchange

San Francisco Stock Exchange
July 27 to Aug. 2, both inclusive, complied from official
sales lists
July 1
Week's Range Sales 193310
for July31
of Prices
Week
1935

Range Since
Jan. 1 1935

Stock.Par Low
High Shares Low
Low
High
Anglo Calif Nat Bk of S F20 14% 15
360
Jan 15
734 12
July
Assoc Insur Fund Inc_ __10
334 44 8,691
34
Jan
134
434
July
Atlas Imp Diesel Eng A_ ..*
84 934
512
131
8% July
1134 June
Bank of Calif N A
100 165 170
150 120% 143
Jan 165
May
Byron Jackson Co
• 12% 12% 2,950
334
734 Jan 1334 July
Calamba Sugar 7% pref 20 214
25 17% 2131 Apr 2131 Apr
214
California Copper
10
4
4
400
31
54 Feb
4 May
Calif Cotton Mills com.100 14% 18% 2,365
4
104 Jan
16
July
Calif Ink Co A corn
• 3934 3934
305 17
33
July 4231 Feb
Calif Ore Pow 7% pref...100 95
50
95
59
70
Jan
95
June
Caterpillar Tractor
* 5334 5534
775' 15
3634 Jan 5334 July
Clorox Chemical Co
• 32
10 184 29% Jan 37
32
July
Cat Cos G & E6% lstpf100
16 564 77
99%
Jan 100
9934
July
Cons Chem Indus A
• 32
405 21% 27% Jan 324 July
32
Crocker First Nat Bk_1(10 290
15 205
290
235
Jan 290
July
Crown Zellerbach v t c
*
3% 431 5.480' 331
334 Apr
531 Jan
Preferred A
• 6231 67
278 27
5034 Mar 704 Jan
Preferred B
•
250 26
66
5031 Mar 70
Jan
Di Giorgio Fruit $3 pref 100 6234
40 16
31
22% Jan 38
31%
Jan
Eldorado Oil Works
•
26
1,214 13
18
Jan 2634. May
Emporium Capwell Corp.* 25
12% 13%
725
5
5% Jan 14% July
Emseo Der & Equip corn.* 12
17
715
234 12% July 134 July
13%
Fireman's Fund Indem_10 34% 3434
7 17
2634 Jan 3531 Apr
Fireman's Fund Insur_25 89
373 44
91
714 Jan 92
July
Food Mach Corp Com_ _ 4 46
1,020 10% 2034 Jan 4631 July
46%
Galland Mere Laundry_ * 51
51
20 31% 39
Jan 51
July
Gen Paint Corp A tom...* 26
305
5
27
144
Mar
27
July
B eommmon
•
555
34
134 Mar
334 3%
354 Jul
Golden State Co Ltd
•
6
4
4
Mar
634 2,823
634 June
Hale Bros Stores Inc
• 12% 13% 1,065
8
854
Jan 1334 July
Honolulu Oil Corp Ltd....* 17
248 10% 14% Jan 2034 May
17
Honolulu Plantation_ _ _ _20 29
125 16% 26
29%
Jan 324 May
Hunt Bros A corn
•
308
334
754 7%
734 May 10
Jan
Hutchinson Sugar Plant_15 19
116
7
19
7
Jan
19% July
Island Pine Ltd corn_ __ _20
100
734 731
%
3
Jan 10
May
Langendorf Utd Bak A _ _.*
9% 934
265
534
54 Mar
94 July
L A Gag& El Corp Dret-100 106% 107%
96 75
8134 Jan 108
July
Lyons-Magnus Inc B._ _ _•
1%
100
1
154
1
Mar
134 Aus
Magnavox Co Ltd
24
134
% Jan
206 2 34
134
134 May
Magnin & Co (1>6% pi 100 101 101
45 66
93
Feb 101
Jun(
Merchant Cal Mch com_10
1
64 834 6,100
2
Jan
831
July
Market St Ry pr pref_100
15
94 931
434 Mar 1014 Jun(
3
Nat Automotive Fibres_ _• 2431 27
8,16827 3
13
Feb 254 July
Nat0M118 Company
• 1051 1134
1,462
334
7% Jan 11% May
No Amer Inv corn
100
260
534 54
4
5
Mar
6
Api
6% preferred
100 41
89 14
31%
Mar 46
43%
July
534% preferred
100 41
40 1434 26
43
Mar 43
July
North Amer 011 Cons ..1O 13% 14
377
94 Mar 15 Jun(
654
Occidental Insur Co.-10 2934
160 13
29%
21% Mar 2934 July
Oliver United Filters A _ _ _• 21
182
5
21
124 Jan 24
July
4
•
434 1,000
14
Apr
2
434 Jun,
Paauhau Sugar
15 10% 10%
20
4
Jan 11% Jun(
434
Pacific G & E corn
25 2434 2534 6,047 1234
1334 Feb 2534 July
6% 1st pref
25 2724 2734 3,2332 1834 2034 Jan 28
July
534% prof
25 2534 2534
980 1634
18
Jan 2531 July
Pacific Lighting corn__._ •
2034 Mar 40
3734 4034 3,4431 19
July
preferred
6%
• 100 101,4
290 6651 71
Jan 101
Jun(
Pac Pub Ser (non-vot)cora*
j73917 %
h Feb
1% Api
334
154
(Non-voting) pref
• 15% 1634
134
734 Feb
721
1731 July
Pacific Tel & Tel com__100 11
98 6834 7034 Jan 1124 July
054 112
6% preferred
100 134 134
20' 1934 111
Jan 13434 Juni
Paraffine Co's corn
• 4331 44
2,487 21
36
Mar 44
July
Ry Equip At Rlty lat pt._ _• 18
156
5
18
10
Jan
19 Jun,
Rainier Pulp .1c Paper Co.• 3431 3434
258 15
30
Jan 3434 Mai
Roos Bros corn
1 20
5
285
20
Jan 20
9
July
8JL&P7%prpref___100 110 111
31 6734 8834 Jan 111
Jun(
Schlesinger dr S(B F) p1100
100
1%
1
14 July
154
231
Fet
Shell Union Oil corn
• 1034 10% 2.121' 534
554 Mar 1134 May
Southern Pacific Co____100 194 2034 1,559' 1234
13
mar 2034 July
So Pao Golden Gate A._ _ _•
44
131 Jan
2% 234 2,408
24 July
B
1
*
1%
612
Si
Si Jan 14 July
Spring Valley Water Co...'
6
500
4
534 Jan
63.4
634 July
Standard 011 of Calif
* 3234 3354 2,312' 264 28
Mar 384 May
Tide Water Assd 011 corn •
914 1034
813
734
7% Mar 12
May
6% preferred
100 9934 100
60 4334 83% Feb10234 Juno
Transmerica Corp
44
39,228
*
631 7
434 Mar
7
May
Union 011 Co of Cant_ __ _25 1734 17% 2,794 1 1131
1434 Feb 2034 May
Union Sugar Co com__25 11
500
4
114
5
Jan
1631 May
7% preferred
10 16
25 2211 2234
1734 Jan 26
May
United Air Lines Trans_ .._5
634 64
110' 334
4% Mar
634 Jar
Wells Fargo Bk & U Tr..100 270 280
30 179
230
Jan 280
July
Western Pipe & Steel Co _10 1834 1031 2.115
734
10% Jan
1931 July
Yellow Checker Cab A...50 10
340
10
214
Feb1034 Jull
6




727

July 27 to Aug. 2, both inclusive, compiled from
official sales lists
July 1
Week's Range Sales 1933 to
Range Since
of Prices
for
July 31
Jan. 1 1935
Week
1935
StocksAmer Tel & Tel
Amer Toll Bridge
Anglo Natl Corp
Argonaut Mining
Barnsdall Oil

Par Low
100 12834
1 390
• 11
5 18
•
831

High Shares Low
132
1,311 1 9834
43c 11,760
20c
1134
145
3
19
1,647
1.75
25
834

Low
High
99
Mar 132
Aug
21c Mar
47c July
731 Jan
1131 July
10
Jan
19
July
834 Aug
831 Aug

Callf-Ore Pow 6% '27.._100
Callf-Pac Trading pred__•
Cities Service
*
Claude Neon Lights
1
Crown Will let prof
•
2d preferred
•
Dominguez Oil
*
General Motors
10
Great West Elec Chem new
New preferred
100

50
50
3.50 3.50
14 111
40c. 420
84
864
444 4734
30
30
3811 39
49
50
21
21

10 20
10
3.00
941
75c
9102
Ns
565 40
755 1634
50 17
2,060 22 22%
305 17
525 1634

2531
3.60
75c
320
68
38
2234
2634
49
21

Mar
June
Mar
Apr
Mar
June
Feb
Mar
July
July

50
3.60
234
55e
87
5054
30
39
50
21

Aug
June
May
Slay
Jan
Jan
Aug
July
Aug
July

Honokaa Sugar
20
Idaho-Maryland
1
Belo Petroleum
I
Preferred
I
Libby McNeill & Libby_10
Lockheed Aircraft
1

5
5
3.50 3.50
15e
18c
850 950
63,4 634
3.50 3.85

100
1.40
1,830
2.50
1,600
Sc
1,300
47c
1,020 2 234
5,115"90c

4.15
3.00
130
660
634
1.30

Apr
Jan
Jan
Jan
July
Mar

6
3.95
28c
1.20
854
3.95

May
May
Feb
Jan
Apr
July

Mar
50
Apr 15
Apr
2.50
Apr 150
Jan 31
Apr
33c
Jan
3.90

Feb
July
July
July
May
Mar
NIB
July
Slay
Apt
May
July
July
July
July
July
July
July

M J & M & M Cons OiL.1
3c
4c 10,000
Marine Bancorp
15
• 15
22
Monolith Portland Cem...•
2.50 2.50
100
Natl Auto Fibres pref
* 147 147
20
Oahu Sugar
20 30
30
70
Occidental Petroleum_ _ __I
250 28c 2,000
O'Connor Moffatt
• 3.25 3.25
75

3c
3c
9
1131
1.00
3.75
46
101
15
2031
20c
230
2.00
3.00

Pao Amer Fisheries
5
Pac Eastern Corp
1
Pacific Western Oil
•
Pineapple Holding
20
Radio Corp
"
Shasta Water
•
South Cal Edison
25
534% preferred
25
6% preferred
25
7.7 preferred
25
South Pac G G pref _100

1434
234
734
1531
635
33%
1931
234
25
2734
27%

1434
214
734
1731
634
3334
1931
2331
2531
2735
2734

605
5
1,025
131
25 2 5
1,603
5
714
4
20 11
E127 1 1034
1,424" 1451
1,190 a 1534
20 18.4
65 1434

934
134
7
11
4
22
10.51
1634
174
2034
17

Jan
Mar
July
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan

154
334
934
194
631
3434
20%
2334
2534
284
27%

Universal Cons 011
10
Vice Co
•
Walalua Agriculture _ _ _ _20
West Pao RR pref
100

631 634
6
6
55
55
34 331

235
1.20
200
6
70 29
50' 251

2.00
6
36%
74

Jan
July
Jan
Jan

831 May
734 July
58
May
734 Jar

•No par value. e Cash sale. S Ex-dividend. Ex-rights. s Listed.
i,
t In default
g Price adjusted to 100% stock dividend paid Dec.29 1954(Kalamazoo Stove Co.)
C New stock. 8 Low price not including cash or odd-lot sales.
z Mountain Fuel will succeed Western Public Service Co. July 15.
The National Securities Exchanged on which low prices since
July 1 1933 were
made (designated by superior figures In tables), are as follows:
,New York Stock
12 Cincinnati Stock
22 Pittsburgh Stock
.New York Curb
"Cleveland Stock
U Richmond Stock
.New York Produce
'
4 Colorado Springs Stock
24 St. Louis Stock
New York Real Estate '
2 Denver Stock
Salt Lake City Stock
Baltimore Stock
10 Detroit Stock
24 San Francisco Stock
Boston Stock
"Los Angeles Stock
22 San Francisco Curb
Buffalo Stock
"Los Angeles Curb
22 San Francisco Mining
California stock
"Minneapolis-St. Paul
22 Seattle Stock
Chicago Stock
al New Orleans Stock
"Spokane Stock
0 Chicago Board of Trades' Philadelphia Stock
"Washington(D.C.)Stock
1 Chicago Curb

CURRENT

NOTICES

-The average price for 20 insurance company stocks as of July 26 was
27.02 compared with 26.85 as of July 19, an increase for the week of
.17,
according to the weekly analysis of Allen & Co. The average ratio of
price
to liquidating value for 20 insurance company stocks was unchanged
on
July 26 from the previous week, standing at 1.39.
The average price for 18 bank and trust company stocks as of
July 26
was 87.00 compared with 83.78 as of July 19, a net increase
0( 3.22 for the
week. The average ratio of price to book value for
18 bank and trust
company stocks stood at 1.09 on July 26, showing a net increase
of 0.2
over the previous week when the ratio was 1.07.
-C. W. Young & Co., Inc., Investment Counsel, announce the following appointments: E. Thurston Clarke, as Vice-President in
charge of
Investments, and Robert W. Sinsabaugh, as Vice-President in charge
of
Research.
Mr. Clarke has been in the employ of J. P. Morgan & Co. since
1916:
for a number of years he was head of their Statistical Departmen
t, and in
recent years was in charge of their Investment Department.
Until recently Mr. Sinsabaugh has been an officer of the Central Hanover
Bank & Trust Co.in charge of the Research Division of their
Trust Department. Since the first of the year he has been general economist
to the
Independence Fund of North America.
-Dick & Merle-Smith announce that Charles Sawyer Turpin
has become
associated with their Boston office. Mr. Turpin was formerly with Gertler
& Co. and with Chase Securities Corporation and Chase
Harris Forbes
Corp. in their Boston offices.
-Frederic E. Story, formerly a partner of Laurence M. Marks
& Co.,
has become associated with Granbery, Safford & Co. Mr. Story
was with
R. L. Day 6c Co. from 1903 to 1913 and with Lee, Higginson
& Co. from
1913 to 1932.
-Chas. E. Quincey & Co. have prepared an interest table
for U. S.
Treasury issues accrued during August 1935 on each different
31,000 bond
or note together with an interest table for HOLC and
Federal Farm Mortgage bonds.
Nicolaus & Co., Inc.. 105 W. Adams St.. Chicago, announce
that George W.Pearson,formerly Vice-President of the
Continental Illinois
Co., is now associated with them as Vice-President
in their corporation
department.
-Hardy & Co., members New York Stock Exchange,
announce the admission to partnership in their firm of William II. Hays,
Jr., member of
New York Stock Exchange.
-J. G. White & Co., Inc., announce that Elliott W.
Grimshaw, who
has been with the firm for the past 15 years, has been
elected a Vice-President of the company.

Aug. 3 1935

Financial Chronicle

728

Canadian Markets
LISTED AND UNLISTED

Provincial and Municipal Issues
Province of Alberta1 1948
Jan
Se
1 1957
Oct
45
1 1958
Oct
434e
Prov of Britlah ColumbiaFeb 15 1936
45(5
July 12 1949
55
Oct 1 1953
4341
Province of ManitobaAug 1 1941
434s
June 151964
Se
Dec 2 1969
56
Prov of New BrunswickJune 15 1938
IlIfe
Apr 15 1960
44s
Apr 15 1961
Alia
Province of Nova ScotiaSept 15 1952
454a
Am

5.4m.

1 10A11

Bid Ask Province of Ontario3 1937
Jan
6548
10014 10114
1 1942
Oot
55
94
93
Sept 161943
61,
9512 90,2
May 1 1959
be
June 1 1982
de
10078 10114
Jan 151965
4348
10034 1in1
9734 Province of Quebec97
Mar 2 1950
434s
Feb 1 1958
4s
104 1044
May 1 1981
ilits
108 109
10914 11014 Province of SaskatchewanMay 1 1936
434.
June 15 1943
Se
103 10334
Nov 15 1048
5341
112 113
1 1961
Oct
4341
110 111
108

109

115

11R

AA
Bid
106 1061;
11214 1131,
11714 118
11512 1161,
105 1051;
10914 1101,
1121 1131;
11014 1111s
113 1131:
101 1011:
10214 103
10414 10514
96'z 2714

LAIDLAW & CO.
Members New York Stock Exchange

26 Broadway, New York
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets
Montreal Stock Exchange

Sales
Friday
Range Sines Jan, 1 1935
Last Week's Range for
Week
of Prices
Sale
High
Low
Shares
High
Stocks (Concluded) Par Price Low
July
7
Mar
454
1,705
7
6%
631
Bathurst Pow & Pap A_ _ _.
3.00 Jan
50o July
15
500 50c
Bawlf(N) Grain
Jan
40
July
20
30
2254
2254
2254
100
Preferred
Jan
Apr 135
196 118
129 130
100 130
Bell Telephone
834 July 1034 Jan
854 834 1,331
•
834
Brazilian T L & P
July 3034 Jan
364 21
Brit Col Power Corp A_ • 2434 2451 2454
Jan
5
251 Apr
1
234 234
*
B
185 1434 Jan 1734 Jan
1834
18
• 16
Bruck Silk Mills
July
Apr
3134
240
2634
3134
3034
•
Building Products A
851 Jan
6
Mar
67
651
6
•
Canada Cement
Apr 64.% Jan
150 51
55
100 55 I 54
Preferred
Feb
7
Apr
2
160
2
2
Can Forgings class A_ •
414 Feb
154 July
20
154 134
•
Class B
22
July
Mar
2,263
1734
22
1934
*
Can Nor Power Corp
2134
Private wires to Toronto and Montreal
2.75 Jan
1.00 July
30
1.50 1.50
•
Canada Steamship
5% July 1134 Jan
25
634 7
100
Preferred
Jan
May
3034
26
90
2934
29
•
Canadian Bronze
Apr
Jan 115
2 110
110 110
100
Preferred
8% Jan
6% Mar
634 734 1,840
•
734
Can Car & Fdry
Jan
637 1254 Mar 17
1354 1451
25 14
Aui
Bid
Preferred
Bid All
1851 Apr 2454 June
1,501
2351
23
• 23
110012 1011, Cndn Celanese
July
120
Jan
100
Abitibi P & Pap cafe 55 1958 /2834 29 Int Pow & Pap of Nfld 50'68
220
118
11934
119
100
Preferred 7%
80 Lake St John Pr & Pap CoMay 2034 Jan
Alberta Pacifies Grain 6.1946 77
665 18
• 1954 1934 1934
Rights
18
Feb 1 1942 f17
634.
Feb
July 66
Aebestos Corp of